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Ulta Beauty（ULTA）与WHITE MOUNTAINS INSURANCE GROUP LTD（WTM）财务数据对比。点击上方公司名可切换其他公司
Ulta Beauty的季度营收约是WHITE MOUNTAINS INSURANCE GROUP LTD的1.8倍（$2.9B vs $1.6B），WHITE MOUNTAINS INSURANCE GROUP LTD净利率更高（52.1% vs 8.1%，领先44.0%），WHITE MOUNTAINS INSURANCE GROUP LTD同比增速更快（348.0% vs 12.9%），过去两年WHITE MOUNTAINS INSURANCE GROUP LTD的营收复合增速更高（57.4% vs 7.2%）
Ulta Beauty是美国头部美妆连锁品牌，总部位于伊利诺伊州博林布鲁克，旗下门店在售商品覆盖高低端彩妆、香水、美甲、身体护理、美发产品及美妆工具等全品类美妆个护产品，每家门店均配备对外开放的美容沙龙，为消费者提供一站式美妆消费及服务体验。
怀特山保险集团是一家多元化保险及相关金融服务控股企业，总部位于百慕大汉密尔顿，1999年10月25日从美国特拉华州迁册至当前注册地，大部分业务通过旗下保险子公司及其他关联机构开展，覆盖多个保险及金融服务细分赛道。
ULTA vs WTM — 直观对比
营收规模更大
ULTA
是对方的1.8倍
$1.6B
营收增速更快
WTM
高出335.0%
12.9%
净利率更高
WTM
高出44.0%
8.1%
两年增速更快
WTM
近两年复合增速
7.2%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.9B | $1.6B |
| 净利润 | $230.9M | $835.8M |
| 毛利率 | 40.4% | 97.1% |
| 营业利润率 | 10.8% | 56.2% |
| 净利率 | 8.1% | 52.1% |
| 营收同比 | 12.9% | 348.0% |
| 净利润同比 | -4.7% | 741.0% |
| 每股收益（稀释后） | $5.14 | $325.02 |
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ULTAWTM
| Q4 25 | $2.9B | $1.6B | ||
| Q3 25 | $2.8B | $864.2M | ||
| Q2 25 | $2.8B | $689.2M | ||
| Q1 25 | — | $577.8M | ||
| Q4 24 | $2.5B | $358.0M | ||
| Q3 24 | $2.6B | $839.1M | ||
| Q2 24 | $2.7B | $395.4M | ||
| Q1 24 | $3.6B | $647.3M |
净利润ULTAWTM
| Q4 25 | $230.9M | $835.8M | ||
| Q3 25 | $260.9M | $113.8M | ||
| Q2 25 | $305.1M | $122.9M | ||
| Q1 25 | — | $33.9M | ||
| Q4 24 | $242.2M | $-130.4M | ||
| Q3 24 | $252.6M | $179.0M | ||
| Q2 24 | $313.1M | $-54.6M | ||
| Q1 24 | $394.4M | $236.4M |
毛利率ULTAWTM
| Q4 25 | 40.4% | 97.1% | ||
| Q3 25 | 39.2% | 93.6% | ||
| Q2 25 | 39.1% | 93.8% | ||
| Q1 25 | — | 98.7% | ||
| Q4 24 | 39.7% | 97.9% | ||
| Q3 24 | 38.3% | 99.1% | ||
| Q2 24 | 39.2% | 98.2% | ||
| Q1 24 | 37.7% | 98.8% |
营业利润率ULTAWTM
| Q4 25 | 10.8% | 56.2% | ||
| Q3 25 | 12.4% | 20.7% | ||
| Q2 25 | 14.1% | 25.6% | ||
| Q1 25 | — | 12.5% | ||
| Q4 24 | 12.6% | -33.7% | ||
| Q3 24 | 12.9% | 28.5% | ||
| Q2 24 | 14.7% | -8.8% | ||
| Q1 24 | 14.5% | 35.9% |
净利率ULTAWTM
| Q4 25 | 8.1% | 52.1% | ||
| Q3 25 | 9.4% | 13.2% | ||
| Q2 25 | 10.7% | 17.8% | ||
| Q1 25 | — | 5.9% | ||
| Q4 24 | 9.6% | -36.4% | ||
| Q3 24 | 9.9% | 21.3% | ||
| Q2 24 | 11.5% | -13.8% | ||
| Q1 24 | 11.1% | 36.5% |
每股收益（稀释后）ULTAWTM
| Q4 25 | $5.14 | $325.02 | ||
| Q3 25 | $5.78 | $44.18 | ||
| Q2 25 | $6.70 | $47.75 | ||
| Q1 25 | — | $13.19 | ||
| Q4 24 | $5.14 | $-50.98 | ||
| Q3 24 | $5.30 | $69.68 | ||
| Q2 24 | $6.47 | $-21.24 | ||
| Q1 24 | $8.06 | $92.33 |
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 | $204.9M | — |
| 总债务越低越好 | — | $837.0M |
| 股东权益账面价值 | $2.6B | $5.4B |
