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梅西百货（M）与Rocket Companies, Inc.（RKT）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Rocket Companies, Inc.的1.8倍（$4.7B vs $2.7B），Rocket Companies, Inc.净利率更高（2.5% vs 0.2%，领先2.3%），Rocket Companies, Inc.同比增速更快（52.2% vs -0.6%），梅西百货自由现金流更多（$-101.0M vs $-1.3B），过去两年Rocket Companies, Inc.的营收复合增速更高（39.5% 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。
Rocket Companies, Inc.是美国金融科技及住房服务企业，由丹·吉尔伯特创立，总部位于密歇根州底特律市中心。公司依托旗舰子公司Rocket Mortgage跻身美国最大抵押贷款提供商行列，旗下还拥有Redfin、Forsalebyowner.com、Rocket Money等子品牌。
M vs RKT — 直观对比
营收规模更大
M
是对方的1.8倍
$2.7B
营收增速更快
RKT
高出52.8%
-0.6%
净利率更高
RKT
高出2.3%
0.2%
自由现金流更多
M
多$1.2B
$-1.3B
两年增速更快
RKT
近两年复合增速
-23.8%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.7B | $2.7B |
| 净利润 | $11.0M | $68.0M |
| 毛利率 | 39.4% | — |
| 营业利润率 | 0.9% | 6.3% |
| 净利率 | 0.2% | 2.5% |
| 营收同比 | -0.6% | 52.2% |
| 净利润同比 | -60.7% | 100.8% |
| 每股收益（稀释后） | $0.04 | $0.10 |
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MRKT
| Q4 25 | $4.7B | $2.7B | ||
| Q3 25 | $4.8B | $1.6B | ||
| Q2 25 | $4.6B | $1.4B | ||
| Q1 25 | $7.8B | $1.0B | ||
| Q4 24 | $4.7B | $1.8B | ||
| Q3 24 | $4.9B | $646.9M | ||
| Q2 24 | $4.8B | $1.3B | ||
| Q1 24 | $8.1B | $1.4B |
净利润MRKT
| Q4 25 | $11.0M | $68.0M | ||
| Q3 25 | $87.0M | $-123.9M | ||
| Q2 25 | $38.0M | $-1.8M | ||
| Q1 25 | $342.0M | $-10.4M | ||
| Q4 24 | $28.0M | $33.9M | ||
| Q3 24 | $150.0M | $-22.0M | ||
| Q2 24 | $62.0M | $1.3M | ||
| Q1 24 | $-71.0M | $16.2M |
毛利率MRKT
| Q4 25 | 39.4% | — | ||
| Q3 25 | 39.7% | — | ||
| Q2 25 | 39.2% | — | ||
| Q1 25 | 35.7% | — | ||
| Q4 24 | 39.6% | 58.9% | ||
| Q3 24 | 40.5% | -8.4% | ||
| Q2 24 | 39.2% | 47.4% | ||
| Q1 24 | 37.5% | 51.2% |
营业利润率MRKT
| Q4 25 | 0.9% | 6.3% | ||
| Q3 25 | 3.1% | -11.5% | ||
| Q2 25 | 2.0% | 1.8% | ||
| Q1 25 | 6.4% | -21.5% | ||
| Q4 24 | 1.3% | 38.1% | ||
| Q3 24 | 4.5% | -76.9% | ||
| Q2 24 | 2.6% | 14.8% | ||
| Q1 24 | -0.9% | 21.6% |
净利率MRKT
| Q4 25 | 0.2% | 2.5% | ||
| Q3 25 | 1.8% | -7.7% | ||
| Q2 25 | 0.8% | -0.1% | ||
| Q1 25 | 4.4% | -1.0% | ||
| Q4 24 | 0.6% | 1.9% | ||
| Q3 24 | 3.0% | -3.4% | ||
| Q2 24 | 1.3% | 0.1% | ||
| Q1 24 | -0.9% | 1.2% |
每股收益（稀释后）MRKT
| Q4 25 | $0.04 | $0.10 | ||
| Q3 25 | $0.31 | $-0.06 | ||
| Q2 25 | $0.13 | $-0.01 | ||
| Q1 25 | $1.22 | $-0.08 | ||
| Q4 24 | $0.10 | $0.28 | ||
| Q3 24 | $0.53 | $-0.19 | ||
| Q2 24 | $0.22 | $0.01 | ||
| Q1 24 | $-0.25 | $0.11 |
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 | $2.7B |
| 总债务越低越好 | $2.4B | — |
| 股东权益账面价值 | $4.3B | $22.9B |
| 总资产 | $17.1B | $60.7B |
| 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MRKT
| Q4 25 | $447.0M | $2.7B | ||
