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阿里巴巴集团控股有限公司（BABA）与威瑞森（VZ）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威瑞森的1.1倍（$38.8B vs $34.4B），威瑞森净利率更高（14.9% vs 5.8%，领先9.2%）
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。
威瑞森通信是总部位于美国纽约的电信巨头，按营收规模为全球第二大电信企业，旗下移动网络是美国最大的无线通信运营商，截至2025年6月30日，在美订阅用户总数达1.461亿。
BABA vs VZ — 直观对比
营收规模更大
BABA
是对方的1.1倍
$34.4B
净利率更高
VZ
高出9.2%
5.8%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $38.8B | $34.4B |
| 净利润 | $2.2B | $5.1B |
| 毛利率 | 40.2% | — |
| 营业利润率 | 6.6% | 23.9% |
| 净利率 | 5.8% | 14.9% |
| 营收同比 | — | 2.9% |
| 净利润同比 | — | 3.3% |
| 每股收益（稀释后） | $6.64 | — |
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BABAVZ
| Q1 26 | — | $34.4B | ||
| Q4 25 | $38.8B | $36.4B | ||
| Q3 25 | $34.2B | $33.8B | ||
| Q2 25 | $32.6B | $34.5B | ||
| Q1 25 | — | $33.5B | ||
| Q4 24 | $38.7B | $35.7B | ||
| Q3 24 | — | $33.3B | ||
| Q2 24 | — | $32.8B |
净利润BABAVZ
| Q1 26 | — | $5.1B | ||
| Q4 25 | $2.2B | $2.3B | ||
| Q3 25 | $2.9B | $5.0B | ||
| Q2 25 | $1.7B | $5.0B | ||
| Q1 25 | — | $4.9B | ||
| Q4 24 | $6.8B | $5.0B | ||
| Q3 24 | — | $3.3B | ||
| Q2 24 | — | $4.6B |
毛利率BABAVZ
| Q1 26 | — | — | ||
| Q4 25 | 40.2% | — | ||
| Q3 25 | 39.2% | — | ||
| Q2 25 | 38.4% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 42.0% | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
营业利润率BABAVZ
| Q1 26 | — | 23.9% | ||
| Q4 25 | 6.6% | 13.8% | ||
| Q3 25 | 2.2% | 24.0% | ||
| Q2 25 | 12.0% | 23.7% | ||
| Q1 25 | — | 23.8% | ||
| Q4 24 | 14.7% | 20.8% | ||
| Q3 24 | — | 17.8% | ||
| Q2 24 | — | 23.8% |
净利率BABAVZ
| Q1 26 | — | 14.9% | ||
| Q4 25 | 5.8% | 6.4% | ||
| Q3 25 | 8.5% | 14.6% | ||
| Q2 25 | 5.3% | 14.5% | ||
| Q1 25 | — | 14.6% | ||
| Q4 24 | 17.5% | 14.0% | ||
| Q3 24 | — | 9.9% | ||
| Q2 24 | — | 14.0% |
每股收益（稀释后）BABAVZ
| Q1 26 | — | — | ||
| Q4 25 | $6.64 | $0.56 | ||
| Q3 25 | $8.72 | $1.17 | ||
| Q2 25 | $5.20 | $1.18 | ||
| Q1 25 | — | $1.15 | ||
| Q4 24 | $20.40 | $1.18 | ||
| Q3 24 | — | $0.78 | ||
| Q2 24 | — | $1.09 |
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 | $8.4B |
| 总债务越低越好 | — | $144.2B |
| 股东权益账面价值 | $148.7B | $104.6B |
| 总资产 | $268.6B | $417.9B |
| 负债/权益比越低杠杆越低 | — | 1.38× |
8季度趋势，按日历期对齐
现金及短期投资BABAVZ
| Q1 26 | — | $8.4B | ||
| Q4 25 | $18.3B | $19.0B | ||
| Q3 25 | $19.0B | $7.7B | ||
| Q2 25 | $20.0B | $3.4B | ||
| Q1 25 | — | $2.3B | ||
| Q4 24 | $22.3B | $4.2B | ||
| Q3 24 | — | $5.0B | ||
| Q2 24 | — | $2.4B |
总债务BABAVZ
| Q1 26 | — | $144.2B | ||
| Q4 25 | — | $139.5B | ||
| Q3 25 | — | $126.6B | ||
| Q2 25 | — | $123.9B | ||
| Q1 25 | — | $121.0B | ||
| Q4 24 | — | $121.4B | ||
| Q3 24 | — | $128.9B | ||
| Q2 24 | — | $126.0B |
股东权益BABAVZ
| Q1 26 | — | $104.6B | ||
| Q4 25 | $148.7B | $105.7B | ||
| Q3 25 | $145.0B | $106.3B | ||
| Q2 25 | $139.2B | $104.4B | ||
| Q1 25 | — | $102.0B | ||
| Q4 24 | $137.2B | $100.6B | ||
| Q3 24 | — | $97.7B | ||
| Q2 24 | — | $97.5B |
总资产BABAVZ
| Q1 26 | — | $417.9B | ||
| Q4 25 | $268.6B | $404.3B | ||
| Q3 25 | $264.6B | $388.3B | ||
| Q2 25 | $248.6B | $383.3B | ||
| Q1 25 | — | $380.4B | ||
| Q4 24 | $254.1B | $384.7B | ||
| Q3 24 | — | $381.2B | ||
| Q2 24 | — | $379.1B |
负债/权益比BABAVZ
| Q1 26 | — | 1.38× | ||
| Q4 25 | — | 1.32× | ||
| Q3 25 | — | 1.19× | ||
| Q2 25 | — | 1.19× | ||
| Q1 25 | — | 1.19× | ||
| Q4 24 | — | 1.21× | ||
| Q3 24 | — | 1.32× | ||
| Q2 24 | — | 1.29× |
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 | $8.0B |
| 自由现金流经营现金流 - 资本支出 | — | $3.8B |
| 自由现金流率自由现金流/营收 | — | 11.0% |
| 资本支出强度资本支出/营收 | — | 12.2% |
| 现金转化率经营现金流/净利润 | 2.31× | 1.55× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流BABAVZ
| Q1 26 | — | $8.0B | ||
| Q4 25 | $5.2B | $9.1B | ||
| Q3 25 | $1.4B | $11.3B | ||
| Q2 25 | $3.8B | $9.0B | ||
| Q1 25 | — | $7.8B | ||
| Q4 24 | $9.7B | $10.4B | ||
| Q3 24 | — | $9.9B | ||
| Q2 24 | — | $9.5B |
自由现金流BABAVZ
| Q1 26 | — | $3.8B | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
自由现金流率BABAVZ
| Q1 26 | — | 11.0% | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
资本支出强度BABAVZ
| Q1 26 | — | 12.2% | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
现金转化率BABAVZ
| Q1 26 | — | 1.55× | ||
| Q4 25 | 2.31× | 3.89× | ||
| Q3 25 | 0.49× | 2.28× | ||
| Q2 25 | 2.19× | 1.79× | ||
| Q1 25 | — | 1.59× | ||
| Q4 24 | 1.43× | 2.08× | ||
| Q3 24 | — | 3.00× | ||
| Q2 24 | — | 2.07× |
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% |
VZ
| Service revenues and other | $28.8B | 84% |
| Wireless equipment revenues | $5.7B | 16% |
