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Trade Desk (The)（TTD）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
维多利亚的秘密的季度营收约是Trade Desk (The)的1.7倍（$1.5B vs $846.8M），Trade Desk (The)净利率更高（22.1% vs -2.5%，领先24.6%），Trade Desk (The)同比增速更快（14.3% vs 9.3%），Trade Desk (The)自由现金流更多（$285.3M vs $-232.0M），过去两年Trade Desk (The)的营收复合增速更高（31.3% vs -15.9%）
The Trade Desk是来自美国的跨国科技企业，专注于实时程序化营销自动化领域的技术、产品与服务研发，可实现面向用户的个性化数字内容分发，为全球广告营销行业客户提供专业解决方案。
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。
TTD vs VSCO — 直观对比
营收规模更大
VSCO
是对方的1.7倍
$846.8M
营收增速更快
TTD
高出5.0%
9.3%
净利率更高
TTD
高出24.6%
-2.5%
自由现金流更多
TTD
多$517.3M
$-232.0M
两年增速更快
TTD
近两年复合增速
-15.9%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $846.8M | $1.5B |
| 净利润 | $186.9M | $-37.0M |
| 毛利率 | 80.7% | 36.4% |
| 营业利润率 | 30.3% | -1.3% |
| 净利率 | 22.1% | -2.5% |
| 营收同比 | 14.3% | 9.3% |
| 净利润同比 | 2.6% | 33.9% |
| 每股收益（稀释后） | $0.39 | $-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TTDVSCO
| Q4 25 | $846.8M | $1.5B | ||
| Q3 25 | $739.4M | $1.5B | ||
| Q2 25 | $694.0M | $1.4B | ||
| Q1 25 | $616.0M | $2.1B | ||
| Q4 24 | $741.0M | $1.3B | ||
| Q3 24 | $628.0M | $1.4B | ||
| Q2 24 | $584.5M | $1.4B | ||
| Q1 24 | $491.3M | $2.1B |
净利润TTDVSCO
| Q4 25 | $186.9M | $-37.0M | ||
| Q3 25 | $115.5M | $16.0M | ||
| Q2 25 | $90.1M | $-2.0M | ||
| Q1 25 | $50.7M | $193.0M | ||
| Q4 24 | $182.2M | $-56.0M | ||
| Q3 24 | $94.2M | $32.0M | ||
| Q2 24 | $85.0M | $-4.0M | ||
| Q1 24 | $31.7M | $180.0M |
毛利率TTDVSCO
| Q4 25 | 80.7% | 36.4% | ||
| Q3 25 | 78.1% | 35.6% | ||
| Q2 25 | 78.2% | 35.0% | ||
| Q1 25 | 76.8% | 38.6% | ||
| Q4 24 | 81.7% | 34.7% | ||
| Q3 24 | 80.5% | 35.4% | ||
| Q2 24 | 81.1% | 36.9% | ||
| Q1 24 | 78.9% | 39.7% |
营业利润率TTDVSCO
| Q4 25 | 30.3% | -1.3% | ||
| Q3 25 | 21.8% | 2.8% | ||
| Q2 25 | 16.8% | 1.5% | ||
| Q1 25 | 8.8% | 12.8% | ||
| Q4 24 | 26.4% | -3.5% | ||
| Q3 24 | 17.3% | 4.4% | ||
| Q2 24 | 16.2% | 1.9% | ||
| Q1 24 | 5.8% | 12.4% |
净利率TTDVSCO
| Q4 25 | 22.1% | -2.5% | ||
| Q3 25 | 15.6% | 1.1% | ||
| Q2 25 | 13.0% | -0.1% | ||
| Q1 25 | 8.2% | 9.2% | ||
| Q4 24 | 24.6% | -4.2% | ||
| Q3 24 | 15.0% | 2.3% | ||
| Q2 24 | 14.5% | -0.3% | ||
| Q1 24 | 6.4% | 8.6% |
每股收益（稀释后）TTDVSCO
| Q4 25 | $0.39 | $-0.46 | ||
| Q3 25 | $0.23 | $0.20 | ||
| Q2 25 | $0.18 | $-0.02 | ||
| Q1 25 | $0.10 | $2.41 | ||
| Q4 24 | $0.36 | $-0.71 | ||
| Q3 24 | $0.19 | $0.40 | ||
| Q2 24 | $0.17 | $-0.05 | ||
| Q1 24 | $0.06 | $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 | $1.3B | $249.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.5B | $653.0M |
