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先锋自然资源公司（PR）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先锋自然资源公司的1.3倍（$1.5B vs $1.2B），先锋自然资源公司净利率更高（29.0% vs -2.5%，领先31.5%），维多利亚的秘密同比增速更快（9.3% vs -9.8%），过去两年先锋自然资源公司的营收复合增速更高（-3.0% vs -15.9%）
先锋自然资源公司总部位于美国得克萨斯州欧文市，主要从事油气勘探业务，运营覆盖二叠纪盆地Spraberry产区的克莱恩页岩区块，是该区域最大的土地权益持有方，2024年5月被埃克森美孚收购。
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。
PR vs VSCO — 直观对比
营收规模更大
VSCO
是对方的1.3倍
$1.2B
营收增速更快
VSCO
高出19.1%
-9.8%
净利率更高
PR
高出31.5%
-2.5%
两年增速更快
PR
近两年复合增速
-15.9%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.5B |
| 净利润 | $339.5M | $-37.0M |
| 毛利率 | — | 36.4% |
| 营业利润率 | 23.1% | -1.3% |
| 净利率 | 29.0% | -2.5% |
| 营收同比 | -9.8% | 9.3% |
| 净利润同比 | 56.7% | 33.9% |
| 每股收益（稀释后） | $0.48 | $-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PRVSCO
| Q4 25 | $1.2B | $1.5B | ||
| Q3 25 | $1.3B | $1.5B | ||
| Q2 25 | $1.2B | $1.4B | ||
| Q1 25 | $1.4B | $2.1B | ||
| Q4 24 | $1.3B | $1.3B | ||
| Q3 24 | $1.2B | $1.4B | ||
| Q2 24 | $1.2B | $1.4B | ||
| Q1 24 | $1.2B | $2.1B |
净利润PRVSCO
| Q4 25 | $339.5M | $-37.0M | ||
| Q3 25 | $59.2M | $16.0M | ||
| Q2 25 | $207.1M | $-2.0M | ||
| Q1 25 | $329.3M | $193.0M | ||
| Q4 24 | $216.7M | $-56.0M | ||
| Q3 24 | $386.4M | $32.0M | ||
| Q2 24 | $235.1M | $-4.0M | ||
| Q1 24 | $146.6M | $180.0M |
毛利率PRVSCO
| 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PRVSCO
| Q4 25 | 23.1% | -1.3% | ||
| Q3 25 | 29.6% | 2.8% | ||
| Q2 25 | 24.8% | 1.5% | ||
| Q1 25 | 36.6% | 12.8% | ||
| Q4 24 | 32.8% | -3.5% | ||
| Q3 24 | 32.5% | 4.4% | ||
| Q2 24 | 36.5% | 1.9% | ||
| Q1 24 | 37.7% | 12.4% |
净利率PRVSCO
| Q4 25 | 29.0% | -2.5% | ||
| Q3 25 | 4.5% | 1.1% | ||
| Q2 25 | 17.3% | -0.1% | ||
| Q1 25 | 23.9% | 9.2% | ||
| Q4 24 | 16.7% | -4.2% | ||
| Q3 24 | 31.8% | 2.3% | ||
| Q2 24 | 18.9% | -0.3% | ||
| Q1 24 | 11.8% | 8.6% |
每股收益（稀释后）PRVSCO
| Q4 25 | $0.48 | $-0.46 | ||
| Q3 25 | $0.08 | $0.20 | ||
| Q2 25 | $0.28 | $-0.02 | ||
| Q1 25 | $0.44 | $2.41 | ||
| Q4 24 | $0.31 | $-0.71 | ||
| Q3 24 | $0.53 | $0.40 | ||
| Q2 24 | $0.36 | $-0.05 | ||
| Q1 24 | $0.25 | $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 | $153.7M | $249.0M |
| 总债务越低越好 | $3.5B | — |
| 股东权益账面价值 | $10.3B | $653.0M |
| 总资产 | $17.9B | $5.1B |
| 负债/权益比越低杠杆越低 | 0.34× | — |
8季度趋势，按日历期对齐
现金及短期投资PRVSCO
| Q4 25 | $153.7M | $249.0M | ||
| Q3 25 | $111.8M | $188.0M | ||
| Q2 25 | $451.0M | $138.0M | ||
| Q1 25 | $702.2M | $227.0M | ||
| Q4 24 | $479.3M | $161.0M | ||
| Q3 24 | $272.0M | $169.0M | ||
