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PVH CORP.（PVH）与瑞思迈（RMD）财务数据对比。点击上方公司名可切换其他公司
PVH CORP.的季度营收约是瑞思迈的1.6倍（$2.3B vs $1.4B），瑞思迈净利率更高（27.6% vs 0.2%，领先27.4%），瑞思迈同比增速更快（11.0% vs 1.7%），瑞思迈自由现金流更多（$311.2M 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。
瑞思迈是一家起源于澳大利亚、总部位于美国加利福尼亚州圣迭戈的医疗设备企业，主打可接入云端的呼吸类医疗设备，用于治疗睡眠呼吸暂停、慢性阻塞性肺病等呼吸道疾病，新冠疫情期间曾大量生产呼吸机等设备助力患者救治。
PVH vs RMD — 直观对比
营收规模更大
PVH
是对方的1.6倍
$1.4B
营收增速更快
RMD
高出9.2%
1.7%
净利率更高
RMD
高出27.4%
0.2%
自由现金流更多
RMD
多$396.3M
$-85.1M
损益表 — Q3 FY2026 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.3B | $1.4B |
| 净利润 | $4.2M | $392.6M |
| 毛利率 | 56.3% | 61.8% |
| 营业利润率 | 7.9% | 34.6% |
| 净利率 | 0.2% | 27.6% |
| 营收同比 | 1.7% | 11.0% |
| 净利润同比 | -96.8% | 13.9% |
| 每股收益（稀释后） | $0.09 | $2.68 |
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PVHRMD
| Q4 25 | $2.3B | $1.4B | ||
| Q3 25 | $2.2B | $1.3B | ||
| Q2 25 | $2.0B | $1.3B | ||
| Q1 25 | — | $1.3B | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | $1.2B | ||
| Q1 24 | — | $1.2B |
净利润PVHRMD
| Q4 25 | $4.2M | $392.6M | ||
| Q3 25 | $224.2M | $348.5M | ||
| Q2 25 | $-44.8M | $379.7M | ||
| Q1 25 | — | $365.0M | ||
| Q4 24 | — | $344.6M | ||
| Q3 24 | — | $311.4M | ||
| Q2 24 | — | $292.2M | ||
| Q1 24 | — | $300.5M |
毛利率PVHRMD
| Q4 25 | 56.3% | 61.8% | ||
| Q3 25 | 57.7% | 61.5% | ||
| Q2 25 | 58.6% | 60.8% | ||
| Q1 25 | — | 59.3% | ||
| Q4 24 | — | 58.6% | ||
| Q3 24 | — | 58.6% | ||
| Q2 24 | — | 58.5% | ||
| Q1 24 | — | 57.9% |
营业利润率PVHRMD
| Q4 25 | 7.9% | 34.6% | ||
| Q3 25 | 6.1% | 33.4% | ||
| Q2 25 | -16.7% | 33.7% | ||
| Q1 25 | — | 33.0% | ||
| Q4 24 | — | 32.5% | ||
| Q3 24 | — | 31.6% | ||
| Q2 24 | — | 31.2% | ||
| Q1 24 | — | 31.3% |
净利率PVHRMD
| Q4 25 | 0.2% | 27.6% | ||
| Q3 25 | 10.3% | 26.1% | ||
| Q2 25 | -2.3% | 28.2% | ||
| Q1 25 | — | 28.3% | ||
| Q4 24 | — | 26.9% | ||
| Q3 24 | — | 25.4% | ||
| Q2 24 | — | 23.9% | ||
| Q1 24 | — | 25.1% |
每股收益（稀释后）PVHRMD
| Q4 25 | $0.09 | $2.68 | ||
| Q3 25 | $4.63 | $2.37 | ||
| Q2 25 | $-0.88 | $2.58 | ||
| Q1 25 | — | $2.48 | ||
| Q4 24 | — | $2.34 | ||
| Q3 24 | — | $2.11 | ||
| Q2 24 | — | $1.97 | ||
| Q1 24 | — | $2.04 |
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 | $1.4B |
| 总债务越低越好 | $2.3B | $403.9M |
| 股东权益账面价值 | $4.9B | $6.3B |
| 总资产 | $11.4B | $8.5B |
| 负债/权益比越低杠杆越低 | 0.46× | 0.06× |
8季度趋势，按日历期对齐
现金及短期投资PVHRMD
| Q4 25 | $158.2M | $1.4B | ||
| Q3 25 | $248.8M | $1.4B | ||
| Q2 25 | $191.0M | $1.2B | ||
| Q1 25 | — | $932.7M | ||
| Q4 24 | — | $521.9M | ||
| Q3 24 | — | $426.4M | ||
