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维多利亚的秘密（VSCO）与捷迈邦美（ZBH）财务数据对比。点击上方公司名可切换其他公司
捷迈邦美的季度营收约是维多利亚的秘密的1.4倍（$2.1B vs $1.5B），捷迈邦美净利率更高（11.4% vs -2.5%，领先13.9%），捷迈邦美同比增速更快（9.3% vs 9.3%），捷迈邦美自由现金流更多（$245.9M vs $-232.0M），过去两年捷迈邦美的营收复合增速更高（3.7% 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。
捷迈邦美是一家美国上市的医疗设备企业，1927年成立，最初以生产铝制夹板为核心业务，总部设于印第安纳州华沙市，是当地医疗设备产业集群的核心成员，在全球骨科医疗器械领域拥有较高知名度。
VSCO vs ZBH — 直观对比
营收规模更大
ZBH
是对方的1.4倍
$1.5B
营收增速更快
ZBH
高出0.0%
9.3%
净利率更高
ZBH
高出13.9%
-2.5%
自由现金流更多
ZBH
多$477.9M
$-232.0M
两年增速更快
ZBH
近两年复合增速
-15.9%
损益表 — Q3 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.5B | $2.1B |
| 净利润 | $-37.0M | $238.3M |
| 毛利率 | 36.4% | 64.6% |
| 营业利润率 | -1.3% | 17.9% |
| 净利率 | -2.5% | 11.4% |
| 营收同比 | 9.3% | 9.3% |
| 净利润同比 | 33.9% | 30.5% |
| 每股收益（稀释后） | $-0.46 | $1.22 |
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VSCOZBH
| Q1 26 | — | $2.1B | ||
| Q4 25 | $1.5B | $2.2B | ||
| Q3 25 | $1.5B | $2.0B | ||
| Q2 25 | $1.4B | $2.1B | ||
| Q1 25 | $2.1B | $1.9B | ||
| Q4 24 | $1.3B | $2.0B | ||
| Q3 24 | $1.4B | $1.8B | ||
| Q2 24 | $1.4B | $1.9B |
净利润VSCOZBH
| Q1 26 | — | $238.3M | ||
| Q4 25 | $-37.0M | $139.4M | ||
| Q3 25 | $16.0M | $230.9M | ||
| Q2 25 | $-2.0M | $152.8M | ||
| Q1 25 | $193.0M | $182.0M | ||
| Q4 24 | $-56.0M | $239.5M | ||
| Q3 24 | $32.0M | $249.1M | ||
| Q2 24 | $-4.0M | $242.8M |
毛利率VSCOZBH
| Q1 26 | — | 64.6% | ||
| Q4 25 | 36.4% | 64.7% | ||
| Q3 25 | 35.6% | 72.1% | ||
| Q2 25 | 35.0% | 71.5% | ||
| Q1 25 | 38.6% | 71.2% | ||
| Q4 24 | 34.7% | 71.0% | ||
| Q3 24 | 35.4% | 70.5% | ||
| Q2 24 | 36.9% | 71.5% |
营业利润率VSCOZBH
| Q1 26 | — | 17.9% | ||
| Q4 25 | -1.3% | 6.9% | ||
| Q3 25 | 2.8% | 17.6% | ||
| Q2 25 | 1.5% | 14.4% | ||
| Q1 25 | 12.8% | 15.3% | ||
| Q4 24 | -3.5% | 19.2% | ||
| Q3 24 | 4.4% | 15.3% | ||
| Q2 24 | 1.9% | 18.1% |
净利率VSCOZBH
| Q1 26 | — | 11.4% | ||
| Q4 25 | -2.5% | 6.2% | ||
| Q3 25 | 1.1% | 11.5% | ||
| Q2 25 | -0.1% | 7.4% | ||
| Q1 25 | 9.2% | 9.5% | ||
| Q4 24 | -4.2% | 11.8% | ||
| Q3 24 | 2.3% | 13.7% | ||
| Q2 24 | -0.3% | 12.5% |
每股收益（稀释后）VSCOZBH
| Q1 26 | — | $1.22 | ||
| Q4 25 | $-0.46 | $0.71 | ||
| Q3 25 | $0.20 | $1.16 | ||
| Q2 25 | $-0.02 | $0.77 | ||
| Q1 25 | $2.41 | $0.91 | ||
| Q4 24 | $-0.71 | $1.18 | ||
| Q3 24 | $0.40 | $1.23 | ||
| Q2 24 | $-0.05 | $1.18 |
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 | $424.2M |
| 总债务越低越好 | — | $7.5B |
| 股东权益账面价值 | $653.0M | $12.7B |
| 总资产 | $5.1B | $22.7B |
| 负债/权益比越低杠杆越低 | — | 0.59× |
8季度趋势，按日历期对齐
