vs
微牛（BULL）与标普全球（SPGI）财务数据对比。点击上方公司名可切换其他公司
标普全球的季度营收约是微牛的29.8倍（$3.9B vs $131.5M）。标普全球净利率更高（28.9% vs -21.5%，领先50.4%）。微牛同比增速更快（46.3% vs 9.0%）。标普全球自由现金流更多（$1.7B 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。
标普全球是总部位于美国纽约曼哈顿的上市企业，核心业务涵盖金融信息、数据分析、能源及大宗商品情报服务，旗下拥有标普全球评级、标普全球市场财智、标普全球能源、标普全球移动、印度信用评级机构CRISIL等业务板块，同时控股合资企业标普道琼斯指数。
BULL vs SPGI — 直观对比
营收规模更大
SPGI
是对方的29.8倍
$131.5M
营收增速更快
BULL
高出37.3%
9.0%
净利率更高
SPGI
高出50.4%
-21.5%
自由现金流更多
SPGI
多$1.4B
$271.7M
损益表 — Q2 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $131.5M | $3.9B |
| 净利润 | $-28.3M | $1.1B |
| 毛利率 | — | 70.1% |
| 营业利润率 | -16.3% | 42.7% |
| 净利率 | -21.5% | 28.9% |
| 营收同比 | 46.3% | 9.0% |
| 净利润同比 | -144.3% | 28.9% |
| 每股收益（稀释后） | — | $3.76 |
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BULLSPGI
| Q4 25 | — | $3.9B | ||
| Q3 25 | — | $3.9B | ||
| Q2 25 | $131.5M | $3.8B | ||
| Q1 25 | — | $3.8B | ||
| Q4 24 | — | $3.6B | ||
| Q3 24 | — | $3.6B | ||
| Q2 24 | $89.9M | $3.5B | ||
| Q1 24 | — | $3.5B |
净利润BULLSPGI
| Q4 25 | — | $1.1B | ||
| Q3 25 | — | $1.2B | ||
| Q2 25 | $-28.3M | $1.1B | ||
| Q1 25 | — | $1.1B | ||
| Q4 24 | — | $879.0M | ||
| Q3 24 | — | $971.0M | ||
| Q2 24 | $-11.6M | $1.0B | ||
| Q1 24 | — | $991.0M |
毛利率BULLSPGI
| Q4 25 | — | 70.1% | ||
| Q3 25 | — | 71.2% | ||
| Q2 25 | — | 70.2% | ||
| Q1 25 | — | 69.5% | ||
| Q4 24 | — | 69.8% | ||
| Q3 24 | — | 70.0% | ||
| Q2 24 | — | 69.4% | ||
| Q1 24 | — | 67.9% |
营业利润率BULLSPGI
| Q4 25 | — | 42.7% | ||
| Q3 25 | — | 43.1% | ||
| Q2 25 | -16.3% | 41.3% | ||
| Q1 25 | — | 41.8% | ||
| Q4 24 | — | 36.4% | ||
| Q3 24 | — | 40.1% | ||
| Q2 24 | -11.4% | 40.9% | ||
| Q1 24 | — | 39.7% |
净利率BULLSPGI
| Q4 25 | — | 28.9% | ||
| Q3 25 | — | 30.2% | ||
| Q2 25 | -21.5% | 28.5% | ||
| Q1 25 | — | 28.9% | ||
| Q4 24 | — | 24.5% | ||
| Q3 24 | — | 27.2% | ||
| Q2 24 | -12.9% | 28.5% | ||
| Q1 24 | — | 28.4% |
每股收益（稀释后）BULLSPGI
| Q4 25 | — | $3.76 | ||
| Q3 25 | — | $3.86 | ||
| Q2 25 | — | $3.50 | ||
| Q1 25 | — | $3.54 | ||
| Q4 24 | — | $2.85 | ||
| Q3 24 | — | $3.11 | ||
| Q2 24 | — | $3.23 | ||
| Q1 24 | — | $3.16 |
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 | $1.8B |
| 总债务越低越好 | — | $13.1B |
| 股东权益账面价值 | $751.6M | $31.1B |
| 总资产 | $2.6B | $61.2B |
| 负债/权益比越低杠杆越低 | — | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资BULLSPGI
| Q4 25 | — | $1.8B | ||
| Q3 25 | — | $1.7B | ||
| Q2 25 | $476.7M | $1.8B | ||
| Q1 25 | — | $1.5B | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | — | $1.7B | ||
| Q2 24 | — | $2.0B | ||
| Q1 24 | — | $1.5B |
总债务BULLSPGI
| Q4 25 | — | $13.1B | ||
| Q3 25 | — | $11.4B | ||
