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CarMax（KMX）与WATSCO INC（WSO）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WATSCO INC的3.7倍（$5.8B vs $1.6B）。WATSCO INC净利率更高（4.5% vs 1.1%，领先3.5%）。CarMax同比增速更快（-6.9% vs -10.0%）。CarMax自由现金流更多（$1.1B vs $388.5M）。过去两年CarMax的营收复合增速更高（1.5% vs 0.4%）
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。
Watsco Inc.是美国暖通空调、供暖及制冷（HVAC/R）设备及相关零部件、耗材的专业分销商。公司成立至今已超60年，最初主营HVAC/R行业相关零部件、工具制造业务，1989年通过收购佛罗里达州南部的瑞姆品牌分销商Gemaire Distributors Inc，正式从制造赛道转向分销领域。
KMX vs WSO — 直观对比
营收规模更大
KMX
是对方的3.7倍
$1.6B
营收增速更快
KMX
高出3.1%
-10.0%
净利率更高
WSO
高出3.5%
1.1%
自由现金流更多
KMX
多$724.8M
$388.5M
两年增速更快
KMX
近两年复合增速
0.4%
损益表 — Q3 2026 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $5.8B | $1.6B |
| 净利润 | $62.2M | $71.7M |
| 毛利率 | 10.2% | 27.1% |
| 营业利润率 | — | 6.4% |
| 净利率 | 1.1% | 4.5% |
| 营收同比 | -6.9% | -10.0% |
| 净利润同比 | -50.4% | -25.9% |
| 每股收益（稀释后） | $0.43 | $1.82 |
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KMXWSO
| Q4 25 | $5.8B | $1.6B | ||
| Q3 25 | $6.6B | $2.1B | ||
| Q2 25 | $7.5B | $2.1B | ||
| Q1 25 | $6.0B | $1.5B | ||
| Q4 24 | $6.2B | $1.8B | ||
| Q3 24 | $7.0B | $2.2B | ||
| Q2 24 | $7.1B | $2.1B | ||
| Q1 24 | $5.6B | $1.6B |
净利润KMXWSO
| Q4 25 | $62.2M | $71.7M | ||
| Q3 25 | $95.4M | $161.6M | ||
| Q2 25 | $210.4M | $183.6M | ||
| Q1 25 | $89.9M | $80.1M | ||
| Q4 24 | $125.4M | $96.8M | ||
| Q3 24 | $132.8M | $171.0M | ||
| Q2 24 | $152.4M | $181.4M | ||
| Q1 24 | $50.3M | $87.0M |
毛利率KMXWSO
| Q4 25 | 10.2% | 27.1% | ||
| Q3 25 | 10.9% | 27.5% | ||
| Q2 25 | 11.8% | 29.3% | ||
| Q1 25 | 11.1% | 28.1% | ||
| Q4 24 | 10.9% | 26.7% | ||
| Q3 24 | 10.8% | 26.2% | ||
| Q2 24 | 11.1% | 27.1% | ||
| Q1 24 | 10.4% | 27.5% |
营业利润率KMXWSO
| Q4 25 | — | 6.4% | ||
| Q3 25 | — | 11.4% | ||
| Q2 25 | — | 13.2% | ||
| Q1 25 | 2.0% | 7.3% | ||
| Q4 24 | 2.7% | 7.8% | ||
| Q3 24 | 2.5% | 11.6% | ||
| Q2 24 | 2.9% | 12.6% | ||
| Q1 24 | 1.2% | 8.1% |
净利率KMXWSO
| Q4 25 | 1.1% | 4.5% | ||
| Q3 25 | 1.4% | 7.8% | ||
| Q2 25 | 2.8% | 8.9% | ||
| Q1 25 | 1.5% | 5.2% | ||
| Q4 24 | 2.0% | 5.5% | ||
| Q3 24 | 1.9% | 7.9% | ||
| Q2 24 | 2.1% | 8.5% | ||
| Q1 24 | 0.9% | 5.6% |
每股收益（稀释后）KMXWSO
| Q4 25 | $0.43 | $1.82 | ||
| Q3 25 | $0.64 | $3.98 | ||
| Q2 25 | $1.38 | $4.52 | ||
| Q1 25 | $0.58 | $1.93 | ||
| Q4 24 | $0.81 | $2.42 | ||
| Q3 24 | $0.85 | $4.22 | ||
| Q2 24 | $0.97 | $4.49 | ||
| Q1 24 | $0.31 | $2.17 |
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 | $733.3M |
| 总债务越低越好 | $16.6B | $361.6M |
| 股东权益账面价值 | $6.1B | $2.8B |
| 总资产 | $25.6B | $4.4B |
| 负债/权益比越低杠杆越低 | 2.74× | 0.13× |
8季度趋势，按日历期对齐
现金及短期投资KMXWSO
| Q4 25 | $204.9M | $733.3M | ||
| Q3 25 | $540.4M | $524.3M | ||
| Q2 25 | $262.8M | $293.0M | ||
| Q1 25 | $247.0M | $431.8M | ||
