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百时美施贵宝（BMY）与拼多多（PDD）财务数据对比。点击上方公司名可切换其他公司
拼多多的季度营收约是百时美施贵宝的1.2倍（$15.2B vs $12.5B），拼多多净利率更高（27.1% vs 8.7%，领先18.4%），过去两年拼多多的营收复合增速更高（74.6% vs 2.6%）
百时美施贵宝是总部位于美国新泽西州普林斯顿的跨国制药企业，核心产品覆盖多个治疗领域：包括用于心房颤动治疗的艾乐妥（阿哌沙班）、抗癌药物欧狄沃（纳武利尤单抗）、治疗多发性骨髓瘤的瑞复美（来那度胺），以及用于类风湿性关节炎等自身免疫疾病的恩瑞舒（阿巴西普）。
PDD控股是总部位于爱尔兰的跨国企业，旗下拥有中国头部线上零售平台拼多多和跨境电商平台Temu。拼多多主打农业供应链数字化升级，助力农产品直接对接广大消费者需求。
BMY vs PDD — 直观对比
营收规模更大
PDD
是对方的1.2倍
$12.5B
净利率更高
PDD
高出18.4%
8.7%
两年增速更快
PDD
近两年复合增速
2.6%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $12.5B | $15.2B |
| 净利润 | $1.1B | $4.1B |
| 毛利率 | 67.2% | 56.7% |
| 营业利润率 | 11.8% | 23.1% |
| 净利率 | 8.7% | 27.1% |
| 营收同比 | 1.3% | — |
| 净利润同比 | 1409.7% | — |
| 每股收益（稀释后） | $0.54 | — |
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BMYPDD
| Q4 25 | $12.5B | — | ||
| Q3 25 | $12.2B | $15.2B | ||
| Q2 25 | $12.3B | $14.5B | ||
| Q1 25 | $11.2B | — | ||
| Q4 24 | $12.3B | — | ||
| Q3 24 | $11.9B | $14.2B | ||
| Q2 24 | $12.2B | — | ||
| Q1 24 | $11.9B | $12.0B |
净利润BMYPDD
| Q4 25 | $1.1B | — | ||
| Q3 25 | $2.2B | $4.1B | ||
| Q2 25 | $1.3B | $4.3B | ||
| Q1 25 | $2.5B | — | ||
| Q4 24 | $72.0M | — | ||
| Q3 24 | $1.2B | $3.6B | ||
| Q2 24 | $1.7B | — | ||
| Q1 24 | $-11.9B | $3.9B |
毛利率BMYPDD
| Q4 25 | 67.2% | — | ||
| Q3 25 | 71.9% | 56.7% | ||
| Q2 25 | 72.5% | 55.9% | ||
| Q1 25 | 72.9% | — | ||
| Q4 24 | 61.0% | — | ||
| Q3 24 | 75.1% | 60.0% | ||
| Q2 24 | 73.2% | — | ||
| Q1 24 | 75.3% | 62.3% |
营业利润率BMYPDD
| Q4 25 | 11.8% | — | ||
| Q3 25 | 25.5% | 23.1% | ||
| Q2 25 | 14.5% | 24.8% | ||
| Q1 25 | 26.5% | — | ||
| Q4 24 | 1.4% | — | ||
| Q3 24 | 14.1% | 24.5% | ||
| Q2 24 | 10.5% | — | ||
| Q1 24 | -97.1% | 29.9% |
净利率BMYPDD
| Q4 25 | 8.7% | — | ||
| Q3 25 | 18.0% | 27.1% | ||
| Q2 25 | 10.7% | 29.6% | ||
| Q1 25 | 21.9% | — | ||
| Q4 24 | 0.6% | — | ||
| Q3 24 | 10.2% | 25.1% | ||
| Q2 24 | 13.8% | — | ||
| Q1 24 | -100.4% | 32.3% |
每股收益（稀释后）BMYPDD
| Q4 25 | $0.54 | — | ||
| Q3 25 | $1.08 | — | ||
| Q2 25 | $0.64 | — | ||
| Q1 25 | $1.20 | — | ||
| Q4 24 | $0.05 | — | ||
| Q3 24 | $0.60 | — | ||
| Q2 24 | $0.83 | — | ||
| Q1 24 | $-5.89 | — |
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 | $10.2B | $13.0B |
| 总债务越低越好 | $44.8B | — |
| 股东权益账面价值 | $18.5B | $55.0B |
| 总资产 | $90.0B | $86.2B |
| 负债/权益比越低杠杆越低 | 2.43× | — |
8季度趋势，按日历期对齐
现金及短期投资BMYPDD
| Q4 25 | $10.2B | — | ||
| Q3 25 | $15.7B | $13.0B | ||
| Q2 25 | $12.6B | $8.8B | ||
| Q1 25 | $10.9B | — | ||
| Q4 24 | $10.3B | — | ||
