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Cboe Global Markets（CBOE）与思佳讯（SWKS）财务数据对比。点击上方公司名可切换其他公司
Cboe Global Markets的季度营收约是思佳讯的1.2倍（$1.2B vs $1.0B），Cboe Global Markets净利率更高（26.0% vs 7.6%，领先18.4%），Cboe Global Markets同比增速更快（8.7% vs 8.6%），思佳讯自由现金流更多（$339.0M vs $332.1M），过去两年Cboe Global Markets的营收复合增速更高（12.2% vs -0.5%）
Cboe Global Markets是总部位于美国芝加哥的金融交易所运营集团，旗下拥有并运营多类交易所及交易场所，业务覆盖股票、期权、期货、数字资产等多个交易领域，为全球市场参与者提供专业交易服务支持。
思佳讯是总部位于美国加利福尼亚州尔湾的半导体企业，公司股票在纳斯达克全球精选市场挂牌交易，股票代码为SWKS，同时也是标普500指数的成分股之一，在全球射频半导体领域拥有较高市场地位。
CBOE vs SWKS — 直观对比
营收规模更大
CBOE
是对方的1.2倍
$1.0B
营收增速更快
CBOE
高出0.1%
8.6%
净利率更高
CBOE
高出18.4%
7.6%
自由现金流更多
SWKS
多$6.9M
$332.1M
两年增速更快
CBOE
近两年复合增速
-0.5%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.0B |
| 净利润 | $313.5M | $79.2M |
| 毛利率 | 55.7% | 41.3% |
| 营业利润率 | 33.5% | 10.0% |
| 净利率 | 26.0% | 7.6% |
| 营收同比 | 8.7% | 8.6% |
| 净利润同比 | 59.5% | 15.3% |
| 每股收益（稀释后） | $2.97 | $0.53 |
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CBOESWKS
| Q1 26 | — | $1.0B | ||
| Q4 25 | $1.2B | $1.1B | ||
| Q3 25 | $1.1B | — | ||
| Q2 25 | $1.2B | $965.0M | ||
| Q1 25 | $1.2B | $953.2M | ||
| Q4 24 | $1.1B | $1.1B | ||
| Q3 24 | $1.1B | $1.0B | ||
| Q2 24 | $974.0M | $905.5M |
净利润CBOESWKS
| Q1 26 | — | $79.2M | ||
| Q4 25 | $313.5M | $141.4M | ||
| Q3 25 | $300.8M | — | ||
| Q2 25 | $235.1M | $105.0M | ||
| Q1 25 | $250.6M | $68.7M | ||
| Q4 24 | $196.5M | $162.0M | ||
| Q3 24 | $218.5M | $60.5M | ||
| Q2 24 | $140.4M | $120.9M |
毛利率CBOESWKS
| Q1 26 | — | 41.3% | ||
| Q4 25 | 55.7% | 40.7% | ||
| Q3 25 | 53.0% | — | ||
| Q2 25 | 50.0% | 41.6% | ||
| Q1 25 | 47.3% | 41.1% | ||
| Q4 24 | 47.4% | 41.4% | ||
| Q3 24 | 50.4% | 41.9% | ||
| Q2 24 | 52.8% | 40.2% |
营业利润率CBOESWKS
| Q1 26 | — | 10.0% | ||
| Q4 25 | 33.5% | 10.1% | ||
| Q3 25 | 32.4% | — | ||
| Q2 25 | 28.9% | 11.5% | ||
| Q1 25 | 29.6% | 10.2% | ||
| Q4 24 | 27.0% | 16.9% | ||
| Q3 24 | 29.1% | 5.8% | ||
| Q2 24 | 21.6% | 14.4% |
净利率CBOESWKS
| Q1 26 | — | 7.6% | ||
| Q4 25 | 26.0% | 12.9% | ||
| Q3 25 | 26.3% | — | ||
| Q2 25 | 20.0% | 10.9% | ||
| Q1 25 | 21.0% | 7.2% | ||
| Q4 24 | 17.7% | 15.2% | ||
| Q3 24 | 20.7% | 5.9% | ||
| Q2 24 | 14.4% | 13.4% |
每股收益（稀释后）CBOESWKS
| Q1 26 | — | $0.53 | ||
| Q4 25 | $2.97 | $0.95 | ||
| Q3 25 | $2.85 | — | ||
| Q2 25 | $2.23 | $0.70 | ||
| Q1 25 | $2.37 | $0.43 | ||
| Q4 24 | $1.85 | $1.00 | ||
| Q3 24 | $2.07 | $0.36 | ||
| Q2 24 | $1.33 | $0.75 |
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 | $2.3B | $1.6B |
| 总债务越低越好 | $1.4B | $496.6M |
| 股东权益账面价值 | $5.1B | $5.8B |
| 总资产 | $9.3B | $7.9B |
| 负债/权益比越低杠杆越低 | 0.28× | 0.09× |
8季度趋势，按日历期对齐
现金及短期投资CBOESWKS
| Q1 26 | — | $1.6B | ||
| Q4 25 | $2.3B | $1.4B | ||
| Q3 25 | $1.5B | — | ||
| Q2 25 | $1.5B | $1.3B | ||
| Q1 25 | $1.2B | $1.5B | ||
| Q4 24 | $1.0B | $1.7B | ||
| Q3 24 | $763.2M | $1.6B | ||
| Q2 24 | $698.3M | $1.3B |
总债务CBOESWKS
| Q1 26 | — | $496.6M | ||
