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美国运通（AXP）与辉瑞（PFE）财务数据对比。点击上方公司名可切换其他公司
辉瑞的季度营收约是美国运通的1.6倍（$17.6B vs $10.9B），美国运通净利率更高（22.5% vs -9.4%，领先31.9%），美国运通同比增速更快（9.9% vs -1.2%），辉瑞自由现金流更多（$4.5B vs $2.3B），过去两年辉瑞的营收复合增速更高（8.6% 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。
辉瑞是总部位于美国纽约曼哈顿The Spiral的跨国制药及生物技术企业，由德国企业家查尔斯·辉瑞与查尔斯·F·埃尔哈特于1849年在纽约创立，是北美地区历史最悠久的制药企业之一，在全球医药健康领域拥有较高的行业影响力。
AXP vs PFE — 直观对比
营收规模更大
PFE
是对方的1.6倍
$10.9B
营收增速更快
AXP
高出11.1%
-1.2%
净利率更高
AXP
高出31.9%
-9.4%
自由现金流更多
PFE
多$2.2B
$2.3B
两年增速更快
PFE
近两年复合增速
8.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $10.9B | $17.6B |
| 净利润 | $2.5B | $-1.6B |
| 毛利率 | — | 70.0% |
| 营业利润率 | 28.2% | -9.4% |
| 净利率 | 22.5% | -9.4% |
| 营收同比 | 9.9% | -1.2% |
| 净利润同比 | 13.5% | -501.7% |
| 每股收益（稀释后） | $3.52 | $-0.29 |
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AXPPFE
| Q4 25 | $10.9B | $17.6B | ||
| Q3 25 | $10.4B | $16.7B | ||
| Q2 25 | $10.3B | $14.7B | ||
| Q1 25 | $9.6B | $13.7B | ||
| Q4 24 | $10.0B | $17.8B | ||
| Q3 24 | $9.7B | $17.7B | ||
| Q2 24 | $9.8B | $13.3B | ||
| Q1 24 | $9.3B | $14.9B |
净利润AXPPFE
| Q4 25 | $2.5B | $-1.6B | ||
| Q3 25 | $2.9B | $3.5B | ||
| Q2 25 | $2.9B | $2.9B | ||
| Q1 25 | $2.6B | $3.0B | ||
| Q4 24 | $2.2B | $410.0M | ||
| Q3 24 | $2.5B | $4.5B | ||
| Q2 24 | $3.0B | $41.0M | ||
| Q1 24 | $2.4B | $3.1B |
毛利率AXPPFE
| Q4 25 | — | 70.0% | ||
| Q3 25 | — | 74.9% | ||
| Q2 25 | — | 74.2% | ||
| Q1 25 | — | 79.3% | ||
| Q4 24 | — | 66.7% | ||
| Q3 24 | — | 70.3% | ||
| Q2 24 | — | 75.2% | ||
| Q1 24 | — | 77.3% |
营业利润率AXPPFE
| Q4 25 | 28.2% | -9.4% | ||
| Q3 25 | 36.7% | 20.0% | ||
| Q2 25 | 34.4% | 20.8% | ||
| Q1 25 | 34.6% | 20.3% | ||
| Q4 24 | 27.7% | -0.1% | ||
| Q3 24 | 33.0% | 26.6% | ||
| Q2 24 | 38.6% | -0.8% | ||
| Q1 24 | 33.7% | 23.0% |
净利率AXPPFE
| Q4 25 | 22.5% | -9.4% | ||
| Q3 25 | 27.9% | 21.3% | ||
| Q2 25 | 28.0% | 19.9% | ||
| Q1 25 | 26.8% | 21.6% | ||
| Q4 24 | 21.8% | 2.3% | ||
| Q3 24 | 25.8% | 25.2% | ||
| Q2 24 | 30.7% | 0.3% | ||
| Q1 24 | 26.1% | 20.9% |
每股收益（稀释后）AXPPFE
| Q4 25 | $3.52 | $-0.29 | ||
| Q3 25 | $4.14 | $0.62 | ||
| Q2 25 | $4.08 | $0.51 | ||
| Q1 25 | $3.64 | $0.52 | ||
| Q4 24 | $3.04 | $0.07 | ||
| Q3 24 | $3.49 | $0.78 | ||
| Q2 24 | $4.15 | $0.01 | ||
| Q1 24 | $3.33 | $0.55 |
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 | $1.1B |
| 总债务越低越好 | $56.4B | — |
| 股东权益账面价值 | $33.5B | $86.5B |
| 总资产 | $300.1B | $208.2B |
| 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AXPPFE
| Q4 25 | $742.0M | $1.1B | ||
| Q3 25 | $1.3B | $1.3B | ||
| Q2 25 | $197.0M | $1.6B | ||
| Q1 25 | $261.0M | $1.4B | ||
