vs
美国运通（AXP）与Lowe's（LOW）财务数据对比。点击上方公司名可切换其他公司
Lowe's的季度营收约是美国运通的1.9倍（$20.8B vs $10.9B），美国运通净利率更高（22.5% vs 7.8%，领先14.7%），美国运通同比增速更快（9.9% vs 3.2%），美国运通自由现金流更多（$2.3B vs $90.0M），过去两年美国运通的营收复合增速更高（8.2% vs -8.7%）
美国运通是全球知名的支付服务提供商，主营签账卡、信用卡产品及旅行相关服务，下设全球消费者服务、全球商业服务、全球商户与网络服务三大业务板块，还提供支付融资、网络服务、应付账款费用管理、旅行生活服务等多元解决方案。
Lowe's是美国知名家居建材零售企业，总部位于北卡罗来纳州穆尔斯维尔，主营家居改善类相关产品的线下零售业务。截至2022年10月，该公司及旗下关联业务在北美地区共运营2181家家居建材及五金门店，服务普通消费者及专业装修从业人员。
AXP vs LOW — 直观对比
营收规模更大
LOW
是对方的1.9倍
$10.9B
营收增速更快
AXP
高出6.8%
3.2%
净利率更高
AXP
高出14.7%
7.8%
自由现金流更多
AXP
多$2.3B
$90.0M
两年增速更快
AXP
近两年复合增速
-8.7%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $10.9B | $20.8B |
| 净利润 | $2.5B | $1.6B |
| 毛利率 | — | 34.2% |
| 营业利润率 | 28.2% | 11.9% |
| 净利率 | 22.5% | 7.8% |
| 营收同比 | 9.9% | 3.2% |
| 净利润同比 | 13.5% | -4.7% |
| 每股收益（稀释后） | $3.52 | $2.88 |
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AXPLOW
| Q4 25 | $10.9B | $20.8B | ||
| Q3 25 | $10.4B | — | ||
| Q2 25 | $10.3B | $20.9B | ||
| Q1 25 | $9.6B | — | ||
| Q4 24 | $10.0B | $20.2B | ||
| Q3 24 | $9.7B | $23.6B | ||
| Q2 24 | $9.8B | $21.4B | ||
| Q1 24 | $9.3B | $18.6B |
净利润AXPLOW
| Q4 25 | $2.5B | $1.6B | ||
| Q3 25 | $2.9B | — | ||
| Q2 25 | $2.9B | $1.6B | ||
| Q1 25 | $2.6B | — | ||
| Q4 24 | $2.2B | $1.7B | ||
| Q3 24 | $2.5B | $2.4B | ||
| Q2 24 | $3.0B | $1.8B | ||
| Q1 24 | $2.4B | $1.0B |
毛利率AXPLOW
| Q4 25 | — | 34.2% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 33.4% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 33.7% | ||
| Q3 24 | — | 33.5% | ||
| Q2 24 | — | 33.2% | ||
| Q1 24 | — | 32.4% |
营业利润率AXPLOW
| Q4 25 | 28.2% | 11.9% | ||
| Q3 25 | 36.7% | — | ||
| Q2 25 | 34.4% | 11.9% | ||
| Q1 25 | 34.6% | — | ||
| Q4 24 | 27.7% | 12.6% | ||
| Q3 24 | 33.0% | 14.6% | ||
| Q2 24 | 38.6% | 12.4% | ||
| Q1 24 | 33.7% | 9.1% |
净利率AXPLOW
| Q4 25 | 22.5% | 7.8% | ||
| Q3 25 | 27.9% | — | ||
| Q2 25 | 28.0% | 7.8% | ||
| Q1 25 | 26.8% | — | ||
| Q4 24 | 21.8% | 8.4% | ||
| Q3 24 | 25.8% | 10.1% | ||
| Q2 24 | 30.7% | 8.2% | ||
| Q1 24 | 26.1% | 5.5% |
每股收益（稀释后）AXPLOW
| Q4 25 | $3.52 | $2.88 | ||
| Q3 25 | $4.14 | — | ||
| Q2 25 | $4.08 | $2.92 | ||
| Q1 25 | $3.64 | — | ||
| Q4 24 | $3.04 | $2.99 | ||
| Q3 24 | $3.49 | $4.17 | ||
| Q2 24 | $4.15 | $3.06 | ||
| Q1 24 | $3.33 | $1.81 |
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 | $742.0M | $1.0B |
| 总债务越低越好 | $56.4B | $37.5B |
| 股东权益账面价值 | $33.5B | $-10.4B |
| 总资产 | $300.1B | $53.5B |
| 负债/权益比越低杠杆越低 | 1.68× | — |
8季度趋势，按日历期对齐
现金及短期投资AXPLOW
| Q4 25 | $742.0M | $1.0B | ||
| Q3 25 | $1.3B | — | ||
| Q2 25 | $197.0M | $3.4B | ||
| Q1 25 | $261.0M | — | ||
| Q4 24 | $221.0M | $3.6B | ||
| Q3 24 | $120.0M | $4.7B | ||
| Q2 24 | $188.0M | $3.5B | ||
| Q1 24 | $69.0M | $1.2B |
总债务AXPLOW
| Q4 25 | $56.4B | $37.5B | ||
| Q3 25 | $57.8B | — | ||
