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维多利亚的秘密（VSCO）与Williams-Sonoma, Inc.（WSM）财务数据对比。点击上方公司名可切换其他公司
Williams-Sonoma, Inc.的季度营收约是维多利亚的秘密的1.3倍（$1.9B vs $1.5B），Williams-Sonoma, Inc.净利率更高（12.8% vs -2.5%，领先15.3%），维多利亚的秘密同比增速更快（9.3% vs 4.6%），Williams-Sonoma, Inc.自由现金流更多（$248.1M vs $-232.0M），过去两年Williams-Sonoma, Inc.的营收复合增速更高（-9.1% vs -15.9%）
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。
Williams-Sonoma, Inc.是美国知名家居零售企业，1956年由查尔斯·E·威廉姆斯创立，主营高品质炊具、家居家电、家居软装等多元品类产品，在家居消费领域拥有广泛的用户基础与较高的市场认可度。
VSCO vs WSM — 直观对比
营收规模更大
WSM
是对方的1.3倍
$1.5B
营收增速更快
VSCO
高出4.7%
4.6%
净利率更高
WSM
高出15.3%
-2.5%
自由现金流更多
WSM
多$480.1M
$-232.0M
两年增速更快
WSM
近两年复合增速
-15.9%
损益表 — Q3 FY2026 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.5B | $1.9B |
| 净利润 | $-37.0M | $241.6M |
| 毛利率 | 36.4% | 46.1% |
| 营业利润率 | -1.3% | 17.0% |
| 净利率 | -2.5% | 12.8% |
| 营收同比 | 9.3% | 4.6% |
| 净利润同比 | 33.9% | -3.0% |
| 每股收益（稀释后） | $-0.46 | $1.96 |
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VSCOWSM
| Q4 25 | $1.5B | $1.9B | ||
| Q3 25 | $1.5B | $1.8B | ||
| Q2 25 | $1.4B | $1.7B | ||
| Q1 25 | $2.1B | $2.5B | ||
| Q4 24 | $1.3B | $1.8B | ||
| Q3 24 | $1.4B | $1.8B | ||
| Q2 24 | $1.4B | $1.7B | ||
| Q1 24 | $2.1B | $2.3B |
净利润VSCOWSM
| Q4 25 | $-37.0M | $241.6M | ||
| Q3 25 | $16.0M | $247.6M | ||
| Q2 25 | $-2.0M | $231.3M | ||
| Q1 25 | $193.0M | $384.9M | ||
| Q4 24 | $-56.0M | $249.0M | ||
| Q3 24 | $32.0M | $225.7M | ||
| Q2 24 | $-4.0M | $265.7M | ||
| Q1 24 | $180.0M | $354.4M |
毛利率VSCOWSM
| Q4 25 | 36.4% | 46.1% | ||
| Q3 25 | 35.6% | 47.1% | ||
| Q2 25 | 35.0% | 44.3% | ||
| Q1 25 | 38.6% | 45.2% | ||
| Q4 24 | 34.7% | 46.7% | ||
| Q3 24 | 35.4% | 46.2% | ||
| Q2 24 | 36.9% | 48.3% | ||
| Q1 24 | 39.7% | 46.0% |
营业利润率VSCOWSM
| Q4 25 | -1.3% | 17.0% | ||
| Q3 25 | 2.8% | 17.9% | ||
| Q2 25 | 1.5% | 16.8% | ||
| Q1 25 | 12.8% | 20.1% | ||
| Q4 24 | -3.5% | 17.8% | ||
| Q3 24 | 4.4% | 16.2% | ||
| Q2 24 | 1.9% | 19.5% | ||
| Q1 24 | 12.4% | 20.1% |
净利率VSCOWSM
| Q4 25 | -2.5% | 12.8% | ||
| Q3 25 | 1.1% | 13.5% | ||
| Q2 25 | -0.1% | 13.4% | ||
| Q1 25 | 9.2% | 15.6% | ||
| Q4 24 | -4.2% | 13.8% | ||
| Q3 24 | 2.3% | 12.6% | ||
| Q2 24 | -0.3% | 16.0% | ||
| Q1 24 | 8.6% | 15.6% |
每股收益（稀释后）VSCOWSM
| Q4 25 | $-0.46 | $1.96 | ||
| Q3 25 | $0.20 | $2.00 | ||
| Q2 25 | $-0.02 | $1.85 | ||
| Q1 25 | $2.41 | $1.02 | ||
| Q4 24 | $-0.71 | $1.96 | ||
| Q3 24 | $0.40 | $1.74 | ||
| Q2 24 | $-0.05 | $4.07 | ||
| Q1 24 | $2.32 | $5.42 |
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 | $249.0M | $884.7M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $653.0M | $2.1B |
