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MACERICH CO（MAC）与SPORTSMAN'S WAREHOUSE HOLDINGS, INC.（SPWH）财务数据对比。点击上方公司名可切换其他公司
SPORTSMAN'S WAREHOUSE HOLDINGS, INC.的季度营收约是MACERICH CO的1.3倍（$331.3M vs $261.7M），SPORTSMAN'S WAREHOUSE HOLDINGS, INC.净利率更高（0.0% vs -7.2%，领先7.2%），SPORTSMAN'S WAREHOUSE HOLDINGS, INC.同比增速更快（2.2% vs -4.4%），过去两年MACERICH CO的营收复合增速更高（12.0% vs -5.4%）
Macerich是一家专注于购物中心投资的房地产投资信托基金，为美国第三大购物中心持有及运营商。截至2024年12月31日，公司共持有43处物业的权益，可租赁总面积达4300万平方英尺，公司名称由创始人Mace Siegel与Richard Cohen的名字组合而来。
运动员仓库控股（Sportsman's Warehouse）是美国户外体育用品零售商，门店遍布全美29个州，主要面向狩猎、射击、露营、垂钓等各类户外休闲运动爱好者，销售户外服饰、鞋履及专业运动装备。
MAC vs SPWH — 直观对比
营收规模更大
SPWH
是对方的1.3倍
$261.7M
营收增速更快
SPWH
高出6.6%
-4.4%
净利率更高
SPWH
高出7.2%
-7.2%
两年增速更快
MAC
近两年复合增速
-5.4%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $261.7M | $331.3M |
| 净利润 | $-18.8M | $8.0K |
| 毛利率 | — | 32.8% |
| 营业利润率 | — | 1.3% |
| 净利率 | -7.2% | 0.0% |
| 营收同比 | -4.4% | 2.2% |
| 净利润同比 | 91.1% | -97.8% |
| 每股收益（稀释后） | $-0.08 | $0.00 |
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MACSPWH
| Q4 25 | $261.7M | $331.3M | ||
| Q3 25 | $253.3M | $293.9M | ||
| Q2 25 | $249.8M | $249.1M | ||
| Q1 25 | $249.2M | $340.4M | ||
| Q4 24 | $273.7M | $324.3M | ||
| Q3 24 | $220.2M | $288.7M | ||
| Q2 24 | $215.5M | $244.2M | ||
| Q1 24 | $208.8M | $370.4M |
净利润MACSPWH
| Q4 25 | $-18.8M | $8.0K | ||
| Q3 25 | $-87.4M | $-7.1M | ||
| Q2 25 | $-40.9M | $-21.3M | ||
| Q1 25 | $-50.1M | $-8.7M | ||
| Q4 24 | $-211.2M | $-364.0K | ||
| Q3 24 | $-108.2M | $-5.9M | ||
| Q2 24 | $252.0M | $-18.1M | ||
| Q1 24 | $-126.7M | $-8.7M |
毛利率MACSPWH
| Q4 25 | — | 32.8% | ||
| Q3 25 | — | 32.0% | ||
| Q2 25 | — | 30.4% | ||
| Q1 25 | — | 30.4% | ||
| Q4 24 | — | 31.8% | ||
| Q3 24 | — | 31.2% | ||
| Q2 24 | — | 30.2% | ||
| Q1 24 | — | 26.8% |
营业利润率MACSPWH
| Q4 25 | — | 1.3% | ||
| Q3 25 | — | -1.1% | ||
| Q2 25 | — | -7.9% | ||
| Q1 25 | — | 1.1% | ||
| Q4 24 | — | 1.0% | ||
| Q3 24 | — | -1.5% | ||
| Q2 24 | — | -8.4% | ||
| Q1 24 | — | -2.1% |
净利率MACSPWH
| Q4 25 | -7.2% | 0.0% | ||
| Q3 25 | -34.5% | -2.4% | ||
| Q2 25 | -16.4% | -8.5% | ||
| Q1 25 | -20.1% | -2.6% | ||
| Q4 24 | -77.2% | -0.1% | ||
| Q3 24 | -49.1% | -2.0% | ||
| Q2 24 | 116.9% | -7.4% | ||
| Q1 24 | -60.7% | -2.4% |
每股收益（稀释后）MACSPWH
| Q4 25 | $-0.08 | $0.00 | ||
| Q3 25 | $-0.34 | $-0.18 | ||
| Q2 25 | $-0.16 | $-0.56 | ||
| Q1 25 | $-0.20 | $-0.22 | ||
| Q4 24 | $-0.95 | $-0.01 | ||
| Q3 24 | $-0.50 | $-0.16 | ||
| Q2 24 | $1.16 | $-0.48 | ||
| Q1 24 | $-0.59 | $-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 | $280.2M | $2.2M |
| 总债务越低越好 | $5.1B | $44.0M |
| 股东权益账面价值 | $2.4B | $209.5M |
