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LANDS' END, INC.（LE）与美世（MERC）财务数据对比。点击上方公司名可切换其他公司
美世的季度营收约是LANDS' END, INC.的1.5倍（$489.3M vs $317.5M），LANDS' END, INC.同比增速更快（0.1% vs -3.5%），过去两年LANDS' END, INC.的营收复合增速更高（-0.9% vs -1.0%）
Lands' End是1963年诞生于美国芝加哥的服饰零售品牌，最初以邮购游艇用品起家，目前业务拓展至服饰、箱包与家居用品领域。截至2024年2月，品牌在美国本土共开设26家门店，总部位于威斯康星州道奇维尔。品牌名源自地名兰兹角，因创立时印刷错了撇号位置又无力重印，错拼的名称便沿用至今。
美世是1945年成立的美国咨询公司，为全球专业服务集团威达信的四大运营子公司之一，总部位于纽约，在43个国家设有办事处，业务覆盖130个国家，主要为客户提供人力资源与金融咨询服务。
LE vs MERC — 直观对比
营收规模更大
MERC
是对方的1.5倍
$317.5M
营收增速更快
LE
高出3.6%
-3.5%
两年增速更快
LE
近两年复合增速
-1.0%
损益表 — Q3 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $317.5M | $489.3M |
| 净利润 | $5.2M | — |
| 毛利率 | 51.8% | — |
| 营业利润率 | 5.3% | — |
| 净利率 | 1.6% | — |
| 营收同比 | 0.1% | -3.5% |
| 净利润同比 | 198.3% | — |
| 每股收益（稀释后） | $0.17 | — |
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LEMERC
| Q1 26 | — | $489.3M | ||
| Q4 25 | $317.5M | $449.5M | ||
| Q3 25 | — | $458.1M | ||
| Q2 25 | $261.2M | $453.5M | ||
| Q1 25 | — | $507.0M | ||
| Q4 24 | $318.6M | $488.4M | ||
| Q3 24 | $317.2M | $502.1M | ||
| Q2 24 | $285.5M | $499.4M |
净利润LEMERC
| Q1 26 | — | — | ||
| Q4 25 | $5.2M | $-308.7M | ||
| Q3 25 | — | $-80.8M | ||
| Q2 25 | $-8.3M | $-86.1M | ||
| Q1 25 | — | $-22.3M | ||
| Q4 24 | $-593.0K | $16.7M | ||
| Q3 24 | $-5.3M | $-17.6M | ||
| Q2 24 | $-6.4M | $-67.6M |
毛利率LEMERC
| Q1 26 | — | — | ||
| Q4 25 | 51.8% | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 50.8% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 50.6% | — | ||
| Q3 24 | 47.9% | — | ||
| Q2 24 | 48.7% | — |
营业利润率LEMERC
| Q1 26 | — | — | ||
| Q4 25 | 5.3% | -62.0% | ||
| Q3 25 | — | -14.8% | ||
| Q2 25 | -0.9% | -12.9% | ||
| Q1 25 | — | 1.3% | ||
| Q4 24 | 2.9% | 10.3% | ||
| Q3 24 | 0.8% | 1.8% | ||
| Q2 24 | 0.8% | -8.8% |
净利率LEMERC
| Q1 26 | — | — | ||
| Q4 25 | 1.6% | -68.7% | ||
| Q3 25 | — | -17.6% | ||
| Q2 25 | -3.2% | -19.0% | ||
| Q1 25 | — | -4.4% | ||
| Q4 24 | -0.2% | 3.4% | ||
| Q3 24 | -1.7% | -3.5% | ||
| Q2 24 | -2.3% | -13.5% |
每股收益（稀释后）LEMERC
| Q1 26 | — | — | ||
| Q4 25 | $0.17 | $-4.61 | ||
| Q3 25 | — | $-1.21 | ||
| Q2 25 | $-0.27 | $-1.29 | ||
| Q1 25 | — | $-0.33 | ||
| Q4 24 | $-0.02 | $0.25 | ||
| Q3 24 | $-0.17 | $-0.26 | ||
| Q2 24 | $-0.20 | $-1.01 |
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 | $36.3M | $84.5M |
| 总债务越低越好 | — | $1.5B |
| 股东权益账面价值 | $231.0M | — |
| 总资产 | $852.7M | $2.0B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资LEMERC
| Q1 26 | — | $84.5M | ||
| Q4 25 | $36.3M | $186.8M | ||
| Q3 25 | — | $98.1M | ||
| Q2 25 | $18.1M | $146.5M | ||
| Q1 25 | — | $181.5M | ||
| Q4 24 | $30.4M | $184.9M | ||
