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NEWMARK GROUP, INC.（NMRK）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NEWMARK GROUP, INC.的1.7倍（$1.5B vs $859.5M），NEWMARK GROUP, INC.净利率更高（7.9% vs -2.5%，领先10.4%），NEWMARK GROUP, INC.同比增速更快（18.1% vs 9.3%），NEWMARK GROUP, INC.自由现金流更多（$608.8M vs $-232.0M），过去两年NEWMARK GROUP, INC.的营收复合增速更高（38.2% vs -15.9%）
纽马克集团是一家总部位于纽约的全球性商业地产咨询及服务企业，旗下业务以Newmark品牌开展，在纳斯达克全球精选市场上市，股票代码为NMRK，为全球客户提供商业地产领域的多元专业服务。
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。
NMRK vs VSCO — 直观对比
营收规模更大
VSCO
是对方的1.7倍
$859.5M
营收增速更快
NMRK
高出8.9%
9.3%
净利率更高
NMRK
高出10.4%
-2.5%
自由现金流更多
NMRK
多$840.8M
$-232.0M
两年增速更快
NMRK
近两年复合增速
-15.9%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $859.5M | $1.5B |
| 净利润 | $68.0M | $-37.0M |
| 毛利率 | — | 36.4% |
| 营业利润率 | 14.4% | -1.3% |
| 净利率 | 7.9% | -2.5% |
| 营收同比 | 18.1% | 9.3% |
| 净利润同比 | 49.7% | 33.9% |
| 每股收益（稀释后） | $0.37 | $-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NMRKVSCO
| Q4 25 | $859.5M | $1.5B | ||
| Q3 25 | $715.0M | $1.5B | ||
| Q2 25 | $639.6M | $1.4B | ||
| Q1 25 | $556.2M | $2.1B | ||
| Q4 24 | $727.5M | $1.3B | ||
| Q3 24 | $568.0M | $1.4B | ||
| Q2 24 | $527.3M | $1.4B | ||
| Q1 24 | $450.2M | $2.1B |
净利润NMRKVSCO
| Q4 25 | $68.0M | $-37.0M | ||
| Q3 25 | $46.2M | $16.0M | ||
| Q2 25 | $20.8M | $-2.0M | ||
| Q1 25 | $-8.8M | $193.0M | ||
| Q4 24 | $45.4M | $-56.0M | ||
| Q3 24 | $17.8M | $32.0M | ||
| Q2 24 | $14.3M | $-4.0M | ||
| Q1 24 | $-16.3M | $180.0M |
毛利率NMRKVSCO
| 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NMRKVSCO
| Q4 25 | 14.4% | -1.3% | ||
| Q3 25 | 11.9% | 2.8% | ||
| Q2 25 | 6.7% | 1.5% | ||
| Q1 25 | -3.1% | 12.8% | ||
| Q4 24 | 14.3% | -3.5% | ||
| Q3 24 | 7.2% | 4.4% | ||
| Q2 24 | 7.7% | 1.9% | ||
| Q1 24 | -5.0% | 12.4% |
净利率NMRKVSCO
| Q4 25 | 7.9% | -2.5% | ||
| Q3 25 | 6.5% | 1.1% | ||
| Q2 25 | 3.3% | -0.1% | ||
| Q1 25 | -1.6% | 9.2% | ||
| Q4 24 | 6.2% | -4.2% | ||
| Q3 24 | 3.1% | 2.3% | ||
| Q2 24 | 2.7% | -0.3% | ||
| Q1 24 | -3.6% | 8.6% |
每股收益（稀释后）NMRKVSCO
| Q4 25 | $0.37 | $-0.46 | ||
| Q3 25 | $0.25 | $0.20 | ||
| Q2 25 | $0.11 | $-0.02 | ||
| Q1 25 | $-0.05 | $2.41 | ||
| Q4 24 | $0.25 | $-0.71 | ||
| Q3 24 | $0.10 | $0.40 | ||
| Q2 24 | $0.08 | $-0.05 | ||
| Q1 24 | $-0.09 | $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 | $229.1M | $249.0M |
| 总债务越低越好 | $671.7M | — |
| 股东权益账面价值 | $1.5B | $653.0M |
| 总资产 | $5.0B | $5.1B |
| 负债/权益比越低杠杆越低 | 0.46× | — |
8季度趋势，按日历期对齐
现金及短期投资NMRKVSCO
| Q4 25 | $229.1M | $249.0M | ||
| Q3 25 | $224.1M | $188.0M | ||
| Q2 25 | $195.8M | $138.0M | ||
| Q1 25 | $157.1M | $227.0M | ||
| Q4 24 | $197.7M | $161.0M | ||
| Q3 24 | $178.6M | $169.0M | ||
| Q2 24 | $176.4M | $105.0M | ||
| Q1 24 | $140.9M | $270.0M |
总债务NMRKVSCO
| Q4 25 | $671.7M | — | ||
| Q3 25 | $746.5M | — | ||
| Q2 25 | $871.2M | — | ||
