<h2>运营挫折加深对 Dillard's 战略的关注</h2>
<p>关于 Dillard's (DDS) 需求疲软、同店销售下滑和每股收益下降的新评论使管理层的战略受到审视，尤其是在零售商暂停新店开业以改造现有门店的情况下。</p>
<p>查看我们对 Dillard's 的最新分析。</p>
<p>尽管最近出现回调和同店销售疲软，Dillard's 的股价仍然实现了强劲的年初至今股价回报，以及更强劲的一年总股东回报，表明长期动能尚未完全破裂。</p>
<p>如果这种混合的情况让你重新考虑零售，可能是一个拓宽搜索范围的好时机，发现那些快速增长且内部持股比例高的股票。</p>
<p>随着收益下滑、收入增长温和，以及股价在经历了多年的大幅上涨后现在高于分析师目标，投资者面临一个关键问题：Dillard's 仍然被低估吗，还是未来的增长已经被定价？</p>
<h2>17.6 倍的市盈率：是否合理？</h2>
<p>Dillard's 目前的市盈率为 17.6 倍，相较于更广泛的市场和直接的多元零售同行，这一水平看起来相对温和，即使在经历了强劲的长期股价上涨之后。</p>
<p>市盈率将公司的股价与每股收益进行比较，是衡量投资者为当前盈利能力支付多少的简单方式。对于一家拥有数十年运营历史的成熟百货连锁店而言，这一视角尤其重要，因为盈利能力而非超高速增长是投资案例的核心。</p>
<p>一方面，Dillard's 的市盈率低于整体美国市场的 19 倍，也低于全球多元零售的平均 19.7 倍和同行的 20.2 倍，这表明该股票的定价并不像许多可比公司那样激进。另一方面，我们的分析表明，合理的市盈率接近 13.8 倍，这意味着如果市场趋向于这一合理水平，今天的倍数包含了明显的溢价。</p>
<p>探索 Dillard's 的 SWS 合理比率</p>
<p><strong>结果：17.6 倍的市盈率（高估）</strong></p>
<p>然而，同店销售和盈利压力的下滑，以及股价高于分析师目标，可能会在消费者需求进一步减弱时迅速扭转市场情绪。</p>
<p>了解 Dillard's 叙述的关键风险。</p>
<h2>价值的另一种视角</h2>
<p>我们的 SWS DCF 模型描绘了一个更冷静的画面，将 Dillard's 的合理价值接近 518.72 美元。这表明当前 654.08 美元的价格看起来更贵而非便宜。如果现金流漂移或市场情绪降温，这种溢价是否会对未来回报造成拖累？</p>
<p>了解 SWS DCF 模型如何得出其合理价值。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/b453eba7-3447-4588-af0b-48395a7daada/chart/dcf?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1706" height="760" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/b453eba7-3447-4588-af0b-48395a7daada/chart/dcf"/></p>
<p>截至 2025 年 12 月的 DDS 折现现金流</p>
<p>Simply Wall St 每天对全球每只股票进行折现现金流（DCF）分析（例如查看 Dillard's）。我们展示了完整的计算过程。您可以在您的观察列表或投资组合中跟踪结果，并在变化时收到提醒，或者使用我们的股票筛选器发现 916 只基于现金流的被低估股票。如果您保存了筛选器，我们甚至会在新公司匹配时提醒您——这样您就不会错过潜在机会。</p>
<h2>构建您自己的 Dillard's 叙述</h2>
<p>如果这种观点与您自己的看法不完全一致，或者您更愿意自己深入数字，您可以在几分钟内快速构建个性化的视角，按您的方式进行。</p>
<p>您对 Dillard's 研究的一个很好的起点是我们的分析，强调了可能影响您投资决策的两个关键奖励和两个重要警示信号。</p>
<h2>准备好更多高信念的想法吗？</h2>
<p>当市场充满机会时，不要停留在单一零售商身上。使用 Simply Wall St 筛选器发现您的下一个优势。</p>
<ul>
<li>通过针对那些交易价格低于其内在价值的公司，捕捉被忽视的价值机会，这些 916 只基于现金流的被低估股票突显了引人注目的现金流机会。</li>
<li>通过关注下一代自动化、数据和软件领导者，利用这 24 只 AI 便士股票来筛选潜在的长期赢家，乘风破浪。</li>
<li>通过关注具有吸引力收益率的可靠支付者，提升您的收入策略，使用这 13 只收益率超过 3% 的股息股票，旨在实现可持续的现金回报。</li>
</ul>
<p><em>本文由 Simply Wall St 撰写，内容具有一般性。<strong>我们基于历史数据和分析师预测提供评论，仅使用无偏见的方法，我们的文章并不旨在提供财务建议。</strong> 它不构成购买或出售任何股票的推荐，也未考虑您的目标或财务状况。我们旨在为您提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中没有持仓。</em></p>
<p>移动基础设施用于国防和灾难</p>
<p>下一波机器人技术不是类人机器人，而是能够在 30 分钟内提供 5G、ISR 和雷达的完全自主塔。</p>
<p>在下一轮合同之前获取投资者简报</p>
<p>由 CiTech 赞助</p>

狄乐百货

<p>Dillard's (DDS) 面临运营挑战，包括需求疲软、同店销售下降和盈利压力，这引发了对其战略的审视。尽管存在这些问题，该股票仍显示出强劲的回报。目前的市盈率为 17.6 倍，相较于公允价值估计的 13.8 倍，似乎被高估。现金流折现模型（DCF）显示公允价值为 518.72 美元，低于当前价格 654.08 美元，表明可能存在高估。建议投资者考虑更广泛的市场机会以及与 Dillard's 相关的风险</p>

<h2>Operational setback sharpens focus on Dillard's strategy</h2>
<div class="lb-trans"><h2>运营挫折加深对 Dillard's 战略的关注</h2>
</div><p>Fresh commentary on Dillard's (DDS) weak demand, sliding same store sales, and falling earnings per share has put management's strategy under the microscope, especially as the retailer pauses new store openings in order to overhaul existing locations.</p>
<div class="lb-trans"><p>关于 Dillard's (DDS) 需求疲软、同店销售下滑和每股收益下降的新评论使管理层的战略受到审视，尤其是在零售商暂停新店开业以改造现有门店的情况下。</p>
</div><p>See our latest analysis for Dillard's.</p>
<div class="lb-trans"><p>查看我们对 Dillard's 的最新分析。</p>
</div><p>Despite the recent pullback and soft same store sales, Dillard's share price has still delivered a robust year to date share price return and an even stronger one year total shareholder return, suggesting longer term momentum has not fully broken.</p>
