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亚马逊（AMZN）与易贝（EBAY）财务数据对比。点击上方公司名可切换其他公司
亚马逊的季度营收约是易贝的72.0倍（$213.4B vs $3.0B），易贝净利率更高（17.8% vs 9.9%，领先7.9%），易贝同比增速更快（15.0% vs 13.6%），亚马逊自由现金流更多（$14.9B vs $478.0M），过去两年亚马逊的营收复合增速更高（22.0% vs 7.7%）
亚马逊是全球知名的综合电商与科技企业，业务覆盖北美及全球多个地区，设有北美零售、国际零售、亚马逊云科技（AWS）三大业务板块。除运营线上线下零售渠道、提供消费商品售卖与订阅服务外，也为第三方卖家提供销售平台，还自主研发销售Kindle、Fire平板等电子设备。
eBay是总部位于美国加利福尼亚州圣何塞的跨国电商企业，1995年9月由皮埃尔·奥米迪亚创立。其业务覆盖全球190个市场，旗下线上平台支持拍卖及“立即购买”两种销售模式，消费者可便捷选购各类商品，平台会在卖家完成交易后收取相应佣金。
AMZN vs EBAY — 直观对比
营收规模更大
AMZN
是对方的72.0倍
$3.0B
营收增速更快
EBAY
高出1.3%
13.6%
净利率更高
EBAY
高出7.9%
9.9%
自由现金流更多
AMZN
多$14.5B
$478.0M
两年增速更快
AMZN
近两年复合增速
7.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $213.4B | $3.0B |
| 净利润 | $21.2B | $528.0M |
| 毛利率 | 48.5% | 71.4% |
| 营业利润率 | 11.7% | 20.3% |
| 净利率 | 9.9% | 17.8% |
| 营收同比 | 13.6% | 15.0% |
| 净利润同比 | 5.9% | -22.2% |
| 每股收益（稀释后） | $1.95 | $1.14 |
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AMZNEBAY
| Q4 25 | $213.4B | $3.0B | ||
| Q3 25 | $180.2B | $2.8B | ||
| Q2 25 | $167.7B | $2.7B | ||
| Q1 25 | $155.7B | $2.6B | ||
| Q4 24 | $187.8B | $2.6B | ||
| Q3 24 | $158.9B | $2.6B | ||
| Q2 24 | $148.0B | $2.6B | ||
| Q1 24 | $143.3B | $2.6B |
净利润AMZNEBAY
| Q4 25 | $21.2B | $528.0M | ||
| Q3 25 | $21.2B | $632.0M | ||
| Q2 25 | $18.2B | $368.0M | ||
| Q1 25 | $17.1B | $503.0M | ||
| Q4 24 | $20.0B | $679.0M | ||
| Q3 24 | $15.3B | $634.0M | ||
| Q2 24 | $13.5B | $224.0M | ||
| Q1 24 | $10.4B | $438.0M |
毛利率AMZNEBAY
| Q4 25 | 48.5% | 71.4% | ||
| Q3 25 | 50.8% | 70.9% | ||
| Q2 25 | 51.8% | 71.6% | ||
| Q1 25 | 50.6% | 72.0% | ||
| Q4 24 | 47.3% | 72.2% | ||
| Q3 24 | 49.0% | 71.8% | ||
| Q2 24 | 50.1% | 71.4% | ||
| Q1 24 | 49.3% | 72.6% |
营业利润率AMZNEBAY
| Q4 25 | 11.7% | 20.3% | ||
| Q3 25 | 9.7% | 20.4% | ||
| Q2 25 | 11.4% | 17.7% | ||
| Q1 25 | 11.8% | 23.8% | ||
| Q4 24 | 11.3% | 21.1% | ||
| Q3 24 | 11.0% | 23.1% | ||
| Q2 24 | 9.9% | 21.3% | ||
| Q1 24 | 10.7% | 24.7% |
净利率AMZNEBAY
| Q4 25 | 9.9% | 17.8% | ||
| Q3 25 | 11.8% | 22.4% | ||
| Q2 25 | 10.8% | 13.5% | ||
| Q1 25 | 11.0% | 19.5% | ||
| Q4 24 | 10.7% | 26.3% | ||
| Q3 24 | 9.6% | 24.6% | ||
| Q2 24 | 9.1% | 8.7% | ||
| Q1 24 | 7.3% | 17.1% |
每股收益（稀释后）AMZNEBAY
| Q4 25 | $1.95 | $1.14 | ||
| Q3 25 | $1.95 | $1.35 | ||
| Q2 25 | $1.68 | $0.79 | ||
| Q1 25 | $1.59 | $1.06 | ||
| Q4 24 | $1.86 | $1.35 | ||
| Q3 24 | $1.43 | $1.29 | ||
| Q2 24 | $1.26 | $0.45 | ||
| Q1 24 | $0.98 | $0.85 |
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 | $123.0B | $1.9B |
| 总债务越低越好 | $68.8B | $6.0B |
| 股东权益账面价值 | $411.1B | $4.6B |
| 总资产 | $818.0B | $17.6B |
| 负债/权益比越低杠杆越低 | 0.17× | 1.30× |
8季度趋势，按日历期对齐
现金及短期投资AMZNEBAY
| Q4 25 | $123.0B | $1.9B | ||
| Q3 25 | $94.2B | $2.4B | ||
| Q2 25 | $93.2B | $2.1B | ||
| Q1 25 | $94.6B | $3.1B | ||
| Q4 24 | $101.2B | $2.4B | ||
| Q3 24 | $88.1B | $1.6B | ||
| Q2 24 | $89.1B | $2.0B | ||
| Q1 24 | $85.1B | $2.1B |
