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CarMax（KMX）与Vistra Corp.（VST）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Vistra Corp.的1.2倍（$5.8B vs $4.8B），Vistra Corp.净利率更高（4.8% vs 1.1%，领先3.8%），Vistra Corp.同比增速更快（31.2% vs -6.9%），CarMax自由现金流更多（$1.1B vs $596.0M），过去两年Vistra Corp.的营收复合增速更高（23.3% vs 1.5%）
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。
股票代码为VST的Vistra Corp是总部位于美国得克萨斯州的能源企业，主营电力生产、可再生能源开发及能源零售等业务。此外“Vistra”也可指一家总部位于中国香港的企业服务提供商，为全球客户提供公司注册、合规管理等专业服务。
KMX vs VST — 直观对比
营收规模更大
KMX
是对方的1.2倍
$4.8B
营收增速更快
VST
高出38.1%
-6.9%
净利率更高
VST
高出3.8%
1.1%
自由现金流更多
KMX
多$517.3M
$596.0M
两年增速更快
VST
近两年复合增速
1.5%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $5.8B | $4.8B |
| 净利润 | $62.2M | $233.0M |
| 毛利率 | 10.2% | — |
| 营业利润率 | — | 9.9% |
| 净利率 | 1.1% | 4.8% |
| 营收同比 | -6.9% | 31.2% |
| 净利润同比 | -50.4% | -47.2% |
| 每股收益（稀释后） | $0.43 | $0.55 |
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KMXVST
| Q4 25 | $5.8B | $4.8B | ||
| Q3 25 | $6.6B | $4.8B | ||
| Q2 25 | $7.5B | $3.8B | ||
| Q1 25 | $6.0B | $4.3B | ||
| Q4 24 | $6.2B | $3.7B | ||
| Q3 24 | $7.0B | $4.3B | ||
| Q2 24 | $7.1B | $3.6B | ||
| Q1 24 | $5.6B | $3.2B |
净利润KMXVST
| Q4 25 | $62.2M | $233.0M | ||
| Q3 25 | $95.4M | $652.0M | ||
| Q2 25 | $210.4M | $327.0M | ||
| Q1 25 | $89.9M | $-268.0M | ||
| Q4 24 | $125.4M | $441.0M | ||
| Q3 24 | $132.8M | $1.9B | ||
| Q2 24 | $152.4M | $365.0M | ||
| Q1 24 | $50.3M | $-35.0M |
毛利率KMXVST
| Q4 25 | 10.2% | — | ||
| Q3 25 | 10.9% | — | ||
| Q2 25 | 11.8% | — | ||
| Q1 25 | 11.1% | — | ||
| Q4 24 | 10.9% | — | ||
| Q3 24 | 10.8% | — | ||
| Q2 24 | 11.1% | — | ||
| Q1 24 | 10.4% | — |
营业利润率KMXVST
| Q4 25 | — | 9.9% | ||
| Q3 25 | — | 21.7% | ||
| Q2 25 | — | 13.7% | ||
| Q1 25 | 2.0% | -2.8% | ||
| Q4 24 | 2.7% | 16.4% | ||
| Q3 24 | 2.5% | 59.6% | ||
| Q2 24 | 2.9% | 22.5% | ||
| Q1 24 | 1.2% | 2.7% |
净利率KMXVST
| Q4 25 | 1.1% | 4.8% | ||
| Q3 25 | 1.4% | 13.6% | ||
| Q2 25 | 2.8% | 8.7% | ||
| Q1 25 | 1.5% | -6.3% | ||
| Q4 24 | 2.0% | 12.0% | ||
| Q3 24 | 1.9% | 43.5% | ||
| Q2 24 | 2.1% | 10.1% | ||
| Q1 24 | 0.9% | -1.1% |
每股收益（稀释后）KMXVST
| Q4 25 | $0.43 | $0.55 | ||
| Q3 25 | $0.64 | $1.75 | ||
| Q2 25 | $1.38 | $0.81 | ||
| Q1 25 | $0.58 | $-0.93 | ||
| Q4 24 | $0.81 | $1.09 | ||
| Q3 24 | $0.85 | $5.25 | ||
| Q2 24 | $0.97 | $0.90 | ||
| Q1 24 | $0.31 | $-0.24 |
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 | $785.0M |
| 总债务越低越好 | $16.6B | $15.8B |
| 股东权益账面价值 | $6.1B | $5.1B |
| 总资产 | $25.6B | $41.5B |
| 负债/权益比越低杠杆越低 | 2.74× | 3.11× |
8季度趋势，按日历期对齐
现金及短期投资KMXVST
| Q4 25 | $204.9M | $785.0M | ||
| Q3 25 | $540.4M | $602.0M | ||
| Q2 25 | $262.8M | $458.0M | ||
| Q1 25 | $247.0M | $561.0M | ||
| Q4 24 | $271.9M | $1.2B | ||
| Q3 24 | $524.7M | $905.0M | ||
| Q2 24 | $218.9M | $1.6B | ||
| Q1 24 | $574.1M | $1.1B |
总债务KMXVST
| Q4 25 | $16.6B | $15.8B | ||
| Q3 25 | $17.8B | $15.8B | ||
