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美森（MATX）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
维多利亚的秘密的季度营收约是美森的1.7倍（$1.5B vs $851.9M），美森净利率更高（16.8% vs -2.5%，领先19.3%），维多利亚的秘密同比增速更快（9.3% vs -4.3%），美森自由现金流更多（$42.2M vs $-232.0M），过去两年美森的营收复合增速更高（8.6% vs -15.9%）
美森公司（Matson, Inc.）是美国知名航运服务企业，总部位于夏威夷州火奴鲁鲁，成立于1882年。旗下子公司美森航运主营跨太平洋海运业务，服务覆盖夏威夷、阿拉斯加、关岛、密克罗尼西亚、太平洋诸岛、中国及日本等地区。
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。
MATX vs VSCO — 直观对比
营收规模更大
VSCO
是对方的1.7倍
$851.9M
营收增速更快
VSCO
高出13.6%
-4.3%
净利率更高
MATX
高出19.3%
-2.5%
自由现金流更多
MATX
多$274.2M
$-232.0M
两年增速更快
MATX
近两年复合增速
-15.9%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $851.9M | $1.5B |
| 净利润 | $143.1M | $-37.0M |
| 毛利率 | — | 36.4% |
| 营业利润率 | 16.9% | -1.3% |
| 净利率 | 16.8% | -2.5% |
| 营收同比 | -4.3% | 9.3% |
| 净利润同比 | 11.8% | 33.9% |
| 每股收益（稀释后） | $4.47 | $-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MATXVSCO
| Q4 25 | $851.9M | $1.5B | ||
| Q3 25 | $880.1M | $1.5B | ||
| Q2 25 | $830.5M | $1.4B | ||
| Q1 25 | $782.0M | $2.1B | ||
| Q4 24 | $890.3M | $1.3B | ||
| Q3 24 | $962.0M | $1.4B | ||
| Q2 24 | $847.4M | $1.4B | ||
| Q1 24 | $722.1M | $2.1B |
净利润MATXVSCO
| Q4 25 | $143.1M | $-37.0M | ||
| Q3 25 | $134.7M | $16.0M | ||
| Q2 25 | $94.7M | $-2.0M | ||
| Q1 25 | $72.3M | $193.0M | ||
| Q4 24 | $128.0M | $-56.0M | ||
| Q3 24 | $199.1M | $32.0M | ||
| Q2 24 | $113.2M | $-4.0M | ||
| Q1 24 | $36.1M | $180.0M |
毛利率MATXVSCO
| Q4 25 | — | 36.4% | ||
| Q3 25 | — | 35.6% | ||
| Q2 25 | — | 35.0% | ||
| Q1 25 | — | 38.6% | ||
| Q4 24 | — | 34.7% | ||
| Q3 24 | — | 35.4% | ||
| Q2 24 | — | 36.9% | ||
| Q1 24 | — | 39.7% |
营业利润率MATXVSCO
| Q4 25 | 16.9% | -1.3% | ||
| Q3 25 | 18.3% | 2.8% | ||
| Q2 25 | 13.6% | 1.5% | ||
| Q1 25 | 10.5% | 12.8% | ||
| Q4 24 | 16.6% | -3.5% | ||
| Q3 24 | 25.2% | 4.4% | ||
| Q2 24 | 14.7% | 1.9% | ||
| Q1 24 | 5.1% | 12.4% |
净利率MATXVSCO
| Q4 25 | 16.8% | -2.5% | ||
| Q3 25 | 15.3% | 1.1% | ||
| Q2 25 | 11.4% | -0.1% | ||
| Q1 25 | 9.2% | 9.2% | ||
| Q4 24 | 14.4% | -4.2% | ||
| Q3 24 | 20.7% | 2.3% | ||
| Q2 24 | 13.4% | -0.3% | ||
| Q1 24 | 5.0% | 8.6% |
每股收益（稀释后）MATXVSCO
| Q4 25 | $4.47 | $-0.46 | ||
| Q3 25 | $4.24 | $0.20 | ||
| Q2 25 | $2.92 | $-0.02 | ||
| Q1 25 | $2.18 | $2.41 | ||
| Q4 24 | $3.69 | $-0.71 | ||
| Q3 24 | $5.89 | $0.40 | ||
| Q2 24 | $3.31 | $-0.05 | ||
| Q1 24 | $1.04 | $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 | $141.9M | $249.0M |
| 总债务越低越好 | $361.2M | — |
| 股东权益账面价值 | $2.8B | $653.0M |
| 总资产 | $4.6B | $5.1B |
| 负债/权益比越低杠杆越低 | 0.13× | — |
8季度趋势，按日历期对齐
现金及短期投资MATXVSCO
| Q4 25 | $141.9M | $249.0M | ||
| Q3 25 | $92.7M | $188.0M | ||
| Q2 25 | $59.1M | $138.0M | ||
| Q1 25 | $122.0M | $227.0M | ||
| Q4 24 | $266.8M | $161.0M | ||
| Q3 24 | $270.3M | $169.0M | ||
