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拉扎德（LAZ）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
维多利亚的秘密的季度营收约是拉扎德的1.6倍（$1.5B vs $929.4M），拉扎德净利率更高（5.4% vs -2.5%，领先7.9%），拉扎德同比增速更快（10.8% vs 9.3%），拉扎德自由现金流更多（$396.1M vs $-232.0M），过去两年拉扎德的营收复合增速更高（8.8% vs -15.9%）
拉扎德公司是一家美国金融咨询与资产管理机构，业务覆盖投资银行、资产管理及其他金融服务，核心客户以机构客户为主。作为全球规模最大的独立投资银行，其主要行政办公室分布于纽约、巴黎及伦敦三地。
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。
LAZ vs VSCO — 直观对比
营收规模更大
VSCO
是对方的1.6倍
$929.4M
营收增速更快
LAZ
高出1.5%
9.3%
净利率更高
LAZ
高出7.9%
-2.5%
自由现金流更多
LAZ
多$628.1M
$-232.0M
两年增速更快
LAZ
近两年复合增速
-15.9%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $929.4M | $1.5B |
| 净利润 | $49.9M | $-37.0M |
| 毛利率 | — | 36.4% |
| 营业利润率 | 9.1% | -1.3% |
| 净利率 | 5.4% | -2.5% |
| 营收同比 | 10.8% | 9.3% |
| 净利润同比 | -42.2% | 33.9% |
| 每股收益（稀释后） | $0.44 | $-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LAZVSCO
| Q4 25 | $929.4M | $1.5B | ||
| Q3 25 | $770.8M | $1.5B | ||
| Q2 25 | $817.2M | $1.4B | ||
| Q1 25 | $669.2M | $2.1B | ||
| Q4 24 | $839.0M | $1.3B | ||
| Q3 24 | $807.4M | $1.4B | ||
| Q2 24 | $708.0M | $1.4B | ||
| Q1 24 | $785.5M | $2.1B |
净利润LAZVSCO
| Q4 25 | $49.9M | $-37.0M | ||
| Q3 25 | $71.2M | $16.0M | ||
| Q2 25 | $55.3M | $-2.0M | ||
| Q1 25 | $60.4M | $193.0M | ||
| Q4 24 | $86.3M | $-56.0M | ||
| Q3 24 | $107.9M | $32.0M | ||
| Q2 24 | $49.9M | $-4.0M | ||
| Q1 24 | $35.8M | $180.0M |
毛利率LAZVSCO
| Q4 25 | — | 36.4% | ||
| Q3 25 | — | 35.6% | ||
| Q2 25 | — | 35.0% | ||
| Q1 25 | — | 38.6% | ||
| Q4 24 | — | 34.7% | ||
| Q3 24 | — | 35.4% | ||
| Q2 24 | — | 36.9% | ||
| Q1 24 | — | 39.7% |
营业利润率LAZVSCO
| Q4 25 | 9.1% | -1.3% | ||
| Q3 25 | 12.3% | 2.8% | ||
| Q2 25 | 11.4% | 1.5% | ||
| Q1 25 | 8.2% | 12.8% | ||
| Q4 24 | 12.8% | -3.5% | ||
| Q3 24 | 20.0% | 4.4% | ||
| Q2 24 | 9.0% | 1.9% | ||
| Q1 24 | 6.9% | 12.4% |
净利率LAZVSCO
| Q4 25 | 5.4% | -2.5% | ||
| Q3 25 | 9.2% | 1.1% | ||
| Q2 25 | 6.8% | -0.1% | ||
| Q1 25 | 9.0% | 9.2% | ||
| Q4 24 | 10.3% | -4.2% | ||
| Q3 24 | 13.4% | 2.3% | ||
| Q2 24 | 7.0% | -0.3% | ||
| Q1 24 | 4.6% | 8.6% |
每股收益（稀释后）LAZVSCO
| Q4 25 | $0.44 | $-0.46 | ||
| Q3 25 | $0.65 | $0.20 | ||
| Q2 25 | $0.52 | $-0.02 | ||
| Q1 25 | $0.56 | $2.41 | ||
| Q4 24 | $0.82 | $-0.71 | ||
| Q3 24 | $1.02 | $0.40 | ||
| Q2 24 | $0.49 | $-0.05 | ||
| Q1 24 | $0.35 | $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 | $1.5B | $249.0M |
| 总债务越低越好 | $1.7B | — |
| 股东权益账面价值 | $873.7M | $653.0M |
| 总资产 | $4.9B | $5.1B |
| 负债/权益比越低杠杆越低 | 1.93× | — |
8季度趋势，按日历期对齐
现金及短期投资LAZVSCO
| Q4 25 | $1.5B | $249.0M | ||
| Q3 25 | $1.2B | $188.0M | ||
| Q2 25 | $978.3M | $138.0M | ||
| Q1 25 | $908.6M | $227.0M | ||
| Q4 24 | $1.3B | $161.0M | ||
| Q3 24 | $1.2B | $169.0M | ||
| Q2 24 | $847.6M | $105.0M | ||
