vs
美泰（MAT）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
美泰的季度营收约是维多利亚的秘密的1.2倍（$1.8B vs $1.5B），美泰净利率更高（6.0% vs -2.5%，领先8.5%），维多利亚的秘密同比增速更快（9.3% vs 7.3%），过去两年美泰的营收复合增速更高（47.7% vs -15.9%）
美泰是美国知名玩具及娱乐企业，旗下影视制作部门美泰影业运营时间为2018年9月6日至2025年6月2日。其前身为2013年10月16日成立的美泰Playground Productions，更早可追溯至美泰娱乐、美泰工作室等集团原有娱乐业务品牌。
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。
MAT vs VSCO — 直观对比
营收规模更大
MAT
是对方的1.2倍
$1.5B
营收增速更快
VSCO
高出2.0%
7.3%
净利率更高
MAT
高出8.5%
-2.5%
两年增速更快
MAT
近两年复合增速
-15.9%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $1.5B |
| 净利润 | $106.2M | $-37.0M |
| 毛利率 | 45.9% | 36.4% |
| 营业利润率 | 8.0% | -1.3% |
| 净利率 | 6.0% | -2.5% |
| 营收同比 | 7.3% | 9.3% |
| 净利润同比 | -24.6% | 33.9% |
| 每股收益（稀释后） | $0.32 | $-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MATVSCO
| Q4 25 | $1.8B | $1.5B | ||
| Q3 25 | $1.7B | $1.5B | ||
| Q2 25 | $1.0B | $1.4B | ||
| Q1 25 | $826.6M | $2.1B | ||
| Q4 24 | $1.6B | $1.3B | ||
| Q3 24 | $1.8B | $1.4B | ||
| Q2 24 | $1.1B | $1.4B | ||
| Q1 24 | $809.5M | $2.1B |
净利润MATVSCO
| Q4 25 | $106.2M | $-37.0M | ||
| Q3 25 | $278.4M | $16.0M | ||
| Q2 25 | $53.4M | $-2.0M | ||
| Q1 25 | $-40.3M | $193.0M | ||
| Q4 24 | $140.9M | $-56.0M | ||
| Q3 24 | $372.4M | $32.0M | ||
| Q2 24 | $56.9M | $-4.0M | ||
| Q1 24 | $-28.3M | $180.0M |
毛利率MATVSCO
| Q4 25 | 45.9% | 36.4% | ||
| Q3 25 | 50.0% | 35.6% | ||
| Q2 25 | 50.9% | 35.0% | ||
| Q1 25 | 49.4% | 38.6% | ||
| Q4 24 | 50.7% | 34.7% | ||
| Q3 24 | 53.1% | 35.4% | ||
| Q2 24 | 49.2% | 36.9% | ||
| Q1 24 | 48.0% | 39.7% |
营业利润率MATVSCO
| Q4 25 | 8.0% | -1.3% | ||
| Q3 25 | 21.9% | 2.8% | ||
| Q2 25 | 7.7% | 1.5% | ||
| Q1 25 | -6.4% | 12.8% | ||
| Q4 24 | 9.6% | -3.5% | ||
| Q3 24 | 26.5% | 4.4% | ||
| Q2 24 | 7.7% | 1.9% | ||
| Q1 24 | -4.4% | 12.4% |
净利率MATVSCO
| Q4 25 | 6.0% | -2.5% | ||
| Q3 25 | 16.0% | 1.1% | ||
| Q2 25 | 5.2% | -0.1% | ||
| Q1 25 | -4.9% | 9.2% | ||
| Q4 24 | 8.6% | -4.2% | ||
| Q3 24 | 20.2% | 2.3% | ||
| Q2 24 | 5.3% | -0.3% | ||
| Q1 24 | -3.5% | 8.6% |
每股收益（稀释后）MATVSCO
| Q4 25 | $0.32 | $-0.46 | ||
| Q3 25 | $0.88 | $0.20 | ||
| Q2 25 | $0.16 | $-0.02 | ||
| Q1 25 | $-0.12 | $2.41 | ||
| Q4 24 | $0.40 | $-0.71 | ||
| Q3 24 | $1.09 | $0.40 | ||
| Q2 24 | $0.17 | $-0.05 | ||
| Q1 24 | $-0.08 | $2.32 |
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 | $1.2B | $249.0M |
| 总债务越低越好 | $2.3B | — |
| 股东权益账面价值 | $2.2B | $653.0M |
| 总资产 | $6.6B | $5.1B |
| 负债/权益比越低杠杆越低 | 1.04× | — |
8季度趋势，按日历期对齐
现金及短期投资MATVSCO
| Q4 25 | $1.2B | $249.0M | ||
| Q3 25 | $691.9M | $188.0M | ||
| Q2 25 | $870.5M | $138.0M | ||
| Q1 25 | $1.2B | $227.0M | ||
