vs
PVH CORP.（PVH）与Solventum（SOLV）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Solventum的1.1倍（$2.3B vs $2.0B），Solventum净利率更高（3.2% vs 0.2%，领先3.0%），PVH CORP.同比增速更快（1.7% vs -3.7%），Solventum自由现金流更多（$32.0M 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。
Solventum是一家总部位于美国的医疗健康企业，于2024年4月1日正式从全球知名多元化工业集团3M分拆后独立运营，继承了原3M旗下医疗板块的技术积累与业务资源，面向全球市场提供专业医疗相关产品及服务。
PVH vs SOLV — 直观对比
营收规模更大
PVH
是对方的1.1倍
$2.0B
营收增速更快
PVH
高出5.4%
-3.7%
净利率更高
SOLV
高出3.0%
0.2%
自由现金流更多
SOLV
多$117.1M
$-85.1M
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.3B | $2.0B |
| 净利润 | $4.2M | $63.0M |
| 毛利率 | 56.3% | 51.4% |
| 营业利润率 | 7.9% | 6.3% |
| 净利率 | 0.2% | 3.2% |
| 营收同比 | 1.7% | -3.7% |
| 净利润同比 | -96.8% | 103.2% |
| 每股收益（稀释后） | $0.09 | $0.37 |
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PVHSOLV
| Q4 25 | $2.3B | $2.0B | ||
| Q3 25 | $2.2B | $2.1B | ||
| Q2 25 | $2.0B | $2.2B | ||
| Q1 25 | — | $2.1B | ||
| Q4 24 | — | $2.1B | ||
| Q3 24 | — | $2.1B | ||
| Q2 24 | — | $2.1B | ||
| Q1 24 | — | $2.0B |
净利润PVHSOLV
| Q4 25 | $4.2M | $63.0M | ||
| Q3 25 | $224.2M | $1.3B | ||
| Q2 25 | $-44.8M | $90.0M | ||
| Q1 25 | — | $137.0M | ||
| Q4 24 | — | $31.0M | ||
| Q3 24 | — | $122.0M | ||
| Q2 24 | — | $89.0M | ||
| Q1 24 | — | $237.0M |
毛利率PVHSOLV
| Q4 25 | 56.3% | 51.4% | ||
| Q3 25 | 57.7% | 54.2% | ||
| Q2 25 | 58.6% | 54.4% | ||
| Q1 25 | — | 53.8% | ||
| Q4 24 | — | 53.9% | ||
| Q3 24 | — | 56.0% | ||
| Q2 24 | — | 54.6% | ||
| Q1 24 | — | 58.1% |
营业利润率PVHSOLV
| Q4 25 | 7.9% | 6.3% | ||
| Q3 25 | 6.1% | 80.6% | ||
| Q2 25 | -16.7% | 9.9% | ||
| Q1 25 | — | 7.3% | ||
| Q4 24 | — | 6.6% | ||
| Q3 24 | — | 13.2% | ||
| Q2 24 | — | 11.7% | ||
| Q1 24 | — | 18.9% |
净利率PVHSOLV
| Q4 25 | 0.2% | 3.2% | ||
| Q3 25 | 10.3% | 60.4% | ||
| Q2 25 | -2.3% | 4.2% | ||
| Q1 25 | — | 6.6% | ||
| Q4 24 | — | 1.5% | ||
| Q3 24 | — | 5.9% | ||
| Q2 24 | — | 4.3% | ||
| Q1 24 | — | 11.8% |
每股收益（稀释后）PVHSOLV
| Q4 25 | $0.09 | $0.37 | ||
| Q3 25 | $4.63 | $7.22 | ||
| Q2 25 | $-0.88 | $0.51 | ||
| Q1 25 | — | $0.78 | ||
| Q4 24 | — | $0.18 | ||
| Q3 24 | — | $0.70 | ||
| Q2 24 | — | $0.51 | ||
| Q1 24 | — | $1.37 |
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 | $878.0M |
| 总债务越低越好 | $2.3B | $5.0B |
| 股东权益账面价值 | $4.9B | $5.0B |
| 总资产 | $11.4B | $14.3B |
| 负债/权益比越低杠杆越低 | 0.46× | 1.00× |
8季度趋势，按日历期对齐
现金及短期投资PVHSOLV
| Q4 25 | $158.2M | $878.0M | ||
| Q3 25 | $248.8M | $1.6B | ||
| Q2 25 | $191.0M | $492.0M | ||
| Q1 25 | — | $534.0M | ||
| Q4 24 | — | $762.0M | ||
| Q3 24 | — | $772.0M | ||
| Q2 24 | — | $897.0M | ||
| Q1 24 | — | $996.0M |
总债务PVHSOLV
