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阿里巴巴集团控股有限公司（BABA）与Meta Platforms（META）财务数据对比。点击上方公司名可切换其他公司
Meta Platforms的季度营收约是阿里巴巴集团控股有限公司的1.5倍（$59.9B vs $38.8B），Meta Platforms净利率更高（38.0% vs 5.8%，领先32.3%）
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。
Meta Platforms是总部位于美国加利福尼亚州门洛帕克的跨国科技巨头，属于全球头部科技企业阵营。旗下运营Facebook、Instagram、WhatsApp、Messenger、Threads等多款知名社交媒体及通讯服务，同时开展自有及第三方站点广告业务，2023年广告收入占其总营收的97.8%。
BABA vs META — 直观对比
营收规模更大
META
是对方的1.5倍
$38.8B
净利率更高
META
高出32.3%
5.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $38.8B | $59.9B |
| 净利润 | $2.2B | $22.8B |
| 毛利率 | 40.2% | 81.8% |
| 营业利润率 | 6.6% | 41.3% |
| 净利率 | 5.8% | 38.0% |
| 营收同比 | — | 23.8% |
| 净利润同比 | — | 9.3% |
| 每股收益（稀释后） | $6.64 | $8.87 |
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BABAMETA
| Q4 25 | $38.8B | $59.9B | ||
| Q3 25 | $34.2B | $51.2B | ||
| Q2 25 | $32.6B | $47.5B | ||
| Q1 25 | — | $42.3B | ||
| Q4 24 | $38.7B | $48.4B | ||
| Q3 24 | — | $40.6B | ||
| Q2 24 | — | $39.1B | ||
| Q1 24 | — | $36.5B |
净利润BABAMETA
| Q4 25 | $2.2B | $22.8B | ||
| Q3 25 | $2.9B | $2.7B | ||
| Q2 25 | $1.7B | $18.3B | ||
| Q1 25 | — | $16.6B | ||
| Q4 24 | $6.8B | $20.8B | ||
| Q3 24 | — | $15.7B | ||
| Q2 24 | — | $13.5B | ||
| Q1 24 | — | $12.4B |
毛利率BABAMETA
| Q4 25 | 40.2% | 81.8% | ||
| Q3 25 | 39.2% | 82.0% | ||
| Q2 25 | 38.4% | 82.1% | ||
| Q1 25 | — | 82.1% | ||
| Q4 24 | 42.0% | 81.7% | ||
| Q3 24 | — | 81.8% | ||
| Q2 24 | — | 81.3% | ||
| Q1 24 | — | 81.8% |
营业利润率BABAMETA
| Q4 25 | 6.6% | 41.3% | ||
| Q3 25 | 2.2% | 40.1% | ||
| Q2 25 | 12.0% | 43.0% | ||
| Q1 25 | — | 41.5% | ||
| Q4 24 | 14.7% | 48.3% | ||
| Q3 24 | — | 42.7% | ||
| Q2 24 | — | 38.0% | ||
| Q1 24 | — | 37.9% |
净利率BABAMETA
| Q4 25 | 5.8% | 38.0% | ||
| Q3 25 | 8.5% | 5.3% | ||
| Q2 25 | 5.3% | 38.6% | ||
| Q1 25 | — | 39.3% | ||
| Q4 24 | 17.5% | 43.1% | ||
| Q3 24 | — | 38.7% | ||
| Q2 24 | — | 34.5% | ||
| Q1 24 | — | 33.9% |
每股收益（稀释后）BABAMETA
| Q4 25 | $6.64 | $8.87 | ||
| Q3 25 | $8.72 | $1.05 | ||
| Q2 25 | $5.20 | $7.14 | ||
| Q1 25 | — | $6.43 | ||
| Q4 24 | $20.40 | $7.96 | ||
| Q3 24 | — | $6.03 | ||
| Q2 24 | — | $5.16 | ||
| Q1 24 | — | $4.71 |
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 | $81.6B |
| 总债务越低越好 | — | $58.7B |
| 股东权益账面价值 | $148.7B | $217.2B |
| 总资产 | $268.6B | $366.0B |
| 负债/权益比越低杠杆越低 | — | 0.27× |
8季度趋势，按日历期对齐
现金及短期投资BABAMETA
| Q4 25 | $18.3B | $81.6B | ||
| Q3 25 | $19.0B | $44.4B | ||
| Q2 25 | $20.0B | $47.1B | ||
