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亚马逊（AMZN）与WATSCO INC（WSO）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WATSCO INC的135.2倍（$213.4B vs $1.6B）。亚马逊净利率更高（9.9% vs 4.5%，领先5.4%）。亚马逊同比增速更快（13.6% vs -10.0%）。亚马逊自由现金流更多（$14.9B vs $388.5M）。过去两年亚马逊的营收复合增速更高（22.0% vs 0.4%）
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。
Watsco Inc.是美国暖通空调、供暖及制冷（HVAC/R）设备及相关零部件、耗材的专业分销商。公司成立至今已超60年，最初主营HVAC/R行业相关零部件、工具制造业务，1989年通过收购佛罗里达州南部的瑞姆品牌分销商Gemaire Distributors Inc，正式从制造赛道转向分销领域。
AMZN vs WSO — 直观对比
营收规模更大
AMZN
是对方的135.2倍
$1.6B
营收增速更快
AMZN
高出23.6%
-10.0%
净利率更高
AMZN
高出5.4%
4.5%
自由现金流更多
AMZN
多$14.5B
$388.5M
两年增速更快
AMZN
近两年复合增速
0.4%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $213.4B | $1.6B |
| 净利润 | $21.2B | $71.7M |
| 毛利率 | 48.5% | 27.1% |
| 营业利润率 | 11.7% | 6.4% |
| 净利率 | 9.9% | 4.5% |
| 营收同比 | 13.6% | -10.0% |
| 净利润同比 | 5.9% | -25.9% |
| 每股收益（稀释后） | $1.95 | $1.82 |
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AMZNWSO
| Q4 25 | $213.4B | $1.6B | ||
| Q3 25 | $180.2B | $2.1B | ||
| Q2 25 | $167.7B | $2.1B | ||
| Q1 25 | $155.7B | $1.5B | ||
| Q4 24 | $187.8B | $1.8B | ||
| Q3 24 | $158.9B | $2.2B | ||
| Q2 24 | $148.0B | $2.1B | ||
| Q1 24 | $143.3B | $1.6B |
净利润AMZNWSO
| Q4 25 | $21.2B | $71.7M | ||
| Q3 25 | $21.2B | $161.6M | ||
| Q2 25 | $18.2B | $183.6M | ||
| Q1 25 | $17.1B | $80.1M | ||
| Q4 24 | $20.0B | $96.8M | ||
| Q3 24 | $15.3B | $171.0M | ||
| Q2 24 | $13.5B | $181.4M | ||
| Q1 24 | $10.4B | $87.0M |
毛利率AMZNWSO
| Q4 25 | 48.5% | 27.1% | ||
| Q3 25 | 50.8% | 27.5% | ||
| Q2 25 | 51.8% | 29.3% | ||
| Q1 25 | 50.6% | 28.1% | ||
| Q4 24 | 47.3% | 26.7% | ||
| Q3 24 | 49.0% | 26.2% | ||
| Q2 24 | 50.1% | 27.1% | ||
| Q1 24 | 49.3% | 27.5% |
营业利润率AMZNWSO
| Q4 25 | 11.7% | 6.4% | ||
| Q3 25 | 9.7% | 11.4% | ||
| Q2 25 | 11.4% | 13.2% | ||
| Q1 25 | 11.8% | 7.3% | ||
| Q4 24 | 11.3% | 7.8% | ||
| Q3 24 | 11.0% | 11.6% | ||
| Q2 24 | 9.9% | 12.6% | ||
| Q1 24 | 10.7% | 8.1% |
净利率AMZNWSO
| Q4 25 | 9.9% | 4.5% | ||
| Q3 25 | 11.8% | 7.8% | ||
| Q2 25 | 10.8% | 8.9% | ||
| Q1 25 | 11.0% | 5.2% | ||
| Q4 24 | 10.7% | 5.5% | ||
| Q3 24 | 9.6% | 7.9% | ||
| Q2 24 | 9.1% | 8.5% | ||
| Q1 24 | 7.3% | 5.6% |
每股收益（稀释后）AMZNWSO
| Q4 25 | $1.95 | $1.82 | ||
| Q3 25 | $1.95 | $3.98 | ||
| Q2 25 | $1.68 | $4.52 | ||
| Q1 25 | $1.59 | $1.93 | ||
| Q4 24 | $1.86 | $2.42 | ||
| Q3 24 | $1.43 | $4.22 | ||
| Q2 24 | $1.26 | $4.49 | ||
| Q1 24 | $0.98 | $2.17 |
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 | $733.3M |
| 总债务越低越好 | $68.8B | $361.6M |
| 股东权益账面价值 | $411.1B | $2.8B |
| 总资产 | $818.0B | $4.4B |
| 负债/权益比越低杠杆越低 | 0.17× | 0.13× |
8季度趋势，按日历期对齐
现金及短期投资AMZNWSO
| Q4 25 | $123.0B | $733.3M | ||
| Q3 25 | $94.2B | $524.3M | ||
| Q2 25 | $93.2B | $293.0M | ||
