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李维斯（LEVI）与华纳音乐集团（WMG）财务数据对比。点击上方公司名可切换其他公司
华纳音乐集团的季度营收约是李维斯的1.0倍（$1.8B vs $1.8B），华纳音乐集团净利率更高（9.6% vs 8.9%，领先0.6%），华纳音乐集团同比增速更快（10.4% vs -4.0%），华纳音乐集团自由现金流更多（$420.0M vs $215.7M），过去两年华纳音乐集团的营收复合增速更高（11.0% 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。
华纳音乐集团（简称WMG）是总部位于美国纽约的跨国娱乐及唱片集团，属于全球唱片行业“三大巨头”之一，市场规模位居全球音乐行业第三位，仅次于环球音乐集团与索尼音乐娱乐。
LEVI vs WMG — 直观对比
营收规模更大
WMG
是对方的1.0倍
$1.8B
营收增速更快
WMG
高出14.5%
-4.0%
净利率更高
WMG
高出0.6%
8.9%
自由现金流更多
WMG
多$204.3M
$215.7M
两年增速更快
WMG
近两年复合增速
6.5%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $1.8B |
| 净利润 | $158.0M | $176.0M |
| 毛利率 | 60.8% | 46.4% |
| 营业利润率 | 11.9% | 15.7% |
| 净利率 | 8.9% | 9.6% |
| 营收同比 | -4.0% | 10.4% |
| 净利润同比 | -13.4% | -25.4% |
| 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LEVIWMG
| Q4 25 | $1.8B | $1.8B | ||
| Q3 25 | $1.5B | $1.9B | ||
| Q2 25 | $1.4B | $1.7B | ||
| Q1 25 | $1.5B | $1.5B | ||
| Q4 24 | $1.8B | $1.7B | ||
| Q3 24 | $1.5B | $1.6B | ||
| Q2 24 | $1.4B | $1.6B | ||
| Q1 24 | $1.6B | $1.5B |
净利润LEVIWMG
| Q4 25 | $158.0M | $176.0M | ||
| Q3 25 | $218.1M | $109.0M | ||
| Q2 25 | $67.0M | $-16.0M | ||
| Q1 25 | $135.0M | $36.0M | ||
| Q4 24 | $182.5M | $236.0M | ||
| Q3 24 | $20.7M | $41.0M | ||
| Q2 24 | $18.0M | $139.0M | ||
| Q1 24 | $-10.6M | $96.0M |
毛利率LEVIWMG
| Q4 25 | 60.8% | 46.4% | ||
| Q3 25 | 61.7% | 44.6% | ||
| Q2 25 | 62.6% | 45.9% | ||
| Q1 25 | 62.1% | 46.7% | ||
| Q4 24 | 61.3% | 46.3% | ||
| Q3 24 | 60.0% | 47.6% | ||
| Q2 24 | 60.5% | 46.6% | ||
| Q1 24 | 58.2% | 47.1% |
营业利润率LEVIWMG
| Q4 25 | 11.9% | 15.7% | ||
| Q3 25 | 10.8% | 7.7% | ||
| Q2 25 | 7.5% | 10.0% | ||
| Q1 25 | 12.5% | 11.3% | ||
| Q4 24 | 11.5% | 12.8% | ||
| Q3 24 | 2.0% | 8.8% | ||
| Q2 24 | 1.5% | 13.3% | ||
| Q1 24 | -0.0% | 8.0% |
净利率LEVIWMG
| Q4 25 | 8.9% | 9.6% | ||
| Q3 25 | 14.1% | 5.8% | ||
| Q2 25 | 4.6% | -0.9% | ||
| Q1 25 | 8.8% | 2.4% | ||
| Q4 24 | 9.9% | 14.2% | ||
| Q3 24 | 1.4% | 2.5% | ||
| Q2 24 | 1.2% | 8.9% | ||
| Q1 24 | -0.7% | 6.4% |
每股收益（稀释后）LEVIWMG
| 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 | $751.0M |
| 总债务越低越好 | $1.1B | $4.4B |
| 股东权益账面价值 | $2.3B | $720.0M |
| 总资产 | $6.8B | $10.0B |
| 负债/权益比越低杠杆越低 | 0.46× | 6.07× |
8季度趋势，按日历期对齐
现金及短期投资LEVIWMG
| Q4 25 | $848.8M | $751.0M | ||
| Q3 25 | $707.5M | $532.0M | ||
| Q2 25 | $736.7M | $527.0M | ||
| Q1 25 | $574.4M | $637.0M | ||
| Q4 24 | $690.0M | $802.0M | ||
| Q3 24 | $577.1M | $694.0M | ||
| Q2 24 | $641.4M | $607.0M | ||
| Q1 24 | $516.7M | $587.0M |
总债务LEVIWMG
| Q4 25 | $1.1B | $4.4B | ||
| Q3 25 | $1.0B | $4.4B | ||
| Q2 25 | $1.0B | $4.4B | ||
| Q1 25 | $987.4M | $4.3B | ||
| Q4 24 | $994.0M | $4.0B | ||
