vs
博通（AVGO）与联邦快递（FDX）财务数据对比。点击上方公司名可切换其他公司
联邦快递的季度营收约是博通的1.3倍（$23.5B vs $18.0B），博通净利率更高（47.3% vs 4.1%，领先43.2%），博通同比增速更快（28.2% vs 6.8%），博通自由现金流更多（$7.5B vs $1.2B），过去两年博通的营收复合增速更高（22.7% vs 3.9%）
博通公司是美国跨国企业，主营各类半导体与基础设施软件产品的设计、研发、生产及全球供应，产品广泛服务于数据中心、网络、软件、宽带、无线、存储及工业领域。借AI发展热潮，2025年博通已跻身全球顶级企业行列，为“七巨头”科技阵营成员。
联邦快递（FedEx）是总部位于美国田纳西州孟菲斯的跨国集团控股企业，主营业务覆盖运输、电子商务及商业服务领域。其品牌名FedEx源自原航空业务板块Federal Express的音节缩写，该原名自1973年启用，1994年集团正式统一使用FedEx作为品牌名称。
AVGO vs FDX — 直观对比
营收规模更大
FDX
是对方的1.3倍
$18.0B
营收增速更快
AVGO
高出21.3%
6.8%
净利率更高
AVGO
高出43.2%
4.1%
自由现金流更多
AVGO
多$6.3B
$1.2B
两年增速更快
AVGO
近两年复合增速
3.9%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $18.0B | $23.5B |
| 净利润 | $8.5B | $956.0M |
| 毛利率 | 68.0% | — |
| 营业利润率 | 41.7% | 5.9% |
| 净利率 | 47.3% | 4.1% |
| 营收同比 | 28.2% | 6.8% |
| 净利润同比 | 97.0% | 29.0% |
| 每股收益（稀释后） | $1.75 | $4.04 |
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AVGOFDX
| Q4 25 | $18.0B | $23.5B | ||
| Q3 25 | $16.0B | $22.2B | ||
| Q2 25 | $15.0B | $22.2B | ||
| Q1 25 | $14.9B | $22.2B | ||
| Q4 24 | $14.1B | $22.0B | ||
| Q3 24 | $13.1B | $21.6B | ||
| Q2 24 | $12.5B | $22.1B | ||
| Q1 24 | $12.0B | $21.7B |
净利润AVGOFDX
| Q4 25 | $8.5B | $956.0M | ||
| Q3 25 | $4.1B | $824.0M | ||
| Q2 25 | $5.0B | $1.6B | ||
| Q1 25 | $5.5B | $909.0M | ||
| Q4 24 | $4.3B | $741.0M | ||
| Q3 24 | $-1.9B | $794.0M | ||
| Q2 24 | $2.1B | $1.5B | ||
| Q1 24 | $1.3B | $879.0M |
毛利率AVGOFDX
| Q4 25 | 68.0% | — | ||
| Q3 25 | 67.1% | — | ||
| Q2 25 | 68.0% | — | ||
| Q1 25 | 68.0% | — | ||
| Q4 24 | 64.1% | — | ||
| Q3 24 | 63.9% | — | ||
| Q2 24 | 62.3% | — | ||
| Q1 24 | 61.7% | — |
营业利润率AVGOFDX
| Q4 25 | 41.7% | 5.9% | ||
| Q3 25 | 36.9% | 5.3% | ||
| Q2 25 | 38.8% | 8.1% | ||
| Q1 25 | 42.0% | 5.8% | ||
| Q4 24 | 32.9% | 4.8% | ||
| Q3 24 | 29.0% | 5.0% | ||
| Q2 24 | 23.7% | 7.0% | ||
| Q1 24 | 17.4% | 5.7% |
净利率AVGOFDX
| Q4 25 | 47.3% | 4.1% | ||
| Q3 25 | 26.0% | 3.7% | ||
| Q2 25 | 33.1% | 7.4% | ||
| Q1 25 | 36.9% | 4.1% | ||
| Q4 24 | 30.8% | 3.4% | ||
| Q3 24 | -14.3% | 3.7% | ||
| Q2 24 | 17.0% | 6.7% | ||
| Q1 24 | 11.1% | 4.0% |
每股收益（稀释后）AVGOFDX
| Q4 25 | $1.75 | $4.04 | ||
| Q3 25 | $0.85 | $3.46 | ||
| Q2 25 | $1.03 | $6.81 | ||
| Q1 25 | $1.14 | $3.76 | ||
| Q4 24 | $-5.63 | $3.03 | ||
| Q3 24 | $-0.40 | $3.21 | ||
| Q2 24 | $4.42 | $5.92 | ||
| Q1 24 | $2.84 | $3.51 |
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 | $16.2B | $6.6B |
| 总债务越低越好 | $62.0B | $20.3B |
| 股东权益账面价值 | $81.3B | $28.1B |
| 总资产 | $171.1B | $89.2B |
| 负债/权益比越低杠杆越低 | 0.76× | 0.72× |
8季度趋势，按日历期对齐
现金及短期投资AVGOFDX
| Q4 25 | $16.2B | $6.6B | ||
| Q3 25 | $10.7B | $6.2B | ||
| Q2 25 | $9.5B | $5.5B | ||
| Q1 25 | $9.3B | $5.1B | ||
| Q4 24 | $9.3B | $5.0B | ||
| Q3 24 | $10.0B | $5.9B | ||
| Q2 24 | $9.8B | $6.5B | ||
| Q1 24 | $11.9B | $5.6B |
总债务AVGOFDX
| Q4 25 | $62.0B | $20.3B | ||
| Q3 25 | $62.8B | $20.3B | ||
| Q2 25 | $61.8B | $19.2B | ||
| Q1 25 | $60.9B | $19.5B | ||
