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李维斯（LEVI）与美泰（MAT）财务数据对比。点击上方公司名可切换其他公司
美泰的季度营收约是李维斯的1.0倍（$1.8B vs $1.8B），李维斯净利率更高（8.9% vs 6.0%，领先2.9%），美泰同比增速更快（7.3% vs -4.0%），过去两年美泰的营收复合增速更高（47.7% vs 6.5%）
李维斯（Levi Strauss & Co.）是全球知名的美国服饰企业，凭借旗下Levi's品牌丹宁牛仔裤享誉全球。公司创立于1853年5月，由德裔犹太移民李维·斯特劳斯在旧金山成立，注册地为特拉华州，总部设在旧金山李维斯广场。
美泰是美国知名玩具及娱乐企业，旗下影视制作部门美泰影业运营时间为2018年9月6日至2025年6月2日。其前身为2013年10月16日成立的美泰Playground Productions，更早可追溯至美泰娱乐、美泰工作室等集团原有娱乐业务品牌。
LEVI vs MAT — 直观对比
营收规模更大
MAT
是对方的1.0倍
$1.8B
营收增速更快
MAT
高出11.3%
-4.0%
净利率更高
LEVI
高出2.9%
6.0%
两年增速更快
MAT
近两年复合增速
6.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $1.8B |
| 净利润 | $158.0M | $106.2M |
| 毛利率 | 60.8% | 45.9% |
| 营业利润率 | 11.9% | 8.0% |
| 净利率 | 8.9% | 6.0% |
| 营收同比 | -4.0% | 7.3% |
| 净利润同比 | -13.4% | -24.6% |
| 每股收益（稀释后） | $0.39 | $0.32 |
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LEVIMAT
| Q4 25 | $1.8B | $1.8B | ||
| Q3 25 | $1.5B | $1.7B | ||
| Q2 25 | $1.4B | $1.0B | ||
| Q1 25 | $1.5B | $826.6M | ||
| Q4 24 | $1.8B | $1.6B | ||
| Q3 24 | $1.5B | $1.8B | ||
| Q2 24 | $1.4B | $1.1B | ||
| Q1 24 | $1.6B | $809.5M |
净利润LEVIMAT
| Q4 25 | $158.0M | $106.2M | ||
| Q3 25 | $218.1M | $278.4M | ||
| Q2 25 | $67.0M | $53.4M | ||
| Q1 25 | $135.0M | $-40.3M | ||
| Q4 24 | $182.5M | $140.9M | ||
| Q3 24 | $20.7M | $372.4M | ||
| Q2 24 | $18.0M | $56.9M | ||
| Q1 24 | $-10.6M | $-28.3M |
毛利率LEVIMAT
| Q4 25 | 60.8% | 45.9% | ||
| Q3 25 | 61.7% | 50.0% | ||
| Q2 25 | 62.6% | 50.9% | ||
| Q1 25 | 62.1% | 49.4% | ||
| Q4 24 | 61.3% | 50.7% | ||
| Q3 24 | 60.0% | 53.1% | ||
| Q2 24 | 60.5% | 49.2% | ||
| Q1 24 | 58.2% | 48.0% |
营业利润率LEVIMAT
| Q4 25 | 11.9% | 8.0% | ||
| Q3 25 | 10.8% | 21.9% | ||
| Q2 25 | 7.5% | 7.7% | ||
| Q1 25 | 12.5% | -6.4% | ||
| Q4 24 | 11.5% | 9.6% | ||
| Q3 24 | 2.0% | 26.5% | ||
| Q2 24 | 1.5% | 7.7% | ||
| Q1 24 | -0.0% | -4.4% |
净利率LEVIMAT
| Q4 25 | 8.9% | 6.0% | ||
| Q3 25 | 14.1% | 16.0% | ||
| Q2 25 | 4.6% | 5.2% | ||
| Q1 25 | 8.8% | -4.9% | ||
| Q4 24 | 9.9% | 8.6% | ||
| Q3 24 | 1.4% | 20.2% | ||
| Q2 24 | 1.2% | 5.3% | ||
| Q1 24 | -0.7% | -3.5% |
每股收益（稀释后）LEVIMAT
| Q4 25 | $0.39 | $0.32 | ||
| Q3 25 | $0.55 | $0.88 | ||
| Q2 25 | $0.17 | $0.16 | ||
| Q1 25 | $0.34 | $-0.12 | ||
| Q4 24 | $0.46 | $0.40 | ||
| Q3 24 | $0.05 | $1.09 | ||
| Q2 24 | $0.04 | $0.17 | ||
| Q1 24 | $-0.03 | $-0.08 |
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 | $848.8M | $1.2B |
| 总债务越低越好 | $1.1B | $2.3B |
| 股东权益账面价值 | $2.3B | $2.2B |
| 总资产 | $6.8B | $6.6B |
| 负债/权益比越低杠杆越低 | 0.46× | 1.04× |
8季度趋势，按日历期对齐
现金及短期投资LEVIMAT
| Q4 25 | $848.8M | $1.2B | ||
| Q3 25 | $707.5M | $691.9M | ||
| Q2 25 | $736.7M | $870.5M | ||
| Q1 25 | $574.4M | $1.2B | ||
| Q4 24 | $690.0M | $1.4B | ||
| Q3 24 | $577.1M | $723.5M | ||
