vs
奥多比（ADBE）与标普全球（VG）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标普全球的1.4倍（$6.4B vs $4.4B），奥多比净利率更高（29.5% vs 26.8%，领先2.7%），标普全球同比增速更快（191.7% vs 12.0%），奥多比自由现金流更多（$2.9B vs $-1.5B），过去两年标普全球的营收复合增速更高（77.3% 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。
标普全球是总部位于美国纽约曼哈顿的上市企业，核心业务涵盖金融信息与数据分析、能源及大宗商品情报服务，旗下拥有标普全球评级、标普全球能源、标普全球市场财智、印度信用评级机构CRISIL等子品牌，同时是标普道琼斯指数合资公司的控股股东。
ADBE vs VG — 直观对比
营收规模更大
ADBE
是对方的1.4倍
$4.4B
营收增速更快
VG
高出179.7%
12.0%
净利率更高
ADBE
高出2.7%
26.8%
自由现金流更多
ADBE
多$4.4B
$-1.5B
两年增速更快
VG
近两年复合增速
9.8%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.4B | $4.4B |
| 净利润 | $1.9B | $1.2B |
| 毛利率 | 89.6% | — |
| 营业利润率 | 37.8% | 38.7% |
| 净利率 | 29.5% | 26.8% |
| 营收同比 | 12.0% | 191.7% |
| 净利润同比 | 4.3% | 20.3% |
| 每股收益（稀释后） | $4.60 | $0.41 |
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ADBEVG
| Q1 26 | $6.4B | — | ||
| Q4 25 | $6.2B | $4.4B | ||
| Q3 25 | $6.0B | $3.3B | ||
| Q2 25 | $5.9B | $3.1B | ||
| Q1 25 | $5.7B | $2.9B | ||
| Q4 24 | $5.6B | $1.5B | ||
| Q3 24 | $5.4B | $926.0M | ||
| Q2 24 | $5.3B | $1.1B |
净利润ADBEVG
| Q1 26 | $1.9B | — | ||
| Q4 25 | $1.9B | $1.2B | ||
| Q3 25 | $1.8B | $550.0M | ||
| Q2 25 | $1.7B | $475.0M | ||
| Q1 25 | $1.8B | $517.0M | ||
| Q4 24 | $1.7B | $990.0M | ||
| Q3 24 | $1.7B | $-294.0M | ||
| Q2 24 | $1.6B | $352.0M |
毛利率ADBEVG
| Q1 26 | 89.6% | — | ||
| Q4 25 | 89.5% | — | ||
| Q3 25 | 89.3% | — | ||
| Q2 25 | 89.1% | — | ||
| Q1 25 | 89.1% | — | ||
| Q4 24 | 89.0% | — | ||
| Q3 24 | 89.8% | — | ||
| Q2 24 | 88.7% | — |
营业利润率ADBEVG
| Q1 26 | 37.8% | — | ||
| Q4 25 | 36.5% | 38.7% | ||
| Q3 25 | 36.3% | 39.7% | ||
| Q2 25 | 35.9% | 33.5% | ||
| Q1 25 | 37.9% | 37.3% | ||
| Q4 24 | 34.9% | 39.0% | ||
| Q3 24 | 36.8% | 20.4% | ||
| Q2 24 | 35.5% | 32.8% |
净利率ADBEVG
| Q1 26 | 29.5% | — | ||
| Q4 25 | 30.0% | 26.8% | ||
| Q3 25 | 29.6% | 16.5% | ||
| Q2 25 | 28.8% | 15.3% | ||
| Q1 25 | 31.7% | 17.9% | ||
| Q4 24 | 30.0% | 65.0% | ||
| Q3 24 | 31.1% | -31.7% | ||
| Q2 24 | 29.6% | 31.8% |
每股收益（稀释后）ADBEVG
| Q1 26 | $4.60 | — | ||
| Q4 25 | $4.44 | $0.41 | ||
| Q3 25 | $4.18 | $0.16 | ||
| Q2 25 | $3.94 | $0.14 | ||
| Q1 25 | $4.14 | $0.15 | ||
| Q4 24 | $3.75 | $0.35 | ||
| Q3 24 | $3.76 | $-0.15 | ||
| Q2 24 | $3.49 | $0.12 |
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 | $2.4B |
| 总债务越低越好 | $5.4B | $34.2B |
| 股东权益账面价值 | $11.4B | $6.7B |
| 总资产 | $29.7B | $53.4B |
| 负债/权益比越低杠杆越低 | 0.47× | 5.07× |
8季度趋势，按日历期对齐
现金及短期投资ADBEVG
| Q1 26 | $6.9B | — | ||
| Q4 25 | $6.6B | $2.4B | ||
| Q3 25 | $5.9B | $1.9B | ||
