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亚马逊（AMZN）与威富集团（VFC）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威富集团的74.2倍（$213.4B vs $2.9B）。威富集团净利率更高（10.5% vs 9.9%，领先0.5%）。亚马逊同比增速更快（13.6% vs 1.5%）。亚马逊自由现金流更多（$14.9B vs $977.9M）。过去两年亚马逊的营收复合增速更高（22.0% vs 10.1%）
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。
威富集团前身为F.W.伍尔沃斯公司，是全球知名零售企业，也是五分一角平价商店业态的先驱之一。作为美国乃至全球最成功的平价零售企业之一，它曾引领行业发展潮流，构建了如今全球各地门店普遍遵循的现代零售模式。
AMZN vs VFC — 直观对比
营收规模更大
AMZN
是对方的74.2倍
$2.9B
营收增速更快
AMZN
高出12.2%
1.5%
净利率更高
VFC
高出0.5%
9.9%
自由现金流更多
AMZN
多$14.0B
$977.9M
两年增速更快
AMZN
近两年复合增速
10.1%
损益表 — Q4 2025 vs Q3 2026
| 指标 | | |
|---|---|---|
| 营收 | $213.4B | $2.9B |
| 净利润 | $21.2B | $300.8M |
| 毛利率 | 48.5% | 56.6% |
| 营业利润率 | 11.7% | 10.1% |
| 净利率 | 9.9% | 10.5% |
| 营收同比 | 13.6% | 1.5% |
| 净利润同比 | 5.9% | 79.3% |
| 每股收益（稀释后） | $1.95 | $0.76 |
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AMZNVFC
| Q4 25 | $213.4B | $2.9B | ||
| Q3 25 | $180.2B | $2.8B | ||
| Q2 25 | $167.7B | $1.8B | ||
| Q1 25 | $155.7B | $2.0B | ||
| Q4 24 | $187.8B | $2.8B | ||
| Q3 24 | $158.9B | $2.8B | ||
| Q2 24 | $148.0B | $1.9B | ||
| Q1 24 | $143.3B | $2.4B |
净利润AMZNVFC
| Q4 25 | $21.2B | $300.8M | ||
| Q3 25 | $21.2B | $189.8M | ||
| Q2 25 | $18.2B | $-116.4M | ||
| Q1 25 | $17.1B | $-150.8M | ||
| Q4 24 | $20.0B | $167.8M | ||
| Q3 24 | $15.3B | $52.2M | ||
| Q2 24 | $13.5B | $-258.9M | ||
| Q1 24 | $10.4B | $-418.3M |
毛利率AMZNVFC
| Q4 25 | 48.5% | 56.6% | ||
| Q3 25 | 50.8% | 52.2% | ||
| Q2 25 | 51.8% | 53.9% | ||
| Q1 25 | 50.6% | 52.7% | ||
| Q4 24 | 47.3% | 56.3% | ||
| Q3 24 | 49.0% | 52.2% | ||
| Q2 24 | 50.1% | 52.0% | ||
| Q1 24 | 49.3% | 48.4% |
营业利润率AMZNVFC
| Q4 25 | 11.7% | 10.1% | ||
| Q3 25 | 9.7% | 11.2% | ||
| Q2 25 | 11.4% | -4.9% | ||
| Q1 25 | 11.8% | 2.2% | ||
| Q4 24 | 11.3% | 8.0% | ||
| Q3 24 | 11.0% | 9.9% | ||
| Q2 24 | 9.9% | -12.6% | ||
| Q1 24 | 10.7% | -15.0% |
净利率AMZNVFC
| Q4 25 | 9.9% | 10.5% | ||
| Q3 25 | 11.8% | 6.8% | ||
| Q2 25 | 10.8% | -6.6% | ||
| Q1 25 | 11.0% | -7.5% | ||
| Q4 24 | 10.7% | 5.9% | ||
| Q3 24 | 9.6% | 1.9% | ||
| Q2 24 | 9.1% | -13.6% | ||
| Q1 24 | 7.3% | -17.6% |
每股收益（稀释后）AMZNVFC
| Q4 25 | $1.95 | $0.76 | ||
| Q3 25 | $1.95 | $0.48 | ||
| Q2 25 | $1.68 | $-0.30 | ||
| Q1 25 | $1.59 | $-0.37 | ||
| Q4 24 | $1.86 | $0.43 | ||
| Q3 24 | $1.43 | $0.13 | ||
| Q2 24 | $1.26 | $-0.67 | ||
| Q1 24 | $0.98 | $-1.07 |
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 | $1.5B |
| 总债务越低越好 | $68.8B | $3.6B |
| 股东权益账面价值 | $411.1B | $1.8B |
| 总资产 | $818.0B | $10.4B |
| 负债/权益比越低杠杆越低 | 0.17× | 1.99× |
8季度趋势，按日历期对齐
现金及短期投资AMZNVFC
| Q4 25 | $123.0B | $1.5B | ||
| Q3 25 | $94.2B | $419.1M | ||
| Q2 25 | $93.2B | $642.4M | ||
| Q1 25 | $94.6B | $429.4M | ||
