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奥多比（ADBE）与斑马技术（ZBRA）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斑马技术的4.3倍（$6.4B vs $1.5B）。奥多比净利率更高（29.5% vs 4.7%，领先24.8%）。奥多比同比增速更快（12.0% vs 10.6%）。奥多比自由现金流更多（$2.9B vs $327.0M）。过去两年斑马技术的营收复合增速更高（12.0% 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。
斑马技术（Zebra Technologies）是源自美国的跨国科技企业，专注于智能数据采集系统领域的研发与落地。公司总部位于芝加哥郊外的伊利诺伊州林肯郡，目前在全球57个国家和地区开展业务，雇员总数达10700名。
ADBE vs ZBRA — 直观对比
营收规模更大
ADBE
是对方的4.3倍
$1.5B
营收增速更快
ADBE
高出1.4%
10.6%
净利率更高
ADBE
高出24.8%
4.7%
自由现金流更多
ADBE
多$2.6B
$327.0M
两年增速更快
ZBRA
近两年复合增速
9.8%
损益表 — Q1 2026 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $6.4B | $1.5B |
| 净利润 | $1.9B | $70.0M |
| 毛利率 | 89.6% | 47.3% |
| 营业利润率 | 37.8% | 9.4% |
| 净利率 | 29.5% | 4.7% |
| 营收同比 | 12.0% | 10.6% |
| 净利润同比 | 4.3% | -57.1% |
| 每股收益（稀释后） | $4.60 | $1.40 |
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ADBEZBRA
| Q1 26 | $6.4B | — | ||
| Q4 25 | $6.2B | $1.5B | ||
| Q3 25 | $6.0B | $1.3B | ||
| Q2 25 | $5.9B | $1.3B | ||
| Q1 25 | $5.7B | $1.3B | ||
| Q4 24 | $5.6B | $1.3B | ||
| Q3 24 | $5.4B | $1.3B | ||
| Q2 24 | $5.3B | $1.2B |
净利润ADBEZBRA
| Q1 26 | $1.9B | — | ||
| Q4 25 | $1.9B | $70.0M | ||
| Q3 25 | $1.8B | $101.0M | ||
| Q2 25 | $1.7B | $112.0M | ||
| Q1 25 | $1.8B | $136.0M | ||
| Q4 24 | $1.7B | $163.0M | ||
| Q3 24 | $1.7B | $137.0M | ||
| Q2 24 | $1.6B | $113.0M |
毛利率ADBEZBRA
| Q1 26 | 89.6% | — | ||
| Q4 25 | 89.5% | 47.3% | ||
| Q3 25 | 89.3% | 48.0% | ||
| Q2 25 | 89.1% | 47.6% | ||
| Q1 25 | 89.1% | 49.3% | ||
| Q4 24 | 89.0% | 48.6% | ||
| Q3 24 | 89.8% | 48.8% | ||
| Q2 24 | 88.7% | 48.4% |
营业利润率ADBEZBRA
| Q1 26 | 37.8% | — | ||
| Q4 25 | 36.5% | 9.4% | ||
| Q3 25 | 36.3% | 13.9% | ||
| Q2 25 | 35.9% | 14.2% | ||
| Q1 25 | 37.9% | 14.9% | ||
| Q4 24 | 34.9% | 16.9% | ||
| Q3 24 | 36.8% | 15.2% | ||
| Q2 24 | 35.5% | 13.7% |
净利率ADBEZBRA
| Q1 26 | 29.5% | — | ||
| Q4 25 | 30.0% | 4.7% | ||
| Q3 25 | 29.6% | 7.7% | ||
| Q2 25 | 28.8% | 8.7% | ||
| Q1 25 | 31.7% | 10.4% | ||
| Q4 24 | 30.0% | 12.2% | ||
| Q3 24 | 31.1% | 10.9% | ||
| Q2 24 | 29.6% | 9.3% |
每股收益（稀释后）ADBEZBRA
| Q1 26 | $4.60 | — | ||
| Q4 25 | $4.44 | $1.40 | ||
| Q3 25 | $4.18 | $1.97 | ||
| Q2 25 | $3.94 | $2.19 | ||
| Q1 25 | $4.14 | $2.62 | ||
| Q4 24 | $3.75 | $3.14 | ||
| Q3 24 | $3.76 | $2.64 | ||
| Q2 24 | $3.49 | $2.17 |
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 | $125.0M |
| 总债务越低越好 | $5.4B | — |
| 股东权益账面价值 | $11.4B | $3.6B |
| 总资产 | $29.7B | $8.5B |
| 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ADBEZBRA
| Q1 26 | $6.9B | — | ||
| Q4 25 | $6.6B | $125.0M | ||
| Q3 25 | $5.9B | $1.1B | ||
| Q2 25 | $5.7B | $872.0M | ||
