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梅西百货（M）与Sempra（SRE）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Sempra的1.4倍（$4.7B vs $3.3B），Sempra净利率更高（10.7% vs 0.2%，领先10.5%），Sempra同比增速更快（6.9% vs -0.6%），梅西百货自由现金流更多（$-101.0M vs $-2.2B），过去两年Sempra的营收复合增速更高（-5.8% 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。
Sempra是总部位于美国加利福尼亚州圣地亚哥的北美公用事业控股企业，也是美国规模最大的公用事业控股公司之一，服务覆盖近4000万用户，在北美能源供应及公共服务领域拥有领先的市场地位与丰富的运营经验。
M vs SRE — 直观对比
营收规模更大
M
是对方的1.4倍
$3.3B
营收增速更快
SRE
高出7.6%
-0.6%
净利率更高
SRE
高出10.5%
0.2%
自由现金流更多
M
多$2.1B
$-2.2B
两年增速更快
SRE
近两年复合增速
-23.8%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.7B | $3.3B |
| 净利润 | $11.0M | $352.0M |
| 毛利率 | 39.4% | — |
| 营业利润率 | 0.9% | 7.2% |
| 净利率 | 0.2% | 10.7% |
| 营收同比 | -0.6% | 6.9% |
| 净利润同比 | -60.7% | -47.9% |
| 每股收益（稀释后） | $0.04 | $0.53 |
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MSRE
| Q4 25 | $4.7B | $3.3B | ||
| Q3 25 | $4.8B | $2.8B | ||
| Q2 25 | $4.6B | $2.7B | ||
| Q1 25 | $7.8B | $3.7B | ||
| Q4 24 | $4.7B | $3.1B | ||
| Q3 24 | $4.9B | $2.6B | ||
| Q2 24 | $4.8B | $2.5B | ||
| Q1 24 | $8.1B | $3.7B |
净利润MSRE
| Q4 25 | $11.0M | $352.0M | ||
| Q3 25 | $87.0M | $95.0M | ||
| Q2 25 | $38.0M | $473.0M | ||
| Q1 25 | $342.0M | $917.0M | ||
| Q4 24 | $28.0M | $676.0M | ||
| Q3 24 | $150.0M | $649.0M | ||
| Q2 24 | $62.0M | $725.0M | ||
| Q1 24 | $-71.0M | $812.0M |
毛利率MSRE
| 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% | — | ||
| Q1 24 | 37.5% | — |
营业利润率MSRE
| Q4 25 | 0.9% | 7.2% | ||
| Q3 25 | 3.1% | 10.6% | ||
| Q2 25 | 2.0% | 17.3% | ||
| Q1 25 | 6.4% | 21.5% | ||
| Q4 24 | 1.3% | 35.0% | ||
| Q3 24 | 4.5% | 12.9% | ||
| Q2 24 | 2.6% | 18.8% | ||
| Q1 24 | -0.9% | 22.7% |
净利率MSRE
| Q4 25 | 0.2% | 10.7% | ||
| Q3 25 | 1.8% | 3.4% | ||
| Q2 25 | 0.8% | 17.5% | ||
| Q1 25 | 4.4% | 24.9% | ||
| Q4 24 | 0.6% | 22.0% | ||
| Q3 24 | 3.0% | 25.3% | ||
| Q2 24 | 1.3% | 29.2% | ||
| Q1 24 | -0.9% | 22.0% |
每股收益（稀释后）MSRE
| Q4 25 | $0.04 | $0.53 | ||
| Q3 25 | $0.31 | $0.12 | ||
| Q2 25 | $0.13 | $0.71 | ||
| Q1 25 | $1.22 | $1.39 | ||
| Q4 24 | $0.10 | $1.04 | ||
| Q3 24 | $0.53 | $1.00 | ||
| Q2 24 | $0.22 | $1.12 | ||
| Q1 24 | $-0.25 | $1.26 |
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 | $29.0M |
| 总债务越低越好 | $2.4B | $29.0B |
| 股东权益账面价值 | $4.3B | $31.6B |
| 总资产 | $17.1B | $110.9B |
| 负债/权益比越低杠杆越低 | 0.56× | 0.92× |
8季度趋势，按日历期对齐
现金及短期投资MSRE
| Q4 25 | $447.0M | $29.0M | ||
| Q3 25 | $829.0M | $5.0M | ||
| Q2 25 | $932.0M | $155.0M | ||
| Q1 25 | $1.3B | $1.7B | ||
| Q4 24 | $315.0M | $1.6B | ||
| Q3 24 | $646.0M | $560.0M | ||
