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开利（CARR）与SHOPIFY INC.（SHOP）财务数据对比。点击上方公司名可切换其他公司
开利的季度营收约是SHOPIFY INC.的1.3倍（$4.8B vs $3.7B），SHOPIFY INC.净利率更高（20.2% vs 1.1%，领先19.1%），开利同比增速更快（33.2% vs 30.6%），开利自由现金流更多（$909.0M vs $715.0M），过去两年SHOPIFY INC.的营收复合增速更高（40.5% 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。
Shopify是总部位于加拿大安大略省渥太华的跨国电商企业，运营零售POS系统及相关服务平台，全球客户超500万，2024年总交易处理额达2923亿美元，其中57%来自美国市场，服务客户包括特斯拉、路威酩轩、雀巢、百事、百威英博、红牛、凯悦等知名品牌。
CARR vs SHOP — 直观对比
营收规模更大
CARR
是对方的1.3倍
$3.7B
营收增速更快
CARR
高出2.6%
30.6%
净利率更高
SHOP
高出19.1%
1.1%
自由现金流更多
CARR
多$194.0M
$715.0M
两年增速更快
SHOP
近两年复合增速
-11.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.8B | $3.7B |
| 净利润 | $53.0M | $743.0M |
| 毛利率 | — | 46.1% |
| 营业利润率 | 2.1% | 17.2% |
| 净利率 | 1.1% | 20.2% |
| 营收同比 | 33.2% | 30.6% |
| 净利润同比 | -97.9% | -42.5% |
| 每股收益（稀释后） | $0.07 | $0.58 |
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CARRSHOP
| Q4 25 | $4.8B | $3.7B | ||
| Q3 25 | $5.6B | $2.8B | ||
| Q2 25 | $6.1B | $2.7B | ||
| Q1 25 | $5.2B | $2.4B | ||
| Q4 24 | $3.6B | $2.8B | ||
| Q3 24 | $6.0B | $2.2B | ||
| Q2 24 | $6.7B | $2.0B | ||
| Q1 24 | $6.2B | $1.9B |
净利润CARRSHOP
| Q4 25 | $53.0M | $743.0M | ||
| Q3 25 | $428.0M | $264.0M | ||
| Q2 25 | $591.0M | $906.0M | ||
| Q1 25 | $412.0M | $-682.0M | ||
| Q4 24 | $2.6B | $1.3B | ||
| Q3 24 | $447.0M | $828.0M | ||
| Q2 24 | $2.3B | $171.0M | ||
| Q1 24 | $269.0M | $-273.0M |
毛利率CARRSHOP
| Q4 25 | — | 46.1% | ||
| Q3 25 | — | 48.9% | ||
| Q2 25 | — | 48.6% | ||
| Q1 25 | — | 49.5% | ||
| Q4 24 | — | 48.1% | ||
| Q3 24 | — | 51.7% | ||
| Q2 24 | — | 51.1% | ||
| Q1 24 | — | 51.4% |
营业利润率CARRSHOP
| Q4 25 | 2.1% | 17.2% | ||
| Q3 25 | 9.7% | 12.1% | ||
| Q2 25 | 14.8% | 10.9% | ||
| Q1 25 | 12.1% | 8.6% | ||
| Q4 24 | -63.6% | 16.5% | ||
| Q3 24 | 12.8% | 13.1% | ||
| Q2 24 | 55.2% | 11.8% | ||
| Q1 24 | 8.1% | 4.6% |
净利率CARRSHOP
| Q4 25 | 1.1% | 20.2% | ||
| Q3 25 | 7.7% | 9.3% | ||
| Q2 25 | 9.7% | 33.8% | ||
| Q1 25 | 7.9% | -28.9% | ||
| Q4 24 | 70.3% | 46.0% | ||
| Q3 24 | 7.5% | 38.3% | ||
| Q2 24 | 34.9% | 8.4% | ||
| Q1 24 | 4.4% | -14.7% |
每股收益（稀释后）CARRSHOP
| Q4 25 | $0.07 | $0.58 | ||
| Q3 25 | $0.50 | $0.20 | ||
| Q2 25 | $0.68 | $0.69 | ||
| Q1 25 | $0.47 | $-0.53 | ||
| Q4 24 | $2.82 | $0.99 | ||
| Q3 24 | $0.49 | $0.64 | ||
| Q2 24 | $2.55 | $0.13 | ||
| Q1 24 | $0.29 | $-0.21 |
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 | $5.8B |
| 总债务越低越好 | $11.4B | — |
| 股东权益账面价值 | $14.1B | $13.5B |
| 总资产 | $37.2B | $15.2B |