| Q4 25 | $2.3B | $5.0B | ||
| Q3 25 | $2.3B | $5.1B | ||
| Q2 25 | $2.2B | $7.8B | ||
| Q1 25 | — | $7.9B | ||
| Q4 24 | — | $8.0B | ||
| Q3 24 | — | $8.1B | ||
| Q2 24 | — | $8.3B | ||
| Q1 24 | — | $8.3B |
股东权益PVHSOLV
| Q4 25 | $4.9B | $5.0B | ||
| Q3 25 | $4.9B | $5.0B | ||
| Q2 25 | $4.6B | $3.6B | ||
| Q1 25 | — | $3.3B | ||
| Q4 24 | — | $3.0B | ||
| Q3 24 | — | $3.2B | ||
| Q2 24 | — | $2.9B | ||
| Q1 24 | — | $3.9B |
总资产PVHSOLV
| Q4 25 | $11.4B | $14.3B | ||
| Q3 25 | $11.6B | $14.0B | ||
| Q2 25 | $10.7B | $15.1B | ||
| Q1 25 | — | $14.5B | ||
| Q4 24 | — | $14.5B | ||
| Q3 24 | — | $14.7B | ||
| Q2 24 | — | $14.6B | ||
| Q1 24 | — | $14.7B |
负债/权益比PVHSOLV
| Q4 25 | 0.46× | 1.00× | ||
| Q3 25 | 0.47× | 1.03× | ||
| Q2 25 | 0.48× | 2.14× | ||
| Q1 25 | — | 2.43× | ||
| Q4 24 | — | 2.71× | ||
| Q3 24 | — | 2.54× | ||
| Q2 24 | — | 2.90× | ||
| Q1 24 | — | 2.16× |
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 | $95.0M |
| 自由现金流经营现金流 - 资本支出 | $-85.1M | $32.0M |
| 自由现金流率自由现金流/营收 | -3.7% | 1.6% |
| 资本支出强度资本支出/营收 | 1.8% | 3.2% |
| 现金转化率经营现金流/净利润 | -10.60× | 1.51× |
| 过去12个月自由现金流最近4个季度 | — | $-10.0M |
8季度趋势，按日历期对齐
经营现金流PVHSOLV
| Q4 25 | $-44.5M | $95.0M | ||
| Q3 25 | $213.1M | $76.0M | ||
| Q2 25 | $-71.4M | $169.0M | ||
| Q1 25 | — | $29.0M | ||
| Q4 24 | — | $219.0M | ||
| Q3 24 | — | $169.0M | ||
| Q2 24 | — | $355.0M | ||
| Q1 24 | — | $442.0M |
自由现金流PVHSOLV
| Q4 25 | $-85.1M | $32.0M | ||
| Q3 25 | $181.9M | $-21.0M | ||
| Q2 25 | $-98.1M | $59.0M | ||
| Q1 25 | — | $-80.0M | ||
| Q4 24 | — | $92.0M | ||
| Q3 24 | — | $76.0M | ||
| Q2 24 | — | $297.0M | ||
| Q1 24 | — | $340.0M |
自由现金流率PVHSOLV
| Q4 25 | -3.7% | 1.6% | ||
| Q3 25 | 8.4% | -1.0% | ||
| Q2 25 | -4.9% | 2.7% | ||
| Q1 25 | — | -3.9% | ||
| Q4 24 | — | 4.4% | ||
| Q3 24 | — | 3.7% | ||
| Q2 24 | — | 14.3% | ||
| Q1 24 | — | 16.9% |
资本支出强度PVHSOLV
| Q4 25 | 1.8% | 3.2% | ||
| Q3 25 | 1.4% | 4.6% | ||
| Q2 25 | 1.3% | 5.1% | ||
| Q1 25 | — | 5.3% | ||
| Q4 24 | — | 6.1% | ||
| Q3 24 | — | 4.5% | ||
| Q2 24 | — | 2.8% | ||
| Q1 24 | — | 5.1% |
现金转化率PVHSOLV
| Q4 25 | -10.60× | 1.51× | ||
| Q3 25 | 0.95× | 0.06× | ||
| Q2 25 | — | 1.88× | ||
| Q1 25 | — | 0.21× | ||
| Q4 24 | — | 7.06× | ||
| Q3 24 | — | 1.39× | ||
| Q2 24 | — | 3.99× | ||
| Q1 24 | — | 1.86× |
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% |
SOLV
| Infection Prevention And Surgical Solutions | $752.0M | 38% |
| Cost Of Software And Rentals | $508.0M | 25% |
| Health Information Systems Segment | $347.0M | 17% |
| Dental Solutions Segment | $343.0M | 17% |
| Related Party | $14.0M | 1% |
