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道富集团（STT）与托尔工业（THO）财务数据对比。点击上方公司名可切换其他公司
道富集团的季度营收约是托尔工业的1.5倍（$3.7B vs $2.4B），道富集团净利率更高（20.4% vs 0.9%，领先19.5%），托尔工业同比增速更快（11.5% vs 7.5%），道富集团自由现金流更多（$9.8B vs $-74.8M），过去两年道富集团的营收复合增速更高（8.1% vs 4.0%）
道富集团是总部位于美国波士顿的跨国金融服务及银行控股公司，历史可追溯至1792年成立的联合银行，是美国运营历史第二悠久的存续银行。作为全球顶尖的资产管理与托管机构，截至2025年第三季度，其管理资产规模约5.4万亿美元，托管及管理资产总规模达51.7万亿美元。
托尔工业是美国知名休闲房车（RV）生产商，旗下拥有Airstream、Heartland RV、Jayco等多个子品牌，主营拖挂式及自行式休闲房车的生产销售，总部位于印第安纳州埃尔克哈特，在密歇根、俄亥俄、爱达荷、俄勒冈等多个州设有生产基地。
STT vs THO — 直观对比
营收规模更大
STT
是对方的1.5倍
$2.4B
营收增速更快
THO
高出4.0%
7.5%
净利率更高
STT
高出19.5%
0.9%
自由现金流更多
STT
多$9.8B
$-74.8M
两年增速更快
STT
近两年复合增速
4.0%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $3.7B | $2.4B |
| 净利润 | $747.0M | $21.7M |
| 毛利率 | — | 13.4% |
| 营业利润率 | 25.0% | 1.4% |
| 净利率 | 20.4% | 0.9% |
| 营收同比 | 7.5% | 11.5% |
| 净利润同比 | -4.6% | 1282.8% |
| 每股收益（稀释后） | $2.41 | $0.41 |
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STTTHO
| Q4 25 | $3.7B | $2.4B | ||
| Q3 25 | $3.5B | $2.5B | ||
| Q2 25 | $3.4B | $2.9B | ||
| Q1 25 | $3.3B | $2.0B | ||
| Q4 24 | $3.4B | $2.1B | ||
| Q3 24 | $3.3B | $2.5B | ||
| Q2 24 | $3.2B | $2.8B | ||
| Q1 24 | $3.1B | $2.2B |
净利润STTTHO
| Q4 25 | $747.0M | $21.7M | ||
| Q3 25 | $861.0M | $125.8M | ||
| Q2 25 | $693.0M | $135.2M | ||
| Q1 25 | $644.0M | $-551.0K | ||
| Q4 24 | $783.0M | $-1.8M | ||
| Q3 24 | $730.0M | $90.0M | ||
| Q2 24 | $711.0M | $114.5M | ||
| Q1 24 | $463.0M | $7.2M |
毛利率STTTHO
| Q4 25 | — | 13.4% | ||
| Q3 25 | — | 14.7% | ||
| Q2 25 | — | 15.3% | ||
| Q1 25 | — | 12.1% | ||
| Q4 24 | — | 13.1% | ||
| Q3 24 | — | 15.8% | ||
| Q2 24 | — | 15.1% | ||
| Q1 24 | — | 12.3% |
营业利润率STTTHO
| Q4 25 | 25.0% | 1.4% | ||
| Q3 25 | 31.1% | 5.7% | ||
| Q2 25 | 25.8% | 5.4% | ||
| Q1 25 | 25.0% | -0.1% | ||
| Q4 24 | 28.1% | -0.1% | ||
| Q3 24 | 28.4% | 5.0% | ||
| Q2 24 | 28.6% | 5.1% | ||
| Q1 24 | 19.1% | 0.3% |
净利率STTTHO
| Q4 25 | 20.4% | 0.9% | ||
| Q3 25 | 24.3% | 5.0% | ||
| Q2 25 | 20.1% | 4.7% | ||
| Q1 25 | 19.6% | -0.0% | ||
| Q4 24 | 22.9% | -0.1% | ||
| Q3 24 | 22.4% | 3.6% | ||
| Q2 24 | 22.3% | 4.1% | ||
| Q1 24 | 14.8% | 0.3% |
每股收益（稀释后）STTTHO
| Q4 25 | $2.41 | $0.41 | ||
| Q3 25 | $2.78 | $2.35 | ||
| Q2 25 | $2.17 | $2.53 | ||
| Q1 25 | $2.04 | $-0.01 | ||
| Q4 24 | $2.43 | $-0.03 | ||
| Q3 24 | $2.26 | $1.69 | ||
| Q2 24 | $2.15 | $2.13 | ||
| Q1 24 | $1.37 | $0.13 |
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 | — | $509.9M |
| 总债务越低越好 | — | $916.0M |
| 股东权益账面价值 | $27.8B | $4.3B |
| 总资产 | $366.0B | $7.0B |
| 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STTTHO
| Q4 25 | — | $509.9M | ||
| Q3 25 | — | $586.6M | ||
| Q2 25 | — | $508.3M | ||
| Q1 25 | — | $373.8M | ||
| Q4 24 | — | $445.2M | ||
| Q3 24 | — | $501.3M | ||
| Q2 24 | — | $371.8M | ||
| Q1 24 | — | $340.2M |
总债务STTTHO
| Q4 25 | — | $916.0M | ||
| Q3 25 | — | $923.0M | ||
| Q2 25 | — | $1.0B | ||
