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微牛（BULL）与万事达卡（MA）财务数据对比。点击上方公司名可切换其他公司
万事达卡的季度营收约是微牛的67.0倍（$8.8B vs $131.5M）。万事达卡净利率更高（46.1% vs -21.5%，领先67.6%）。微牛同比增速更快（46.3% vs 17.6%）。万事达卡自由现金流更多（$4.9B vs $271.7M）
微牛（Webull）是总部位于美国佛罗里达州圣彼得堡的金融服务控股企业，核心运营与品牌同名的电子交易平台，面向用户提供便捷的线上证券等金融产品交易服务，是海外知名的互联网券商服务提供商。
万事达卡是总部位于美国纽约帕切斯的跨国支付卡服务企业，核心业务为处理商户收单银行与持卡人发卡机构之间的支付交易，同时提供旗下品牌借记卡、信用卡、预付卡及相关配套支付服务，服务网络覆盖全球，于2006年公开上市。
BULL vs MA — 直观对比
营收规模更大
MA
是对方的67.0倍
$131.5M
营收增速更快
BULL
高出28.7%
17.6%
净利率更高
MA
高出67.6%
-21.5%
自由现金流更多
MA
多$4.6B
$271.7M
损益表 — Q2 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $131.5M | $8.8B |
| 净利润 | $-28.3M | $4.1B |
| 毛利率 | — | — |
| 营业利润率 | -16.3% | 55.8% |
| 净利率 | -21.5% | 46.1% |
| 营收同比 | 46.3% | 17.6% |
| 净利润同比 | -144.3% | 21.5% |
| 每股收益（稀释后） | — | $4.52 |
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BULLMA
| Q4 25 | — | $8.8B | ||
| Q3 25 | — | $8.6B | ||
| Q2 25 | $131.5M | $8.1B | ||
| Q1 25 | — | $7.3B | ||
| Q4 24 | — | $7.5B | ||
| Q3 24 | — | $7.4B | ||
| Q2 24 | $89.9M | $7.0B | ||
| Q1 24 | — | $6.3B |
净利润BULLMA
| Q4 25 | — | $4.1B | ||
| Q3 25 | — | $3.9B | ||
| Q2 25 | $-28.3M | $3.7B | ||
| Q1 25 | — | $3.3B | ||
| Q4 24 | — | $3.3B | ||
| Q3 24 | — | $3.3B | ||
| Q2 24 | $-11.6M | $3.3B | ||
| Q1 24 | — | $3.0B |
营业利润率BULLMA
| Q4 25 | — | 55.8% | ||
| Q3 25 | — | 58.8% | ||
| Q2 25 | -16.3% | 58.7% | ||
| Q1 25 | — | 57.2% | ||
| Q4 24 | — | 52.6% | ||
| Q3 24 | — | 54.3% | ||
| Q2 24 | -11.4% | 58.0% | ||
| Q1 24 | — | 56.8% |
净利率BULLMA
| Q4 25 | — | 46.1% | ||
| Q3 25 | — | 45.7% | ||
| Q2 25 | -21.5% | 45.5% | ||
| Q1 25 | — | 45.2% | ||
| Q4 24 | — | 44.6% | ||
| Q3 24 | — | 44.3% | ||
| Q2 24 | -12.9% | 46.8% | ||
| Q1 24 | — | 47.4% |
每股收益（稀释后）BULLMA
| Q4 25 | — | $4.52 | ||
| Q3 25 | — | $4.34 | ||
| Q2 25 | — | $4.07 | ||
| Q1 25 | — | $3.59 | ||
| Q4 24 | — | $3.64 | ||
| Q3 24 | — | $3.53 | ||
| Q2 24 | — | $3.50 | ||
| Q1 24 | — | $3.22 |
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 | $476.7M | $10.6B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $751.6M | $7.7B |
| 总资产 | $2.6B | $54.2B |
| 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BULLMA
| Q4 25 | — | $10.6B | ||
| Q3 25 | — | $10.3B | ||
| Q2 25 | $476.7M | $9.0B | ||
| Q1 25 | — | $7.6B | ||
| Q4 24 | — | $8.4B | ||
| Q3 24 | — | $11.1B | ||
| Q2 24 | — | $7.0B | ||
| Q1 24 | — | $7.3B |
股东权益BULLMA
| Q4 25 | — | $7.7B | ||
| Q3 25 | — | $7.9B | ||
| Q2 25 | $751.6M | $7.9B | ||
| Q1 25 | — | $6.7B | ||
| Q4 24 | — | $6.5B | ||
| Q3 24 | — | $7.4B | ||
| Q2 24 | $-2.9B | $7.4B | ||
| Q1 24 | — | $7.2B |
总资产BULLMA
| Q4 25 | — | $54.2B | ||
| Q3 25 | — | $53.3B | ||
| Q2 25 | $2.6B | $51.4B | ||
| Q1 25 | — | $48.5B | ||
| Q4 24 | — | $48.1B | ||
| Q3 24 | — | $47.2B | ||
| Q2 24 | — | $42.3B | ||
| Q1 24 | — | $42.6B |
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 | $272.1M | $5.0B |
| 自由现金流经营现金流 - 资本支出 | $271.7M | $4.9B |
| 自由现金流率自由现金流/营收 | 206.6% | 55.5% |
| 资本支出强度资本支出/营收 | 0.3% | 1.3% |
| 现金转化率经营现金流/净利润 | — | 1.23× |
| 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BULLMA
| Q4 25 | — | $5.0B | ||
| Q3 25 | — | $5.7B | ||
| Q2 25 | $272.1M | $4.6B | ||
| Q1 25 | — | $2.4B | ||
| Q4 24 | — | $4.8B | ||
| Q3 24 | — | $5.1B | ||
| Q2 24 | — | $3.1B | ||
| Q1 24 | — | $1.7B |
自由现金流BULLMA
| Q4 25 | — | $4.9B | ||
| Q3 25 | — | $5.5B | ||
| Q2 25 | $271.7M | $4.6B | ||
| Q1 25 | — | $2.2B | ||
| Q4 24 | — | $4.7B | ||
| Q3 24 | — | $5.0B | ||
| Q2 24 | — | $3.0B | ||
| Q1 24 | — | $1.5B |
自由现金流率BULLMA
| Q4 25 | — | 55.5% | ||
| Q3 25 | — | 63.8% | ||
| Q2 25 | 206.6% | 56.1% | ||
| Q1 25 | — | 30.6% | ||
| Q4 24 | — | 63.3% | ||
| Q3 24 | — | 68.2% | ||
| Q2 24 | — | 43.4% | ||
| Q1 24 | — | 23.9% |
资本支出强度BULLMA
| Q4 25 | — | 1.3% | ||
| Q3 25 | — | 2.1% | ||
| Q2 25 | 0.3% | 0.5% | ||
| Q1 25 | — | 2.2% | ||
| Q4 24 | — | 1.3% | ||
| Q3 24 | — | 1.5% | ||
| Q2 24 | — | 1.7% | ||
| Q1 24 | — | 2.5% |
现金转化率BULLMA
| Q4 25 | — | 1.23× | ||
| Q3 25 | — | 1.44× | ||
| Q2 25 | — | 1.24× | ||
| Q1 25 | — | 0.73× | ||
| Q4 24 | — | 1.45× | ||
| Q3 24 | — | 1.57× | ||
| Q2 24 | — | 0.96× | ||
| Q1 24 | — | 0.56× |
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
BULL
暂无分部数据
MA
| Payment Network | $4.9B | 56% |
| Value Added Services And Solutions | $3.9B | 44% |