| Q2 24 | — | $238.4M | ||
| Q1 24 | — | $237.9M |
总债务PVHRMD
| Q4 25 | $2.3B | $403.9M | ||
| Q3 25 | $2.3B | $408.7M | ||
| Q2 25 | $2.2B | $658.4M | ||
| Q1 25 | — | $663.1M | ||
| Q4 24 | — | $662.9M | ||
| Q3 24 | — | $667.6M | ||
| Q2 24 | — | $697.3M | ||
| Q1 24 | — | $997.0M |
股东权益PVHRMD
| Q4 25 | $4.9B | $6.3B | ||
| Q3 25 | $4.9B | $6.1B | ||
| Q2 25 | $4.6B | $6.0B | ||
| Q1 25 | — | $5.5B | ||
| Q4 24 | — | $5.3B | ||
| Q3 24 | — | $5.2B | ||
| Q2 24 | — | $4.9B | ||
| Q1 24 | — | $4.6B |
总资产PVHRMD
| Q4 25 | $11.4B | $8.5B | ||
| Q3 25 | $11.6B | $8.3B | ||
| Q2 25 | $10.7B | $8.2B | ||
| Q1 25 | — | $7.6B | ||
| Q4 24 | — | $7.1B | ||
| Q3 24 | — | $7.2B | ||
| Q2 24 | — | $6.9B | ||
| Q1 24 | — | $6.8B |
负债/权益比PVHRMD
| Q4 25 | 0.46× | 0.06× | ||
| Q3 25 | 0.47× | 0.07× | ||
| Q2 25 | 0.48× | 0.11× | ||
| Q1 25 | — | 0.12× | ||
| Q4 24 | — | 0.13× | ||
| Q3 24 | — | 0.13× | ||
| Q2 24 | — | 0.14× | ||
| Q1 24 | — | 0.22× |
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 | $339.7M |
| 自由现金流经营现金流 - 资本支出 | $-85.1M | $311.2M |
| 自由现金流率自由现金流/营收 | -3.7% | 21.9% |
| 资本支出强度资本支出/营收 | 1.8% | 2.0% |
| 现金转化率经营现金流/净利润 | -10.60× | 0.87× |
| 过去12个月自由现金流最近4个季度 | — | $1.8B |
8季度趋势，按日历期对齐
经营现金流PVHRMD
| Q4 25 | $-44.5M | $339.7M | ||
| Q3 25 | $213.1M | $457.3M | ||
| Q2 25 | $-71.4M | $538.8M | ||
| Q1 25 | — | $578.7M | ||
| Q4 24 | — | $308.6M | ||
| Q3 24 | — | $325.5M | ||
| Q2 24 | — | $440.1M | ||
| Q1 24 | — | $402.0M |
自由现金流PVHRMD
| Q4 25 | $-85.1M | $311.2M | ||
| Q3 25 | $181.9M | $414.4M | ||
| Q2 25 | $-98.1M | $508.2M | ||
| Q1 25 | — | $557.9M | ||
| Q4 24 | — | $288.0M | ||
| Q3 24 | — | $307.7M | ||
| Q2 24 | — | $415.2M | ||
| Q1 24 | — | $380.8M |
自由现金流率PVHRMD
| Q4 25 | -3.7% | 21.9% | ||
| Q3 25 | 8.4% | 31.0% | ||
| Q2 25 | -4.9% | 37.7% | ||
| Q1 25 | — | 43.2% | ||
| Q4 24 | — | 22.5% | ||
| Q3 24 | — | 25.1% | ||
| Q2 24 | — | 33.9% | ||
| Q1 24 | — | 31.8% |
资本支出强度PVHRMD
| Q4 25 | 1.8% | 2.0% | ||
| Q3 25 | 1.4% | 3.2% | ||
| Q2 25 | 1.3% | 2.3% | ||
| Q1 25 | — | 1.6% | ||
| Q4 24 | — | 1.6% | ||
| Q3 24 | — | 1.5% | ||
| Q2 24 | — | 2.0% | ||
| Q1 24 | — | 1.8% |
现金转化率PVHRMD
| Q4 25 | -10.60× | 0.87× | ||
| Q3 25 | 0.95× | 1.31× | ||
| Q2 25 | — | 1.42× | ||
| Q1 25 | — | 1.59× | ||
| Q4 24 | — | 0.90× | ||
| Q3 24 | — | 1.05× | ||
| Q2 24 | — | 1.51× | ||
| Q1 24 | — | 1.34× |
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% |
RMD
| Sleep And Breathing Health | $1.3B | 88% |
| Residential Care Software | $166.9M | 12% |
