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百度（BIDU）与Smurfit Westrock（SW）财务数据对比。点击上方公司名可切换其他公司
Smurfit Westrock的季度营收约是百度的1.5倍（$7.6B vs $5.0B），百度净利率更高（6.0% vs 1.3%，领先4.7%），百度同比增速更快（14.0% vs 0.5%），过去两年Smurfit Westrock的营收复合增速更高（60.8% vs 7.5%）
百度是中国头部跨国科技企业，深耕互联网服务与人工智能赛道，在中国搜索引擎市场占据主导地位。旗下拥有百度APP、百度百科、百度贴吧等多元产品矩阵，同时运营视频平台爱奇艺，可为海量用户提供覆盖多场景的优质数字服务。
Smurfit Westrock plc是总部位于爱尔兰都柏林的企业，核心业务为生产瓦楞包装及各类纸制包装产品，公司股票同时在纽约证券交易所和伦敦证券交易所挂牌上市。
BIDU vs SW — 直观对比
营收规模更大
SW
是对方的1.5倍
$5.0B
营收增速更快
BIDU
高出13.4%
0.5%
净利率更高
BIDU
高出4.7%
1.3%
两年增速更快
SW
近两年复合增速
7.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $5.0B | $7.6B |
| 净利润 | $300.0M | $97.0M |
| 毛利率 | 41.0% | 18.2% |
| 营业利润率 | 4.1% | 5.1% |
| 净利率 | 6.0% | 1.3% |
| 营收同比 | 14.0% | 0.5% |
| 净利润同比 | -47.1% | -33.6% |
| 每股收益（稀释后） | $0.53 | $0.18 |
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BIDUSW
| Q4 25 | $5.0B | $7.6B | ||
| Q3 25 | $4.4B | $8.0B | ||
| Q2 25 | $4.6B | $7.9B | ||
| Q1 25 | $4.5B | $7.7B | ||
| Q4 24 | $4.4B | $7.5B | ||
| Q3 24 | $4.8B | $7.7B | ||
| Q2 24 | $4.7B | $3.0B | ||
| Q1 24 | $4.4B | $2.9B |
净利润BIDUSW
| Q4 25 | $300.0M | $97.0M | ||
| Q3 25 | $-1.6B | $246.0M | ||
| Q2 25 | $1.0B | $-28.0M | ||
| Q1 25 | $1.1B | $384.0M | ||
| Q4 24 | $567.0M | $146.0M | ||
| Q3 24 | $1.1B | $-150.0M | ||
| Q2 24 | $768.0M | $132.0M | ||
| Q1 24 | $811.0M | $191.0M |
毛利率BIDUSW
| Q4 25 | 41.0% | 18.2% | ||
| Q3 25 | 41.2% | 19.6% | ||
| Q2 25 | 43.9% | 19.1% | ||
| Q1 25 | 46.1% | 20.6% | ||
| Q4 24 | 49.9% | 19.1% | ||
| Q3 24 | 51.1% | 17.6% | ||
| Q2 24 | 51.7% | 23.3% | ||
| Q1 24 | 51.5% | 24.2% |
营业利润率BIDUSW
| Q4 25 | 4.1% | 5.1% | ||
| Q3 25 | -48.4% | 6.6% | ||
| Q2 25 | 10.0% | 3.2% | ||
| Q1 25 | 13.9% | 7.2% | ||
| Q4 24 | 11.1% | 5.3% | ||
| Q3 24 | 17.6% | 0.7% | ||
| Q2 24 | 17.5% | 8.2% | ||
| Q1 24 | 17.4% | 10.5% |
净利率BIDUSW
| Q4 25 | 6.0% | 1.3% | ||
| Q3 25 | -36.3% | 3.1% | ||
| Q2 25 | 22.2% | -0.4% | ||
| Q1 25 | 24.1% | 5.0% | ||
| Q4 24 | 12.8% | 1.9% | ||
| Q3 24 | 23.2% | -2.0% | ||
| Q2 24 | 16.4% | 4.4% | ||
| Q1 24 | 18.6% | 6.5% |
每股收益（稀释后）BIDUSW
| Q4 25 | $0.53 | $0.18 | ||
| Q3 25 | $-4.76 | $0.47 | ||
| Q2 25 | $2.84 | $-0.05 | ||
| Q1 25 | $2.98 | $0.73 | ||
| Q4 24 | $1.95 | $-0.12 | ||
| Q3 24 | $3.08 | $-0.30 | ||
| Q2 24 | — | $0.51 | ||
| Q1 24 | $2.07 | $0.73 |
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 | $16.5B | $892.0M |
| 总债务越低越好 | $5.9B | $13.4B |
| 股东权益账面价值 | $38.1B | $18.3B |
| 总资产 | $64.2B | $45.2B |
| 负债/权益比越低杠杆越低 | 0.16× | 0.73× |
8季度趋势，按日历期对齐
现金及短期投资BIDUSW
| Q4 25 | $16.5B | $892.0M | ||
| Q3 25 | $17.5B | $851.0M | ||
| Q2 25 | $17.3B | $778.0M | ||
| Q1 25 | $19.5B | $797.0M | ||
