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托尔工业（THO）与华纳音乐集团（WMG）财务数据对比。点击上方公司名可切换其他公司
托尔工业的季度营收约是华纳音乐集团的1.3倍（$2.4B vs $1.8B），华纳音乐集团净利率更高（9.6% vs 0.9%，领先8.7%），托尔工业同比增速更快（11.5% vs 10.4%），华纳音乐集团自由现金流更多（$420.0M vs $-74.8M），过去两年华纳音乐集团的营收复合增速更高（11.0% vs 4.0%）
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。
华纳音乐集团（简称WMG）是总部位于美国纽约的跨国娱乐及唱片集团，属于全球唱片行业“三大巨头”之一，市场规模位居全球音乐行业第三位，仅次于环球音乐集团与索尼音乐娱乐。
THO vs WMG — 直观对比
营收规模更大
THO
是对方的1.3倍
$1.8B
营收增速更快
THO
高出1.1%
10.4%
净利率更高
WMG
高出8.7%
0.9%
自由现金流更多
WMG
多$494.8M
$-74.8M
两年增速更快
WMG
近两年复合增速
4.0%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.4B | $1.8B |
| 净利润 | $21.7M | $176.0M |
| 毛利率 | 13.4% | 46.4% |
| 营业利润率 | 1.4% | 15.7% |
| 净利率 | 0.9% | 9.6% |
| 营收同比 | 11.5% | 10.4% |
| 净利润同比 | 1282.8% | -25.4% |
| 每股收益（稀释后） | $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THOWMG
| Q4 25 | $2.4B | $1.8B | ||
| Q3 25 | $2.5B | $1.9B | ||
| Q2 25 | $2.9B | $1.7B | ||
| Q1 25 | $2.0B | $1.5B | ||
| Q4 24 | $2.1B | $1.7B | ||
| Q3 24 | $2.5B | $1.6B | ||
| Q2 24 | $2.8B | $1.6B | ||
| Q1 24 | $2.2B | $1.5B |
净利润THOWMG
| Q4 25 | $21.7M | $176.0M | ||
| Q3 25 | $125.8M | $109.0M | ||
| Q2 25 | $135.2M | $-16.0M | ||
| Q1 25 | $-551.0K | $36.0M | ||
| Q4 24 | $-1.8M | $236.0M | ||
| Q3 24 | $90.0M | $41.0M | ||
| Q2 24 | $114.5M | $139.0M | ||
| Q1 24 | $7.2M | $96.0M |
毛利率THOWMG
| Q4 25 | 13.4% | 46.4% | ||
| Q3 25 | 14.7% | 44.6% | ||
| Q2 25 | 15.3% | 45.9% | ||
| Q1 25 | 12.1% | 46.7% | ||
| Q4 24 | 13.1% | 46.3% | ||
| Q3 24 | 15.8% | 47.6% | ||
| Q2 24 | 15.1% | 46.6% | ||
| Q1 24 | 12.3% | 47.1% |
营业利润率THOWMG
| Q4 25 | 1.4% | 15.7% | ||
| Q3 25 | 5.7% | 7.7% | ||
| Q2 25 | 5.4% | 10.0% | ||
| Q1 25 | -0.1% | 11.3% | ||
| Q4 24 | -0.1% | 12.8% | ||
| Q3 24 | 5.0% | 8.8% | ||
| Q2 24 | 5.1% | 13.3% | ||
| Q1 24 | 0.3% | 8.0% |
净利率THOWMG
| Q4 25 | 0.9% | 9.6% | ||
| Q3 25 | 5.0% | 5.8% | ||
| Q2 25 | 4.7% | -0.9% | ||
| Q1 25 | -0.0% | 2.4% | ||
| Q4 24 | -0.1% | 14.2% | ||
| Q3 24 | 3.6% | 2.5% | ||
| Q2 24 | 4.1% | 8.9% | ||
| Q1 24 | 0.3% | 6.4% |
每股收益（稀释后）THOWMG
| Q4 25 | $0.41 | — | ||
| Q3 25 | $2.35 | — | ||
| Q2 25 | $2.53 | — | ||
| Q1 25 | $-0.01 | — | ||
| Q4 24 | $-0.03 | — | ||
| Q3 24 | $1.69 | — | ||
| Q2 24 | $2.13 | — | ||
| Q1 24 | $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 | $751.0M |
| 总债务越低越好 | $916.0M | $4.4B |
| 股东权益账面价值 | $4.3B | $720.0M |
| 总资产 | $7.0B | $10.0B |
| 负债/权益比越低杠杆越低 | 0.21× | 6.07× |
8季度趋势，按日历期对齐
现金及短期投资THOWMG
| Q4 25 | $509.9M | $751.0M | ||
| Q3 25 | $586.6M | $532.0M | ||
| Q2 25 | $508.3M | $527.0M | ||
| Q1 25 | $373.8M | $637.0M | ||
| Q4 24 | $445.2M | $802.0M | ||
| Q3 24 | $501.3M | $694.0M | ||
| Q2 24 | $371.8M | $607.0M | ||
| Q1 24 | $340.2M | $587.0M |
总债务THOWMG
| Q4 25 | $916.0M | $4.4B | ||
| Q3 25 | $923.0M | $4.4B | ||
