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泰佩思琦（TPR）与斑马技术（ZBRA）财务数据对比。点击上方公司名可切换其他公司
泰佩思琦的季度营收约是斑马技术的1.7倍（$2.5B vs $1.5B），泰佩思琦净利率更高（22.4% vs 4.7%，领先17.7%），泰佩思琦同比增速更快（14.0% vs 10.6%），泰佩思琦自由现金流更多（$1.0B vs $327.0M），过去两年泰佩思琦的营收复合增速更高（29.9% vs 12.0%）
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。
斑马技术（Zebra Technologies）是源自美国的跨国科技企业，专注于智能数据采集系统领域的研发与落地。公司总部位于芝加哥郊外的伊利诺伊州林肯郡，目前在全球57个国家和地区开展业务，雇员总数达10700名。
TPR vs ZBRA — 直观对比
营收规模更大
TPR
是对方的1.7倍
$1.5B
营收增速更快
TPR
高出3.4%
10.6%
净利率更高
TPR
高出17.7%
4.7%
自由现金流更多
TPR
多$710.5M
$327.0M
两年增速更快
TPR
近两年复合增速
12.0%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.5B | $1.5B |
| 净利润 | $561.3M | $70.0M |
| 毛利率 | 75.5% | 47.3% |
| 营业利润率 | 28.6% | 9.4% |
| 净利率 | 22.4% | 4.7% |
| 营收同比 | 14.0% | 10.6% |
| 净利润同比 | 80.8% | -57.1% |
| 每股收益（稀释后） | $2.68 | $1.40 |
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TPRZBRA
| Q4 25 | $2.5B | $1.5B | ||
| Q3 25 | $1.7B | $1.3B | ||
| Q2 25 | $1.7B | $1.3B | ||
| Q1 25 | $1.6B | $1.3B | ||
| Q4 24 | $2.2B | $1.3B | ||
| Q3 24 | $1.5B | $1.3B | ||
| Q2 24 | $1.6B | $1.2B | ||
| Q1 24 | $1.5B | $1.2B |
净利润TPRZBRA
| Q4 25 | $561.3M | $70.0M | ||
| Q3 25 | $274.8M | $101.0M | ||
| Q2 25 | $-517.1M | $112.0M | ||
| Q1 25 | $203.3M | $136.0M | ||
| Q4 24 | $310.4M | $163.0M | ||
| Q3 24 | $186.6M | $137.0M | ||
| Q2 24 | $159.3M | $113.0M | ||
| Q1 24 | $139.4M | $115.0M |
毛利率TPRZBRA
| Q4 25 | 75.5% | 47.3% | ||
| Q3 25 | 76.3% | 48.0% | ||
| Q2 25 | 76.3% | 47.6% | ||
| Q1 25 | 76.1% | 49.3% | ||
| Q4 24 | 74.4% | 48.6% | ||
| Q3 24 | 75.3% | 48.8% | ||
| Q2 24 | 74.9% | 48.4% | ||
| Q1 24 | 74.7% | 47.9% |
营业利润率TPRZBRA
| Q4 25 | 28.6% | 9.4% | ||
| Q3 25 | 19.3% | 13.9% | ||
| Q2 25 | -33.9% | 14.2% | ||
| Q1 25 | 16.0% | 14.9% | ||
| Q4 24 | 22.4% | 16.9% | ||
| Q3 24 | 16.7% | 15.2% | ||
| Q2 24 | 14.8% | 13.7% | ||
| Q1 24 | 13.8% | 13.5% |
净利率TPRZBRA
| Q4 25 | 22.4% | 4.7% | ||
| Q3 25 | 16.1% | 7.7% | ||
| Q2 25 | -30.0% | 8.7% | ||
| Q1 25 | 12.8% | 10.4% | ||
| Q4 24 | 14.1% | 12.2% | ||
| Q3 24 | 12.4% | 10.9% | ||
| Q2 24 | 10.0% | 9.3% | ||
| Q1 24 | 9.4% | 9.8% |
每股收益（稀释后）TPRZBRA
| Q4 25 | $2.68 | $1.40 | ||
| Q3 25 | $1.28 | $1.97 | ||
| Q2 25 | $-2.30 | $2.19 | ||
| Q1 25 | $0.95 | $2.62 | ||
| Q4 24 | $1.38 | $3.14 | ||
| Q3 24 | $0.79 | $2.64 | ||
| Q2 24 | $0.67 | $2.17 | ||
| Q1 24 | $0.60 | $2.23 |
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 | $125.0M |
| 总债务越低越好 | $2.4B | — |
| 股东权益账面价值 | $551.2M | $3.6B |
| 总资产 | $6.5B | $8.5B |
| 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TPRZBRA
| Q4 25 | $1.1B | $125.0M | ||
| Q3 25 | $743.2M | $1.1B | ||
| Q2 25 | $1.1B | $872.0M | ||
| Q1 25 | $1.1B | $879.0M | ||
| Q4 24 | $1.0B | $901.0M | ||