| Q4 24 | $17.5B | $855.0M | ||
| Q3 24 | $18.9B | — | ||
| Q2 24 | — | $26.8K | ||
| Q1 24 | — | $108 |
总债务BIDUSW
| Q4 25 | $5.9B | $13.4B | ||
| Q3 25 | $2.5B | $13.3B | ||
| Q2 25 | $2.4B | $13.3B | ||
| Q1 25 | $2.3B | $12.9B | ||
| Q4 24 | $4.9B | $12.5B | ||
| Q3 24 | $2.1B | $13.2B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益BIDUSW
| Q4 25 | $38.1B | $18.3B | ||
| Q3 25 | $38.6B | $18.4B | ||
| Q2 25 | $39.8B | $18.3B | ||
| Q1 25 | $38.6B | $17.9B | ||
| Q4 24 | $36.1B | $17.4B | ||
| Q3 24 | $38.5B | $18.0B | ||
| Q2 24 | — | $14.5K | ||
| Q1 24 | — | $108 |
总资产BIDUSW
| Q4 25 | $64.2B | $45.2B | ||
| Q3 25 | $62.4B | $45.6B | ||
| Q2 25 | $62.9B | $45.7B | ||
| Q1 25 | $62.6B | $44.6B | ||
| Q4 24 | $58.6B | $43.8B | ||
| Q3 24 | $59.5B | $45.0B | ||
| Q2 24 | — | $26.8K | ||
| Q1 24 | — | $108 |
负债/权益比BIDUSW
| Q4 25 | 0.16× | 0.73× | ||
| Q3 25 | 0.07× | 0.72× | ||
| Q2 25 | 0.06× | 0.73× | ||
| Q1 25 | 0.06× | 0.72× | ||
| Q4 24 | 0.14× | 0.72× | ||
| Q3 24 | 0.05× | 0.73× | ||
| 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 | $1.5B | $1.2B |
| 自由现金流经营现金流 - 资本支出 | — | $612.0M |
| 自由现金流率自由现金流/营收 | — | 8.1% |
| 资本支出强度资本支出/营收 | — | 7.7% |
| 现金转化率经营现金流/净利润 | 5.08× | 12.32× |
| 过去12个月自由现金流最近4个季度 | — | $1.2B |
8季度趋势，按日历期对齐
经营现金流BIDUSW
| Q4 25 | $1.5B | $1.2B | ||
| Q3 25 | — | $1.1B | ||
| Q2 25 | $-6.3B | $829.0M | ||
| Q1 25 | — | $235.0M | ||
| Q4 24 | $4.0B | $781.0M | ||
| Q3 24 | — | $320.0M | ||
| Q2 24 | $5.3B | $340.0M | ||
| Q1 24 | — | $42.0M |
自由现金流BIDUSW
| Q4 25 | — | $612.0M | ||
| Q3 25 | — | $523.0M | ||
| Q2 25 | — | $307.0M | ||
| Q1 25 | — | $-242.0M | ||
| Q4 24 | — | $212.0M | ||
| Q3 24 | — | $-192.0M | ||
| Q2 24 | — | $163.0M | ||
| Q1 24 | — | $-166.0M |
自由现金流率BIDUSW
| Q4 25 | — | 8.1% | ||
| Q3 25 | — | 6.5% | ||
| Q2 25 | — | 3.9% | ||
| Q1 25 | — | -3.2% | ||
| Q4 24 | — | 2.8% | ||
| Q3 24 | — | -2.5% | ||
| Q2 24 | — | 5.5% | ||
| Q1 24 | — | -5.7% |
资本支出强度BIDUSW
| Q4 25 | — | 7.7% | ||
| Q3 25 | — | 7.6% | ||
| Q2 25 | — | 6.6% | ||
| Q1 25 | — | 6.2% | ||
| Q4 24 | — | 7.5% | ||
| Q3 24 | — | 6.7% | ||
| Q2 24 | — | 6.0% | ||
| Q1 24 | — | 7.1% |
现金转化率BIDUSW
| Q4 25 | 5.08× | 12.32× | ||
| Q3 25 | — | 4.61× | ||
| Q2 25 | -6.26× | — | ||
| Q1 25 | — | 0.61× | ||
| Q4 24 | 7.12× | 5.35× | ||
| Q3 24 | — | — | ||
| Q2 24 | 6.88× | 2.58× | ||
| Q1 24 | — | 0.22× |
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
BIDU
| Legacy Business | $1.8B | 35% |
| Baidu Core AI-powered Business | $1.6B | 32% |
| Other | $1.3B | 26% |
| Others | $357.5M | 7% |
SW
| Packaging | $3.3B | 43% |
| Other | $3.2B | 43% |
| Paper | $1.1B | 14% |
