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维蒙特工业（VMI）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维蒙特工业的1.4倍（$1.5B vs $1.0B），维蒙特工业净利率更高（10.5% vs -2.5%，领先13.0%），维多利亚的秘密同比增速更快（9.3% vs 6.2%），过去两年维蒙特工业的营收复合增速更高（-0.5% vs -15.9%）
维蒙特工业是美国大型上市制造企业，核心产品包括Valley品牌中心支轴及线性灌溉设备、风电机组支撑结构、照明与交通信号灯杆、钢制公用设施杆塔，在全球农业设备及基建配套领域拥有领先的市场地位和技术优势。
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。
VMI vs VSCO — 直观对比
营收规模更大
VSCO
是对方的1.4倍
$1.0B
营收增速更快
VSCO
高出3.1%
6.2%
净利率更高
VMI
高出13.0%
-2.5%
两年增速更快
VMI
近两年复合增速
-15.9%
损益表 — Q1 FY2026 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.0B | $1.5B |
| 净利润 | $108.0M | $-37.0M |
| 毛利率 | 30.8% | 36.4% |
| 营业利润率 | 15.1% | -1.3% |
| 净利率 | 10.5% | -2.5% |
| 营收同比 | 6.2% | 9.3% |
| 净利润同比 | 23.8% | 33.9% |
| 每股收益（稀释后） | $5.51 | $-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VMIVSCO
| Q1 26 | $1.0B | — | ||
| Q4 25 | $1.0B | $1.5B | ||
| Q3 25 | $1.0B | $1.5B | ||
| Q2 25 | $1.1B | $1.4B | ||
| Q1 25 | $969.3M | $2.1B | ||
| Q4 24 | $1.0B | $1.3B | ||
| Q3 24 | $1.0B | $1.4B | ||
| Q2 24 | $1.0B | $1.4B |
净利润VMIVSCO
| Q1 26 | $108.0M | — | ||
| Q4 25 | $168.0M | $-37.0M | ||
| Q3 25 | $99.0M | $16.0M | ||
| Q2 25 | $-4.0M | $-2.0M | ||
| Q1 25 | $87.3M | $193.0M | ||
| Q4 24 | $77.7M | $-56.0M | ||
| Q3 24 | $83.1M | $32.0M | ||
| Q2 24 | $99.7M | $-4.0M |
毛利率VMIVSCO
| Q1 26 | 30.8% | — | ||
| Q4 25 | 29.8% | 36.4% | ||
| Q3 25 | 30.4% | 35.6% | ||
| Q2 25 | 30.6% | 35.0% | ||
| Q1 25 | 30.0% | 38.6% | ||
| Q4 24 | 30.2% | 34.7% | ||
| Q3 24 | 29.6% | 35.4% | ||
| Q2 24 | 30.8% | 36.9% |
营业利润率VMIVSCO
| Q1 26 | 15.1% | — | ||
| Q4 25 | 11.2% | -1.3% | ||
| Q3 25 | 13.5% | 2.8% | ||
| Q2 25 | 2.8% | 1.5% | ||
| Q1 25 | 13.2% | 12.8% | ||
| Q4 24 | 11.6% | -3.5% | ||
| Q3 24 | 12.3% | 4.4% | ||
| Q2 24 | 14.2% | 1.9% |
净利率VMIVSCO
| Q1 26 | 10.5% | — | ||
| Q4 25 | 16.2% | -2.5% | ||
| Q3 25 | 9.5% | 1.1% | ||
| Q2 25 | -0.4% | -0.1% | ||
| Q1 25 | 9.0% | 9.2% | ||
| Q4 24 | 7.5% | -4.2% | ||
| Q3 24 | 8.1% | 2.3% | ||
| Q2 24 | 9.6% | -0.3% |
每股收益（稀释后）VMIVSCO
| Q1 26 | $5.51 | — | ||
| Q4 25 | $9.02 | $-0.46 | ||
| Q3 25 | $4.98 | $0.20 | ||
| Q2 25 | $-1.53 | $-0.02 | ||
| Q1 25 | $4.32 | $2.41 | ||
| Q4 24 | $3.85 | $-0.71 | ||
| Q3 24 | $4.11 | $0.40 | ||
| Q2 24 | $4.91 | $-0.05 |
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 | $160.2M | $249.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.7B | $653.0M |
| 总资产 | $3.4B | $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VMIVSCO
| Q1 26 | $160.2M | — | ||
| Q4 25 | $187.1M | $249.0M | ||
| Q3 25 | $226.1M | $188.0M | ||