| Q3 24 | $25.6M | $239.0M | ||
| Q2 24 | $27.4M | $263.2M |
总债务LEMERC
| Q1 26 | — | $1.5B | ||
| Q4 25 | — | $1.6B | ||
| Q3 25 | — | $1.5B | ||
| Q2 25 | — | $1.5B | ||
| Q1 25 | — | $1.5B | ||
| Q4 24 | — | $1.5B | ||
| Q3 24 | — | $1.6B | ||
| Q2 24 | — | $1.6B |
股东权益LEMERC
| Q1 26 | — | — | ||
| Q4 25 | $231.0M | $68.1M | ||
| Q3 25 | — | $359.5M | ||
| Q2 25 | $230.1M | $446.5M | ||
| Q1 25 | — | $437.4M | ||
| Q4 24 | $223.6M | $429.8M | ||
| Q3 24 | $226.5M | $516.8M | ||
| Q2 24 | $234.6M | $487.7M |
总资产LEMERC
| Q1 26 | — | $2.0B | ||
| Q4 25 | $852.7M | $2.0B | ||
| Q3 25 | — | $2.3B | ||
| Q2 25 | $760.5M | $2.4B | ||
| Q1 25 | — | $2.3B | ||
| Q4 24 | $843.6M | $2.3B | ||
| Q3 24 | $802.5M | $2.5B | ||
| Q2 24 | $800.1M | $2.5B |
负债/权益比LEMERC
| Q1 26 | — | — | ||
| Q4 25 | — | 23.58× | ||
| Q3 25 | — | 4.30× | ||
| Q2 25 | — | 3.42× | ||
| Q1 25 | — | 3.44× | ||
| Q4 24 | — | 3.43× | ||
| Q3 24 | — | 3.09× | ||
| Q2 24 | — | 3.22× |
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 | $-15.7M | — |
| 自由现金流经营现金流 - 资本支出 | $-22.4M | — |
| 自由现金流率自由现金流/营收 | -7.1% | — |
| 资本支出强度资本支出/营收 | 2.1% | — |
| 现金转化率经营现金流/净利润 | -3.03× | — |
| 过去12个月自由现金流最近4个季度 | $-55.0M | — |
8季度趋势，按日历期对齐
经营现金流LEMERC
| Q1 26 | — | — | ||
| Q4 25 | $-15.7M | $46.2M | ||
| Q3 25 | — | $-30.1M | ||
| Q2 25 | $-22.5M | $-4.5M | ||
| Q1 25 | — | $-3.0M | ||
| Q4 24 | $-17.1M | $71.2M | ||
| Q3 24 | $30.7M | $-13.9M | ||
| Q2 24 | $-25.8M | $62.2M |
自由现金流LEMERC
| Q1 26 | — | — | ||
| Q4 25 | $-22.4M | $32.0M | ||
| Q3 25 | — | $-60.1M | ||
| Q2 25 | $-30.7M | $-28.9M | ||
| Q1 25 | — | $-23.1M | ||
| Q4 24 | $-27.8M | $50.4M | ||
| Q3 24 | $26.0M | $-41.2M | ||
| Q2 24 | $-32.6M | $44.3M |
自由现金流率LEMERC
| Q1 26 | — | — | ||
| Q4 25 | -7.1% | 7.1% | ||
| Q3 25 | — | -13.1% | ||
| Q2 25 | -11.8% | -6.4% | ||
| Q1 25 | — | -4.6% | ||
| Q4 24 | -8.7% | 10.3% | ||
| Q3 24 | 8.2% | -8.2% | ||
| Q2 24 | -11.4% | 8.9% |
资本支出强度LEMERC
| Q1 26 | — | — | ||
| Q4 25 | 2.1% | 3.1% | ||
| Q3 25 | — | 6.6% | ||
| Q2 25 | 3.2% | 5.4% | ||
| Q1 25 | — | 4.0% | ||
| Q4 24 | 3.3% | 4.2% | ||
| Q3 24 | 1.5% | 5.4% | ||
| Q2 24 | 2.4% | 3.6% |
现金转化率LEMERC
| Q1 26 | — | — | ||
| Q4 25 | -3.03× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 4.26× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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
LE
| U Se Commerce | $179.8M | 57% |
| Business Outfitters Revenue | $78.8M | 25% |
| Licensing And Retail | $20.2M | 6% |
| Other | $19.8M | 6% |
| Third Party | $18.9M | 6% |
MERC
| Pulp segment | $345.0M | 71% |
| Solid wood segment | $131.7M | 27% |
| Corporate and other | $12.6M | 3% |
