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PELOTON INTERACTIVE, INC.（PTON）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PELOTON INTERACTIVE, INC.的2.2倍（$1.5B vs $656.5M），维多利亚的秘密净利率更高（-2.5% vs -5.9%，领先3.4%），维多利亚的秘密同比增速更快（9.3% vs -2.6%），PELOTON INTERACTIVE, INC.自由现金流更多（$71.0M vs $-232.0M）
派乐腾（Peloton Interactive）是总部位于美国纽约的健身设备与媒体服务商，主打搭载联网触控屏的动感单车、跑步机、室内划船器等产品，用户付费订阅即可观看直播和录播健身课程，设备内置传感器可追踪运动功率等数据，为用户提供实时运动表现反馈，还支持排行榜功能与其他用户互动比拼。
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。
PTON vs VSCO — 直观对比
营收规模更大
VSCO
是对方的2.2倍
$656.5M
营收增速更快
VSCO
高出11.9%
-2.6%
净利率更高
VSCO
高出3.4%
-5.9%
自由现金流更多
PTON
多$303.0M
$-232.0M
损益表 — Q2 FY2026 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $656.5M | $1.5B |
| 净利润 | $-38.8M | $-37.0M |
| 毛利率 | 50.5% | 36.4% |
| 营业利润率 | -2.2% | -1.3% |
| 净利率 | -5.9% | -2.5% |
| 营收同比 | -2.6% | 9.3% |
| 净利润同比 | 57.8% | 33.9% |
| 每股收益（稀释后） | $-0.09 | $-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PTONVSCO
| Q4 25 | $656.5M | $1.5B | ||
| Q3 25 | $550.8M | $1.5B | ||
| Q2 25 | — | $1.4B | ||
| Q1 25 | — | $2.1B | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | — | $1.4B | ||
| Q2 24 | — | $1.4B | ||
| Q1 24 | — | $2.1B |
净利润PTONVSCO
| Q4 25 | $-38.8M | $-37.0M | ||
| Q3 25 | $13.9M | $16.0M | ||
| Q2 25 | — | $-2.0M | ||
| Q1 25 | — | $193.0M | ||
| Q4 24 | — | $-56.0M | ||
| Q3 24 | — | $32.0M | ||
| Q2 24 | — | $-4.0M | ||
| Q1 24 | — | $180.0M |
毛利率PTONVSCO
| Q4 25 | 50.5% | 36.4% | ||
| Q3 25 | 51.5% | 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PTONVSCO
| Q4 25 | -2.2% | -1.3% | ||
| Q3 25 | 7.5% | 2.8% | ||
| Q2 25 | — | 1.5% | ||
| Q1 25 | — | 12.8% | ||
| Q4 24 | — | -3.5% | ||
| Q3 24 | — | 4.4% | ||
| Q2 24 | — | 1.9% | ||
| Q1 24 | — | 12.4% |
净利率PTONVSCO
| Q4 25 | -5.9% | -2.5% | ||
| Q3 25 | 2.5% | 1.1% | ||
| Q2 25 | — | -0.1% | ||
| Q1 25 | — | 9.2% | ||
| Q4 24 | — | -4.2% | ||
| Q3 24 | — | 2.3% | ||
| Q2 24 | — | -0.3% | ||
| Q1 24 | — | 8.6% |
每股收益（稀释后）PTONVSCO
| Q4 25 | $-0.09 | $-0.46 | ||
| Q3 25 | $0.03 | $0.20 | ||
| Q2 25 | — | $-0.02 | ||
| Q1 25 | — | $2.41 | ||
| Q4 24 | — | $-0.71 | ||
| Q3 24 | — | $0.40 | ||
| Q2 24 | — | $-0.05 | ||
| Q1 24 | — | $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 | $1.2B | $249.0M |
| 总债务越低越好 | $1.5B | — |
| 股东权益账面价值 | $-326.7M | $653.0M |
| 总资产 | $2.2B | $5.1B |
| 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PTONVSCO
| Q4 25 | $1.2B | $249.0M | ||
| Q3 25 | $1.1B | $188.0M | ||
| Q2 25 | — | $138.0M | ||
| Q1 25 | — | $227.0M | ||
| Q4 24 | — | $161.0M | ||
| Q3 24 | — | $169.0M | ||
| Q2 24 | — | $105.0M | ||
| Q1 24 | — | $270.0M |
总债务PTONVSCO
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.5B | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益PTONVSCO
| Q4 25 | $-326.7M | $653.0M | ||
| Q3 25 | $-347.0M | $680.0M | ||
| Q2 25 | — | $645.0M | ||
| Q1 25 | — | $640.0M | ||
| Q4 24 | — | $429.0M | ||
| Q3 24 | — | $472.0M | ||
| Q2 24 | — | $423.0M | ||
| Q1 24 | — | $417.0M |
总资产PTONVSCO
| Q4 25 | $2.2B | $5.1B | ||
| Q3 25 | $2.2B | $4.8B | ||
| Q2 25 | — | $4.6B | ||
| Q1 25 | — | $4.5B | ||
| Q4 24 | — | $4.9B | ||
| Q3 24 | — | $4.6B | ||
| Q2 24 | — | $4.4B | ||
| Q1 24 | — | $4.6B |
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 | $71.9M | $-180.0M |
| 自由现金流经营现金流 - 资本支出 | $71.0M | $-232.0M |
| 自由现金流率自由现金流/营收 | 10.8% | -15.8% |
| 资本支出强度资本支出/营收 | 0.1% | 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PTONVSCO
| Q4 25 | $71.9M | $-180.0M | ||
| Q3 25 | $71.9M | $156.0M | ||
| Q2 25 | — | $-150.0M | ||
| Q1 25 | — | $674.0M | ||
| Q4 24 | — | $-248.0M | ||
| Q3 24 | — | $115.0M | ||
| Q2 24 | — | $-116.0M | ||
| Q1 24 | — | $589.0M |
自由现金流PTONVSCO
| Q4 25 | $71.0M | $-232.0M | ||
| Q3 25 | $67.4M | $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PTONVSCO
| Q4 25 | 10.8% | -15.8% | ||
| Q3 25 | 12.2% | 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PTONVSCO
| Q4 25 | 0.1% | 3.5% | ||
| Q3 25 | 0.8% | 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PTONVSCO
| Q4 25 | — | — | ||
| Q3 25 | 5.17× | 9.75× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 3.49× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 3.59× | ||
| Q2 24 | — | — | ||
| 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
PTON
| Subscription And Circulation | $412.6M | 63% |
| Connected Fitness Products Segment | $243.9M | 37% |
| Product Warranty | $4.0M | 1% |
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% |
