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Constellation Brands（STZ）与维多利亚的秘密（VSCO）财务数据对比。点击上方公司名可切换其他公司
Constellation Brands的季度营收约是维多利亚的秘密的1.5倍（$2.2B vs $1.5B），Constellation Brands净利率更高（22.6% vs -2.5%，领先25.1%），维多利亚的秘密同比增速更快（9.3% vs -9.8%），Constellation Brands自由现金流更多（$370.9M vs $-232.0M），过去两年Constellation Brands的营收复合增速更高（1.9% vs -15.9%）
Constellation Brands, Inc.是总部位于美国纽约州罗切斯特的《财富》500强企业，主营啤酒、葡萄酒及烈酒的生产与营销，按销售额计算是美国最大的啤酒进口商，在全美主要啤酒供应商中市场份额位列第三。公司还通过与Canopy Growth合作在医用及娱乐大麻领域有大额投资，现有约40处设施、近9000名员工。
维多利亚的秘密是美国知名内衣、服饰及美妆零售商，1977年由斯坦福大学研究生罗伊·雷蒙德与妻子盖伊共同创立，1982年旗下5家内衣门店被莱斯·韦克斯纳收购。韦克斯纳随后快速将门店布局到全美各大购物中心，到90年代初已在全国拥有350家门店，销售额达10亿美元，成为美国最大的内衣零售商。
STZ vs VSCO — 直观对比
营收规模更大
STZ
是对方的1.5倍
$1.5B
营收增速更快
VSCO
高出19.1%
-9.8%
净利率更高
STZ
高出25.1%
-2.5%
自由现金流更多
STZ
多$602.9M
$-232.0M
两年增速更快
STZ
近两年复合增速
-15.9%
损益表 — Q3 FY2026 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $1.5B |
| 净利润 | $502.8M | $-37.0M |
| 毛利率 | 53.2% | 36.4% |
| 营业利润率 | 31.1% | -1.3% |
| 净利率 | 22.6% | -2.5% |
| 营收同比 | -9.8% | 9.3% |
| 净利润同比 | -18.4% | 33.9% |
| 每股收益（稀释后） | — | $-0.46 |
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STZVSCO
| Q4 25 | $2.2B | $1.5B | ||
| Q3 25 | $2.5B | $1.5B | ||
| Q2 25 | $2.5B | $1.4B | ||
| Q1 25 | $2.2B | $2.1B | ||
| Q4 24 | $2.5B | $1.3B | ||
| Q3 24 | $2.9B | $1.4B | ||
| Q2 24 | $2.7B | $1.4B | ||
| Q1 24 | $2.1B | $2.1B |
净利润STZVSCO
| Q4 25 | $502.8M | $-37.0M | ||
| Q3 25 | $466.0M | $16.0M | ||
| Q2 25 | $516.1M | $-2.0M | ||
| Q1 25 | $-375.3M | $193.0M | ||
| Q4 24 | $615.9M | $-56.0M | ||
| Q3 24 | $-1.2B | $32.0M | ||
| Q2 24 | $877.0M | $-4.0M | ||
| Q1 24 | $392.4M | $180.0M |
毛利率STZVSCO
| Q4 25 | 53.2% | 36.4% | ||
| Q3 25 | 52.8% | 35.6% | ||
| Q2 25 | 50.4% | 35.0% | ||
| Q1 25 | 51.5% | 38.6% | ||
| Q4 24 | 52.1% | 34.7% | ||
| Q3 24 | 51.8% | 35.4% | ||
| Q2 24 | 52.7% | 36.9% | ||
| Q1 24 | 48.6% | 39.7% |
营业利润率STZVSCO
| Q4 25 | 31.1% | -1.3% | ||
| Q3 25 | 35.2% | 2.8% | ||
| Q2 25 | 28.4% | 1.5% | ||
| Q1 25 | -6.9% | 12.8% | ||
| Q4 24 | 32.2% | -3.5% | ||
| Q3 24 | -42.1% | 4.4% | ||
| Q2 24 | 35.4% | 1.9% | ||
| Q1 24 | 29.4% | 12.4% |
净利率STZVSCO
| Q4 25 | 22.6% | -2.5% | ||
| Q3 25 | 18.8% | 1.1% | ||
| Q2 25 | 20.5% | -0.1% | ||
| Q1 25 | -17.3% | 9.2% | ||
| Q4 24 | 25.0% | -4.2% | ||
| Q3 24 | -41.1% | 2.3% | ||
| Q2 24 | 32.9% | -0.3% | ||
| Q1 24 | 18.3% | 8.6% |
每股收益（稀释后）STZVSCO
| Q4 25 | — | $-0.46 | ||
| Q3 25 | — | $0.20 | ||
| Q2 25 | — | $-0.02 | ||
| Q1 25 | — | $2.41 | ||
| Q4 24 | — | $-0.71 | ||
| Q3 24 | — | $0.40 | ||
| Q2 24 | — | $-0.05 | ||
| Q1 24 | — | $2.32 |
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 | $152.4M | $249.0M |
| 总债务越低越好 | $10.3B | — |
| 股东权益账面价值 | $7.7B | $653.0M |
| 总资产 | $21.7B | $5.1B |
| 负债/权益比越低杠杆越低 | 1.33× | — |
8季度趋势，按日历期对齐
现金及短期投资STZVSCO
| Q4 25 | $152.4M | $249.0M | ||
| Q3 25 | $72.0M | $188.0M | ||
| Q2 25 | $73.9M | $138.0M | ||
| Q1 25 | $68.1M | $227.0M | ||
| Q4 24 | $73.7M | $161.0M | ||
