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亚马逊（AMZN）与佳明（GRMN）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佳明的100.4倍（$213.4B vs $2.1B）。佳明净利率更高（24.9% vs 9.9%，领先14.9%）。佳明同比增速更快（16.6% vs 13.6%）。亚马逊自由现金流更多（$14.9B vs $429.6M）。过去两年佳明的营收复合增速更高（24.0% vs 22.0%）
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。
佳明（Garmin）是总部位于美国堪萨斯州奥拉西的跨国科技企业，专注于设计、研发、生产及销售GPS功能产品，以及导航、通讯、传感类信息产品，业务覆盖汽车、航空、航海、户外、运动健身等多个领域。
AMZN vs GRMN — 直观对比
营收规模更大
AMZN
是对方的100.4倍
$2.1B
营收增速更快
GRMN
高出3.0%
13.6%
净利率更高
GRMN
高出14.9%
9.9%
自由现金流更多
AMZN
多$14.5B
$429.6M
两年增速更快
GRMN
近两年复合增速
22.0%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $213.4B | $2.1B |
| 净利润 | $21.2B | $528.7M |
| 毛利率 | 48.5% | 59.2% |
| 营业利润率 | 11.7% | 28.9% |
| 净利率 | 9.9% | 24.9% |
| 营收同比 | 13.6% | 16.6% |
| 净利润同比 | 5.9% | 21.3% |
| 每股收益（稀释后） | $1.95 | $2.72 |
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AMZNGRMN
| Q4 25 | $213.4B | $2.1B | ||
| Q3 25 | $180.2B | $1.8B | ||
| Q2 25 | $167.7B | $1.8B | ||
| Q1 25 | $155.7B | $1.5B | ||
| Q4 24 | $187.8B | $1.8B | ||
| Q3 24 | $158.9B | $1.6B | ||
| Q2 24 | $148.0B | $1.5B | ||
| Q1 24 | $143.3B | $1.4B |
净利润AMZNGRMN
| Q4 25 | $21.2B | $528.7M | ||
| Q3 25 | $21.2B | $401.6M | ||
| Q2 25 | $18.2B | $400.8M | ||
| Q1 25 | $17.1B | $332.8M | ||
| Q4 24 | $20.0B | $435.7M | ||
| Q3 24 | $15.3B | $399.1M | ||
| Q2 24 | $13.5B | $300.6M | ||
| Q1 24 | $10.4B | $276.0M |
毛利率AMZNGRMN
| Q4 25 | 48.5% | 59.2% | ||
| Q3 25 | 50.8% | 59.1% | ||
| Q2 25 | 51.8% | 58.8% | ||
| Q1 25 | 50.6% | 57.6% | ||
| Q4 24 | 47.3% | 59.3% | ||
| Q3 24 | 49.0% | 60.0% | ||
| Q2 24 | 50.1% | 57.3% | ||
| Q1 24 | 49.3% | 58.1% |
营业利润率AMZNGRMN
| Q4 25 | 11.7% | 28.9% | ||
| Q3 25 | 9.7% | 25.8% | ||
| Q2 25 | 11.4% | 26.0% | ||
| Q1 25 | 11.8% | 21.7% | ||
| Q4 24 | 11.3% | 28.3% | ||
| Q3 24 | 11.0% | 27.6% | ||
| Q2 24 | 9.9% | 22.7% | ||
| Q1 24 | 10.7% | 21.6% |
净利率AMZNGRMN
| Q4 25 | 9.9% | 24.9% | ||
| Q3 25 | 11.8% | 22.7% | ||
| Q2 25 | 10.8% | 22.1% | ||
| Q1 25 | 11.0% | 21.7% | ||
| Q4 24 | 10.7% | 23.9% | ||
| Q3 24 | 9.6% | 25.2% | ||
| Q2 24 | 9.1% | 20.0% | ||
| Q1 24 | 7.3% | 20.0% |
每股收益（稀释后）AMZNGRMN
| Q4 25 | $1.95 | $2.72 | ||
| Q3 25 | $1.95 | $2.08 | ||
| Q2 25 | $1.68 | $2.07 | ||
| Q1 25 | $1.59 | $1.72 | ||
| Q4 24 | $1.86 | $2.24 | ||
| Q3 24 | $1.43 | $2.07 | ||
| Q2 24 | $1.26 | $1.56 | ||
| Q1 24 | $0.98 | $1.43 |
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 | $2.3B |
| 总债务越低越好 | $68.8B | — |
| 股东权益账面价值 | $411.1B | $9.0B |
| 总资产 | $818.0B | $11.0B |
| 负债/权益比越低杠杆越低 | 0.17× | — |
8季度趋势，按日历期对齐
现金及短期投资AMZNGRMN
| Q4 25 | $123.0B | $2.3B | ||
| Q3 25 | $94.2B | $2.1B | ||
| Q2 25 | $93.2B | $2.1B | ||
| Q1 25 | $94.6B | $2.2B | ||
| Q4 24 | $101.2B | $2.1B | ||
| Q3 24 | $88.1B | $2.0B | ||
| Q2 24 | $89.1B | $1.9B | ||