| Q4 24 | $221.0M | $1.0B | ||
| Q3 24 | $120.0M | $1.1B | ||
| Q2 24 | $188.0M | $1.1B | ||
| Q1 24 | $69.0M | $719.0M |
总债务AXPPFE
| Q4 25 | $56.4B | — | ||
| Q3 25 | $57.8B | — | ||
| Q2 25 | $58.2B | — | ||
| Q1 25 | $51.2B | — | ||
| Q4 24 | $49.7B | — | ||
| Q3 24 | $53.5B | — | ||
| Q2 24 | $51.5B | — | ||
| Q1 24 | $48.8B | — |
股东权益AXPPFE
| Q4 25 | $33.5B | $86.5B | ||
| Q3 25 | $32.4B | $92.8B | ||
| Q2 25 | $32.3B | $88.7B | ||
| Q1 25 | $31.2B | $90.3B | ||
| Q4 24 | $30.3B | $88.2B | ||
| Q3 24 | $29.7B | $92.3B | ||
| Q2 24 | $29.5B | $87.7B | ||
| Q1 24 | $28.8B | $92.3B |
总资产AXPPFE
| Q4 25 | $300.1B | $208.2B | ||
| Q3 25 | $297.6B | $208.7B | ||
| Q2 25 | $295.6B | $206.1B | ||
| Q1 25 | $282.2B | $208.0B | ||
| Q4 24 | $271.5B | $213.4B | ||
| Q3 24 | $271.0B | $219.5B | ||
| Q2 24 | $272.2B | $216.2B | ||
| Q1 24 | $269.3B | $221.1B |
负债/权益比AXPPFE
| 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 | $5.3B |
| 自由现金流经营现金流 - 资本支出 | $2.3B | $4.5B |
| 自由现金流率自由现金流/营收 | 21.4% | 25.6% |
| 资本支出强度资本支出/营收 | 6.6% | 4.8% |
| 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 | $9.1B |
8季度趋势，按日历期对齐
经营现金流AXPPFE
| Q4 25 | $3.1B | $5.3B | ||
| Q3 25 | $6.2B | $4.6B | ||
| Q2 25 | $4.4B | $-582.0M | ||
| Q1 25 | $4.8B | $2.3B | ||
| Q4 24 | $5.8B | $6.7B | ||
| Q3 24 | $-1.8B | $6.7B | ||
| Q2 24 | $4.5B | $-1.8B | ||
| Q1 24 | $5.6B | $1.1B |
自由现金流AXPPFE
| Q4 25 | $2.3B | $4.5B | ||
| Q3 25 | $5.6B | $4.0B | ||
| Q2 25 | $3.7B | $-1.2B | ||
| Q1 25 | $4.3B | $1.8B | ||
| Q4 24 | $5.3B | $5.8B | ||
| Q3 24 | $-2.3B | $6.1B | ||
| Q2 24 | $4.0B | $-2.4B | ||
| Q1 24 | $5.2B | $386.0M |
自由现金流率AXPPFE
| Q4 25 | 21.4% | 25.6% | ||
| Q3 25 | 53.6% | 24.0% | ||
| Q2 25 | 36.3% | -8.2% | ||
| Q1 25 | 45.0% | 12.9% | ||
| Q4 24 | 53.1% | 32.7% | ||
| Q3 24 | -23.3% | 34.3% | ||
| Q2 24 | 40.4% | -18.2% | ||
| Q1 24 | 55.2% | 2.6% |
资本支出强度AXPPFE
| Q4 25 | 6.6% | 4.8% | ||
| Q3 25 | 6.3% | 3.6% | ||
| Q2 25 | 6.0% | 4.2% | ||
| Q1 25 | 4.5% | 4.1% | ||
| Q4 24 | 5.0% | 5.2% | ||
| Q3 24 | 4.7% | 3.7% | ||
| Q2 24 | 5.8% | 4.8% | ||
| Q1 24 | 4.2% | 4.7% |
现金转化率AXPPFE
| Q4 25 | 1.25× | — | ||
| Q3 25 | 2.15× | 1.30× | ||
| Q2 25 | 1.51× | -0.20× | ||
| Q1 25 | 1.84× | 0.79× | ||
| Q4 24 | 2.66× | 16.39× | ||
| Q3 24 | -0.72× | 1.50× | ||
| Q2 24 | 1.50× | -43.44× | ||
| Q1 24 | 2.28× | 0.35× |
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% |
PFE
| U.S.Commercial Division | $9.0B | 51% |
| Specialty Care | $4.8B | 27% |
| Total Alliance Biopharmaceuticals | $2.6B | 15% |
| Royalty | $480.0M | 3% |
| Pfizer Centre One | $409.0M | 2% |
