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CarMax（KMX）与西部数据（WDC）财务数据对比。点击上方公司名可切换其他公司
CarMax的季度营收约是西部数据的1.9倍（$5.8B vs $3.0B），西部数据净利率更高（61.1% vs 1.1%，领先60.0%），西部数据同比增速更快（31.5% vs -6.9%），过去两年CarMax的营收复合增速更高（1.5% vs -6.6%）
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。
西部数据（简称WD）是总部位于美国加利福尼亚州圣何塞的知名数据存储企业，成立于1970年，是全球最大的硬盘驱动器（HDD）制造商之一，产品覆盖消费级、企业级等多元存储场景，为全球客户提供高性能、高可靠性的存储解决方案。
KMX vs WDC — 直观对比
营收规模更大
KMX
是对方的1.9倍
$3.0B
营收增速更快
WDC
高出38.4%
-6.9%
净利率更高
WDC
高出60.0%
1.1%
两年增速更快
KMX
近两年复合增速
-6.6%
损益表 — Q3 FY2026 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $5.8B | $3.0B |
| 净利润 | $62.2M | $1.8B |
| 毛利率 | 10.2% | 45.7% |
| 营业利润率 | — | 30.1% |
| 净利率 | 1.1% | 61.1% |
| 营收同比 | -6.9% | 31.5% |
| 净利润同比 | -50.4% | 254.2% |
| 每股收益（稀释后） | $0.43 | $4.73 |
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KMXWDC
| Q1 26 | — | $3.0B | ||
| Q4 25 | $5.8B | $2.8B | ||
| Q3 25 | $6.6B | — | ||
| Q2 25 | $7.5B | $-1.2B | ||
| Q1 25 | $6.0B | $2.3B | ||
| Q4 24 | $6.2B | $4.3B | ||
| Q3 24 | $7.0B | $4.1B | ||
| Q2 24 | $7.1B | $3.8B |
净利润KMXWDC
| Q1 26 | — | $1.8B | ||
| Q4 25 | $62.2M | $1.2B | ||
| Q3 25 | $95.4M | — | ||
| Q2 25 | $210.4M | $282.0M | ||
| Q1 25 | $89.9M | $520.0M | ||
| Q4 24 | $125.4M | $594.0M | ||
| Q3 24 | $132.8M | $493.0M | ||
| Q2 24 | $152.4M | $39.0M |
毛利率KMXWDC
| Q1 26 | — | 45.7% | ||
| Q4 25 | 10.2% | 43.5% | ||
| Q3 25 | 10.9% | — | ||
| Q2 25 | 11.8% | — | ||
| Q1 25 | 11.1% | 39.8% | ||
| Q4 24 | 10.9% | 35.4% | ||
| Q3 24 | 10.8% | 37.9% | ||
| Q2 24 | 11.1% | 35.9% |
营业利润率KMXWDC
| Q1 26 | — | 30.1% | ||
| Q4 25 | — | 28.1% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 2.0% | 33.1% | ||
| Q4 24 | 2.7% | 19.9% | ||
| Q3 24 | 2.5% | 18.1% | ||
| Q2 24 | 2.9% | 5.7% |
净利率KMXWDC
| Q1 26 | — | 61.1% | ||
| Q4 25 | 1.1% | 41.9% | ||
| Q3 25 | 1.4% | — | ||
| Q2 25 | 2.8% | -24.4% | ||
| Q1 25 | 1.5% | 22.7% | ||
| Q4 24 | 2.0% | 13.9% | ||
| Q3 24 | 1.9% | 12.0% | ||
| Q2 24 | 2.1% | 1.0% |
每股收益（稀释后）KMXWDC
| Q1 26 | — | $4.73 | ||
| Q4 25 | $0.43 | $3.07 | ||
| Q3 25 | $0.64 | — | ||
| Q2 25 | $1.38 | $0.72 | ||
| Q1 25 | $0.58 | $1.42 | ||
| Q4 24 | $0.81 | $1.63 | ||
| Q3 24 | $0.85 | $1.35 | ||
| Q2 24 | $0.97 | $0.15 |
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 | $2.0B |
| 总债务越低越好 | $16.6B | $4.7B |
| 股东权益账面价值 | $6.1B | $7.1B |
| 总资产 | $25.6B | $15.6B |
| 负债/权益比越低杠杆越低 | 2.74× | 0.65× |
8季度趋势，按日历期对齐
现金及短期投资KMXWDC
| Q1 26 | — | $2.0B | ||
| Q4 25 | $204.9M | $2.0B | ||
| Q3 25 | $540.4M | — | ||
| Q2 25 | $262.8M | $2.1B | ||
| Q1 25 | $247.0M | $3.5B | ||
