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PVH CORP.（PVH）与利氏兄弟拍卖行（RBA）财务数据对比。点击上方公司名可切换其他公司
PVH CORP.的季度营收约是利氏兄弟拍卖行的1.9倍（$2.3B vs $1.2B），利氏兄弟拍卖行净利率更高（9.1% vs 0.2%，领先8.9%），利氏兄弟拍卖行同比增速更快（5.4% vs 1.7%），利氏兄弟拍卖行自由现金流更多（$186.5M vs $-85.1M）
PVH集团是源自美国的知名服饰企业，前身为Phillips-Van Heusen公司，旗下拥有Tommy Hilfiger、Calvin Klein等标志性时尚品牌，同时还获得Kenneth Cole New York、Michael Kors等品牌的授权经营许可，在全球服饰消费市场拥有广泛影响力。
利氏兄弟拍卖行（股票代码RBA）是全球知名的工业资产拍卖服务商，注册地位于加拿大，属公开上市企业，总部设在美国伊利诺伊州韦斯特切斯特，普通股同时在多伦多证券交易所与纽约证券交易所挂牌交易。
PVH vs RBA — 直观对比
营收规模更大
PVH
是对方的1.9倍
$1.2B
营收增速更快
RBA
高出3.7%
1.7%
净利率更高
RBA
高出8.9%
0.2%
自由现金流更多
RBA
多$271.6M
$-85.1M
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.3B | $1.2B |
| 净利润 | $4.2M | $109.7M |
| 毛利率 | 56.3% | — |
| 营业利润率 | 7.9% | 14.7% |
| 净利率 | 0.2% | 9.1% |
| 营收同比 | 1.7% | 5.4% |
| 净利润同比 | -96.8% | -7.4% |
| 每股收益（稀释后） | $0.09 | $0.53 |
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PVHRBA
| Q4 25 | $2.3B | $1.2B | ||
| Q3 25 | $2.2B | $1.1B | ||
| Q2 25 | $2.0B | $1.2B | ||
| Q1 25 | — | $1.1B | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | — | $981.8M | ||
| Q2 24 | — | $1.1B | ||
| Q1 24 | — | $1.1B |
净利润PVHRBA
| Q4 25 | $4.2M | $109.7M | ||
| Q3 25 | $224.2M | $95.5M | ||
| Q2 25 | $-44.8M | $109.8M | ||
| Q1 25 | — | $113.4M | ||
| Q4 24 | — | $118.5M | ||
| Q3 24 | — | $76.1M | ||
| Q2 24 | — | $111.1M | ||
| Q1 24 | — | $107.4M |
毛利率PVHRBA
| Q4 25 | 56.3% | — | ||
| Q3 25 | 57.7% | — | ||
| Q2 25 | 58.6% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
营业利润率PVHRBA
| Q4 25 | 7.9% | 14.7% | ||
| Q3 25 | 6.1% | 14.5% | ||
| Q2 25 | -16.7% | 15.9% | ||
| Q1 25 | — | 17.1% | ||
| Q4 24 | — | 18.1% | ||
| Q3 24 | — | 15.6% | ||
| Q2 24 | — | 18.4% | ||
| Q1 24 | — | 18.7% |
净利率PVHRBA
| Q4 25 | 0.2% | 9.1% | ||
| Q3 25 | 10.3% | 8.7% | ||
| Q2 25 | -2.3% | 9.3% | ||
| Q1 25 | — | 10.2% | ||
| Q4 24 | — | 10.4% | ||
| Q3 24 | — | 7.8% | ||
| Q2 24 | — | 10.1% | ||
| Q1 24 | — | 10.1% |
每股收益（稀释后）PVHRBA
| Q4 25 | $0.09 | $0.53 | ||
| Q3 25 | $4.63 | $0.43 | ||
| Q2 25 | $-0.88 | $0.53 | ||
| Q1 25 | — | $0.55 | ||
| Q4 24 | — | $0.58 | ||
| Q3 24 | — | $0.36 | ||
| Q2 24 | — | $0.54 | ||
| Q1 24 | — | $0.53 |
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 | $158.2M | $531.5M |
| 总债务越低越好 | $2.3B | $2.3B |
| 股东权益账面价值 | $4.9B | $5.6B |
| 总资产 | $11.4B | $12.1B |
| 负债/权益比越低杠杆越低 | 0.46× | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资PVHRBA
| Q4 25 | $158.2M | $531.5M | ||
| Q3 25 | $248.8M | $674.7M | ||
| Q2 25 | $191.0M | $710.2M | ||
| Q1 25 | — | $578.1M | ||
| Q4 24 | — | $533.9M | ||
| Q3 24 | — | $650.7M | ||
| Q2 24 | — | $599.5M | ||
| Q1 24 | — | $462.8M |
总债务PVHRBA
| Q4 25 | $2.3B | $2.3B | ||
| Q3 25 | $2.3B | $2.6B | ||
| Q2 25 | $2.2B | $2.6B | ||
