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迈心诺（MASI）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
迈心诺的季度营收约是SPORTSMAN'S WAREHOUSE HOLDINGS, INC.的1.1倍（$371.5M vs $331.3M），SPORTSMAN'S WAREHOUSE HOLDINGS, INC.净利率更高（0.0% vs -27.0%，领先27.0%），SPORTSMAN'S WAREHOUSE HOLDINGS, INC.同比增速更快（2.2% vs -26.4%），迈心诺自由现金流更多（$50.9M vs $8.7M），过去两年SPORTSMAN'S WAREHOUSE HOLDINGS, INC.的营收复合增速更高（-5.4% vs -17.7%）
迈心诺（Masimo Corporation）是总部位于美国加利福尼亚州尔湾的健康科技及消费电子企业，核心产品包括面向医院及家用场景的患者监护设备、无创传感器及配套软件平台，同时也布局了消费级音频和可穿戴设备赛道。
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。
MASI vs SPWH — 直观对比
营收规模更大
MASI
是对方的1.1倍
$331.3M
营收增速更快
SPWH
高出28.6%
-26.4%
净利率更高
SPWH
高出27.0%
-27.0%
自由现金流更多
MASI
多$42.2M
$8.7M
两年增速更快
SPWH
近两年复合增速
-17.7%
损益表 — Q3 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $371.5M | $331.3M |
| 净利润 | $-100.4M | $8.0K |
| 毛利率 | 62.1% | 32.8% |
| 营业利润率 | 22.5% | 1.3% |
| 净利率 | -27.0% | 0.0% |
| 营收同比 | -26.4% | 2.2% |
| 净利润同比 | -1124.5% | -97.8% |
| 每股收益（稀释后） | $-1.84 | $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MASISPWH
| Q4 25 | — | $331.3M | ||
| Q3 25 | $371.5M | $293.9M | ||
| Q2 25 | $370.9M | $249.1M | ||
| Q1 25 | $372.0M | $340.4M | ||
| Q4 24 | $600.7M | $324.3M | ||
| Q3 24 | $504.6M | $288.7M | ||
| Q2 24 | $496.3M | $244.2M | ||
| Q1 24 | $492.8M | $370.4M |
净利润MASISPWH
| Q4 25 | — | $8.0K | ||
| Q3 25 | $-100.4M | $-7.1M | ||
| Q2 25 | $51.3M | $-21.3M | ||
| Q1 25 | $-170.7M | $-8.7M | ||
| Q4 24 | $-349.6M | $-364.0K | ||
| Q3 24 | $9.8M | $-5.9M | ||
| Q2 24 | $16.0M | $-18.1M | ||
| Q1 24 | $18.9M | $-8.7M |
毛利率MASISPWH
| Q4 25 | — | 32.8% | ||
| Q3 25 | 62.1% | 32.0% | ||
| Q2 25 | 62.9% | 30.4% | ||
| Q1 25 | 62.9% | 30.4% | ||
| Q4 24 | 40.7% | 31.8% | ||
| Q3 24 | 52.2% | 31.2% | ||
| Q2 24 | 51.3% | 30.2% | ||
| Q1 24 | 49.0% | 26.8% |
营业利润率MASISPWH
| Q4 25 | — | 1.3% | ||
| Q3 25 | 22.5% | -1.1% | ||
| Q2 25 | 17.4% | -7.9% | ||
| Q1 25 | 21.0% | 1.1% | ||
| Q4 24 | -59.8% | 1.0% | ||
| Q3 24 | 6.0% | -1.5% | ||
| Q2 24 | 5.7% | -8.4% | ||
| Q1 24 | 6.9% | -2.1% |
净利率MASISPWH
| Q4 25 | — | 0.0% | ||
| Q3 25 | -27.0% | -2.4% | ||
| Q2 25 | 13.8% | -8.5% | ||
| Q1 25 | -45.9% | -2.6% | ||
| Q4 24 | -58.2% | -0.1% | ||
| Q3 24 | 1.9% | -2.0% | ||
| Q2 24 | 3.2% | -7.4% | ||
| Q1 24 | 3.8% | -2.4% |
每股收益（稀释后）MASISPWH
| Q4 25 | — | $0.00 | ||
| Q3 25 | $-1.84 | $-0.18 | ||
| Q2 25 | $0.94 | $-0.56 | ||
| Q1 25 | $-3.12 | $-0.22 | ||
| Q4 24 | $-6.54 | $-0.01 | ||
| Q3 24 | $0.18 | $-0.16 | ||
| Q2 24 | $0.29 | $-0.48 | ||
| Q1 24 | $0.35 | $-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 | $312.3M | $2.2M |
| 总债务越低越好 | $559.1M | $44.0M |
| 股东权益账面价值 | $810.0M | $209.5M |
| 总资产 | $1.8B | $913.9M |
| 负债/权益比越低杠杆越低 | 0.69× | 0.21× |
8季度趋势，按日历期对齐