| 总资产 | $6.2B | $5.1B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资TTDVSCO
| Q4 25 | $1.3B | $249.0M | ||
| Q3 25 | $1.4B | $188.0M | ||
| Q2 25 | $1.7B | $138.0M | ||
| Q1 25 | $1.7B | $227.0M | ||
| Q4 24 | $1.9B | $161.0M | ||
| Q3 24 | $1.7B | $169.0M | ||
| Q2 24 | $1.5B | $105.0M | ||
| Q1 24 | $1.4B | $270.0M |
股东权益TTDVSCO
| Q4 25 | $2.5B | $653.0M | ||
| Q3 25 | $2.6B | $680.0M | ||
| Q2 25 | $2.7B | $645.0M | ||
| Q1 25 | $2.7B | $640.0M | ||
| Q4 24 | $2.9B | $429.0M | ||
| Q3 24 | $2.6B | $472.0M | ||
| Q2 24 | $2.4B | $423.0M | ||
| Q1 24 | $2.2B | $417.0M |
总资产TTDVSCO
| Q4 25 | $6.2B | $5.1B | ||
| Q3 25 | $5.9B | $4.8B | ||
| Q2 25 | $6.0B | $4.6B | ||
| Q1 25 | $5.7B | $4.5B | ||
| Q4 24 | $6.1B | $4.9B | ||
| Q3 24 | $5.5B | $4.6B | ||
| Q2 24 | $5.2B | $4.4B | ||
| Q1 24 | $4.7B | $4.6B |
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 | $311.6M | $-180.0M |
| 自由现金流经营现金流 - 资本支出 | $285.3M | $-232.0M |
| 自由现金流率自由现金流/营收 | 33.7% | -15.8% |
| 资本支出强度资本支出/营收 | 3.1% | 3.5% |
| 现金转化率经营现金流/净利润 | 1.67× | — |
| 过去12个月自由现金流最近4个季度 | $795.7M | $309.0M |
8季度趋势，按日历期对齐
经营现金流TTDVSCO
| Q4 25 | $311.6M | $-180.0M | ||
| Q3 25 | $224.7M | $156.0M | ||
| Q2 25 | $165.0M | $-150.0M | ||
| Q1 25 | $291.4M | $674.0M | ||
| Q4 24 | $199.4M | $-248.0M | ||
| Q3 24 | $273.3M | $115.0M | ||
| Q2 24 | $81.3M | $-116.0M | ||
| Q1 24 | $185.5M | $589.0M |
自由现金流TTDVSCO
| Q4 25 | $285.3M | $-232.0M | ||
| Q3 25 | $158.3M | $88.0M | ||
| Q2 25 | $119.8M | $-193.0M | ||
| Q1 25 | $232.3M | $646.0M | ||
| Q4 24 | $179.2M | $-299.0M | ||
| Q3 24 | $224.6M | $55.0M | ||
| Q2 24 | $59.1M | $-155.0M | ||
| Q1 24 | $178.2M | $557.0M |
自由现金流率TTDVSCO
| Q4 25 | 33.7% | -15.8% | ||
| Q3 25 | 21.4% | 6.0% | ||
| Q2 25 | 17.3% | -14.3% | ||
| Q1 25 | 37.7% | 30.7% | ||
| Q4 24 | 24.2% | -22.2% | ||
| Q3 24 | 35.8% | 3.9% | ||
| Q2 24 | 10.1% | -11.4% | ||
| Q1 24 | 36.3% | 26.7% |
资本支出强度TTDVSCO
| Q4 25 | 3.1% | 3.5% | ||
| Q3 25 | 9.0% | 4.7% | ||
| Q2 25 | 6.5% | 3.2% | ||
| Q1 25 | 9.6% | 1.3% | ||
| Q4 24 | 2.7% | 3.8% | ||
| Q3 24 | 7.8% | 4.2% | ||
| Q2 24 | 3.8% | 2.9% | ||
| Q1 24 | 1.5% | 1.5% |
现金转化率TTDVSCO
| Q4 25 | 1.67× | — | ||
| Q3 25 | 1.94× | 9.75× | ||
| Q2 25 | 1.83× | — | ||
| Q1 25 | 5.75× | 3.49× | ||
| Q4 24 | 1.09× | — | ||
| Q3 24 | 2.90× | 3.59× | ||
| Q2 24 | 0.96× | — | ||
| Q1 24 | 5.86× | 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
TTD
| Other | $427.2M | 50% |
| Non Us | $419.6M | 50% |
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% |
