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花旗集团（C）与摩根士丹利（MS）财务数据对比。点击上方公司名可切换其他公司
花旗集团的季度营收约是摩根士丹利的1.1倍（$19.9B vs $17.9B），摩根士丹利净利率更高（24.6% vs 12.4%，领先12.1%）
花旗集团（常简称Citi）是总部位于美国纽约的跨国投资银行及金融服务巨头。集团于1998年由花旗银行的控股公司花旗公司与旅行者集团合并成立，2002年旅行者相关业务被拆分独立运营。
摩根士丹利是总部位于美国纽约曼哈顿中城百老汇1585号的跨国投资银行及金融服务提供商，在全球42个国家设有办事处，员工超8万名，服务客户涵盖企业、政府、机构及个人。2023年该公司位列美国财富500强第61位，同年位居福布斯全球2000强第30位。
C vs MS — 直观对比
营收规模更大
C
是对方的1.1倍
$17.9B
净利率更高
MS
高出12.1%
12.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $19.9B | $17.9B |
| 净利润 | $2.5B | $4.4B |
| 毛利率 | — | — |
| 营业利润率 | 19.2% | 32.2% |
| 净利率 | 12.4% | 24.6% |
| 营收同比 | — | — |
| 净利润同比 | — | — |
| 每股收益（稀释后） | $1.21 | $2.68 |
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CMS
| Q4 25 | $19.9B | $17.9B | ||
| Q3 25 | $22.1B | $18.2B | ||
| Q2 25 | $21.7B | $16.8B | ||
| Q1 25 | $21.6B | $17.7B | ||
| Q3 24 | $20.3B | $15.4B | ||
| Q2 24 | $20.1B | $15.0B | ||
| Q1 24 | $21.1B | $15.1B |
净利润CMS
| Q4 25 | $2.5B | $4.4B | ||
| Q3 25 | $3.8B | $4.6B | ||
| Q2 25 | $4.0B | $3.5B | ||
| Q1 25 | $4.1B | $4.3B | ||
| Q3 24 | $3.2B | $3.2B | ||
| Q2 24 | $3.2B | $3.1B | ||
| Q1 24 | $3.4B | $3.4B |
营业利润率CMS
| Q4 25 | 19.2% | 32.2% | ||
| Q3 25 | 24.2% | 33.1% | ||
| Q2 25 | 24.1% | 27.5% | ||
| Q1 25 | 25.2% | 31.3% | ||
| Q3 24 | 21.6% | 27.4% | ||
| Q2 24 | 21.4% | 27.1% | ||
| Q1 24 | 21.5% | 29.0% |
净利率CMS
| Q4 25 | 12.4% | 24.6% | ||
| Q3 25 | 17.0% | 25.3% | ||
| Q2 25 | 18.5% | 21.1% | ||
| Q1 25 | 18.8% | 24.3% | ||
| Q3 24 | 15.9% | 20.7% | ||
| Q2 24 | 16.0% | 20.5% | ||
| Q1 24 | 16.0% | 22.5% |
每股收益（稀释后）CMS
| Q4 25 | $1.21 | $2.68 | ||
| Q3 25 | $1.86 | $2.80 | ||
| Q2 25 | $1.96 | $2.13 | ||
| Q1 25 | $1.96 | $2.60 | ||
| Q3 24 | $1.51 | $1.88 | ||
| Q2 24 | $1.52 | $1.82 | ||
| Q1 24 | $1.58 | $2.02 |
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 | — | $111.7B |
| 总债务越低越好 | $315.8B | $341.7B |
| 股东权益账面价值 | $212.3B | $111.6B |
| 总资产 | $2657.2B | $1420.3B |
| 负债/权益比越低杠杆越低 | 1.49× | 3.06× |
8季度趋势，按日历期对齐
现金及短期投资CMS
| Q4 25 | — | $111.7B | ||
| Q3 25 | — | $103.7B | ||
| Q2 25 | — | $109.1B | ||
| Q1 25 | — | $90.7B | ||
| Q3 24 | — | $91.1B | ||
| Q2 24 | — | $90.2B | ||
| Q1 24 | — | $102.3B |
总债务CMS
| Q4 25 | $315.8B | $341.7B | ||
| Q3 25 | $315.8B | $324.1B | ||
| Q2 25 | $317.8B | $320.1B | ||
