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CarMax（KMX）与维多利亚的秘密（VSCO）财务数据对比。点击上方公司名可切换其他公司
CarMax的季度营收约是维多利亚的秘密的3.9倍（$5.8B vs $1.5B）。CarMax净利率更高（1.1% vs -2.5%，领先3.6%）。维多利亚的秘密同比增速更快（9.3% vs -6.9%）。CarMax自由现金流更多（$1.1B vs $-232.0M）。过去两年CarMax的营收复合增速更高（1.5% vs -15.9%）
CarMax是美国知名二手车零售企业，下设两大业务板块：零售运营业务与汽车金融服务。该品牌最初是电路城公司的副业项目，1993年9月在弗吉尼亚州里士满开设首家门店，截至2025年1月在全美共运营253家线下门店。
维多利亚的秘密是美国知名内衣、服饰及美妆零售商，1977年由斯坦福大学研究生罗伊·雷蒙德与妻子盖伊共同创立，1982年旗下5家内衣门店被莱斯·韦克斯纳收购。韦克斯纳随后快速将门店布局到全美各大购物中心，到90年代初已在全国拥有350家门店，销售额达10亿美元，成为美国最大的内衣零售商。
KMX vs VSCO — 直观对比
营收规模更大
KMX
是对方的3.9倍
$1.5B
营收增速更快
VSCO
高出16.2%
-6.9%
净利率更高
KMX
高出3.6%
-2.5%
自由现金流更多
KMX
多$1.3B
$-232.0M
两年增速更快
KMX
近两年复合增速
-15.9%
损益表 — Q3 2026 vs Q4 2026
| 指标 | | |
|---|---|---|
| 营收 | $5.8B | $1.5B |
| 净利润 | $62.2M | $-37.0M |
| 毛利率 | 10.2% | 36.4% |
| 营业利润率 | — | -1.3% |
| 净利率 | 1.1% | -2.5% |
| 营收同比 | -6.9% | 9.3% |
| 净利润同比 | -50.4% | 33.9% |
| 每股收益（稀释后） | $0.43 | $-0.46 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收KMXVSCO
| Q4 25 | $5.8B | $1.5B | ||
| Q3 25 | $6.6B | $1.5B | ||
| Q2 25 | $7.5B | $1.4B | ||
| Q1 25 | $6.0B | $2.1B | ||
| Q4 24 | $6.2B | $1.3B | ||
| Q3 24 | $7.0B | $1.4B | ||
| Q2 24 | $7.1B | $1.4B | ||
| Q1 24 | $5.6B | $2.1B |
净利润KMXVSCO
| Q4 25 | $62.2M | $-37.0M | ||
| Q3 25 | $95.4M | $16.0M | ||
| Q2 25 | $210.4M | $-2.0M | ||
| Q1 25 | $89.9M | $193.0M | ||
| Q4 24 | $125.4M | $-56.0M | ||
| Q3 24 | $132.8M | $32.0M | ||
| Q2 24 | $152.4M | $-4.0M | ||
| Q1 24 | $50.3M | $180.0M |
毛利率KMXVSCO
| Q4 25 | 10.2% | 36.4% | ||
| Q3 25 | 10.9% | 35.6% | ||
| Q2 25 | 11.8% | 35.0% | ||
| Q1 25 | 11.1% | 38.6% | ||
| Q4 24 | 10.9% | 34.7% | ||
| Q3 24 | 10.8% | 35.4% | ||
| Q2 24 | 11.1% | 36.9% | ||
| Q1 24 | 10.4% | 39.7% |
营业利润率KMXVSCO
| Q4 25 | — | -1.3% | ||
| Q3 25 | — | 2.8% | ||
| Q2 25 | — | 1.5% | ||
| Q1 25 | 2.0% | 12.8% | ||
| Q4 24 | 2.7% | -3.5% | ||
| Q3 24 | 2.5% | 4.4% | ||
| Q2 24 | 2.9% | 1.9% | ||
| Q1 24 | 1.2% | 12.4% |
净利率KMXVSCO
| Q4 25 | 1.1% | -2.5% | ||
| Q3 25 | 1.4% | 1.1% | ||
| Q2 25 | 2.8% | -0.1% | ||
| Q1 25 | 1.5% | 9.2% | ||
| Q4 24 | 2.0% | -4.2% | ||
| Q3 24 | 1.9% | 2.3% | ||
| Q2 24 | 2.1% | -0.3% | ||
| Q1 24 | 0.9% | 8.6% |
每股收益（稀释后）KMXVSCO
| Q4 25 | $0.43 | $-0.46 | ||
| Q3 25 | $0.64 | $0.20 | ||
| Q2 25 | $1.38 | $-0.02 | ||
| Q1 25 | $0.58 | $2.41 | ||
| Q4 24 | $0.81 | $-0.71 | ||
| Q3 24 | $0.85 | $0.40 | ||
| Q2 24 | $0.97 | $-0.05 | ||
| Q1 24 | $0.31 | $2.32 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $204.9M | $249.0M |
| 总债务越低越好 | $16.6B | — |
| 股东权益账面价值 | $6.1B | $653.0M |
| 总资产 | $25.6B | $5.1B |
| 负债/权益比越低杠杆越低 | 2.74× | — |
8季度趋势，按日历期对齐
现金及短期投资KMXVSCO
| Q4 25 | $204.9M | $249.0M | ||
| Q3 25 | $540.4M | $188.0M | ||
| Q2 25 | $262.8M | $138.0M | ||
| Q1 25 | $247.0M | $227.0M | ||
| Q4 24 | $271.9M | $161.0M | ||
| Q3 24 | $524.7M | $169.0M | ||
| Q2 24 | $218.9M | $105.0M | ||
| Q1 24 | $574.1M | $270.0M |
总债务KMXVSCO
| Q4 25 | $16.6B | — | ||
| Q3 25 | $17.8B | — | ||
