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梅西百货（M）与OLD REPUBLIC INTERNATIONAL CORP（ORI）财务数据对比。点击上方公司名可切换其他公司
梅西百货的季度营收约是OLD REPUBLIC INTERNATIONAL CORP的2.0倍（$4.7B vs $2.4B），OLD REPUBLIC INTERNATIONAL CORP净利率更高（13.8% vs 0.2%，领先13.5%），OLD REPUBLIC INTERNATIONAL CORP同比增速更快（6.7% vs -0.6%），过去两年OLD REPUBLIC INTERNATIONAL CORP的营收复合增速更高（13.2% vs -23.8%）
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。
Old Republic International Corp是一家总部位于美国伊利诺伊州芝加哥的保险企业，核心业务覆盖财产保险、产权保险两大领域，深耕行业多年，具备成熟的风险防控能力与完善的服务体系，可为各类客户提供专业可靠的保险产品及相关解决方案。
M vs ORI — 直观对比
营收规模更大
M
是对方的2.0倍
$2.4B
营收增速更快
ORI
高出7.3%
-0.6%
净利率更高
ORI
高出13.5%
0.2%
两年增速更快
ORI
近两年复合增速
-23.8%
损益表 — Q3 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $4.7B | $2.4B |
| 净利润 | $11.0M | $330.0M |
| 毛利率 | 39.4% | — |
| 营业利润率 | 0.9% | — |
| 净利率 | 0.2% | 13.8% |
| 营收同比 | -0.6% | 6.7% |
| 净利润同比 | -60.7% | 34.7% |
| 每股收益（稀释后） | $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MORI
| Q1 26 | — | $2.4B | ||
| Q4 25 | $4.7B | $2.4B | ||
| Q3 25 | $4.8B | $2.4B | ||
| Q2 25 | $4.6B | $2.2B | ||
| Q1 25 | $7.8B | $2.1B | ||
| Q4 24 | $4.7B | $2.0B | ||
| Q3 24 | $4.9B | $2.3B | ||
| Q2 24 | $4.8B | $1.9B |
净利润MORI
| Q1 26 | — | $330.0M | ||
| Q4 25 | $11.0M | $206.5M | ||
| Q3 25 | $87.0M | $279.5M | ||
| Q2 25 | $38.0M | $204.4M | ||
| Q1 25 | $342.0M | $245.0M | ||
| Q4 24 | $28.0M | $105.3M | ||
| Q3 24 | $150.0M | $338.9M | ||
| Q2 24 | $62.0M | $91.8M |
毛利率MORI
| 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MORI
| Q1 26 | — | — | ||
| Q4 25 | 0.9% | — | ||
| Q3 25 | 3.1% | 14.6% | ||
| Q2 25 | 2.0% | 11.8% | ||
| Q1 25 | 6.4% | 14.6% | ||
| Q4 24 | 1.3% | — | ||
| Q3 24 | 4.5% | 18.2% | ||
| Q2 24 | 2.6% | 6.1% |
净利率MORI
| Q1 26 | — | 13.8% | ||
| Q4 25 | 0.2% | 8.6% | ||
| Q3 25 | 1.8% | 11.5% | ||
| Q2 25 | 0.8% | 9.3% | ||
| Q1 25 | 4.4% | 11.6% | ||
| Q4 24 | 0.6% | 5.3% | ||
| Q3 24 | 3.0% | 14.5% | ||
| Q2 24 | 1.3% | 4.9% |
每股收益（稀释后）MORI
| Q1 26 | — | — | ||
| Q4 25 | $0.04 | $0.82 | ||
| Q3 25 | $0.31 | $1.11 | ||
| Q2 25 | $0.13 | $0.81 | ||
| Q1 25 | $1.22 | $0.98 | ||
| Q4 24 | $0.10 | $0.42 | ||
| Q3 24 | $0.53 | $1.32 | ||
| Q2 24 | $0.22 | $0.35 |
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 | $447.0M | — |
| 总债务越低越好 | $2.4B | — |
| 股东权益账面价值 | $4.3B | $5.9M |
| 总资产 | $17.1B | $29.6M |
| 负债/权益比越低杠杆越低 | 0.56× | — |
8季度趋势，按日历期对齐
现金及短期投资MORI
| Q1 26 | — | — | ||
| Q4 25 | $447.0M | — | ||
| Q3 25 | $829.0M | — | ||
| Q2 25 | $932.0M | — | ||