| Q1 25 | $295.7B | $297.0B | ||
| Q3 24 | $299.1B | $291.2B | ||
| Q2 24 | $280.3B | $269.9B | ||
| Q1 24 | $285.5B | $266.1B |
股东权益CMS
| Q4 25 | $212.3B | $111.6B | ||
| Q3 25 | $213.0B | $110.0B | ||
| Q2 25 | $213.2B | $108.2B | ||
| Q1 25 | $212.4B | $106.8B | ||
| Q3 24 | $209.1B | $103.6B | ||
| Q2 24 | $208.3B | $100.7B | ||
| Q1 24 | $206.6B | $99.2B |
总资产CMS
| Q4 25 | $2657.2B | $1420.3B | ||
| Q3 25 | $2642.5B | $1364.8B | ||
| Q2 25 | $2622.8B | $1353.9B | ||
| Q1 25 | $2571.5B | $1300.3B | ||
| Q3 24 | $2430.7B | $1258.0B | ||
| Q2 24 | $2405.7B | $1212.4B | ||
| Q1 24 | $2432.5B | $1228.5B |
负债/权益比CMS
| Q4 25 | 1.49× | 3.06× | ||
| Q3 25 | 1.48× | 2.95× | ||
| Q2 25 | 1.49× | 2.96× | ||
| Q1 25 | 1.39× | 2.78× | ||
| Q3 24 | 1.43× | 2.81× | ||
| Q2 24 | 1.35× | 2.68× | ||
| Q1 24 | 1.38× | 2.68× |
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 | $26.6B | $-2.4B |
| 自由现金流经营现金流 - 资本支出 | $24.9B | — |
| 自由现金流率自由现金流/营收 | 125.4% | — |
| 资本支出强度资本支出/营收 | 8.2% | — |
| 现金转化率经营现金流/净利润 | 10.75× | -0.55× |
| 过去12个月自由现金流最近4个季度 | $-74.2B | — |
8季度趋势，按日历期对齐
经营现金流CMS
| Q4 25 | $26.6B | $-2.4B | ||
| Q3 25 | $1.1B | $-3.3B | ||
| Q2 25 | $-36.6B | $11.8B | ||
| Q1 25 | $-58.7B | $-24.0B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $-10.8B | $4.4B |
自由现金流CMS
| Q4 25 | $24.9B | — | ||
| Q3 25 | $-517.0M | — | ||
| Q2 25 | $-38.3B | — | ||
| Q1 25 | $-60.2B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $-12.4B | — |
自由现金流率CMS
| Q4 25 | 125.4% | — | ||
| Q3 25 | -2.3% | — | ||
| Q2 25 | -176.9% | — | ||
| Q1 25 | -278.9% | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -58.9% | — |
资本支出强度CMS
| Q4 25 | 8.2% | — | ||
| Q3 25 | 7.3% | — | ||
| Q2 25 | 8.1% | — | ||
| Q1 25 | 7.0% | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 7.6% | — |
现金转化率CMS
| Q4 25 | 10.75× | -0.55× | ||
| Q3 25 | 0.29× | -0.72× | ||
| Q2 25 | -9.10× | 3.34× | ||
| Q1 25 | -14.45× | -5.56× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -3.21× | 1.28× |
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
C
| Services | $5.9B | 30% |
| Markets | $4.5B | 23% |
| Commissions And Fees | $3.1B | 16% |
| Banking Segment | $2.2B | 11% |
| Wealth | $2.1B | 11% |
| Commercial Portfolio Segment | $1.7B | 9% |
| Brokerage Commissions | $249.0M | 1% |
MS
暂无分部数据