| Q4 25 | $1.4B | $496.4M | ||
| Q3 25 | $1.4B | — | ||
| Q2 25 | $1.4B | $496.2M | ||
| Q1 25 | $1.4B | $995.1M | ||
| Q4 24 | $1.4B | $994.7M | ||
| Q3 24 | $1.4B | $994.3M | ||
| Q2 24 | $1.4B | $994.0M |
股东权益CBOESWKS
| Q1 26 | — | $5.8B | ||
| Q4 25 | $5.1B | $5.8B | ||
| Q3 25 | $4.9B | — | ||
| Q2 25 | $4.7B | $5.7B | ||
| Q1 25 | $4.5B | $5.9B | ||
| Q4 24 | $4.3B | $6.4B | ||
| Q3 24 | $4.2B | $6.3B | ||
| Q2 24 | $4.0B | $6.3B |
总资产CBOESWKS
| Q1 26 | — | $7.9B | ||
| Q4 25 | $9.3B | $7.9B | ||
| Q3 25 | $9.1B | — | ||
| Q2 25 | $9.0B | $7.7B | ||
| Q1 25 | $8.7B | $7.9B | ||
| Q4 24 | $7.8B | $8.3B | ||
| Q3 24 | $8.7B | $8.3B | ||
| Q2 24 | $9.3B | $8.2B |
负债/权益比CBOESWKS
| Q1 26 | — | 0.09× | ||
| Q4 25 | 0.28× | 0.09× | ||
| Q3 25 | 0.30× | — | ||
| Q2 25 | 0.31× | 0.09× | ||
| Q1 25 | 0.32× | 0.17× | ||
| Q4 24 | 0.34× | 0.16× | ||
| Q3 24 | 0.34× | 0.16× | ||
| Q2 24 | 0.36× | 0.16× |
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 | $352.1M | $395.5M |
| 自由现金流经营现金流 - 资本支出 | $332.1M | $339.0M |
| 自由现金流率自由现金流/营收 | 27.6% | 32.7% |
| 资本支出强度资本支出/营收 | 1.7% | 5.5% |
| 现金转化率经营现金流/净利润 | 1.12× | 4.99× |
| 过去12个月自由现金流最近4个季度 | $1.7B | $1.1B |
8季度趋势，按日历期对齐
经营现金流CBOESWKS
| Q1 26 | — | $395.5M | ||
| Q4 25 | $352.1M | $200.0M | ||
| Q3 25 | $153.9M | — | ||
| Q2 25 | $333.7M | $314.2M | ||
| Q1 25 | $912.9M | $409.4M | ||
| Q4 24 | $-710.4M | $377.2M | ||
| Q3 24 | $-578.5M | $476.1M | ||
| Q2 24 | $1.5B | $273.4M |
自由现金流CBOESWKS
| Q1 26 | — | $339.0M | ||
| Q4 25 | $332.1M | $144.0M | ||
| Q3 25 | $137.9M | — | ||
| Q2 25 | $313.4M | $252.7M | ||
| Q1 25 | $898.2M | $370.9M | ||
| Q4 24 | $-734.2M | $338.2M | ||
| Q3 24 | $-590.5M | $393.3M | ||
| Q2 24 | $1.5B | $249.0M |
自由现金流率CBOESWKS
| Q1 26 | — | 32.7% | ||
| Q4 25 | 27.6% | 13.1% | ||
| Q3 25 | 12.1% | — | ||
| Q2 25 | 26.7% | 26.2% | ||
| Q1 25 | 75.2% | 38.9% | ||
| Q4 24 | -66.3% | 31.7% | ||
| Q3 24 | -55.9% | 38.4% | ||
| Q2 24 | 151.6% | 27.5% |
资本支出强度CBOESWKS
| Q1 26 | — | 5.5% | ||
| Q4 25 | 1.7% | 5.1% | ||
| Q3 25 | 1.4% | — | ||
| Q2 25 | 1.7% | 6.4% | ||
| Q1 25 | 1.2% | 4.0% | ||
| Q4 24 | 2.1% | 3.6% | ||
| Q3 24 | 1.1% | 8.1% | ||
| Q2 24 | 1.8% | 2.7% |
现金转化率CBOESWKS
| Q1 26 | — | 4.99× | ||
| Q4 25 | 1.12× | 1.41× | ||
| Q3 25 | 0.51× | — | ||
| Q2 25 | 1.42× | 2.99× | ||
| Q1 25 | 3.64× | 5.96× | ||
| Q4 24 | -3.62× | 2.33× | ||
| Q3 24 | -2.65× | 7.87× | ||
| Q2 24 | 10.64× | 2.26× |
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
CBOE
| Liquidity Payments | $443.6M | 37% |
| Cash And Spot Markets | $431.3M | 36% |
| Transferred Over Time | $84.3M | 7% |
| Market Data Fees | $82.7M | 7% |
| Royalty Fees | $68.9M | 6% |
| Futures | $36.1M | 3% |
| Global FX | $24.4M | 2% |
| Other Revenue | $23.1M | 2% |
| Routing And Clearing | $20.1M | 2% |
SWKS
| Sales Channel Through Intermediary | $915.6M | 88% |
| Sales Channel Directly To Consumer | $119.8M | 12% |
