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AutoZone（AZO）与CDW Corporation（CDW）财务数据对比。点击上方公司名可切换其他公司
CDW Corporation的季度营收约是AutoZone的1.3倍（$5.5B vs $4.3B），AutoZone同比增速更快（8.1% vs 6.3%），CDW Corporation自由现金流更多（$395.9M vs $35.6M），过去两年CDW Corporation的营收复合增速更高（6.3% vs 0.5%）
AutoZone是美国规模最大的汽车售后零部件及配件零售商，1979年正式成立，总部位于田纳西州孟菲斯。目前企业在全美、墨西哥、波多黎各、巴西及美属维尔京群岛共开设7140家门店，为车主及汽修从业人员提供多元齐全的汽车相关配件产品。
CDW公司是美国多品牌信息技术服务提供商，服务覆盖美国、英国、加拿大三国的商业、政府、教育、医疗领域，总部位于伊利诺伊州弗农希尔斯，位列《财富》500强，2023年全年净销售额达210亿美元。
AZO vs CDW — 直观对比
营收规模更大
CDW
是对方的1.3倍
$4.3B
营收增速更快
AZO
高出1.9%
6.3%
自由现金流更多
CDW
多$360.3M
$35.6M
两年增速更快
CDW
近两年复合增速
0.5%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.3B | $5.5B |
| 净利润 | $468.9M | — |
| 毛利率 | 52.5% | 22.8% |
| 营业利润率 | 16.3% | 7.8% |
| 净利率 | 11.0% | — |
| 营收同比 | 8.1% | 6.3% |
| 净利润同比 | -3.9% | — |
| 每股收益（稀释后） | $27.63 | $2.13 |
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AZOCDW
| Q1 26 | $4.3B | — | ||
| Q4 25 | $4.6B | $5.5B | ||
| Q3 25 | $6.2B | $5.7B | ||
| Q2 25 | $4.5B | $6.0B | ||
| Q1 25 | $4.0B | $5.2B | ||
| Q4 24 | $4.3B | $5.2B | ||
| Q3 24 | $6.2B | $5.5B | ||
| Q2 24 | $4.2B | $5.4B |
净利润AZOCDW
| Q1 26 | $468.9M | — | ||
| Q4 25 | $530.8M | — | ||
| Q3 25 | $837.0M | $291.0M | ||
| Q2 25 | $608.4M | $271.2M | ||
| Q1 25 | $487.9M | $224.9M | ||
| Q4 24 | $564.9M | — | ||
| Q3 24 | $902.2M | $316.4M | ||
| Q2 24 | $651.7M | $281.1M |
毛利率AZOCDW
| Q1 26 | 52.5% | — | ||
| Q4 25 | 51.0% | 22.8% | ||
| Q3 25 | 51.5% | 21.9% | ||
| Q2 25 | 52.7% | 20.8% | ||
| Q1 25 | 53.9% | 21.6% | ||
| Q4 24 | 53.0% | 22.3% | ||
| Q3 24 | 52.5% | 21.8% | ||
| Q2 24 | 53.5% | 21.8% |
营业利润率AZOCDW
| Q1 26 | 16.3% | — | ||
| Q4 25 | 16.9% | 7.8% | ||
| Q3 25 | 19.2% | 7.7% | ||
| Q2 25 | 19.4% | 7.0% | ||
| Q1 25 | 17.9% | 7.0% | ||
| Q4 24 | 19.7% | 7.9% | ||
| Q3 24 | 20.9% | 8.7% | ||
| Q2 24 | 21.3% | 8.0% |
净利率AZOCDW
| Q1 26 | 11.0% | — | ||
| Q4 25 | 11.5% | — | ||
| Q3 25 | 13.4% | 5.1% | ||
| Q2 25 | 13.6% | 4.5% | ||
| Q1 25 | 12.3% | 4.3% | ||
| Q4 24 | 13.2% | — | ||
| Q3 24 | 14.5% | 5.7% | ||
| Q2 24 | 15.4% | 5.2% |
每股收益（稀释后）AZOCDW
| Q1 26 | $27.63 | — | ||
| Q4 25 | $31.04 | $2.13 | ||
| Q3 25 | $48.70 | $2.21 | ||
| Q2 25 | $35.36 | $2.05 | ||
| Q1 25 | $28.29 | $1.69 | ||
| Q4 24 | $32.52 | $1.97 | ||
| Q3 24 | $51.42 | $2.34 | ||
| Q2 24 | $36.69 | $2.07 |
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 | $285.5M | $618.7M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $-2.9B | $2.6B |
