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MSC INDUSTRIAL DIRECT CO INC（MSM）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MSC INDUSTRIAL DIRECT CO INC的1.5倍（$1.5B vs $965.7M），MSC INDUSTRIAL DIRECT CO INC净利率更高（5.4% vs -2.5%，领先7.9%），维多利亚的秘密同比增速更快（9.3% vs 4.0%），MSC INDUSTRIAL DIRECT CO INC自由现金流更多（$7.4M vs $-232.0M），过去两年MSC INDUSTRIAL DIRECT CO INC的营收复合增速更高（-3.4% vs -15.9%）
MSC工业直销公司（MSC）通过旗下主要子公司MSC工业供应公司，是美国规模最大的工业设备分销商之一，可提供超过150万种金属加工及其他工业类产品，广泛服务于工业制造、维修运维等领域的客户需求。
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。
MSM vs VSCO — 直观对比
营收规模更大
VSCO
是对方的1.5倍
$965.7M
营收增速更快
VSCO
高出5.3%
4.0%
净利率更高
MSM
高出7.9%
-2.5%
自由现金流更多
MSM
多$239.4M
$-232.0M
两年增速更快
MSM
近两年复合增速
-15.9%
损益表 — Q1 FY2026 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $965.7M | $1.5B |
| 净利润 | $51.8M | $-37.0M |
| 毛利率 | 40.7% | 36.4% |
| 营业利润率 | 7.9% | -1.3% |
| 净利率 | 5.4% | -2.5% |
| 营收同比 | 4.0% | 9.3% |
| 净利润同比 | 11.1% | 33.9% |
| 每股收益（稀释后） | $0.93 | $-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MSMVSCO
| Q4 25 | $965.7M | $1.5B | ||
| Q3 25 | $978.2M | $1.5B | ||
| Q2 25 | $971.1M | $1.4B | ||
| Q1 25 | — | $2.1B | ||
| Q4 24 | $928.5M | $1.3B | ||
| Q3 24 | — | $1.4B | ||
| Q2 24 | $979.4M | $1.4B | ||
| Q1 24 | $935.3M | $2.1B |
净利润MSMVSCO
| Q4 25 | $51.8M | $-37.0M | ||
| Q3 25 | $56.5M | $16.0M | ||
| Q2 25 | $56.8M | $-2.0M | ||
| Q1 25 | — | $193.0M | ||
| Q4 24 | $46.6M | $-56.0M | ||
| Q3 24 | — | $32.0M | ||
| Q2 24 | $71.7M | $-4.0M | ||
| Q1 24 | $61.8M | $180.0M |
毛利率MSMVSCO
| Q4 25 | 40.7% | 36.4% | ||
| Q3 25 | 40.4% | 35.6% | ||
| Q2 25 | 41.0% | 35.0% | ||
| Q1 25 | — | 38.6% | ||
| Q4 24 | 40.7% | 34.7% | ||
| Q3 24 | — | 35.4% | ||
| Q2 24 | 40.9% | 36.9% | ||
| Q1 24 | 41.5% | 39.7% |
营业利润率MSMVSCO
| Q4 25 | 7.9% | -1.3% | ||
| Q3 25 | 8.6% | 2.8% | ||
| Q2 25 | 8.5% | 1.5% | ||
| Q1 25 | — | 12.8% | ||
| Q4 24 | 7.8% | -3.5% | ||
| Q3 24 | — | 4.4% | ||
| Q2 24 | 10.9% | 1.9% | ||
| Q1 24 | 9.7% | 12.4% |
净利率MSMVSCO
| Q4 25 | 5.4% | -2.5% | ||
| Q3 25 | 5.8% | 1.1% | ||
| Q2 25 | 5.9% | -0.1% | ||
| Q1 25 | — | 9.2% | ||
| Q4 24 | 5.0% | -4.2% | ||
| Q3 24 | — | 2.3% | ||
| Q2 24 | 7.3% | -0.3% | ||
| Q1 24 | 6.6% | 8.6% |
每股收益（稀释后）MSMVSCO
| Q4 25 | $0.93 | $-0.46 | ||
| Q3 25 | $1.02 | $0.20 | ||
| Q2 25 | $1.02 | $-0.02 | ||
| Q1 25 | — | $2.41 | ||
| Q4 24 | $0.83 | $-0.71 | ||
| Q3 24 | — | $0.40 | ||
| Q2 24 | $1.27 | $-0.05 | ||
| Q1 24 | $1.10 | $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 | $40.3M | $249.0M |
| 总债务越低越好 | $214.1M | — |
| 股东权益账面价值 | $1.4B | $653.0M |
| 总资产 | $2.5B | $5.1B |
| 负债/权益比越低杠杆越低 | 0.16× | — |
8季度趋势，按日历期对齐
现金及短期投资MSMVSCO
| Q4 25 | $40.3M | $249.0M | ||
| Q3 25 | $56.2M | $188.0M | ||
