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李维斯（LEVI）与Tennessee Valley Authority（TVE）财务数据对比。点击上方公司名可切换其他公司
Tennessee Valley Authority的季度营收约是李维斯的1.7倍（$3.0B vs $1.8B），李维斯净利率更高（8.9% vs 8.7%，领先0.2%），Tennessee Valley Authority同比增速更快（4.4% vs -4.0%），李维斯自由现金流更多（$215.7M vs $-814.0M），过去两年李维斯的营收复合增速更高（6.5% vs -1.7%）
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。
田纳西河流域管理局（TVA）是美国联邦政府所有的电力公用事业企业，服务范围覆盖田纳西州全境，以及阿拉巴马州、密西西比州、肯塔基州的部分区域，还涵盖佐治亚州、北卡罗来纳州、弗吉尼亚州的小块区域。该企业虽归属联邦政府，但不依赖纳税人资金运营，运营模式与私营盈利企业类似，总部位于田纳西州诺克斯维尔。
LEVI vs TVE — 直观对比
营收规模更大
TVE
是对方的1.7倍
$1.8B
营收增速更快
TVE
高出8.4%
-4.0%
净利率更高
LEVI
高出0.2%
8.7%
自由现金流更多
LEVI
多$1.0B
$-814.0M
两年增速更快
LEVI
近两年复合增速
-1.7%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $3.0B |
| 净利润 | $158.0M | $266.0M |
| 毛利率 | 60.8% | — |
| 营业利润率 | 11.9% | 18.1% |
| 净利率 | 8.9% | 8.7% |
| 营收同比 | -4.0% | 4.4% |
| 净利润同比 | -13.4% | 112.8% |
| 每股收益（稀释后） | $0.39 | — |
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LEVITVE
| Q4 25 | $1.8B | $3.0B | ||
| Q3 25 | $1.5B | $3.9B | ||
| Q2 25 | $1.4B | $3.3B | ||
| Q1 25 | $1.5B | $3.5B | ||
| Q4 24 | $1.8B | $2.9B | ||
| Q3 24 | $1.5B | $3.5B | ||
| Q2 24 | $1.4B | $2.9B | ||
| Q1 24 | $1.6B | $3.2B |
净利润LEVITVE
| Q4 25 | $158.0M | $266.0M | ||
| Q3 25 | $218.1M | $615.0M | ||
| Q2 25 | $67.0M | $212.0M | ||
| Q1 25 | $135.0M | $408.0M | ||
| Q4 24 | $182.5M | $125.0M | ||
| Q3 24 | $20.7M | $520.0M | ||
| Q2 24 | $18.0M | $181.0M | ||
| Q1 24 | $-10.6M | $307.0M |
毛利率LEVITVE
| 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% | — | ||
| Q1 24 | 58.2% | — |
营业利润率LEVITVE
| Q4 25 | 11.9% | 18.1% | ||
| Q3 25 | 10.8% | 23.6% | ||
| Q2 25 | 7.5% | 15.6% | ||
| Q1 25 | 12.5% | 20.3% | ||
| Q4 24 | 11.5% | 14.1% | ||
| Q3 24 | 2.0% | 22.7% | ||
| Q2 24 | 1.5% | 15.9% | ||
| Q1 24 | -0.0% | 18.4% |
净利率LEVITVE
| Q4 25 | 8.9% | 8.7% | ||
| Q3 25 | 14.1% | 15.7% | ||
| Q2 25 | 4.6% | 6.4% | ||
| Q1 25 | 8.8% | 11.6% | ||
| Q4 24 | 9.9% | 4.3% | ||
| Q3 24 | 1.4% | 14.8% | ||
| Q2 24 | 1.2% | 6.3% | ||
| Q1 24 | -0.7% | 9.7% |
每股收益（稀释后）LEVITVE
| Q4 25 | $0.39 | — | ||
| Q3 25 | $0.55 | — | ||
| Q2 25 | $0.17 | — | ||
| Q1 25 | $0.34 | — | ||
| Q4 24 | $0.46 | — | ||
| Q3 24 | $0.05 | — | ||
| Q2 24 | $0.04 | — | ||
| Q1 24 | $-0.03 | — |
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 | $501.0M |
| 总债务越低越好 | $1.1B | — |
| 股东权益账面价值 | $2.3B | — |
| 总资产 | $6.8B | $59.5B |
| 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LEVITVE
| Q4 25 | $848.8M | $501.0M | ||
| Q3 25 | $707.5M | $1.6B | ||
| Q2 25 | $736.7M | $501.0M | ||
| Q1 25 | $574.4M | $502.0M | ||
| Q4 24 | $690.0M | $507.0M | ||
| Q3 24 | $577.1M | $502.0M | ||
| Q2 24 | $641.4M | $501.0M | ||
| Q1 24 | $516.7M | $508.0M |
