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罗技（LOGI）与WATSCO INC（WSO）财务数据对比。点击上方公司名可切换其他公司
WATSCO INC的季度营收约是罗技的1.1倍（$1.6B vs $1.4B），罗技净利率更高（17.7% vs 4.5%，领先13.1%），罗技同比增速更快（6.1% vs -10.0%），罗技自由现金流更多（$465.6M vs $388.5M），过去两年罗技的营收复合增速更高（18.5% vs 0.4%）
罗技国际是总部位于瑞士洛桑的跨国企业，专注于计算机外设及相关软件的研发与生产，在欧洲、亚洲、大洋洲、美洲均设有分支机构，为瑞士市场指数成分股，同时在纳斯达克交易所挂牌上市。
Watsco Inc.是美国暖通空调、供暖及制冷（HVAC/R）设备及相关零部件、耗材的专业分销商。公司成立至今已超60年，最初主营HVAC/R行业相关零部件、工具制造业务，1989年通过收购佛罗里达州南部的瑞姆品牌分销商Gemaire Distributors Inc，正式从制造赛道转向分销领域。
LOGI vs WSO — 直观对比
营收规模更大
WSO
是对方的1.1倍
$1.4B
营收增速更快
LOGI
高出16.0%
-10.0%
净利率更高
LOGI
高出13.1%
4.5%
自由现金流更多
LOGI
多$77.2M
$388.5M
两年增速更快
LOGI
近两年复合增速
0.4%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.4B | $1.6B |
| 净利润 | $251.0M | $71.7M |
| 毛利率 | 43.2% | 27.1% |
| 营业利润率 | 20.1% | 6.4% |
| 净利率 | 17.7% | 4.5% |
| 营收同比 | 6.1% | -10.0% |
| 净利润同比 | 25.4% | -25.9% |
| 每股收益（稀释后） | $1.69 | $1.82 |
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LOGIWSO
| Q4 25 | $1.4B | $1.6B | ||
| Q3 25 | $1.2B | $2.1B | ||
| Q2 25 | $1.1B | $2.1B | ||
| Q1 25 | $1.0B | $1.5B | ||
| Q4 24 | $1.3B | $1.8B | ||
| Q3 24 | $1.1B | $2.2B | ||
| Q2 24 | $1.1B | $2.1B | ||
| Q1 24 | $1.0B | $1.6B |
净利润LOGIWSO
| Q4 25 | $251.0M | $71.7M | ||
| Q3 25 | $170.7M | $161.6M | ||
| Q2 25 | $146.0M | $183.6M | ||
| Q1 25 | $144.1M | $80.1M | ||
| Q4 24 | $200.1M | $96.8M | ||
| Q3 24 | $145.5M | $171.0M | ||
| Q2 24 | $141.8M | $181.4M | ||
| Q1 24 | $167.6M | $87.0M |
毛利率LOGIWSO
| Q4 25 | 43.2% | 27.1% | ||
| Q3 25 | 43.4% | 27.5% | ||
| Q2 25 | 41.7% | 29.3% | ||
| Q1 25 | 43.1% | 28.1% | ||
| Q4 24 | 42.9% | 26.7% | ||
| Q3 24 | 43.6% | 26.2% | ||
| Q2 24 | 42.8% | 27.1% | ||
| Q1 24 | 43.2% | 27.5% |
营业利润率LOGIWSO
| Q4 25 | 20.1% | 6.4% | ||
| Q3 25 | 16.1% | 11.4% | ||
| Q2 25 | 14.1% | 13.2% | ||
| Q1 25 | 10.5% | 7.3% | ||
| Q4 24 | 17.5% | 7.8% | ||
| Q3 24 | 14.4% | 11.6% | ||
| Q2 24 | 14.1% | 12.6% | ||
| Q1 24 | 12.9% | 8.1% |
净利率LOGIWSO
| Q4 25 | 17.7% | 4.5% | ||
| Q3 25 | 14.4% | 7.8% | ||
| Q2 25 | 12.7% | 8.9% | ||
| Q1 25 | 14.3% | 5.2% | ||
| Q4 24 | 14.9% | 5.5% | ||
| Q3 24 | 13.0% | 7.9% | ||
| Q2 24 | 13.0% | 8.5% | ||
| Q1 24 | 16.6% | 5.6% |
每股收益（稀释后）LOGIWSO
| Q4 25 | $1.69 | $1.82 | ||
| Q3 25 | $1.15 | $3.98 | ||
| Q2 25 | $0.98 | $4.52 | ||
| Q1 25 | $0.94 | $1.93 | ||
| Q4 24 | $1.32 | $2.42 | ||
| Q3 24 | $0.95 | $4.22 | ||
| Q2 24 | $0.92 | $4.49 | ||
| Q1 24 | $1.07 | $2.17 |
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 | $1.8B | $733.3M |
| 总债务越低越好 | — | $361.6M |
| 股东权益账面价值 | $2.3B | $2.8B |
| 总资产 | $4.1B | $4.4B |
| 负债/权益比越低杠杆越低 | — | 0.13× |
8季度趋势，按日历期对齐
现金及短期投资LOGIWSO
| Q4 25 | $1.8B | $733.3M | ||
| Q3 25 | $1.4B | $524.3M | ||
| Q2 25 | $1.5B | $293.0M | ||
| Q1 25 | $1.5B | $431.8M | ||
| Q4 24 | $1.5B | $781.9M | ||
| Q3 24 | $1.4B | $550.0M | ||
| Q2 24 | $1.5B | $424.9M | ||
| Q1 24 | $1.5B | $478.9M |
