vs
西南航空（LUV）与梅西百货（M）财务数据对比。点击上方公司名可切换其他公司
西南航空的季度营收约是梅西百货的1.5倍（$7.2B vs $4.7B），西南航空净利率更高（3.1% vs 0.2%，领先2.9%），西南航空同比增速更快（12.8% vs -0.6%），过去两年西南航空的营收复合增速更高（-0.7% vs -23.8%）
西南航空是美国知名低成本航空公司，总部位于得克萨斯州达拉斯市洛夫菲尔德片区。截至2024年，按客运量计算其为北美第四大航空公司，旗下机队全部采用波音737机型，运营航线覆盖美国42个州、华盛顿哥伦比亚特区的100余个目的地。
梅西百货是美国知名百货控股集团，1929年成立时名为联合百货，最初持有Abraham & Straus、Lazarus等多个区域连锁百货品牌，次年布鲁明戴尔正式加入。集团早年频繁开展资产并购与剥离，1994年收购1858年创立的老牌百货梅西，随后更名并发展为美国头部百货零售企业。
LUV vs M — 直观对比
营收规模更大
LUV
是对方的1.5倍
$4.7B
营收增速更快
LUV
高出13.4%
-0.6%
净利率更高
LUV
高出2.9%
0.2%
两年增速更快
LUV
近两年复合增速
-23.8%
损益表 — Q1 FY2026 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $7.2B | $4.7B |
| 净利润 | $227.0M | $11.0M |
| 毛利率 | — | 39.4% |
| 营业利润率 | — | 0.9% |
| 净利率 | 3.1% | 0.2% |
| 营收同比 | 12.8% | -0.6% |
| 净利润同比 | 252.3% | -60.7% |
| 每股收益（稀释后） | $0.45 | $0.04 |
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LUVM
| Q1 26 | $7.2B | — | ||
| Q4 25 | $7.4B | $4.7B | ||
| Q3 25 | $6.9B | $4.8B | ||
| Q2 25 | $7.2B | $4.6B | ||
| Q1 25 | $6.4B | $7.8B | ||
| Q4 24 | $6.9B | $4.7B | ||
| Q3 24 | $6.9B | $4.9B | ||
| Q2 24 | $7.4B | $4.8B |
净利润LUVM
| Q1 26 | $227.0M | — | ||
| Q4 25 | $323.0M | $11.0M | ||
| Q3 25 | $54.0M | $87.0M | ||
| Q2 25 | $213.0M | $38.0M | ||
| Q1 25 | $-149.0M | $342.0M | ||
| Q4 24 | $262.0M | $28.0M | ||
| Q3 24 | $67.0M | $150.0M | ||
| Q2 24 | $367.0M | $62.0M |
毛利率LUVM
| Q1 26 | — | — | ||
| Q4 25 | — | 39.4% | ||
| Q3 25 | — | 39.7% | ||
| Q2 25 | — | 39.2% | ||
| Q1 25 | — | 35.7% | ||
| Q4 24 | — | 39.6% | ||
| Q3 24 | — | 40.5% | ||
| Q2 24 | — | 39.2% |
营业利润率LUVM
| Q1 26 | — | — | ||
| Q4 25 | 5.3% | 0.9% | ||
| Q3 25 | 0.5% | 3.1% | ||
| Q2 25 | 3.1% | 2.0% | ||
| Q1 25 | -3.5% | 6.4% | ||
| Q4 24 | 4.0% | 1.3% | ||
| Q3 24 | 0.6% | 4.5% | ||
| Q2 24 | 5.4% | 2.6% |
净利率LUVM
| Q1 26 | 3.1% | — | ||
| Q4 25 | 4.3% | 0.2% | ||
| Q3 25 | 0.8% | 1.8% | ||
| Q2 25 | 2.9% | 0.8% | ||
| Q1 25 | -2.3% | 4.4% | ||
| Q4 24 | 3.8% | 0.6% | ||
| Q3 24 | 1.0% | 3.0% | ||
| Q2 24 | 5.0% | 1.3% |
每股收益（稀释后）LUVM
| Q1 26 | $0.45 | — | ||
| Q4 25 | $0.56 | $0.04 | ||
| Q3 25 | $0.10 | $0.31 | ||
| Q2 25 | $0.39 | $0.13 | ||
| Q1 25 | $-0.26 | $1.22 | ||
| Q4 24 | $0.46 | $0.10 | ||
| Q3 24 | $0.11 | $0.53 | ||
| Q2 24 | $0.58 | $0.22 |
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 | $3.3B | $447.0M |
| 总债务越低越好 | $5.4B | $2.4B |
| 股东权益账面价值 | $6.9B | $4.3B |
| 总资产 | $20.4B | $17.1B |
| 负债/权益比越低杠杆越低 | 0.78× | 0.56× |
8季度趋势，按日历期对齐
现金及短期投资LUVM
| Q1 26 | $3.3B | — | ||
| Q4 25 | $3.2B | $447.0M | ||
| Q3 25 | $3.0B | $829.0M | ||
| Q2 25 | $3.8B | $932.0M | ||
| Q1 25 | $8.3B | $1.3B | ||
| Q4 24 | $8.7B | $315.0M | ||
| Q3 24 | $9.4B | $646.0M | ||
| Q2 24 | $10.0B | $876.0M |
总债务LUVM
| Q1 26 | $5.4B | — | ||
| Q4 25 | $4.6B | $2.4B | ||
