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维多利亚的秘密（VSCO）与Zoom Communications, Inc.（ZM）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Zoom Communications, Inc.的1.2倍（$1.5B vs $1.2B），Zoom Communications, Inc.净利率更高（49.8% vs -2.5%，领先52.3%），维多利亚的秘密同比增速更快（9.3% vs 4.4%），Zoom Communications, Inc.自由现金流更多（$614.3M vs $-232.0M），过去两年Zoom Communications, Inc.的营收复合增速更高（3.6% 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。
Zoom是总部位于美国加利福尼亚州圣何塞的通信技术企业，旗下核心产品Zoom视频会议软件全球普及度极高，可为企业及个人用户提供高清稳定的远程音视频沟通、线上会议、协同办公等一站式数字化协作解决方案。
VSCO vs ZM — 直观对比
营收规模更大
VSCO
是对方的1.2倍
$1.2B
营收增速更快
VSCO
高出4.8%
4.4%
净利率更高
ZM
高出52.3%
-2.5%
自由现金流更多
ZM
多$846.3M
$-232.0M
两年增速更快
ZM
近两年复合增速
-15.9%
损益表 — Q3 FY2026 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.5B | $1.2B |
| 净利润 | $-37.0M | $612.9M |
| 毛利率 | 36.4% | 77.9% |
| 营业利润率 | -1.3% | 25.2% |
| 净利率 | -2.5% | 49.8% |
| 营收同比 | 9.3% | 4.4% |
| 净利润同比 | 33.9% | 196.0% |
| 每股收益（稀释后） | $-0.46 | $2.01 |
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VSCOZM
| Q4 25 | $1.5B | $1.2B | ||
| Q3 25 | $1.5B | $1.2B | ||
| Q2 25 | $1.4B | $1.2B | ||
| Q1 25 | $2.1B | $1.2B | ||
| Q4 24 | $1.3B | $1.2B | ||
| Q3 24 | $1.4B | $1.2B | ||
| Q2 24 | $1.4B | $1.1B | ||
| Q1 24 | $2.1B | $1.1B |
净利润VSCOZM
| Q4 25 | $-37.0M | $612.9M | ||
| Q3 25 | $16.0M | $358.6M | ||
| Q2 25 | $-2.0M | $254.6M | ||
| Q1 25 | $193.0M | $367.9M | ||
| Q4 24 | $-56.0M | $207.1M | ||
| Q3 24 | $32.0M | $219.0M | ||
| Q2 24 | $-4.0M | $216.3M | ||
| Q1 24 | $180.0M | $298.8M |
毛利率VSCOZM
| Q4 25 | 36.4% | 77.9% | ||
| Q3 25 | 35.6% | 77.6% | ||
| Q2 25 | 35.0% | 76.3% | ||
| Q1 25 | 38.6% | 75.7% | ||
| Q4 24 | 34.7% | 75.9% | ||
| Q3 24 | 35.4% | 75.5% | ||
| Q2 24 | 36.9% | 76.1% | ||
| Q1 24 | 39.7% | 75.9% |
营业利润率VSCOZM
| Q4 25 | -1.3% | 25.2% | ||
| Q3 25 | 2.8% | 26.4% | ||
| Q2 25 | 1.5% | 20.6% | ||
| Q1 25 | 12.8% | 19.0% | ||
| Q4 24 | -3.5% | 15.5% | ||
| Q3 24 | 4.4% | 17.4% | ||
| Q2 24 | 1.9% | 17.8% | ||
| Q1 24 | 12.4% | 14.7% |
净利率VSCOZM
| Q4 25 | -2.5% | 49.8% | ||
| Q3 25 | 1.1% | 29.5% | ||
| Q2 25 | -0.1% | 21.7% | ||
| Q1 25 | 9.2% | 31.1% | ||
| Q4 24 | -4.2% | 17.6% | ||
| Q3 24 | 2.3% | 18.8% | ||
| Q2 24 | -0.3% | 19.0% | ||
| Q1 24 | 8.6% | 26.1% |
每股收益（稀释后）VSCOZM
| Q4 25 | $-0.46 | $2.01 | ||
| Q3 25 | $0.20 | $1.16 | ||
| Q2 25 | $-0.02 | $0.81 | ||
| Q1 25 | $2.41 | $1.16 | ||
| Q4 24 | $-0.71 | $0.66 | ||
| Q3 24 | $0.40 | $0.70 | ||
| Q2 24 | $-0.05 | $0.69 | ||
| Q1 24 | $2.32 | $0.98 |