| Q3 24 | $7.3B | $676.0M | ||
| Q2 24 | $7.2B | $411.0M | ||
| Q1 24 | $7.4B | $127.0M |
总债务TPRZBRA
| Q4 25 | $2.4B | — | ||
| Q3 25 | $2.4B | $2.2B | ||
| Q2 25 | $2.4B | $2.2B | ||
| Q1 25 | $2.4B | $2.2B | ||
| Q4 24 | $2.4B | — | ||
| Q3 24 | $7.0B | $2.2B | ||
| Q2 24 | $6.9B | $2.2B | ||
| Q1 24 | $7.7B | $2.1B |
股东权益TPRZBRA
| Q4 25 | $551.2M | $3.6B | ||
| Q3 25 | $399.5M | $3.7B | ||
| Q2 25 | $857.8M | $3.6B | ||
| Q1 25 | $1.5B | $3.6B | ||
| Q4 24 | $1.3B | $3.6B | ||
| Q3 24 | $3.0B | $3.4B | ||
| Q2 24 | $2.9B | $3.3B | ||
| Q1 24 | $2.8B | $3.2B |
总资产TPRZBRA
| Q4 25 | $6.5B | $8.5B | ||
| Q3 25 | $6.4B | $8.1B | ||
| Q2 25 | $6.6B | $7.9B | ||
| Q1 25 | $7.3B | $7.9B | ||
| Q4 24 | $7.3B | $8.0B | ||
| Q3 24 | $13.7B | $7.7B | ||
| Q2 24 | $13.4B | $7.5B | ||
| Q1 24 | $13.7B | $7.3B |
负债/权益比TPRZBRA
| Q4 25 | 4.32× | — | ||
| Q3 25 | 5.95× | 0.58× | ||
| Q2 25 | 2.77× | 0.60× | ||
| Q1 25 | 1.59× | 0.60× | ||
| Q4 24 | 1.78× | — | ||
| Q3 24 | 2.35× | 0.64× | ||
| Q2 24 | 2.39× | 0.66× | ||
| Q1 24 | 2.77× | 0.66× |
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 | $357.0M |
| 自由现金流经营现金流 - 资本支出 | $1.0B | $327.0M |
| 自由现金流率自由现金流/营收 | 41.5% | 22.2% |
| 资本支出强度资本支出/营收 | 1.7% | 2.0% |
| 现金转化率经营现金流/净利润 | 1.93× | 5.10× |
| 过去12个月自由现金流最近4个季度 | $1.6B | $831.0M |
8季度趋势，按日历期对齐
经营现金流TPRZBRA
| Q4 25 | $1.1B | $357.0M | ||
| Q3 25 | $112.6M | $235.0M | ||
| Q2 25 | $446.8M | $147.0M | ||
| Q1 25 | $144.3M | $178.0M | ||
| Q4 24 | $506.0M | $306.0M | ||
| Q3 24 | $119.5M | $294.0M | ||
| Q2 24 | $256.0M | $288.0M | ||
| Q1 24 | $97.8M | $125.0M |
自由现金流TPRZBRA
| Q4 25 | $1.0B | $327.0M | ||
| Q3 25 | $80.2M | $216.0M | ||
| Q2 25 | $411.5M | $130.0M | ||
| Q1 25 | $113.4M | $158.0M | ||
| Q4 24 | $475.1M | $288.0M | ||
| Q3 24 | $93.9M | $277.0M | ||
| Q2 24 | $209.8M | $278.0M | ||
| Q1 24 | $78.8M | $111.0M |
自由现金流率TPRZBRA
| Q4 25 | 41.5% | 22.2% | ||
| Q3 25 | 4.7% | 16.4% | ||
| Q2 25 | 23.9% | 10.1% | ||
| Q1 25 | 7.2% | 12.1% | ||
| Q4 24 | 21.6% | 21.6% | ||
| Q3 24 | 6.2% | 22.1% | ||
| Q2 24 | 13.2% | 22.8% | ||
| Q1 24 | 5.3% | 9.4% |
资本支出强度TPRZBRA
| Q4 25 | 1.7% | 2.0% | ||
| Q3 25 | 1.9% | 1.4% | ||
| Q2 25 | 2.0% | 1.3% | ||
| Q1 25 | 2.0% | 1.5% | ||
| Q4 24 | 1.4% | 1.3% | ||
| Q3 24 | 1.7% | 1.4% | ||
| Q2 24 | 2.9% | 0.8% | ||
| Q1 24 | 1.3% | 1.2% |
现金转化率TPRZBRA
| Q4 25 | 1.93× | 5.10× | ||
| Q3 25 | 0.41× | 2.33× | ||
| Q2 25 | — | 1.31× | ||
| Q1 25 | 0.71× | 1.31× | ||
| Q4 24 | 1.63× | 1.88× | ||
| Q3 24 | 0.64× | 2.15× | ||
| Q2 24 | 1.61× | 2.55× | ||
| Q1 24 | 0.70× | 1.09× |
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% |
ZBRA
| Tangible Products | $1.2B | 83% |
| Service And Software | $255.0M | 17% |
