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卡特彼勒（CAT）与高通（QCOM）财务数据对比。点击上方公司名可切换其他公司
卡特彼勒的季度营收约是高通的1.6倍（$19.1B vs $12.3B），高通净利率更高（24.5% vs 12.5%，领先12.0%），卡特彼勒同比增速更快（18.0% vs 5.0%），高通自由现金流更多（$4.4B vs $2.7B），过去两年高通的营收复合增速更高（14.2% vs 10.0%）
卡特彼勒是来自美国的工程设备制造企业，主营建筑、采矿等领域的设备生产，是全球规模最大的工程机械设备制造商。2018年该公司位列美国财富500强第73位、全球财富500强第265位，其股票为道琼斯工业平均指数成分股。
高通是总部位于美国加利福尼亚州圣迭戈、在特拉华州注册的跨国企业，主营无线技术相关的半导体、软件及服务业务，持有5G、4G、CDMA2000、TD-SCDMA、WCDMA等移动通信标准的核心专利，是全球无线通信领域的核心供应商。
CAT vs QCOM — 直观对比
营收规模更大
CAT
是对方的1.6倍
$12.3B
营收增速更快
CAT
高出13.0%
5.0%
净利率更高
QCOM
高出12.0%
12.5%
自由现金流更多
QCOM
多$1.7B
$2.7B
两年增速更快
QCOM
近两年复合增速
10.0%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $19.1B | $12.3B |
| 净利润 | $2.4B | $3.0B |
| 毛利率 | 30.5% | 54.6% |
| 营业利润率 | 13.9% | 27.5% |
| 净利率 | 12.5% | 24.5% |
| 营收同比 | 18.0% | 5.0% |
| 净利润同比 | -13.9% | -5.5% |
| 每股收益（稀释后） | $5.11 | $2.78 |
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CATQCOM
| Q4 25 | $19.1B | $12.3B | ||
| Q3 25 | $17.6B | $11.3B | ||
| Q2 25 | $16.6B | $10.4B | ||
| Q1 25 | $14.2B | $11.0B | ||
| Q4 24 | $16.2B | $11.7B | ||
| Q3 24 | $16.1B | $10.2B | ||
| Q2 24 | $16.7B | $9.4B | ||
| Q1 24 | $15.8B | $9.4B |
净利润CATQCOM
| Q4 25 | $2.4B | $3.0B | ||
| Q3 25 | $2.3B | $-3.1B | ||
| Q2 25 | $2.2B | $2.7B | ||
| Q1 25 | $2.0B | $2.8B | ||
| Q4 24 | $2.8B | $3.2B | ||
| Q3 24 | $2.5B | $2.9B | ||
| Q2 24 | $2.7B | $2.1B | ||
| Q1 24 | $2.9B | $2.3B |
毛利率CATQCOM
| Q4 25 | 30.5% | 54.6% | ||
| Q3 25 | 33.8% | 55.3% | ||
| Q2 25 | 34.8% | 55.6% | ||
| Q1 25 | 37.1% | 55.0% | ||
| Q4 24 | 36.3% | 55.8% | ||
| Q3 24 | 37.5% | 56.4% | ||
| Q2 24 | 39.2% | 55.6% | ||
| Q1 24 | 38.8% | 56.3% |
营业利润率CATQCOM
| Q4 25 | 13.9% | 27.5% | ||
| Q3 25 | 17.3% | 25.9% | ||
| Q2 25 | 17.3% | 26.6% | ||
| Q1 25 | 18.1% | 28.4% | ||
| Q4 24 | 18.0% | 30.5% | ||
| Q3 24 | 19.5% | 25.2% | ||
| Q2 24 | 20.9% | 23.6% | ||
| Q1 24 | 22.3% | 24.9% |
净利率CATQCOM
| Q4 25 | 12.5% | 24.5% | ||
| Q3 25 | 13.0% | -27.7% | ||
| Q2 25 | 13.2% | 25.7% | ||
| Q1 25 | 14.1% | 25.6% | ||
| Q4 24 | 17.2% | 27.3% | ||
| Q3 24 | 15.3% | 28.5% | ||
| Q2 24 | 16.1% | 22.7% | ||
| Q1 24 | 18.1% | 24.8% |
每股收益（稀释后）CATQCOM
| Q4 25 | $5.11 | $2.78 | ||
| Q3 25 | $4.88 | $-2.77 | ||
| Q2 25 | $4.62 | $2.43 | ||
| Q1 25 | $4.20 | $2.52 | ||
| Q4 24 | $5.76 | $2.83 | ||
| Q3 24 | $5.06 | $2.57 | ||
| Q2 24 | $5.48 | $1.88 | ||
| Q1 24 | $5.75 | $2.06 |
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 | $10.0B | $11.8B |
| 总债务越低越好 | — | $14.8B |
| 股东权益账面价值 | $21.3B | $23.1B |
| 总资产 | $98.6B | $53.0B |
| 负债/权益比越低杠杆越低 | — | 0.64× |
8季度趋势，按日历期对齐
现金及短期投资CATQCOM
| Q4 25 | $10.0B | $11.8B | ||
| Q3 25 | $7.5B | $10.2B | ||
| Q2 25 | $5.4B | $10.0B | ||
| Q1 25 | $3.6B | $13.8B | ||
| Q4 24 | $6.9B | $14.3B | ||
| Q3 24 | $5.6B | $13.3B | ||
| Q2 24 | $4.3B | $13.0B | ||
| Q1 24 | $5.0B | $13.9B |
总债务CATQCOM
