vs
北极星（PII）与RH（RH）财务数据对比。点击上方公司名可切换其他公司
北极星的季度营收约是RH的1.9倍（$1.7B vs $883.8M），RH净利率更高（4.1% vs -2.8%，领先6.9%），RH同比增速更快（8.9% vs 8.0%），RH自由现金流更多（$83.0M vs $-342.5M），过去两年RH的营收复合增速更高（9.4% vs -8.0%）
北极星公司（Polaris Inc.）是总部位于美国明尼苏达州麦地那的机动车制造企业，创立于明尼苏达州罗索，当地目前仍保留其工程研发与生产设施。公司曾通过胜利摩托子公司生产摩托车，2011年收购印第安摩托品牌后转由该子公司运营摩托业务，此前还曾生产私人水上摩托艇产品。
RH是美国高端家居品牌，总部位于加利福尼亚州科尔特马德拉。品牌通过线下零售门店、产品目录和线上渠道发售家居商品，截至2018年8月，在美国和加拿大共运营70家展示馆、18家全系列设计展示馆、3家婴童家居展示馆，另有36家奥莱门店。
PII vs RH — 直观对比
营收规模更大
PII
是对方的1.9倍
$883.8M
营收增速更快
RH
高出0.9%
8.0%
净利率更高
RH
高出6.9%
-2.8%
自由现金流更多
RH
多$425.5M
$-342.5M
两年增速更快
RH
近两年复合增速
-8.0%
损益表 — Q1 FY2026 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.7B | $883.8M |
| 净利润 | $-47.2M | $36.3M |
| 毛利率 | 20.2% | 44.1% |
| 营业利润率 | — | 12.0% |
| 净利率 | -2.8% | 4.1% |
| 营收同比 | 8.0% | 8.9% |
| 净利润同比 | 29.2% | 9.3% |
| 每股收益（稀释后） | $-0.83 | $1.83 |
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PIIRH
| Q1 26 | $1.7B | — | ||
| Q4 25 | $1.9B | $883.8M | ||
| Q3 25 | $1.8B | $899.2M | ||
| Q2 25 | $1.9B | $814.0M | ||
| Q1 25 | $1.5B | $812.4M | ||
| Q4 24 | $1.8B | $811.7M | ||
| Q3 24 | $1.7B | $829.7M | ||
| Q2 24 | $2.0B | $727.0M |
净利润PIIRH
| Q1 26 | $-47.2M | — | ||
| Q4 25 | $-303.6M | $36.3M | ||
| Q3 25 | $-15.8M | $51.7M | ||
| Q2 25 | $-79.3M | $8.0M | ||
| Q1 25 | $-66.8M | $13.9M | ||
| Q4 24 | $10.6M | $33.2M | ||
| Q3 24 | $27.7M | $29.0M | ||
| Q2 24 | $68.7M | $-3.6M |
毛利率PIIRH
| Q1 26 | 20.2% | — | ||
| Q4 25 | 20.0% | 44.1% | ||
| Q3 25 | 20.7% | 45.5% | ||
| Q2 25 | 19.4% | 43.7% | ||
| Q1 25 | 16.0% | 44.7% | ||
| Q4 24 | 20.4% | 44.5% | ||
| Q3 24 | 20.6% | 45.2% | ||
| Q2 24 | 21.6% | 43.5% |
营业利润率PIIRH
| Q1 26 | — | — | ||
| Q4 25 | -16.7% | 12.0% | ||
| Q3 25 | 1.1% | 14.3% | ||
| Q2 25 | -0.7% | 6.9% | ||
| Q1 25 | -2.4% | 8.7% | ||
| Q4 24 | 3.7% | 12.5% | ||
| Q3 24 | 3.8% | 11.6% | ||
| Q2 24 | 6.1% | 7.5% |
净利率PIIRH
| Q1 26 | -2.8% | — | ||
| Q4 25 | -15.8% | 4.1% | ||
| Q3 25 | -0.9% | 5.8% | ||
| Q2 25 | -4.3% | 1.0% | ||
| Q1 25 | -4.3% | 1.7% | ||
| Q4 24 | 0.6% | 4.1% | ||
| Q3 24 | 1.6% | 3.5% | ||
| Q2 24 | 3.5% | -0.5% |
每股收益（稀释后）PIIRH
| Q1 26 | $-0.83 | — | ||
| Q4 25 | $-5.34 | $1.83 | ||
| Q3 25 | $-0.28 | $2.62 | ||
| Q2 25 | $-1.39 | $0.40 | ||
| Q1 25 | $-1.17 | $0.71 | ||
| Q4 24 | $0.18 | $1.66 | ||
| Q3 24 | $0.49 | $1.45 | ||
| Q2 24 | $1.21 | $-0.20 |
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 | $282.0M | $43.1M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $750.4M | $3.3M |
| 总资产 | $5.2B | $4.8B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资PIIRH
| Q1 26 | $282.0M | — | ||
| Q4 25 | $138.0M | $43.1M | ||
| Q3 25 | $335.5M | $34.6M | ||
| Q2 25 | $324.3M | $46.1M | ||
