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亚马逊（AMZN）与联合健康集团（UNH）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联合健康集团的1.9倍（$213.4B vs $113.2B），亚马逊净利率更高（9.9% vs 0.0%，领先9.9%），亚马逊同比增速更快（13.6% vs 12.3%），亚马逊自由现金流更多（$14.9B vs $160.0M），过去两年亚马逊的营收复合增速更高（22.0% vs 6.5%）
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。
联合健康集团是总部位于美国明尼苏达州伊代纳的跨国营利性企业，主营健康保险及医疗健康服务，旗下拥有保险业务品牌UnitedHealthcare、医疗服务品牌Optum。按营收计算，该集团是全球第七大企业、全球最大医疗健康企业，位列2025年《财富》世界500强第七位。
AMZN vs UNH — 直观对比
营收规模更大
AMZN
是对方的1.9倍
$113.2B
营收增速更快
AMZN
高出1.3%
12.3%
净利率更高
AMZN
高出9.9%
0.0%
自由现金流更多
AMZN
多$14.8B
$160.0M
两年增速更快
AMZN
近两年复合增速
6.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $213.4B | $113.2B |
| 净利润 | $21.2B | $10.0M |
| 毛利率 | 48.5% | 88.8% |
| 营业利润率 | 11.7% | 0.3% |
| 净利率 | 9.9% | 0.0% |
| 营收同比 | 13.6% | 12.3% |
| 净利润同比 | 5.9% | -99.8% |
| 每股收益（稀释后） | $1.95 | $0.05 |
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AMZNUNH
| Q4 25 | $213.4B | $113.2B | ||
| Q3 25 | $180.2B | $113.2B | ||
| Q2 25 | $167.7B | $111.6B | ||
| Q1 25 | $155.7B | $109.6B | ||
| Q4 24 | $187.8B | $100.8B | ||
| Q3 24 | $158.9B | $100.8B | ||
| Q2 24 | $148.0B | $98.9B | ||
| Q1 24 | $143.3B | $99.8B |
净利润AMZNUNH
| Q4 25 | $21.2B | $10.0M | ||
| Q3 25 | $21.2B | $2.3B | ||
| Q2 25 | $18.2B | $3.4B | ||
| Q1 25 | $17.1B | $6.3B | ||
| Q4 24 | $20.0B | $5.5B | ||
| Q3 24 | $15.3B | $6.1B | ||
| Q2 24 | $13.5B | $4.2B | ||
| Q1 24 | $10.4B | $-1.4B |
毛利率AMZNUNH
| Q4 25 | 48.5% | 88.8% | ||
| Q3 25 | 50.8% | 88.9% | ||
| Q2 25 | 51.8% | 88.3% | ||
| Q1 25 | 50.6% | 88.7% | ||
| Q4 24 | 47.3% | 87.6% | ||
| Q3 24 | 49.0% | 88.3% | ||
| Q2 24 | 50.1% | 88.5% | ||
| Q1 24 | 49.3% | 88.9% |
营业利润率AMZNUNH
| Q4 25 | 11.7% | 0.3% | ||
| Q3 25 | 9.7% | 3.8% | ||
| Q2 25 | 11.4% | 4.6% | ||
| Q1 25 | 11.8% | 8.3% | ||
| Q4 24 | 11.3% | 7.7% | ||
| Q3 24 | 11.0% | 8.6% | ||
| Q2 24 | 9.9% | 8.0% | ||
| Q1 24 | 10.7% | 7.9% |
净利率AMZNUNH
| Q4 25 | 9.9% | 0.0% | ||
| Q3 25 | 11.8% | 2.1% | ||
| Q2 25 | 10.8% | 3.1% | ||
| Q1 25 | 11.0% | 5.7% | ||
| Q4 24 | 10.7% | 5.5% | ||
| Q3 24 | 9.6% | 6.0% | ||
| Q2 24 | 9.1% | 4.3% | ||
| Q1 24 | 7.3% | -1.4% |
每股收益（稀释后）AMZNUNH
| Q4 25 | $1.95 | $0.05 | ||
| Q3 25 | $1.95 | $2.59 | ||
| Q2 25 | $1.68 | $3.74 | ||
| Q1 25 | $1.59 | $6.85 | ||
| Q4 24 | $1.86 | $5.99 | ||
| Q3 24 | $1.43 | $6.51 | ||
| Q2 24 | $1.26 | $4.54 | ||
| Q1 24 | $0.98 | $-1.53 |
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 | $28.1B |
| 总债务越低越好 | $68.8B | — |
| 股东权益账面价值 | $411.1B | $100.1B |
| 总资产 | $818.0B | $309.6B |