| Q3 25 | $4.1B | $2.4B | ||
| Q2 25 | $4.1B | $2.8B | ||
| Q1 25 | $4.1B | $2.8B | ||
| Q4 24 | $5.1B | $2.8B | ||
| Q3 24 | $5.1B | $3.0B | ||
| Q2 24 | $5.1B | $3.0B |
股东权益LUVM
| Q1 26 | $6.9B | — | ||
| Q4 25 | $8.0B | $4.3B | ||
| Q3 25 | $7.8B | $4.5B | ||
| Q2 25 | $8.0B | $4.5B | ||
| Q1 25 | $9.4B | $4.6B | ||
| Q4 24 | $10.3B | $4.1B | ||
| Q3 24 | $10.4B | $4.3B | ||
| Q2 24 | $10.5B | $4.2B |
总资产LUVM
| Q1 26 | $20.4B | — | ||
| Q4 25 | $29.1B | $17.1B | ||
| Q3 25 | $28.3B | $15.6B | ||
| Q2 25 | $28.7B | $16.1B | ||
| Q1 25 | $33.2B | $16.4B | ||
| Q4 24 | $33.8B | $17.3B | ||
| Q3 24 | $34.8B | $15.8B | ||
| Q2 24 | $35.6B | $16.4B |
负债/权益比LUVM
| Q1 26 | 0.78× | — | ||
| Q4 25 | 0.57× | 0.56× | ||
| Q3 25 | 0.52× | 0.55× | ||
| Q2 25 | 0.51× | 0.62× | ||
| Q1 25 | 0.44× | 0.61× | ||
| Q4 24 | 0.49× | 0.67× | ||
| Q3 24 | 0.49× | 0.70× | ||
| Q2 24 | 0.48× | 0.72× |
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 | $1.4B | $-8.0M |
| 自由现金流经营现金流 - 资本支出 | — | $-101.0M |
| 自由现金流率自由现金流/营收 | — | -2.1% |
| 资本支出强度资本支出/营收 | 8.7% | 2.0% |
| 现金转化率经营现金流/净利润 | 6.25× | -0.73× |
| 过去12个月自由现金流最近4个季度 | — | $1.2B |
8季度趋势，按日历期对齐
经营现金流LUVM
| Q1 26 | $1.4B | — | ||
| Q4 25 | $294.0M | $-8.0M | ||
| Q3 25 | $287.0M | $319.0M | ||
| Q2 25 | $401.0M | $-64.0M | ||
| Q1 25 | $860.0M | $1.3B | ||
| Q4 24 | $476.0M | $-167.0M | ||
| Q3 24 | $113.0M | $8.0M | ||
| Q2 24 | $-23.0M | $129.0M |
自由现金流LUVM
| Q1 26 | — | — | ||
| Q4 25 | $-565.0M | $-101.0M | ||
| Q3 25 | $-391.0M | $240.0M | ||
| Q2 25 | $-234.0M | $-164.0M | ||
| Q1 25 | $359.0M | $1.2B | ||
| Q4 24 | $16.0M | $-295.0M | ||
| Q3 24 | $-404.0M | $-109.0M | ||
| Q2 24 | $-517.0M | $-25.0M |
自由现金流率LUVM
| Q1 26 | — | — | ||
| Q4 25 | -7.6% | -2.1% | ||
| Q3 25 | -5.6% | 5.0% | ||
| Q2 25 | -3.2% | -3.6% | ||
| Q1 25 | 5.6% | 15.3% | ||
| Q4 24 | 0.2% | -6.2% | ||
| Q3 24 | -5.9% | -2.2% | ||
| Q2 24 | -7.0% | -0.5% |
资本支出强度LUVM
| Q1 26 | 8.7% | — | ||
| Q4 25 | 11.5% | 2.0% | ||
| Q3 25 | 9.8% | 1.6% | ||
| Q2 25 | 8.8% | 2.2% | ||
| Q1 25 | 7.8% | 1.5% | ||
| Q4 24 | 6.6% | 2.7% | ||
| Q3 24 | 7.5% | 2.4% | ||
| Q2 24 | 6.7% | 3.2% |
现金转化率LUVM
| Q1 26 | 6.25× | — | ||
| Q4 25 | 0.91× | -0.73× | ||
| Q3 25 | 5.31× | 3.67× | ||
| Q2 25 | 1.88× | -1.68× | ||
| Q1 25 | — | 3.82× | ||
| Q4 24 | 1.82× | -5.96× | ||
| Q3 24 | 1.69× | 0.05× | ||
| Q2 24 | -0.06× | 2.08× |
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
LUV
| Passenger | $6.6B | 91% |
| Other | $614.0M | 8% |
| Freight | $44.0M | 1% |
M
| Womens Accessories Shoes Cosmetics And Fragrances | $1.9B | 41% |
| Womens Apparel | $1.1B | 23% |
| Mens And Kids | $1.0B | 22% |
| Home Other | $638.0M | 14% |
| Credit Card Revenues Net | $158.0M | 3% |
| Macys Media Network Revenue Net | $42.0M | 1% |
