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奥多比（ADBE）与Leidos（LDOS）财务数据对比。点击上方公司名可切换其他公司
奥多比的季度营收约是Leidos的1.5倍（$6.4B vs $4.2B），奥多比净利率更高（29.5% vs 7.8%，领先21.7%），奥多比同比增速更快（12.0% vs -3.5%），奥多比自由现金流更多（$2.9B vs $452.0M），过去两年奥多比的营收复合增速更高（9.8% vs 3.1%）
奥多比（Adobe Inc.）前身为奥多比系统公司，是总部位于美国加利福尼亚州圣何塞的跨国计算机软件企业。旗下产品覆盖网页设计、图像处理、矢量创作、音视频编辑、移动应用开发、印刷排版、动画制作等多个领域，是全球领先的数字创意软件服务商。
Leidos Holdings, Inc.是总部位于美国弗吉尼亚州雷斯顿的企业，业务覆盖国防、航空、信息技术、生物医学研究领域，提供科研、工程、系统集成及技术服务。其前身为科学应用国际公司（SAIC），2016年8月与洛克希德·马丁旗下IT业务板块合并，成为国防行业规模最大的IT服务提供商。
ADBE vs LDOS — 直观对比
营收规模更大
ADBE
是对方的1.5倍
$4.2B
营收增速更快
ADBE
高出15.5%
-3.5%
净利率更高
ADBE
高出21.7%
7.8%
自由现金流更多
ADBE
多$2.5B
$452.0M
两年增速更快
ADBE
近两年复合增速
3.1%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.4B | $4.2B |
| 净利润 | $1.9B | $327.0M |
| 毛利率 | 89.6% | 17.4% |
| 营业利润率 | 37.8% | 11.3% |
| 净利率 | 29.5% | 7.8% |
| 营收同比 | 12.0% | -3.5% |
| 净利润同比 | 4.3% | 15.1% |
| 每股收益（稀释后） | $4.60 | $2.54 |
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ADBELDOS
| Q1 26 | $6.4B | $4.2B | ||
| Q4 25 | $6.2B | $4.4B | ||
| Q3 25 | $6.0B | $4.2B | ||
| Q2 25 | $5.9B | $4.2B | ||
| Q1 25 | $5.7B | $4.3B | ||
| Q4 24 | $5.6B | — | ||
| Q3 24 | $5.4B | $4.2B | ||
| Q2 24 | $5.3B | $4.1B |
净利润ADBELDOS
| Q1 26 | $1.9B | $327.0M | ||
| Q4 25 | $1.9B | $367.0M | ||
| Q3 25 | $1.8B | $391.0M | ||
| Q2 25 | $1.7B | $363.0M | ||
| Q1 25 | $1.8B | $284.0M | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | $1.7B | $364.0M | ||
| Q2 24 | $1.6B | $322.0M |
毛利率ADBELDOS
| Q1 26 | 89.6% | 17.4% | ||
| Q4 25 | 89.5% | 18.0% | ||
| Q3 25 | 89.3% | 18.0% | ||
| Q2 25 | 89.1% | 17.5% | ||
| Q1 25 | 89.1% | 15.6% | ||
| Q4 24 | 89.0% | — | ||
| Q3 24 | 89.8% | 17.8% | ||
| Q2 24 | 88.7% | 16.6% |
营业利润率ADBELDOS
| Q1 26 | 37.8% | 11.3% | ||
| Q4 25 | 36.5% | 12.0% | ||
| Q3 25 | 36.3% | 13.5% | ||
| Q2 25 | 35.9% | 12.5% | ||
| Q1 25 | 37.9% | 9.7% | ||
| Q4 24 | 34.9% | — | ||
| Q3 24 | 36.8% | 12.4% | ||
| Q2 24 | 35.5% | 11.6% |
净利率ADBELDOS
| Q1 26 | 29.5% | 7.8% | ||
| Q4 25 | 30.0% | 8.2% | ||
| Q3 25 | 29.6% | 9.2% | ||
| Q2 25 | 28.8% | 8.6% | ||
| Q1 25 | 31.7% | 6.5% | ||
| Q4 24 | 30.0% | — | ||
| Q3 24 | 31.1% | 8.7% | ||
| Q2 24 | 29.6% | 7.8% |
每股收益（稀释后）ADBELDOS
| Q1 26 | $4.60 | $2.54 | ||
| Q4 25 | $4.44 | $2.82 | ||
| Q3 25 | $4.18 | $3.01 | ||
| Q2 25 | $3.94 | $2.77 | ||
| Q1 25 | $4.14 | $2.10 | ||
| Q4 24 | $3.75 | — | ||
| Q3 24 | $3.76 | $2.68 | ||
| Q2 24 | $3.49 | $2.37 |
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 | $6.9B | $1.1B |
| 总债务越低越好 | $5.4B | $4.6B |
| 股东权益账面价值 | $11.4B | $4.9B |
| 总资产 | $29.7B | $13.5B |
| 负债/权益比越低杠杆越低 | 0.47× | 0.94× |
8季度趋势，按日历期对齐
现金及短期投资ADBELDOS
| Q1 26 | $6.9B | $1.1B | ||
| Q4 25 | $6.6B | $974.0M | ||
| Q3 25 | $5.9B | $930.0M | ||
| Q2 25 | $5.7B | $842.0M | ||
| Q1 25 | $7.4B | $943.0M | ||
| Q4 24 | $7.9B | — | ||
| Q3 24 | $7.5B | $1.2B | ||
| Q2 24 | $8.1B | $823.0M |
总债务ADBELDOS
| Q1 26 | $5.4B | $4.6B | ||