| 总资产 | $8.4B | $913.9M |
| 负债/权益比越低杠杆越低 | 2.07× | 0.21× |
8季度趋势，按日历期对齐
现金及短期投资MACSPWH
| Q4 25 | $280.2M | $2.2M | ||
| Q3 25 | $290.2M | $1.8M | ||
| Q2 25 | $131.1M | $3.6M | ||
| Q1 25 | $253.2M | $2.8M | ||
| Q4 24 | $89.9M | $2.7M | ||
| Q3 24 | $116.5M | $2.6M | ||
| Q2 24 | $70.7M | $2.2M | ||
| Q1 24 | $120.1M | $3.1M |
总债务MACSPWH
| Q4 25 | $5.1B | $44.0M | ||
| Q3 25 | $5.1B | $43.9M | ||
| Q2 25 | $5.2B | $24.1M | ||
| Q1 25 | $5.2B | $24.1M | ||
| Q4 24 | $4.9B | $24.0M | ||
| Q3 24 | $4.3B | $24.0M | ||
| Q2 24 | $4.4B | — | ||
| Q1 24 | $4.1B | — |
股东权益MACSPWH
| Q4 25 | $2.4B | $209.5M | ||
| Q3 25 | $2.5B | $208.9M | ||
| Q2 25 | $2.6B | $215.1M | ||
| Q1 25 | $2.7B | $235.7M | ||
| Q4 24 | $2.8B | $243.6M | ||
| Q3 24 | $2.5B | $243.0M | ||
| Q2 24 | $2.5B | $247.5M | ||
| Q1 24 | $2.3B | $264.6M |
总资产MACSPWH
| Q4 25 | $8.4B | $913.9M | ||
| Q3 25 | $8.4B | $948.9M | ||
| Q2 25 | $8.7B | $929.7M | ||
| Q1 25 | $8.7B | $852.1M | ||
| Q4 24 | $8.6B | $967.7M | ||
| Q3 24 | $7.6B | $901.9M | ||
| Q2 24 | $7.8B | $930.4M | ||
| Q1 24 | $7.4B | $886.2M |
负债/权益比MACSPWH
| Q4 25 | 2.07× | 0.21× | ||
| Q3 25 | 2.02× | 0.21× | ||
| Q2 25 | 2.02× | 0.11× | ||
| Q1 25 | 1.96× | 0.10× | ||
| Q4 24 | 1.78× | 0.10× | ||
| Q3 24 | 1.73× | 0.10× | ||
| Q2 24 | 1.75× | — | ||
| Q1 24 | 1.79× | — |
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 | $50.2M | $16.3M |
| 自由现金流经营现金流 - 资本支出 | — | $8.7M |
| 自由现金流率自由现金流/营收 | — | 2.6% |
| 资本支出强度资本支出/营收 | — | 2.3% |
| 现金转化率经营现金流/净利润 | — | 2038.00× |
| 过去12个月自由现金流最近4个季度 | — | $-39.7M |
8季度趋势，按日历期对齐
经营现金流MACSPWH
| Q4 25 | $50.2M | $16.3M | ||
| Q3 25 | $112.4M | $-26.6M | ||
| Q2 25 | $70.5M | $-60.2M | ||
| Q1 25 | $88.5M | $52.8M | ||
| Q4 24 | $54.9M | $-2.5M | ||
| Q3 24 | $100.0M | $18.5M | ||
| Q2 24 | $67.4M | $-34.6M | ||
| Q1 24 | $61.1M | $68.9M |
自由现金流MACSPWH
| Q4 25 | — | $8.7M | ||
| Q3 25 | — | $-33.9M | ||
| Q2 25 | — | $-64.0M | ||
| Q1 25 | — | $49.6M | ||
| Q4 24 | — | $-6.2M | ||
| Q3 24 | — | $14.1M | ||
| Q2 24 | — | $-38.0M | ||
| Q1 24 | — | $60.2M |
自由现金流率MACSPWH
| Q4 25 | — | 2.6% | ||
| Q3 25 | — | -11.5% | ||
| Q2 25 | — | -25.7% | ||
| Q1 25 | — | 14.6% | ||
| Q4 24 | — | -1.9% | ||
| Q3 24 | — | 4.9% | ||
| Q2 24 | — | -15.5% | ||
| Q1 24 | — | 16.2% |
资本支出强度MACSPWH
| Q4 25 | — | 2.3% | ||
| Q3 25 | — | 2.5% | ||
| Q2 25 | — | 1.5% | ||
| Q1 25 | — | 1.0% | ||
| Q4 24 | — | 1.1% | ||
| Q3 24 | — | 1.5% | ||
| Q2 24 | — | 1.4% | ||
| Q1 24 | — | 2.4% |
现金转化率MACSPWH
| Q4 25 | — | 2038.00× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.27× | — | ||
| Q1 24 | — | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