| Q2 25 | — | $11.4B | ||
| Q1 25 | — | $11.4B | ||
| Q4 24 | — | $11.4B | ||
| Q3 24 | — | $11.4B | ||
| Q2 24 | — | $11.4B | ||
| Q1 24 | — | $11.7B |
股东权益BULLSPGI
| Q4 25 | — | $31.1B | ||
| Q3 25 | — | $33.1B | ||
| Q2 25 | $751.6M | $33.4B | ||
| Q1 25 | — | $33.4B | ||
| Q4 24 | — | $33.2B | ||
| Q3 24 | — | $34.0B | ||
| Q2 24 | $-2.9B | $34.9B | ||
| Q1 24 | — | $34.3B |
总资产BULLSPGI
| Q4 25 | — | $61.2B | ||
| Q3 25 | — | $59.7B | ||
| Q2 25 | $2.6B | $60.4B | ||
| Q1 25 | — | $59.9B | ||
| Q4 24 | — | $60.2B | ||
| Q3 24 | — | $60.4B | ||
| Q2 24 | — | $61.0B | ||
| Q1 24 | — | $60.5B |
负债/权益比BULLSPGI
| Q4 25 | — | 0.42× | ||
| Q3 25 | — | 0.34× | ||
| Q2 25 | — | 0.34× | ||
| Q1 25 | — | 0.34× | ||
| Q4 24 | — | 0.34× | ||
| Q3 24 | — | 0.34× | ||
| Q2 24 | — | 0.33× | ||
| Q1 24 | — | 0.34× |
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 | $1.7B |
| 自由现金流经营现金流 - 资本支出 | $271.7M | $1.7B |
| 自由现金流率自由现金流/营收 | 206.6% | 43.5% |
| 资本支出强度资本支出/营收 | 0.3% | 1.2% |
| 现金转化率经营现金流/净利润 | — | 1.54× |
| 过去12个月自由现金流最近4个季度 | — | $5.5B |
8季度趋势，按日历期对齐
经营现金流BULLSPGI
| Q4 25 | — | $1.7B | ||
| Q3 25 | — | $1.5B | ||
| Q2 25 | $272.1M | $1.4B | ||
| Q1 25 | — | $953.0M | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | — | $1.4B | ||
| Q2 24 | — | $1.6B | ||
| Q1 24 | — | $948.0M |
自由现金流BULLSPGI
| Q4 25 | — | $1.7B | ||
| Q3 25 | — | $1.5B | ||
| Q2 25 | $271.7M | $1.4B | ||
| Q1 25 | — | $910.0M | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | — | $1.4B | ||
| Q2 24 | — | $1.5B | ||
| Q1 24 | — | $924.0M |
自由现金流率BULLSPGI
| Q4 25 | — | 43.5% | ||
| Q3 25 | — | 37.6% | ||
| Q2 25 | 206.6% | 36.9% | ||
| Q1 25 | — | 24.1% | ||
| Q4 24 | — | 47.5% | ||
| Q3 24 | — | 39.4% | ||
| Q2 24 | — | 42.9% | ||
| Q1 24 | — | 26.5% |
资本支出强度BULLSPGI
| Q4 25 | — | 1.2% | ||
| Q3 25 | — | 1.2% | ||
| Q2 25 | 0.3% | 1.6% | ||
| Q1 25 | — | 1.1% | ||
| Q4 24 | — | 0.9% | ||
| Q3 24 | — | 1.0% | ||
| Q2 24 | — | 0.9% | ||
| Q1 24 | — | 0.7% |
现金转化率BULLSPGI
| Q4 25 | — | 1.54× | ||
| Q3 25 | — | 1.28× | ||
| Q2 25 | — | 1.35× | ||
| Q1 25 | — | 0.87× | ||
| Q4 24 | — | 1.98× | ||
| Q3 24 | — | 1.49× | ||
| Q2 24 | — | 1.54× | ||
| Q1 24 | — | 0.96× |
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
SPGI
| Subscription | $1.1B | 27% |
| Other | $706.0M | 18% |
| Non Transaction | $602.0M | 15% |
| Indices Segment | $495.0M | 13% |
| Mobility Segment | $444.0M | 11% |
| Asset Linked Fees | $329.0M | 8% |
| Recurring Variable Revenue | $157.0M | 4% |
| Related Party | $46.0M | 1% |
| Non Subscription Transaction | $45.0M | 1% |
| Sales Usage Based Royalties | $30.0M | 1% |
