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亚马逊（AMZN）与UNITED NATURAL FOODS INC（UNFI）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UNITED NATURAL FOODS INC的27.2倍（$213.4B vs $7.8B）。亚马逊净利率更高（9.9% vs -0.1%，领先10.0%）。亚马逊同比增速更快（13.6% vs -0.4%）。亚马逊自由现金流更多（$14.9B vs $-54.0M）。过去两年亚马逊的营收复合增速更高（22.0% vs 2.3%）
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。
联合天然食品公司（UNFI）总部位于美国罗德岛州普罗维登斯，是北美知名的天然有机食品企业，也是美国和加拿大规模最大的上市健康及特色食品批发经销商，是全食超市的核心供应商，2018年来自全食的业务收入占其总营收的三分之一以上。
AMZN vs UNFI — 直观对比
营收规模更大
AMZN
是对方的27.2倍
$7.8B
营收增速更快
AMZN
高出14.0%
-0.4%
净利率更高
AMZN
高出10.0%
-0.1%
自由现金流更多
AMZN
多$15.0B
$-54.0M
两年增速更快
AMZN
近两年复合增速
2.3%
损益表 — Q4 2025 vs Q2 2026
| 指标 | | |
|---|---|---|
| 营收 | $213.4B | $7.8B |
| 净利润 | $21.2B | $-4.0M |
| 毛利率 | 48.5% | 13.4% |
| 营业利润率 | 11.7% | 0.2% |
| 净利率 | 9.9% | -0.1% |
| 营收同比 | 13.6% | -0.4% |
| 净利润同比 | 5.9% | 81.0% |
| 每股收益（稀释后） | $1.95 | $-0.06 |
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AMZNUNFI
| Q4 25 | $213.4B | $7.8B | ||
| Q3 25 | $180.2B | $7.7B | ||
| Q2 25 | $167.7B | $8.1B | ||
| Q1 25 | $155.7B | $8.2B | ||
| Q4 24 | $187.8B | $7.9B | ||
| Q3 24 | $158.9B | $8.2B | ||
| Q2 24 | $148.0B | $7.5B | ||
| Q1 24 | $143.3B | — |
净利润AMZNUNFI
| Q4 25 | $21.2B | $-4.0M | ||
| Q3 25 | $21.2B | $-87.0M | ||
| Q2 25 | $18.2B | $-7.0M | ||
| Q1 25 | $17.1B | $-3.0M | ||
| Q4 24 | $20.0B | $-21.0M | ||
| Q3 24 | $15.3B | $-37.0M | ||
| Q2 24 | $13.5B | $-21.0M | ||
| Q1 24 | $10.4B | — |
毛利率AMZNUNFI
| Q4 25 | 48.5% | 13.4% | ||
| Q3 25 | 50.8% | 13.4% | ||
| Q2 25 | 51.8% | 13.4% | ||
| Q1 25 | 50.6% | 13.1% | ||
| Q4 24 | 47.3% | 13.2% | ||
| Q3 24 | 49.0% | 13.7% | ||
| Q2 24 | 50.1% | 13.6% | ||
| Q1 24 | 49.3% | — |
营业利润率AMZNUNFI
| Q4 25 | 11.7% | 0.2% | ||
| Q3 25 | 9.7% | -1.0% | ||
| Q2 25 | 11.4% | 0.2% | ||
| Q1 25 | 11.8% | 0.3% | ||
| Q4 24 | 11.3% | 0.1% | ||
| Q3 24 | 11.0% | 0.0% | ||
| Q2 24 | 9.9% | 0.1% | ||
| Q1 24 | 10.7% | — |
净利率AMZNUNFI
| Q4 25 | 9.9% | -0.1% | ||
| Q3 25 | 11.8% | -1.1% | ||
| Q2 25 | 10.8% | -0.1% | ||
| Q1 25 | 11.0% | -0.0% | ||
| Q4 24 | 10.7% | -0.3% | ||
| Q3 24 | 9.6% | -0.5% | ||
| Q2 24 | 9.1% | -0.3% | ||
| Q1 24 | 7.3% | — |
每股收益（稀释后）AMZNUNFI
| Q4 25 | $1.95 | $-0.06 | ||
| Q3 25 | $1.95 | $-1.43 | ||
| Q2 25 | $1.68 | $-0.12 | ||
| Q1 25 | $1.59 | $-0.05 | ||
| Q4 24 | $1.86 | $-0.35 | ||
| Q3 24 | $1.43 | $-0.63 | ||
| Q2 24 | $1.26 | $-0.34 | ||
| Q1 24 | $0.98 | — |
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 | $38.0M |
| 总债务越低越好 | $68.8B | $1.9B |
| 股东权益账面价值 | $411.1B | $1.5B |
| 总资产 | $818.0B | $7.6B |
| 负债/权益比越低杠杆越低 | 0.17× | 1.24× |
8季度趋势，按日历期对齐
现金及短期投资AMZNUNFI
| Q4 25 | $123.0B | $38.0M | ||
| Q3 25 | $94.2B | $44.0M | ||
| Q2 25 | $93.2B | $52.0M | ||
| Q1 25 | $94.6B | $44.0M | ||