| Q1 25 | $1.3B | — | ||
| Q4 24 | $315.0M | — | ||
| Q3 24 | $646.0M | — | ||
| Q2 24 | $876.0M | — |
总债务MORI
| Q1 26 | — | — | ||
| Q4 25 | $2.4B | — | ||
| Q3 25 | $2.4B | — | ||
| Q2 25 | $2.8B | — | ||
| Q1 25 | $2.8B | — | ||
| Q4 24 | $2.8B | — | ||
| Q3 24 | $3.0B | — | ||
| Q2 24 | $3.0B | — |
股东权益MORI
| Q1 26 | — | $5.9M | ||
| Q4 25 | $4.3B | $5.9B | ||
| Q3 25 | $4.5B | $6.4B | ||
| Q2 25 | $4.5B | $6.2B | ||
| Q1 25 | $4.6B | $5.9B | ||
| Q4 24 | $4.1B | $5.6B | ||
| Q3 24 | $4.3B | $6.4B | ||
| Q2 24 | $4.2B | $6.0B |
总资产MORI
| Q1 26 | — | $29.6M | ||
| Q4 25 | $17.1B | $29.9B | ||
| Q3 25 | $15.6B | $30.3B | ||
| Q2 25 | $16.1B | $29.3B | ||
| Q1 25 | $16.4B | $28.0B | ||
| Q4 24 | $17.3B | $27.8B | ||
| Q3 24 | $15.8B | $28.8B | ||
| Q2 24 | $16.4B | $27.5B |
负债/权益比MORI
| Q1 26 | — | — | ||
| Q4 25 | 0.56× | — | ||
| Q3 25 | 0.55× | — | ||
| Q2 25 | 0.62× | — | ||
| Q1 25 | 0.61× | — | ||
| Q4 24 | 0.67× | — | ||
| Q3 24 | 0.70× | — | ||
| Q2 24 | 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 | $-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 | 2.0% | — |
| 现金转化率经营现金流/净利润 | -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MORI
| Q1 26 | — | — | ||
| Q4 25 | $-8.0M | $234.9M | ||
| Q3 25 | $319.0M | $563.9M | ||
| Q2 25 | $-64.0M | $133.8M | ||
| Q1 25 | $1.3B | $231.7M | ||
| Q4 24 | $-167.0M | $361.7M | ||
| Q3 24 | $8.0M | $474.8M | ||
| Q2 24 | $129.0M | $236.5M |
自由现金流MORI
| Q1 26 | — | — | ||
| Q4 25 | $-101.0M | — | ||
| Q3 25 | $240.0M | — | ||
| Q2 25 | $-164.0M | — | ||
| Q1 25 | $1.2B | — | ||
| Q4 24 | $-295.0M | — | ||
| Q3 24 | $-109.0M | — | ||
| Q2 24 | $-25.0M | — |
自由现金流率MORI
| Q1 26 | — | — | ||
| Q4 25 | -2.1% | — | ||
| Q3 25 | 5.0% | — | ||
| Q2 25 | -3.6% | — | ||
| Q1 25 | 15.3% | — | ||
| Q4 24 | -6.2% | — | ||
| Q3 24 | -2.2% | — | ||
| Q2 24 | -0.5% | — |
资本支出强度MORI
| Q1 26 | — | — | ||
| Q4 25 | 2.0% | — | ||
| Q3 25 | 1.6% | — | ||
| Q2 25 | 2.2% | — | ||
| Q1 25 | 1.5% | — | ||
| Q4 24 | 2.7% | — | ||
| Q3 24 | 2.4% | — | ||
| Q2 24 | 3.2% | — |
现金转化率MORI
| Q1 26 | — | — | ||
| Q4 25 | -0.73× | 1.14× | ||
| Q3 25 | 3.67× | 2.02× | ||
| Q2 25 | -1.68× | 0.65× | ||
| Q1 25 | 3.82× | 0.95× | ||
| Q4 24 | -5.96× | 3.43× | ||
| Q3 24 | 0.05× | 1.40× | ||
| Q2 24 | 2.08× | 2.58× |
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
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% |
ORI
| operating | $2.2B | 92% |
| Other | $201.8M | 8% |