| Q1 25 | — | $70.2B | ||
| Q4 24 | $22.3B | $77.8B | ||
| Q3 24 | — | $70.9B | ||
| Q2 24 | — | $58.1B | ||
| Q1 24 | — | $58.1B |
总债务BABAMETA
| Q4 25 | — | $58.7B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $28.8B | ||
| Q3 24 | — | $28.8B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益BABAMETA
| Q4 25 | $148.7B | $217.2B | ||
| Q3 25 | $145.0B | $194.1B | ||
| Q2 25 | $139.2B | $195.1B | ||
| Q1 25 | — | $185.0B | ||
| Q4 24 | $137.2B | $182.6B | ||
| Q3 24 | — | $164.5B | ||
| Q2 24 | — | $156.8B | ||
| Q1 24 | — | $149.5B |
总资产BABAMETA
| Q4 25 | $268.6B | $366.0B | ||
| Q3 25 | $264.6B | $303.8B | ||
| Q2 25 | $248.6B | $294.7B | ||
| Q1 25 | — | $280.2B | ||
| Q4 24 | $254.1B | $276.1B | ||
| Q3 24 | — | $256.4B | ||
| Q2 24 | — | $230.2B | ||
| Q1 24 | — | $222.8B |
负债/权益比BABAMETA
| Q4 25 | — | 0.27× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.16× | ||
| Q3 24 | — | 0.18× | ||
| 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 | $36.2B |
| 自由现金流经营现金流 - 资本支出 | — | $14.8B |
| 自由现金流率自由现金流/营收 | — | 24.8% |
| 资本支出强度资本支出/营收 | — | 35.7% |
| 现金转化率经营现金流/净利润 | 2.31× | 1.59× |
| 过去12个月自由现金流最近4个季度 | — | $46.1B |
8季度趋势，按日历期对齐
经营现金流BABAMETA
| Q4 25 | $5.2B | $36.2B | ||
| Q3 25 | $1.4B | $30.0B | ||
| Q2 25 | $3.8B | $25.6B | ||
| Q1 25 | — | $24.0B | ||
| Q4 24 | $9.7B | $28.0B | ||
| Q3 24 | — | $24.7B | ||
| Q2 24 | — | $19.4B | ||
| Q1 24 | — | $19.2B |
自由现金流BABAMETA
| Q4 25 | — | $14.8B | ||
| Q3 25 | — | $11.2B | ||
| Q2 25 | — | $9.0B | ||
| Q1 25 | — | $11.1B | ||
| Q4 24 | — | $13.6B | ||
| Q3 24 | — | $16.5B | ||
| Q2 24 | — | $11.2B | ||
| Q1 24 | — | $12.8B |
自由现金流率BABAMETA
| Q4 25 | — | 24.8% | ||
| Q3 25 | — | 21.8% | ||
| Q2 25 | — | 19.0% | ||
| Q1 25 | — | 26.2% | ||
| Q4 24 | — | 28.0% | ||
| Q3 24 | — | 40.6% | ||
| Q2 24 | — | 28.7% | ||
| Q1 24 | — | 35.2% |
资本支出强度BABAMETA
| Q4 25 | — | 35.7% | ||
| Q3 25 | — | 36.7% | ||
| Q2 25 | — | 34.8% | ||
| Q1 25 | — | 30.6% | ||
| Q4 24 | — | 29.8% | ||
| Q3 24 | — | 20.3% | ||
| Q2 24 | — | 20.9% | ||
| Q1 24 | — | 17.6% |
现金转化率BABAMETA
| Q4 25 | 2.31× | 1.59× | ||
| Q3 25 | 0.49× | 11.07× | ||
| Q2 25 | 2.19× | 1.39× | ||
| Q1 25 | — | 1.44× | ||
| Q4 24 | 1.43× | 1.34× | ||
| Q3 24 | — | 1.58× | ||
| Q2 24 | — | 1.44× | ||
| Q1 24 | — | 1.56× |
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% |
META
| Advertising | $58.1B | 97% |
| Reality Labs | $955.0M | 2% |
| Service Other | $801.0M | 1% |