| 总资产 | $5.1B | $5.3B |
| 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VSCOWSM
| Q4 25 | $249.0M | $884.7M | ||
| Q3 25 | $188.0M | $985.8M | ||
| Q2 25 | $138.0M | $1.0B | ||
| Q1 25 | $227.0M | $1.2B | ||
| Q4 24 | $161.0M | $826.8M | ||
| Q3 24 | $169.0M | $1.3B | ||
| Q2 24 | $105.0M | $1.3B | ||
| Q1 24 | $270.0M | $1.3B |
股东权益VSCOWSM
| Q4 25 | $653.0M | $2.1B | ||
| Q3 25 | $680.0M | $2.1B | ||
| Q2 25 | $645.0M | $2.2B | ||
| Q1 25 | $640.0M | $2.1B | ||
| Q4 24 | $429.0M | $1.9B | ||
| Q3 24 | $472.0M | $2.3B | ||
| Q2 24 | $423.0M | $2.2B | ||
| Q1 24 | $417.0M | $2.1B |
总资产VSCOWSM
| Q4 25 | $5.1B | $5.3B | ||
| Q3 25 | $4.8B | $5.2B | ||
| Q2 25 | $4.6B | $5.2B | ||
| Q1 25 | $4.5B | $5.3B | ||
| Q4 24 | $4.9B | $5.0B | ||
| Q3 24 | $4.6B | $5.2B | ||
| Q2 24 | $4.4B | $5.2B | ||
| Q1 24 | $4.6B | $5.3B |
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 | $316.3M |
| 自由现金流经营现金流 - 资本支出 | $-232.0M | $248.1M |
| 自由现金流率自由现金流/营收 | -15.8% | 13.2% |
| 资本支出强度资本支出/营收 | 3.5% | 3.6% |
| 现金转化率经营现金流/净利润 | — | 1.31× |
| 过去12个月自由现金流最近4个季度 | $309.0M | $1.1B |
8季度趋势，按日历期对齐
经营现金流VSCOWSM
| Q4 25 | $-180.0M | $316.3M | ||
| Q3 25 | $156.0M | $282.7M | ||
| Q2 25 | $-150.0M | $118.9M | ||
| Q1 25 | $674.0M | $633.5M | ||
| Q4 24 | $-248.0M | $253.5M | ||
| Q3 24 | $115.0M | $246.5M | ||
| Q2 24 | $-116.0M | $226.8M | ||
| Q1 24 | $589.0M | $674.9M |
自由现金流VSCOWSM
| Q4 25 | $-232.0M | $248.1M | ||
| Q3 25 | $88.0M | $230.7M | ||
| Q2 25 | $-193.0M | $60.7M | ||
| Q1 25 | $646.0M | $566.3M | ||
| Q4 24 | $-299.0M | $170.1M | ||
| Q3 24 | $55.0M | $215.1M | ||
| Q2 24 | $-155.0M | $187.3M | ||
| Q1 24 | $557.0M | $621.2M |
自由现金流率VSCOWSM
| Q4 25 | -15.8% | 13.2% | ||
| Q3 25 | 6.0% | 12.6% | ||
| Q2 25 | -14.3% | 3.5% | ||
| Q1 25 | 30.7% | 23.0% | ||
| Q4 24 | -22.2% | 9.4% | ||
| Q3 24 | 3.9% | 12.0% | ||
| Q2 24 | -11.4% | 11.3% | ||
| Q1 24 | 26.7% | 27.3% |
资本支出强度VSCOWSM
| Q4 25 | 3.5% | 3.6% | ||
| Q3 25 | 4.7% | 2.8% | ||
| Q2 25 | 3.2% | 3.4% | ||
| Q1 25 | 1.3% | 2.7% | ||
| Q4 24 | 3.8% | 4.6% | ||
| Q3 24 | 4.2% | 1.8% | ||
| Q2 24 | 2.9% | 2.4% | ||
| Q1 24 | 1.5% | 2.4% |
现金转化率VSCOWSM
| Q4 25 | — | 1.31× | ||
| Q3 25 | 9.75× | 1.14× | ||
| Q2 25 | — | 0.51× | ||
| Q1 25 | 3.49× | 1.65× | ||
| Q4 24 | — | 1.02× | ||
| Q3 24 | 3.59× | 1.09× | ||
| Q2 24 | — | 0.85× | ||
| Q1 24 | 3.27× | 1.90× |
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
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% |
WSM
暂无分部数据