| Q1 25 | $770.9M | — | ||
| Q4 24 | $670.7M | — | ||
| Q3 24 | $770.4M | — | ||
| Q2 24 | $745.2M | — | ||
| Q1 24 | $670.2M | — |
股东权益NMRKVSCO
| Q4 25 | $1.5B | $653.0M | ||
| Q3 25 | $1.4B | $680.0M | ||
| Q2 25 | $1.3B | $645.0M | ||
| Q1 25 | $1.3B | $640.0M | ||
| Q4 24 | $1.2B | $429.0M | ||
| Q3 24 | $1.2B | $472.0M | ||
| Q2 24 | $1.2B | $423.0M | ||
| Q1 24 | $1.2B | $417.0M |
总资产NMRKVSCO
| Q4 25 | $5.0B | $5.1B | ||
| Q3 25 | $5.5B | $4.8B | ||
| Q2 25 | $5.4B | $4.6B | ||
| Q1 25 | $4.8B | $4.5B | ||
| Q4 24 | $4.7B | $4.9B | ||
| Q3 24 | $5.0B | $4.6B | ||
| Q2 24 | $4.8B | $4.4B | ||
| Q1 24 | $4.4B | $4.6B |
负债/权益比NMRKVSCO
| Q4 25 | 0.46× | — | ||
| Q3 25 | 0.55× | — | ||
| Q2 25 | 0.68× | — | ||
| Q1 25 | 0.58× | — | ||
| Q4 24 | 0.56× | — | ||
| Q3 24 | 0.66× | — | ||
| Q2 24 | 0.62× | — | ||
| Q1 24 | 0.54× | — |
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 | $618.5M | $-180.0M |
| 自由现金流经营现金流 - 资本支出 | $608.8M | $-232.0M |
| 自由现金流率自由现金流/营收 | 70.8% | -15.8% |
| 资本支出强度资本支出/营收 | 1.1% | 3.5% |
| 现金转化率经营现金流/净利润 | 9.10× | — |
| 过去12个月自由现金流最近4个季度 | $142.6M | $309.0M |
8季度趋势，按日历期对齐
经营现金流NMRKVSCO
| Q4 25 | $618.5M | $-180.0M | ||
| Q3 25 | $112.6M | $156.0M | ||
| Q2 25 | $-379.7M | $-150.0M | ||
| Q1 25 | $-179.4M | $674.0M | ||
| Q4 24 | $402.6M | $-248.0M | ||
| Q3 24 | $-85.2M | $115.0M | ||
| Q2 24 | $-258.5M | $-116.0M | ||
| Q1 24 | $-68.8M | $589.0M |
自由现金流NMRKVSCO
| Q4 25 | $608.8M | $-232.0M | ||
| Q3 25 | $104.9M | $88.0M | ||
| Q2 25 | $-386.2M | $-193.0M | ||
| Q1 25 | $-184.8M | $646.0M | ||
| Q4 24 | $396.6M | $-299.0M | ||
| Q3 24 | $-94.4M | $55.0M | ||
| Q2 24 | $-267.8M | $-155.0M | ||
| Q1 24 | $-75.8M | $557.0M |
自由现金流率NMRKVSCO
| Q4 25 | 70.8% | -15.8% | ||
| Q3 25 | 14.7% | 6.0% | ||
| Q2 25 | -60.4% | -14.3% | ||
| Q1 25 | -33.2% | 30.7% | ||
| Q4 24 | 54.5% | -22.2% | ||
| Q3 24 | -16.6% | 3.9% | ||
| Q2 24 | -50.8% | -11.4% | ||
| Q1 24 | -16.8% | 26.7% |
资本支出强度NMRKVSCO
| Q4 25 | 1.1% | 3.5% | ||
| Q3 25 | 1.1% | 4.7% | ||
| Q2 25 | 1.0% | 3.2% | ||
| Q1 25 | 1.0% | 1.3% | ||
| Q4 24 | 0.8% | 3.8% | ||
| Q3 24 | 1.6% | 4.2% | ||
| Q2 24 | 1.8% | 2.9% | ||
| Q1 24 | 1.6% | 1.5% |
现金转化率NMRKVSCO
| Q4 25 | 9.10× | — | ||
| Q3 25 | 2.44× | 9.75× | ||
| Q2 25 | -18.24× | — | ||
| Q1 25 | — | 3.49× | ||
| Q4 24 | 8.86× | — | ||
| Q3 24 | -4.79× | 3.59× | ||
| Q2 24 | -18.10× | — | ||
| 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
NMRK
| Management Services | $263.1M | 31% |
| Investment Advice | $200.1M | 23% |
| Mortgage Brokerage And Debt Placement | $83.1M | 10% |
| Servicing Fees And Other | $80.7M | 9% |
| GB | $69.0M | 8% |
| Other Geographical Areas | $63.6M | 7% |
| Servicing | $36.2M | 4% |
| Other | $34.2M | 4% |
| Loan Originations Related Fees And Sales Premiums Net | $29.6M | 3% |
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% |
