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西南航空（LUV）与晖致（VTRS）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晖致的2.0倍（$7.2B vs $3.7B），西南航空同比增速更快（12.8% vs 5.0%），过去两年晖致的营收复合增速更高（0.5% vs -0.7%）
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。
晖致是一家总部位于美国宾夕法尼亚州卡农斯堡的全球化医药健康企业，于2020年11月16日由迈兰制药与辉瑞旗下老牌业务部门普强合并组建，业务覆盖全球多个国家和地区，专注为大众提供优质的医药健康产品及服务。
LUV vs VTRS — 直观对比
营收规模更大
LUV
是对方的2.0倍
$3.7B
营收增速更快
LUV
高出7.8%
5.0%
两年增速更快
VTRS
近两年复合增速
-0.7%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $7.2B | $3.7B |
| 净利润 | $227.0M | — |
| 毛利率 | — | 31.1% |
| 营业利润率 | — | -5.2% |
| 净利率 | 3.1% | — |
| 营收同比 | 12.8% | 5.0% |
| 净利润同比 | 252.3% | — |
| 每股收益（稀释后） | $0.45 | $-0.34 |
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LUVVTRS
| Q1 26 | $7.2B | — | ||
| Q4 25 | $7.4B | $3.7B | ||
| Q3 25 | $6.9B | $3.7B | ||
| Q2 25 | $7.2B | $3.6B | ||
| Q1 25 | $6.4B | $3.2B | ||
| Q4 24 | $6.9B | $3.5B | ||
| Q3 24 | $6.9B | $3.7B | ||
| Q2 24 | $7.4B | $3.8B |
净利润LUVVTRS
| Q1 26 | $227.0M | — | ||
| Q4 25 | $323.0M | — | ||
| Q3 25 | $54.0M | — | ||
| Q2 25 | $213.0M | — | ||
| Q1 25 | $-149.0M | — | ||
| Q4 24 | $262.0M | — | ||
| Q3 24 | $67.0M | — | ||
| Q2 24 | $367.0M | — |
毛利率LUVVTRS
| Q1 26 | — | — | ||
| Q4 25 | — | 31.1% | ||
| Q3 25 | — | 36.6% | ||
| Q2 25 | — | 37.3% | ||
| Q1 25 | — | 35.8% | ||
| Q4 24 | — | 34.6% | ||
| Q3 24 | — | 39.0% | ||
| Q2 24 | — | 38.2% |
营业利润率LUVVTRS
| Q1 26 | — | — | ||
| Q4 25 | 5.3% | -5.2% | ||
| Q3 25 | 0.5% | 4.8% | ||
| Q2 25 | 3.1% | 6.5% | ||
| Q1 25 | -3.5% | -88.9% | ||
| Q4 24 | 4.0% | -5.1% | ||
| Q3 24 | 0.6% | 6.0% | ||
| Q2 24 | 5.4% | -6.3% |
净利率LUVVTRS
| Q1 26 | 3.1% | — | ||
| Q4 25 | 4.3% | — | ||
| Q3 25 | 0.8% | — | ||
| Q2 25 | 2.9% | — | ||
| Q1 25 | -2.3% | — | ||
| Q4 24 | 3.8% | — | ||
| Q3 24 | 1.0% | — | ||
| Q2 24 | 5.0% | — |
每股收益（稀释后）LUVVTRS
| Q1 26 | $0.45 | — | ||
| Q4 25 | $0.56 | $-0.34 | ||
| Q3 25 | $0.10 | $-0.11 | ||
| Q2 25 | $0.39 | $0.00 | ||
| Q1 25 | $-0.26 | $-2.55 | ||
| Q4 24 | $0.46 | $-0.43 | ||
| Q3 24 | $0.11 | $0.08 | ||
| Q2 24 | $0.58 | $-0.27 |
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 | $1.3B |
| 总债务越低越好 | $5.4B | — |
| 股东权益账面价值 | $6.9B | $14.7B |
| 总资产 | $20.4B | $37.2B |
| 负债/权益比越低杠杆越低 | 0.78× | — |
8季度趋势，按日历期对齐
现金及短期投资LUVVTRS
| Q1 26 | $3.3B | — | ||
| Q4 25 | $3.2B | $1.3B | ||
| Q3 25 | $3.0B | $975.3M | ||
| Q2 25 | $3.8B | $566.4M | ||
| Q1 25 | $8.3B | $755.0M | ||
| Q4 24 | $8.7B | $734.8M | ||
| Q3 24 | $9.4B | $1.9B | ||
| Q2 24 | $10.0B | $917.2M |
总债务LUVVTRS
| Q1 26 | $5.4B | — | ||
| Q4 25 | $4.6B | — | ||
| Q3 25 | $4.1B | — | ||
| Q2 25 | $4.1B | — | ||
| Q1 25 | $4.1B | — | ||
| Q4 24 | $5.1B | — | ||
