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华纳音乐集团（WMG）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.的季度营收约是华纳音乐集团的1.0倍（$1.9B vs $1.8B），Williams-Sonoma, Inc.净利率更高（12.8% vs 9.6%，领先3.3%），华纳音乐集团同比增速更快（10.4% vs 4.6%），华纳音乐集团自由现金流更多（$420.0M vs $248.1M），过去两年华纳音乐集团的营收复合增速更高（11.0% vs -9.1%）
华纳音乐集团（简称WMG）是总部位于美国纽约的跨国娱乐及唱片集团，属于全球唱片行业“三大巨头”之一，市场规模位居全球音乐行业第三位，仅次于环球音乐集团与索尼音乐娱乐。
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。
WMG vs WSM — 直观对比
营收规模更大
WSM
是对方的1.0倍
$1.8B
营收增速更快
WMG
高出5.9%
4.6%
净利率更高
WSM
高出3.3%
9.6%
自由现金流更多
WMG
多$171.9M
$248.1M
两年增速更快
WMG
近两年复合增速
-9.1%
损益表 — Q1 FY2026 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $1.9B |
| 净利润 | $176.0M | $241.6M |
| 毛利率 | 46.4% | 46.1% |
| 营业利润率 | 15.7% | 17.0% |
| 净利率 | 9.6% | 12.8% |
| 营收同比 | 10.4% | 4.6% |
| 净利润同比 | -25.4% | -3.0% |
| 每股收益（稀释后） | — | $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WMGWSM
| Q4 25 | $1.8B | $1.9B | ||
| Q3 25 | $1.9B | $1.8B | ||
| Q2 25 | $1.7B | $1.7B | ||
| Q1 25 | $1.5B | $2.5B | ||
| Q4 24 | $1.7B | $1.8B | ||
| Q3 24 | $1.6B | $1.8B | ||
| Q2 24 | $1.6B | $1.7B | ||
| Q1 24 | $1.5B | $2.3B |
净利润WMGWSM
| Q4 25 | $176.0M | $241.6M | ||
| Q3 25 | $109.0M | $247.6M | ||
| Q2 25 | $-16.0M | $231.3M | ||
| Q1 25 | $36.0M | $384.9M | ||
| Q4 24 | $236.0M | $249.0M | ||
| Q3 24 | $41.0M | $225.7M | ||
| Q2 24 | $139.0M | $265.7M | ||
| Q1 24 | $96.0M | $354.4M |
毛利率WMGWSM
| Q4 25 | 46.4% | 46.1% | ||
| Q3 25 | 44.6% | 47.1% | ||
| Q2 25 | 45.9% | 44.3% | ||
| Q1 25 | 46.7% | 45.2% | ||
| Q4 24 | 46.3% | 46.7% | ||
| Q3 24 | 47.6% | 46.2% | ||
| Q2 24 | 46.6% | 48.3% | ||
| Q1 24 | 47.1% | 46.0% |
营业利润率WMGWSM
| Q4 25 | 15.7% | 17.0% | ||
| Q3 25 | 7.7% | 17.9% | ||
| Q2 25 | 10.0% | 16.8% | ||
| Q1 25 | 11.3% | 20.1% | ||
| Q4 24 | 12.8% | 17.8% | ||
| Q3 24 | 8.8% | 16.2% | ||
| Q2 24 | 13.3% | 19.5% | ||
| Q1 24 | 8.0% | 20.1% |
净利率WMGWSM
| Q4 25 | 9.6% | 12.8% | ||
| Q3 25 | 5.8% | 13.5% | ||
| Q2 25 | -0.9% | 13.4% | ||
| Q1 25 | 2.4% | 15.6% | ||
| Q4 24 | 14.2% | 13.8% | ||
| Q3 24 | 2.5% | 12.6% | ||
| Q2 24 | 8.9% | 16.0% | ||
| Q1 24 | 6.4% | 15.6% |
每股收益（稀释后）WMGWSM
| Q4 25 | — | $1.96 | ||
| Q3 25 | — | $2.00 | ||
| Q2 25 | — | $1.85 | ||
| Q1 25 | — | $1.02 | ||
| Q4 24 | — | $1.96 | ||
| Q3 24 | — | $1.74 | ||
| Q2 24 | — | $4.07 | ||
| Q1 24 | — | $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 | $751.0M | $884.7M |
| 总债务越低越好 | $4.4B | — |
| 股东权益账面价值 | $720.0M | $2.1B |
| 总资产 | $10.0B | $5.3B |
| 负债/权益比越低杠杆越低 | 6.07× | — |
8季度趋势，按日历期对齐
现金及短期投资WMGWSM
| Q4 25 | $751.0M | $884.7M | ||
| Q3 25 | $532.0M | $985.8M | ||
| Q2 25 | $527.0M | $1.0B | ||
| Q1 25 | $637.0M | $1.2B | ||
| Q4 24 | $802.0M | $826.8M | ||
| Q3 24 | $694.0M | $1.3B | ||
| Q2 24 | $607.0M | $1.3B | ||
| Q1 24 | $587.0M | $1.3B |