| Q4 24 | $66.3B | $19.4B | ||
| Q3 24 | $66.8B | $19.7B | ||
| Q2 24 | $71.6B | $20.1B | ||
| Q1 24 | $73.5B | $20.1B |
股东权益AVGOFDX
| Q4 25 | $81.3B | $28.1B | ||
| Q3 25 | $73.3B | $27.8B | ||
| Q2 25 | $69.6B | $28.1B | ||
| Q1 25 | $69.8B | $26.7B | ||
| Q4 24 | $67.7B | $26.5B | ||
| Q3 24 | $65.7B | $27.2B | ||
| Q2 24 | $70.0B | $27.6B | ||
| Q1 24 | $70.3B | $26.4B |
总资产AVGOFDX
| Q4 25 | $171.1B | $89.2B | ||
| Q3 25 | $165.6B | $88.4B | ||
| Q2 25 | $164.6B | $87.6B | ||
| Q1 25 | $165.4B | $85.0B | ||
| Q4 24 | $165.6B | $85.5B | ||
| Q3 24 | $168.0B | $86.7B | ||
| Q2 24 | $175.2B | $87.0B | ||
| Q1 24 | $177.9B | $86.1B |
负债/权益比AVGOFDX
| Q4 25 | 0.76× | 0.72× | ||
| Q3 25 | 0.86× | 0.73× | ||
| Q2 25 | 0.89× | 0.68× | ||
| Q1 25 | 0.87× | 0.73× | ||
| Q4 24 | 0.98× | 0.73× | ||
| Q3 24 | 1.02× | 0.72× | ||
| Q2 24 | 1.02× | 0.73× | ||
| Q1 24 | 1.05× | 0.76× |
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 | $7.7B | $2.0B |
| 自由现金流经营现金流 - 资本支出 | $7.5B | $1.2B |
| 自由现金流率自由现金流/营收 | 41.4% | 5.1% |
| 资本支出强度资本支出/营收 | 1.3% | 3.2% |
| 现金转化率经营现金流/净利润 | 0.90× | 2.04× |
| 过去12个月自由现金流最近4个季度 | $26.9B | $4.3B |
8季度趋势，按日历期对齐
经营现金流AVGOFDX
| Q4 25 | $7.7B | $2.0B | ||
| Q3 25 | $7.2B | $1.7B | ||
| Q2 25 | $6.6B | $2.5B | ||
| Q1 25 | $6.1B | $2.0B | ||
| Q4 24 | $5.6B | $1.3B | ||
| Q3 24 | $5.0B | $1.2B | ||
| Q2 24 | $4.6B | $2.7B | ||
| Q1 24 | $4.8B | $1.6B |
自由现金流AVGOFDX
| Q4 25 | $7.5B | $1.2B | ||
| Q3 25 | $7.0B | $1.1B | ||
| Q2 25 | $6.4B | $1.0B | ||
| Q1 25 | $6.0B | $1.0B | ||
| Q4 24 | $5.5B | $500.0M | ||
| Q3 24 | $4.8B | $420.0M | ||
| Q2 24 | $4.4B | $1.5B | ||
| Q1 24 | $4.7B | $231.0M |
自由现金流率AVGOFDX
| Q4 25 | 41.4% | 5.1% | ||
| Q3 25 | 44.0% | 4.9% | ||
| Q2 25 | 42.7% | 4.7% | ||
| Q1 25 | 40.3% | 4.6% | ||
| Q4 24 | 39.0% | 2.3% | ||
| Q3 24 | 36.7% | 1.9% | ||
| Q2 24 | 35.6% | 6.8% | ||
| Q1 24 | 39.2% | 1.1% |
资本支出强度AVGOFDX
| Q4 25 | 1.3% | 3.2% | ||
| Q3 25 | 0.9% | 2.8% | ||
| Q2 25 | 1.0% | 6.6% | ||
| Q1 25 | 0.7% | 4.5% | ||
| Q4 24 | 0.9% | 3.7% | ||
| Q3 24 | 1.3% | 3.6% | ||
| Q2 24 | 1.1% | 5.4% | ||
| Q1 24 | 1.0% | 6.3% |
现金转化率AVGOFDX
| Q4 25 | 0.90× | 2.04× | ||
| Q3 25 | 1.73× | 2.08× | ||
| Q2 25 | 1.32× | 1.53× | ||
| Q1 25 | 1.11× | 2.21× | ||
| Q4 24 | 1.30× | 1.78× | ||
| Q3 24 | — | 1.49× | ||
| Q2 24 | 2.16× | 1.83× | ||
| Q1 24 | 3.63× | 1.83× |
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
AVGO
| Semiconductor Solutions | $11.1B | 61% |
| Infrastructure Software | $6.9B | 39% |
FDX
| United States Ground | $9.2B | 39% |
| United States Priority | $2.8B | 12% |
| Other | $2.2B | 9% |
| Fedex Freight Segment | $2.1B | 9% |
| International Economy | $1.5B | 6% |
| Freight Revenue | $1.5B | 6% |
| United States Deferred | $1.4B | 6% |
| International Domestic | $1.3B | 5% |
| International Economy Freight | $582.0M | 2% |
| United States Freight | $304.0M | 1% |
| Other International Revenue | $240.0M | 1% |
