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阿里巴巴集团控股有限公司（BABA）与强生（JNJ）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强生的1.6倍（$38.8B vs $24.6B），强生净利率更高（20.8% vs 5.8%，领先15.1%）
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。
强生是美国跨国制药、生物技术及医疗技术企业，总部位于新泽西州新不伦瑞克，在纽约证券交易所上市，普通股为道琼斯工业平均指数成分股，2025年位列财富美国500强第48位、福布斯全球企业2000强第42位。
BABA vs JNJ — 直观对比
营收规模更大
BABA
是对方的1.6倍
$24.6B
净利率更高
JNJ
高出15.1%
5.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $38.8B | $24.6B |
| 净利润 | $2.2B | $5.1B |
| 毛利率 | 40.2% | 67.6% |
| 营业利润率 | 6.6% | 20.2% |
| 净利率 | 5.8% | 20.8% |
| 营收同比 | — | 9.1% |
| 净利润同比 | — | 49.1% |
| 每股收益（稀释后） | $6.64 | $2.08 |
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BABAJNJ
| Q4 25 | $38.8B | $24.6B | ||
| Q3 25 | $34.2B | $24.0B | ||
| Q2 25 | $32.6B | $23.7B | ||
| Q1 25 | — | $21.9B | ||
| Q4 24 | $38.7B | $22.5B | ||
| Q3 24 | — | $22.5B | ||
| Q2 24 | — | $22.4B | ||
| Q1 24 | — | $21.4B |
净利润BABAJNJ
| Q4 25 | $2.2B | $5.1B | ||
| Q3 25 | $2.9B | $5.2B | ||
| Q2 25 | $1.7B | $5.5B | ||
| Q1 25 | — | $11.0B | ||
| Q4 24 | $6.8B | $3.4B | ||
| Q3 24 | — | $2.7B | ||
| Q2 24 | — | $4.7B | ||
| Q1 24 | — | $3.3B |
毛利率BABAJNJ
| Q4 25 | 40.2% | 67.6% | ||
| Q3 25 | 39.2% | 69.6% | ||
| Q2 25 | 38.4% | 67.9% | ||
| Q1 25 | — | 66.4% | ||
| Q4 24 | 42.0% | 68.3% | ||
| Q3 24 | — | 69.0% | ||
| Q2 24 | — | 69.4% | ||
| Q1 24 | — | 69.6% |
营业利润率BABAJNJ
| Q4 25 | 6.6% | 20.2% | ||
| Q3 25 | 2.2% | 31.2% | ||
| Q2 25 | 12.0% | 27.3% | ||
| Q1 25 | — | 62.3% | ||
| Q4 24 | 14.7% | 17.3% | ||
| Q3 24 | — | 14.9% | ||
| Q2 24 | — | 25.6% | ||
| Q1 24 | — | 17.4% |
净利率BABAJNJ
| Q4 25 | 5.8% | 20.8% | ||
| Q3 25 | 8.5% | 21.5% | ||
| Q2 25 | 5.3% | 23.3% | ||
| Q1 25 | — | 50.2% | ||
| Q4 24 | 17.5% | 15.2% | ||
| Q3 24 | — | 12.0% | ||
| Q2 24 | — | 20.9% | ||
| Q1 24 | — | 15.2% |
每股收益（稀释后）BABAJNJ
| Q4 25 | $6.64 | $2.08 | ||
| Q3 25 | $8.72 | $2.12 | ||
| Q2 25 | $5.20 | $2.29 | ||
| Q1 25 | — | $4.54 | ||
| Q4 24 | $20.40 | $1.41 | ||
| Q3 24 | — | $1.11 | ||
| Q2 24 | — | $1.93 | ||
| Q1 24 | — | $1.34 |
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 | $20.1B |
| 总债务越低越好 | — | $41.4B |
| 股东权益账面价值 | $148.7B | $81.5B |
| 总资产 | $268.6B | $199.2B |
| 负债/权益比越低杠杆越低 | — | 0.51× |
8季度趋势，按日历期对齐
现金及短期投资BABAJNJ
| Q4 25 | $18.3B | $20.1B | ||
| Q3 25 | $19.0B | $18.6B | ||
| Q2 25 | $20.0B | $18.9B | ||
| Q1 25 | — | $38.8B | ||
| Q4 24 | $22.3B | $24.5B | ||
| Q3 24 | — | $20.3B | ||