总债务LOGIWSO
| Q4 25 | — | $361.6M | ||
| Q3 25 | — | $340.8M | ||
| Q2 25 | — | $338.7M | ||
| Q1 25 | — | $346.4M | ||
| Q4 24 | — | $337.2M | ||
| Q3 24 | — | $321.0M | ||
| Q2 24 | — | $307.1M | ||
| Q1 24 | — | $306.3M |
股东权益LOGIWSO
| Q4 25 | $2.3B | $2.8B | ||
| Q3 25 | $2.1B | $2.8B | ||
| Q2 25 | $2.2B | $2.8B | ||
| Q1 25 | $2.1B | $2.7B | ||
| Q4 24 | $2.1B | $2.7B | ||
| Q3 24 | $2.1B | $2.7B | ||
| Q2 24 | $2.2B | $2.6B | ||
| Q1 24 | $2.2B | $2.5B |
总资产LOGIWSO
| Q4 25 | $4.1B | $4.4B | ||
| Q3 25 | $3.7B | $4.6B | ||
| Q2 25 | $3.7B | $4.7B | ||
| Q1 25 | $3.5B | $4.5B | ||
| Q4 24 | $3.7B | $4.5B | ||
| Q3 24 | $3.6B | $4.5B | ||
| Q2 24 | $3.7B | $4.4B | ||
| Q1 24 | $3.6B | $4.4B |
负债/权益比LOGIWSO
| Q4 25 | — | 0.13× | ||
| Q3 25 | — | 0.12× | ||
| Q2 25 | — | 0.12× | ||
| Q1 25 | — | 0.13× | ||
| Q4 24 | — | 0.13× | ||
| Q3 24 | — | 0.12× | ||
| Q2 24 | — | 0.12× | ||
| Q1 24 | — | 0.12× |
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 | $480.5M | $399.8M |
| 自由现金流经营现金流 - 资本支出 | $465.6M | $388.5M |
| 自由现金流率自由现金流/营收 | 32.8% | 24.6% |
| 资本支出强度资本支出/营收 | 1.0% | 0.7% |
| 现金转化率经营现金流/净利润 | 1.91× | 5.57× |
| 过去12个月自由现金流最近4个季度 | $903.6M | $535.1M |
8季度趋势，按日历期对齐
经营现金流LOGIWSO
| Q4 25 | $480.5M | $399.8M | ||
| Q3 25 | $228.8M | $354.9M | ||
| Q2 25 | $125.0M | $-7.4M | ||
| Q1 25 | $129.7M | $-177.6M | ||
| Q4 24 | $370.9M | $378.9M | ||
| Q3 24 | $166.0M | $232.8M | ||
| Q2 24 | $176.0M | $57.7M | ||
| Q1 24 | $239.1M | $103.7M |
自由现金流LOGIWSO
| Q4 25 | $465.6M | $388.5M | ||
| Q3 25 | $212.3M | $346.1M | ||
| Q2 25 | $108.8M | $-14.3M | ||
| Q1 25 | $116.9M | $-185.2M | ||
| Q4 24 | $356.6M | $370.9M | ||
| Q3 24 | $151.5M | $223.0M | ||
| Q2 24 | $161.4M | $51.3M | ||
| Q1 24 | $228.8M | $97.9M |
自由现金流率LOGIWSO
| Q4 25 | 32.8% | 24.6% | ||
| Q3 25 | 17.9% | 16.7% | ||
| Q2 25 | 9.5% | -0.7% | ||
| Q1 25 | 11.6% | -12.1% | ||
| Q4 24 | 26.6% | 21.1% | ||
| Q3 24 | 13.6% | 10.3% | ||
| Q2 24 | 14.8% | 2.4% | ||
| Q1 24 | 22.6% | 6.3% |
资本支出强度LOGIWSO
| Q4 25 | 1.0% | 0.7% | ||
| Q3 25 | 1.4% | 0.4% | ||
| Q2 25 | 1.4% | 0.3% | ||
| Q1 25 | 1.3% | 0.5% | ||
| Q4 24 | 1.1% | 0.5% | ||
| Q3 24 | 1.3% | 0.5% | ||
| Q2 24 | 1.3% | 0.3% | ||
| Q1 24 | 1.0% | 0.4% |
现金转化率LOGIWSO
| Q4 25 | 1.91× | 5.57× | ||
| Q3 25 | 1.34× | 2.20× | ||
| Q2 25 | 0.86× | -0.04× | ||
| Q1 25 | 0.90× | -2.22× | ||
| Q4 24 | 1.85× | 3.91× | ||
| Q3 24 | 1.14× | 1.36× | ||
| Q2 24 | 1.24× | 0.32× | ||
| Q1 24 | 1.43× | 1.19× |
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
LOGI
| Retail Gaming | $482.7M | 34% |
| Retail Keyboards Desktops | $254.6M | 18% |
| Retail Pointing Devices | $241.2M | 17% |
| Retail Video Collaboration | $193.3M | 14% |
| Retail Tablet And Other Accessories | $93.6M | 7% |
| Retail Webcams | $82.3M | 6% |
| Retail Headsets | $45.9M | 3% |
| Other Retail Products | $28.0M | 2% |
WSO
暂无分部数据