| Q2 24 | $47.8M | $105.0M | ||
| Q1 24 | $12.7M | $270.0M |
总债务PRVSCO
| Q4 25 | $3.5B | — | ||
| Q3 25 | $3.5B | — | ||
| Q2 25 | $4.0B | — | ||
| Q1 25 | $4.0B | — | ||
| Q4 24 | $4.2B | — | ||
| Q3 24 | $4.2B | — | ||
| Q2 24 | $3.9B | — | ||
| Q1 24 | $3.9B | — |
股东权益PRVSCO
| Q4 25 | $10.3B | $653.0M | ||
| Q3 25 | $10.0B | $680.0M | ||
| Q2 25 | $9.5B | $645.0M | ||
| Q1 25 | $9.4B | $640.0M | ||
| Q4 24 | $9.1B | $429.0M | ||
| Q3 24 | $9.0B | $472.0M | ||
| Q2 24 | $8.3B | $423.0M | ||
| Q1 24 | $7.0B | $417.0M |
总资产PRVSCO
| Q4 25 | $17.9B | $5.1B | ||
| Q3 25 | $17.3B | $4.8B | ||
| Q2 25 | $17.5B | $4.6B | ||
| Q1 25 | $17.1B | $4.5B | ||
| Q4 24 | $16.9B | $4.9B | ||
| Q3 24 | $16.6B | $4.6B | ||
| Q2 24 | $15.4B | $4.4B | ||
| Q1 24 | $15.1B | $4.6B |
负债/权益比PRVSCO
| Q4 25 | 0.34× | — | ||
| Q3 25 | 0.35× | — | ||
| Q2 25 | 0.42× | — | ||
| Q1 25 | 0.43× | — | ||
| Q4 24 | 0.46× | — | ||
| Q3 24 | 0.47× | — | ||
| Q2 24 | 0.46× | — | ||
| Q1 24 | 0.56× | — |
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 | $904.3M | $-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 | 2.66× | — |
| 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PRVSCO
| Q4 25 | $904.3M | $-180.0M | ||
| Q3 25 | $766.5M | $156.0M | ||
| Q2 25 | $1.0B | $-150.0M | ||
| Q1 25 | $898.0M | $674.0M | ||
| Q4 24 | $871.6M | $-248.0M | ||
| Q3 24 | $954.4M | $115.0M | ||
| Q2 24 | $938.4M | $-116.0M | ||
| Q1 24 | $647.6M | $589.0M |
自由现金流PRVSCO
| Q4 25 | — | $-232.0M | ||
| Q3 25 | — | $88.0M | ||
| Q2 25 | — | $-193.0M | ||
| Q1 25 | — | $646.0M | ||
| Q4 24 | — | $-299.0M | ||
| Q3 24 | — | $55.0M | ||
| Q2 24 | — | $-155.0M | ||
| Q1 24 | — | $557.0M |
自由现金流率PRVSCO
| Q4 25 | — | -15.8% | ||
| Q3 25 | — | 6.0% | ||
| Q2 25 | — | -14.3% | ||
| Q1 25 | — | 30.7% | ||
| Q4 24 | — | -22.2% | ||
| Q3 24 | — | 3.9% | ||
| Q2 24 | — | -11.4% | ||
| Q1 24 | — | 26.7% |
资本支出强度PRVSCO
| Q4 25 | — | 3.5% | ||
| Q3 25 | — | 4.7% | ||
| Q2 25 | — | 3.2% | ||
| Q1 25 | — | 1.3% | ||
| Q4 24 | — | 3.8% | ||
| Q3 24 | — | 4.2% | ||
| Q2 24 | — | 2.9% | ||
| Q1 24 | — | 1.5% |
现金转化率PRVSCO
| Q4 25 | 2.66× | — | ||
| Q3 25 | 12.94× | 9.75× | ||
| Q2 25 | 5.01× | — | ||
| Q1 25 | 2.73× | 3.49× | ||
| Q4 24 | 4.02× | — | ||
| Q3 24 | 2.47× | 3.59× | ||
| Q2 24 | 3.99× | — | ||
| Q1 24 | 4.42× | 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
PR
| Crude Oil | $1.0B | 87% |
| Natural Gas Liquids Reserves | $145.1M | 12% |
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% |