| Q1 25 | — | $1.0B | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | — | $1.1B | ||
| Q2 24 | — | $1.2B | ||
| Q1 24 | — | $1.4B |
股东权益STTTHO
| Q4 25 | $27.8B | $4.3B | ||
| Q3 25 | $27.6B | $4.3B | ||
| Q2 25 | $27.3B | $4.2B | ||
| Q1 25 | $26.7B | $4.0B | ||
| Q4 24 | $25.3B | $4.1B | ||
| Q3 24 | $25.8B | $4.1B | ||
| Q2 24 | $24.8B | $4.0B | ||
| Q1 24 | $24.4B | $3.9B |
总资产STTTHO
| Q4 25 | $366.0B | $7.0B | ||
| Q3 25 | $371.1B | $7.1B | ||
| Q2 25 | $376.7B | $7.2B | ||
| Q1 25 | $372.7B | $6.7B | ||
| Q4 24 | $353.2B | $6.9B | ||
| Q3 24 | $338.5B | $7.0B | ||
| Q2 24 | $325.6B | $7.2B | ||
| Q1 24 | $338.0B | $7.2B |
负债/权益比STTTHO
| Q4 25 | — | 0.21× | ||
| Q3 25 | — | 0.22× | ||
| Q2 25 | — | 0.24× | ||
| Q1 25 | — | 0.26× | ||
| Q4 24 | — | 0.27× | ||
| Q3 24 | — | 0.28× | ||
| Q2 24 | — | 0.31× | ||
| Q1 24 | — | 0.36× |
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 | $10.0B | $-44.9M |
| 自由现金流经营现金流 - 资本支出 | $9.8B | $-74.8M |
| 自由现金流率自由现金流/营收 | 266.6% | -3.1% |
| 资本支出强度资本支出/营收 | 7.3% | 1.3% |
| 现金转化率经营现金流/净利润 | 13.44× | -2.07× |
| 过去12个月自由现金流最近4个季度 | $10.8B | $375.1M |
8季度趋势，按日历期对齐
经营现金流STTTHO
| Q4 25 | $10.0B | $-44.9M | ||
| Q3 25 | $7.9B | $258.7M | ||
| Q2 25 | $-8.4B | $257.7M | ||
| Q1 25 | $2.4B | $30.8M | ||
| Q4 24 | $-7.4B | $30.7M | ||
| Q3 24 | $2.7B | $338.0M | ||
| Q2 24 | $-7.6B | $251.7M | ||
| Q1 24 | $-844.0M | $-103.9M |
自由现金流STTTHO
| Q4 25 | $9.8B | $-74.8M | ||
| Q3 25 | $7.7B | $221.6M | ||
| Q2 25 | $-8.8B | $222.5M | ||
| Q1 25 | $2.2B | $5.8M | ||
| Q4 24 | $-7.7B | $6.4M | ||
| Q3 24 | $2.5B | $301.3M | ||
| Q2 24 | $-7.9B | $225.4M | ||
| Q1 24 | $-1.1B | $-140.2M |
自由现金流率STTTHO
| Q4 25 | 266.6% | -3.1% | ||
| Q3 25 | 216.0% | 8.8% | ||
| Q2 25 | -254.1% | 7.7% | ||
| Q1 25 | 66.1% | 0.3% | ||
| Q4 24 | -225.1% | 0.3% | ||
| Q3 24 | 75.9% | 11.9% | ||
| Q2 24 | -246.2% | 8.0% | ||
| Q1 24 | -34.2% | -6.4% |
资本支出强度STTTHO
| Q4 25 | 7.3% | 1.3% | ||
| Q3 25 | 6.9% | 1.5% | ||
| Q2 25 | 9.3% | 1.2% | ||
| Q1 25 | 6.9% | 1.2% | ||
| Q4 24 | 7.3% | 1.1% | ||
| Q3 24 | 7.2% | 1.4% | ||
| Q2 24 | 6.7% | 0.9% | ||
| Q1 24 | 7.3% | 1.6% |
现金转化率STTTHO
| Q4 25 | 13.44× | -2.07× | ||
| Q3 25 | 9.18× | 2.06× | ||
| Q2 25 | -12.18× | 1.91× | ||
| Q1 25 | 3.72× | — | ||
| Q4 24 | -9.49× | — | ||
| Q3 24 | 3.71× | 3.76× | ||
| Q2 24 | -10.75× | 2.20× | ||
| Q1 24 | -1.82× | -14.39× |
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
STT
| Other | $2.2B | 59% |
| Investment Management | $729.0M | 20% |
| Management Services | $662.0M | 18% |
| Other Fee Revenue | $56.0M | 2% |
| Securities Financing Services | $54.0M | 1% |
THO
| Other | $417.1M | 17% |
| Travel Trailers | $403.6M | 17% |
| Motorcaravan | $391.9M | 16% |
| Fifth Wheels Towables | $306.9M | 13% |
| Classc Motorized | $297.2M | 12% |
| Campervan | $188.3M | 8% |
| Classa Motorized | $169.9M | 7% |
| Classb Motorized | $110.0M | 5% |
| Other Rv Related | $70.0M | 3% |
| Caravan | $34.3M | 1% |