| Q4 24 | $101.2B | $1.4B | ||
| Q3 24 | $88.1B | $492.2M | ||
| Q2 24 | $89.1B | $637.4M | ||
| Q1 24 | $85.1B | $674.6M |
总债务AMZNVFC
| Q4 25 | $68.8B | $3.6B | ||
| Q3 25 | $55.1B | $3.5B | ||
| Q2 25 | $56.1B | $3.6B | ||
| Q1 25 | $58.8B | $3.4B | ||
| Q4 24 | $58.0B | $3.9B | ||
| Q3 24 | $60.5B | $4.0B | ||
| Q2 24 | $62.7B | $3.9B | ||
| Q1 24 | $66.9B | $4.7B |
股东权益AMZNVFC
| Q4 25 | $411.1B | $1.8B | ||
| Q3 25 | $369.6B | $1.5B | ||
| Q2 25 | $333.8B | $1.3B | ||
| Q1 25 | $305.9B | $1.5B | ||
| Q4 24 | $286.0B | $1.7B | ||
| Q3 24 | $259.2B | $1.4B | ||
| Q2 24 | $236.4B | $1.4B | ||
| Q1 24 | $216.7B | $1.7B |
总资产AMZNVFC
| Q4 25 | $818.0B | $10.4B | ||
| Q3 25 | $727.9B | $10.6B | ||
| Q2 25 | $682.2B | $10.2B | ||
| Q1 25 | $643.3B | $9.4B | ||
| Q4 24 | $624.9B | $10.6B | ||
| Q3 24 | $584.6B | $12.2B | ||
| Q2 24 | $554.8B | $11.5B | ||
| Q1 24 | $531.0B | $11.6B |
负债/权益比AMZNVFC
| Q4 25 | 0.17× | 1.99× | ||
| Q3 25 | 0.15× | 2.40× | ||
| Q2 25 | 0.17× | 2.76× | ||
| Q1 25 | 0.19× | 2.30× | ||
| Q4 24 | 0.20× | 2.31× | ||
| Q3 24 | 0.23× | 2.86× | ||
| Q2 24 | 0.27× | 2.84× | ||
| Q1 24 | 0.31× | 2.84× |
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 | $1.0B |
| 自由现金流经营现金流 - 资本支出 | $14.9B | $977.9M |
| 自由现金流率自由现金流/营收 | 7.0% | 34.0% |
| 资本支出强度资本支出/营收 | 18.5% | 1.1% |
| 现金转化率经营现金流/净利润 | 2.57× | 3.36× |
| 过去12个月自由现金流最近4个季度 | $7.7B | $357.6M |
8季度趋势，按日历期对齐
经营现金流AMZNVFC
| Q4 25 | $54.5B | $1.0B | ||
| Q3 25 | $35.5B | $-227.0M | ||
| Q2 25 | $32.5B | $-145.5M | ||
| Q1 25 | $17.0B | $-171.1M | ||
| Q4 24 | $45.6B | $918.1M | ||
| Q3 24 | $26.0B | $-301.6M | ||
| Q2 24 | $25.3B | $19.8M | ||
| Q1 24 | $19.0B | — |
自由现金流AMZNVFC
| Q4 25 | $14.9B | $977.9M | ||
| Q3 25 | $430.0M | $-253.5M | ||
| Q2 25 | $332.0M | $-173.7M | ||
| Q1 25 | $-8.0B | $-193.0M | ||
| Q4 24 | $17.8B | $899.7M | ||
| Q3 24 | $3.4B | $-322.4M | ||
| Q2 24 | $7.7B | $-5.4M | ||
| Q1 24 | $4.1B | — |
自由现金流率AMZNVFC
| Q4 25 | 7.0% | 34.0% | ||
| Q3 25 | 0.2% | -9.0% | ||
| Q2 25 | 0.2% | -9.9% | ||
| Q1 25 | -5.1% | -9.6% | ||
| Q4 24 | 9.5% | 31.7% | ||
| Q3 24 | 2.1% | -11.7% | ||
| Q2 24 | 5.2% | -0.3% | ||
| Q1 24 | 2.8% | — |
资本支出强度AMZNVFC
| Q4 25 | 18.5% | 1.1% | ||
| Q3 25 | 19.5% | 0.9% | ||
| Q2 25 | 19.2% | 1.6% | ||
| Q1 25 | 16.1% | 1.1% | ||
| Q4 24 | 14.8% | 0.6% | ||
| Q3 24 | 14.2% | 0.8% | ||
| Q2 24 | 11.9% | 1.3% | ||
| Q1 24 | 10.4% | — |
现金转化率AMZNVFC
| Q4 25 | 2.57× | 3.36× | ||
| Q3 25 | 1.68× | -1.20× | ||
| Q2 25 | 1.79× | — | ||
| Q1 25 | 0.99× | — | ||
| Q4 24 | 2.28× | 5.47× | ||
| Q3 24 | 1.69× | -5.78× | ||
| 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% |
VFC
| Outdoor | $1.9B | 67% |
| Sales Channel Through Intermediary | $813.4M | 28% |
| Other | $136.3M | 5% |
