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Primo Brands Corp（PRMB）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
Primo Brands Corp的季度营收约是维多利亚的秘密的1.1倍（$1.6B vs $1.5B），Primo Brands Corp净利率更高（1.7% vs -2.5%，领先4.2%），维多利亚的秘密同比增速更快（9.3% vs 0.8%），过去两年Primo Brands Corp的营收复合增速更高（19.7% vs -15.9%）
Primo Brands Corp是一家美加合资饮用水企业，主营多规格桶装水、饮水机、自助补水设备及净水家电，总部位于美国佛罗里达州坦帕市，服务覆盖美国、加拿大、欧洲及以色列的住宅与商业客户。
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。
PRMB vs VSCO — 直观对比
营收规模更大
PRMB
是对方的1.1倍
$1.5B
营收增速更快
VSCO
高出8.5%
0.8%
净利率更高
PRMB
高出4.2%
-2.5%
两年增速更快
PRMB
近两年复合增速
-15.9%
损益表 — Q1 FY2026 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.6B | $1.5B |
| 净利润 | $27.3M | $-37.0M |
| 毛利率 | 28.6% | 36.4% |
| 营业利润率 | 8.5% | -1.3% |
| 净利率 | 1.7% | -2.5% |
| 营收同比 | 0.8% | 9.3% |
| 净利润同比 | -4.9% | 33.9% |
| 每股收益（稀释后） | $0.07 | $-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PRMBVSCO
| Q1 26 | $1.6B | — | ||
| Q4 25 | $1.6B | $1.5B | ||
| Q3 25 | $1.8B | $1.5B | ||
| Q2 25 | $1.7B | $1.4B | ||
| Q1 25 | $1.6B | $2.1B | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | $0 | $1.4B | ||
| Q2 24 | $1.3B | $1.4B |
净利润PRMBVSCO
| Q1 26 | $27.3M | — | ||
| Q4 25 | $-13.0M | $-37.0M | ||
| Q3 25 | $16.8M | $16.0M | ||
| Q2 25 | $27.6M | $-2.0M | ||
| Q1 25 | $28.7M | $193.0M | ||
| Q4 24 | — | $-56.0M | ||
| Q3 24 | $-2.0K | $32.0M | ||
| Q2 24 | $54.5M | $-4.0M |
毛利率PRMBVSCO
| Q1 26 | 28.6% | — | ||
| Q4 25 | 27.7% | 36.4% | ||
| Q3 25 | 29.9% | 35.6% | ||
| Q2 25 | 31.3% | 35.0% | ||
| Q1 25 | 32.3% | 38.6% | ||
| Q4 24 | — | 34.7% | ||
| Q3 24 | — | 35.4% | ||
| Q2 24 | 32.7% | 36.9% |
营业利润率PRMBVSCO
| Q1 26 | 8.5% | — | ||
| Q4 25 | 1.2% | -1.3% | ||
| Q3 25 | 8.3% | 2.8% | ||
| Q2 25 | 6.5% | 1.5% | ||
| Q1 25 | 9.5% | 12.8% | ||
| Q4 24 | — | -3.5% | ||
| Q3 24 | — | 4.4% | ||
| Q2 24 | 12.1% | 1.9% |
净利率PRMBVSCO
| Q1 26 | 1.7% | — | ||
| Q4 25 | -0.8% | -2.5% | ||
| Q3 25 | 1.0% | 1.1% | ||
| Q2 25 | 1.6% | -0.1% | ||
| Q1 25 | 1.8% | 9.2% | ||
| Q4 24 | — | -4.2% | ||
| Q3 24 | — | 2.3% | ||
| Q2 24 | 4.1% | -0.3% |
每股收益（稀释后）PRMBVSCO
| Q1 26 | $0.07 | — | ||
| Q4 25 | $-0.03 | $-0.46 | ||
| Q3 25 | $0.04 | $0.20 | ||
| Q2 25 | $0.07 | $-0.02 | ||
| Q1 25 | $0.08 | $2.41 | ||
| Q4 24 | — | $-0.71 | ||
| Q3 24 | $-20.00 | $0.40 | ||
| Q2 24 | $0.25 | $-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 | — | $249.0M |
| 总债务越低越好 | $5.2B | — |
| 股东权益账面价值 | $3.0B | $653.0M |
| 总资产 | $10.6B | $5.1B |
| 负债/权益比越低杠杆越低 | 1.74× | — |
8季度趋势，按日历期对齐
现金及短期投资PRMBVSCO
| Q1 26 | — | — | ||
| Q4 25 | $376.7M | $249.0M | ||
| Q3 25 | — | $188.0M | ||