| Q2 25 | $18.0B | — | ||
| Q1 25 | $18.1B | — | ||
| Q4 24 | $18.1B | — | ||
| Q3 24 | $18.1B | — | ||
| Q2 24 | $18.2B | — | ||
| Q1 24 | $18.0B | — |
股东权益KMXVSCO
| Q4 25 | $6.1B | $653.0M | ||
| Q3 25 | $6.2B | $680.0M | ||
| Q2 25 | $6.3B | $645.0M | ||
| Q1 25 | $6.2B | $640.0M | ||
| Q4 24 | $6.2B | $429.0M | ||
| Q3 24 | $6.2B | $472.0M | ||
| Q2 24 | $6.2B | $423.0M | ||
| Q1 24 | $6.1B | $417.0M |
总资产KMXVSCO
| Q4 25 | $25.6B | $5.1B | ||
| Q3 25 | $27.1B | $4.8B | ||
| Q2 25 | $27.4B | $4.6B | ||
| Q1 25 | $27.4B | $4.5B | ||
| Q4 24 | $27.3B | $4.9B | ||
| Q3 24 | $27.3B | $4.6B | ||
| Q2 24 | $27.2B | $4.4B | ||
| Q1 24 | $27.2B | $4.6B |
负债/权益比KMXVSCO
| Q4 25 | 2.74× | — | ||
| Q3 25 | 2.87× | — | ||
| Q2 25 | 2.86× | — | ||
| Q1 25 | 2.91× | — | ||
| Q4 24 | 2.92× | — | ||
| Q3 24 | 2.93× | — | ||
| Q2 24 | 2.95× | — | ||
| Q1 24 | 2.96× | — |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $1.3B | $-180.0M |
| 自由现金流经营现金流 - 资本支出 | $1.1B | $-232.0M |
| 自由现金流率自由现金流/营收 | 19.2% | -15.8% |
| 资本支出强度资本支出/营收 | 2.4% | 3.5% |
| 现金转化率经营现金流/净利润 | 20.14× | — |
| 过去12个月自由现金流最近4个季度 | $1.9B | $309.0M |
8季度趋势，按日历期对齐
经营现金流KMXVSCO
| Q4 25 | $1.3B | $-180.0M | ||
| Q3 25 | $785.5M | $156.0M | ||
| Q2 25 | $299.5M | $-150.0M | ||
| Q1 25 | $146.4M | $674.0M | ||
| Q4 24 | $-23.4M | $-248.0M | ||
| Q3 24 | $619.1M | $115.0M | ||
| Q2 24 | $-117.7M | $-116.0M | ||
| Q1 24 | $309.6M | $589.0M |
自由现金流KMXVSCO
| Q4 25 | $1.1B | $-232.0M | ||
| Q3 25 | $654.0M | $88.0M | ||
| Q2 25 | $162.8M | $-193.0M | ||
| Q1 25 | $18.8M | $646.0M | ||
| Q4 24 | $-150.6M | $-299.0M | ||
| Q3 24 | $509.9M | $55.0M | ||
| Q2 24 | $-221.6M | $-155.0M | ||
| Q1 24 | $199.8M | $557.0M |
自由现金流率KMXVSCO
| Q4 25 | 19.2% | -15.8% | ||
| Q3 25 | 9.9% | 6.0% | ||
| Q2 25 | 2.2% | -14.3% | ||
| Q1 25 | 0.3% | 30.7% | ||
| Q4 24 | -2.4% | -22.2% | ||
| Q3 24 | 7.3% | 3.9% | ||
| Q2 24 | -3.1% | -11.4% | ||
| Q1 24 | 3.6% | 26.7% |
资本支出强度KMXVSCO
| Q4 25 | 2.4% | 3.5% | ||
| Q3 25 | 2.0% | 4.7% | ||
| Q2 25 | 1.8% | 3.2% | ||
| Q1 25 | 2.1% | 1.3% | ||
| Q4 24 | 2.0% | 3.8% | ||
| Q3 24 | 1.6% | 4.2% | ||
| Q2 24 | 1.5% | 2.9% | ||
| Q1 24 | 2.0% | 1.5% |
现金转化率KMXVSCO
| Q4 25 | 20.14× | — | ||
| Q3 25 | 8.24× | 9.75× | ||
| Q2 25 | 1.42× | — | ||
| Q1 25 | 1.63× | 3.49× | ||
| Q4 24 | -0.19× | — | ||
| Q3 24 | 4.66× | 3.59× | ||
| Q2 24 | -0.77× | — | ||
| Q1 24 | 6.16× | 3.27× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
KMX
| Used Vehicles | $4.5B | 78% |
| Wholesale Vehicles | $1.1B | 19% |
| Other | $150.6M | 3% |
| Extendedprotectionplan Domain | $96.6M | 2% |
| Advertising Subscription Revenues Domain | $35.1M | 1% |
| Service Domain | $18.5M | 0% |
| Thirdpartyfinancefees Domain | $3.0M | 0% |
VSCO
| Sales Channel North America Stores | $778.0M | 53% |
| Sales Channel Directly To Consumer | $429.0M | 29% |
| Sales Channel International | $265.0M | 18% |
| Sales Channel Loyalty And Private Label Credit Card | $19.0M | 1% |
