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世邦魏理仕（CBRE）与高通（QCOM）财务数据对比。点击上方公司名可切换其他公司
高通的季度营收约是世邦魏理仕的1.1倍（$12.3B vs $11.5B），高通净利率更高（24.5% vs 3.6%，领先20.9%），世邦魏理仕同比增速更快（12.3% vs 5.0%），高通自由现金流更多（$4.4B vs $1.1B），过去两年世邦魏理仕的营收复合增速更高（21.1% vs 14.2%）
世邦魏理仕（CBRE Group）是全球领先的跨国商业地产服务与投资企业，业务涵盖物业顾问、交易撮合、资产管理、项目开发咨询等范畴，为全球各类企业及机构客户提供全链条不动产相关解决方案，服务网络覆盖全球各大主要城市。
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。
CBRE vs QCOM — 直观对比
营收规模更大
QCOM
是对方的1.1倍
$11.5B
营收增速更快
CBRE
高出7.3%
5.0%
净利率更高
QCOM
高出20.9%
3.6%
自由现金流更多
QCOM
多$3.3B
$1.1B
两年增速更快
CBRE
近两年复合增速
14.2%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $11.5B | $12.3B |
| 净利润 | $416.0M | $3.0B |
| 毛利率 | 17.3% | 54.6% |
| 营业利润率 | 5.4% | 27.5% |
| 净利率 | 3.6% | 24.5% |
| 营收同比 | 12.3% | 5.0% |
| 净利润同比 | -14.6% | -5.5% |
| 每股收益（稀释后） | $1.38 | $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CBREQCOM
| Q4 25 | $11.5B | $12.3B | ||
| Q3 25 | $10.1B | $11.3B | ||
| Q2 25 | $9.6B | $10.4B | ||
| Q1 25 | $8.8B | $11.0B | ||
| Q4 24 | $10.2B | $11.7B | ||
| Q3 24 | $8.8B | $10.2B | ||
| Q2 24 | $8.2B | $9.4B | ||
| Q1 24 | $7.8B | $9.4B |
净利润CBREQCOM
| Q4 25 | $416.0M | $3.0B | ||
| Q3 25 | $363.0M | $-3.1B | ||
| Q2 25 | $215.0M | $2.7B | ||
| Q1 25 | $163.0M | $2.8B | ||
| Q4 24 | $487.0M | $3.2B | ||
| Q3 24 | $225.0M | $2.9B | ||
| Q2 24 | $130.0M | $2.1B | ||
| Q1 24 | $126.0M | $2.3B |
毛利率CBREQCOM
| Q4 25 | 17.3% | 54.6% | ||
| Q3 25 | 17.7% | 55.3% | ||
| Q2 25 | 17.1% | 55.6% | ||
| Q1 25 | 17.1% | 55.0% | ||
| Q4 24 | 18.7% | 55.8% | ||
| Q3 24 | 18.1% | 56.4% | ||
| Q2 24 | 17.6% | 55.6% | ||
| Q1 24 | 17.1% | 56.3% |
营业利润率CBREQCOM
| Q4 25 | 5.4% | 27.5% | ||
| Q3 25 | 4.8% | 25.9% | ||
| Q2 25 | 3.9% | 26.6% | ||
| Q1 25 | 3.1% | 28.4% | ||
| Q4 24 | 5.8% | 30.5% | ||
| Q3 24 | 4.2% | 25.2% | ||
| Q2 24 | 3.0% | 23.6% | ||
| Q1 24 | 2.6% | 24.9% |
净利率CBREQCOM
| Q4 25 | 3.6% | 24.5% | ||
| Q3 25 | 3.6% | -27.7% | ||
| Q2 25 | 2.2% | 25.7% | ||
| Q1 25 | 1.9% | 25.6% | ||
| Q4 24 | 4.8% | 27.3% | ||
| Q3 24 | 2.5% | 28.5% | ||
| Q2 24 | 1.6% | 22.7% | ||
| Q1 24 | 1.6% | 24.8% |
每股收益（稀释后）CBREQCOM
| Q4 25 | $1.38 | $2.78 | ||
| Q3 25 | $1.21 | $-2.77 | ||
| Q2 25 | $0.72 | $2.43 | ||
| Q1 25 | $0.54 | $2.52 | ||
| Q4 24 | $1.58 | $2.83 | ||
| Q3 24 | $0.73 | $2.57 | ||
| Q2 24 | $0.42 | $1.88 | ||
| Q1 24 | $0.41 | $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 | $1.9B | $11.8B |
| 总债务越低越好 | — | $14.8B |
| 股东权益账面价值 | $8.9B | $23.1B |
| 总资产 | $30.9B | $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CBREQCOM
| Q4 25 | $1.9B | $11.8B | ||
| Q3 25 | $1.7B | $10.2B | ||
| Q2 25 | $1.4B | $10.0B | ||
| Q1 25 | $1.4B | $13.8B | ||
| Q4 24 | $1.1B | $14.3B | ||
| Q3 24 | $1.0B | $13.3B | ||
| Q2 24 | $928.0M | $13.0B | ||