现金及短期投资VSCOZBH
| Q1 26 | — | $424.2M | ||
| Q4 25 | $249.0M | $591.9M | ||
| Q3 25 | $188.0M | $1.3B | ||
| Q2 25 | $138.0M | $556.9M | ||
| Q1 25 | $227.0M | $1.4B | ||
| Q4 24 | $161.0M | $525.5M | ||
| Q3 24 | $169.0M | $569.0M | ||
| Q2 24 | $105.0M | $420.1M |
总债务VSCOZBH
| Q1 26 | — | $7.5B | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益VSCOZBH
| Q1 26 | — | $12.7B | ||
| Q4 25 | $653.0M | $12.7B | ||
| Q3 25 | $680.0M | $12.8B | ||
| Q2 25 | $645.0M | $12.5B | ||
| Q1 25 | $640.0M | $12.4B | ||
| Q4 24 | $429.0M | $12.5B | ||
| Q3 24 | $472.0M | $12.4B | ||
| Q2 24 | $423.0M | $12.7B |
总资产VSCOZBH
| Q1 26 | — | $22.7B | ||
| Q4 25 | $5.1B | $23.1B | ||
| Q3 25 | $4.8B | $23.5B | ||
| Q2 25 | $4.6B | $22.9B | ||
| Q1 25 | $4.5B | $22.2B | ||
| Q4 24 | $4.9B | $21.4B | ||
| Q3 24 | $4.6B | $21.7B | ||
| Q2 24 | $4.4B | $21.5B |
负债/权益比VSCOZBH
| Q1 26 | — | 0.59× | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| 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 | $359.4M |
| 自由现金流经营现金流 - 资本支出 | $-232.0M | $245.9M |
| 自由现金流率自由现金流/营收 | -15.8% | 11.8% |
| 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 | — | 1.51× |
| 过去12个月自由现金流最近4个季度 | $309.0M | $1.4B |
8季度趋势，按日历期对齐
经营现金流VSCOZBH
| Q1 26 | — | $359.4M | ||
| Q4 25 | $-180.0M | $517.4M | ||
| Q3 25 | $156.0M | $418.7M | ||
| Q2 25 | $-150.0M | $378.2M | ||
| Q1 25 | $674.0M | $382.8M | ||
| Q4 24 | $-248.0M | $506.3M | ||
| Q3 24 | $115.0M | $395.7M | ||
| Q2 24 | $-116.0M | $369.4M |
自由现金流VSCOZBH
| Q1 26 | — | $245.9M | ||
| Q4 25 | $-232.0M | $442.6M | ||
| Q3 25 | $88.0M | $363.7M | ||
| Q2 25 | $-193.0M | $328.1M | ||
| Q1 25 | $646.0M | $338.2M | ||
| Q4 24 | $-299.0M | $454.8M | ||
| Q3 24 | $55.0M | $351.2M | ||
| Q2 24 | $-155.0M | $316.7M |
自由现金流率VSCOZBH
| Q1 26 | — | 11.8% | ||
| Q4 25 | -15.8% | 19.7% | ||
| Q3 25 | 6.0% | 18.2% | ||
| Q2 25 | -14.3% | 15.8% | ||
| Q1 25 | 30.7% | 17.7% | ||
| Q4 24 | -22.2% | 22.5% | ||
| Q3 24 | 3.9% | 19.3% | ||
| Q2 24 | -11.4% | 16.3% |
资本支出强度VSCOZBH
| Q1 26 | — | — | ||
| Q4 25 | 3.5% | 3.3% | ||
| Q3 25 | 4.7% | 2.7% | ||
| Q2 25 | 3.2% | 2.4% | ||
| Q1 25 | 1.3% | 2.3% | ||
| Q4 24 | 3.8% | 2.5% | ||
| Q3 24 | 4.2% | 2.4% | ||
| Q2 24 | 2.9% | 2.7% |
现金转化率VSCOZBH
| Q1 26 | — | 1.51× | ||
| Q4 25 | — | 3.71× | ||
| Q3 25 | 9.75× | 1.81× | ||
| Q2 25 | — | 2.48× | ||
| Q1 25 | 3.49× | 2.10× | ||
| Q4 24 | — | 2.11× | ||
| Q3 24 | 3.59× | 1.59× | ||
| Q2 24 | — | 1.52× |
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% |
ZBH
暂无分部数据