| Q2 25 | $1.0B | $4.4B | ||
| Q1 25 | $1.0B | $4.3B | ||
| Q4 24 | $1.1B | $4.0B | ||
| Q3 24 | $1.1B | $4.0B | ||
| Q2 24 | $1.2B | $4.0B | ||
| Q1 24 | $1.4B | $4.0B |
股东权益THOWMG
| Q4 25 | $4.3B | $720.0M | ||
| Q3 25 | $4.3B | $647.0M | ||
| Q2 25 | $4.2B | $589.0M | ||
| Q1 25 | $4.0B | $567.0M | ||
| Q4 24 | $4.1B | $545.0M | ||
| Q3 24 | $4.1B | $518.0M | ||
| Q2 24 | $4.0B | $483.0M | ||
| Q1 24 | $3.9B | $433.0M |
总资产THOWMG
| Q4 25 | $7.0B | $10.0B | ||
| Q3 25 | $7.1B | $9.8B | ||
| Q2 25 | $7.2B | $9.8B | ||
| Q1 25 | $6.7B | $9.6B | ||
| Q4 24 | $6.9B | $9.1B | ||
| Q3 24 | $7.0B | $9.2B | ||
| Q2 24 | $7.2B | $8.8B | ||
| Q1 24 | $7.2B | $8.7B |
负债/权益比THOWMG
| Q4 25 | 0.21× | 6.07× | ||
| Q3 25 | 0.22× | 6.75× | ||
| Q2 25 | 0.24× | 7.41× | ||
| Q1 25 | 0.26× | 7.57× | ||
| Q4 24 | 0.27× | 7.26× | ||
| Q3 24 | 0.28× | 7.75× | ||
| Q2 24 | 0.31× | 8.24× | ||
| Q1 24 | 0.36× | 9.20× |
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 | $-44.9M | $440.0M |
| 自由现金流经营现金流 - 资本支出 | $-74.8M | $420.0M |
| 自由现金流率自由现金流/营收 | -3.1% | 22.8% |
| 资本支出强度资本支出/营收 | 1.3% | 1.1% |
| 现金转化率经营现金流/净利润 | -2.07× | 2.50× |
| 过去12个月自由现金流最近4个季度 | $375.1M | $663.0M |
8季度趋势，按日历期对齐
经营现金流THOWMG
| Q4 25 | $-44.9M | $440.0M | ||
| Q3 25 | $258.7M | $231.0M | ||
| Q2 25 | $257.7M | $46.0M | ||
| Q1 25 | $30.8M | $69.0M | ||
| Q4 24 | $30.7M | $332.0M | ||
| Q3 24 | $338.0M | $304.0M | ||
| Q2 24 | $251.7M | $188.0M | ||
| Q1 24 | $-103.9M | $-31.0M |
自由现金流THOWMG
| Q4 25 | $-74.8M | $420.0M | ||
| Q3 25 | $221.6M | $203.0M | ||
| Q2 25 | $222.5M | $7.0M | ||
| Q1 25 | $5.8M | $33.0M | ||
| Q4 24 | $6.4M | $296.0M | ||
| Q3 24 | $301.3M | $271.0M | ||
| Q2 24 | $225.4M | $160.0M | ||
| Q1 24 | $-140.2M | $-57.0M |
自由现金流率THOWMG
| Q4 25 | -3.1% | 22.8% | ||
| Q3 25 | 8.8% | 10.9% | ||
| Q2 25 | 7.7% | 0.4% | ||
| Q1 25 | 0.3% | 2.2% | ||
| Q4 24 | 0.3% | 17.8% | ||
| Q3 24 | 11.9% | 16.6% | ||
| Q2 24 | 8.0% | 10.3% | ||
| Q1 24 | -6.4% | -3.8% |
资本支出强度THOWMG
| Q4 25 | 1.3% | 1.1% | ||
| Q3 25 | 1.5% | 1.5% | ||
| Q2 25 | 1.2% | 2.3% | ||
| Q1 25 | 1.2% | 2.4% | ||
| Q4 24 | 1.1% | 2.2% | ||
| Q3 24 | 1.4% | 2.0% | ||
| Q2 24 | 0.9% | 1.8% | ||
| Q1 24 | 1.6% | 1.7% |
现金转化率THOWMG
| Q4 25 | -2.07× | 2.50× | ||
| Q3 25 | 2.06× | 2.12× | ||
| Q2 25 | 1.91× | — | ||
| Q1 25 | — | 1.92× | ||
| Q4 24 | — | 1.41× | ||
| Q3 24 | 3.76× | 7.41× | ||
| Q2 24 | 2.20× | 1.35× | ||
| Q1 24 | -14.39× | -0.32× |
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
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% |
WMG
| Digital | $976.0M | 53% |
| Music Publishing | $362.0M | 20% |
| Artist Services And Expanded Rights | $231.0M | 13% |
| Licensing | $121.0M | 7% |
| Performance | $64.0M | 3% |
| Synchronization | $60.0M | 3% |
| Mechanical | $18.0M | 1% |
| Other | $5.0M | 0% |