| Q2 25 | — | $138.0M | ||
| Q1 25 | — | $227.0M | ||
| Q4 24 | — | $161.0M | ||
| Q3 24 | — | $169.0M | ||
| Q2 24 | — | $105.0M |
总债务PRMBVSCO
| Q1 26 | $5.2B | — | ||
| Q4 25 | $5.2B | — | ||
| Q3 25 | $5.1B | — | ||
| Q2 25 | $5.1B | — | ||
| Q1 25 | $5.0B | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益PRMBVSCO
| Q1 26 | $3.0B | — | ||
| Q4 25 | $3.0B | $653.0M | ||
| Q3 25 | $3.2B | $680.0M | ||
| Q2 25 | $3.2B | $645.0M | ||
| Q1 25 | $3.3B | $640.0M | ||
| Q4 24 | — | $429.0M | ||
| Q3 24 | $-2.0K | $472.0M | ||
| Q2 24 | $-296.8M | $423.0M |
总资产PRMBVSCO
| Q1 26 | $10.6B | — | ||
| Q4 25 | $10.6B | $5.1B | ||
| Q3 25 | $11.0B | $4.8B | ||
| Q2 25 | $11.0B | $4.6B | ||
| Q1 25 | $11.0B | $4.5B | ||
| Q4 24 | — | $4.9B | ||
| Q3 24 | $0 | $4.6B | ||
| Q2 24 | — | $4.4B |
负债/权益比PRMBVSCO
| Q1 26 | 1.74× | — | ||
| Q4 25 | 1.72× | — | ||
| Q3 25 | 1.61× | — | ||
| Q2 25 | 1.57× | — | ||
| Q1 25 | 1.51× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | $103.8M | $-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 | 2.9% | 3.5% |
| 现金转化率经营现金流/净利润 | 3.80× | — |
| 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PRMBVSCO
| Q1 26 | $103.8M | — | ||
| Q4 25 | $203.1M | $-180.0M | ||
| Q3 25 | $283.4M | $156.0M | ||
| Q2 25 | $155.0M | $-150.0M | ||
| Q1 25 | $38.8M | $674.0M | ||
| Q4 24 | — | $-248.0M | ||
| Q3 24 | $0 | $115.0M | ||
| Q2 24 | $102.5M | $-116.0M |
自由现金流PRMBVSCO
| Q1 26 | — | — | ||
| Q4 25 | $57.3M | $-232.0M | ||
| Q3 25 | $167.7M | $88.0M | ||
| Q2 25 | $101.1M | $-193.0M | ||
| Q1 25 | $-23.2M | $646.0M | ||
| Q4 24 | — | $-299.0M | ||
| Q3 24 | — | $55.0M | ||
| Q2 24 | $61.4M | $-155.0M |
自由现金流率PRMBVSCO
| Q1 26 | — | — | ||
| Q4 25 | 3.7% | -15.8% | ||
| Q3 25 | 9.5% | 6.0% | ||
| Q2 25 | 5.8% | -14.3% | ||
| Q1 25 | -1.4% | 30.7% | ||
| Q4 24 | — | -22.2% | ||
| Q3 24 | — | 3.9% | ||
| Q2 24 | 4.7% | -11.4% |
资本支出强度PRMBVSCO
| Q1 26 | 2.9% | — | ||
| Q4 25 | 9.4% | 3.5% | ||
| Q3 25 | 6.6% | 4.7% | ||
| Q2 25 | 3.1% | 3.2% | ||
| Q1 25 | 3.8% | 1.3% | ||
| Q4 24 | — | 3.8% | ||
| Q3 24 | — | 4.2% | ||
| Q2 24 | 3.1% | 2.9% |
现金转化率PRMBVSCO
| Q1 26 | 3.80× | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 16.87× | 9.75× | ||
| Q2 25 | 5.62× | — | ||
| Q1 25 | 1.35× | 3.49× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 3.59× | ||
| Q2 24 | 1.88× | — |
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
PRMB
| Regional spring water | $801.2M | 49% |
| Purified water | $511.2M | 31% |
| Other | $208.2M | 13% |
| Premium water | $105.5M | 6% |
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% |