| Q2 24 | $641.4M | $722.4M | ||
| Q1 24 | $516.7M | $1.1B |
总债务LEVIMAT
| Q4 25 | $1.1B | $2.3B | ||
| Q3 25 | $1.0B | $2.3B | ||
| Q2 25 | $1.0B | $2.3B | ||
| Q1 25 | $987.4M | $2.3B | ||
| Q4 24 | $994.0M | $2.3B | ||
| Q3 24 | $1.0B | $2.3B | ||
| Q2 24 | $1.0B | $2.3B | ||
| Q1 24 | $1.0B | $2.3B |
股东权益LEVIMAT
| Q4 25 | $2.3B | $2.2B | ||
| Q3 25 | $2.2B | $2.3B | ||
| Q2 25 | $2.1B | $2.2B | ||
| Q1 25 | $2.0B | $2.1B | ||
| Q4 24 | $2.0B | $2.3B | ||
| Q3 24 | $1.9B | $2.3B | ||
| Q2 24 | $2.0B | $2.0B | ||
| Q1 24 | $2.0B | $2.0B |
总资产LEVIMAT
| Q4 25 | $6.8B | $6.6B | ||
| Q3 25 | $6.7B | $6.6B | ||
| Q2 25 | $6.5B | $6.2B | ||
| Q1 25 | $6.2B | $6.2B | ||
| Q4 24 | $6.4B | $6.5B | ||
| Q3 24 | $6.3B | $6.5B | ||
| Q2 24 | $6.2B | $5.9B | ||
| Q1 24 | $6.0B | $6.1B |
负债/权益比LEVIMAT
| Q4 25 | 0.46× | 1.04× | ||
| Q3 25 | 0.48× | 1.03× | ||
| Q2 25 | 0.49× | 1.08× | ||
| Q1 25 | 0.49× | 1.10× | ||
| Q4 24 | 0.50× | 1.03× | ||
| Q3 24 | 0.54× | 1.01× | ||
| Q2 24 | 0.51× | 1.18× | ||
| Q1 24 | 0.51× | 1.15× |
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 | $266.8M | $796.6M |
| 自由现金流经营现金流 - 资本支出 | $215.7M | — |
| 自由现金流率自由现金流/营收 | 12.2% | — |
| 资本支出强度资本支出/营收 | 2.9% | — |
| 现金转化率经营现金流/净利润 | 1.69× | 7.50× |
| 过去12个月自由现金流最近4个季度 | $308.2M | — |
8季度趋势，按日历期对齐
经营现金流LEVIMAT
| Q4 25 | $266.8M | $796.6M | ||
| Q3 25 | $24.8M | $72.0M | ||
| Q2 25 | $185.5M | $-300.1M | ||
| Q1 25 | $52.5M | $24.8M | ||
| Q4 24 | $297.3M | $862.1M | ||
| Q3 24 | $52.3M | $155.8M | ||
| Q2 24 | $262.8M | $-252.9M | ||
| Q1 24 | $286.0M | $35.5M |
自由现金流LEVIMAT
| Q4 25 | $215.7M | — | ||
| Q3 25 | $-39.4M | — | ||
| Q2 25 | $146.0M | — | ||
| Q1 25 | $-14.1M | — | ||
| Q4 24 | $231.6M | — | ||
| Q3 24 | $2.3M | — | ||
| Q2 24 | $222.6M | — | ||
| Q1 24 | $214.4M | — |
自由现金流率LEVIMAT
| Q4 25 | 12.2% | — | ||
| Q3 25 | -2.6% | — | ||
| Q2 25 | 10.1% | — | ||
| Q1 25 | -0.9% | — | ||
| Q4 24 | 12.6% | — | ||
| Q3 24 | 0.2% | — | ||
| Q2 24 | 15.4% | — | ||
| Q1 24 | 13.8% | — |
资本支出强度LEVIMAT
| Q4 25 | 2.9% | — | ||
| Q3 25 | 4.2% | — | ||
| Q2 25 | 2.7% | — | ||
| Q1 25 | 4.4% | — | ||
| Q4 24 | 3.6% | — | ||
| Q3 24 | 3.3% | — | ||
| Q2 24 | 2.8% | — | ||
| Q1 24 | 4.6% | — |
现金转化率LEVIMAT
| Q4 25 | 1.69× | 7.50× | ||
| Q3 25 | 0.11× | 0.26× | ||
| Q2 25 | 2.77× | -5.62× | ||
| Q1 25 | 0.39× | — | ||
| Q4 24 | 1.63× | 6.12× | ||
| Q3 24 | 2.53× | 0.42× | ||
| Q2 24 | 14.60× | -4.45× | ||
| Q1 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
LEVI
| Other | $760.3M | 43% |
| Sales Channel Through Intermediary | $583.2M | 33% |
| Sales Channel Directly To Consumer | $376.0M | 21% |
| Beyond Yoga | $46.3M | 3% |
MAT
| North America Segment | $1.0B | 58% |
| International Segment | $745.6M | 42% |