| Q1 24 | $1.0B | $13.9B |
总债务CBREQCOM
| 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CBREQCOM
| Q4 25 | $8.9B | $23.1B | ||
| Q3 25 | $8.5B | $21.2B | ||
| Q2 25 | $8.3B | $27.2B | ||
| Q1 25 | $8.3B | $27.7B | ||
| Q4 24 | $8.4B | $26.9B | ||
| Q3 24 | $8.7B | $26.3B | ||
| Q2 24 | $8.4B | $24.7B | ||
| Q1 24 | $8.3B | $24.5B |
总资产CBREQCOM
| Q4 25 | $30.9B | $53.0B | ||
| Q3 25 | $28.6B | $50.1B | ||
| Q2 25 | $27.7B | $54.9B | ||
| Q1 25 | $26.4B | $55.4B | ||
| Q4 24 | $24.4B | $55.6B | ||
| Q3 24 | $24.8B | $55.2B | ||
| Q2 24 | $23.5B | $52.7B | ||
| Q1 24 | $23.0B | $53.2B |
负债/权益比CBREQCOM
| 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 | $1.2B | $5.0B |
| 自由现金流经营现金流 - 资本支出 | $1.1B | $4.4B |
| 自由现金流率自由现金流/营收 | 9.4% | 36.0% |
| 资本支出强度资本支出/营收 | 1.3% | 4.5% |
| 现金转化率经营现金流/净利润 | 2.94× | 1.65× |
| 过去12个月自由现金流最近4个季度 | $1.2B | $12.9B |
8季度趋势，按日历期对齐
经营现金流CBREQCOM
| Q4 25 | $1.2B | $5.0B | ||
| Q3 25 | $827.0M | $4.0B | ||
| Q2 25 | $57.0M | $2.9B | ||
| Q1 25 | $-546.0M | $2.6B | ||
| Q4 24 | $1.3B | $4.6B | ||
| Q3 24 | $573.0M | $2.6B | ||
| Q2 24 | $287.0M | $3.1B | ||
| Q1 24 | $-492.0M | $3.6B |
自由现金流CBREQCOM
| Q4 25 | $1.1B | $4.4B | ||
| Q3 25 | $743.0M | $3.6B | ||
| Q2 25 | $-17.0M | $2.6B | ||
| Q1 25 | $-610.0M | $2.3B | ||
| Q4 24 | $1.2B | $4.3B | ||
| Q3 24 | $494.0M | $2.4B | ||
| Q2 24 | $220.0M | $2.7B | ||
| Q1 24 | $-560.0M | $3.4B |
自由现金流率CBREQCOM
| Q4 25 | 9.4% | 36.0% | ||
| Q3 25 | 7.4% | 31.8% | ||
| Q2 25 | -0.2% | 24.9% | ||
| Q1 25 | -7.0% | 21.3% | ||
| Q4 24 | 12.2% | 36.9% | ||
| Q3 24 | 5.6% | 23.3% | ||
| Q2 24 | 2.7% | 28.4% | ||
| Q1 24 | -7.2% | 35.9% |
资本支出强度CBREQCOM
| Q4 25 | 1.3% | 4.5% | ||
| Q3 25 | 0.8% | 3.6% | ||
| Q2 25 | 0.8% | 2.8% | ||
| Q1 25 | 0.7% | 1.9% | ||
| Q4 24 | 0.9% | 2.4% | ||
| Q3 24 | 0.9% | 2.5% | ||
| Q2 24 | 0.8% | 4.1% | ||
| Q1 24 | 0.9% | 2.0% |
现金转化率CBREQCOM
| Q4 25 | 2.94× | 1.65× | ||
| Q3 25 | 2.28× | — | ||
| Q2 25 | 0.27× | 1.08× | ||
| Q1 25 | -3.35× | 0.91× | ||
| Q4 24 | 2.75× | 1.44× | ||
| Q3 24 | 2.55× | 0.91× | ||
| Q2 24 | 2.21× | 1.43× | ||
| Q1 24 | -3.90× | 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
CBRE
| Other | $5.8B | 51% |
| Project Management Segment | $2.2B | 19% |
| Advisory Leasing | $1.5B | 13% |
| Advisory Sales | $756.0M | 7% |
| Property Management | $695.0M | 6% |
| Investment Management Property Management Brokerage And Other Professional Services | $156.0M | 1% |
| Commercial Mortgage Origination | $95.0M | 1% |
| Other Portfolio Services | $87.0M | 1% |
| Loan Servicing | $73.0M | 1% |
| Real Estate Development Services | $60.0M | 1% |
QCOM
| Handsets | $7.8B | 64% |
| Io T | $1.7B | 14% |
| Qtl | $1.6B | 13% |
| Automotive | $1.1B | 9% |