| 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AMZNUNH
| Q4 25 | $123.0B | $28.1B | ||
| Q3 25 | $94.2B | $30.6B | ||
| Q2 25 | $93.2B | $32.0B | ||
| Q1 25 | $94.6B | $34.3B | ||
| Q4 24 | $101.2B | $29.1B | ||
| Q3 24 | $88.1B | $37.1B | ||
| Q2 24 | $89.1B | $31.3B | ||
| Q1 24 | $85.1B | $32.7B |
总债务AMZNUNH
| 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AMZNUNH
| Q4 25 | $411.1B | $100.1B | ||
| Q3 25 | $369.6B | $101.6B | ||
| Q2 25 | $333.8B | $100.5B | ||
| Q1 25 | $305.9B | $100.8B | ||
| Q4 24 | $286.0B | $98.3B | ||
| Q3 24 | $259.2B | $99.9B | ||
| Q2 24 | $236.4B | $94.7B | ||
| Q1 24 | $216.7B | $92.4B |
总资产AMZNUNH
| Q4 25 | $818.0B | $309.6B | ||
| Q3 25 | $727.9B | $315.3B | ||
| Q2 25 | $682.2B | $308.6B | ||
| Q1 25 | $643.3B | $309.8B | ||
| Q4 24 | $624.9B | $298.3B | ||
| Q3 24 | $584.6B | $299.3B | ||
| Q2 24 | $554.8B | $286.1B | ||
| Q1 24 | $531.0B | $284.2B |
负债/权益比AMZNUNH
| 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 | $1.1B |
| 自由现金流经营现金流 - 资本支出 | $14.9B | $160.0M |
| 自由现金流率自由现金流/营收 | 7.0% | 0.1% |
| 资本支出强度资本支出/营收 | 18.5% | 0.8% |
| 现金转化率经营现金流/净利润 | 2.57× | 110.80× |
| 过去12个月自由现金流最近4个季度 | $7.7B | $16.1B |
8季度趋势，按日历期对齐
经营现金流AMZNUNH
| Q4 25 | $54.5B | $1.1B | ||
| Q3 25 | $35.5B | $5.9B | ||
| Q2 25 | $32.5B | $7.2B | ||
| Q1 25 | $17.0B | $5.5B | ||
| Q4 24 | $45.6B | $2.4B | ||
| Q3 24 | $26.0B | $13.9B | ||
| Q2 24 | $25.3B | $6.7B | ||
| Q1 24 | $19.0B | $1.1B |
自由现金流AMZNUNH
| Q4 25 | $14.9B | $160.0M | ||
| Q3 25 | $430.0M | $5.1B | ||
| Q2 25 | $332.0M | $6.3B | ||
| Q1 25 | $-8.0B | $4.6B | ||
| Q4 24 | $17.8B | $1.5B | ||
| Q3 24 | $3.4B | $13.0B | ||
| Q2 24 | $7.7B | $5.9B | ||
| Q1 24 | $4.1B | $401.0M |
自由现金流率AMZNUNH
| Q4 25 | 7.0% | 0.1% | ||
| Q3 25 | 0.2% | 4.5% | ||
| Q2 25 | 0.2% | 5.6% | ||
| Q1 25 | -5.1% | 4.2% | ||
| Q4 24 | 9.5% | 1.4% | ||
| Q3 24 | 2.1% | 12.8% | ||
| Q2 24 | 5.2% | 6.0% | ||
| Q1 24 | 2.8% | 0.4% |
资本支出强度AMZNUNH
| Q4 25 | 18.5% | 0.8% | ||
| Q3 25 | 19.5% | 0.8% | ||
| Q2 25 | 19.2% | 0.8% | ||
| Q1 25 | 16.1% | 0.8% | ||
| Q4 24 | 14.8% | 0.9% | ||
| Q3 24 | 14.2% | 1.0% | ||
| Q2 24 | 11.9% | 0.9% | ||
| Q1 24 | 10.4% | 0.7% |
现金转化率AMZNUNH
| Q4 25 | 2.57× | 110.80× | ||
| Q3 25 | 1.68× | 2.53× | ||
| Q2 25 | 1.79× | 2.11× | ||
| Q1 25 | 0.99× | 0.87× | ||
| Q4 24 | 2.28× | 0.43× | ||
| Q3 24 | 1.69× | 2.30× | ||
| Q2 24 | 1.87× | 1.60× | ||
| 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% |
UNH
| Total Optum | $70.3B | 62% |
| Intersegment | $15.8B | 14% |
| Products | $13.5B | 12% |
| Services | $10.3B | 9% |
| Other | $3.3B | 3% |
