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奥多比（ADBE）与冬海集团（SE）财务数据对比。点击上方公司名可切换其他公司
冬海集团的季度营收约是奥多比的3.6倍（$22.9B vs $6.4B），奥多比净利率更高（29.5% vs 7.0%，领先22.5%），冬海集团同比增速更快（363.4% vs 12.0%），过去两年冬海集团的营收复合增速更高（147.8% vs 9.8%）
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。
冬海集团（Sea Ltd）是总部位于新加坡的科技综合集团，于纽约证券交易所上市，2024年营收达168亿美元。旗下拥有游戏品牌Garena、数字金融服务品牌Monee，以及东南亚规模最大的电商平台Shopee，业务覆盖数字娱乐、金融科技、电子商务三大核心领域。
ADBE vs SE — 直观对比
营收规模更大
SE
是对方的3.6倍
$6.4B
营收增速更快
SE
高出351.4%
12.0%
净利率更高
ADBE
高出22.5%
7.0%
两年增速更快
SE
近两年复合增速
9.8%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.4B | $22.9B |
| 净利润 | $1.9B | $1.6B |
| 毛利率 | 89.6% | 44.7% |
| 营业利润率 | 37.8% | 8.7% |
| 净利率 | 29.5% | 7.0% |
| 营收同比 | 12.0% | 363.4% |
| 净利润同比 | 4.3% | — |
| 每股收益（稀释后） | $4.60 | $2.52 |
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ADBESE
| Q1 26 | $6.4B | — | ||
| Q4 25 | $6.2B | $22.9B | ||
| Q3 25 | $6.0B | $6.0B | ||
| Q2 25 | $5.9B | $5.3B | ||
| Q1 25 | $5.7B | $4.8B | ||
| Q4 24 | $5.6B | $5.0B | ||
| Q3 24 | $5.4B | $4.3B | ||
| Q2 24 | $5.3B | $3.8B |
净利润ADBESE
| Q1 26 | $1.9B | — | ||
| Q4 25 | $1.9B | $1.6B | ||
| Q3 25 | $1.8B | $375.0M | ||
| Q2 25 | $1.7B | $414.2M | ||
| Q1 25 | $1.8B | $-7.8M | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | $1.7B | — | ||
| Q2 24 | $1.6B | — |
毛利率ADBESE
| Q1 26 | 89.6% | — | ||
| Q4 25 | 89.5% | 44.7% | ||
| Q3 25 | 89.3% | 43.4% | ||
| Q2 25 | 89.1% | 45.8% | ||
| Q1 25 | 89.1% | 46.2% | ||
| Q4 24 | 89.0% | — | ||
| Q3 24 | 89.8% | — | ||
| Q2 24 | 88.7% | — |
营业利润率ADBESE
| Q1 26 | 37.8% | — | ||
| Q4 25 | 36.5% | 8.7% | ||
| Q3 25 | 36.3% | 8.0% | ||
| Q2 25 | 35.9% | 9.3% | ||
| Q1 25 | 37.9% | 9.4% | ||
| Q4 24 | 34.9% | — | ||
| Q3 24 | 36.8% | — | ||
| Q2 24 | 35.5% | — |
净利率ADBESE
| Q1 26 | 29.5% | — | ||
| Q4 25 | 30.0% | 7.0% | ||
| Q3 25 | 29.6% | 6.3% | ||
| Q2 25 | 28.8% | 7.9% | ||
| Q1 25 | 31.7% | -0.2% | ||
| Q4 24 | 30.0% | — | ||
| Q3 24 | 31.1% | — | ||
| Q2 24 | 29.6% | — |
每股收益（稀释后）ADBESE
| Q1 26 | $4.60 | — | ||
| Q4 25 | $4.44 | $2.52 | ||
| Q3 25 | $4.18 | $0.59 | ||
| Q2 25 | $3.94 | $0.65 | ||
| Q1 25 | $4.14 | $0.65 | ||
| Q4 24 | $3.75 | — | ||
| Q3 24 | $3.76 | — | ||
| Q2 24 | $3.49 | — |
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 | $10.6B |
| 总债务越低越好 | $5.4B | — |
| 股东权益账面价值 | $11.4B | $12.6B |
| 总资产 | $29.7B | $29.4B |
| 负债/权益比越低杠杆越低 | 0.47× | — |
8季度趋势，按日历期对齐
现金及短期投资ADBESE
| Q1 26 | $6.9B | — | ||
| Q4 25 | $6.6B | $10.6B | ||