| Q3 24 | $1.0B | $4.0B | ||
| Q2 24 | $1.0B | $4.0B | ||
| Q1 24 | $1.0B | $4.0B |
股东权益LEVIWMG
| Q4 25 | $2.3B | $720.0M | ||
| Q3 25 | $2.2B | $647.0M | ||
| Q2 25 | $2.1B | $589.0M | ||
| Q1 25 | $2.0B | $567.0M | ||
| Q4 24 | $2.0B | $545.0M | ||
| Q3 24 | $1.9B | $518.0M | ||
| Q2 24 | $2.0B | $483.0M | ||
| Q1 24 | $2.0B | $433.0M |
总资产LEVIWMG
| Q4 25 | $6.8B | $10.0B | ||
| Q3 25 | $6.7B | $9.8B | ||
| Q2 25 | $6.5B | $9.8B | ||
| Q1 25 | $6.2B | $9.6B | ||
| Q4 24 | $6.4B | $9.1B | ||
| Q3 24 | $6.3B | $9.2B | ||
| Q2 24 | $6.2B | $8.8B | ||
| Q1 24 | $6.0B | $8.7B |
负债/权益比LEVIWMG
| Q4 25 | 0.46× | 6.07× | ||
| Q3 25 | 0.48× | 6.75× | ||
| Q2 25 | 0.49× | 7.41× | ||
| Q1 25 | 0.49× | 7.57× | ||
| Q4 24 | 0.50× | 7.26× | ||
| Q3 24 | 0.54× | 7.75× | ||
| Q2 24 | 0.51× | 8.24× | ||
| Q1 24 | 0.51× | 9.20× |
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 | $440.0M |
| 自由现金流经营现金流 - 资本支出 | $215.7M | $420.0M |
| 自由现金流率自由现金流/营收 | 12.2% | 22.8% |
| 资本支出强度资本支出/营收 | 2.9% | 1.1% |
| 现金转化率经营现金流/净利润 | 1.69× | 2.50× |
| 过去12个月自由现金流最近4个季度 | $308.2M | $663.0M |
8季度趋势，按日历期对齐
经营现金流LEVIWMG
| Q4 25 | $266.8M | $440.0M | ||
| Q3 25 | $24.8M | $231.0M | ||
| Q2 25 | $185.5M | $46.0M | ||
| Q1 25 | $52.5M | $69.0M | ||
| Q4 24 | $297.3M | $332.0M | ||
| Q3 24 | $52.3M | $304.0M | ||
| Q2 24 | $262.8M | $188.0M | ||
| Q1 24 | $286.0M | $-31.0M |
自由现金流LEVIWMG
| Q4 25 | $215.7M | $420.0M | ||
| Q3 25 | $-39.4M | $203.0M | ||
| Q2 25 | $146.0M | $7.0M | ||
| Q1 25 | $-14.1M | $33.0M | ||
| Q4 24 | $231.6M | $296.0M | ||
| Q3 24 | $2.3M | $271.0M | ||
| Q2 24 | $222.6M | $160.0M | ||
| Q1 24 | $214.4M | $-57.0M |
自由现金流率LEVIWMG
| Q4 25 | 12.2% | 22.8% | ||
| Q3 25 | -2.6% | 10.9% | ||
| Q2 25 | 10.1% | 0.4% | ||
| Q1 25 | -0.9% | 2.2% | ||
| Q4 24 | 12.6% | 17.8% | ||
| Q3 24 | 0.2% | 16.6% | ||
| Q2 24 | 15.4% | 10.3% | ||
| Q1 24 | 13.8% | -3.8% |
资本支出强度LEVIWMG
| Q4 25 | 2.9% | 1.1% | ||
| Q3 25 | 4.2% | 1.5% | ||
| Q2 25 | 2.7% | 2.3% | ||
| Q1 25 | 4.4% | 2.4% | ||
| Q4 24 | 3.6% | 2.2% | ||
| Q3 24 | 3.3% | 2.0% | ||
| Q2 24 | 2.8% | 1.8% | ||
| Q1 24 | 4.6% | 1.7% |
现金转化率LEVIWMG
| Q4 25 | 1.69× | 2.50× | ||
| Q3 25 | 0.11× | 2.12× | ||
| Q2 25 | 2.77× | — | ||
| Q1 25 | 0.39× | 1.92× | ||
| Q4 24 | 1.63× | 1.41× | ||
| Q3 24 | 2.53× | 7.41× | ||
| Q2 24 | 14.60× | 1.35× | ||
| Q1 24 | — | -0.32× |
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% |
WMG
| Digital | $976.0M | 53% |
| Music Publishing | $362.0M | 20% |
| Artist Services And Expanded Rights | $231.0M | 13% |
| Licensing | $121.0M | 7% |
| Performance | $64.0M | 3% |
| Synchronization | $60.0M | 3% |
| Mechanical | $18.0M | 1% |
| Other | $5.0M | 0% |
