vs
开利（CARR）与贝宝（PYPL）财务数据对比。点击上方公司名可切换其他公司
贝宝的季度营收约是开利的1.8倍（$8.7B vs $4.8B），贝宝净利率更高（16.6% vs 1.1%，领先15.5%），开利同比增速更快（33.2% vs 3.7%），贝宝自由现金流更多（$2.2B vs $909.0M），过去两年贝宝的营收复合增速更高（6.2% vs -11.5%）
开利全球是总部位于美国佛罗里达州棕榈滩花园的跨国企业，成立于1915年，主营暖通空调、制冷、消防及安防设备。公司最初以生产销售暖通空调系统起家，后续逐步拓展业务，覆盖商用制冷、餐饮服务设备及消防安防技术等领域。
贝宝控股（PayPal Holdings, Inc.）是美国跨国金融科技企业，在全球多数支持线上转账的国家运营在线支付系统，可作为支票、汇票等传统纸质支付方式的电子替代选项，同时为线上商户、拍卖网站及各类商业用户提供支付处理服务。
CARR vs PYPL — 直观对比
营收规模更大
PYPL
是对方的1.8倍
$4.8B
营收增速更快
CARR
高出29.5%
3.7%
净利率更高
PYPL
高出15.5%
1.1%
自由现金流更多
PYPL
多$1.3B
$909.0M
两年增速更快
PYPL
近两年复合增速
-11.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.8B | $8.7B |
| 净利润 | $53.0M | $1.4B |
| 毛利率 | — | — |
| 营业利润率 | 2.1% | 17.4% |
| 净利率 | 1.1% | 16.6% |
| 营收同比 | 33.2% | 3.7% |
| 净利润同比 | -97.9% | 28.2% |
| 每股收益（稀释后） | $0.07 | $1.53 |
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CARRPYPL
| Q4 25 | $4.8B | $8.7B | ||
| Q3 25 | $5.6B | $8.4B | ||
| Q2 25 | $6.1B | $8.3B | ||
| Q1 25 | $5.2B | $7.8B | ||
| Q4 24 | $3.6B | $8.4B | ||
| Q3 24 | $6.0B | $7.8B | ||
| Q2 24 | $6.7B | $7.9B | ||
| Q1 24 | $6.2B | $7.7B |
净利润CARRPYPL
| Q4 25 | $53.0M | $1.4B | ||
| Q3 25 | $428.0M | $1.2B | ||
| Q2 25 | $591.0M | $1.3B | ||
| Q1 25 | $412.0M | $1.3B | ||
| Q4 24 | $2.6B | $1.1B | ||
| Q3 24 | $447.0M | $1.0B | ||
| Q2 24 | $2.3B | $1.1B | ||
| Q1 24 | $269.0M | $888.0M |
营业利润率CARRPYPL
| Q4 25 | 2.1% | 17.4% | ||
| Q3 25 | 9.7% | 18.1% | ||
| Q2 25 | 14.8% | 18.1% | ||
| Q1 25 | 12.1% | 19.6% | ||
| Q4 24 | -63.6% | 17.2% | ||
| Q3 24 | 12.8% | 17.7% | ||
| Q2 24 | 55.2% | 16.8% | ||
| Q1 24 | 8.1% | 15.2% |
净利率CARRPYPL
| Q4 25 | 1.1% | 16.6% | ||
| Q3 25 | 7.7% | 14.8% | ||
| Q2 25 | 9.7% | 15.2% | ||
| Q1 25 | 7.9% | 16.5% | ||
| Q4 24 | 70.3% | 13.4% | ||
| Q3 24 | 7.5% | 12.9% | ||
| Q2 24 | 34.9% | 14.3% | ||
| Q1 24 | 4.4% | 11.5% |
每股收益（稀释后）CARRPYPL
| Q4 25 | $0.07 | $1.53 | ||
| Q3 25 | $0.50 | $1.30 | ||
| Q2 25 | $0.68 | $1.29 | ||
| Q1 25 | $0.47 | $1.29 | ||
| Q4 24 | $2.82 | $1.09 | ||
| Q3 24 | $0.49 | $0.99 | ||
| Q2 24 | $2.55 | $1.08 | ||
| Q1 24 | $0.29 | $0.83 |
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 | $1.6B | $10.4B |
| 总债务越低越好 | $11.4B | — |
| 股东权益账面价值 | $14.1B | $20.3B |
| 总资产 | $37.2B | $80.2B |
| 负债/权益比越低杠杆越低 | 0.80× | — |
8季度趋势，按日历期对齐
现金及短期投资CARRPYPL
| Q4 25 | $1.6B | $10.4B | ||
| Q3 25 | $1.4B | $10.8B | ||
| Q2 25 | $1.8B | $10.0B | ||
| Q1 25 | $1.7B | $11.2B | ||
| Q4 24 | $4.0B | $10.8B | ||
| Q3 24 | $2.2B | $11.9B | ||
| Q2 24 | $2.9B | $13.6B | ||
| Q1 24 | $1.3B | $14.3B |
总债务CARRPYPL
| Q4 25 | $11.4B | — | ||