| Q2 25 | $208.5M | $138.0M | ||
| Q1 25 | $184.4M | $227.0M | ||
| Q4 24 | $164.3M | $161.0M | ||
| Q3 24 | $200.5M | $169.0M | ||
| Q2 24 | $163.1M | $105.0M |
总债务VMIVSCO
| Q1 26 | — | — | ||
| Q4 25 | $795.7M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $730.6M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益VMIVSCO
| Q1 26 | $1.7B | — | ||
| Q4 25 | $1.6B | $653.0M | ||
| Q3 25 | $1.6B | $680.0M | ||
| Q2 25 | $1.5B | $645.0M | ||
| Q1 25 | $1.6B | $640.0M | ||
| Q4 24 | $1.5B | $429.0M | ||
| Q3 24 | $1.5B | $472.0M | ||
| Q2 24 | $1.5B | $423.0M |
总资产VMIVSCO
| Q1 26 | $3.4B | — | ||
| Q4 25 | $3.4B | $5.1B | ||
| Q3 25 | $3.4B | $4.8B | ||
| Q2 25 | $3.3B | $4.6B | ||
| Q1 25 | $3.4B | $4.5B | ||
| Q4 24 | $3.3B | $4.9B | ||
| Q3 24 | $3.5B | $4.6B | ||
| Q2 24 | $3.5B | $4.4B |
负债/权益比VMIVSCO
| Q1 26 | — | — | ||
| Q4 25 | 0.49× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.47× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | — | $-180.0M |
| 自由现金流经营现金流 - 资本支出 | — | $-232.0M |
| 自由现金流率自由现金流/营收 | — | -15.8% |
| 资本支出强度资本支出/营收 | — | 3.5% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | — | $309.0M |
8季度趋势，按日历期对齐
经营现金流VMIVSCO
| Q1 26 | — | — | ||
| Q4 25 | $111.2M | $-180.0M | ||
| Q3 25 | $112.5M | $156.0M | ||
| Q2 25 | $167.6M | $-150.0M | ||
| Q1 25 | $65.1M | $674.0M | ||
| Q4 24 | $193.4M | $-248.0M | ||
| Q3 24 | $225.1M | $115.0M | ||
| Q2 24 | $130.8M | $-116.0M |
自由现金流VMIVSCO
| Q1 26 | — | — | ||
| Q4 25 | $70.4M | $-232.0M | ||
| Q3 25 | $70.6M | $88.0M | ||
| Q2 25 | $135.6M | $-193.0M | ||
| Q1 25 | $34.8M | $646.0M | ||
| Q4 24 | $167.8M | $-299.0M | ||
| Q3 24 | $204.6M | $55.0M | ||
| Q2 24 | $112.5M | $-155.0M |
自由现金流率VMIVSCO
| Q1 26 | — | — | ||
| Q4 25 | 6.8% | -15.8% | ||
| Q3 25 | 6.7% | 6.0% | ||
| Q2 25 | 12.9% | -14.3% | ||
| Q1 25 | 3.6% | 30.7% | ||
| Q4 24 | 16.2% | -22.2% | ||
| Q3 24 | 20.1% | 3.9% | ||
| Q2 24 | 10.8% | -11.4% |
资本支出强度VMIVSCO
| Q1 26 | — | — | ||
| Q4 25 | 3.9% | 3.5% | ||
| Q3 25 | 4.0% | 4.7% | ||
| Q2 25 | 3.0% | 3.2% | ||
| Q1 25 | 3.1% | 1.3% | ||
| Q4 24 | 2.5% | 3.8% | ||
| Q3 24 | 2.0% | 4.2% | ||
| Q2 24 | 1.8% | 2.9% |
现金转化率VMIVSCO
| Q1 26 | — | — | ||
| Q4 25 | 0.66× | — | ||
| Q3 25 | 1.14× | 9.75× | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.75× | 3.49× | ||
| Q4 24 | 2.49× | — | ||
| Q3 24 | 2.71× | 3.59× | ||
| Q2 24 | 1.31× | — |
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
VMI
| Infrastructure | $803.2M | 78% |
| Agriculture | $226.0M | 22% |
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% |