| Q1 24 | $85.1B | $1.9B |
总债务AMZNGRMN
| Q4 25 | $68.8B | — | ||
| Q3 25 | $55.1B | — | ||
| Q2 25 | $56.1B | — | ||
| Q1 25 | $58.8B | — | ||
| Q4 24 | $58.0B | — | ||
| Q3 24 | $60.5B | — | ||
| Q2 24 | $62.7B | — | ||
| Q1 24 | $66.9B | — |
股东权益AMZNGRMN
| Q4 25 | $411.1B | $9.0B | ||
| Q3 25 | $369.6B | $8.5B | ||
| Q2 25 | $333.8B | $8.1B | ||
| Q1 25 | $305.9B | $8.2B | ||
| Q4 24 | $286.0B | $7.8B | ||
| Q3 24 | $259.2B | $7.5B | ||
| Q2 24 | $236.4B | $7.0B | ||
| Q1 24 | $216.7B | $7.2B |
总资产AMZNGRMN
| Q4 25 | $818.0B | $11.0B | ||
| Q3 25 | $727.9B | $10.5B | ||
| Q2 25 | $682.2B | $10.3B | ||
| Q1 25 | $643.3B | $9.8B | ||
| Q4 24 | $624.9B | $9.6B | ||
| Q3 24 | $584.6B | $9.3B | ||
| Q2 24 | $554.8B | $8.9B | ||
| Q1 24 | $531.0B | $8.6B |
负债/权益比AMZNGRMN
| Q4 25 | 0.17× | — | ||
| Q3 25 | 0.15× | — | ||
| Q2 25 | 0.17× | — | ||
| Q1 25 | 0.19× | — | ||
| Q4 24 | 0.20× | — | ||
| Q3 24 | 0.23× | — | ||
| Q2 24 | 0.27× | — | ||
| Q1 24 | 0.31× | — |
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 | $553.8M |
| 自由现金流经营现金流 - 资本支出 | $14.9B | $429.6M |
| 自由现金流率自由现金流/营收 | 7.0% | 20.2% |
| 资本支出强度资本支出/营收 | 18.5% | 5.8% |
| 现金转化率经营现金流/净利润 | 2.57× | 1.05× |
| 过去12个月自由现金流最近4个季度 | $7.7B | $1.4B |
8季度趋势，按日历期对齐
经营现金流AMZNGRMN
| Q4 25 | $54.5B | $553.8M | ||
| Q3 25 | $35.5B | $485.6M | ||
| Q2 25 | $32.5B | $173.2M | ||
| Q1 25 | $17.0B | $420.8M | ||
| Q4 24 | $45.6B | $483.9M | ||
| Q3 24 | $26.0B | $258.0M | ||
| Q2 24 | $25.3B | $255.3M | ||
| Q1 24 | $19.0B | $435.3M |
自由现金流AMZNGRMN
| Q4 25 | $14.9B | $429.6M | ||
| Q3 25 | $430.0M | $425.1M | ||
| Q2 25 | $332.0M | $127.5M | ||
| Q1 25 | $-8.0B | $380.7M | ||
| Q4 24 | $17.8B | $399.2M | ||
| Q3 24 | $3.4B | $219.4M | ||
| Q2 24 | $7.7B | $218.2M | ||
| Q1 24 | $4.1B | $402.1M |
自由现金流率AMZNGRMN
| Q4 25 | 7.0% | 20.2% | ||
| Q3 25 | 0.2% | 24.0% | ||
| Q2 25 | 0.2% | 7.0% | ||
| Q1 25 | -5.1% | 24.8% | ||
| Q4 24 | 9.5% | 21.9% | ||
| Q3 24 | 2.1% | 13.8% | ||
| Q2 24 | 5.2% | 14.5% | ||
| Q1 24 | 2.8% | 29.1% |
资本支出强度AMZNGRMN
| Q4 25 | 18.5% | 5.8% | ||
| Q3 25 | 19.5% | 3.4% | ||
| Q2 25 | 19.2% | 2.5% | ||
| Q1 25 | 16.1% | 2.6% | ||
| Q4 24 | 14.8% | 4.6% | ||
| Q3 24 | 14.2% | 2.4% | ||
| Q2 24 | 11.9% | 2.5% | ||
| Q1 24 | 10.4% | 2.4% |
现金转化率AMZNGRMN
| Q4 25 | 2.57× | 1.05× | ||
| Q3 25 | 1.68× | 1.21× | ||
| Q2 25 | 1.79× | 0.43× | ||
| Q1 25 | 0.99× | 1.26× | ||
| Q4 24 | 2.28× | 1.11× | ||
| Q3 24 | 1.69× | 0.65× | ||
| Q2 24 | 1.87× | 0.85× | ||
| Q1 24 | 1.82× | 1.58× |
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
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% |
GRMN
| Fitness Segment | $765.8M | 36% |
| Outdoor Segment | $627.6M | 30% |
| Marine Segment | $296.9M | 14% |
| Aviation Segment | $274.2M | 13% |
| Auto Oem Segment | $160.4M | 8% |
