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阿里巴巴集团控股有限公司（BABA）与塔吉特（TGT）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塔吉特的1.5倍（$38.8B vs $25.3B），阿里巴巴集团控股有限公司净利率更高（5.8% vs 2.7%，领先3.0%）
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。
塔吉特公司是总部位于美国明尼苏达州明尼阿波利斯的大型零售集团，为美国第八大零售商，也是标普500指数成分股，在全美运营大量实体零售门店，主营日常消费品等品类，拥有庞大的消费客群与较高的市场知名度。
BABA vs TGT — 直观对比
营收规模更大
BABA
是对方的1.5倍
$25.3B
净利率更高
BABA
高出3.0%
2.7%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $38.8B | $25.3B |
| 净利润 | $2.2B | $689.0M |
| 毛利率 | 40.2% | 28.2% |
| 营业利润率 | 6.6% | 3.8% |
| 净利率 | 5.8% | 2.7% |
| 营收同比 | — | -1.6% |
| 净利润同比 | — | -19.3% |
| 每股收益（稀释后） | $6.64 | $1.51 |
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BABATGT
| Q4 25 | $38.8B | $25.3B | ||
| Q3 25 | $34.2B | $25.2B | ||
| Q2 25 | $32.6B | $23.8B | ||
| Q1 25 | — | $30.9B | ||
| Q4 24 | $38.7B | $25.7B | ||
| Q3 24 | — | $25.5B | ||
| Q2 24 | — | $24.5B | ||
| Q1 24 | — | $31.9B |
净利润BABATGT
| Q4 25 | $2.2B | $689.0M | ||
| Q3 25 | $2.9B | $935.0M | ||
| Q2 25 | $1.7B | $1.0B | ||
| Q1 25 | — | $1.1B | ||
| Q4 24 | $6.8B | $854.0M | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | $942.0M | ||
| Q1 24 | — | $1.4B |
毛利率BABATGT
| Q4 25 | 40.2% | 28.2% | ||
| Q3 25 | 39.2% | 29.0% | ||
| Q2 25 | 38.4% | 28.2% | ||
| Q1 25 | — | 26.0% | ||
| Q4 24 | 42.0% | 28.4% | ||
| Q3 24 | — | 30.1% | ||
| Q2 24 | — | 28.9% | ||
| Q1 24 | — | 26.7% |
营业利润率BABATGT
| Q4 25 | 6.6% | 3.8% | ||
| Q3 25 | 2.2% | 5.2% | ||
| Q2 25 | 12.0% | 6.2% | ||
| Q1 25 | — | 4.7% | ||
| Q4 24 | 14.7% | 4.6% | ||
| Q3 24 | — | 6.4% | ||
| Q2 24 | — | 5.3% | ||
| Q1 24 | — | 5.8% |
净利率BABATGT
| Q4 25 | 5.8% | 2.7% | ||
| Q3 25 | 8.5% | 3.7% | ||
| Q2 25 | 5.3% | 4.3% | ||
| Q1 25 | — | 3.6% | ||
| Q4 24 | 17.5% | 3.3% | ||
| Q3 24 | — | 4.7% | ||
| Q2 24 | — | 3.8% | ||
| Q1 24 | — | 4.3% |
每股收益（稀释后）BABATGT
| Q4 25 | $6.64 | $1.51 | ||
| Q3 25 | $8.72 | $2.05 | ||
| Q2 25 | $5.20 | $2.27 | ||
| Q1 25 | — | $2.41 | ||
| Q4 24 | $20.40 | $1.85 | ||
| Q3 24 | — | $2.57 | ||
| Q2 24 | — | $2.03 | ||
| Q1 24 | — | $2.99 |
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 | $3.8B |
| 总债务越低越好 | — | $15.4B |
| 股东权益账面价值 | $148.7B | $15.5B |
| 总资产 | $268.6B | $60.0B |
| 负债/权益比越低杠杆越低 | — | 0.99× |
8季度趋势，按日历期对齐
现金及短期投资BABATGT
| Q4 25 | $18.3B | $3.8B | ||
| Q3 25 | $19.0B | $4.3B | ||
| Q2 25 | $20.0B | $2.9B | ||
| Q1 25 | — | $8.7B | ||
| Q4 24 | $22.3B | $3.4B | ||
| Q3 24 | — | $3.5B | ||
| Q2 24 | — | $3.6B | ||
| Q1 24 | — | $6.7B |
总债务BABATGT
| Q4 25 | — | $15.4B | ||
| Q3 25 | — | $15.3B | ||
| Q2 25 | — | $14.3B | ||