| Q1 25 | $291.7M | $30.4M | ||
| Q4 24 | $287.8M | $87.0M | ||
| Q3 24 | $291.3M | $78.3M | ||
| Q2 24 | $322.7M | $101.8M |
总债务PIIRH
| Q1 26 | — | — | ||
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.3B | — | ||
| Q2 25 | $1.4B | — | ||
| Q1 25 | $1.6B | — | ||
| Q4 24 | $1.6B | — | ||
| Q3 24 | $1.7B | — | ||
| Q2 24 | $2.1B | — |
股东权益PIIRH
| Q1 26 | $750.4M | — | ||
| Q4 25 | $828.4M | $3.3M | ||
| Q3 25 | $1.1B | $-40.9M | ||
| Q2 25 | $1.2B | $-110.8M | ||
| Q1 25 | $1.2B | $-163.6M | ||
| Q4 24 | $1.3B | $-183.0M | ||
| Q3 24 | $1.3B | $-234.7M | ||
| Q2 24 | $1.3B | $-289.9M |
总资产PIIRH
| Q1 26 | $5.2B | — | ||
| Q4 25 | $4.9B | $4.8B | ||
| Q3 25 | $5.3B | $4.7B | ||
| Q2 25 | $5.4B | $4.7B | ||
| Q1 25 | $5.5B | $4.6B | ||
| Q4 24 | $5.5B | $4.5B | ||
| Q3 24 | $5.6B | $4.4B | ||
| Q2 24 | $5.7B | $4.2B |
负债/权益比PIIRH
| Q1 26 | — | — | ||
| Q4 25 | 1.82× | — | ||
| Q3 25 | 1.13× | — | ||
| Q2 25 | 1.17× | — | ||
| Q1 25 | 1.32× | — | ||
| Q4 24 | 1.27× | — | ||
| Q3 24 | 1.29× | — | ||
| Q2 24 | 1.56× | — |
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 | — | $131.9M |
| 自由现金流经营现金流 - 资本支出 | $-342.5M | $83.0M |
| 自由现金流率自由现金流/营收 | -20.6% | 9.4% |
| 资本支出强度资本支出/营收 | — | 5.5% |
| 现金转化率经营现金流/净利润 | — | 3.64× |
| 过去12个月自由现金流最近4个季度 | $168.0M | $128.1M |
8季度趋势，按日历期对齐
经营现金流PIIRH
| Q1 26 | — | — | ||
| Q4 25 | $178.7M | $131.9M | ||
| Q3 25 | $158.8M | $137.7M | ||
| Q2 25 | $320.3M | $86.6M | ||
| Q1 25 | $83.2M | $-18.8M | ||
| Q4 24 | $206.3M | $-31.4M | ||
| Q3 24 | $21.0M | $11.2M | ||
| Q2 24 | $146.3M | $56.1M |
自由现金流PIIRH
| Q1 26 | $-342.5M | — | ||
| Q4 25 | $114.0M | $83.0M | ||
| Q3 25 | $116.7M | $80.7M | ||
| Q2 25 | $279.8M | $34.1M | ||
| Q1 25 | $47.6M | $-69.7M | ||
| Q4 24 | $137.3M | $-96.0M | ||
| Q3 24 | $-32.4M | $-37.9M | ||
| Q2 24 | $79.1M | $-10.1M |
自由现金流率PIIRH
| Q1 26 | -20.6% | — | ||
| Q4 25 | 5.9% | 9.4% | ||
| Q3 25 | 6.3% | 9.0% | ||
| Q2 25 | 15.1% | 4.2% | ||
| Q1 25 | 3.1% | -8.6% | ||
| Q4 24 | 7.8% | -11.8% | ||
| Q3 24 | -1.9% | -4.6% | ||
| Q2 24 | 4.0% | -1.4% |
资本支出强度PIIRH
| Q1 26 | — | — | ||
| Q4 25 | 3.4% | 5.5% | ||
| Q3 25 | 2.3% | 6.3% | ||
| Q2 25 | 2.2% | 6.5% | ||
| Q1 25 | 2.3% | 6.3% | ||
| Q4 24 | 3.9% | 8.0% | ||
| Q3 24 | 3.1% | 5.9% | ||
| Q2 24 | 3.4% | 9.1% |
现金转化率PIIRH
| Q1 26 | — | — | ||
| Q4 25 | — | 3.64× | ||
| Q3 25 | — | 2.66× | ||
| Q2 25 | — | 10.78× | ||
| Q1 25 | — | -1.35× | ||
| Q4 24 | 19.46× | -0.95× | ||
| Q3 24 | 0.76× | 0.39× | ||
| Q2 24 | 2.13× | — |
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
PII
暂无分部数据
RH
| RH Segment | $835.8M | 95% |
| Waterworks Segment | $48.0M | 5% |
| Gift Card And Merchandise Credit | $4.5M | 1% |