| Q3 24 | $7.9B | $9.3B | ||
| Q2 24 | $6.3B | — | ||
| Q1 24 | $9.3B | $7.7B |
总债务BMYPDD
| Q4 25 | $44.8B | — | ||
| Q3 25 | $48.7B | — | ||
| Q2 25 | $48.9B | — | ||
| Q1 25 | $49.5B | — | ||
| Q4 24 | $49.4B | — | ||
| Q3 24 | $49.5B | — | ||
| Q2 24 | $52.0B | — | ||
| Q1 24 | $52.4B | — |
股东权益BMYPDD
| Q4 25 | $18.5B | — | ||
| Q3 25 | $18.6B | $55.0B | ||
| Q2 25 | $17.4B | $50.5B | ||
| Q1 25 | $17.4B | — | ||
| Q4 24 | $16.3B | — | ||
| Q3 24 | $17.1B | $39.7B | ||
| Q2 24 | $17.0B | — | ||
| Q1 24 | $16.5B | $30.3B |
总资产BMYPDD
| Q4 25 | $90.0B | — | ||
| Q3 25 | $96.9B | $86.2B | ||
| Q2 25 | $94.7B | $79.2B | ||
| Q1 25 | $92.4B | — | ||
| Q4 24 | $92.6B | — | ||
| Q3 24 | $93.7B | $66.5B | ||
| Q2 24 | $94.6B | — | ||
| Q1 24 | $99.0B | $52.3B |
负债/权益比BMYPDD
| Q4 25 | 2.43× | — | ||
| Q3 25 | 2.63× | — | ||
| Q2 25 | 2.81× | — | ||
| Q1 25 | 2.85× | — | ||
| Q4 24 | 3.03× | — | ||
| Q3 24 | 2.89× | — | ||
| Q2 24 | 3.05× | — | ||
| Q1 24 | 3.18× | — |
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 | $2.0B | $6.4B |
| 自由现金流经营现金流 - 资本支出 | $1.6B | — |
| 自由现金流率自由现金流/营收 | 12.8% | — |
| 资本支出强度资本支出/营收 | 3.0% | — |
| 现金转化率经营现金流/净利润 | 1.82× | 1.56× |
| 过去12个月自由现金流最近4个季度 | $12.8B | — |
8季度趋势，按日历期对齐
经营现金流BMYPDD
| Q4 25 | $2.0B | — | ||
| Q3 25 | $6.3B | $6.4B | ||
| Q2 25 | $3.9B | $3.0B | ||
| Q1 25 | $2.0B | — | ||
| Q4 24 | $4.4B | — | ||
| Q3 24 | $5.6B | $3.9B | ||
| Q2 24 | $2.3B | — | ||
| Q1 24 | $2.8B | $2.9B |
自由现金流BMYPDD
| Q4 25 | $1.6B | — | ||
| Q3 25 | $6.0B | — | ||
| Q2 25 | $3.6B | — | ||
| Q1 25 | $1.7B | — | ||
| Q4 24 | $4.1B | — | ||
| Q3 24 | $5.3B | — | ||
| Q2 24 | $2.1B | — | ||
| Q1 24 | $2.5B | — |
自由现金流率BMYPDD
| Q4 25 | 12.8% | — | ||
| Q3 25 | 49.0% | — | ||
| Q2 25 | 29.0% | — | ||
| Q1 25 | 15.1% | — | ||
| Q4 24 | 32.9% | — | ||
| Q3 24 | 44.3% | — | ||
| Q2 24 | 16.9% | — | ||
| Q1 24 | 21.5% | — |
资本支出强度BMYPDD
| Q4 25 | 3.0% | — | ||
| Q3 25 | 2.6% | — | ||
| Q2 25 | 2.9% | — | ||
| Q1 25 | 2.3% | — | ||
| Q4 24 | 3.1% | — | ||
| Q3 24 | 2.7% | — | ||
| Q2 24 | 2.1% | — | ||
| Q1 24 | 2.4% | — |
现金转化率BMYPDD
| Q4 25 | 1.82× | — | ||
| Q3 25 | 2.87× | 1.56× | ||
| Q2 25 | 2.99× | 0.70× | ||
| Q1 25 | 0.80× | — | ||
| Q4 24 | 61.65× | — | ||
| Q3 24 | 4.62× | 1.10× | ||
| Q2 24 | 1.38× | — | ||
| Q1 24 | — | 0.75× |
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
BMY
| Net Product Sales | $12.1B | 97% |
| Zeposia | $159.0M | 1% |
| Opdivo Ovantig | $132.0M | 1% |
| Abecma | $100.0M | 1% |
| Sotyktu | $86.0M | 1% |
PDD
暂无分部数据
