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阿里巴巴集团控股有限公司（BABA）与英伟达（NVDA）财务数据对比。点击上方公司名可切换其他公司
英伟达的季度营收约是阿里巴巴集团控股有限公司的1.8倍（$68.1B vs $38.8B），英伟达净利率更高（63.1% vs 5.8%，领先57.3%）
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。
英伟达是总部位于美国加利福尼亚州圣克拉拉的科技企业，1993年由黄仁勋、克里斯·马拉科夫斯基、柯蒂斯·普里姆联合创立。公司主营图形处理器（GPU）、系统级芯片（SoC）及应用程序接口（API）产品，覆盖数据科学、高性能计算、游戏、移动与车载应用等领域，是全球知名的头部科技企业之一。
BABA vs NVDA — 直观对比
营收规模更大
NVDA
是对方的1.8倍
$38.8B
净利率更高
NVDA
高出57.3%
5.8%
损益表 — Q4 FY2025 vs Q4 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $38.8B | $68.1B |
| 净利润 | $2.2B | $43.0B |
| 毛利率 | 40.2% | 75.0% |
| 营业利润率 | 6.6% | 65.0% |
| 净利率 | 5.8% | 63.1% |
| 营收同比 | — | 73.2% |
| 净利润同比 | — | 94.5% |
| 每股收益（稀释后） | $6.64 | $1.76 |
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BABANVDA
| Q1 26 | — | $68.1B | ||
| Q4 25 | $38.8B | $57.0B | ||
| Q3 25 | $34.2B | $46.7B | ||
| Q2 25 | $32.6B | $44.1B | ||
| Q1 25 | — | $39.3B | ||
| Q4 24 | $38.7B | $35.1B | ||
| Q3 24 | — | $30.0B | ||
| Q2 24 | — | $26.0B |
净利润BABANVDA
| Q1 26 | — | $43.0B | ||
| Q4 25 | $2.2B | $31.9B | ||
| Q3 25 | $2.9B | $26.4B | ||
| Q2 25 | $1.7B | $18.8B | ||
| Q1 25 | — | $22.1B | ||
| Q4 24 | $6.8B | $19.3B | ||
| Q3 24 | — | $16.6B | ||
| Q2 24 | — | $14.9B |
毛利率BABANVDA
| Q1 26 | — | 75.0% | ||
| Q4 25 | 40.2% | 73.4% | ||
| Q3 25 | 39.2% | 72.4% | ||
| Q2 25 | 38.4% | 60.5% | ||
| Q1 25 | — | 73.0% | ||
| Q4 24 | 42.0% | 74.6% | ||
| Q3 24 | — | 75.1% | ||
| Q2 24 | — | 78.4% |
营业利润率BABANVDA
| Q1 26 | — | 65.0% | ||
| Q4 25 | 6.6% | 63.2% | ||
| Q3 25 | 2.2% | 60.8% | ||
| Q2 25 | 12.0% | 49.1% | ||
| Q1 25 | — | 61.1% | ||
| Q4 24 | 14.7% | 62.3% | ||
| Q3 24 | — | 62.1% | ||
| Q2 24 | — | 64.9% |
净利率BABANVDA
| Q1 26 | — | 63.1% | ||
| Q4 25 | 5.8% | 56.0% | ||
| Q3 25 | 8.5% | 56.5% | ||
| Q2 25 | 5.3% | 42.6% | ||
| Q1 25 | — | 56.2% | ||
| Q4 24 | 17.5% | 55.0% | ||
| Q3 24 | — | 55.3% | ||
| Q2 24 | — | 57.1% |
每股收益（稀释后）BABANVDA
| Q1 26 | — | $1.76 | ||
| Q4 25 | $6.64 | $1.30 | ||
| Q3 25 | $8.72 | $1.08 | ||
| Q2 25 | $5.20 | $0.76 | ||
| Q1 25 | — | $-4.49 | ||
| Q4 24 | $20.40 | $0.78 | ||
| Q3 24 | — | $0.67 | ||
| Q2 24 | — | $5.98 |
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 | — | $8.5B |
| 股东权益账面价值 | $148.7B | $157.3B |
| 总资产 | $268.6B | $206.8B |
| 负债/权益比越低杠杆越低 | — | 0.05× |
8季度趋势，按日历期对齐
现金及短期投资BABANVDA
| Q1 26 | — | $10.6B | ||
| Q4 25 | $18.3B | $60.6B | ||
| Q3 25 | $19.0B | $56.8B | ||
| Q2 25 | $20.0B | $53.7B | ||
| Q1 25 | — | $43.2B | ||
| Q4 24 | $22.3B | $38.5B | ||
| Q3 24 | — | $34.8B | ||
| Q2 24 | — | $31.4B |