| Q2 24 | $168.2M | $105.0M | ||
| Q1 24 | $25.9M | $270.0M |
总债务MATXVSCO
| Q4 25 | $361.2M | — | ||
| Q3 25 | $370.9M | — | ||
| Q2 25 | $341.3M | — | ||
| Q1 25 | $351.1M | — | ||
| Q4 24 | $361.2M | — | ||
| Q3 24 | $370.9M | — | ||
| Q2 24 | $381.0M | — | ||
| Q1 24 | $390.8M | — |
股东权益MATXVSCO
| Q4 25 | $2.8B | $653.0M | ||
| Q3 25 | $2.7B | $680.0M | ||
| Q2 25 | $2.6B | $645.0M | ||
| Q1 25 | $2.6B | $640.0M | ||
| Q4 24 | $2.7B | $429.0M | ||
| Q3 24 | $2.6B | $472.0M | ||
| Q2 24 | $2.4B | $423.0M | ||
| Q1 24 | $2.4B | $417.0M |
总资产MATXVSCO
| Q4 25 | $4.6B | $5.1B | ||
| Q3 25 | $4.6B | $4.8B | ||
| Q2 25 | $4.5B | $4.6B | ||
| Q1 25 | $4.5B | $4.5B | ||
| Q4 24 | $4.6B | $4.9B | ||
| Q3 24 | $4.4B | $4.6B | ||
| Q2 24 | $4.3B | $4.4B | ||
| Q1 24 | $4.2B | $4.6B |
负债/权益比MATXVSCO
| Q4 25 | 0.13× | — | ||
| Q3 25 | 0.14× | — | ||
| Q2 25 | 0.13× | — | ||
| Q1 25 | 0.13× | — | ||
| Q4 24 | 0.14× | — | ||
| Q3 24 | 0.15× | — | ||
| Q2 24 | 0.16× | — | ||
| Q1 24 | 0.16× | — |
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 | $176.9M | $-180.0M |
| 自由现金流经营现金流 - 资本支出 | $42.2M | $-232.0M |
| 自由现金流率自由现金流/营收 | 5.0% | -15.8% |
| 资本支出强度资本支出/营收 | 15.8% | 3.5% |
| 现金转化率经营现金流/净利润 | 1.24× | — |
| 过去12个月自由现金流最近4个季度 | $153.7M | $309.0M |
8季度趋势，按日历期对齐
经营现金流MATXVSCO
| Q4 25 | $176.9M | $-180.0M | ||
| Q3 25 | $175.6M | $156.0M | ||
| Q2 25 | $105.6M | $-150.0M | ||
| Q1 25 | $89.0M | $674.0M | ||
| Q4 24 | $174.7M | $-248.0M | ||
| Q3 24 | $248.6M | $115.0M | ||
| Q2 24 | $307.9M | $-116.0M | ||
| Q1 24 | $36.6M | $589.0M |
自由现金流MATXVSCO
| Q4 25 | $42.2M | $-232.0M | ||
| Q3 25 | $92.4M | $88.0M | ||
| Q2 25 | $19.3M | $-193.0M | ||
| Q1 25 | $-200.0K | $646.0M | ||
| Q4 24 | $49.3M | $-299.0M | ||
| Q3 24 | $189.0M | $55.0M | ||
| Q2 24 | $238.1M | $-155.0M | ||
| Q1 24 | $-18.7M | $557.0M |
自由现金流率MATXVSCO
| Q4 25 | 5.0% | -15.8% | ||
| Q3 25 | 10.5% | 6.0% | ||
| Q2 25 | 2.3% | -14.3% | ||
| Q1 25 | -0.0% | 30.7% | ||
| Q4 24 | 5.5% | -22.2% | ||
| Q3 24 | 19.6% | 3.9% | ||
| Q2 24 | 28.1% | -11.4% | ||
| Q1 24 | -2.6% | 26.7% |
资本支出强度MATXVSCO
| Q4 25 | 15.8% | 3.5% | ||
| Q3 25 | 9.5% | 4.7% | ||
| Q2 25 | 10.4% | 3.2% | ||
| Q1 25 | 11.4% | 1.3% | ||
| Q4 24 | 14.1% | 3.8% | ||
| Q3 24 | 6.2% | 4.2% | ||
| Q2 24 | 8.2% | 2.9% | ||
| Q1 24 | 7.7% | 1.5% |
现金转化率MATXVSCO
| Q4 25 | 1.24× | — | ||
| Q3 25 | 1.30× | 9.75× | ||
| Q2 25 | 1.12× | — | ||
| Q1 25 | 1.23× | 3.49× | ||
| Q4 24 | 1.36× | — | ||
| Q3 24 | 1.25× | 3.59× | ||
| Q2 24 | 2.72× | — | ||
| Q1 24 | 1.01× | 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
MATX
| Ocean Transportation Segment | $704.2M | 83% |
| Logistics Services Segment | $147.7M | 17% |
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% |
