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李维斯（LEVI）与PENN Entertainment, Inc.（PENN）财务数据对比。点击上方公司名可切换其他公司
PENN Entertainment, Inc.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 -0.2%，领先9.1%），PENN Entertainment, Inc.同比增速更快（6.4% vs -4.0%），过去两年李维斯的营收复合增速更高（6.5% vs 3.4%）
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。
Penn Entertainment, Inc.（前称宾州国家博彩）是美国知名娱乐企业，业务涵盖综合娱乐运营、体育内容供给及赌场博彩服务，旗下运营好莱坞赌场、Ameristar、Boomtown等品牌，在全美20个州拥有43处经营场所，同时持有加拿大数字媒体企业Score Media and Gaming的所有权。
LEVI vs PENN — 直观对比
营收规模更大
PENN
是对方的1.0倍
$1.8B
营收增速更快
PENN
高出10.4%
-4.0%
净利率更高
LEVI
高出9.1%
-0.2%
两年增速更快
LEVI
近两年复合增速
3.4%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $1.8B |
| 净利润 | $158.0M | $-2.8M |
| 毛利率 | 60.8% | — |
| 营业利润率 | 11.9% | 5.5% |
| 净利率 | 8.9% | -0.2% |
| 营收同比 | -4.0% | 6.4% |
| 净利润同比 | -13.4% | 66.7% |
| 每股收益（稀释后） | $0.39 | $-0.02 |
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LEVIPENN
| Q1 26 | — | $1.8B | ||
| Q4 25 | $1.8B | $1.8B | ||
| Q3 25 | $1.5B | $1.7B | ||
| Q2 25 | $1.4B | $1.8B | ||
| Q1 25 | $1.5B | $1.7B | ||
| Q4 24 | $1.8B | $1.7B | ||
| Q3 24 | $1.5B | $1.6B | ||
| Q2 24 | $1.4B | $1.7B |
净利润LEVIPENN
| Q1 26 | — | $-2.8M | ||
| Q4 25 | $158.0M | $-72.9M | ||
| Q3 25 | $218.1M | $-864.6M | ||
| Q2 25 | $67.0M | $-17.4M | ||
| Q1 25 | $135.0M | $111.8M | ||
| Q4 24 | $182.5M | $-133.3M | ||
| Q3 24 | $20.7M | $-36.7M | ||
| Q2 24 | $18.0M | $-26.8M |
毛利率LEVIPENN
| Q1 26 | — | — | ||
| Q4 25 | 60.8% | — | ||
| Q3 25 | 61.7% | — | ||
| Q2 25 | 62.6% | — | ||
| Q1 25 | 62.1% | — | ||
| Q4 24 | 61.3% | — | ||
| Q3 24 | 60.0% | — | ||
| Q2 24 | 60.5% | — |
营业利润率LEVIPENN
| Q1 26 | — | 5.5% | ||
| Q4 25 | 11.9% | -1.0% | ||
| Q3 25 | 10.8% | -45.2% | ||
| Q2 25 | 7.5% | 4.4% | ||
| Q1 25 | 12.5% | 2.6% | ||
| Q4 24 | 11.5% | -2.9% | ||
| Q3 24 | 2.0% | 4.1% | ||
| Q2 24 | 1.5% | 4.5% |
净利率LEVIPENN
| Q1 26 | — | -0.2% | ||
| Q4 25 | 8.9% | -4.0% | ||
| Q3 25 | 14.1% | -50.3% | ||
| Q2 25 | 4.6% | -1.0% | ||
| Q1 25 | 8.8% | 6.7% | ||
| Q4 24 | 9.9% | -8.0% | ||
| Q3 24 | 1.4% | -2.2% | ||
| Q2 24 | 1.2% | -1.6% |
每股收益（稀释后）LEVIPENN
| Q1 26 | — | $-0.02 | ||
| Q4 25 | $0.39 | $-0.36 | ||
| Q3 25 | $0.55 | $-6.03 | ||
| Q2 25 | $0.17 | $-0.12 | ||
| Q1 25 | $0.34 | $0.68 | ||
| Q4 24 | $0.46 | $-0.87 | ||
| Q3 24 | $0.05 | $-0.24 | ||
| Q2 24 | $0.04 | $-0.18 |
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 | $708.0M |
| 总债务越低越好 | $1.1B | — |
| 股东权益账面价值 | $2.3B | — |
| 总资产 | $6.8B | — |
| 负债/权益比越低杠杆越低 | 0.46× | — |
8季度趋势，按日历期对齐
现金及短期投资LEVIPENN
| Q1 26 | — | $708.0M | ||
| Q4 25 | $848.8M | $686.6M | ||
| Q3 25 | $707.5M | $660.1M | ||
| Q2 25 | $736.7M | $671.6M | ||
| Q1 25 | $574.4M | $591.6M | ||
| Q4 24 | $690.0M | $706.6M | ||