| Q3 25 | $11.3B | — | ||
| Q2 25 | $11.3B | — | ||
| Q1 25 | $11.1B | — | ||
| Q4 24 | $11.0B | — | ||
| Q3 24 | $10.3B | — | ||
| Q2 24 | $11.3B | — | ||
| Q1 24 | $15.6B | — |
股东权益CARRPYPL
| Q4 25 | $14.1B | $20.3B | ||
| Q3 25 | $14.8B | $20.2B | ||
| Q2 25 | $15.0B | $20.2B | ||
| Q1 25 | $14.2B | $20.3B | ||
| Q4 24 | $14.4B | $20.4B | ||
| Q3 24 | $15.0B | $20.2B | ||
| Q2 24 | $14.1B | $20.6B | ||
| Q1 24 | $11.9B | $20.7B |
总资产CARRPYPL
| Q4 25 | $37.2B | $80.2B | ||
| Q3 25 | $38.1B | $79.8B | ||
| Q2 25 | $38.5B | $79.8B | ||
| Q1 25 | $36.4B | $81.3B | ||
| Q4 24 | $37.4B | $81.6B | ||
| Q3 24 | $40.2B | $83.5B | ||
| Q2 24 | $40.4B | $84.0B | ||
| Q1 24 | $40.8B | $83.3B |
负债/权益比CARRPYPL
| Q4 25 | 0.80× | — | ||
| Q3 25 | 0.76× | — | ||
| Q2 25 | 0.76× | — | ||
| Q1 25 | 0.78× | — | ||
| Q4 24 | 0.77× | — | ||
| Q3 24 | 0.69× | — | ||
| Q2 24 | 0.80× | — | ||
| Q1 24 | 1.31× | — |
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 | $1.0B | $2.4B |
| 自由现金流经营现金流 - 资本支出 | $909.0M | $2.2B |
| 自由现金流率自由现金流/营收 | 18.8% | 25.2% |
| 资本支出强度资本支出/营收 | 2.7% | 2.2% |
| 现金转化率经营现金流/净利润 | 19.62× | 1.66× |
| 过去12个月自由现金流最近4个季度 | $2.1B | $5.6B |
8季度趋势，按日历期对齐
经营现金流CARRPYPL
| Q4 25 | $1.0B | $2.4B | ||
| Q3 25 | $341.0M | $2.0B | ||
| Q2 25 | $649.0M | $898.0M | ||
| Q1 25 | $483.0M | $1.2B | ||
| Q4 24 | $132.0M | $2.4B | ||
| Q3 24 | $-269.0M | $1.6B | ||
| Q2 24 | $660.0M | $1.5B | ||
| Q1 24 | $40.0M | $1.9B |
自由现金流CARRPYPL
| Q4 25 | $909.0M | $2.2B | ||
| Q3 25 | $224.0M | $1.7B | ||
| Q2 25 | $568.0M | $692.0M | ||
| Q1 25 | $420.0M | $964.0M | ||
| Q4 24 | $-85.0M | $2.2B | ||
| Q3 24 | $-356.0M | $1.4B | ||
| Q2 24 | $549.0M | $1.4B | ||
| Q1 24 | $-64.0M | $1.8B |
自由现金流率CARRPYPL
| Q4 25 | 18.8% | 25.2% | ||
| Q3 25 | 4.0% | 20.4% | ||
| Q2 25 | 9.3% | 8.3% | ||
| Q1 25 | 8.0% | 12.4% | ||
| Q4 24 | -2.3% | 26.2% | ||
| Q3 24 | -5.9% | 18.4% | ||
| Q2 24 | 8.2% | 17.3% | ||
| Q1 24 | -1.0% | 22.9% |
资本支出强度CARRPYPL
| Q4 25 | 2.7% | 2.2% | ||
| Q3 25 | 2.1% | 3.0% | ||
| Q2 25 | 1.3% | 2.5% | ||
| Q1 25 | 1.2% | 2.5% | ||
| Q4 24 | 6.0% | 2.4% | ||
| Q3 24 | 1.5% | 2.2% | ||
| Q2 24 | 1.7% | 2.0% | ||
| Q1 24 | 1.7% | 2.0% |
现金转化率CARRPYPL
| Q4 25 | 19.62× | 1.66× | ||
| Q3 25 | 0.80× | 1.58× | ||
| Q2 25 | 1.10× | 0.71× | ||
| Q1 25 | 1.17× | 0.90× | ||
| Q4 24 | 0.05× | 2.14× | ||
| Q3 24 | -0.60× | 1.60× | ||
| Q2 24 | 0.28× | 1.35× | ||
| Q1 24 | 0.15× | 2.16× |
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
CARR
| Products | $4.1B | 86% |
| Services | $699.0M | 14% |
PYPL
| US | $4.9B | 57% |
| Non Us | $3.7B | 43% |
