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阿里巴巴集团控股有限公司（BABA）与花旗集团（C）财务数据对比。点击上方公司名可切换其他公司
阿里巴巴集团控股有限公司的季度营收约是花旗集团的2.0倍（$38.8B vs $19.9B），花旗集团净利率更高（12.4% vs 5.8%，领先6.7%）
阿里巴巴集团控股有限公司是1999年6月28日于浙江杭州创立的中国跨国科技企业，核心业务覆盖电商、零售、互联网及科技领域，运营面向中国及全球市场的C2C、B2C、B2B交易平台，同时提供本地生活服务、数字媒体娱乐、物流、云计算等多元服务，服务全球海量消费者与企业客户。
花旗集团（常简称Citi）是总部位于美国纽约的跨国投资银行及金融服务巨头。集团于1998年由花旗银行的控股公司花旗公司与旅行者集团合并成立，2002年旅行者相关业务被拆分独立运营。
BABA vs C — 直观对比
营收规模更大
BABA
是对方的2.0倍
$19.9B
净利率更高
C
高出6.7%
5.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $38.8B | $19.9B |
| 净利润 | $2.2B | $2.5B |
| 毛利率 | 40.2% | — |
| 营业利润率 | 6.6% | 19.2% |
| 净利率 | 5.8% | 12.4% |
| 营收同比 | — | — |
| 净利润同比 | — | — |
| 每股收益（稀释后） | $6.64 | $1.21 |
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BABAC
| Q4 25 | $38.8B | $19.9B | ||
| Q3 25 | $34.2B | $22.1B | ||
| Q2 25 | $32.6B | $21.7B | ||
| Q1 25 | — | $21.6B | ||
| Q4 24 | $38.7B | — | ||
| Q3 24 | — | $20.3B | ||
| Q2 24 | — | $20.1B | ||
| Q1 24 | — | $21.1B |
净利润BABAC
| Q4 25 | $2.2B | $2.5B | ||
| Q3 25 | $2.9B | $3.8B | ||
| Q2 25 | $1.7B | $4.0B | ||
| Q1 25 | — | $4.1B | ||
| Q4 24 | $6.8B | — | ||
| Q3 24 | — | $3.2B | ||
| Q2 24 | — | $3.2B | ||
| Q1 24 | — | $3.4B |
毛利率BABAC
| Q4 25 | 40.2% | — | ||
| Q3 25 | 39.2% | — | ||
| Q2 25 | 38.4% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 42.0% | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
营业利润率BABAC
| Q4 25 | 6.6% | 19.2% | ||
| Q3 25 | 2.2% | 24.2% | ||
| Q2 25 | 12.0% | 24.1% | ||
| Q1 25 | — | 25.2% | ||
| Q4 24 | 14.7% | — | ||
| Q3 24 | — | 21.6% | ||
| Q2 24 | — | 21.4% | ||
| Q1 24 | — | 21.5% |
净利率BABAC
| Q4 25 | 5.8% | 12.4% | ||
| Q3 25 | 8.5% | 17.0% | ||
| Q2 25 | 5.3% | 18.5% | ||
| Q1 25 | — | 18.8% | ||
| Q4 24 | 17.5% | — | ||
| Q3 24 | — | 15.9% | ||
| Q2 24 | — | 16.0% | ||
| Q1 24 | — | 16.0% |
每股收益（稀释后）BABAC
| Q4 25 | $6.64 | $1.21 | ||
| Q3 25 | $8.72 | $1.86 | ||
| Q2 25 | $5.20 | $1.96 | ||
| Q1 25 | — | $1.96 | ||
| Q4 24 | $20.40 | — | ||
| Q3 24 | — | $1.51 | ||
| Q2 24 | — | $1.52 | ||
| Q1 24 | — | $1.58 |
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 | $18.3B | — |
| 总债务越低越好 | — | $315.8B |
| 股东权益账面价值 | $148.7B | $212.3B |
| 总资产 | $268.6B | $2657.2B |
| 负债/权益比越低杠杆越低 | — | 1.49× |
8季度趋势，按日历期对齐
现金及短期投资BABAC
| Q4 25 | $18.3B | — | ||
| Q3 25 | $19.0B | — | ||
| Q2 25 | $20.0B | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $22.3B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
总债务BABAC
| Q4 25 | — | $315.8B | ||
| Q3 25 | — | $315.8B | ||