<div class="lb-trans"><p>尽管最近出现回调和同店销售疲软，Dillard's 的股价仍然实现了强劲的年初至今股价回报，以及更强劲的一年总股东回报，表明长期动能尚未完全破裂。</p>
</div><p>If this kind of mixed picture has you rethinking retail, it might be a good moment to broaden your search and discover fast growing stocks with high insider ownership.</p>
<div class="lb-trans"><p>如果这种混合的情况让你重新考虑零售，可能是一个拓宽搜索范围的好时机，发现那些快速增长且内部持股比例高的股票。</p>
</div><p>With earnings slipping, modest revenue growth, and shares now trading above analyst targets after a huge multi year run, investors face a key question: Is Dillard's still undervalued, or is future growth already priced in?</p>
<div class="lb-trans"><p>随着收益下滑、收入增长温和，以及股价在经历了多年的大幅上涨后现在高于分析师目标，投资者面临一个关键问题：Dillard's 仍然被低估吗，还是未来的增长已经被定价？</p>
</div><h2>Price-to-Earnings of 17.6x: Is it justified?</h2>
<div class="lb-trans"><h2>17.6 倍的市盈率：是否合理？</h2>
</div><p>Dillard's currently trades on a price to earnings ratio of 17.6 times, a level that looks modest relative to both the wider market and direct multiline retail peers, even after a powerful long term share price run.</p>
<div class="lb-trans"><p>Dillard's 目前的市盈率为 17.6 倍，相较于更广泛的市场和直接的多元零售同行，这一水平看起来相对温和，即使在经历了强劲的长期股价上涨之后。</p>
</div><p>The price to earnings multiple compares the company’s share price to its earnings per share, making it a straightforward way to gauge how much investors are paying for current profitability. For an established department store chain with decades of operating history, this lens is especially important because earnings power, rather than hyper growth, is the core of the investment case.</p>
<div class="lb-trans"><p>市盈率将公司的股价与每股收益进行比较，是衡量投资者为当前盈利能力支付多少的简单方式。对于一家拥有数十年运营历史的成熟百货连锁店而言，这一视角尤其重要，因为盈利能力而非超高速增长是投资案例的核心。</p>
</div><p>On one hand, Dillard's trades below the overall US market multiple of 19 times, and also below both the global multiline retail average of 19.7 times and a 20.2 times peer average, which suggests the stock is not priced as aggressively as many comparables. On the other hand, our analysis indicates a fair price to earnings ratio closer to 13.8 times, implying that if the market gravitates toward this fair level, today’s multiple embeds a noticeable premium to that intrinsic benchmark.</p>
<div class="lb-trans"><p>一方面，Dillard's 的市盈率低于整体美国市场的 19 倍，也低于全球多元零售的平均 19.7 倍和同行的 20.2 倍，这表明该股票的定价并不像许多可比公司那样激进。另一方面，我们的分析表明，合理的市盈率接近 13.8 倍，这意味着如果市场趋向于这一合理水平，今天的倍数包含了明显的溢价。</p>
</div><p>Explore the SWS fair ratio for Dillard's</p>
<div class="lb-trans"><p>探索 Dillard's 的 SWS 合理比率</p>
</div><p><strong>Result: Price-to-Earnings of 17.6x (OVERVALUED)</strong></p>
<div class="lb-trans"><p><strong>结果：17.6 倍的市盈率（高估）</strong></p>
</div><p>However, sliding same store sales and earnings pressure, along with shares trading above analyst targets, could quickly unwind sentiment if consumer demand softens further.</p>
<div class="lb-trans"><p>然而，同店销售和盈利压力的下滑，以及股价高于分析师目标，可能会在消费者需求进一步减弱时迅速扭转市场情绪。</p>
</div><p>Find out about the key risks to this Dillard's narrative.</p>
<div class="lb-trans"><p>了解 Dillard's 叙述的关键风险。</p>
</div><h2>Another lens on value</h2>
<div class="lb-trans"><h2>价值的另一种视角</h2>
</div><p>Our SWS DCF model paints a cooler picture, putting Dillard's fair value nearer $518.72. This suggests the current $654.08 price looks rich rather than cheap. If cash flows drift or sentiment cools, could that premium become a drag on future returns?</p>
