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道富集团（STT）与泰佩思琦（TPR）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泰佩思琦的1.5倍（$3.7B vs $2.5B），泰佩思琦净利率更高（22.4% vs 20.4%，领先2.1%），泰佩思琦同比增速更快（14.0% vs 7.5%），道富集团自由现金流更多（$9.8B vs $1.0B），过去两年泰佩思琦的营收复合增速更高（29.9% vs 8.1%）
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。
Tapestry, Inc.是美国知名跨国奢侈品时尚控股企业，旗下拥有Coach、Kate Spade New York、Stuart Weitzman三大标志性生活方式品牌，主营高端手袋、服饰、鞋履、配饰及香水产品，销售渠道覆盖全球线下门店与线上电商平台。
STT vs TPR — 直观对比
营收规模更大
STT
是对方的1.5倍
$2.5B
营收增速更快
TPR
高出6.5%
7.5%
净利率更高
TPR
高出2.1%
20.4%
自由现金流更多
STT
多$8.7B
$1.0B
两年增速更快
TPR
近两年复合增速
8.1%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $3.7B | $2.5B |
| 净利润 | $747.0M | $561.3M |
| 毛利率 | — | 75.5% |
| 营业利润率 | 25.0% | 28.6% |
| 净利率 | 20.4% | 22.4% |
| 营收同比 | 7.5% | 14.0% |
| 净利润同比 | -4.6% | 80.8% |
| 每股收益（稀释后） | $2.41 | $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STTTPR
| Q4 25 | $3.7B | $2.5B | ||
| Q3 25 | $3.5B | $1.7B | ||
| Q2 25 | $3.4B | $1.7B | ||
| Q1 25 | $3.3B | $1.6B | ||
| Q4 24 | $3.4B | $2.2B | ||
| Q3 24 | $3.3B | $1.5B | ||
| Q2 24 | $3.2B | $1.6B | ||
| Q1 24 | $3.1B | $1.5B |
净利润STTTPR
| Q4 25 | $747.0M | $561.3M | ||
| Q3 25 | $861.0M | $274.8M | ||
| Q2 25 | $693.0M | $-517.1M | ||
| Q1 25 | $644.0M | $203.3M | ||
| Q4 24 | $783.0M | $310.4M | ||
| Q3 24 | $730.0M | $186.6M | ||
| Q2 24 | $711.0M | $159.3M | ||
| Q1 24 | $463.0M | $139.4M |
毛利率STTTPR
| Q4 25 | — | 75.5% | ||
| Q3 25 | — | 76.3% | ||
| Q2 25 | — | 76.3% | ||
| Q1 25 | — | 76.1% | ||
| Q4 24 | — | 74.4% | ||
| Q3 24 | — | 75.3% | ||
| Q2 24 | — | 74.9% | ||
| Q1 24 | — | 74.7% |
营业利润率STTTPR
| Q4 25 | 25.0% | 28.6% | ||
| Q3 25 | 31.1% | 19.3% | ||
| Q2 25 | 25.8% | -33.9% | ||
| Q1 25 | 25.0% | 16.0% | ||
| Q4 24 | 28.1% | 22.4% | ||
| Q3 24 | 28.4% | 16.7% | ||
| Q2 24 | 28.6% | 14.8% | ||
| Q1 24 | 19.1% | 13.8% |
净利率STTTPR
| Q4 25 | 20.4% | 22.4% | ||
| Q3 25 | 24.3% | 16.1% | ||
| Q2 25 | 20.1% | -30.0% | ||
| Q1 25 | 19.6% | 12.8% | ||
| Q4 24 | 22.9% | 14.1% | ||
| Q3 24 | 22.4% | 12.4% | ||
| Q2 24 | 22.3% | 10.0% | ||
| Q1 24 | 14.8% | 9.4% |
每股收益（稀释后）STTTPR
| Q4 25 | $2.41 | $2.68 | ||
| Q3 25 | $2.78 | $1.28 | ||
| Q2 25 | $2.17 | $-2.30 | ||
| Q1 25 | $2.04 | $0.95 | ||
| Q4 24 | $2.43 | $1.38 | ||
| Q3 24 | $2.26 | $0.79 | ||
| Q2 24 | $2.15 | $0.67 | ||
| Q1 24 | $1.37 | $0.60 |
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 | — | $1.1B |
| 总债务越低越好 | — | $2.4B |
| 股东权益账面价值 | $27.8B | $551.2M |
| 总资产 | $366.0B | $6.5B |
| 负债/权益比越低杠杆越低 | — | 4.32× |
8季度趋势，按日历期对齐
现金及短期投资STTTPR
| Q4 25 | — | $1.1B | ||
| Q3 25 | — | $743.2M | ||
| Q2 25 | — | $1.1B | ||
| Q1 25 | — | $1.1B | ||
| Q4 24 | — | $1.0B | ||
