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美国运通（AXP）与MARA Holdings, Inc.（MARA）财务数据对比。点击上方公司名可切换其他公司
美国运通的季度营收约是MARA Holdings, Inc.的54.1倍（$10.9B vs $202.3M），美国运通净利率更高（22.5% vs -14298.3%，领先14320.8%），美国运通同比增速更快（9.9% vs -5.6%），美国运通自由现金流更多（$2.3B vs $-1.2B），过去两年MARA Holdings, Inc.的营收复合增速更高（10.7% vs 8.2%）
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。
MARA Holdings, Inc.是一家美国数字资产技术及加密货币挖矿企业，总部位于佛罗里达州劳德代尔堡。公司成立于2010年，最初以专利控股公司的模式运营，2010年代后期转向专注于区块链基础设施与数字资产相关业务。
AXP vs MARA — 直观对比
营收规模更大
AXP
是对方的54.1倍
$202.3M
营收增速更快
AXP
高出15.6%
-5.6%
净利率更高
AXP
高出14320.8%
-14298.3%
自由现金流更多
AXP
多$3.6B
$-1.2B
两年增速更快
MARA
近两年复合增速
8.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $10.9B | $202.3M |
| 净利润 | $2.5B | $-1.7B |
| 毛利率 | — | — |
| 营业利润率 | 28.2% | -11795.9% |
| 净利率 | 22.5% | -14298.3% |
| 营收同比 | 9.9% | -5.6% |
| 净利润同比 | 13.5% | -423.5% |
| 每股收益（稀释后） | $3.52 | $-4.25 |
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AXPMARA
| Q4 25 | $10.9B | $202.3M | ||
| Q3 25 | $10.4B | $252.4M | ||
| Q2 25 | $10.3B | $238.5M | ||
| Q1 25 | $9.6B | $213.9M | ||
| Q4 24 | $10.0B | $214.4M | ||
| Q3 24 | $9.7B | $131.6M | ||
| Q2 24 | $9.8B | $145.1M | ||
| Q1 24 | $9.3B | $165.2M |
净利润AXPMARA
| Q4 25 | $2.5B | $-1.7B | ||
| Q3 25 | $2.9B | $123.1M | ||
| Q2 25 | $2.9B | $808.2M | ||
| Q1 25 | $2.6B | $-533.4M | ||
| Q4 24 | $2.2B | $528.5M | ||
| Q3 24 | $2.5B | $-124.8M | ||
| Q2 24 | $3.0B | $-199.7M | ||
| Q1 24 | $2.4B | $337.2M |
毛利率AXPMARA
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -2613.4% | ||
| Q3 24 | — | -1065.0% | ||
| Q2 24 | — | -587.6% | ||
| Q1 24 | — | -289.4% |
营业利润率AXPMARA
| Q4 25 | 28.2% | -11795.9% | ||
| Q3 25 | 36.7% | 18.9% | ||
| Q2 25 | 34.4% | — | ||
| Q1 25 | 34.6% | -253.0% | ||
| Q4 24 | 27.7% | — | ||
| Q3 24 | 33.0% | -130.8% | ||
| Q2 24 | 38.6% | -160.1% | ||
| Q1 24 | 33.7% | — |
净利率AXPMARA
| Q4 25 | 22.5% | -14298.3% | ||
| Q3 25 | 27.9% | 48.8% | ||
| Q2 25 | 28.0% | 338.9% | ||
| Q1 25 | 26.8% | -249.4% | ||
| Q4 24 | 21.8% | 5367.4% | ||
| Q3 24 | 25.8% | -94.8% | ||
| Q2 24 | 30.7% | -137.6% | ||
| Q1 24 | 26.1% | 204.1% |
每股收益（稀释后）AXPMARA
| Q4 25 | $3.52 | $-4.25 | ||
| Q3 25 | $4.14 | $0.27 | ||
| Q2 25 | $4.08 | $1.84 | ||
| Q1 25 | $3.64 | $-1.55 | ||
| Q4 24 | $3.04 | $1.60 | ||
| Q3 24 | $3.49 | $-0.42 | ||
| Q2 24 | $4.15 | $-0.72 | ||
| Q1 24 | $3.33 | $1.26 |
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 | $547.1M |
| 总债务越低越好 | $56.4B | $3.6B |
| 股东权益账面价值 | $33.5B | $3.5B |
| 总资产 | $300.1B | $7.3B |
| 负债/权益比越低杠杆越低 | 1.68× | 1.04× |
8季度趋势，按日历期对齐
现金及短期投资AXPMARA
| Q4 25 | $742.0M | $547.1M | ||
| Q3 25 | $1.3B | $826.4M | ||
| Q2 25 | $197.0M | $109.5M | ||