现金及短期投资MASISPWH
| Q4 25 | — | $2.2M | ||
| Q3 25 | $312.3M | $1.8M | ||
| Q2 25 | $149.6M | $3.6M | ||
| Q1 25 | $130.8M | $2.8M | ||
| Q4 24 | $177.6M | $2.7M | ||
| Q3 24 | $158.5M | $2.6M | ||
| Q2 24 | $129.6M | $2.2M | ||
| Q1 24 | $157.6M | $3.1M |
总债务MASISPWH
| Q4 25 | — | $44.0M | ||
| Q3 25 | $559.1M | $43.9M | ||
| Q2 25 | $613.7M | $24.1M | ||
| Q1 25 | $651.0M | $24.1M | ||
| Q4 24 | $765.2M | $24.0M | ||
| Q3 24 | $772.6M | $24.0M | ||
| Q2 24 | $781.6M | — | ||
| Q1 24 | $876.0M | — |
股东权益MASISPWH
| Q4 25 | — | $209.5M | ||
| Q3 25 | $810.0M | $208.9M | ||
| Q2 25 | $1.0B | $215.1M | ||
| Q1 25 | $946.4M | $235.7M | ||
| Q4 24 | $1.1B | $243.6M | ||
| Q3 24 | $1.5B | $243.0M | ||
| Q2 24 | $1.4B | $247.5M | ||
| Q1 24 | $1.4B | $264.6M |
总资产MASISPWH
| Q4 25 | — | $913.9M | ||
| Q3 25 | $1.8B | $948.9M | ||
| Q2 25 | $2.4B | $929.7M | ||
| Q1 25 | $2.3B | $852.1M | ||
| Q4 24 | $2.6B | $967.7M | ||
| Q3 24 | $3.1B | $901.9M | ||
| Q2 24 | $2.9B | $930.4M | ||
| Q1 24 | $3.0B | $886.2M |
负债/权益比MASISPWH
| Q4 25 | — | 0.21× | ||
| Q3 25 | 0.69× | 0.21× | ||
| Q2 25 | 0.59× | 0.11× | ||
| Q1 25 | 0.69× | 0.10× | ||
| Q4 24 | 0.73× | 0.10× | ||
| Q3 24 | 0.53× | 0.10× | ||
| Q2 24 | 0.57× | — | ||
| Q1 24 | 0.64× | — |
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 | $56.8M | $16.3M |
| 自由现金流经营现金流 - 资本支出 | $50.9M | $8.7M |
| 自由现金流率自由现金流/营收 | 13.7% | 2.6% |
| 资本支出强度资本支出/营收 | 1.6% | 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 | $191.0M | $-39.7M |
8季度趋势，按日历期对齐
经营现金流MASISPWH
| Q4 25 | — | $16.3M | ||
| Q3 25 | $56.8M | $-26.6M | ||
| Q2 25 | $69.4M | $-60.2M | ||
| Q1 25 | $31.1M | $52.8M | ||
| Q4 24 | $50.5M | $-2.5M | ||
| Q3 24 | $25.6M | $18.5M | ||
| Q2 24 | $74.5M | $-34.6M | ||
| Q1 24 | $45.8M | $68.9M |
自由现金流MASISPWH
| Q4 25 | — | $8.7M | ||
| Q3 25 | $50.9M | $-33.9M | ||
| Q2 25 | $65.6M | $-64.0M | ||
| Q1 25 | $28.5M | $49.6M | ||
| Q4 24 | $46.0M | $-6.2M | ||
| Q3 24 | $16.9M | $14.1M | ||
| Q2 24 | $66.9M | $-38.0M | ||
| Q1 24 | $37.6M | $60.2M |
自由现金流率MASISPWH
| Q4 25 | — | 2.6% | ||
| Q3 25 | 13.7% | -11.5% | ||
| Q2 25 | 17.7% | -25.7% | ||
| Q1 25 | 7.7% | 14.6% | ||
| Q4 24 | 7.7% | -1.9% | ||
| Q3 24 | 3.3% | 4.9% | ||
| Q2 24 | 13.5% | -15.5% | ||
| Q1 24 | 7.6% | 16.2% |
资本支出强度MASISPWH
| Q4 25 | — | 2.3% | ||
| Q3 25 | 1.6% | 2.5% | ||
| Q2 25 | 1.0% | 1.5% | ||
| Q1 25 | 0.7% | 1.0% | ||
| Q4 24 | 0.7% | 1.1% | ||
| Q3 24 | 1.7% | 1.5% | ||
| Q2 24 | 1.5% | 1.4% | ||
| Q1 24 | 1.7% | 2.4% |
现金转化率MASISPWH
| Q4 25 | — | 2038.00× | ||
| Q3 25 | — | — | ||
| Q2 25 | 1.35× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 2.61× | — | ||
| Q2 24 | 4.66× | — | ||
| Q1 24 | 2.42× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
