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Masco（MAS）与维多利亚的秘密（VSCO）财务数据对比。点击上方公司名可切换其他公司
Masco的季度营收约是维多利亚的秘密的1.3倍（$1.9B vs $1.5B），Masco净利率更高（11.9% vs -2.5%，领先14.4%），维多利亚的秘密同比增速更快（9.3% vs 6.5%），过去两年Masco的营收复合增速更高（-4.2% vs -15.9%）
美国家居建材企业Masco主营家装及新建住宅市场相关产品，旗下拥有20余家子公司，在全球运营近80座生产工厂，其中美国本土近60座，海外地区超20座。公司1969年于纽交所挂牌上市，后实现快速增长，成功跻身美国财富500强榜单。
维多利亚的秘密是美国知名内衣、服饰及美妆零售商，1977年由斯坦福大学研究生罗伊·雷蒙德与妻子盖伊共同创立，1982年旗下5家内衣门店被莱斯·韦克斯纳收购。韦克斯纳随后快速将门店布局到全美各大购物中心，到90年代初已在全国拥有350家门店，销售额达10亿美元，成为美国最大的内衣零售商。
MAS vs VSCO — 直观对比
营收规模更大
MAS
是对方的1.3倍
$1.5B
营收增速更快
VSCO
高出2.8%
6.5%
净利率更高
MAS
高出14.4%
-2.5%
两年增速更快
MAS
近两年复合增速
-15.9%
损益表 — Q1 FY2026 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $1.5B |
| 净利润 | $228.0M | $-37.0M |
| 毛利率 | 35.8% | 36.4% |
| 营业利润率 | 16.5% | -1.3% |
| 净利率 | 11.9% | -2.5% |
| 营收同比 | 6.5% | 9.3% |
| 净利润同比 | 14.5% | 33.9% |
| 每股收益（稀释后） | — | $-0.46 |
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MASVSCO
| Q1 26 | $1.9B | — | ||
| Q4 25 | $1.8B | $1.5B | ||
| Q3 25 | $1.9B | $1.5B | ||
| Q2 25 | $2.1B | $1.4B | ||
| Q1 25 | $1.8B | $2.1B | ||
| Q4 24 | $1.8B | $1.3B | ||
| Q3 24 | $2.0B | $1.4B | ||
| Q2 24 | $2.1B | $1.4B |
净利润MASVSCO
| Q1 26 | $228.0M | — | ||
| Q4 25 | $165.0M | $-37.0M | ||
| Q3 25 | $189.0M | $16.0M | ||
| Q2 25 | $270.0M | $-2.0M | ||
| Q1 25 | $186.0M | $193.0M | ||
| Q4 24 | $182.0M | $-56.0M | ||
| Q3 24 | $167.0M | $32.0M | ||
| Q2 24 | $258.0M | $-4.0M |
毛利率MASVSCO
| Q1 26 | 35.8% | — | ||
| Q4 25 | 33.9% | 36.4% | ||
| Q3 25 | 34.2% | 35.6% | ||
| Q2 25 | 37.6% | 35.0% | ||
| Q1 25 | 35.8% | 38.6% | ||
| Q4 24 | 34.8% | 34.7% | ||
| Q3 24 | 36.6% | 35.4% | ||
| Q2 24 | 37.5% | 36.9% |
营业利润率MASVSCO
| Q1 26 | 16.5% | — | ||
| Q4 25 | 13.8% | -1.3% | ||
| Q3 25 | 15.8% | 2.8% | ||
| Q2 25 | 20.1% | 1.5% | ||
| Q1 25 | 15.9% | 12.8% | ||
| Q4 24 | 15.9% | -3.5% | ||
| Q3 24 | 18.0% | 4.4% | ||
| Q2 24 | 19.0% | 1.9% |
净利率MASVSCO
| Q1 26 | 11.9% | — | ||
| Q4 25 | 9.2% | -2.5% | ||
| Q3 25 | 9.9% | 1.1% | ||
| Q2 25 | 13.2% | -0.1% | ||
| Q1 25 | 10.3% | 9.2% | ||
| Q4 24 | 10.0% | -4.2% | ||
| Q3 24 | 8.4% | 2.3% | ||
| Q2 24 | 12.3% | -0.3% |
每股收益（稀释后）MASVSCO
| Q1 26 | — | — | ||
| Q4 25 | $0.81 | $-0.46 | ||
| Q3 25 | $0.90 | $0.20 | ||
| Q2 25 | $1.28 | $-0.02 | ||
| Q1 25 | $0.87 | $2.41 | ||
| Q4 24 | $0.85 | $-0.71 | ||
| Q3 24 | $0.77 | $0.40 | ||
| Q2 24 | $1.17 | $-0.05 |
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 | — | $249.0M |
| 总债务越低越好 | $2.9B | — |
| 股东权益账面价值 | $27.0M | $653.0M |
| 总资产 | $5.2B | $5.1B |
| 负债/权益比越低杠杆越低 | 109.07× | — |
8季度趋势，按日历期对齐
现金及短期投资MASVSCO
| Q1 26 | — | — | ||
| Q4 25 | $647.0M | $249.0M | ||