| 总资产 | $7.0B | $12.3B |
| 负债/权益比越低杠杆越低 | — | 0.15× |
8季度趋势，按日历期对齐
现金及短期投资ULTAWTM
| Q4 25 | $204.9M | — | ||
| Q3 25 | $242.7M | — | ||
| Q2 25 | $454.6M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $177.8M | — | ||
| Q3 24 | $414.0M | — | ||
| Q2 24 | $524.6M | — | ||
| Q1 24 | $766.6M | — |
总债务ULTAWTM
| Q4 25 | — | $837.0M | ||
| Q3 25 | — | $870.4M | ||
| Q2 25 | — | $694.6M | ||
| Q1 25 | — | $676.1M | ||
| Q4 24 | — | $562.5M | ||
| Q3 24 | — | $544.9M | ||
| Q2 24 | — | $530.2M | ||
| Q1 24 | — | $532.1M |
股东权益ULTAWTM
| Q4 25 | $2.6B | $5.4B | ||
| Q3 25 | $2.6B | $4.8B | ||
| Q2 25 | $2.4B | $4.6B | ||
| Q1 25 | — | $4.5B | ||
| Q4 24 | $2.3B | $4.5B | ||
| Q3 24 | $2.3B | $4.6B | ||
| Q2 24 | $2.3B | $4.4B | ||
| Q1 24 | $2.3B | $4.5B |
总资产ULTAWTM
| Q4 25 | $7.0B | $12.3B | ||
| Q3 25 | $6.6B | $12.3B | ||
| Q2 25 | $6.0B | $11.8B | ||
| Q1 25 | — | $11.0B | ||
| Q4 24 | $6.0B | $9.9B | ||
| Q3 24 | $5.7B | $10.3B | ||
| Q2 24 | $5.6B | $10.2B | ||
| Q1 24 | $5.7B | $9.6B |
负债/权益比ULTAWTM
| Q4 25 | — | 0.15× | ||
| Q3 25 | — | 0.18× | ||
| Q2 25 | — | 0.15× | ||
| Q1 25 | — | 0.15× | ||
| Q4 24 | — | 0.13× | ||
| Q3 24 | — | 0.12× | ||
| Q2 24 | — | 0.12× | ||
| Q1 24 | — | 0.12× |
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 | $5.6M | $53.9M |
| 自由现金流经营现金流 - 资本支出 | $-81.6M | — |
| 自由现金流率自由现金流/营收 | -2.9% | — |
| 资本支出强度资本支出/营收 | 3.1% | — |
| 现金转化率经营现金流/净利润 | 0.02× | 0.06× |
| 过去12个月自由现金流最近4个季度 | $-92.2M | — |
8季度趋势，按日历期对齐
经营现金流ULTAWTM
| Q4 25 | $5.6M | $53.9M | ||
| Q3 25 | $96.5M | $359.3M | ||
| Q2 25 | $220.0M | $177.5M | ||
| Q1 25 | — | $-40.2M | ||
| Q4 24 | $-56.8M | $64.1M | ||
| Q3 24 | $199.5M | $269.4M | ||
| Q2 24 | $159.3M | $216.8M | ||
| Q1 24 | $1.1B | $36.5M |
自由现金流ULTAWTM
| Q4 25 | $-81.6M | — | ||
| Q3 25 | $19.6M | — | ||
| Q2 25 | $141.0M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $-171.1M | — | ||
| Q3 24 | $104.3M | — | ||
| Q2 24 | $68.3M | — | ||
| Q1 24 | $994.0M | — |
自由现金流率ULTAWTM
| Q4 25 | -2.9% | — | ||
| Q3 25 | 0.7% | — | ||
| Q2 25 | 4.9% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -6.8% | — | ||
| Q3 24 | 4.1% | — | ||
| Q2 24 | 2.5% | — | ||
| Q1 24 | 28.0% | — |
资本支出强度ULTAWTM
| Q4 25 | 3.1% | — | ||
| Q3 25 | 2.8% | — | ||
| Q2 25 | 2.8% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 4.5% | — | ||
| Q3 24 | 3.7% | — | ||
| Q2 24 | 3.3% | — | ||
| Q1 24 | 3.5% | — |
现金转化率ULTAWTM
| Q4 25 | 0.02× | 0.06× | ||
| Q3 25 | 0.37× | 3.16× | ||
| Q2 25 | 0.72× | 1.44× | ||
| Q1 25 | — | -1.19× | ||
| Q4 24 | -0.23× | — | ||
| Q3 24 | 0.79× | 1.51× | ||
| Q2 24 | 0.51× | — | ||
| Q1 24 | 2.84× | 0.15× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
