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奥多比（ADBE）与Smurfit Westrock（SW）财务数据对比。点击上方公司名可切换其他公司
Smurfit Westrock的季度营收约是奥多比的1.2倍（$7.6B vs $6.4B），奥多比净利率更高（29.5% vs 1.3%，领先28.2%），奥多比同比增速更快（12.0% vs 0.5%），奥多比自由现金流更多（$2.9B vs $612.0M），过去两年Smurfit Westrock的营收复合增速更高（60.8% 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。
Smurfit Westrock plc是总部位于爱尔兰都柏林的企业，核心业务为生产瓦楞包装及各类纸制包装产品，公司股票同时在纽约证券交易所和伦敦证券交易所挂牌上市。
ADBE vs SW — 直观对比
营收规模更大
SW
是对方的1.2倍
$6.4B
营收增速更快
ADBE
高出11.4%
0.5%
净利率更高
ADBE
高出28.2%
1.3%
自由现金流更多
ADBE
多$2.3B
$612.0M
两年增速更快
SW
近两年复合增速
9.8%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.4B | $7.6B |
| 净利润 | $1.9B | $97.0M |
| 毛利率 | 89.6% | 18.2% |
| 营业利润率 | 37.8% | 5.1% |
| 净利率 | 29.5% | 1.3% |
| 营收同比 | 12.0% | 0.5% |
| 净利润同比 | 4.3% | -33.6% |
| 每股收益（稀释后） | $4.60 | $0.18 |
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ADBESW
| Q1 26 | $6.4B | — | ||
| Q4 25 | $6.2B | $7.6B | ||
| Q3 25 | $6.0B | $8.0B | ||
| Q2 25 | $5.9B | $7.9B | ||
| Q1 25 | $5.7B | $7.7B | ||
| Q4 24 | $5.6B | $7.5B | ||
| Q3 24 | $5.4B | $7.7B | ||
| Q2 24 | $5.3B | $3.0B |
净利润ADBESW
| Q1 26 | $1.9B | — | ||
| Q4 25 | $1.9B | $97.0M | ||
| Q3 25 | $1.8B | $246.0M | ||
| Q2 25 | $1.7B | $-28.0M | ||
| Q1 25 | $1.8B | $384.0M | ||
| Q4 24 | $1.7B | $146.0M | ||
| Q3 24 | $1.7B | $-150.0M | ||
| Q2 24 | $1.6B | $132.0M |
毛利率ADBESW
| Q1 26 | 89.6% | — | ||
| Q4 25 | 89.5% | 18.2% | ||
| Q3 25 | 89.3% | 19.6% | ||
| Q2 25 | 89.1% | 19.1% | ||
| Q1 25 | 89.1% | 20.6% | ||
| Q4 24 | 89.0% | 19.1% | ||
| Q3 24 | 89.8% | 17.6% | ||
| Q2 24 | 88.7% | 23.3% |
营业利润率ADBESW
| Q1 26 | 37.8% | — | ||
| Q4 25 | 36.5% | 5.1% | ||
| Q3 25 | 36.3% | 6.6% | ||
| Q2 25 | 35.9% | 3.2% | ||
| Q1 25 | 37.9% | 7.2% | ||
| Q4 24 | 34.9% | 5.3% | ||
| Q3 24 | 36.8% | 0.7% | ||
| Q2 24 | 35.5% | 8.2% |
净利率ADBESW
| Q1 26 | 29.5% | — | ||
| Q4 25 | 30.0% | 1.3% | ||
| Q3 25 | 29.6% | 3.1% | ||
| Q2 25 | 28.8% | -0.4% | ||
| Q1 25 | 31.7% | 5.0% | ||
| Q4 24 | 30.0% | 1.9% | ||
| Q3 24 | 31.1% | -2.0% | ||
| Q2 24 | 29.6% | 4.4% |
每股收益（稀释后）ADBESW
| Q1 26 | $4.60 | — | ||
| Q4 25 | $4.44 | $0.18 | ||
| Q3 25 | $4.18 | $0.47 | ||
| Q2 25 | $3.94 | $-0.05 | ||
| Q1 25 | $4.14 | $0.73 | ||
| Q4 24 | $3.75 | $-0.12 | ||
| Q3 24 | $3.76 | $-0.30 | ||
| Q2 24 | $3.49 | $0.51 |
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 | $892.0M |
| 总债务越低越好 | $5.4B | $13.4B |
| 股东权益账面价值 | $11.4B | $18.3B |
| 总资产 | $29.7B | $45.2B |
| 负债/权益比越低杠杆越低 | 0.47× | 0.73× |
8季度趋势，按日历期对齐
现金及短期投资ADBESW
| Q1 26 | $6.9B | — | ||
| Q4 25 | $6.6B | $892.0M | ||
| Q3 25 | $5.9B | $851.0M | ||
| Q2 25 | $5.7B | $778.0M | ||
