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阿里巴巴集团控股有限公司（BABA）与Progressive Corporation（PGR）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Progressive Corporation的1.7倍（$38.8B vs $22.7B），Progressive Corporation净利率更高（13.0% vs 5.8%，领先7.2%）
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。
美国Progressive Corporation是1937年由杰克·格林与约瑟夫·M·刘易斯联合创立的保险公司，总部位于俄亥俄州梅菲尔德，是美国第二大汽车保险服务商，仅次于州立农业保险。其业务覆盖乘用车、摩托车、房车、船只、商用车等险种，同时通过合作机构提供家财险、寿险、宠物险等多元保险产品。
BABA vs PGR — 直观对比
营收规模更大
BABA
是对方的1.7倍
$22.7B
净利率更高
PGR
高出7.2%
5.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $38.8B | $22.7B |
| 净利润 | $2.2B | $3.0B |
| 毛利率 | 40.2% | — |
| 营业利润率 | 6.6% | 16.2% |
| 净利率 | 5.8% | 13.0% |
| 营收同比 | — | 12.2% |
| 净利润同比 | — | 25.3% |
| 每股收益（稀释后） | $6.64 | $5.01 |
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BABAPGR
| Q4 25 | $38.8B | $22.7B | ||
| Q3 25 | $34.2B | $22.5B | ||
| Q2 25 | $32.6B | $22.0B | ||
| Q1 25 | — | $20.4B | ||
| Q4 24 | $38.7B | $20.3B | ||
| Q3 24 | — | $19.7B | ||
| Q2 24 | — | $18.1B | ||
| Q1 24 | — | $17.2B |
净利润BABAPGR
| Q4 25 | $2.2B | $3.0B | ||
| Q3 25 | $2.9B | $2.6B | ||
| Q2 25 | $1.7B | $3.2B | ||
| Q1 25 | — | $2.6B | ||
| Q4 24 | $6.8B | $2.4B | ||
| Q3 24 | — | $2.3B | ||
| Q2 24 | — | $1.5B | ||
| Q1 24 | — | $2.3B |
毛利率BABAPGR
| 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BABAPGR
| Q4 25 | 6.6% | 16.2% | ||
| Q3 25 | 2.2% | 14.8% | ||
| Q2 25 | 12.0% | 18.1% | ||
| Q1 25 | — | 15.9% | ||
| Q4 24 | 14.7% | 14.6% | ||
| Q3 24 | — | 14.9% | ||
| Q2 24 | — | 10.3% | ||
| Q1 24 | — | 17.1% |
净利率BABAPGR
| Q4 25 | 5.8% | 13.0% | ||
| Q3 25 | 8.5% | 11.6% | ||
| Q2 25 | 5.3% | 14.4% | ||
| Q1 25 | — | 12.6% | ||
| Q4 24 | 17.5% | 11.6% | ||
| Q3 24 | — | 11.8% | ||
| Q2 24 | — | 8.0% | ||
| Q1 24 | — | 13.5% |
每股收益（稀释后）BABAPGR
| Q4 25 | $6.64 | $5.01 | ||
| Q3 25 | $8.72 | $4.45 | ||
| Q2 25 | $5.20 | $5.40 | ||
| Q1 25 | — | $4.37 | ||
| Q4 24 | $20.40 | $4.01 | ||
| Q3 24 | — | $3.97 | ||
| Q2 24 | — | $2.48 | ||
| Q1 24 | — | $3.94 |
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 | $10.0B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $148.7B | $30.3B |
| 总资产 | $268.6B | $123.0B |
| 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BABAPGR
| Q4 25 | $18.3B | $10.0B | ||
| Q3 25 | $19.0B | $1.5B | ||
| Q2 25 | $20.0B | $2.1B | ||
| Q1 25 | — | $2.6B | ||
| Q4 24 | $22.3B | $615.0M | ||
| Q3 24 | — | $757.0M | ||
| Q2 24 | — | $733.0M | ||
| Q1 24 | — | $1.3B |
股东权益BABAPGR
| Q4 25 | $148.7B | $30.3B | ||
| Q3 25 | $145.0B | $35.4B | ||
| Q2 25 | $139.2B | $32.6B | ||
| Q1 25 | — | $29.0B | ||
| Q4 24 | $137.2B | $25.6B | ||
| Q3 24 | — | $27.2B | ||
| Q2 24 | — | $23.3B | ||
| Q1 24 | — | $21.8B |
总资产BABAPGR
| Q4 25 | $268.6B | $123.0B | ||
| Q3 25 | $264.6B | $121.5B | ||
| Q2 25 | $248.6B | $115.5B | ||
| Q1 25 | — | $111.4B | ||
| Q4 24 | $254.1B | $105.7B | ||
| Q3 24 | — | $105.2B | ||
| Q2 24 | — | $97.9B | ||
| Q1 24 | — | $94.1B |
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 | $3.2B |
| 自由现金流经营现金流 - 资本支出 | — | $3.0B |
| 自由现金流率自由现金流/营收 | — | 13.4% |
| 资本支出强度资本支出/营收 | — | 0.5% |
| 现金转化率经营现金流/净利润 | 2.31× | 1.07× |
| 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BABAPGR
| Q4 25 | $5.2B | $3.2B | ||
| Q3 25 | $1.4B | $5.2B | ||
| Q2 25 | $3.8B | $4.0B | ||
| Q1 25 | — | $5.1B | ||
| Q4 24 | $9.7B | $3.0B | ||
| Q3 24 | — | $4.6B | ||
| Q2 24 | — | $3.3B | ||
| Q1 24 | — | $4.2B |
自由现金流BABAPGR
| Q4 25 | — | $3.0B | ||
| Q3 25 | — | $5.1B | ||
| Q2 25 | — | $3.9B | ||
| Q1 25 | — | $5.1B | ||
| Q4 24 | — | $2.9B | ||
| Q3 24 | — | $4.6B | ||
| Q2 24 | — | $3.2B | ||
| Q1 24 | — | $4.2B |
自由现金流率BABAPGR
| Q4 25 | — | 13.4% | ||
| Q3 25 | — | 22.8% | ||
| Q2 25 | — | 17.9% | ||
| Q1 25 | — | 24.9% | ||
| Q4 24 | — | 14.3% | ||
| Q3 24 | — | 23.1% | ||
| Q2 24 | — | 17.6% | ||
| Q1 24 | — | 24.3% |
资本支出强度BABAPGR
| Q4 25 | — | 0.5% | ||
| Q3 25 | — | 0.3% | ||
| Q2 25 | — | 0.5% | ||
| Q1 25 | — | 0.3% | ||
| Q4 24 | — | 0.5% | ||
| Q3 24 | — | 0.3% | ||
| Q2 24 | — | 0.4% | ||
| Q1 24 | — | 0.3% |
现金转化率BABAPGR
| Q4 25 | 2.31× | 1.07× | ||
| Q3 25 | 0.49× | 1.99× | ||
| Q2 25 | 2.19× | 1.27× | ||
| Q1 25 | — | 2.00× | ||
| Q4 24 | 1.43× | 1.28× | ||
| Q3 24 | — | 1.97× | ||
| Q2 24 | — | 2.24× | ||
| Q1 24 | — | 1.82× |
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% |
PGR
| Other | $11.9B | 52% |
| Commercial Lines Segment | $10.9B | 48% |
| Other Indemnity | $2.0M | 0% |