| Q4 25 | — | $14.8B | ||
| Q3 25 | — | $14.8B | ||
| Q2 25 | — | $14.8B | ||
| Q1 25 | — | $13.3B | ||
| Q4 24 | — | $13.2B | ||
| Q3 24 | — | $13.3B | ||
| Q2 24 | — | $13.2B | ||
| Q1 24 | — | $14.5B |
股东权益CATQCOM
| Q4 25 | $21.3B | $23.1B | ||
| Q3 25 | $20.7B | $21.2B | ||
| Q2 25 | $18.7B | $27.2B | ||
| Q1 25 | $18.1B | $27.7B | ||
| Q4 24 | $19.5B | $26.9B | ||
| Q3 24 | $19.4B | $26.3B | ||
| Q2 24 | $17.1B | $24.7B | ||
| Q1 24 | $17.6B | $24.5B |
总资产CATQCOM
| Q4 25 | $98.6B | $53.0B | ||
| Q3 25 | $93.7B | $50.1B | ||
| Q2 25 | $90.3B | $54.9B | ||
| Q1 25 | $85.0B | $55.4B | ||
| Q4 24 | $87.8B | $55.6B | ||
| Q3 24 | $86.3B | $55.2B | ||
| Q2 24 | $83.3B | $52.7B | ||
| Q1 24 | $83.7B | $53.2B |
负债/权益比CATQCOM
| Q4 25 | — | 0.64× | ||
| Q3 25 | — | 0.70× | ||
| Q2 25 | — | 0.54× | ||
| Q1 25 | — | 0.48× | ||
| Q4 24 | — | 0.49× | ||
| Q3 24 | — | 0.51× | ||
| Q2 24 | — | 0.53× | ||
| Q1 24 | — | 0.59× |
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 | $3.6B | $5.0B |
| 自由现金流经营现金流 - 资本支出 | $2.7B | $4.4B |
| 自由现金流率自由现金流/营收 | 14.1% | 36.0% |
| 资本支出强度资本支出/营收 | 4.7% | 4.5% |
| 现金转化率经营现金流/净利润 | 1.50× | 1.65× |
| 过去12个月自由现金流最近4个季度 | $8.9B | $12.9B |
8季度趋势，按日历期对齐
经营现金流CATQCOM
| Q4 25 | $3.6B | $5.0B | ||
| Q3 25 | $3.7B | $4.0B | ||
| Q2 25 | $3.1B | $2.9B | ||
| Q1 25 | $1.3B | $2.6B | ||
| Q4 24 | $3.4B | $4.6B | ||
| Q3 24 | $3.6B | $2.6B | ||
| Q2 24 | $3.0B | $3.1B | ||
| Q1 24 | $2.1B | $3.6B |
自由现金流CATQCOM
| Q4 25 | $2.7B | $4.4B | ||
| Q3 25 | $3.1B | $3.6B | ||
| Q2 25 | $2.6B | $2.6B | ||
| Q1 25 | $579.0M | $2.3B | ||
| Q4 24 | $2.7B | $4.3B | ||
| Q3 24 | $3.1B | $2.4B | ||
| Q2 24 | $2.7B | $2.7B | ||
| Q1 24 | $1.6B | $3.4B |
自由现金流率CATQCOM
| Q4 25 | 14.1% | 36.0% | ||
| Q3 25 | 17.5% | 31.8% | ||
| Q2 25 | 15.5% | 24.9% | ||
| Q1 25 | 4.1% | 21.3% | ||
| Q4 24 | 16.6% | 36.9% | ||
| Q3 24 | 19.4% | 23.3% | ||
| Q2 24 | 16.1% | 28.4% | ||
| Q1 24 | 9.8% | 35.9% |
资本支出强度CATQCOM
| Q4 25 | 4.7% | 4.5% | ||
| Q3 25 | 3.7% | 3.6% | ||
| Q2 25 | 3.3% | 2.8% | ||
| Q1 25 | 5.0% | 1.9% | ||
| Q4 24 | 4.3% | 2.4% | ||
| Q3 24 | 2.8% | 2.5% | ||
| Q2 24 | 2.0% | 4.1% | ||
| Q1 24 | 3.2% | 2.0% |
现金转化率CATQCOM
| Q4 25 | 1.50× | 1.65× | ||
| Q3 25 | 1.63× | — | ||
| Q2 25 | 1.43× | 1.08× | ||
| Q1 25 | 0.64× | 0.91× | ||
| Q4 24 | 1.22× | 1.44× | ||
| Q3 24 | 1.45× | 0.91× | ||
| Q2 24 | 1.13× | 1.43× | ||
| Q1 24 | 0.72× | 1.53× |
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
CAT
| Construction Industries | $6.9B | 36% |
| Resource Industries | $3.4B | 18% |
| Powergeneration | $3.2B | 17% |
| Oil And Gas Customer | $2.4B | 13% |
| Financial Products Segment | $1.1B | 6% |
| Industrial | $967.0M | 5% |
| Financial Products | $931.0M | 5% |
| Related Party | $190.0M | 1% |
QCOM
| Handsets | $7.8B | 64% |
| Io T | $1.7B | 14% |
| Qtl | $1.6B | 13% |
| Automotive | $1.1B | 9% |