| Q1 25 | — | $14.3B | ||
| Q4 24 | — | $14.3B | ||
| Q3 24 | — | $13.7B | ||
| Q2 24 | — | $13.5B | ||
| Q1 24 | — | $14.9B |
股东权益BABATGT
| Q4 25 | $148.7B | $15.5B | ||
| Q3 25 | $145.0B | $15.4B | ||
| Q2 25 | $139.2B | $14.9B | ||
| Q1 25 | — | $14.7B | ||
| Q4 24 | $137.2B | $14.5B | ||
| Q3 24 | — | $14.4B | ||
| Q2 24 | — | $13.8B | ||
| Q1 24 | — | $13.4B |
总资产BABATGT
| Q4 25 | $268.6B | $60.0B | ||
| Q3 25 | $264.6B | $57.9B | ||
| Q2 25 | $248.6B | $56.2B | ||
| Q1 25 | — | $57.8B | ||
| Q4 24 | $254.1B | $58.5B | ||
| Q3 24 | — | $56.0B | ||
| Q2 24 | — | $55.1B | ||
| Q1 24 | — | $55.4B |
负债/权益比BABATGT
| Q4 25 | — | 0.99× | ||
| Q3 25 | — | 0.99× | ||
| Q2 25 | — | 0.96× | ||
| Q1 25 | — | 0.98× | ||
| Q4 24 | — | 0.99× | ||
| Q3 24 | — | 0.95× | ||
| Q2 24 | — | 0.97× | ||
| Q1 24 | — | 1.11× |
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 | $1.1B |
| 自由现金流经营现金流 - 资本支出 | — | $149.0M |
| 自由现金流率自由现金流/营收 | — | 0.6% |
| 资本支出强度资本支出/营收 | — | 3.9% |
| 现金转化率经营现金流/净利润 | 2.31× | 1.64× |
| 过去12个月自由现金流最近4个季度 | — | $3.0B |
8季度趋势，按日历期对齐
经营现金流BABATGT
| Q4 25 | $5.2B | $1.1B | ||
| Q3 25 | $1.4B | $2.1B | ||
| Q2 25 | $3.8B | $275.0M | ||
| Q1 25 | — | $3.3B | ||
| Q4 24 | $9.7B | $739.0M | ||
| Q3 24 | — | $2.2B | ||
| Q2 24 | — | $1.1B | ||
| Q1 24 | — | $3.3B |
自由现金流BABATGT
| Q4 25 | — | $149.0M | ||
| Q3 25 | — | $1.0B | ||
| Q2 25 | — | $-515.0M | ||
| Q1 25 | — | $2.4B | ||
| Q4 24 | — | $84.0M | ||
| Q3 24 | — | $1.6B | ||
| Q2 24 | — | $427.0M | ||
| Q1 24 | — | $2.4B |
自由现金流率BABATGT
| Q4 25 | — | 0.6% | ||
| Q3 25 | — | 4.0% | ||
| Q2 25 | — | -2.2% | ||
| Q1 25 | — | 7.7% | ||
| Q4 24 | — | 0.3% | ||
| Q3 24 | — | 6.3% | ||
| Q2 24 | — | 1.7% | ||
| Q1 24 | — | 7.6% |
资本支出强度BABATGT
| Q4 25 | — | 3.9% | ||
| Q3 25 | — | 4.3% | ||
| Q2 25 | — | 3.3% | ||
| Q1 25 | — | 3.0% | ||
| Q4 24 | — | 2.6% | ||
| Q3 24 | — | 2.5% | ||
| Q2 24 | — | 2.7% | ||
| Q1 24 | — | 2.7% |
现金转化率BABATGT
| Q4 25 | 2.31× | 1.64× | ||
| Q3 25 | 0.49× | 2.23× | ||
| Q2 25 | 2.19× | 0.27× | ||
| Q1 25 | — | 2.98× | ||
| Q4 24 | 1.43× | 0.87× | ||
| Q3 24 | — | 1.88× | ||
| Q2 24 | — | 1.17× | ||
| Q1 24 | — | 2.38× |
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% |
TGT
| Food And Beverage | $6.0B | 24% |
| Household Essentials | $4.5B | 18% |
| Home Furnishings And Decor | $3.9B | 15% |
| Apparel And Accessories | $3.8B | 15% |
| Beauty | $3.2B | 13% |
| Hardlines | $3.2B | 13% |
| Advertising Revenue | $241.0M | 1% |
| Other Other Revenue | $158.0M | 1% |
| Credit Card Profit Sharing | $119.0M | 0% |
| Other Product | $34.0M | 0% |