| Q4 25 | $6.2B | $4.6B | ||
| Q3 25 | $6.2B | $5.0B | ||
| Q2 25 | $6.2B | $5.0B | ||
| Q1 25 | $6.2B | $4.1B | ||
| Q4 24 | $4.1B | — | ||
| Q3 24 | $4.1B | $4.1B | ||
| Q2 24 | $4.1B | $4.1B |
股东权益ADBELDOS
| Q1 26 | $11.4B | $4.9B | ||
| Q4 25 | $11.6B | $4.9B | ||
| Q3 25 | $11.8B | $4.7B | ||
| Q2 25 | $11.4B | $4.3B | ||
| Q1 25 | $13.1B | $4.4B | ||
| Q4 24 | $14.1B | — | ||
| Q3 24 | $14.5B | $4.6B | ||
| Q2 24 | $14.8B | $4.5B |
总资产ADBELDOS
| Q1 26 | $29.7B | $13.5B | ||
| Q4 25 | $29.5B | $13.5B | ||
| Q3 25 | $28.8B | $13.5B | ||
| Q2 25 | $28.1B | $13.2B | ||
| Q1 25 | $30.0B | $13.1B | ||
| Q4 24 | $30.2B | — | ||
| Q3 24 | $29.8B | $13.3B | ||
| Q2 24 | $30.0B | $12.9B |
负债/权益比ADBELDOS
| Q1 26 | 0.47× | 0.94× | ||
| Q4 25 | 0.53× | 0.94× | ||
| Q3 25 | 0.53× | 1.07× | ||
| Q2 25 | 0.54× | 1.18× | ||
| Q1 25 | 0.47× | 0.92× | ||
| Q4 24 | 0.29× | — | ||
| Q3 24 | 0.28× | 0.88× | ||
| Q2 24 | 0.28× | 0.92× |
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 | $3.0B | $495.0M |
| 自由现金流经营现金流 - 资本支出 | $2.9B | $452.0M |
| 自由现金流率自由现金流/营收 | 45.7% | 10.8% |
| 资本支出强度资本支出/营收 | 0.6% | 1.0% |
| 现金转化率经营现金流/净利润 | 1.57× | 1.51× |
| 过去12个月自由现金流最近4个季度 | $10.3B | — |
8季度趋势，按日历期对齐
经营现金流ADBELDOS
| Q1 26 | $3.0B | $495.0M | ||
| Q4 25 | $3.2B | — | ||
| Q3 25 | $2.2B | $711.0M | ||
| Q2 25 | $2.2B | $58.0M | ||
| Q1 25 | $2.5B | $299.0M | ||
| Q4 24 | — | — | ||
| Q3 24 | $2.0B | $656.0M | ||
| Q2 24 | $1.9B | $374.0M |
自由现金流ADBELDOS
| Q1 26 | $2.9B | $452.0M | ||
| Q4 25 | $3.1B | — | ||
| Q3 25 | $2.1B | $680.0M | ||
| Q2 25 | $2.1B | $36.0M | ||
| Q1 25 | $2.5B | $213.0M | ||
| Q4 24 | — | — | ||
| Q3 24 | $2.0B | $633.0M | ||
| Q2 24 | $1.9B | $351.0M |
自由现金流率ADBELDOS
| Q1 26 | 45.7% | 10.8% | ||
| Q4 25 | 50.5% | — | ||
| Q3 25 | 35.5% | 16.1% | ||
| Q2 25 | 36.5% | 0.9% | ||
| Q1 25 | 43.0% | 4.9% | ||
| Q4 24 | — | — | ||
| Q3 24 | 36.3% | 15.2% | ||
| Q2 24 | 35.8% | 8.5% |
资本支出强度ADBELDOS
| Q1 26 | 0.6% | 1.0% | ||
| Q4 25 | 0.5% | — | ||
| Q3 25 | 1.2% | 0.7% | ||
| Q2 25 | 0.8% | 0.5% | ||
| Q1 25 | 0.5% | 2.0% | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.1% | 0.6% | ||
| Q2 24 | 0.8% | 0.6% |
现金转化率ADBELDOS
| Q1 26 | 1.57× | 1.51× | ||
| Q4 25 | 1.70× | — | ||
| Q3 25 | 1.24× | 1.82× | ||
| Q2 25 | 1.30× | 0.16× | ||
| Q1 25 | 1.37× | 1.05× | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.20× | 1.80× | ||
| Q2 24 | 1.23× | 1.16× |
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
ADBE
| Subscription Revenue | $6.2B | 97% |
| Service Other | $110.0M | 2% |
| Products | $90.0M | 1% |
LDOS
| US Do D And US Intelligence Community | $1.4B | 32% |
| Cost Reimbursement And Fixed Price Incentive Fee | $1.0B | 24% |
| Commercial And International Segment | $609.0M | 15% |
| Defense Systems Segment | $546.0M | 13% |
| Other | $358.0M | 9% |
| Time And Materials And Fixed Price Level Of Effort | $295.0M | 7% |
| Commercial And Non US Customers | $38.0M | 1% |