| Q4 24 | $271.9M | $781.9M | ||
| Q3 24 | $524.7M | $550.0M | ||
| Q2 24 | $218.9M | $424.9M | ||
| Q1 24 | $574.1M | $478.9M |
总债务KMXWSO
| Q4 25 | $16.6B | $361.6M | ||
| Q3 25 | $17.8B | $340.8M | ||
| Q2 25 | $18.0B | $338.7M | ||
| Q1 25 | $18.1B | $346.4M | ||
| Q4 24 | $18.1B | $337.2M | ||
| Q3 24 | $18.1B | $321.0M | ||
| Q2 24 | $18.2B | $307.1M | ||
| Q1 24 | $18.0B | $306.3M |
股东权益KMXWSO
| Q4 25 | $6.1B | $2.8B | ||
| Q3 25 | $6.2B | $2.8B | ||
| Q2 25 | $6.3B | $2.8B | ||
| Q1 25 | $6.2B | $2.7B | ||
| Q4 24 | $6.2B | $2.7B | ||
| Q3 24 | $6.2B | $2.7B | ||
| Q2 24 | $6.2B | $2.6B | ||
| Q1 24 | $6.1B | $2.5B |
总资产KMXWSO
| Q4 25 | $25.6B | $4.4B | ||
| Q3 25 | $27.1B | $4.6B | ||
| Q2 25 | $27.4B | $4.7B | ||
| Q1 25 | $27.4B | $4.5B | ||
| Q4 24 | $27.3B | $4.5B | ||
| Q3 24 | $27.3B | $4.5B | ||
| Q2 24 | $27.2B | $4.4B | ||
| Q1 24 | $27.2B | $4.4B |
负债/权益比KMXWSO
| Q4 25 | 2.74× | 0.13× | ||
| Q3 25 | 2.87× | 0.12× | ||
| Q2 25 | 2.86× | 0.12× | ||
| Q1 25 | 2.91× | 0.13× | ||
| Q4 24 | 2.92× | 0.13× | ||
| Q3 24 | 2.93× | 0.12× | ||
| Q2 24 | 2.95× | 0.12× | ||
| Q1 24 | 2.96× | 0.12× |
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 | $399.8M |
| 自由现金流经营现金流 - 资本支出 | $1.1B | $388.5M |
| 自由现金流率自由现金流/营收 | 19.2% | 24.6% |
| 资本支出强度资本支出/营收 | 2.4% | 0.7% |
| 现金转化率经营现金流/净利润 | 20.14× | 5.57× |
| 过去12个月自由现金流最近4个季度 | $1.9B | $535.1M |
8季度趋势，按日历期对齐
经营现金流KMXWSO
| Q4 25 | $1.3B | $399.8M | ||
| Q3 25 | $785.5M | $354.9M | ||
| Q2 25 | $299.5M | $-7.4M | ||
| Q1 25 | $146.4M | $-177.6M | ||
| Q4 24 | $-23.4M | $378.9M | ||
| Q3 24 | $619.1M | $232.8M | ||
| Q2 24 | $-117.7M | $57.7M | ||
| Q1 24 | $309.6M | $103.7M |
自由现金流KMXWSO
| Q4 25 | $1.1B | $388.5M | ||
| Q3 25 | $654.0M | $346.1M | ||
| Q2 25 | $162.8M | $-14.3M | ||
| Q1 25 | $18.8M | $-185.2M | ||
| Q4 24 | $-150.6M | $370.9M | ||
| Q3 24 | $509.9M | $223.0M | ||
| Q2 24 | $-221.6M | $51.3M | ||
| Q1 24 | $199.8M | $97.9M |
自由现金流率KMXWSO
| Q4 25 | 19.2% | 24.6% | ||
| Q3 25 | 9.9% | 16.7% | ||
| Q2 25 | 2.2% | -0.7% | ||
| Q1 25 | 0.3% | -12.1% | ||
| Q4 24 | -2.4% | 21.1% | ||
| Q3 24 | 7.3% | 10.3% | ||
| Q2 24 | -3.1% | 2.4% | ||
| Q1 24 | 3.6% | 6.3% |
资本支出强度KMXWSO
| Q4 25 | 2.4% | 0.7% | ||
| Q3 25 | 2.0% | 0.4% | ||
| Q2 25 | 1.8% | 0.3% | ||
| Q1 25 | 2.1% | 0.5% | ||
| Q4 24 | 2.0% | 0.5% | ||
| Q3 24 | 1.6% | 0.5% | ||
| Q2 24 | 1.5% | 0.3% | ||
| Q1 24 | 2.0% | 0.4% |
现金转化率KMXWSO
| Q4 25 | 20.14× | 5.57× | ||
| Q3 25 | 8.24× | 2.20× | ||
| Q2 25 | 1.42× | -0.04× | ||
| Q1 25 | 1.63× | -2.22× | ||
| Q4 24 | -0.19× | 3.91× | ||
| Q3 24 | 4.66× | 1.36× | ||
| Q2 24 | -0.77× | 0.32× | ||
| Q1 24 | 6.16× | 1.19× |
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% |
WSO
暂无分部数据