总债务LEVITVE
| Q4 25 | $1.1B | — | ||
| Q3 25 | $1.0B | $22.1B | ||
| Q2 25 | $1.0B | — | ||
| Q1 25 | $987.4M | — | ||
| Q4 24 | $994.0M | — | ||
| Q3 24 | $1.0B | $19.1B | ||
| Q2 24 | $1.0B | — | ||
| Q1 24 | $1.0B | — |
股东权益LEVITVE
| Q4 25 | $2.3B | — | ||
| Q3 25 | $2.2B | — | ||
| Q2 25 | $2.1B | — | ||
| Q1 25 | $2.0B | — | ||
| Q4 24 | $2.0B | — | ||
| Q3 24 | $1.9B | — | ||
| Q2 24 | $2.0B | — | ||
| Q1 24 | $2.0B | — |
总资产LEVITVE
| Q4 25 | $6.8B | $59.5B | ||
| Q3 25 | $6.7B | $60.9B | ||
| Q2 25 | $6.5B | $59.9B | ||
| Q1 25 | $6.2B | $59.3B | ||
| Q4 24 | $6.4B | $58.4B | ||
| Q3 24 | $6.3B | $57.7B | ||
| Q2 24 | $6.2B | $56.2B | ||
| Q1 24 | $6.0B | $52.3B |
负债/权益比LEVITVE
| Q4 25 | 0.46× | — | ||
| Q3 25 | 0.48× | — | ||
| Q2 25 | 0.49× | — | ||
| Q1 25 | 0.49× | — | ||
| Q4 24 | 0.50× | — | ||
| Q3 24 | 0.54× | — | ||
| Q2 24 | 0.51× | — | ||
| Q1 24 | 0.51× | — |
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 | $330.0M |
| 自由现金流经营现金流 - 资本支出 | $215.7M | $-814.0M |
| 自由现金流率自由现金流/营收 | 12.2% | -26.7% |
| 资本支出强度资本支出/营收 | 2.9% | 37.5% |
| 现金转化率经营现金流/净利润 | 1.69× | 1.24× |
| 过去12个月自由现金流最近4个季度 | $308.2M | $-1.2B |
8季度趋势，按日历期对齐
经营现金流LEVITVE
| Q4 25 | $266.8M | $330.0M | ||
| Q3 25 | $24.8M | $1.2B | ||
| Q2 25 | $185.5M | $615.0M | ||
| Q1 25 | $52.5M | $1.0B | ||
| Q4 24 | $297.3M | $450.0M | ||
| Q3 24 | $52.3M | $1.1B | ||
| Q2 24 | $262.8M | $508.0M | ||
| Q1 24 | $286.0M | $1.0B |
自由现金流LEVITVE
| Q4 25 | $215.7M | $-814.0M | ||
| Q3 25 | $-39.4M | $233.0M | ||
| Q2 25 | $146.0M | $-431.0M | ||
| Q1 25 | $-14.1M | $-176.0M | ||
| Q4 24 | $231.6M | $-759.0M | ||
| Q3 24 | $2.3M | $164.0M | ||
| Q2 24 | $222.6M | $-248.0M | ||
| Q1 24 | $214.4M | $276.0M |
自由现金流率LEVITVE
| Q4 25 | 12.2% | -26.7% | ||
| Q3 25 | -2.6% | 6.0% | ||
| Q2 25 | 10.1% | -13.0% | ||
| Q1 25 | -0.9% | -5.0% | ||
| Q4 24 | 12.6% | -26.0% | ||
| Q3 24 | 0.2% | 4.7% | ||
| Q2 24 | 15.4% | -8.6% | ||
| Q1 24 | 13.8% | 8.8% |
资本支出强度LEVITVE
| Q4 25 | 2.9% | 37.5% | ||
| Q3 25 | 4.2% | 25.9% | ||
| Q2 25 | 2.7% | 31.6% | ||
| Q1 25 | 4.4% | 33.6% | ||
| Q4 24 | 3.6% | 41.4% | ||
| Q3 24 | 3.3% | 25.6% | ||
| Q2 24 | 2.8% | 26.3% | ||
| Q1 24 | 4.6% | 24.2% |
现金转化率LEVITVE
| Q4 25 | 1.69× | 1.24× | ||
| Q3 25 | 0.11× | 2.03× | ||
| Q2 25 | 2.77× | 2.90× | ||
| Q1 25 | 0.39× | 2.48× | ||
| Q4 24 | 1.63× | 3.60× | ||
| Q3 24 | 2.53× | 2.05× | ||
| Q2 24 | 14.60× | 2.81× | ||
| Q1 24 | — | 3.38× |
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% |
TVE
| TN | $2.0B | 65% |
| AL | $449.0M | 15% |
| MS | $266.0M | 9% |
| KY | $193.0M | 6% |
| GA | $75.0M | 2% |
| Federal Agencies And Other | $29.0M | 1% |
| NC | $23.0M | 1% |
| VA | $12.0M | 0% |
| Off System Sales Member | $2.0M | 0% |
