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阿里巴巴集团控股有限公司（BABA）与万事达卡（MA）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万事达卡的4.4倍（$38.8B vs $8.8B）。万事达卡净利率更高（46.1% vs 5.8%，领先40.4%）
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。
万事达卡是总部位于美国纽约帕切斯的跨国支付卡服务企业，核心业务为处理商户收单银行与持卡人发卡机构之间的支付交易，同时提供旗下品牌借记卡、信用卡、预付卡及相关配套支付服务，服务网络覆盖全球，于2006年公开上市。
BABA vs MA — 直观对比
营收规模更大
BABA
是对方的4.4倍
$8.8B
净利率更高
MA
高出40.4%
5.8%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $38.8B | $8.8B |
| 净利润 | $2.2B | $4.1B |
| 毛利率 | 40.2% | — |
| 营业利润率 | 6.6% | 55.8% |
| 净利率 | 5.8% | 46.1% |
| 营收同比 | — | 17.6% |
| 净利润同比 | — | 21.5% |
| 每股收益（稀释后） | $6.64 | $4.52 |
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BABAMA
| Q4 25 | $38.8B | $8.8B | ||
| Q3 25 | $34.2B | $8.6B | ||
| Q2 25 | $32.6B | $8.1B | ||
| Q1 25 | — | $7.3B | ||
| Q4 24 | $38.7B | $7.5B | ||
| Q3 24 | — | $7.4B | ||
| Q2 24 | — | $7.0B | ||
| Q1 24 | — | $6.3B |
净利润BABAMA
| Q4 25 | $2.2B | $4.1B | ||
| Q3 25 | $2.9B | $3.9B | ||
| Q2 25 | $1.7B | $3.7B | ||
| Q1 25 | — | $3.3B | ||
| Q4 24 | $6.8B | $3.3B | ||
| Q3 24 | — | $3.3B | ||
| Q2 24 | — | $3.3B | ||
| Q1 24 | — | $3.0B |
毛利率BABAMA
| 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BABAMA
| Q4 25 | 6.6% | 55.8% | ||
| Q3 25 | 2.2% | 58.8% | ||
| Q2 25 | 12.0% | 58.7% | ||
| Q1 25 | — | 57.2% | ||
| Q4 24 | 14.7% | 52.6% | ||
| Q3 24 | — | 54.3% | ||
| Q2 24 | — | 58.0% | ||
| Q1 24 | — | 56.8% |
净利率BABAMA
| Q4 25 | 5.8% | 46.1% | ||
| Q3 25 | 8.5% | 45.7% | ||
| Q2 25 | 5.3% | 45.5% | ||
| Q1 25 | — | 45.2% | ||
| Q4 24 | 17.5% | 44.6% | ||
| Q3 24 | — | 44.3% | ||
| Q2 24 | — | 46.8% | ||
| Q1 24 | — | 47.4% |
每股收益（稀释后）BABAMA
| Q4 25 | $6.64 | $4.52 | ||
| Q3 25 | $8.72 | $4.34 | ||
| Q2 25 | $5.20 | $4.07 | ||
| Q1 25 | — | $3.59 | ||
| Q4 24 | $20.40 | $3.64 | ||
| Q3 24 | — | $3.53 | ||
| Q2 24 | — | $3.50 | ||
| Q1 24 | — | $3.22 |
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 | $10.6B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $148.7B | $7.7B |
| 总资产 | $268.6B | $54.2B |
| 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BABAMA
| Q4 25 | $18.3B | $10.6B | ||
| Q3 25 | $19.0B | $10.3B | ||
| Q2 25 | $20.0B | $9.0B | ||
| Q1 25 | — | $7.6B | ||
| Q4 24 | $22.3B | $8.4B | ||
| Q3 24 | — | $11.1B | ||
| Q2 24 | — | $7.0B | ||
| Q1 24 | — | $7.3B |
股东权益BABAMA
| Q4 25 | $148.7B | $7.7B | ||
| Q3 25 | $145.0B | $7.9B | ||
| Q2 25 | $139.2B | $7.9B | ||
| Q1 25 | — | $6.7B | ||
| Q4 24 | $137.2B | $6.5B | ||
| Q3 24 | — | $7.4B | ||
| Q2 24 | — | $7.4B | ||
| Q1 24 | — | $7.2B |
总资产BABAMA
| Q4 25 | $268.6B | $54.2B | ||
| Q3 25 | $264.6B | $53.3B | ||
| Q2 25 | $248.6B | $51.4B | ||
| Q1 25 | — | $48.5B | ||
| Q4 24 | $254.1B | $48.1B | ||
| Q3 24 | — | $47.2B | ||
| Q2 24 | — | $42.3B | ||
| Q1 24 | — | $42.6B |
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 | $5.2B | $5.0B |
| 自由现金流经营现金流 - 资本支出 | — | $4.9B |
| 自由现金流率自由现金流/营收 | — | 55.5% |
| 资本支出强度资本支出/营收 | — | 1.3% |
| 现金转化率经营现金流/净利润 | 2.31× | 1.23× |
| 过去12个月自由现金流最近4个季度 | — | $17.2B |
8季度趋势，按日历期对齐
经营现金流BABAMA
| Q4 25 | $5.2B | $5.0B | ||
| Q3 25 | $1.4B | $5.7B | ||
| Q2 25 | $3.8B | $4.6B | ||
| Q1 25 | — | $2.4B | ||
| Q4 24 | $9.7B | $4.8B | ||
| Q3 24 | — | $5.1B | ||
| Q2 24 | — | $3.1B | ||
| Q1 24 | — | $1.7B |
自由现金流BABAMA
| Q4 25 | — | $4.9B | ||
| Q3 25 | — | $5.5B | ||
| Q2 25 | — | $4.6B | ||
| Q1 25 | — | $2.2B | ||
| Q4 24 | — | $4.7B | ||
| Q3 24 | — | $5.0B | ||
| Q2 24 | — | $3.0B | ||
| Q1 24 | — | $1.5B |
自由现金流率BABAMA
| Q4 25 | — | 55.5% | ||
| Q3 25 | — | 63.8% | ||
| Q2 25 | — | 56.1% | ||
| Q1 25 | — | 30.6% | ||
| Q4 24 | — | 63.3% | ||
| Q3 24 | — | 68.2% | ||
| Q2 24 | — | 43.4% | ||
| Q1 24 | — | 23.9% |
资本支出强度BABAMA
| Q4 25 | — | 1.3% | ||
| Q3 25 | — | 2.1% | ||
| Q2 25 | — | 0.5% | ||
| Q1 25 | — | 2.2% | ||
| Q4 24 | — | 1.3% | ||
| Q3 24 | — | 1.5% | ||
| Q2 24 | — | 1.7% | ||
| Q1 24 | — | 2.5% |
现金转化率BABAMA
| Q4 25 | 2.31× | 1.23× | ||
| Q3 25 | 0.49× | 1.44× | ||
| Q2 25 | 2.19× | 1.24× | ||
| Q1 25 | — | 0.73× | ||
| Q4 24 | 1.43× | 1.45× | ||
| Q3 24 | — | 1.57× | ||
| Q2 24 | — | 0.96× | ||
| Q1 24 | — | 0.56× |
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% |
MA
| Payment Network | $4.9B | 56% |
| Value Added Services And Solutions | $3.9B | 44% |
