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泰佩思琦（TPR）与Vistra Corp.（VST）财务数据对比。点击上方公司名可切换其他公司
Vistra Corp.的季度营收约是泰佩思琦的1.9倍（$4.8B vs $2.5B），泰佩思琦净利率更高（22.4% vs 4.8%，领先17.6%），Vistra Corp.同比增速更快（31.2% vs 14.0%），泰佩思琦自由现金流更多（$1.0B vs $596.0M），过去两年泰佩思琦的营收复合增速更高（29.9% vs 23.3%）
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。
股票代码为VST的Vistra Corp是总部位于美国得克萨斯州的能源企业，主营电力生产、可再生能源开发及能源零售等业务。此外“Vistra”也可指一家总部位于中国香港的企业服务提供商，为全球客户提供公司注册、合规管理等专业服务。
TPR vs VST — 直观对比
营收规模更大
VST
是对方的1.9倍
$2.5B
营收增速更快
VST
高出17.2%
14.0%
净利率更高
TPR
高出17.6%
4.8%
自由现金流更多
TPR
多$441.5M
$596.0M
两年增速更快
TPR
近两年复合增速
23.3%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.5B | $4.8B |
| 净利润 | $561.3M | $233.0M |
| 毛利率 | 75.5% | — |
| 营业利润率 | 28.6% | 9.9% |
| 净利率 | 22.4% | 4.8% |
| 营收同比 | 14.0% | 31.2% |
| 净利润同比 | 80.8% | -47.2% |
| 每股收益（稀释后） | $2.68 | $0.55 |
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TPRVST
| Q4 25 | $2.5B | $4.8B | ||
| Q3 25 | $1.7B | $4.8B | ||
| Q2 25 | $1.7B | $3.8B | ||
| Q1 25 | $1.6B | $4.3B | ||
| Q4 24 | $2.2B | $3.7B | ||
| Q3 24 | $1.5B | $4.3B | ||
| Q2 24 | $1.6B | $3.6B | ||
| Q1 24 | $1.5B | $3.2B |
净利润TPRVST
| Q4 25 | $561.3M | $233.0M | ||
| Q3 25 | $274.8M | $652.0M | ||
| Q2 25 | $-517.1M | $327.0M | ||
| Q1 25 | $203.3M | $-268.0M | ||
| Q4 24 | $310.4M | $441.0M | ||
| Q3 24 | $186.6M | $1.9B | ||
| Q2 24 | $159.3M | $365.0M | ||
| Q1 24 | $139.4M | $-35.0M |
毛利率TPRVST
| 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TPRVST
| Q4 25 | 28.6% | 9.9% | ||
| Q3 25 | 19.3% | 21.7% | ||
| Q2 25 | -33.9% | 13.7% | ||
| Q1 25 | 16.0% | -2.8% | ||
| Q4 24 | 22.4% | 16.4% | ||
| Q3 24 | 16.7% | 59.6% | ||
| Q2 24 | 14.8% | 22.5% | ||
| Q1 24 | 13.8% | 2.7% |
净利率TPRVST
| Q4 25 | 22.4% | 4.8% | ||
| Q3 25 | 16.1% | 13.6% | ||
| Q2 25 | -30.0% | 8.7% | ||
| Q1 25 | 12.8% | -6.3% | ||
| Q4 24 | 14.1% | 12.0% | ||
| Q3 24 | 12.4% | 43.5% | ||
| Q2 24 | 10.0% | 10.1% | ||
| Q1 24 | 9.4% | -1.1% |
每股收益（稀释后）TPRVST
| Q4 25 | $2.68 | $0.55 | ||
| Q3 25 | $1.28 | $1.75 | ||
| Q2 25 | $-2.30 | $0.81 | ||
| Q1 25 | $0.95 | $-0.93 | ||
| Q4 24 | $1.38 | $1.09 | ||
| Q3 24 | $0.79 | $5.25 | ||
| Q2 24 | $0.67 | $0.90 | ||
| Q1 24 | $0.60 | $-0.24 |
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 | $785.0M |
| 总债务越低越好 | $2.4B | $15.8B |
| 股东权益账面价值 | $551.2M | $5.1B |
| 总资产 | $6.5B | $41.5B |
| 负债/权益比越低杠杆越低 | 4.32× | 3.11× |
8季度趋势，按日历期对齐
现金及短期投资TPRVST
| Q4 25 | $1.1B | $785.0M | ||
| Q3 25 | $743.2M | $602.0M | ||
| Q2 25 | $1.1B | $458.0M | ||
| Q1 25 | $1.1B | $561.0M | ||
| Q4 24 | $1.0B | $1.2B | ||
| Q3 24 | $7.3B | $905.0M | ||
| Q2 24 | $7.2B | $1.6B | ||
| Q1 24 | $7.4B | $1.1B |
总债务TPRVST
| Q4 25 | $2.4B | $15.8B | ||
| Q3 25 | $2.4B | $15.8B | ||
| Q2 25 | $2.4B | $15.5B | ||
| Q1 25 | $2.4B | $15.4B | ||
| Q4 24 | $2.4B | $15.4B | ||
| Q3 24 | $7.0B | $13.9B | ||
