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BOSTON BEER CO INC（SAM）与SPORTSMAN'S WAREHOUSE HOLDINGS, INC.（SPWH）财务数据对比。点击上方公司名可切换其他公司
BOSTON BEER CO INC的季度营收约是SPORTSMAN'S WAREHOUSE HOLDINGS, INC.的1.4倍（$461.6M vs $331.3M），SPORTSMAN'S WAREHOUSE HOLDINGS, INC.同比增速更快（2.2% vs -4.1%），过去两年SPORTSMAN'S WAREHOUSE HOLDINGS, INC.的营收复合增速更高（-5.4% vs -10.7%）
波士顿啤酒公司是美国知名酿酒企业，1984年由吉姆·科赫与朗达·卡尔曼联合创立。旗下首款产品以美国开国元勋、独立运动先驱塞缪尔·亚当斯命名，后续陆续推出多个自有品牌，2019年正式完成与角鲨头酿酒厂的合并，是北美精酿啤酒行业的核心参与者之一。
运动员仓库控股（Sportsman's Warehouse）是美国户外体育用品零售商，门店遍布全美29个州，主要面向狩猎、射击、露营、垂钓等各类户外休闲运动爱好者，销售户外服饰、鞋履及专业运动装备。
SAM vs SPWH — 直观对比
营收规模更大
SAM
是对方的1.4倍
$331.3M
营收增速更快
SPWH
高出6.3%
-4.1%
两年增速更快
SPWH
近两年复合增速
-10.7%
损益表 — Q1 FY2026 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $461.6M | $331.3M |
| 净利润 | — | $8.0K |
| 毛利率 | 46.4% | 32.8% |
| 营业利润率 | 12.4% | 1.3% |
| 净利率 | — | 0.0% |
| 营收同比 | -4.1% | 2.2% |
| 净利润同比 | — | -97.8% |
| 每股收益（稀释后） | $2.16 | $0.00 |
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SAMSPWH
| Q1 26 | $461.6M | — | ||
| Q4 25 | $385.7M | $331.3M | ||
| Q3 25 | $537.5M | $293.9M | ||
| Q2 25 | $587.9M | $249.1M | ||
| Q1 25 | $453.9M | $340.4M | ||
| Q4 24 | $402.3M | $324.3M | ||
| Q3 24 | $605.5M | $288.7M | ||
| Q2 24 | $579.1M | $244.2M |
净利润SAMSPWH
| Q1 26 | — | — | ||
| Q4 25 | $-22.5M | $8.0K | ||
| Q3 25 | $46.2M | $-7.1M | ||
| Q2 25 | $60.4M | $-21.3M | ||
| Q1 25 | $24.4M | $-8.7M | ||
| Q4 24 | $-38.8M | $-364.0K | ||
| Q3 24 | $33.5M | $-5.9M | ||
| Q2 24 | $52.3M | $-18.1M |
毛利率SAMSPWH
| Q1 26 | 46.4% | — | ||
| Q4 25 | 43.5% | 32.8% | ||
| Q3 25 | 50.8% | 32.0% | ||
| Q2 25 | 49.8% | 30.4% | ||
| Q1 25 | 48.3% | 30.4% | ||
| Q4 24 | 39.9% | 31.8% | ||
| Q3 24 | 46.3% | 31.2% | ||
| Q2 24 | 46.0% | 30.2% |
营业利润率SAMSPWH
| Q1 26 | 12.4% | — | ||
| Q4 25 | -8.6% | 1.3% | ||
| Q3 25 | 11.5% | -1.1% | ||
| Q2 25 | 14.0% | -7.9% | ||
| Q1 25 | 7.4% | 1.1% | ||
| Q4 24 | -13.9% | 1.0% | ||
| Q3 24 | 7.6% | -1.5% | ||
| Q2 24 | 12.2% | -8.4% |
净利率SAMSPWH
| Q1 26 | — | — | ||
| Q4 25 | -5.8% | 0.0% | ||
| Q3 25 | 8.6% | -2.4% | ||
| Q2 25 | 10.3% | -8.5% | ||
| Q1 25 | 5.4% | -2.6% | ||
| Q4 24 | -9.6% | -0.1% | ||
| Q3 24 | 5.5% | -2.0% | ||
| Q2 24 | 9.0% | -7.4% |
每股收益（稀释后）SAMSPWH
| Q1 26 | $2.16 | — | ||
| Q4 25 | $-1.97 | $0.00 | ||
| Q3 25 | $4.25 | $-0.18 | ||
| Q2 25 | $5.45 | $-0.56 | ||
| Q1 25 | $2.16 | $-0.22 | ||
| Q4 24 | $-3.23 | $-0.01 | ||
| Q3 24 | $2.86 | $-0.16 | ||
| Q2 24 | $4.39 | $-0.48 |
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 | $164.1M | $2.2M |
| 总债务越低越好 | — | $44.0M |
| 股东权益账面价值 | $682.6M | $209.5M |
| 总资产 | $1.2B | $913.9M |
| 负债/权益比越低杠杆越低 | — | 0.21× |