| Q3 25 | $5.9B | — | ||
| Q2 25 | $5.7B | — | ||
| Q1 25 | $7.4B | — | ||
| Q4 24 | $7.9B | $8.6B | ||
| Q3 24 | $7.5B | — | ||
| Q2 24 | $8.1B | — |
总债务ADBESE
| Q1 26 | $5.4B | — | ||
| Q4 25 | $6.2B | — | ||
| Q3 25 | $6.2B | — | ||
| Q2 25 | $6.2B | — | ||
| Q1 25 | $6.2B | — | ||
| Q4 24 | $4.1B | — | ||
| Q3 24 | $4.1B | — | ||
| Q2 24 | $4.1B | — |
股东权益ADBESE
| Q1 26 | $11.4B | — | ||
| Q4 25 | $11.6B | $12.6B | ||
| Q3 25 | $11.8B | — | ||
| Q2 25 | $11.4B | — | ||
| Q1 25 | $13.1B | — | ||
| Q4 24 | $14.1B | $8.4B | ||
| Q3 24 | $14.5B | — | ||
| Q2 24 | $14.8B | — |
总资产ADBESE
| Q1 26 | $29.7B | — | ||
| Q4 25 | $29.5B | $29.4B | ||
| Q3 25 | $28.8B | — | ||
| Q2 25 | $28.1B | — | ||
| Q1 25 | $30.0B | — | ||
| Q4 24 | $30.2B | $22.6B | ||
| Q3 24 | $29.8B | — | ||
| Q2 24 | $30.0B | — |
负债/权益比ADBESE
| Q1 26 | 0.47× | — | ||
| Q4 25 | 0.53× | — | ||
| Q3 25 | 0.53× | — | ||
| Q2 25 | 0.54× | — | ||
| Q1 25 | 0.47× | — | ||
| Q4 24 | 0.29× | — | ||
| Q3 24 | 0.28× | — | ||
| Q2 24 | 0.28× | — |
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 | $5.0B |
| 自由现金流经营现金流 - 资本支出 | $2.9B | — |
| 自由现金流率自由现金流/营收 | 45.7% | — |
| 资本支出强度资本支出/营收 | 0.6% | — |
| 现金转化率经营现金流/净利润 | 1.57× | 3.12× |
| 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ADBESE
| Q1 26 | $3.0B | — | ||
| Q4 25 | $3.2B | $5.0B | ||
| Q3 25 | $2.2B | $3.5B | ||
| Q2 25 | $2.2B | $2.4B | ||
| Q1 25 | $2.5B | $756.9M | ||
| Q4 24 | — | — | ||
| Q3 24 | $2.0B | — | ||
| Q2 24 | $1.9B | — |
自由现金流ADBESE
| Q1 26 | $2.9B | — | ||
| Q4 25 | $3.1B | — | ||
| Q3 25 | $2.1B | — | ||
| Q2 25 | $2.1B | — | ||
| Q1 25 | $2.5B | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $2.0B | — | ||
| Q2 24 | $1.9B | — |
自由现金流率ADBESE
| Q1 26 | 45.7% | — | ||
| Q4 25 | 50.5% | — | ||
| Q3 25 | 35.5% | — | ||
| Q2 25 | 36.5% | — | ||
| Q1 25 | 43.0% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 36.3% | — | ||
| Q2 24 | 35.8% | — |
资本支出强度ADBESE
| Q1 26 | 0.6% | — | ||
| Q4 25 | 0.5% | — | ||
| Q3 25 | 1.2% | — | ||
| Q2 25 | 0.8% | — | ||
| Q1 25 | 0.5% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.1% | — | ||
| Q2 24 | 0.8% | — |
现金转化率ADBESE
| Q1 26 | 1.57× | — | ||
| Q4 25 | 1.70× | 3.12× | ||
| Q3 25 | 1.24× | 9.46× | ||
| Q2 25 | 1.30× | 5.73× | ||
| Q1 25 | 1.37× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.20× | — | ||
| Q2 24 | 1.23× | — |
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% |
SE
暂无分部数据