总债务WMGWSM
| Q4 25 | $4.4B | — | ||
| Q3 25 | $4.4B | — | ||
| Q2 25 | $4.4B | — | ||
| Q1 25 | $4.3B | — | ||
| Q4 24 | $4.0B | — | ||
| Q3 24 | $4.0B | — | ||
| Q2 24 | $4.0B | — | ||
| Q1 24 | $4.0B | — |
股东权益WMGWSM
| Q4 25 | $720.0M | $2.1B | ||
| Q3 25 | $647.0M | $2.1B | ||
| Q2 25 | $589.0M | $2.2B | ||
| Q1 25 | $567.0M | $2.1B | ||
| Q4 24 | $545.0M | $1.9B | ||
| Q3 24 | $518.0M | $2.3B | ||
| Q2 24 | $483.0M | $2.2B | ||
| Q1 24 | $433.0M | $2.1B |
总资产WMGWSM
| Q4 25 | $10.0B | $5.3B | ||
| Q3 25 | $9.8B | $5.2B | ||
| Q2 25 | $9.8B | $5.2B | ||
| Q1 25 | $9.6B | $5.3B | ||
| Q4 24 | $9.1B | $5.0B | ||
| Q3 24 | $9.2B | $5.2B | ||
| Q2 24 | $8.8B | $5.2B | ||
| Q1 24 | $8.7B | $5.3B |
负债/权益比WMGWSM
| Q4 25 | 6.07× | — | ||
| Q3 25 | 6.75× | — | ||
| Q2 25 | 7.41× | — | ||
| Q1 25 | 7.57× | — | ||
| Q4 24 | 7.26× | — | ||
| Q3 24 | 7.75× | — | ||
| Q2 24 | 8.24× | — | ||
| Q1 24 | 9.20× | — |
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 | $440.0M | $316.3M |
| 自由现金流经营现金流 - 资本支出 | $420.0M | $248.1M |
| 自由现金流率自由现金流/营收 | 22.8% | 13.2% |
| 资本支出强度资本支出/营收 | 1.1% | 3.6% |
| 现金转化率经营现金流/净利润 | 2.50× | 1.31× |
| 过去12个月自由现金流最近4个季度 | $663.0M | $1.1B |
8季度趋势，按日历期对齐
经营现金流WMGWSM
| Q4 25 | $440.0M | $316.3M | ||
| Q3 25 | $231.0M | $282.7M | ||
| Q2 25 | $46.0M | $118.9M | ||
| Q1 25 | $69.0M | $633.5M | ||
| Q4 24 | $332.0M | $253.5M | ||
| Q3 24 | $304.0M | $246.5M | ||
| Q2 24 | $188.0M | $226.8M | ||
| Q1 24 | $-31.0M | $674.9M |
自由现金流WMGWSM
| Q4 25 | $420.0M | $248.1M | ||
| Q3 25 | $203.0M | $230.7M | ||
| Q2 25 | $7.0M | $60.7M | ||
| Q1 25 | $33.0M | $566.3M | ||
| Q4 24 | $296.0M | $170.1M | ||
| Q3 24 | $271.0M | $215.1M | ||
| Q2 24 | $160.0M | $187.3M | ||
| Q1 24 | $-57.0M | $621.2M |
自由现金流率WMGWSM
| Q4 25 | 22.8% | 13.2% | ||
| Q3 25 | 10.9% | 12.6% | ||
| Q2 25 | 0.4% | 3.5% | ||
| Q1 25 | 2.2% | 23.0% | ||
| Q4 24 | 17.8% | 9.4% | ||
| Q3 24 | 16.6% | 12.0% | ||
| Q2 24 | 10.3% | 11.3% | ||
| Q1 24 | -3.8% | 27.3% |
资本支出强度WMGWSM
| Q4 25 | 1.1% | 3.6% | ||
| Q3 25 | 1.5% | 2.8% | ||
| Q2 25 | 2.3% | 3.4% | ||
| Q1 25 | 2.4% | 2.7% | ||
| Q4 24 | 2.2% | 4.6% | ||
| Q3 24 | 2.0% | 1.8% | ||
| Q2 24 | 1.8% | 2.4% | ||
| Q1 24 | 1.7% | 2.4% |
现金转化率WMGWSM
| Q4 25 | 2.50× | 1.31× | ||
| Q3 25 | 2.12× | 1.14× | ||
| Q2 25 | — | 0.51× | ||
| Q1 25 | 1.92× | 1.65× | ||
| Q4 24 | 1.41× | 1.02× | ||
| Q3 24 | 7.41× | 1.09× | ||
| Q2 24 | 1.35× | 0.85× | ||
| Q1 24 | -0.32× | 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
WMG
| Digital | $976.0M | 53% |
| Music Publishing | $362.0M | 20% |
| Artist Services And Expanded Rights | $231.0M | 13% |
| Licensing | $121.0M | 7% |
| Performance | $64.0M | 3% |
| Synchronization | $60.0M | 3% |
| Mechanical | $18.0M | 1% |
| Other | $5.0M | 0% |
WSM
暂无分部数据