| Q2 24 | $876.0M | $228.0M | ||
| Q1 24 | $1.0B | $606.0M |
总债务MSRE
| Q4 25 | $2.4B | $29.0B | ||
| Q3 25 | $2.4B | $29.0B | ||
| Q2 25 | $2.8B | $34.9B | ||
| Q1 25 | $2.8B | $33.3B | ||
| Q4 24 | $2.8B | $31.6B | ||
| Q3 24 | $3.0B | $31.0B | ||
| Q2 24 | $3.0B | $29.0B | ||
| Q1 24 | $3.0B | $29.5B |
股东权益MSRE
| Q4 25 | $4.3B | $31.6B | ||
| Q3 25 | $4.5B | $31.2B | ||
| Q2 25 | $4.5B | $31.7B | ||
| Q1 25 | $4.6B | $31.6B | ||
| Q4 24 | $4.1B | $31.2B | ||
| Q3 24 | $4.3B | $29.7B | ||
| Q2 24 | $4.2B | $29.5B | ||
| Q1 24 | $4.1B | $29.1B |
总资产MSRE
| Q4 25 | $17.1B | $110.9B | ||
| Q3 25 | $15.6B | $106.9B | ||
| Q2 25 | $16.1B | $99.9B | ||
| Q1 25 | $16.4B | $99.0B | ||
| Q4 24 | $17.3B | $96.2B | ||
| Q3 24 | $15.8B | $93.7B | ||
| Q2 24 | $16.4B | $90.5B | ||
| Q1 24 | $16.2B | $89.6B |
负债/权益比MSRE
| Q4 25 | 0.56× | 0.92× | ||
| Q3 25 | 0.55× | 0.93× | ||
| Q2 25 | 0.62× | 1.10× | ||
| Q1 25 | 0.61× | 1.05× | ||
| Q4 24 | 0.67× | 1.01× | ||
| Q3 24 | 0.70× | 1.04× | ||
| Q2 24 | 0.72× | 0.98× | ||
| Q1 24 | 0.72× | 1.01× |
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 | $-2.2B |
| 自由现金流率自由现金流/营收 | -2.1% | -67.7% |
| 资本支出强度资本支出/营收 | 2.0% | 104.0% |
| 现金转化率经营现金流/净利润 | -0.73× | 3.38× |
| 过去12个月自由现金流最近4个季度 | $1.2B | $-6.0B |
8季度趋势，按日历期对齐
经营现金流MSRE
| Q4 25 | $-8.0M | $1.2B | ||
| Q3 25 | $319.0M | $1.1B | ||
| Q2 25 | $-64.0M | $784.0M | ||
| Q1 25 | $1.3B | $1.5B | ||
| Q4 24 | $-167.0M | $1.4B | ||
| Q3 24 | $8.0M | $1.0B | ||
| Q2 24 | $129.0M | $669.0M | ||
| Q1 24 | $1.1B | $1.9B |
自由现金流MSRE
| Q4 25 | $-101.0M | $-2.2B | ||
| Q3 25 | $240.0M | $-1.5B | ||
| Q2 25 | $-164.0M | $-1.5B | ||
| Q1 25 | $1.2B | $-854.0M | ||
| Q4 24 | $-295.0M | $-1.1B | ||
| Q3 24 | $-109.0M | $-913.0M | ||
| Q2 24 | $-25.0M | $-1.2B | ||
| Q1 24 | $1.0B | $-82.0M |
自由现金流率MSRE
| Q4 25 | -2.1% | -67.7% | ||
| Q3 25 | 5.0% | -52.6% | ||
| Q2 25 | -3.6% | -56.3% | ||
| Q1 25 | 15.3% | -23.2% | ||
| Q4 24 | -6.2% | -35.4% | ||
| Q3 24 | -2.2% | -35.5% | ||
| Q2 24 | -0.5% | -49.4% | ||
| Q1 24 | 12.3% | -2.2% |
资本支出强度MSRE
| Q4 25 | 2.0% | 104.0% | ||
| Q3 25 | 1.6% | 92.9% | ||
| Q2 25 | 2.2% | 85.3% | ||
| Q1 25 | 1.5% | 63.5% | ||
| Q4 24 | 2.7% | 79.9% | ||
| Q3 24 | 2.4% | 75.3% | ||
| Q2 24 | 3.2% | 76.4% | ||
| Q1 24 | 1.8% | 52.3% |
现金转化率MSRE
| Q4 25 | -0.73× | 3.38× | ||
| Q3 25 | 3.67× | 11.68× | ||
| Q2 25 | -1.68× | 1.66× | ||
| Q1 25 | 3.82× | 1.62× | ||
| Q4 24 | -5.96× | 2.02× | ||
| Q3 24 | 0.05× | 1.57× | ||
| Q2 24 | 2.08× | 0.92× | ||
| Q1 24 | — | 2.28× |
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% |
SRE
暂无分部数据