8季度趋势，按日历期对齐
现金及短期投资SAMSPWH
| Q1 26 | $164.1M | — | ||
| Q4 25 | $223.4M | $2.2M | ||
| Q3 25 | $250.5M | $1.8M | ||
| Q2 25 | $212.4M | $3.6M | ||
| Q1 25 | $152.5M | $2.8M | ||
| Q4 24 | $211.8M | $2.7M | ||
| Q3 24 | $255.6M | $2.6M | ||
| Q2 24 | $219.3M | $2.2M |
总债务SAMSPWH
| Q1 26 | — | — | ||
| Q4 25 | — | $44.0M | ||
| Q3 25 | — | $43.9M | ||
| Q2 25 | — | $24.1M | ||
| Q1 25 | — | $24.1M | ||
| Q4 24 | — | $24.0M | ||
| Q3 24 | — | $24.0M | ||
| Q2 24 | — | — |
股东权益SAMSPWH
| Q1 26 | $682.6M | — | ||
| Q4 25 | $846.3M | $209.5M | ||
| Q3 25 | $911.0M | $208.9M | ||
| Q2 25 | $912.3M | $215.1M | ||
| Q1 25 | $897.0M | $235.7M | ||
| Q4 24 | $916.2M | $243.6M | ||
| Q3 24 | $1.0B | $243.0M | ||
| Q2 24 | $1.0B | $247.5M |
总资产SAMSPWH
| Q1 26 | $1.2B | — | ||
| Q4 25 | $1.2B | $913.9M | ||
| Q3 25 | $1.2B | $948.9M | ||
| Q2 25 | $1.3B | $929.7M | ||
| Q1 25 | $1.2B | $852.1M | ||
| Q4 24 | $1.3B | $967.7M | ||
| Q3 24 | $1.4B | $901.9M | ||
| Q2 24 | $1.4B | $930.4M |
负债/权益比SAMSPWH
| Q1 26 | — | — | ||
| Q4 25 | — | 0.21× | ||
| Q3 25 | — | 0.21× | ||
| Q2 25 | — | 0.11× | ||
| Q1 25 | — | 0.10× | ||
| Q4 24 | — | 0.10× | ||
| Q3 24 | — | 0.10× | ||
| 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 | — | $16.3M |
| 自由现金流经营现金流 - 资本支出 | — | $8.7M |
| 自由现金流率自由现金流/营收 | — | 2.6% |
| 资本支出强度资本支出/营收 | — | 2.3% |
| 现金转化率经营现金流/净利润 | — | 2038.00× |
| 过去12个月自由现金流最近4个季度 | — | $-39.7M |
8季度趋势，按日历期对齐
经营现金流SAMSPWH
| Q1 26 | — | — | ||
| Q4 25 | $39.9M | $16.3M | ||
| Q3 25 | $101.8M | $-26.6M | ||
| Q2 25 | $126.5M | $-60.2M | ||
| Q1 25 | $1.9M | $52.8M | ||
| Q4 24 | $41.9M | $-2.5M | ||
| Q3 24 | $115.9M | $18.5M | ||
| Q2 24 | $96.0M | $-34.6M |
自由现金流SAMSPWH
| Q1 26 | — | — | ||
| Q4 25 | $22.1M | $8.7M | ||
| Q3 25 | $89.2M | $-33.9M | ||
| Q2 25 | $112.2M | $-64.0M | ||
| Q1 25 | $-8.0M | $49.6M | ||
| Q4 24 | $18.4M | $-6.2M | ||
| Q3 24 | $99.2M | $14.1M | ||
| Q2 24 | $75.6M | $-38.0M |
自由现金流率SAMSPWH
| Q1 26 | — | — | ||
| Q4 25 | 5.7% | 2.6% | ||
| Q3 25 | 16.6% | -11.5% | ||
| Q2 25 | 19.1% | -25.7% | ||
| Q1 25 | -1.8% | 14.6% | ||
| Q4 24 | 4.6% | -1.9% | ||
| Q3 24 | 16.4% | 4.9% | ||
| Q2 24 | 13.1% | -15.5% |
资本支出强度SAMSPWH
| Q1 26 | — | — | ||
| Q4 25 | 4.6% | 2.3% | ||
| Q3 25 | 2.3% | 2.5% | ||
| Q2 25 | 2.4% | 1.5% | ||
| Q1 25 | 2.2% | 1.0% | ||
| Q4 24 | 5.8% | 1.1% | ||
| Q3 24 | 2.8% | 1.5% | ||
| Q2 24 | 3.5% | 1.4% |
现金转化率SAMSPWH
| Q1 26 | — | — | ||
| Q4 25 | — | 2038.00× | ||
| Q3 25 | 2.21× | — | ||
| Q2 25 | 2.09× | — | ||
| Q1 25 | 0.08× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.46× | — | ||
| Q2 24 | 1.83× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