| Q2 24 | — | $25.5B | ||
| Q1 24 | — | $26.2B |
总债务BABAJNJ
| Q4 25 | — | $41.4B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $32.4B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益BABAJNJ
| Q4 25 | $148.7B | $81.5B | ||
| Q3 25 | $145.0B | $79.3B | ||
| Q2 25 | $139.2B | $78.5B | ||
| Q1 25 | — | $78.1B | ||
| Q4 24 | $137.2B | $71.5B | ||
| Q3 24 | — | $70.2B | ||
| Q2 24 | — | $71.5B | ||
| Q1 24 | — | $70.0B |
总资产BABAJNJ
| Q4 25 | $268.6B | $199.2B | ||
| Q3 25 | $264.6B | $192.8B | ||
| Q2 25 | $248.6B | $193.4B | ||
| Q1 25 | — | $193.7B | ||
| Q4 24 | $254.1B | $180.1B | ||
| Q3 24 | — | $178.3B | ||
| Q2 24 | — | $181.1B | ||
| Q1 24 | — | $172.0B |
负债/权益比BABAJNJ
| Q4 25 | — | 0.51× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.45× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $7.3B |
| 自由现金流经营现金流 - 资本支出 | — | $5.5B |
| 自由现金流率自由现金流/营收 | — | 22.3% |
| 资本支出强度资本支出/营收 | — | 7.5% |
| 现金转化率经营现金流/净利润 | 2.31× | 1.43× |
| 过去12个月自由现金流最近4个季度 | — | $19.7B |
8季度趋势，按日历期对齐
经营现金流BABAJNJ
| Q4 25 | $5.2B | $7.3B | ||
| Q3 25 | $1.4B | $9.2B | ||
| Q2 25 | $3.8B | $3.9B | ||
| Q1 25 | — | $4.2B | ||
| Q4 24 | $9.7B | $7.0B | ||
| Q3 24 | — | $8.0B | ||
| Q2 24 | — | $5.6B | ||
| Q1 24 | — | $3.7B |
自由现金流BABAJNJ
| Q4 25 | — | $5.5B | ||
| Q3 25 | — | $8.0B | ||
| Q2 25 | — | $2.8B | ||
| Q1 25 | — | $3.4B | ||
| Q4 24 | — | $5.4B | ||
| Q3 24 | — | $7.0B | ||
| Q2 24 | — | $4.7B | ||
| Q1 24 | — | $2.9B |
自由现金流率BABAJNJ
| Q4 25 | — | 22.3% | ||
| Q3 25 | — | 33.4% | ||
| Q2 25 | — | 11.9% | ||
| Q1 25 | — | 15.4% | ||
| Q4 24 | — | 23.8% | ||
| Q3 24 | — | 31.0% | ||
| Q2 24 | — | 20.7% | ||
| Q1 24 | — | 13.3% |
资本支出强度BABAJNJ
| Q4 25 | — | 7.5% | ||
| Q3 25 | — | 4.8% | ||
| Q2 25 | — | 4.4% | ||
| Q1 25 | — | 3.6% | ||
| Q4 24 | — | 7.2% | ||
| Q3 24 | — | 4.6% | ||
| Q2 24 | — | 4.3% | ||
| Q1 24 | — | 3.8% |
现金转化率BABAJNJ
| Q4 25 | 2.31× | 1.43× | ||
| Q3 25 | 0.49× | 1.78× | ||
| Q2 25 | 2.19× | 0.70× | ||
| Q1 25 | — | 0.38× | ||
| Q4 24 | 1.43× | 2.04× | ||
| Q3 24 | — | 2.97× | ||
| Q2 24 | — | 1.20× | ||
| Q1 24 | — | 1.12× |
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% |
JNJ
| Other | $14.2B | 58% |
| Immunology | $2.5B | 10% |
| Orthopaedics | $1.5B | 6% |
| Neuroscience | $1.4B | 6% |
| Cardiovascular | $1.4B | 6% |
| Surgery | $1.1B | 4% |
| Pulmonary Hypertension | $865.0M | 4% |
| Cardiovascular Metabolism Other | $794.0M | 3% |
| Vision | $531.0M | 2% |
| Infectious Diseases | $303.0M | 1% |