| Q1 25 | $7.4B | $797.0M | ||
| Q4 24 | $7.9B | $855.0M | ||
| Q3 24 | $7.5B | — | ||
| Q2 24 | $8.1B | $26.8K |
总债务ADBESW
| Q1 26 | $5.4B | — | ||
| Q4 25 | $6.2B | $13.4B | ||
| Q3 25 | $6.2B | $13.3B | ||
| Q2 25 | $6.2B | $13.3B | ||
| Q1 25 | $6.2B | $12.9B | ||
| Q4 24 | $4.1B | $12.5B | ||
| Q3 24 | $4.1B | $13.2B | ||
| Q2 24 | $4.1B | — |
股东权益ADBESW
| Q1 26 | $11.4B | — | ||
| Q4 25 | $11.6B | $18.3B | ||
| Q3 25 | $11.8B | $18.4B | ||
| Q2 25 | $11.4B | $18.3B | ||
| Q1 25 | $13.1B | $17.9B | ||
| Q4 24 | $14.1B | $17.4B | ||
| Q3 24 | $14.5B | $18.0B | ||
| Q2 24 | $14.8B | $14.5K |
总资产ADBESW
| Q1 26 | $29.7B | — | ||
| Q4 25 | $29.5B | $45.2B | ||
| Q3 25 | $28.8B | $45.6B | ||
| Q2 25 | $28.1B | $45.7B | ||
| Q1 25 | $30.0B | $44.6B | ||
| Q4 24 | $30.2B | $43.8B | ||
| Q3 24 | $29.8B | $45.0B | ||
| Q2 24 | $30.0B | $26.8K |
负债/权益比ADBESW
| Q1 26 | 0.47× | — | ||
| Q4 25 | 0.53× | 0.73× | ||
| Q3 25 | 0.53× | 0.72× | ||
| Q2 25 | 0.54× | 0.73× | ||
| Q1 25 | 0.47× | 0.72× | ||
| Q4 24 | 0.29× | 0.72× | ||
| Q3 24 | 0.28× | 0.73× | ||
| 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 | $1.2B |
| 自由现金流经营现金流 - 资本支出 | $2.9B | $612.0M |
| 自由现金流率自由现金流/营收 | 45.7% | 8.1% |
| 资本支出强度资本支出/营收 | 0.6% | 7.7% |
| 现金转化率经营现金流/净利润 | 1.57× | 12.32× |
| 过去12个月自由现金流最近4个季度 | $10.3B | $1.2B |
8季度趋势，按日历期对齐
经营现金流ADBESW
| Q1 26 | $3.0B | — | ||
| Q4 25 | $3.2B | $1.2B | ||
| Q3 25 | $2.2B | $1.1B | ||
| Q2 25 | $2.2B | $829.0M | ||
| Q1 25 | $2.5B | $235.0M | ||
| Q4 24 | — | $781.0M | ||
| Q3 24 | $2.0B | $320.0M | ||
| Q2 24 | $1.9B | $340.0M |
自由现金流ADBESW
| Q1 26 | $2.9B | — | ||
| Q4 25 | $3.1B | $612.0M | ||
| Q3 25 | $2.1B | $523.0M | ||
| Q2 25 | $2.1B | $307.0M | ||
| Q1 25 | $2.5B | $-242.0M | ||
| Q4 24 | — | $212.0M | ||
| Q3 24 | $2.0B | $-192.0M | ||
| Q2 24 | $1.9B | $163.0M |
自由现金流率ADBESW
| Q1 26 | 45.7% | — | ||
| Q4 25 | 50.5% | 8.1% | ||
| Q3 25 | 35.5% | 6.5% | ||
| Q2 25 | 36.5% | 3.9% | ||
| Q1 25 | 43.0% | -3.2% | ||
| Q4 24 | — | 2.8% | ||
| Q3 24 | 36.3% | -2.5% | ||
| Q2 24 | 35.8% | 5.5% |
资本支出强度ADBESW
| Q1 26 | 0.6% | — | ||
| Q4 25 | 0.5% | 7.7% | ||
| Q3 25 | 1.2% | 7.6% | ||
| Q2 25 | 0.8% | 6.6% | ||
| Q1 25 | 0.5% | 6.2% | ||
| Q4 24 | — | 7.5% | ||
| Q3 24 | 1.1% | 6.7% | ||
| Q2 24 | 0.8% | 6.0% |
现金转化率ADBESW
| Q1 26 | 1.57× | — | ||
| Q4 25 | 1.70× | 12.32× | ||
| Q3 25 | 1.24× | 4.61× | ||
| Q2 25 | 1.30× | — | ||
| Q1 25 | 1.37× | 0.61× | ||
| Q4 24 | — | 5.35× | ||
| Q3 24 | 1.20× | — | ||
| Q2 24 | 1.23× | 2.58× |
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% |
SW
| Packaging | $3.3B | 43% |
| Other | $3.2B | 43% |
| Paper | $1.1B | 14% |