| Q3 24 | $577.1M | $834.0M | ||
| Q2 24 | $641.4M | $877.6M |
总债务LEVIPENN
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $2.9B | ||
| Q3 25 | $1.0B | $2.9B | ||
| Q2 25 | $1.0B | $2.8B | ||
| Q1 25 | $987.4M | $2.6B | ||
| Q4 24 | $994.0M | $2.8B | ||
| Q3 24 | $1.0B | $2.8B | ||
| Q2 24 | $1.0B | $2.8B |
股东权益LEVIPENN
| Q1 26 | — | — | ||
| Q4 25 | $2.3B | $1.8B | ||
| Q3 25 | $2.2B | $2.0B | ||
| Q2 25 | $2.1B | $3.0B | ||
| Q1 25 | $2.0B | $3.0B | ||
| Q4 24 | $2.0B | $2.9B | ||
| Q3 24 | $1.9B | $3.1B | ||
| Q2 24 | $2.0B | $3.1B |
总资产LEVIPENN
| Q1 26 | — | — | ||
| Q4 25 | $6.8B | $14.3B | ||
| Q3 25 | $6.7B | $14.3B | ||
| Q2 25 | $6.5B | $15.2B | ||
| Q1 25 | $6.2B | $15.1B | ||
| Q4 24 | $6.4B | $15.3B | ||
| Q3 24 | $6.3B | $15.5B | ||
| Q2 24 | $6.2B | $15.5B |
负债/权益比LEVIPENN
| Q1 26 | — | — | ||
| Q4 25 | 0.46× | 1.58× | ||
| Q3 25 | 0.48× | 1.46× | ||
| Q2 25 | 0.49× | 0.94× | ||
| Q1 25 | 0.49× | 0.89× | ||
| Q4 24 | 0.50× | 0.98× | ||
| Q3 24 | 0.54× | 0.91× | ||
| Q2 24 | 0.51× | 0.91× |
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 | — |
| 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% | 5.3% |
| 现金转化率经营现金流/净利润 | 1.69× | — |
| 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LEVIPENN
| Q1 26 | — | — | ||
| Q4 25 | $266.8M | $107.2M | ||
| Q3 25 | $24.8M | $180.9M | ||
| Q2 25 | $185.5M | $178.2M | ||
| Q1 25 | $52.5M | $41.9M | ||
| Q4 24 | $297.3M | $102.9M | ||
| Q3 24 | $52.3M | $174.7M | ||
| Q2 24 | $262.8M | $150.4M |
自由现金流LEVIPENN
| Q1 26 | — | — | ||
| Q4 25 | $215.7M | $-83.2M | ||
| Q3 25 | $-39.4M | $8.2M | ||
| Q2 25 | $146.0M | $18.8M | ||
| Q1 25 | $-14.1M | $-83.3M | ||
| Q4 24 | $231.6M | $-118.1M | ||
| Q3 24 | $2.3M | $42.6M | ||
| Q2 24 | $222.6M | $62.2M |
自由现金流率LEVIPENN
| Q1 26 | — | — | ||
| Q4 25 | 12.2% | -4.6% | ||
| Q3 25 | -2.6% | 0.5% | ||
| Q2 25 | 10.1% | 1.1% | ||
| Q1 25 | -0.9% | -5.0% | ||
| Q4 24 | 12.6% | -7.1% | ||
| Q3 24 | 0.2% | 2.6% | ||
| Q2 24 | 15.4% | 3.7% |
资本支出强度LEVIPENN
| Q1 26 | — | 5.3% | ||
| Q4 25 | 2.9% | 10.5% | ||
| Q3 25 | 4.2% | 10.1% | ||
| Q2 25 | 2.7% | 9.0% | ||
| Q1 25 | 4.4% | 7.5% | ||
| Q4 24 | 3.6% | 13.2% | ||
| Q3 24 | 3.3% | 8.1% | ||
| Q2 24 | 2.8% | 5.3% |
现金转化率LEVIPENN
| Q1 26 | — | — | ||
| Q4 25 | 1.69× | — | ||
| Q3 25 | 0.11× | — | ||
| Q2 25 | 2.77× | — | ||
| Q1 25 | 0.39× | 0.37× | ||
| Q4 24 | 1.63× | — | ||
| Q3 24 | 2.53× | — | ||
| Q2 24 | 14.60× | — |
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% |
PENN
| Northeast segment (1) | $687.1M | 39% |
| Interactive (5) | $290.1M | 16% |
| South segment (2) | $288.3M | 16% |
| Midwest segment (4) | $282.9M | 16% |
| West segment (3) | $129.7M | 7% |
| Other | $101.0M | 6% |