| Q2 25 | $58.2B | $30.5B | ||
| Q1 25 | $51.2B | — | ||
| Q4 24 | $49.7B | $32.9B | ||
| Q3 24 | $53.5B | $34.7B | ||
| Q2 24 | $51.5B | $34.6B | ||
| Q1 24 | $48.8B | $35.4B |
股东权益AXPLOW
| Q4 25 | $33.5B | $-10.4B | ||
| Q3 25 | $32.4B | — | ||
| Q2 25 | $32.3B | $-13.3B | ||
| Q1 25 | $31.2B | — | ||
| Q4 24 | $30.3B | $-13.4B | ||
| Q3 24 | $29.7B | $-13.8B | ||
| Q2 24 | $29.5B | $-14.6B | ||
| Q1 24 | $28.8B | $-15.1B |
总资产AXPLOW
| Q4 25 | $300.1B | $53.5B | ||
| Q3 25 | $297.6B | — | ||
| Q2 25 | $295.6B | $45.4B | ||
| Q1 25 | $282.2B | — | ||
| Q4 24 | $271.5B | $44.7B | ||
| Q3 24 | $271.0B | $44.9B | ||
| Q2 24 | $272.2B | $45.4B | ||
| Q1 24 | $269.3B | $41.8B |
负债/权益比AXPLOW
| Q4 25 | 1.68× | — | ||
| Q3 25 | 1.78× | — | ||
| Q2 25 | 1.80× | — | ||
| Q1 25 | 1.64× | — | ||
| Q4 24 | 1.64× | — | ||
| Q3 24 | 1.80× | — | ||
| Q2 24 | 1.74× | — | ||
| Q1 24 | 1.70× | — |
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 | $3.1B | $687.0M |
| 自由现金流经营现金流 - 资本支出 | $2.3B | $90.0M |
| 自由现金流率自由现金流/营收 | 21.4% | 0.4% |
| 资本支出强度资本支出/营收 | 6.6% | 2.9% |
| 现金转化率经营现金流/净利润 | 1.25× | 0.43× |
| 过去12个月自由现金流最近4个季度 | $16.0B | $6.4B |
8季度趋势，按日历期对齐
经营现金流AXPLOW
| Q4 25 | $3.1B | $687.0M | ||
| Q3 25 | $6.2B | — | ||
| Q2 25 | $4.4B | $3.4B | ||
| Q1 25 | $4.8B | — | ||
| Q4 24 | $5.8B | $1.3B | ||
| Q3 24 | $-1.8B | $3.2B | ||
| Q2 24 | $4.5B | $4.3B | ||
| Q1 24 | $5.6B | $1.1B |
自由现金流AXPLOW
| Q4 25 | $2.3B | $90.0M | ||
| Q3 25 | $5.6B | — | ||
| Q2 25 | $3.7B | $2.9B | ||
| Q1 25 | $4.3B | — | ||
| Q4 24 | $5.3B | $728.0M | ||
| Q3 24 | $-2.3B | $2.7B | ||
| Q2 24 | $4.0B | $3.9B | ||
| Q1 24 | $5.2B | $488.0M |
自由现金流率AXPLOW
| Q4 25 | 21.4% | 0.4% | ||
| Q3 25 | 53.6% | — | ||
| Q2 25 | 36.3% | 13.7% | ||
| Q1 25 | 45.0% | — | ||
| Q4 24 | 53.1% | 3.6% | ||
| Q3 24 | -23.3% | 11.6% | ||
| Q2 24 | 40.4% | 18.2% | ||
| Q1 24 | 55.2% | 2.6% |
资本支出强度AXPLOW
| Q4 25 | 6.6% | 2.9% | ||
| Q3 25 | 6.3% | — | ||
| Q2 25 | 6.0% | 2.5% | ||
| Q1 25 | 4.5% | — | ||
| Q4 24 | 5.0% | 2.8% | ||
| Q3 24 | 4.7% | 1.8% | ||
| Q2 24 | 5.8% | 1.8% | ||
| Q1 24 | 4.2% | 3.3% |
现金转化率AXPLOW
| Q4 25 | 1.25× | 0.43× | ||
| Q3 25 | 2.15× | — | ||
| Q2 25 | 1.51× | 2.06× | ||
| Q1 25 | 1.84× | — | ||
| Q4 24 | 2.66× | 0.77× | ||
| Q3 24 | -0.72× | 1.32× | ||
| Q2 24 | 1.50× | 2.43× | ||
| Q1 24 | 2.28× | 1.09× |
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
AXP
| US Consumer Services Segment | $4.2B | 38% |
| Commercial Services Segment | $3.1B | 28% |
| International Card Services Segment | $2.1B | 19% |
| Global Merchant And Network Services Segment | $1.7B | 15% |
| Financial Service Other | $471.0M | 4% |
LOW
| Home Decor | $7.8B | 37% |
| Building Products | $6.9B | 33% |
| Hardlines | $5.1B | 25% |
| Services | $753.0M | 4% |
| Other | $384.0M | 2% |