| 总资产 | $20.4B | $16.0B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资AZOCDW
| Q1 26 | $285.5M | — | ||
| Q4 25 | $287.6M | $618.7M | ||
| Q3 25 | $271.8M | $452.9M | ||
| Q2 25 | $268.6M | $481.0M | ||
| Q1 25 | $300.9M | $688.1M | ||
| Q4 24 | $304.0M | $717.7M | ||
| Q3 24 | $298.2M | $1.2B | ||
| Q2 24 | $275.4M | $665.3M |
股东权益AZOCDW
| Q1 26 | $-2.9B | — | ||
| Q4 25 | $-3.2B | $2.6B | ||
| Q3 25 | $-3.4B | $2.5B | ||
| Q2 25 | $-4.0B | $2.5B | ||
| Q1 25 | $-4.5B | $2.3B | ||
| Q4 24 | $-4.7B | $2.4B | ||
| Q3 24 | $-4.7B | $2.3B | ||
| Q2 24 | $-4.8B | $2.2B |
总资产AZOCDW
| Q1 26 | $20.4B | — | ||
| Q4 25 | $19.7B | $16.0B | ||
| Q3 25 | $19.4B | $15.2B | ||
| Q2 25 | $18.6B | $15.3B | ||
| Q1 25 | $18.1B | $15.0B | ||
| Q4 24 | $17.5B | $14.7B | ||
| Q3 24 | $17.2B | $14.4B | ||
| Q2 24 | $17.1B | $13.6B |
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 | $373.4M | $433.8M |
| 自由现金流经营现金流 - 资本支出 | $35.6M | $395.9M |
| 自由现金流率自由现金流/营收 | 0.8% | 7.2% |
| 资本支出强度资本支出/营收 | 7.9% | 0.7% |
| 现金转化率经营现金流/净利润 | 0.80× | — |
| 过去12个月自由现金流最近4个季度 | $1.6B | $1.1B |
8季度趋势，按日历期对齐
经营现金流AZOCDW
| Q1 26 | $373.4M | — | ||
| Q4 25 | $944.2M | $433.8M | ||
| Q3 25 | $952.8M | $328.3M | ||
| Q2 25 | $769.0M | $155.9M | ||
| Q1 25 | $583.7M | $287.2M | ||
| Q4 24 | $811.8M | $345.3M | ||
| Q3 24 | $1.1B | $342.1M | ||
| Q2 24 | $669.5M | $149.9M |
自由现金流AZOCDW
| Q1 26 | $35.6M | — | ||
| Q4 25 | $630.0M | $395.9M | ||
| Q3 25 | $511.1M | $298.5M | ||
| Q2 25 | $423.1M | $133.4M | ||
| Q1 25 | $291.0M | $260.3M | ||
| Q4 24 | $564.8M | $316.7M | ||
| Q3 24 | $723.5M | $308.5M | ||
| Q2 24 | $434.4M | $119.0M |
自由现金流率AZOCDW
| Q1 26 | 0.8% | — | ||
| Q4 25 | 13.6% | 7.2% | ||
| Q3 25 | 8.2% | 5.2% | ||
| Q2 25 | 9.5% | 2.2% | ||
| Q1 25 | 7.4% | 5.0% | ||
| Q4 24 | 13.2% | 6.1% | ||
| Q3 24 | 11.7% | 5.6% | ||
| Q2 24 | 10.3% | 2.2% |
资本支出强度AZOCDW
| Q1 26 | 7.9% | — | ||
| Q4 25 | 6.8% | 0.7% | ||
| Q3 25 | 7.1% | 0.5% | ||
| Q2 25 | 7.7% | 0.4% | ||
| Q1 25 | 7.4% | 0.5% | ||
| Q4 24 | 5.8% | 0.6% | ||
| Q3 24 | 5.6% | 0.6% | ||
| Q2 24 | 5.6% | 0.6% |
现金转化率AZOCDW
| Q1 26 | 0.80× | — | ||
| Q4 25 | 1.78× | — | ||
| Q3 25 | 1.14× | 1.13× | ||
| Q2 25 | 1.26× | 0.57× | ||
| Q1 25 | 1.20× | 1.28× | ||
| Q4 24 | 1.44× | — | ||
| Q3 24 | 1.19× | 1.08× | ||
| Q2 24 | 1.03× | 0.53× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
