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纳斯达克（NDAQ）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
纳斯达克的季度营收约是维多利亚的秘密的1.5倍（$2.1B vs $1.5B），纳斯达克净利率更高（24.3% vs -2.5%，领先26.8%），维多利亚的秘密同比增速更快（9.3% vs 2.0%），过去两年纳斯达克的营收复合增速更高（9.2% vs -15.9%）
纳斯达克是美国的证券交易所，市值规模在全球证券交易所中排名第二，也是全球首个完全电子化的股票市场。其总部位于纽约曼哈顿，是美国交易量领先、活跃度最高的股票交易场所之一。
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。
NDAQ vs VSCO — 直观对比
营收规模更大
NDAQ
是对方的1.5倍
$1.5B
营收增速更快
VSCO
高出7.3%
2.0%
净利率更高
NDAQ
高出26.8%
-2.5%
两年增速更快
NDAQ
近两年复合增速
-15.9%
损益表 — Q1 FY2026 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $1.5B |
| 净利润 | $519.0M | $-37.0M |
| 毛利率 | — | 36.4% |
| 营业利润率 | 30.7% | -1.3% |
| 净利率 | 24.3% | -2.5% |
| 营收同比 | 2.0% | 9.3% |
| 净利润同比 | 31.4% | 33.9% |
| 每股收益（稀释后） | $0.91 | $-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NDAQVSCO
| Q1 26 | $2.1B | — | ||
| Q4 25 | $2.1B | $1.5B | ||
| Q3 25 | $2.0B | $1.5B | ||
| Q2 25 | $2.1B | $1.4B | ||
| Q1 25 | $2.1B | $2.1B | ||
| Q4 24 | $2.0B | $1.3B | ||
| Q3 24 | $1.9B | $1.4B | ||
| Q2 24 | $1.8B | $1.4B |
净利润NDAQVSCO
| Q1 26 | $519.0M | — | ||
| Q4 25 | $518.0M | $-37.0M | ||
| Q3 25 | $423.0M | $16.0M | ||
| Q2 25 | $452.0M | $-2.0M | ||
| Q1 25 | $395.0M | $193.0M | ||
| Q4 24 | $355.0M | $-56.0M | ||
| Q3 24 | $306.0M | $32.0M | ||
| Q2 24 | $222.0M | $-4.0M |
毛利率NDAQVSCO
| Q1 26 | — | — | ||
| Q4 25 | 65.5% | 36.4% | ||
| Q3 25 | 67.2% | 35.6% | ||
| Q2 25 | 62.5% | 35.0% | ||
| Q1 25 | 59.2% | 38.6% | ||
| Q4 24 | 60.4% | 34.7% | ||
| Q3 24 | 60.3% | 35.4% | ||
| Q2 24 | 64.7% | 36.9% |
营业利润率NDAQVSCO
| Q1 26 | 30.7% | — | ||
| Q4 25 | 29.7% | -1.3% | ||
| Q3 25 | 29.9% | 2.8% | ||
| Q2 25 | 27.2% | 1.5% | ||
| Q1 25 | 26.2% | 12.8% | ||
| Q4 24 | 25.4% | -3.5% | ||
| Q3 24 | 23.6% | 4.4% | ||
| Q2 24 | 23.6% | 1.9% |
净利率NDAQVSCO
| Q1 26 | 24.3% | — | ||
| Q4 25 | 24.4% | -2.5% | ||
| Q3 25 | 21.6% | 1.1% | ||
| Q2 25 | 21.6% | -0.1% | ||
| Q1 25 | 18.9% | 9.2% | ||
| Q4 24 | 17.5% | -4.2% | ||
| Q3 24 | 16.1% | 2.3% | ||
| Q2 24 | 12.4% | -0.3% |
每股收益（稀释后）NDAQVSCO
| Q1 26 | $0.91 | — | ||
| Q4 25 | $0.90 | $-0.46 | ||
| Q3 25 | $0.73 | $0.20 | ||
| Q2 25 | $0.78 | $-0.02 | ||
| Q1 25 | $0.68 | $2.41 | ||
| Q4 24 | $0.62 | $-0.71 | ||
| Q3 24 | $0.53 | $0.40 | ||
| Q2 24 | $0.38 | $-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 | $515.0M | $249.0M |
| 总债务越低越好 | $9.0B | — |
| 股东权益账面价值 | $12.0B | $653.0M |
| 总资产 | $27.3B | $5.1B |
| 负债/权益比越低杠杆越低 | 0.74× | — |
8季度趋势，按日历期对齐
现金及短期投资NDAQVSCO
| Q1 26 | $515.0M | — | ||
| Q4 25 | $604.0M | $249.0M | ||
| Q3 25 | $470.0M | $188.0M | ||
| Q2 25 | $732.0M | $138.0M | ||
| Q1 25 | $690.0M | $227.0M | ||