| Q2 25 | $18.0B | $15.5B | ||
| Q1 25 | $18.1B | $15.4B | ||
| Q4 24 | $18.1B | $15.4B | ||
| Q3 24 | $18.1B | $13.9B | ||
| Q2 24 | $18.2B | $13.9B | ||
| Q1 24 | $18.0B | $14.7B |
股东权益KMXVST
| Q4 25 | $6.1B | $5.1B | ||
| Q3 25 | $6.2B | $5.2B | ||
| Q2 25 | $6.3B | $4.8B | ||
| Q1 25 | $6.2B | $4.8B | ||
| Q4 24 | $6.2B | $5.6B | ||
| Q3 24 | $6.2B | $5.4B | ||
| Q2 24 | $6.2B | $5.6B | ||
| Q1 24 | $6.1B | $5.7B |
总资产KMXVST
| Q4 25 | $25.6B | $41.5B | ||
| Q3 25 | $27.1B | $38.0B | ||
| Q2 25 | $27.4B | $38.1B | ||
| Q1 25 | $27.4B | $38.2B | ||
| Q4 24 | $27.3B | $37.8B | ||
| Q3 24 | $27.3B | $37.9B | ||
| Q2 24 | $27.2B | $39.1B | ||
| Q1 24 | $27.2B | $38.2B |
负债/权益比KMXVST
| Q4 25 | 2.74× | 3.11× | ||
| Q3 25 | 2.87× | 3.02× | ||
| Q2 25 | 2.86× | 3.22× | ||
| Q1 25 | 2.91× | 3.20× | ||
| Q4 24 | 2.92× | 2.77× | ||
| Q3 24 | 2.93× | 2.56× | ||
| Q2 24 | 2.95× | 2.49× | ||
| Q1 24 | 2.96× | 2.60× |
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 | $1.4B |
| 自由现金流经营现金流 - 资本支出 | $1.1B | $596.0M |
| 自由现金流率自由现金流/营收 | 19.2% | 12.4% |
| 资本支出强度资本支出/营收 | 2.4% | 17.4% |
| 现金转化率经营现金流/净利润 | 20.14× | 6.15× |
| 过去12个月自由现金流最近4个季度 | $1.9B | $1.3B |
8季度趋势，按日历期对齐
经营现金流KMXVST
| Q4 25 | $1.3B | $1.4B | ||
| Q3 25 | $785.5M | $1.5B | ||
| Q2 25 | $299.5M | $572.0M | ||
| Q1 25 | $146.4M | $599.0M | ||
| Q4 24 | $-23.4M | $1.4B | ||
| Q3 24 | $619.1M | $1.7B | ||
| Q2 24 | $-117.7M | $1.2B | ||
| Q1 24 | $309.6M | $312.0M |
自由现金流KMXVST
| Q4 25 | $1.1B | $596.0M | ||
| Q3 25 | $654.0M | $1.0B | ||
| Q2 25 | $162.8M | $-118.0M | ||
| Q1 25 | $18.8M | $-169.0M | ||
| Q4 24 | $-150.6M | $923.0M | ||
| Q3 24 | $509.9M | $1.0B | ||
| Q2 24 | $-221.6M | $698.0M | ||
| Q1 24 | $199.8M | $-153.0M |
自由现金流率KMXVST
| Q4 25 | 19.2% | 12.4% | ||
| Q3 25 | 9.9% | 21.1% | ||
| Q2 25 | 2.2% | -3.1% | ||
| Q1 25 | 0.3% | -4.0% | ||
| Q4 24 | -2.4% | 25.2% | ||
| Q3 24 | 7.3% | 23.4% | ||
| Q2 24 | -3.1% | 19.4% | ||
| Q1 24 | 3.6% | -4.8% |
资本支出强度KMXVST
| Q4 25 | 2.4% | 17.4% | ||
| Q3 25 | 2.0% | 9.6% | ||
| Q2 25 | 1.8% | 18.4% | ||
| Q1 25 | 2.1% | 18.1% | ||
| Q4 24 | 2.0% | 11.7% | ||
| Q3 24 | 1.6% | 15.8% | ||
| Q2 24 | 1.5% | 13.8% | ||
| Q1 24 | 2.0% | 14.7% |
现金转化率KMXVST
| Q4 25 | 20.14× | 6.15× | ||
| Q3 25 | 8.24× | 2.25× | ||
| Q2 25 | 1.42× | 1.75× | ||
| Q1 25 | 1.63× | — | ||
| Q4 24 | -0.19× | 3.07× | ||
| Q3 24 | 4.66× | 0.90× | ||
| Q2 24 | -0.77× | 3.28× | ||
| Q1 24 | 6.16× | — |
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% |
VST
| Retail Energy Charge In ERCOT | $2.1B | 43% |
| Retail Energy Charge In Northeast Midwest | $1.2B | 24% |
| East Segment | $1.1B | 24% |
| Hedging Revenue Realized | $170.0M | 4% |
| Revenue From Other Wholesale Contracts | $116.0M | 2% |
| Transferable Production Tax Credit Revenues | $78.0M | 2% |
| West Segment | $77.0M | 2% |
| Intersegment Sales | $25.0M | 1% |