| Q3 24 | $64.6M | $169.0M | ||
| Q2 24 | $73.8M | $105.0M | ||
| Q1 24 | $152.4M | $270.0M |
总债务STZVSCO
| Q4 25 | $10.3B | — | ||
| Q3 25 | $10.3B | — | ||
| Q2 25 | $11.2B | — | ||
| Q1 25 | $10.7B | — | ||
| Q4 24 | $10.7B | — | ||
| Q3 24 | $11.1B | — | ||
| Q2 24 | $11.1B | — | ||
| Q1 24 | $11.6B | — |
股东权益STZVSCO
| Q4 25 | $7.7B | $653.0M | ||
| Q3 25 | $7.5B | $680.0M | ||
| Q2 25 | $7.3B | $645.0M | ||
| Q1 25 | $6.9B | $640.0M | ||
| Q4 24 | $7.8B | $429.0M | ||
| Q3 24 | $7.9B | $472.0M | ||
| Q2 24 | $10.3B | $423.0M | ||
| Q1 24 | $9.7B | $417.0M |
总资产STZVSCO
| Q4 25 | $21.7B | $5.1B | ||
| Q3 25 | $21.4B | $4.8B | ||
| Q2 25 | $22.3B | $4.6B | ||
| Q1 25 | $21.7B | $4.5B | ||
| Q4 24 | $22.8B | $4.9B | ||
| Q3 24 | $23.1B | $4.6B | ||
| Q2 24 | $26.1B | $4.4B | ||
| Q1 24 | $25.7B | $4.6B |
负债/权益比STZVSCO
| Q4 25 | 1.33× | — | ||
| Q3 25 | 1.37× | — | ||
| Q2 25 | 1.54× | — | ||
| Q1 25 | 1.55× | — | ||
| Q4 24 | 1.37× | — | ||
| Q3 24 | 1.41× | — | ||
| Q2 24 | 1.08× | — | ||
| Q1 24 | 1.19× | — |
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 | $616.9M | $-180.0M |
| 自由现金流经营现金流 - 资本支出 | $370.9M | $-232.0M |
| 自由现金流率自由现金流/营收 | 16.7% | -15.8% |
| 资本支出强度资本支出/营收 | 11.1% | 3.5% |
| 现金转化率经营现金流/净利润 | 1.23× | — |
| 过去12个月自由现金流最近4个季度 | $1.8B | $309.0M |
8季度趋势，按日历期对齐
经营现金流STZVSCO
| Q4 25 | $616.9M | $-180.0M | ||
| Q3 25 | $852.1M | $156.0M | ||
| Q2 25 | $637.2M | $-150.0M | ||
| Q1 25 | $594.7M | $674.0M | ||
| Q4 24 | $685.2M | $-248.0M | ||
| Q3 24 | $1.2B | $115.0M | ||
| Q2 24 | $690.5M | $-116.0M | ||
| Q1 24 | $433.2M | $589.0M |
自由现金流STZVSCO
| Q4 25 | $370.9M | $-232.0M | ||
| Q3 25 | $634.8M | $88.0M | ||
| Q2 25 | $444.4M | $-193.0M | ||
| Q1 25 | $312.1M | $646.0M | ||
| Q4 24 | $456.8M | $-299.0M | ||
| Q3 24 | $854.0M | $55.0M | ||
| Q2 24 | $315.2M | $-155.0M | ||
| Q1 24 | $76.0M | $557.0M |
自由现金流率STZVSCO
| Q4 25 | 16.7% | -15.8% | ||
| Q3 25 | 25.6% | 6.0% | ||
| Q2 25 | 17.7% | -14.3% | ||
| Q1 25 | 14.4% | 30.7% | ||
| Q4 24 | 18.5% | -22.2% | ||
| Q3 24 | 29.3% | 3.9% | ||
| Q2 24 | 11.8% | -11.4% | ||
| Q1 24 | 3.6% | 26.7% |
资本支出强度STZVSCO
| Q4 25 | 11.1% | 3.5% | ||
| Q3 25 | 8.8% | 4.7% | ||
| Q2 25 | 7.7% | 3.2% | ||
| Q1 25 | 13.1% | 1.3% | ||
| Q4 24 | 9.3% | 3.8% | ||
| Q3 24 | 11.2% | 4.2% | ||
| Q2 24 | 14.1% | 2.9% | ||
| Q1 24 | 16.7% | 1.5% |
现金转化率STZVSCO
| Q4 25 | 1.23× | — | ||
| Q3 25 | 1.83× | 9.75× | ||
| Q2 25 | 1.23× | — | ||
| Q1 25 | — | 3.49× | ||
| Q4 24 | 1.11× | — | ||
| Q3 24 | — | 3.59× | ||
| Q2 24 | 0.79× | — | ||
| Q1 24 | 1.10× | 3.27× |
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
STZ
| Beer | $2.0B | 90% |
| Constellation Wines And Spirits | $213.1M | 10% |
VSCO
| Sales Channel North America Stores | $778.0M | 53% |
| Sales Channel Directly To Consumer | $429.0M | 29% |
| Sales Channel International | $265.0M | 18% |
| Sales Channel Loyalty And Private Label Credit Card | $19.0M | 1% |