<div class="lb-trans"><p>我们的 SWS DCF 模型描绘了一个更冷静的画面，将 Dillard's 的合理价值接近 518.72 美元。这表明当前 654.08 美元的价格看起来更贵而非便宜。如果现金流漂移或市场情绪降温，这种溢价是否会对未来回报造成拖累？</p>
</div><p>Look into how the SWS DCF model arrives at its fair value.</p>
<div class="lb-trans"><p>了解 SWS DCF 模型如何得出其合理价值。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/b453eba7-3447-4588-af0b-48395a7daada/chart/dcf" alt="" original-src="https://images.simplywall.st/company/b453eba7-3447-4588-af0b-48395a7daada/chart/dcf"/></p>
<p>DDS Discounted Cash Flow as at Dec 2025</p>
<div class="lb-trans"><p>截至 2025 年 12 月的 DDS 折现现金流</p>
</div><p>Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out Dillard's for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 916 undervalued stocks based on their cash flows. If you save a screener we even alert you when new companies match - so you never miss a potential opportunity.</p>
<div class="lb-trans"><p>Simply Wall St 每天对全球每只股票进行折现现金流（DCF）分析（例如查看 Dillard's）。我们展示了完整的计算过程。您可以在您的观察列表或投资组合中跟踪结果，并在变化时收到提醒，或者使用我们的股票筛选器发现 916 只基于现金流的被低估股票。如果您保存了筛选器，我们甚至会在新公司匹配时提醒您——这样您就不会错过潜在机会。</p>
</div><h2>Build Your Own Dillard's Narrative</h2>
<div class="lb-trans"><h2>构建您自己的 Dillard's 叙述</h2>
</div><p>If this perspective does not quite align with your own, or you would rather dig into the numbers yourself, you can quickly craft a personalized view in just a few minutes, Do it your way.</p>
<div class="lb-trans"><p>如果这种观点与您自己的看法不完全一致，或者您更愿意自己深入数字，您可以在几分钟内快速构建个性化的视角，按您的方式进行。</p>
</div><p>A great starting point for your Dillard's research is our analysis highlighting 2 key rewards and 2 important warning signs that could impact your investment decision.</p>
<div class="lb-trans"><p>您对 Dillard's 研究的一个很好的起点是我们的分析，强调了可能影响您投资决策的两个关键奖励和两个重要警示信号。</p>
</div><h2>Ready for more high conviction ideas?</h2>
<div class="lb-trans"><h2>准备好更多高信念的想法吗？</h2>
</div><p>Do not stop at a single retailer when the market is full of opportunities. Use the Simply Wall St Screener to uncover your next edge.</p>
<div class="lb-trans"><p>当市场充满机会时，不要停留在单一零售商身上。使用 Simply Wall St 筛选器发现您的下一个优势。</p>
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<div class="lb-trans"><ul>
<li>通过针对那些交易价格低于其内在价值的公司，捕捉被忽视的价值机会，这些 916 只基于现金流的被低估股票突显了引人注目的现金流机会。</li>
<li>通过关注下一代自动化、数据和软件领导者，利用这 24 只 AI 便士股票来筛选潜在的长期赢家，乘风破浪。</li>
<li>通过关注具有吸引力收益率的可靠支付者，提升您的收入策略，使用这 13 只收益率超过 3% 的股息股票，旨在实现可持续的现金回报。</li>
</ul>
</div><p><em>This article by Simply Wall St is general in nature. <strong>We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice.</strong> It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.</em></p>
<div class="lb-trans"><p><em>本文由 Simply Wall St 撰写，内容具有一般性。<strong>我们基于历史数据和分析师预测提供评论，仅使用无偏见的方法，我们的文章并不旨在提供财务建议。</strong> 它不构成购买或出售任何股票的推荐，也未考虑您的目标或财务状况。我们旨在为您提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中没有持仓。</em></p>
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<div class="lb-trans"><p>移动基础设施用于国防和灾难</p>
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<div class="lb-trans"><p>下一波机器人技术不是类人机器人，而是能够在 30 分钟内提供 5G、ISR 和雷达的完全自主塔。</p>
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<div class="lb-trans"><p>在下一轮合同之前获取投资者简报</p>
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<div class="lb-trans"><p>由 CiTech 赞助</p>
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由于运营挑战对销售、收益和增长计划施加压力，狄乐百货（DDS）的估值被重新审视