| Q3 25 | $559.0M | $188.0M | ||
| Q2 25 | $390.0M | $138.0M | ||
| Q1 25 | $377.0M | $227.0M | ||
| Q4 24 | $634.0M | $161.0M | ||
| Q3 24 | $646.0M | $169.0M | ||
| Q2 24 | $398.0M | $105.0M |
总债务MASVSCO
| Q1 26 | $2.9B | — | ||
| Q4 25 | $2.9B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $2.9B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益MASVSCO
| Q1 26 | $27.0M | — | ||
| Q4 25 | $-185.0M | $653.0M | ||
| Q3 25 | $-78.0M | $680.0M | ||
| Q2 25 | $-84.0M | $645.0M | ||
| Q1 25 | $-254.0M | $640.0M | ||
| Q4 24 | $-279.0M | $429.0M | ||
| Q3 24 | $-88.0M | $472.0M | ||
| Q2 24 | $-26.0M | $423.0M |
总资产MASVSCO
| Q1 26 | $5.2B | — | ||
| Q4 25 | $5.2B | $5.1B | ||
| Q3 25 | $5.3B | $4.8B | ||
| Q2 25 | $5.3B | $4.6B | ||
| Q1 25 | $5.1B | $4.5B | ||
| Q4 24 | $5.0B | $4.9B | ||
| Q3 24 | $5.3B | $4.6B | ||
| Q2 24 | $5.4B | $4.4B |
负债/权益比MASVSCO
| Q1 26 | 109.07× | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | — | $-180.0M |
| 自由现金流经营现金流 - 资本支出 | — | $-232.0M |
| 自由现金流率自由现金流/营收 | — | -15.8% |
| 资本支出强度资本支出/营收 | 1.8% | 3.5% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | — | $309.0M |
8季度趋势，按日历期对齐
经营现金流MASVSCO
| Q1 26 | — | — | ||
| Q4 25 | $418.0M | $-180.0M | ||
| Q3 25 | $456.0M | $156.0M | ||
| Q2 25 | $306.0M | $-150.0M | ||
| Q1 25 | $-158.0M | $674.0M | ||
| Q4 24 | $407.0M | $-248.0M | ||
| Q3 24 | $416.0M | $115.0M | ||
| Q2 24 | $346.0M | $-116.0M |
自由现金流MASVSCO
| Q1 26 | — | — | ||
| Q4 25 | $371.0M | $-232.0M | ||
| Q3 25 | $415.0M | $88.0M | ||
| Q2 25 | $270.0M | $-193.0M | ||
| Q1 25 | $-190.0M | $646.0M | ||
| Q4 24 | $351.0M | $-299.0M | ||
| Q3 24 | $378.0M | $55.0M | ||
| Q2 24 | $303.0M | $-155.0M |
自由现金流率MASVSCO
| Q1 26 | — | — | ||
| Q4 25 | 20.7% | -15.8% | ||
| Q3 25 | 21.6% | 6.0% | ||
| Q2 25 | 13.2% | -14.3% | ||
| Q1 25 | -10.5% | 30.7% | ||
| Q4 24 | 19.2% | -22.2% | ||
| Q3 24 | 19.1% | 3.9% | ||
| Q2 24 | 14.5% | -11.4% |
资本支出强度MASVSCO
| Q1 26 | 1.8% | — | ||
| Q4 25 | 2.6% | 3.5% | ||
| Q3 25 | 2.1% | 4.7% | ||
| Q2 25 | 1.8% | 3.2% | ||
| Q1 25 | 1.8% | 1.3% | ||
| Q4 24 | 3.1% | 3.8% | ||
| Q3 24 | 1.9% | 4.2% | ||
| Q2 24 | 2.1% | 2.9% |
现金转化率MASVSCO
| Q1 26 | — | — | ||
| Q4 25 | 2.53× | — | ||
| Q3 25 | 2.41× | 9.75× | ||
| Q2 25 | 1.13× | — | ||
| Q1 25 | -0.85× | 3.49× | ||
| Q4 24 | 2.24× | — | ||
| Q3 24 | 2.49× | 3.59× | ||
| Q2 24 | 1.34× | — |
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
MAS
暂无分部数据
VSCO
| Sales Channel North America Stores | $778.0M | 53% |
| Sales Channel Directly To Consumer | $429.0M | 29% |
| Sales Channel International | $265.0M | 18% |
| Sales Channel Loyalty And Private Label Credit Card | $19.0M | 1% |