| Q4 24 | $271.9M | $2.3B | ||
| Q3 24 | $524.7M | $1.7B | ||
| Q2 24 | $218.9M | $1.9B |
总债务KMXWDC
| Q1 26 | — | $4.7B | ||
| Q4 25 | $16.6B | $4.7B | ||
| Q3 25 | $17.8B | — | ||
| Q2 25 | $18.0B | $4.7B | ||
| Q1 25 | $18.1B | $7.3B | ||
| Q4 24 | $18.1B | $7.4B | ||
| Q3 24 | $18.1B | $7.4B | ||
| Q2 24 | $18.2B | $7.4B |
股东权益KMXWDC
| Q1 26 | — | $7.1B | ||
| Q4 25 | $6.1B | $5.9B | ||
| Q3 25 | $6.2B | — | ||
| Q2 25 | $6.3B | $5.3B | ||
| Q1 25 | $6.2B | $5.2B | ||
| Q4 24 | $6.2B | $12.1B | ||
| Q3 24 | $6.2B | $11.6B | ||
| Q2 24 | $6.2B | $10.8B |
总资产KMXWDC
| Q1 26 | — | $15.6B | ||
| Q4 25 | $25.6B | $14.4B | ||
| Q3 25 | $27.1B | — | ||
| Q2 25 | $27.4B | $14.0B | ||
| Q1 25 | $27.4B | $16.4B | ||
| Q4 24 | $27.3B | $25.5B | ||
| Q3 24 | $27.3B | $24.8B | ||
| Q2 24 | $27.2B | $24.2B |
负债/权益比KMXWDC
| Q1 26 | — | 0.65× | ||
| Q4 25 | 2.74× | 0.80× | ||
| Q3 25 | 2.87× | — | ||
| Q2 25 | 2.86× | 0.89× | ||
| Q1 25 | 2.91× | 1.42× | ||
| Q4 24 | 2.92× | 0.61× | ||
| Q3 24 | 2.93× | 0.64× | ||
| Q2 24 | 2.95× | 0.69× |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $1.1B | — |
| 自由现金流率自由现金流/营收 | 19.2% | — |
| 资本支出强度资本支出/营收 | 2.4% | — |
| 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 | — |
8季度趋势，按日历期对齐
经营现金流KMXWDC
| Q1 26 | — | — | ||
| Q4 25 | $1.3B | $672.0M | ||
| Q3 25 | $785.5M | — | ||
| Q2 25 | $299.5M | $746.0M | ||
| Q1 25 | $146.4M | $508.0M | ||
| Q4 24 | $-23.4M | $403.0M | ||
| Q3 24 | $619.1M | $34.0M | ||
| Q2 24 | $-117.7M | $366.0M |
自由现金流KMXWDC
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $599.0M | ||
| Q3 25 | $654.0M | — | ||
| Q2 25 | $162.8M | $675.0M | ||
| Q1 25 | $18.8M | $379.0M | ||
| Q4 24 | $-150.6M | $287.0M | ||
| Q3 24 | $509.9M | $-62.0M | ||
| Q2 24 | $-221.6M | $250.0M |
自由现金流率KMXWDC
| Q1 26 | — | — | ||
| Q4 25 | 19.2% | 21.3% | ||
| Q3 25 | 9.9% | — | ||
| Q2 25 | 2.2% | -58.5% | ||
| Q1 25 | 0.3% | 16.5% | ||
| Q4 24 | -2.4% | 6.7% | ||
| Q3 24 | 7.3% | -1.5% | ||
| Q2 24 | -3.1% | 6.6% |
资本支出强度KMXWDC
| Q1 26 | — | — | ||
| Q4 25 | 2.4% | 2.6% | ||
| Q3 25 | 2.0% | — | ||
| Q2 25 | 1.8% | -6.2% | ||
| Q1 25 | 2.1% | 5.6% | ||
| Q4 24 | 2.0% | 2.7% | ||
| Q3 24 | 1.6% | 2.3% | ||
| Q2 24 | 1.5% | 3.1% |
现金转化率KMXWDC
| Q1 26 | — | — | ||
| Q4 25 | 20.14× | 0.57× | ||
| Q3 25 | 8.24× | — | ||
| Q2 25 | 1.42× | 2.65× | ||
| Q1 25 | 1.63× | 0.98× | ||
| Q4 24 | -0.19× | 0.68× | ||
| Q3 24 | 4.66× | 0.07× | ||
| Q2 24 | -0.77× | 9.38× |
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% |
WDC
| Cloud | $2.7B | 89% |
| Client Devices | $176.0M | 6% |
| Consumer | $168.0M | 6% |