| Q1 25 | $261.0M | $196.2M | ||
| Q4 24 | $221.0M | $391.8M | ||
| Q3 24 | $120.0M | $164.3M | ||
| Q2 24 | $188.0M | $256.0M | ||
| Q1 24 | $69.0M | $324.3M |
总债务AXPMARA
| Q4 25 | $56.4B | $3.6B | ||
| Q3 25 | $57.8B | $3.2B | ||
| Q2 25 | $58.2B | $2.3B | ||
| Q1 25 | $51.2B | $2.3B | ||
| Q4 24 | $49.7B | $2.4B | ||
| Q3 24 | $53.5B | $618.7M | ||
| Q2 24 | $51.5B | — | ||
| Q1 24 | $48.8B | — |
股东权益AXPMARA
| Q4 25 | $33.5B | $3.5B | ||
| Q3 25 | $32.4B | $5.2B | ||
| Q2 25 | $32.3B | $4.8B | ||
| Q1 25 | $31.2B | $3.7B | ||
| Q4 24 | $30.3B | $4.1B | ||
| Q3 24 | $29.7B | $2.9B | ||
| Q2 24 | $29.5B | $2.6B | ||
| Q1 24 | $28.8B | $2.5B |
总资产AXPMARA
| Q4 25 | $300.1B | $7.3B | ||
| Q3 25 | $297.6B | $9.2B | ||
| Q2 25 | $295.6B | $7.7B | ||
| Q1 25 | $282.2B | $6.4B | ||
| Q4 24 | $271.5B | $6.8B | ||
| Q3 24 | $271.0B | $3.6B | ||
| Q2 24 | $272.2B | $3.1B | ||
| Q1 24 | $269.3B | $3.0B |
负债/权益比AXPMARA
| Q4 25 | 1.68× | 1.04× | ||
| Q3 25 | 1.78× | 0.63× | ||
| Q2 25 | 1.80× | 0.47× | ||
| Q1 25 | 1.64× | 0.62× | ||
| Q4 24 | 1.64× | 0.59× | ||
| Q3 24 | 1.80× | 0.22× | ||
| 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 | $-802.7M |
| 自由现金流经营现金流 - 资本支出 | $2.3B | $-1.2B |
| 自由现金流率自由现金流/营收 | 21.4% | -598.0% |
| 资本支出强度资本支出/营收 | 6.6% | 201.2% |
| 现金转化率经营现金流/净利润 | 1.25× | — |
| 过去12个月自由现金流最近4个季度 | $16.0B | $-2.0B |
8季度趋势，按日历期对齐
经营现金流AXPMARA
| Q4 25 | $3.1B | $-802.7M | ||
| Q3 25 | $6.2B | $-199.0M | ||
| Q2 25 | $4.4B | $-163.4M | ||
| Q1 25 | $4.8B | $-215.5M | ||
| Q4 24 | $5.8B | $-677.0M | ||
| Q3 24 | $-1.8B | $-160.1M | ||
| Q2 24 | $4.5B | $-115.2M | ||
| Q1 24 | $5.6B | $-88.3M |
自由现金流AXPMARA
| Q4 25 | $2.3B | $-1.2B | ||
| Q3 25 | $5.6B | $-283.9M | ||
| Q2 25 | $3.7B | $-282.4M | ||
| Q1 25 | $4.3B | $-254.3M | ||
| Q4 24 | $5.3B | $-927.8M | ||
| Q3 24 | $-2.3B | $-198.1M | ||
| Q2 24 | $4.0B | $-132.4M | ||
| Q1 24 | $5.2B | $-97.4M |
自由现金流率AXPMARA
| Q4 25 | 21.4% | -598.0% | ||
| Q3 25 | 53.6% | -112.5% | ||
| Q2 25 | 36.3% | -118.4% | ||
| Q1 25 | 45.0% | -118.9% | ||
| Q4 24 | 53.1% | -432.8% | ||
| Q3 24 | -23.3% | -150.5% | ||
| Q2 24 | 40.4% | -91.2% | ||
| Q1 24 | 55.2% | -59.0% |
资本支出强度AXPMARA
| Q4 25 | 6.6% | 201.2% | ||
| Q3 25 | 6.3% | 33.6% | ||
| Q2 25 | 6.0% | 49.9% | ||
| Q1 25 | 4.5% | 18.2% | ||
| Q4 24 | 5.0% | 117.0% | ||
| Q3 24 | 4.7% | 28.9% | ||
| Q2 24 | 5.8% | 11.9% | ||
| Q1 24 | 4.2% | 5.5% |
现金转化率AXPMARA
| Q4 25 | 1.25× | — | ||
| Q3 25 | 2.15× | -1.62× | ||
| Q2 25 | 1.51× | -0.20× | ||
| Q1 25 | 1.84× | — | ||
| Q4 24 | 2.66× | -1.28× | ||
| Q3 24 | -0.72× | — | ||
| Q2 24 | 1.50× | — | ||
| Q1 24 | 2.28× | -0.26× |
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% |
MARA
暂无分部数据