| Q2 25 | $71.7M | $138.0M | ||
| Q1 25 | — | $227.0M | ||
| Q4 24 | $57.3M | $161.0M | ||
| Q3 24 | — | $169.0M | ||
| Q2 24 | $25.9M | $105.0M | ||
| Q1 24 | $22.2M | $270.0M |
总债务MSMVSCO
| Q4 25 | $214.1M | — | ||
| Q3 25 | $168.8M | — | ||
| Q2 25 | $285.0M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $289.9M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $299.8M | — | ||
| Q1 24 | $294.5M | — |
股东权益MSMVSCO
| Q4 25 | $1.4B | $653.0M | ||
| Q3 25 | $1.4B | $680.0M | ||
| Q2 25 | $1.4B | $645.0M | ||
| Q1 25 | — | $640.0M | ||
| Q4 24 | $1.4B | $429.0M | ||
| Q3 24 | — | $472.0M | ||
| Q2 24 | $1.4B | $423.0M | ||
| Q1 24 | $1.4B | $417.0M |
总资产MSMVSCO
| Q4 25 | $2.5B | $5.1B | ||
| Q3 25 | $2.5B | $4.8B | ||
| Q2 25 | $2.5B | $4.6B | ||
| Q1 25 | — | $4.5B | ||
| Q4 24 | $2.5B | $4.9B | ||
| Q3 24 | — | $4.6B | ||
| Q2 24 | $2.5B | $4.4B | ||
| Q1 24 | $2.5B | $4.6B |
负债/权益比MSMVSCO
| Q4 25 | 0.16× | — | ||
| Q3 25 | 0.12× | — | ||
| Q2 25 | 0.21× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.21× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.21× | — | ||
| Q1 24 | 0.21× | — |
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 | $29.4M | $-180.0M |
| 自由现金流经营现金流 - 资本支出 | $7.4M | $-232.0M |
| 自由现金流率自由现金流/营收 | 0.8% | -15.8% |
| 资本支出强度资本支出/营收 | 2.3% | 3.5% |
| 现金转化率经营现金流/净利润 | 0.57× | — |
| 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MSMVSCO
| Q4 25 | $29.4M | $-180.0M | ||
| Q3 25 | — | $156.0M | ||
| Q2 25 | $151.6M | $-150.0M | ||
| Q1 25 | — | $674.0M | ||
| Q4 24 | $101.9M | $-248.0M | ||
| Q3 24 | — | $115.0M | ||
| Q2 24 | $143.5M | $-116.0M | ||
| Q1 24 | $78.7M | $589.0M |
自由现金流MSMVSCO
| Q4 25 | $7.4M | $-232.0M | ||
| Q3 25 | — | $88.0M | ||
| Q2 25 | $100.7M | $-193.0M | ||
| Q1 25 | — | $646.0M | ||
| Q4 24 | $81.7M | $-299.0M | ||
| Q3 24 | — | $55.0M | ||
| Q2 24 | $114.0M | $-155.0M | ||
| Q1 24 | $53.4M | $557.0M |
自由现金流率MSMVSCO
| Q4 25 | 0.8% | -15.8% | ||
| Q3 25 | — | 6.0% | ||
| Q2 25 | 10.4% | -14.3% | ||
| Q1 25 | — | 30.7% | ||
| Q4 24 | 8.8% | -22.2% | ||
| Q3 24 | — | 3.9% | ||
| Q2 24 | 11.6% | -11.4% | ||
| Q1 24 | 5.7% | 26.7% |
资本支出强度MSMVSCO
| Q4 25 | 2.3% | 3.5% | ||
| Q3 25 | — | 4.7% | ||
| Q2 25 | 5.2% | 3.2% | ||
| Q1 25 | — | 1.3% | ||
| Q4 24 | 2.2% | 3.8% | ||
| Q3 24 | — | 4.2% | ||
| Q2 24 | 3.0% | 2.9% | ||
| Q1 24 | 2.7% | 1.5% |
现金转化率MSMVSCO
| Q4 25 | 0.57× | — | ||
| Q3 25 | — | 9.75× | ||
| Q2 25 | 2.67× | — | ||
| Q1 25 | — | 3.49× | ||
| Q4 24 | 2.18× | — | ||
| Q3 24 | — | 3.59× | ||
| Q2 24 | 2.00× | — | ||
| Q1 24 | 1.27× | 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
MSM
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% |