| Q3 24 | — | $7.3B | ||
| Q2 24 | — | $7.2B | ||
| Q1 24 | — | $7.4B |
总债务STTTPR
| Q4 25 | — | $2.4B | ||
| Q3 25 | — | $2.4B | ||
| Q2 25 | — | $2.4B | ||
| Q1 25 | — | $2.4B | ||
| Q4 24 | — | $2.4B | ||
| Q3 24 | — | $7.0B | ||
| Q2 24 | — | $6.9B | ||
| Q1 24 | — | $7.7B |
股东权益STTTPR
| Q4 25 | $27.8B | $551.2M | ||
| Q3 25 | $27.6B | $399.5M | ||
| Q2 25 | $27.3B | $857.8M | ||
| Q1 25 | $26.7B | $1.5B | ||
| Q4 24 | $25.3B | $1.3B | ||
| Q3 24 | $25.8B | $3.0B | ||
| Q2 24 | $24.8B | $2.9B | ||
| Q1 24 | $24.4B | $2.8B |
总资产STTTPR
| Q4 25 | $366.0B | $6.5B | ||
| Q3 25 | $371.1B | $6.4B | ||
| Q2 25 | $376.7B | $6.6B | ||
| Q1 25 | $372.7B | $7.3B | ||
| Q4 24 | $353.2B | $7.3B | ||
| Q3 24 | $338.5B | $13.7B | ||
| Q2 24 | $325.6B | $13.4B | ||
| Q1 24 | $338.0B | $13.7B |
负债/权益比STTTPR
| Q4 25 | — | 4.32× | ||
| Q3 25 | — | 5.95× | ||
| Q2 25 | — | 2.77× | ||
| Q1 25 | — | 1.59× | ||
| Q4 24 | — | 1.78× | ||
| Q3 24 | — | 2.35× | ||
| Q2 24 | — | 2.39× | ||
| Q1 24 | — | 2.77× |
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 | $1.1B |
| 自由现金流经营现金流 - 资本支出 | $9.8B | $1.0B |
| 自由现金流率自由现金流/营收 | 266.6% | 41.5% |
| 资本支出强度资本支出/营收 | 7.3% | 1.7% |
| 现金转化率经营现金流/净利润 | 13.44× | 1.93× |
| 过去12个月自由现金流最近4个季度 | $10.8B | $1.6B |
8季度趋势，按日历期对齐
经营现金流STTTPR
| Q4 25 | $10.0B | $1.1B | ||
| Q3 25 | $7.9B | $112.6M | ||
| Q2 25 | $-8.4B | $446.8M | ||
| Q1 25 | $2.4B | $144.3M | ||
| Q4 24 | $-7.4B | $506.0M | ||
| Q3 24 | $2.7B | $119.5M | ||
| Q2 24 | $-7.6B | $256.0M | ||
| Q1 24 | $-844.0M | $97.8M |
自由现金流STTTPR
| Q4 25 | $9.8B | $1.0B | ||
| Q3 25 | $7.7B | $80.2M | ||
| Q2 25 | $-8.8B | $411.5M | ||
| Q1 25 | $2.2B | $113.4M | ||
| Q4 24 | $-7.7B | $475.1M | ||
| Q3 24 | $2.5B | $93.9M | ||
| Q2 24 | $-7.9B | $209.8M | ||
| Q1 24 | $-1.1B | $78.8M |
自由现金流率STTTPR
| Q4 25 | 266.6% | 41.5% | ||
| Q3 25 | 216.0% | 4.7% | ||
| Q2 25 | -254.1% | 23.9% | ||
| Q1 25 | 66.1% | 7.2% | ||
| Q4 24 | -225.1% | 21.6% | ||
| Q3 24 | 75.9% | 6.2% | ||
| Q2 24 | -246.2% | 13.2% | ||
| Q1 24 | -34.2% | 5.3% |
资本支出强度STTTPR
| Q4 25 | 7.3% | 1.7% | ||
| Q3 25 | 6.9% | 1.9% | ||
| Q2 25 | 9.3% | 2.0% | ||
| Q1 25 | 6.9% | 2.0% | ||
| Q4 24 | 7.3% | 1.4% | ||
| Q3 24 | 7.2% | 1.7% | ||
| Q2 24 | 6.7% | 2.9% | ||
| Q1 24 | 7.3% | 1.3% |
现金转化率STTTPR
| Q4 25 | 13.44× | 1.93× | ||
| Q3 25 | 9.18× | 0.41× | ||
| Q2 25 | -12.18× | — | ||
| Q1 25 | 3.72× | 0.71× | ||
| Q4 24 | -9.49× | 1.63× | ||
| Q3 24 | 3.71× | 0.64× | ||
| Q2 24 | -10.75× | 1.61× | ||
| Q1 24 | -1.82× | 0.70× |
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% |
TPR
| Coach | $1.4B | 57% |
| Other | $787.0M | 31% |
| Kate Spade Company | $290.0M | 12% |