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 | $1.2B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $653.0M | $9.3B |
| 总资产 | $5.1B | $11.4B |
| 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VSCOZM
| Q4 25 | $249.0M | $1.2B | ||
| Q3 25 | $188.0M | $1.2B | ||
| Q2 25 | $138.0M | $1.2B | ||
| Q1 25 | $227.0M | $1.3B | ||
| Q4 24 | $161.0M | $1.3B | ||
| Q3 24 | $169.0M | $1.5B | ||
| Q2 24 | $105.0M | $1.9B | ||
| Q1 24 | $270.0M | $1.6B |
股东权益VSCOZM
| Q4 25 | $653.0M | $9.3B | ||
| Q3 25 | $680.0M | $9.0B | ||
| Q2 25 | $645.0M | $8.9B | ||
| Q1 25 | $640.0M | $8.9B | ||
| Q4 24 | $429.0M | $8.7B | ||
| Q3 24 | $472.0M | $8.5B | ||
| Q2 24 | $423.0M | $8.3B | ||
| Q1 24 | $417.0M | $8.0B |
总资产VSCOZM
| Q4 25 | $5.1B | $11.4B | ||
| Q3 25 | $4.8B | $11.0B | ||
| Q2 25 | $4.6B | $11.0B | ||
| Q1 25 | $4.5B | $11.0B | ||
| Q4 24 | $4.9B | $10.7B | ||
| Q3 24 | $4.6B | $10.5B | ||
| Q2 24 | $4.4B | $10.3B | ||
| Q1 24 | $4.6B | $9.9B |
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 | $629.3M |
| 自由现金流经营现金流 - 资本支出 | $-232.0M | $614.3M |
| 自由现金流率自由现金流/营收 | -15.8% | 50.0% |
| 资本支出强度资本支出/营收 | 3.5% | 1.2% |
| 现金转化率经营现金流/净利润 | — | 1.03× |
| 过去12个月自由现金流最近4个季度 | $309.0M | $2.0B |
8季度趋势，按日历期对齐
经营现金流VSCOZM
| Q4 25 | $-180.0M | $629.3M | ||
| Q3 25 | $156.0M | $515.9M | ||
| Q2 25 | $-150.0M | $489.3M | ||
| Q1 25 | $674.0M | $424.6M | ||
| Q4 24 | $-248.0M | $483.2M | ||
| Q3 24 | $115.0M | $449.3M | ||
| Q2 24 | $-116.0M | $588.2M | ||
| Q1 24 | $589.0M | $351.2M |
自由现金流VSCOZM
| Q4 25 | $-232.0M | $614.3M | ||
| Q3 25 | $88.0M | $508.0M | ||
| Q2 25 | $-193.0M | $463.4M | ||
| Q1 25 | $646.0M | $416.2M | ||
| Q4 24 | $-299.0M | $457.7M | ||
| Q3 24 | $55.0M | $365.1M | ||
| Q2 24 | $-155.0M | $569.7M | ||
| Q1 24 | $557.0M | $332.7M |
自由现金流率VSCOZM
| Q4 25 | -15.8% | 50.0% | ||
| Q3 25 | 6.0% | 41.7% | ||
| Q2 25 | -14.3% | 39.4% | ||
| Q1 25 | 30.7% | 35.2% | ||
| Q4 24 | -22.2% | 38.9% | ||
| Q3 24 | 3.9% | 31.4% | ||
| Q2 24 | -11.4% | 49.9% | ||
| Q1 24 | 26.7% | 29.0% |
资本支出强度VSCOZM
| Q4 25 | 3.5% | 1.2% | ||
| Q3 25 | 4.7% | 0.7% | ||
| Q2 25 | 3.2% | 2.2% | ||
| Q1 25 | 1.3% | 0.7% | ||
| Q4 24 | 3.8% | 2.2% | ||
| Q3 24 | 4.2% | 7.2% | ||
| Q2 24 | 2.9% | 1.6% | ||
| Q1 24 | 1.5% | 1.6% |
现金转化率VSCOZM
| Q4 25 | — | 1.03× | ||
| Q3 25 | 9.75× | 1.44× | ||
| Q2 25 | — | 1.92× | ||
| Q1 25 | 3.49× | 1.15× | ||
| Q4 24 | — | 2.33× | ||
| Q3 24 | 3.59× | 2.05× | ||
| Q2 24 | — | 2.72× | ||
| Q1 24 | 3.27× | 1.18× |
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% |
ZM
暂无分部数据