| Q4 24 | $1.4B | $161.0M | ||
| Q3 24 | $723.5M | $169.0M | ||
| Q2 24 | $722.4M | $105.0M | ||
| Q1 24 | $1.1B | $270.0M |
总债务MATVSCO
| Q4 25 | $2.3B | — | ||
| Q3 25 | $2.3B | — | ||
| Q2 25 | $2.3B | — | ||
| Q1 25 | $2.3B | — | ||
| Q4 24 | $2.3B | — | ||
| Q3 24 | $2.3B | — | ||
| Q2 24 | $2.3B | — | ||
| Q1 24 | $2.3B | — |
股东权益MATVSCO
| Q4 25 | $2.2B | $653.0M | ||
| Q3 25 | $2.3B | $680.0M | ||
| Q2 25 | $2.2B | $645.0M | ||
| Q1 25 | $2.1B | $640.0M | ||
| Q4 24 | $2.3B | $429.0M | ||
| Q3 24 | $2.3B | $472.0M | ||
| Q2 24 | $2.0B | $423.0M | ||
| Q1 24 | $2.0B | $417.0M |
总资产MATVSCO
| Q4 25 | $6.6B | $5.1B | ||
| Q3 25 | $6.6B | $4.8B | ||
| Q2 25 | $6.2B | $4.6B | ||
| Q1 25 | $6.2B | $4.5B | ||
| Q4 24 | $6.5B | $4.9B | ||
| Q3 24 | $6.5B | $4.6B | ||
| Q2 24 | $5.9B | $4.4B | ||
| Q1 24 | $6.1B | $4.6B |
负债/权益比MATVSCO
| Q4 25 | 1.04× | — | ||
| Q3 25 | 1.03× | — | ||
| Q2 25 | 1.08× | — | ||
| Q1 25 | 1.10× | — | ||
| Q4 24 | 1.03× | — | ||
| Q3 24 | 1.01× | — | ||
| Q2 24 | 1.18× | — | ||
| Q1 24 | 1.15× | — |
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 | $796.6M | $-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 | — | 3.5% |
| 现金转化率经营现金流/净利润 | 7.50× | — |
| 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MATVSCO
| Q4 25 | $796.6M | $-180.0M | ||
| Q3 25 | $72.0M | $156.0M | ||
| Q2 25 | $-300.1M | $-150.0M | ||
| Q1 25 | $24.8M | $674.0M | ||
| Q4 24 | $862.1M | $-248.0M | ||
| Q3 24 | $155.8M | $115.0M | ||
| Q2 24 | $-252.9M | $-116.0M | ||
| Q1 24 | $35.5M | $589.0M |
自由现金流MATVSCO
| Q4 25 | — | $-232.0M | ||
| Q3 25 | — | $88.0M | ||
| Q2 25 | — | $-193.0M | ||
| Q1 25 | — | $646.0M | ||
| Q4 24 | — | $-299.0M | ||
| Q3 24 | — | $55.0M | ||
| Q2 24 | — | $-155.0M | ||
| Q1 24 | — | $557.0M |
自由现金流率MATVSCO
| Q4 25 | — | -15.8% | ||
| Q3 25 | — | 6.0% | ||
| Q2 25 | — | -14.3% | ||
| Q1 25 | — | 30.7% | ||
| Q4 24 | — | -22.2% | ||
| Q3 24 | — | 3.9% | ||
| Q2 24 | — | -11.4% | ||
| Q1 24 | — | 26.7% |
资本支出强度MATVSCO
| Q4 25 | — | 3.5% | ||
| Q3 25 | — | 4.7% | ||
| Q2 25 | — | 3.2% | ||
| Q1 25 | — | 1.3% | ||
| Q4 24 | — | 3.8% | ||
| Q3 24 | — | 4.2% | ||
| Q2 24 | — | 2.9% | ||
| Q1 24 | — | 1.5% |
现金转化率MATVSCO
| Q4 25 | 7.50× | — | ||
| Q3 25 | 0.26× | 9.75× | ||
| Q2 25 | -5.62× | — | ||
| Q1 25 | — | 3.49× | ||
| Q4 24 | 6.12× | — | ||
| Q3 24 | 0.42× | 3.59× | ||
| Q2 24 | -4.45× | — | ||
| Q1 24 | — | 3.27× |
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
MAT
| North America Segment | $1.0B | 58% |
| International Segment | $745.6M | 42% |
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% |