| Q1 25 | $7.4B | $879.0M | ||
| Q4 24 | $7.9B | $901.0M | ||
| Q3 24 | $7.5B | $676.0M | ||
| Q2 24 | $8.1B | $411.0M |
总债务ADBEZBRA
| Q1 26 | $5.4B | — | ||
| Q4 25 | $6.2B | — | ||
| Q3 25 | $6.2B | $2.2B | ||
| Q2 25 | $6.2B | $2.2B | ||
| Q1 25 | $6.2B | $2.2B | ||
| Q4 24 | $4.1B | — | ||
| Q3 24 | $4.1B | $2.2B | ||
| Q2 24 | $4.1B | $2.2B |
股东权益ADBEZBRA
| Q1 26 | $11.4B | — | ||
| Q4 25 | $11.6B | $3.6B | ||
| Q3 25 | $11.8B | $3.7B | ||
| Q2 25 | $11.4B | $3.6B | ||
| Q1 25 | $13.1B | $3.6B | ||
| Q4 24 | $14.1B | $3.6B | ||
| Q3 24 | $14.5B | $3.4B | ||
| Q2 24 | $14.8B | $3.3B |
总资产ADBEZBRA
| Q1 26 | $29.7B | — | ||
| Q4 25 | $29.5B | $8.5B | ||
| Q3 25 | $28.8B | $8.1B | ||
| Q2 25 | $28.1B | $7.9B | ||
| Q1 25 | $30.0B | $7.9B | ||
| Q4 24 | $30.2B | $8.0B | ||
| Q3 24 | $29.8B | $7.7B | ||
| Q2 24 | $30.0B | $7.5B |
负债/权益比ADBEZBRA
| Q1 26 | 0.47× | — | ||
| Q4 25 | 0.53× | — | ||
| Q3 25 | 0.53× | 0.58× | ||
| Q2 25 | 0.54× | 0.60× | ||
| Q1 25 | 0.47× | 0.60× | ||
| Q4 24 | 0.29× | — | ||
| Q3 24 | 0.28× | 0.64× | ||
| Q2 24 | 0.28× | 0.66× |
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 | $357.0M |
| 自由现金流经营现金流 - 资本支出 | $2.9B | $327.0M |
| 自由现金流率自由现金流/营收 | 45.7% | 22.2% |
| 资本支出强度资本支出/营收 | 0.6% | 2.0% |
| 现金转化率经营现金流/净利润 | 1.57× | 5.10× |
| 过去12个月自由现金流最近4个季度 | $10.3B | $831.0M |
8季度趋势，按日历期对齐
经营现金流ADBEZBRA
| Q1 26 | $3.0B | — | ||
| Q4 25 | $3.2B | $357.0M | ||
| Q3 25 | $2.2B | $235.0M | ||
| Q2 25 | $2.2B | $147.0M | ||
| Q1 25 | $2.5B | $178.0M | ||
| Q4 24 | — | $306.0M | ||
| Q3 24 | $2.0B | $294.0M | ||
| Q2 24 | $1.9B | $288.0M |
自由现金流ADBEZBRA
| Q1 26 | $2.9B | — | ||
| Q4 25 | $3.1B | $327.0M | ||
| Q3 25 | $2.1B | $216.0M | ||
| Q2 25 | $2.1B | $130.0M | ||
| Q1 25 | $2.5B | $158.0M | ||
| Q4 24 | — | $288.0M | ||
| Q3 24 | $2.0B | $277.0M | ||
| Q2 24 | $1.9B | $278.0M |
自由现金流率ADBEZBRA
| Q1 26 | 45.7% | — | ||
| Q4 25 | 50.5% | 22.2% | ||
| Q3 25 | 35.5% | 16.4% | ||
| Q2 25 | 36.5% | 10.1% | ||
| Q1 25 | 43.0% | 12.1% | ||
| Q4 24 | — | 21.6% | ||
| Q3 24 | 36.3% | 22.1% | ||
| Q2 24 | 35.8% | 22.8% |
资本支出强度ADBEZBRA
| Q1 26 | 0.6% | — | ||
| Q4 25 | 0.5% | 2.0% | ||
| Q3 25 | 1.2% | 1.4% | ||
| Q2 25 | 0.8% | 1.3% | ||
| Q1 25 | 0.5% | 1.5% | ||
| Q4 24 | — | 1.3% | ||
| Q3 24 | 1.1% | 1.4% | ||
| Q2 24 | 0.8% | 0.8% |
现金转化率ADBEZBRA
| Q1 26 | 1.57× | — | ||
| Q4 25 | 1.70× | 5.10× | ||
| Q3 25 | 1.24× | 2.33× | ||
| Q2 25 | 1.30× | 1.31× | ||
| Q1 25 | 1.37× | 1.31× | ||
| Q4 24 | — | 1.88× | ||
| Q3 24 | 1.20× | 2.15× | ||
| Q2 24 | 1.23× | 2.55× |
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% |
ZBRA
| Tangible Products | $1.2B | 83% |
| Service And Software | $255.0M | 17% |