总债务AMZNEBAY
| Q4 25 | $68.8B | $6.0B | ||
| Q3 25 | $55.1B | $5.0B | ||
| Q2 25 | $56.1B | $5.0B | ||
| Q1 25 | $58.8B | $5.8B | ||
| Q4 24 | $58.0B | $5.8B | ||
| Q3 24 | $60.5B | $6.2B | ||
| Q2 24 | $62.7B | $6.2B | ||
| Q1 24 | $66.9B | $6.2B |
股东权益AMZNEBAY
| Q4 25 | $411.1B | $4.6B | ||
| Q3 25 | $369.6B | $4.7B | ||
| Q2 25 | $333.8B | $4.7B | ||
| Q1 25 | $305.9B | $5.0B | ||
| Q4 24 | $286.0B | $5.2B | ||
| Q3 24 | $259.2B | $5.4B | ||
| Q2 24 | $236.4B | $5.5B | ||
| Q1 24 | $216.7B | $6.3B |
总资产AMZNEBAY
| Q4 25 | $818.0B | $17.6B | ||
| Q3 25 | $727.9B | $17.8B | ||
| Q2 25 | $682.2B | $18.0B | ||
| Q1 25 | $643.3B | $19.0B | ||
| Q4 24 | $624.9B | $19.4B | ||
| Q3 24 | $584.6B | $19.9B | ||
| Q2 24 | $554.8B | $20.4B | ||
| Q1 24 | $531.0B | $21.4B |
负债/权益比AMZNEBAY
| Q4 25 | 0.17× | 1.30× | ||
| Q3 25 | 0.15× | 1.06× | ||
| Q2 25 | 0.17× | 1.05× | ||
| Q1 25 | 0.19× | 1.16× | ||
| Q4 24 | 0.20× | 1.12× | ||
| Q3 24 | 0.23× | 1.14× | ||
| Q2 24 | 0.27× | 1.12× | ||
| Q1 24 | 0.31× | 0.98× |
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 | $54.5B | $595.0M |
| 自由现金流经营现金流 - 资本支出 | $14.9B | $478.0M |
| 自由现金流率自由现金流/营收 | 7.0% | 16.1% |
| 资本支出强度资本支出/营收 | 18.5% | 3.9% |
| 现金转化率经营现金流/净利润 | 2.57× | 1.13× |
| 过去12个月自由现金流最近4个季度 | $7.7B | $1.5B |
8季度趋势，按日历期对齐
经营现金流AMZNEBAY
| Q4 25 | $54.5B | $595.0M | ||
| Q3 25 | $35.5B | $934.0M | ||
| Q2 25 | $32.5B | $-307.0M | ||
| Q1 25 | $17.0B | $787.0M | ||
| Q4 24 | $45.6B | $677.0M | ||
| Q3 24 | $26.0B | $755.0M | ||
| Q2 24 | $25.3B | $367.0M | ||
| Q1 24 | $19.0B | $615.0M |
自由现金流AMZNEBAY
| Q4 25 | $14.9B | $478.0M | ||
| Q3 25 | $430.0M | $803.0M | ||
| Q2 25 | $332.0M | $-441.0M | ||
| Q1 25 | $-8.0B | $644.0M | ||
| Q4 24 | $17.8B | $560.0M | ||
| Q3 24 | $3.4B | $646.0M | ||
| Q2 24 | $7.7B | $278.0M | ||
| Q1 24 | $4.1B | $472.0M |
自由现金流率AMZNEBAY
| Q4 25 | 7.0% | 16.1% | ||
| Q3 25 | 0.2% | 28.5% | ||
| Q2 25 | 0.2% | -16.2% | ||
| Q1 25 | -5.1% | 24.9% | ||
| Q4 24 | 9.5% | 21.7% | ||
| Q3 24 | 2.1% | 25.1% | ||
| Q2 24 | 5.2% | 10.8% | ||
| Q1 24 | 2.8% | 18.5% |
资本支出强度AMZNEBAY
| Q4 25 | 18.5% | 3.9% | ||
| Q3 25 | 19.5% | 4.6% | ||
| Q2 25 | 19.2% | 4.9% | ||
| Q1 25 | 16.1% | 5.5% | ||
| Q4 24 | 14.8% | 4.5% | ||
| Q3 24 | 14.2% | 4.2% | ||
| Q2 24 | 11.9% | 3.5% | ||
| Q1 24 | 10.4% | 5.6% |
现金转化率AMZNEBAY
| Q4 25 | 2.57× | 1.13× | ||
| Q3 25 | 1.68× | 1.48× | ||
| Q2 25 | 1.79× | -0.83× | ||
| Q1 25 | 0.99× | 1.56× | ||
| Q4 24 | 2.28× | 1.00× | ||
| Q3 24 | 1.69× | 1.19× | ||
| Q2 24 | 1.87× | 1.64× | ||
| Q1 24 | 1.82× | 1.40× |
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
AMZN
| Products | $90.0B | 42% |
| Third Party Seller Services | $52.8B | 25% |
| Other | $49.9B | 23% |
| Subscription Services | $13.1B | 6% |
| Physical Stores | $5.9B | 3% |
| Other Services | $1.7B | 1% |
EBAY
| Marketplace Revenues | $2.4B | 82% |
| Advertising Revenues | $544.0M | 18% |