| Q4 24 | $101.2B | $37.0M | ||
| Q3 24 | $88.1B | $40.0M | ||
| Q2 24 | $89.1B | $39.0M | ||
| Q1 24 | $85.1B | — |
总债务AMZNUNFI
| Q4 25 | $68.8B | $1.9B | ||
| Q3 25 | $55.1B | $1.9B | ||
| Q2 25 | $56.1B | $2.0B | ||
| Q1 25 | $58.8B | $2.1B | ||
| Q4 24 | $58.0B | $2.2B | ||
| Q3 24 | $60.5B | $2.1B | ||
| Q2 24 | $62.7B | $2.1B | ||
| Q1 24 | $66.9B | — |
股东权益AMZNUNFI
| Q4 25 | $411.1B | $1.5B | ||
| Q3 25 | $369.6B | $1.6B | ||
| Q2 25 | $333.8B | $1.6B | ||
| Q1 25 | $305.9B | $1.6B | ||
| Q4 24 | $286.0B | $1.6B | ||
| Q3 24 | $259.2B | $1.6B | ||
| Q2 24 | $236.4B | $1.7B | ||
| Q1 24 | $216.7B | — |
总资产AMZNUNFI
| Q4 25 | $818.0B | $7.6B | ||
| Q3 25 | $727.9B | $7.6B | ||
| Q2 25 | $682.2B | $7.6B | ||
| Q1 25 | $643.3B | $7.7B | ||
| Q4 24 | $624.9B | $8.0B | ||
| Q3 24 | $584.6B | $7.5B | ||
| Q2 24 | $554.8B | $7.6B | ||
| Q1 24 | $531.0B | — |
负债/权益比AMZNUNFI
| Q4 25 | 0.17× | 1.24× | ||
| Q3 25 | 0.15× | 1.20× | ||
| Q2 25 | 0.17× | 1.21× | ||
| Q1 25 | 0.19× | 1.27× | ||
| Q4 24 | 0.20× | 1.38× | ||
| Q3 24 | 0.23× | 1.27× | ||
| Q2 24 | 0.27× | 1.28× | ||
| 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 | $-38.0M |
| 自由现金流经营现金流 - 资本支出 | $14.9B | $-54.0M |
| 自由现金流率自由现金流/营收 | 7.0% | -0.7% |
| 资本支出强度资本支出/营收 | 18.5% | 0.2% |
| 现金转化率经营现金流/净利润 | 2.57× | — |
| 过去12个月自由现金流最近4个季度 | $7.7B | $344.0M |
8季度趋势，按日历期对齐
经营现金流AMZNUNFI
| Q4 25 | $54.5B | $-38.0M | ||
| Q3 25 | $35.5B | $160.0M | ||
| Q2 25 | $32.5B | $173.0M | ||
| Q1 25 | $17.0B | $247.0M | ||
| Q4 24 | $45.6B | $-110.0M | ||
| Q3 24 | $26.0B | $199.0M | ||
| Q2 24 | $25.3B | $125.0M | ||
| Q1 24 | $19.0B | — |
自由现金流AMZNUNFI
| Q4 25 | $14.9B | $-54.0M | ||
| Q3 25 | $430.0M | $86.0M | ||
| Q2 25 | $332.0M | $119.0M | ||
| Q1 25 | $-8.0B | $193.0M | ||
| Q4 24 | $17.8B | $-159.0M | ||
| Q3 24 | $3.4B | $71.0M | ||
| Q2 24 | $7.7B | $49.0M | ||
| Q1 24 | $4.1B | — |
自由现金流率AMZNUNFI
| Q4 25 | 7.0% | -0.7% | ||
| Q3 25 | 0.2% | 1.1% | ||
| Q2 25 | 0.2% | 1.5% | ||
| Q1 25 | -5.1% | 2.4% | ||
| Q4 24 | 9.5% | -2.0% | ||
| Q3 24 | 2.1% | 0.9% | ||
| Q2 24 | 5.2% | 0.7% | ||
| Q1 24 | 2.8% | — |
资本支出强度AMZNUNFI
| Q4 25 | 18.5% | 0.2% | ||
| Q3 25 | 19.5% | 1.0% | ||
| Q2 25 | 19.2% | 0.7% | ||
| Q1 25 | 16.1% | 0.7% | ||
| Q4 24 | 14.8% | 0.6% | ||
| Q3 24 | 14.2% | 1.6% | ||
| Q2 24 | 11.9% | 1.0% | ||
| Q1 24 | 10.4% | — |
现金转化率AMZNUNFI
| Q4 25 | 2.57× | — | ||
| Q3 25 | 1.68× | — | ||
| Q2 25 | 1.79× | — | ||
| Q1 25 | 0.99× | — | ||
| Q4 24 | 2.28× | — | ||
| Q3 24 | 1.69× | — | ||
| Q2 24 | 1.87× | — | ||
| Q1 24 | 1.82× | — |
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% |
UNFI
| Natural Segment | $4.3B | 55% |
| Conventional Segment | $3.1B | 40% |
| Retail Segment | $560.0M | 7% |