| Q2 24 | $6.9B | $13.9B | ||
| Q1 24 | $7.7B | $14.7B |
股东权益TPRVST
| Q4 25 | $551.2M | $5.1B | ||
| Q3 25 | $399.5M | $5.2B | ||
| Q2 25 | $857.8M | $4.8B | ||
| Q1 25 | $1.5B | $4.8B | ||
| Q4 24 | $1.3B | $5.6B | ||
| Q3 24 | $3.0B | $5.4B | ||
| Q2 24 | $2.9B | $5.6B | ||
| Q1 24 | $2.8B | $5.7B |
总资产TPRVST
| Q4 25 | $6.5B | $41.5B | ||
| Q3 25 | $6.4B | $38.0B | ||
| Q2 25 | $6.6B | $38.1B | ||
| Q1 25 | $7.3B | $38.2B | ||
| Q4 24 | $7.3B | $37.8B | ||
| Q3 24 | $13.7B | $37.9B | ||
| Q2 24 | $13.4B | $39.1B | ||
| Q1 24 | $13.7B | $38.2B |
负债/权益比TPRVST
| Q4 25 | 4.32× | 3.11× | ||
| Q3 25 | 5.95× | 3.02× | ||
| Q2 25 | 2.77× | 3.22× | ||
| Q1 25 | 1.59× | 3.20× | ||
| Q4 24 | 1.78× | 2.77× | ||
| Q3 24 | 2.35× | 2.56× | ||
| Q2 24 | 2.39× | 2.49× | ||
| Q1 24 | 2.77× | 2.60× |
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 | $1.1B | $1.4B |
| 自由现金流经营现金流 - 资本支出 | $1.0B | $596.0M |
| 自由现金流率自由现金流/营收 | 41.5% | 12.4% |
| 资本支出强度资本支出/营收 | 1.7% | 17.4% |
| 现金转化率经营现金流/净利润 | 1.93× | 6.15× |
| 过去12个月自由现金流最近4个季度 | $1.6B | $1.3B |
8季度趋势，按日历期对齐
经营现金流TPRVST
| Q4 25 | $1.1B | $1.4B | ||
| Q3 25 | $112.6M | $1.5B | ||
| Q2 25 | $446.8M | $572.0M | ||
| Q1 25 | $144.3M | $599.0M | ||
| Q4 24 | $506.0M | $1.4B | ||
| Q3 24 | $119.5M | $1.7B | ||
| Q2 24 | $256.0M | $1.2B | ||
| Q1 24 | $97.8M | $312.0M |
自由现金流TPRVST
| Q4 25 | $1.0B | $596.0M | ||
| Q3 25 | $80.2M | $1.0B | ||
| Q2 25 | $411.5M | $-118.0M | ||
| Q1 25 | $113.4M | $-169.0M | ||
| Q4 24 | $475.1M | $923.0M | ||
| Q3 24 | $93.9M | $1.0B | ||
| Q2 24 | $209.8M | $698.0M | ||
| Q1 24 | $78.8M | $-153.0M |
自由现金流率TPRVST
| Q4 25 | 41.5% | 12.4% | ||
| Q3 25 | 4.7% | 21.1% | ||
| Q2 25 | 23.9% | -3.1% | ||
| Q1 25 | 7.2% | -4.0% | ||
| Q4 24 | 21.6% | 25.2% | ||
| Q3 24 | 6.2% | 23.4% | ||
| Q2 24 | 13.2% | 19.4% | ||
| Q1 24 | 5.3% | -4.8% |
资本支出强度TPRVST
| Q4 25 | 1.7% | 17.4% | ||
| Q3 25 | 1.9% | 9.6% | ||
| Q2 25 | 2.0% | 18.4% | ||
| Q1 25 | 2.0% | 18.1% | ||
| Q4 24 | 1.4% | 11.7% | ||
| Q3 24 | 1.7% | 15.8% | ||
| Q2 24 | 2.9% | 13.8% | ||
| Q1 24 | 1.3% | 14.7% |
现金转化率TPRVST
| Q4 25 | 1.93× | 6.15× | ||
| Q3 25 | 0.41× | 2.25× | ||
| Q2 25 | — | 1.75× | ||
| Q1 25 | 0.71× | — | ||
| Q4 24 | 1.63× | 3.07× | ||
| Q3 24 | 0.64× | 0.90× | ||
| Q2 24 | 1.61× | 3.28× | ||
| Q1 24 | 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
TPR
| Coach | $1.4B | 57% |
| Other | $787.0M | 31% |
| Kate Spade Company | $290.0M | 12% |
VST
| Retail Energy Charge In ERCOT | $2.1B | 43% |
| Retail Energy Charge In Northeast Midwest | $1.2B | 24% |
| East Segment | $1.1B | 24% |
| Hedging Revenue Realized | $170.0M | 4% |
| Revenue From Other Wholesale Contracts | $116.0M | 2% |
| Transferable Production Tax Credit Revenues | $78.0M | 2% |
| West Segment | $77.0M | 2% |
| Intersegment Sales | $25.0M | 1% |