| Q1 25 | — | $2.6B | ||
| Q4 24 | — | $2.6B | ||
| Q3 24 | — | $2.7B | ||
| Q2 24 | — | $2.8B | ||
| Q1 24 | — | $2.9B |
股东权益PVHRBA
| Q4 25 | $4.9B | $5.6B | ||
| Q3 25 | $4.9B | $5.5B | ||
| Q2 25 | $4.6B | $5.5B | ||
| Q1 25 | — | $5.3B | ||
| Q4 24 | — | $5.2B | ||
| Q3 24 | — | $5.2B | ||
| Q2 24 | — | $5.2B | ||
| Q1 24 | — | $5.1B |
总资产PVHRBA
| Q4 25 | $11.4B | $12.1B | ||
| Q3 25 | $11.6B | $12.2B | ||
| Q2 25 | $10.7B | $12.2B | ||
| Q1 25 | — | $11.9B | ||
| Q4 24 | — | $11.8B | ||
| Q3 24 | — | $11.9B | ||
| Q2 24 | — | $12.1B | ||
| Q1 24 | — | $12.0B |
负债/权益比PVHRBA
| Q4 25 | 0.46× | 0.42× | ||
| Q3 25 | 0.47× | 0.47× | ||
| Q2 25 | 0.48× | 0.47× | ||
| Q1 25 | — | 0.50× | ||
| Q4 24 | — | 0.50× | ||
| Q3 24 | — | 0.52× | ||
| Q2 24 | — | 0.55× | ||
| Q1 24 | — | 0.58× |
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 | $-44.5M | $255.2M |
| 自由现金流经营现金流 - 资本支出 | $-85.1M | $186.5M |
| 自由现金流率自由现金流/营收 | -3.7% | 15.5% |
| 资本支出强度资本支出/营收 | 1.8% | 5.7% |
| 现金转化率经营现金流/净利润 | -10.60× | 2.33× |
| 过去12个月自由现金流最近4个季度 | — | $719.2M |
8季度趋势，按日历期对齐
经营现金流PVHRBA
| Q4 25 | $-44.5M | $255.2M | ||
| Q3 25 | $213.1M | $239.7M | ||
| Q2 25 | $-71.4M | $326.5M | ||
| Q1 25 | — | $156.8M | ||
| Q4 24 | — | $184.5M | ||
| Q3 24 | — | $285.4M | ||
| Q2 24 | — | $337.3M | ||
| Q1 24 | — | $124.8M |
自由现金流PVHRBA
| Q4 25 | $-85.1M | $186.5M | ||
| Q3 25 | $181.9M | $188.5M | ||
| Q2 25 | $-98.1M | $241.7M | ||
| Q1 25 | — | $102.5M | ||
| Q4 24 | — | $127.9M | ||
| Q3 24 | — | $248.5M | ||
| Q2 24 | — | $308.6M | ||
| Q1 24 | — | $79.6M |
自由现金流率PVHRBA
| Q4 25 | -3.7% | 15.5% | ||
| Q3 25 | 8.4% | 17.3% | ||
| Q2 25 | -4.9% | 20.4% | ||
| Q1 25 | — | 9.2% | ||
| Q4 24 | — | 11.2% | ||
| Q3 24 | — | 25.3% | ||
| Q2 24 | — | 28.2% | ||
| Q1 24 | — | 7.5% |
资本支出强度PVHRBA
| Q4 25 | 1.8% | 5.7% | ||
| Q3 25 | 1.4% | 4.7% | ||
| Q2 25 | 1.3% | 7.2% | ||
| Q1 25 | — | 4.9% | ||
| Q4 24 | — | 5.0% | ||
| Q3 24 | — | 3.8% | ||
| Q2 24 | — | 2.6% | ||
| Q1 24 | — | 4.2% |
现金转化率PVHRBA
| Q4 25 | -10.60× | 2.33× | ||
| Q3 25 | 0.95× | 2.51× | ||
| Q2 25 | — | 2.97× | ||
| Q1 25 | — | 1.38× | ||
| Q4 24 | — | 1.56× | ||
| Q3 24 | — | 3.75× | ||
| Q2 24 | — | 3.04× | ||
| Q1 24 | — | 1.16× |
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
PVH
| Sales Channel Salesto Wholesale Customers | $1.0B | 44% |
| Sales Channel Sales To Owned And Operated Retail Customers | $868.0M | 38% |
| Sales Channel Sales To Owned And Operated Digital Retail Customers | $186.6M | 8% |
| Licensing | $99.5M | 4% |
| Other | $75.8M | 3% |
| Heritage Brands | $51.3M | 2% |
RBA
| Buyer Revenue | $577.2M | 48% |
| Seller Revenue | $255.2M | 21% |
| CA | $199.0M | 17% |
| Other | $124.7M | 10% |
| AU | $47.3M | 4% |