总债务BABANVDA
| Q1 26 | — | $8.5B | ||
| Q4 25 | — | $8.5B | ||
| Q3 25 | — | $8.5B | ||
| Q2 25 | — | $8.5B | ||
| Q1 25 | — | $8.5B | ||
| Q4 24 | — | $8.5B | ||
| Q3 24 | — | $8.5B | ||
| Q2 24 | — | $9.7B |
股东权益BABANVDA
| Q1 26 | — | $157.3B | ||
| Q4 25 | $148.7B | $118.9B | ||
| Q3 25 | $145.0B | $100.1B | ||
| Q2 25 | $139.2B | $83.8B | ||
| Q1 25 | — | $79.3B | ||
| Q4 24 | $137.2B | $65.9B | ||
| Q3 24 | — | $58.2B | ||
| Q2 24 | — | $49.1B |
总资产BABANVDA
| Q1 26 | — | $206.8B | ||
| Q4 25 | $268.6B | $161.1B | ||
| Q3 25 | $264.6B | $140.7B | ||
| Q2 25 | $248.6B | $125.3B | ||
| Q1 25 | — | $111.6B | ||
| Q4 24 | $254.1B | $96.0B | ||
| Q3 24 | — | $85.2B | ||
| Q2 24 | — | $77.1B |
负债/权益比BABANVDA
| Q1 26 | — | 0.05× | ||
| Q4 25 | — | 0.07× | ||
| Q3 25 | — | 0.08× | ||
| Q2 25 | — | 0.10× | ||
| Q1 25 | — | 0.11× | ||
| Q4 24 | — | 0.13× | ||
| Q3 24 | — | 0.15× | ||
| Q2 24 | — | 0.20× |
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 | — | $34.9B |
| 自由现金流率自由现金流/营收 | — | 51.2% |
| 资本支出强度资本支出/营收 | — | 1.9% |
| 现金转化率经营现金流/净利润 | 2.31× | 0.84× |
| 过去12个月自由现金流最近4个季度 | — | $96.7B |
8季度趋势，按日历期对齐
经营现金流BABANVDA
| Q1 26 | — | $36.2B | ||
| Q4 25 | $5.2B | $23.8B | ||
| Q3 25 | $1.4B | $15.4B | ||
| Q2 25 | $3.8B | $27.4B | ||
| Q1 25 | — | $16.6B | ||
| Q4 24 | $9.7B | $17.6B | ||
| Q3 24 | — | $14.5B | ||
| Q2 24 | — | $15.3B |
自由现金流BABANVDA
| Q1 26 | — | $34.9B | ||
| Q4 25 | — | $22.1B | ||
| Q3 25 | — | $13.5B | ||
| Q2 25 | — | $26.2B | ||
| Q1 25 | — | $15.6B | ||
| Q4 24 | — | $16.8B | ||
| Q3 24 | — | $13.5B | ||
| Q2 24 | — | $15.0B |
自由现金流率BABANVDA
| Q1 26 | — | 51.2% | ||
| Q4 25 | — | 38.8% | ||
| Q3 25 | — | 28.8% | ||
| Q2 25 | — | 59.4% | ||
| Q1 25 | — | 39.5% | ||
| Q4 24 | — | 47.9% | ||
| Q3 24 | — | 45.0% | ||
| Q2 24 | — | 57.5% |
资本支出强度BABANVDA
| Q1 26 | — | 1.9% | ||
| Q4 25 | — | 2.9% | ||
| Q3 25 | — | 4.1% | ||
| Q2 25 | — | 2.8% | ||
| Q1 25 | — | 2.7% | ||
| Q4 24 | — | 2.3% | ||
| Q3 24 | — | 3.3% | ||
| Q2 24 | — | 1.4% |
现金转化率BABANVDA
| Q1 26 | — | 0.84× | ||
| Q4 25 | 2.31× | 0.74× | ||
| Q3 25 | 0.49× | 0.58× | ||
| Q2 25 | 2.19× | 1.46× | ||
| Q1 25 | — | 0.75× | ||
| Q4 24 | 1.43× | 0.91× | ||
| Q3 24 | — | 0.87× | ||
| Q2 24 | — | 1.03× |
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% |
NVDA
| Compute | $51.3B | 75% |
| Networking | $11.0B | 16% |
| Gaming | $3.7B | 5% |
| Professional Visualization | $1.3B | 2% |
| Automotive | $604.0M | 1% |
| OEM And Other | $161.0M | 0% |
| Inventory Purchase Obligations In Excess Of Projections | $31.0M | 0% |