| Q1 24 | $923.2M | $270.0M |
总债务LAZVSCO
| Q4 25 | $1.7B | — | ||
| Q3 25 | $1.7B | — | ||
| Q2 25 | $1.7B | — | ||
| Q1 25 | $1.7B | — | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | $1.9B | — | ||
| Q2 24 | $1.9B | — | ||
| Q1 24 | $1.9B | — |
股东权益LAZVSCO
| Q4 25 | $873.7M | $653.0M | ||
| Q3 25 | $841.5M | $680.0M | ||
| Q2 25 | $741.6M | $645.0M | ||
| Q1 25 | $603.0M | $640.0M | ||
| Q4 24 | $636.2M | $429.0M | ||
| Q3 24 | $624.3M | $472.0M | ||
| Q2 24 | $458.7M | $423.0M | ||
| Q1 24 | $392.7M | $417.0M |
总资产LAZVSCO
| Q4 25 | $4.9B | $5.1B | ||
| Q3 25 | $4.6B | $4.8B | ||
| Q2 25 | $4.5B | $4.6B | ||
| Q1 25 | $4.2B | $4.5B | ||
| Q4 24 | $4.8B | $4.9B | ||
| Q3 24 | $4.8B | $4.6B | ||
| Q2 24 | $4.5B | $4.4B | ||
| Q1 24 | $4.6B | $4.6B |
负债/权益比LAZVSCO
| Q4 25 | 1.93× | — | ||
| Q3 25 | 2.01× | — | ||
| Q2 25 | 2.28× | — | ||
| Q1 25 | 2.80× | — | ||
| Q4 24 | 2.65× | — | ||
| Q3 24 | 2.97× | — | ||
| Q2 24 | 4.04× | — | ||
| Q1 24 | 4.71× | — |
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 | $399.7M | $-180.0M |
| 自由现金流经营现金流 - 资本支出 | $396.1M | $-232.0M |
| 自由现金流率自由现金流/营收 | 42.6% | -15.8% |
| 资本支出强度资本支出/营收 | 0.4% | 3.5% |
| 现金转化率经营现金流/净利润 | 8.02× | — |
| 过去12个月自由现金流最近4个季度 | $487.4M | $309.0M |
8季度趋势，按日历期对齐
经营现金流LAZVSCO
| Q4 25 | $399.7M | $-180.0M | ||
| Q3 25 | $287.5M | $156.0M | ||
| Q2 25 | $49.7M | $-150.0M | ||
| Q1 25 | $-217.5M | $674.0M | ||
| Q4 24 | $362.9M | $-248.0M | ||
| Q3 24 | $293.7M | $115.0M | ||
| Q2 24 | $176.2M | $-116.0M | ||
| Q1 24 | $-90.0M | $589.0M |
自由现金流LAZVSCO
| Q4 25 | $396.1M | $-232.0M | ||
| Q3 25 | $284.6M | $88.0M | ||
| Q2 25 | $38.0M | $-193.0M | ||
| Q1 25 | $-231.3M | $646.0M | ||
| Q4 24 | $348.0M | $-299.0M | ||
| Q3 24 | $276.2M | $55.0M | ||
| Q2 24 | $169.8M | $-155.0M | ||
| Q1 24 | $-96.6M | $557.0M |
自由现金流率LAZVSCO
| Q4 25 | 42.6% | -15.8% | ||
| Q3 25 | 36.9% | 6.0% | ||
| Q2 25 | 4.6% | -14.3% | ||
| Q1 25 | -34.6% | 30.7% | ||
| Q4 24 | 41.5% | -22.2% | ||
| Q3 24 | 34.2% | 3.9% | ||
| Q2 24 | 24.0% | -11.4% | ||
| Q1 24 | -12.3% | 26.7% |
资本支出强度LAZVSCO
| Q4 25 | 0.4% | 3.5% | ||
| Q3 25 | 0.4% | 4.7% | ||
| Q2 25 | 1.4% | 3.2% | ||
| Q1 25 | 2.1% | 1.3% | ||
| Q4 24 | 1.8% | 3.8% | ||
| Q3 24 | 2.2% | 4.2% | ||
| Q2 24 | 0.9% | 2.9% | ||
| Q1 24 | 0.8% | 1.5% |
现金转化率LAZVSCO
| Q4 25 | 8.02× | — | ||
| Q3 25 | 4.03× | 9.75× | ||
| Q2 25 | 0.90× | — | ||
| Q1 25 | -3.60× | 3.49× | ||
| Q4 24 | 4.20× | — | ||
| Q3 24 | 2.72× | 3.59× | ||
| Q2 24 | 3.53× | — | ||
| Q1 24 | -2.52× | 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
LAZ
| Financial Advisory Segment | $542.3M | 58% |
| Asset Management1 | $347.8M | 37% |
| Incentive Fees | $40.9M | 4% |
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% |