| Q2 25 | $5.7B | $2.2B | ||
| Q1 25 | $7.4B | $3.6B | ||
| Q4 24 | $7.9B | $3.6B | ||
| Q3 24 | $7.5B | — | ||
| Q2 24 | $8.1B | — |
总债务ADBEVG
| Q1 26 | $5.4B | — | ||
| Q4 25 | $6.2B | $34.2B | ||
| Q3 25 | $6.2B | $32.6B | ||
| Q2 25 | $6.2B | $30.0B | ||
| Q1 25 | $6.2B | $29.3B | ||
| Q4 24 | $4.1B | $29.3B | ||
| Q3 24 | $4.1B | — | ||
| Q2 24 | $4.1B | — |
股东权益ADBEVG
| Q1 26 | $11.4B | — | ||
| Q4 25 | $11.6B | $6.7B | ||
| Q3 25 | $11.8B | $5.7B | ||
| Q2 25 | $11.4B | $5.3B | ||
| Q1 25 | $13.1B | $4.9B | ||
| Q4 24 | $14.1B | $2.9B | ||
| Q3 24 | $14.5B | — | ||
| Q2 24 | $14.8B | — |
总资产ADBEVG
| Q1 26 | $29.7B | — | ||
| Q4 25 | $29.5B | $53.4B | ||
| Q3 25 | $28.8B | $50.1B | ||
| Q2 25 | $28.1B | $46.5B | ||
| Q1 25 | $30.0B | $45.1B | ||
| Q4 24 | $30.2B | $43.5B | ||
| Q3 24 | $29.8B | — | ||
| Q2 24 | $30.0B | — |
负债/权益比ADBEVG
| Q1 26 | 0.47× | — | ||
| Q4 25 | 0.53× | 5.07× | ||
| Q3 25 | 0.53× | 5.73× | ||
| Q2 25 | 0.54× | 5.69× | ||
| Q1 25 | 0.47× | 6.01× | ||
| Q4 24 | 0.29× | 10.11× | ||
| 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 | $2.1B |
| 自由现金流经营现金流 - 资本支出 | $2.9B | $-1.5B |
| 自由现金流率自由现金流/营收 | 45.7% | -34.1% |
| 资本支出强度资本支出/营收 | 0.6% | 81.6% |
| 现金转化率经营现金流/净利润 | 1.57× | 1.77× |
| 过去12个月自由现金流最近4个季度 | $10.3B | $-6.8B |
8季度趋势，按日历期对齐
经营现金流ADBEVG
| Q1 26 | $3.0B | — | ||
| Q4 25 | $3.2B | $2.1B | ||
| Q3 25 | $2.2B | $1.9B | ||
| Q2 25 | $2.2B | $1.5B | ||
| Q1 25 | $2.5B | $1.1B | ||
| Q4 24 | — | — | ||
| Q3 24 | $2.0B | — | ||
| Q2 24 | $1.9B | — |
自由现金流ADBEVG
| Q1 26 | $2.9B | — | ||
| Q4 25 | $3.1B | $-1.5B | ||
| Q3 25 | $2.1B | $-1.4B | ||
| Q2 25 | $2.1B | $-1.5B | ||
| Q1 25 | $2.5B | $-2.4B | ||
| Q4 24 | — | — | ||
| Q3 24 | $2.0B | — | ||
| Q2 24 | $1.9B | — |
自由现金流率ADBEVG
| Q1 26 | 45.7% | — | ||
| Q4 25 | 50.5% | -34.1% | ||
| Q3 25 | 35.5% | -42.4% | ||
| Q2 25 | 36.5% | -49.1% | ||
| Q1 25 | 43.0% | -81.3% | ||
| Q4 24 | — | — | ||
| Q3 24 | 36.3% | — | ||
| Q2 24 | 35.8% | — |
资本支出强度ADBEVG
| Q1 26 | 0.6% | — | ||
| Q4 25 | 0.5% | 81.6% | ||
| Q3 25 | 1.2% | 98.9% | ||
| Q2 25 | 0.8% | 96.1% | ||
| Q1 25 | 0.5% | 119.8% | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.1% | — | ||
| Q2 24 | 0.8% | — |
现金转化率ADBEVG
| Q1 26 | 1.57× | — | ||
| Q4 25 | 1.70× | 1.77× | ||
| Q3 25 | 1.24× | 3.42× | ||
| Q2 25 | 1.30× | 3.07× | ||
| Q1 25 | 1.37× | 2.15× | ||
| 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% |
VG
| Plaquemines Project Segment | $3.4B | 76% |
| Calcasieu Project Segment | $841.0M | 19% |
| Other | $208.0M | 5% |