| Q1 25 | $94.6B | $431.8M | ||
| Q4 24 | $101.2B | $781.9M | ||
| Q3 24 | $88.1B | $550.0M | ||
| Q2 24 | $89.1B | $424.9M | ||
| Q1 24 | $85.1B | $478.9M |
总债务AMZNWSO
| Q4 25 | $68.8B | $361.6M | ||
| Q3 25 | $55.1B | $340.8M | ||
| Q2 25 | $56.1B | $338.7M | ||
| Q1 25 | $58.8B | $346.4M | ||
| Q4 24 | $58.0B | $337.2M | ||
| Q3 24 | $60.5B | $321.0M | ||
| Q2 24 | $62.7B | $307.1M | ||
| Q1 24 | $66.9B | $306.3M |
股东权益AMZNWSO
| Q4 25 | $411.1B | $2.8B | ||
| Q3 25 | $369.6B | $2.8B | ||
| Q2 25 | $333.8B | $2.8B | ||
| Q1 25 | $305.9B | $2.7B | ||
| Q4 24 | $286.0B | $2.7B | ||
| Q3 24 | $259.2B | $2.7B | ||
| Q2 24 | $236.4B | $2.6B | ||
| Q1 24 | $216.7B | $2.5B |
总资产AMZNWSO
| Q4 25 | $818.0B | $4.4B | ||
| Q3 25 | $727.9B | $4.6B | ||
| Q2 25 | $682.2B | $4.7B | ||
| Q1 25 | $643.3B | $4.5B | ||
| Q4 24 | $624.9B | $4.5B | ||
| Q3 24 | $584.6B | $4.5B | ||
| Q2 24 | $554.8B | $4.4B | ||
| Q1 24 | $531.0B | $4.4B |
负债/权益比AMZNWSO
| Q4 25 | 0.17× | 0.13× | ||
| Q3 25 | 0.15× | 0.12× | ||
| Q2 25 | 0.17× | 0.12× | ||
| Q1 25 | 0.19× | 0.13× | ||
| Q4 24 | 0.20× | 0.13× | ||
| Q3 24 | 0.23× | 0.12× | ||
| Q2 24 | 0.27× | 0.12× | ||
| Q1 24 | 0.31× | 0.12× |
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 | $399.8M |
| 自由现金流经营现金流 - 资本支出 | $14.9B | $388.5M |
| 自由现金流率自由现金流/营收 | 7.0% | 24.6% |
| 资本支出强度资本支出/营收 | 18.5% | 0.7% |
| 现金转化率经营现金流/净利润 | 2.57× | 5.57× |
| 过去12个月自由现金流最近4个季度 | $7.7B | $535.1M |
8季度趋势，按日历期对齐
经营现金流AMZNWSO
| Q4 25 | $54.5B | $399.8M | ||
| Q3 25 | $35.5B | $354.9M | ||
| Q2 25 | $32.5B | $-7.4M | ||
| Q1 25 | $17.0B | $-177.6M | ||
| Q4 24 | $45.6B | $378.9M | ||
| Q3 24 | $26.0B | $232.8M | ||
| Q2 24 | $25.3B | $57.7M | ||
| Q1 24 | $19.0B | $103.7M |
自由现金流AMZNWSO
| Q4 25 | $14.9B | $388.5M | ||
| Q3 25 | $430.0M | $346.1M | ||
| Q2 25 | $332.0M | $-14.3M | ||
| Q1 25 | $-8.0B | $-185.2M | ||
| Q4 24 | $17.8B | $370.9M | ||
| Q3 24 | $3.4B | $223.0M | ||
| Q2 24 | $7.7B | $51.3M | ||
| Q1 24 | $4.1B | $97.9M |
自由现金流率AMZNWSO
| Q4 25 | 7.0% | 24.6% | ||
| Q3 25 | 0.2% | 16.7% | ||
| Q2 25 | 0.2% | -0.7% | ||
| Q1 25 | -5.1% | -12.1% | ||
| Q4 24 | 9.5% | 21.1% | ||
| Q3 24 | 2.1% | 10.3% | ||
| Q2 24 | 5.2% | 2.4% | ||
| Q1 24 | 2.8% | 6.3% |
资本支出强度AMZNWSO
| Q4 25 | 18.5% | 0.7% | ||
| Q3 25 | 19.5% | 0.4% | ||
| Q2 25 | 19.2% | 0.3% | ||
| Q1 25 | 16.1% | 0.5% | ||
| Q4 24 | 14.8% | 0.5% | ||
| Q3 24 | 14.2% | 0.5% | ||
| Q2 24 | 11.9% | 0.3% | ||
| Q1 24 | 10.4% | 0.4% |
现金转化率AMZNWSO
| Q4 25 | 2.57× | 5.57× | ||
| Q3 25 | 1.68× | 2.20× | ||
| Q2 25 | 1.79× | -0.04× | ||
| Q1 25 | 0.99× | -2.22× | ||
| Q4 24 | 2.28× | 3.91× | ||
| Q3 24 | 1.69× | 1.36× | ||
| Q2 24 | 1.87× | 0.32× | ||
| Q1 24 | 1.82× | 1.19× |
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% |
WSO
暂无分部数据