| Q3 25 | $829.0M | $5.8B | ||
| Q2 25 | $932.0M | $5.1B | ||
| Q1 25 | $1.3B | $1.4B | ||
| Q4 24 | $315.0M | $1.3B | ||
| Q3 24 | $646.0M | $1.2B | ||
| Q2 24 | $876.0M | $1.3B | ||
| Q1 24 | $1.0B | $861.4M |
总债务MRKT
| 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 | — | ||
| Q1 24 | $3.0B | — |
股东权益MRKT
| Q4 25 | $4.3B | $22.9B | ||
| Q3 25 | $4.5B | $8.9B | ||
| Q2 25 | $4.5B | $7.4B | ||
| Q1 25 | $4.6B | $8.6B | ||
| Q4 24 | $4.1B | $9.0B | ||
| Q3 24 | $4.3B | $8.4B | ||
| Q2 24 | $4.2B | $8.8B | ||
| Q1 24 | $4.1B | $8.6B |
总资产MRKT
| Q4 25 | $17.1B | $60.7B | ||
| Q3 25 | $15.6B | $33.6B | ||
| Q2 25 | $16.1B | $30.4B | ||
| Q1 25 | $16.4B | $25.3B | ||
| Q4 24 | $17.3B | $24.5B | ||
| Q3 24 | $15.8B | $25.1B | ||
| Q2 24 | $16.4B | $23.6B | ||
| Q1 24 | $16.2B | $22.2B |
负债/权益比MRKT
| 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× | — | ||
| Q1 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 | $-1.2B |
| 自由现金流经营现金流 - 资本支出 | $-101.0M | $-1.3B |
| 自由现金流率自由现金流/营收 | -2.1% | -47.2% |
| 资本支出强度资本支出/营收 | 2.0% | 1.5% |
| 现金转化率经营现金流/净利润 | -0.73× | -18.08× |
| 过去12个月自由现金流最近4个季度 | $1.2B | $-4.0B |
8季度趋势，按日历期对齐
经营现金流MRKT
| Q4 25 | $-8.0M | $-1.2B | ||
| Q3 25 | $319.0M | $-50.3M | ||
| Q2 25 | $-64.0M | $-1.9B | ||
| Q1 25 | $1.3B | $-797.0M | ||
| Q4 24 | $-167.0M | $1.8B | ||
| Q3 24 | $8.0M | $-1.3B | ||
| Q2 24 | $129.0M | $-122.3M | ||
| Q1 24 | $1.1B | $-3.0B |
自由现金流MRKT
| Q4 25 | $-101.0M | $-1.3B | ||
| Q3 25 | $240.0M | $-71.8M | ||
| Q2 25 | $-164.0M | $-1.9B | ||
| Q1 25 | $1.2B | $-811.0M | ||
| Q4 24 | $-295.0M | $1.8B | ||
| Q3 24 | $-109.0M | $-1.4B | ||
| Q2 24 | $-25.0M | $-138.3M | ||
| Q1 24 | $1.0B | $-3.0B |
自由现金流率MRKT
| Q4 25 | -2.1% | -47.2% | ||
| Q3 25 | 5.0% | -4.5% | ||
| Q2 25 | -3.6% | -137.2% | ||
| Q1 25 | 15.3% | -78.2% | ||
| Q4 24 | -6.2% | 103.1% | ||
| Q3 24 | -2.2% | -209.6% | ||
| Q2 24 | -0.5% | -10.6% | ||
| Q1 24 | 12.3% | -218.7% |
资本支出强度MRKT
| Q4 25 | 2.0% | 1.5% | ||
| Q3 25 | 1.6% | 1.3% | ||
| Q2 25 | 2.2% | 1.1% | ||
| Q1 25 | 1.5% | 1.4% | ||
| Q4 24 | 2.7% | 1.1% | ||
| Q3 24 | 2.4% | 2.9% | ||
| Q2 24 | 3.2% | 1.2% | ||
| Q1 24 | 1.8% | 1.0% |
现金转化率MRKT
| Q4 25 | -0.73× | -18.08× | ||
| Q3 25 | 3.67× | — | ||
| Q2 25 | -1.68× | — | ||
| Q1 25 | 3.82× | — | ||
| Q4 24 | -5.96× | 54.42× | ||
| Q3 24 | 0.05× | — | ||
| Q2 24 | 2.08× | -94.46× | ||
| Q1 24 | — | -185.80× |
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% |
RKT
| Other | $1.4B | 51% |
| Direct To Customer Segment | $945.8M | 35% |
| Partner Network Segment | $216.7M | 8% |
| Subscription Revenue | $91.3M | 3% |
| Closing Fees | $47.1M | 2% |
| Appraisal Revenue | $10.7M | 0% |