| Q2 25 | — | $317.8B | ||
| Q1 25 | — | $295.7B | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $299.1B | ||
| Q2 24 | — | $280.3B | ||
| Q1 24 | — | $285.5B |
股东权益BABAC
| Q4 25 | $148.7B | $212.3B | ||
| Q3 25 | $145.0B | $213.0B | ||
| Q2 25 | $139.2B | $213.2B | ||
| Q1 25 | — | $212.4B | ||
| Q4 24 | $137.2B | — | ||
| Q3 24 | — | $209.1B | ||
| Q2 24 | — | $208.3B | ||
| Q1 24 | — | $206.6B |
总资产BABAC
| Q4 25 | $268.6B | $2657.2B | ||
| Q3 25 | $264.6B | $2642.5B | ||
| Q2 25 | $248.6B | $2622.8B | ||
| Q1 25 | — | $2571.5B | ||
| Q4 24 | $254.1B | — | ||
| Q3 24 | — | $2430.7B | ||
| Q2 24 | — | $2405.7B | ||
| Q1 24 | — | $2432.5B |
负债/权益比BABAC
| Q4 25 | — | 1.49× | ||
| Q3 25 | — | 1.48× | ||
| Q2 25 | — | 1.49× | ||
| Q1 25 | — | 1.39× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.43× | ||
| Q2 24 | — | 1.35× | ||
| Q1 24 | — | 1.38× |
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 | $5.2B | $26.6B |
| 自由现金流经营现金流 - 资本支出 | — | $24.9B |
| 自由现金流率自由现金流/营收 | — | 125.4% |
| 资本支出强度资本支出/营收 | — | 8.2% |
| 现金转化率经营现金流/净利润 | 2.31× | 10.75× |
| 过去12个月自由现金流最近4个季度 | — | $-74.2B |
8季度趋势，按日历期对齐
经营现金流BABAC
| Q4 25 | $5.2B | $26.6B | ||
| Q3 25 | $1.4B | $1.1B | ||
| Q2 25 | $3.8B | $-36.6B | ||
| Q1 25 | — | $-58.7B | ||
| Q4 24 | $9.7B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $-10.8B |
自由现金流BABAC
| Q4 25 | — | $24.9B | ||
| Q3 25 | — | $-517.0M | ||
| Q2 25 | — | $-38.3B | ||
| Q1 25 | — | $-60.2B | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $-12.4B |
自由现金流率BABAC
| Q4 25 | — | 125.4% | ||
| Q3 25 | — | -2.3% | ||
| Q2 25 | — | -176.9% | ||
| Q1 25 | — | -278.9% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | -58.9% |
资本支出强度BABAC
| Q4 25 | — | 8.2% | ||
| Q3 25 | — | 7.3% | ||
| Q2 25 | — | 8.1% | ||
| Q1 25 | — | 7.0% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 7.6% |
现金转化率BABAC
| Q4 25 | 2.31× | 10.75× | ||
| Q3 25 | 0.49× | 0.29× | ||
| Q2 25 | 2.19× | -9.10× | ||
| Q1 25 | — | -14.45× | ||
| Q4 24 | 1.43× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | -3.21× |
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
BABA
| Alibaba China E-commerce Group | $22.8B | 59% |
| All others | $9.6B | 25% |
| Cloud Intelligence Group | $6.2B | 16% |
C
| Services | $5.9B | 30% |
| Markets | $4.5B | 23% |
| Commissions And Fees | $3.1B | 16% |
| Banking Segment | $2.2B | 11% |
| Wealth | $2.1B | 11% |
| Commercial Portfolio Segment | $1.7B | 9% |
| Brokerage Commissions | $249.0M | 1% |