| Q4 24 | $592.0M | $161.0M | ||
| Q3 24 | $266.0M | $169.0M | ||
| Q2 24 | $416.0M | $105.0M |
总债务NDAQVSCO
| Q1 26 | $9.0B | — | ||
| Q4 25 | $8.6B | — | ||
| Q3 25 | $8.7B | — | ||
| Q2 25 | $8.7B | — | ||
| Q1 25 | $8.9B | — | ||
| Q4 24 | $9.1B | — | ||
| Q3 24 | $9.4B | — | ||
| Q2 24 | $9.2B | — |
股东权益NDAQVSCO
| Q1 26 | $12.0B | — | ||
| Q4 25 | $12.2B | $653.0M | ||
| Q3 25 | $12.0B | $680.0M | ||
| Q2 25 | $11.8B | $645.0M | ||
| Q1 25 | $11.5B | $640.0M | ||
| Q4 24 | $11.2B | $429.0M | ||
| Q3 24 | $11.1B | $472.0M | ||
| Q2 24 | $10.9B | $423.0M |
总资产NDAQVSCO
| Q1 26 | $27.3B | — | ||
| Q4 25 | $31.1B | $5.1B | ||
| Q3 25 | $30.7B | $4.8B | ||
| Q2 25 | $30.4B | $4.6B | ||
| Q1 25 | $30.6B | $4.5B | ||
| Q4 24 | $30.4B | $4.9B | ||
| Q3 24 | $30.6B | $4.6B | ||
| Q2 24 | $30.2B | $4.4B |
负债/权益比NDAQVSCO
| Q1 26 | 0.74× | — | ||
| Q4 25 | 0.70× | — | ||
| Q3 25 | 0.72× | — | ||
| Q2 25 | 0.73× | — | ||
| Q1 25 | 0.77× | — | ||
| Q4 24 | 0.81× | — | ||
| Q3 24 | 0.85× | — | ||
| Q2 24 | 0.85× | — |
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 | — | 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NDAQVSCO
| Q1 26 | — | — | ||
| Q4 25 | $625.0M | $-180.0M | ||
| Q3 25 | $221.0M | $156.0M | ||
| Q2 25 | $746.0M | $-150.0M | ||
| Q1 25 | $663.0M | $674.0M | ||
| Q4 24 | $705.0M | $-248.0M | ||
| Q3 24 | $244.0M | $115.0M | ||
| Q2 24 | $460.0M | $-116.0M |
自由现金流NDAQVSCO
| Q1 26 | — | — | ||
| Q4 25 | $536.0M | $-232.0M | ||
| Q3 25 | $152.0M | $88.0M | ||
| Q2 25 | $687.0M | $-193.0M | ||
| Q1 25 | $614.0M | $646.0M | ||
| Q4 24 | $645.0M | $-299.0M | ||
| Q3 24 | $188.0M | $55.0M | ||
| Q2 24 | $408.0M | $-155.0M |
自由现金流率NDAQVSCO
| Q1 26 | — | — | ||
| Q4 25 | 25.2% | -15.8% | ||
| Q3 25 | 7.8% | 6.0% | ||
| Q2 25 | 32.9% | -14.3% | ||
| Q1 25 | 29.4% | 30.7% | ||
| Q4 24 | 31.7% | -22.2% | ||
| Q3 24 | 9.9% | 3.9% | ||
| Q2 24 | 22.8% | -11.4% |
资本支出强度NDAQVSCO
| Q1 26 | — | — | ||
| Q4 25 | 4.2% | 3.5% | ||
| Q3 25 | 3.5% | 4.7% | ||
| Q2 25 | 2.8% | 3.2% | ||
| Q1 25 | 2.3% | 1.3% | ||
| Q4 24 | 3.0% | 3.8% | ||
| Q3 24 | 2.9% | 4.2% | ||
| Q2 24 | 2.9% | 2.9% |
现金转化率NDAQVSCO
| Q1 26 | — | — | ||
| Q4 25 | 1.21× | — | ||
| Q3 25 | 0.52× | 9.75× | ||
| Q2 25 | 1.65× | — | ||
| Q1 25 | 1.68× | 3.49× | ||
| Q4 24 | 1.99× | — | ||
| Q3 24 | 0.80× | 3.59× | ||
| Q2 24 | 2.07× | — |
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
NDAQ
| Market Services | $1.0B | 49% |
| Capital Access Platforms | $565.0M | 26% |
| Financial Technology | $517.0M | 24% |
| Other Revenues | $8.0M | 0% |
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% |