| 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CARRSHOP
| Q4 25 | $1.6B | $5.8B | ||
| Q3 25 | $1.4B | $6.3B | ||
| Q2 25 | $1.8B | $5.8B | ||
| Q1 25 | $1.7B | $5.5B | ||
| Q4 24 | $4.0B | $5.5B | ||
| Q3 24 | $2.2B | — | ||
| Q2 24 | $2.9B | — | ||
| Q1 24 | $1.3B | — |
总债务CARRSHOP
| 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CARRSHOP
| Q4 25 | $14.1B | $13.5B | ||
| Q3 25 | $14.8B | $12.5B | ||
| Q2 25 | $15.0B | $12.1B | ||
| Q1 25 | $14.2B | $11.1B | ||
| Q4 24 | $14.4B | $11.6B | ||
| Q3 24 | $15.0B | $10.1B | ||
| Q2 24 | $14.1B | $9.2B | ||
| Q1 24 | $11.9B | $8.9B |
总资产CARRSHOP
| Q4 25 | $37.2B | $15.2B | ||
| Q3 25 | $38.1B | $15.0B | ||
| Q2 25 | $38.5B | $14.6B | ||
| Q1 25 | $36.4B | $13.4B | ||
| Q4 24 | $37.4B | $13.9B | ||
| Q3 24 | $40.2B | — | ||
| Q2 24 | $40.4B | — | ||
| Q1 24 | $40.8B | — |
负债/权益比CARRSHOP
| 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 | $725.0M |
| 自由现金流经营现金流 - 资本支出 | $909.0M | $715.0M |
| 自由现金流率自由现金流/营收 | 18.8% | 19.5% |
| 资本支出强度资本支出/营收 | 2.7% | 0.3% |
| 现金转化率经营现金流/净利润 | 19.62× | 0.98× |
| 过去12个月自由现金流最近4个季度 | $2.1B | $2.0B |
8季度趋势，按日历期对齐
经营现金流CARRSHOP
| Q4 25 | $1.0B | $725.0M | ||
| Q3 25 | $341.0M | $513.0M | ||
| Q2 25 | $649.0M | $428.0M | ||
| Q1 25 | $483.0M | $367.0M | ||
| Q4 24 | $132.0M | $615.0M | ||
| Q3 24 | $-269.0M | $423.0M | ||
| Q2 24 | $660.0M | $340.0M | ||
| Q1 24 | $40.0M | $238.0M |
自由现金流CARRSHOP
| Q4 25 | $909.0M | $715.0M | ||
| Q3 25 | $224.0M | $507.0M | ||
| Q2 25 | $568.0M | $422.0M | ||
| Q1 25 | $420.0M | $363.0M | ||
| Q4 24 | $-85.0M | $611.0M | ||
| Q3 24 | $-356.0M | $421.0M | ||
| Q2 24 | $549.0M | $333.0M | ||
| Q1 24 | $-64.0M | $232.0M |
自由现金流率CARRSHOP
| Q4 25 | 18.8% | 19.5% | ||
| Q3 25 | 4.0% | 17.8% | ||
| Q2 25 | 9.3% | 15.7% | ||
| Q1 25 | 8.0% | 15.4% | ||
| Q4 24 | -2.3% | 21.7% | ||
| Q3 24 | -5.9% | 19.5% | ||
| Q2 24 | 8.2% | 16.3% | ||
| Q1 24 | -1.0% | 12.5% |
资本支出强度CARRSHOP
| Q4 25 | 2.7% | 0.3% | ||
| Q3 25 | 2.1% | 0.2% | ||
| Q2 25 | 1.3% | 0.2% | ||
| Q1 25 | 1.2% | 0.2% | ||
| Q4 24 | 6.0% | 0.1% | ||
| Q3 24 | 1.5% | 0.1% | ||
| Q2 24 | 1.7% | 0.3% | ||
| Q1 24 | 1.7% | 0.3% |
现金转化率CARRSHOP
| Q4 25 | 19.62× | 0.98× | ||
| Q3 25 | 0.80× | 1.94× | ||
| Q2 25 | 1.10× | 0.47× | ||
| Q1 25 | 1.17× | — | ||
| Q4 24 | 0.05× | 0.48× | ||
| Q3 24 | -0.60× | 0.51× | ||
| Q2 24 | 0.28× | 1.99× | ||
| Q1 24 | 0.15× | — |
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% |
SHOP
| Services | $2.9B | 79% |
| Subscription And Circulation | $777.0M | 21% |