| Q3 24 | $5.1B | — | ||
| Q2 24 | $5.1B | — |
股东权益LUVVTRS
| Q1 26 | $6.9B | — | ||
| Q4 25 | $8.0B | $14.7B | ||
| Q3 25 | $7.8B | $15.2B | ||
| Q2 25 | $8.0B | $15.6B | ||
| Q1 25 | $9.4B | $15.7B | ||
| Q4 24 | $10.3B | $18.6B | ||
| Q3 24 | $10.4B | $19.8B | ||
| Q2 24 | $10.5B | $19.5B |
总资产LUVVTRS
| Q1 26 | $20.4B | — | ||
| Q4 25 | $29.1B | $37.2B | ||
| Q3 25 | $28.3B | $37.9B | ||
| Q2 25 | $28.7B | $38.4B | ||
| Q1 25 | $33.2B | $38.5B | ||
| Q4 24 | $33.8B | $41.5B | ||
| Q3 24 | $34.8B | $44.8B | ||
| Q2 24 | $35.6B | $45.3B |
负债/权益比LUVVTRS
| Q1 26 | 0.78× | — | ||
| Q4 25 | 0.57× | — | ||
| Q3 25 | 0.52× | — | ||
| Q2 25 | 0.51× | — | ||
| Q1 25 | 0.44× | — | ||
| Q4 24 | 0.49× | — | ||
| Q3 24 | 0.49× | — | ||
| Q2 24 | 0.48× | — |
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 | $815.8M |
| 自由现金流经营现金流 - 资本支出 | — | $619.3M |
| 自由现金流率自由现金流/营收 | — | 16.8% |
| 资本支出强度资本支出/营收 | 8.7% | 5.3% |
| 现金转化率经营现金流/净利润 | 6.25× | — |
| 过去12个月自由现金流最近4个季度 | — | $1.9B |
8季度趋势，按日历期对齐
经营现金流LUVVTRS
| Q1 26 | $1.4B | — | ||
| Q4 25 | $294.0M | $815.8M | ||
| Q3 25 | $287.0M | $744.9M | ||
| Q2 25 | $401.0M | $219.7M | ||
| Q1 25 | $860.0M | $535.5M | ||
| Q4 24 | $476.0M | $482.7M | ||
| Q3 24 | $113.0M | $826.5M | ||
| Q2 24 | $-23.0M | $379.1M |
自由现金流LUVVTRS
| Q1 26 | — | — | ||
| Q4 25 | $-565.0M | $619.3M | ||
| Q3 25 | $-391.0M | $658.1M | ||
| Q2 25 | $-234.0M | $166.8M | ||
| Q1 25 | $359.0M | $492.9M | ||
| Q4 24 | $16.0M | $342.3M | ||
| Q3 24 | $-404.0M | $749.5M | ||
| Q2 24 | $-517.0M | $320.3M |
自由现金流率LUVVTRS
| Q1 26 | — | — | ||
| Q4 25 | -7.6% | 16.8% | ||
| Q3 25 | -5.6% | 17.6% | ||
| Q2 25 | -3.2% | 4.7% | ||
| Q1 25 | 5.6% | 15.2% | ||
| Q4 24 | 0.2% | 9.7% | ||
| Q3 24 | -5.9% | 20.1% | ||
| Q2 24 | -7.0% | 8.5% |
资本支出强度LUVVTRS
| Q1 26 | 8.7% | — | ||
| Q4 25 | 11.5% | 5.3% | ||
| Q3 25 | 9.8% | 2.3% | ||
| Q2 25 | 8.8% | 1.5% | ||
| Q1 25 | 7.8% | 1.3% | ||
| Q4 24 | 6.6% | 4.0% | ||
| Q3 24 | 7.5% | 2.1% | ||
| Q2 24 | 6.7% | 1.6% |
现金转化率LUVVTRS
| Q1 26 | 6.25× | — | ||
| Q4 25 | 0.91× | — | ||
| Q3 25 | 5.31× | — | ||
| Q2 25 | 1.88× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.82× | — | ||
| Q3 24 | 1.69× | — | ||
| Q2 24 | -0.06× | — |
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% |
VTRS
| Brands | $1.2B | 32% |
| Generics | $1.1B | 29% |
| Lipitor | $377.3M | 10% |
| Norvasc | $175.2M | 5% |
| Other | $136.6M | 4% |
| Lyrica | $119.8M | 3% |
| Viagra | $104.2M | 3% |
| Creon | $98.9M | 3% |
| Epi Pen Auto Injectors | $79.0M | 2% |
| Yupelri | $70.6M | 2% |
| Effexor | $68.1M | 2% |
| Zoloft | $66.8M | 2% |
| Celebrex | $66.2M | 2% |
| Xalabrands | $42.0M | 1% |
| Dymista | $38.6M | 1% |
