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CDW Corporation（CDW）与康明斯（CMI）财务数据对比。点击上方公司名可切换其他公司
康明斯的季度营收约是CDW Corporation的1.5倍（$8.5B vs $5.5B），CDW Corporation同比增速更快（6.3% vs 1.1%），康明斯自由现金流更多（$990.0M vs $395.9M），过去两年CDW Corporation的营收复合增速更高（6.3% vs 0.8%）
CDW公司是美国多品牌信息技术服务提供商，服务覆盖美国、英国、加拿大三国的商业、政府、教育、医疗领域，总部位于伊利诺伊州弗农希尔斯，位列《财富》500强，2023年全年净销售额达210亿美元。
康明斯是总部位于美国的跨国企业，专注于设计、制造及销售柴油发动机、电动汽车零部件、发电产品，同时提供发动机及相关配套设备的维保服务，业务覆盖燃油系统、空气处理系统、过滤设备、排放控制、发电系统及发动机控制单元等多个领域。
CDW vs CMI — 直观对比
营收规模更大
CMI
是对方的1.5倍
$5.5B
营收增速更快
CDW
高出5.2%
1.1%
自由现金流更多
CMI
多$594.1M
$395.9M
两年增速更快
CDW
近两年复合增速
0.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $5.5B | $8.5B |
| 净利润 | — | $620.0M |
| 毛利率 | 22.8% | 22.9% |
| 营业利润率 | 7.8% | 9.5% |
| 净利率 | — | 7.3% |
| 营收同比 | 6.3% | 1.1% |
| 净利润同比 | — | 39.3% |
| 每股收益（稀释后） | $2.13 | $4.25 |
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CDWCMI
| Q4 25 | $5.5B | $8.5B | ||
| Q3 25 | $5.7B | $8.3B | ||
| Q2 25 | $6.0B | $8.6B | ||
| Q1 25 | $5.2B | $8.2B | ||
| Q4 24 | $5.2B | $8.4B | ||
| Q3 24 | $5.5B | $8.5B | ||
| Q2 24 | $5.4B | $8.8B | ||
| Q1 24 | $4.9B | $8.4B |
净利润CDWCMI
| Q4 25 | — | $620.0M | ||
| Q3 25 | $291.0M | $559.0M | ||
| Q2 25 | $271.2M | $928.0M | ||
| Q1 25 | $224.9M | $850.0M | ||
| Q4 24 | — | $445.0M | ||
| Q3 24 | $316.4M | $843.0M | ||
| Q2 24 | $281.1M | $752.0M | ||
| Q1 24 | $216.1M | $2.0B |
毛利率CDWCMI
| Q4 25 | 22.8% | 22.9% | ||
| Q3 25 | 21.9% | 25.6% | ||
| Q2 25 | 20.8% | 26.4% | ||
| Q1 25 | 21.6% | 26.4% | ||
| Q4 24 | 22.3% | 24.1% | ||
| Q3 24 | 21.8% | 25.7% | ||
| Q2 24 | 21.8% | 24.9% | ||
| Q1 24 | 21.8% | 24.3% |
营业利润率CDWCMI
| Q4 25 | 7.8% | 9.5% | ||
| Q3 25 | 7.7% | 10.2% | ||
| Q2 25 | 7.0% | 14.2% | ||
| Q1 25 | 7.0% | 13.9% | ||
| Q4 24 | 7.9% | 8.7% | ||
| Q3 24 | 8.7% | 12.4% | ||
| Q2 24 | 8.0% | 11.9% | ||
| Q1 24 | 6.7% | 11.0% |
净利率CDWCMI
| Q4 25 | — | 7.3% | ||
| Q3 25 | 5.1% | 6.7% | ||
| Q2 25 | 4.5% | 10.7% | ||
| Q1 25 | 4.3% | 10.4% | ||
| Q4 24 | — | 5.3% | ||
| Q3 24 | 5.7% | 10.0% | ||
| Q2 24 | 5.2% | 8.5% | ||
| Q1 24 | 4.4% | 24.1% |
每股收益（稀释后）CDWCMI
| Q4 25 | $2.13 | $4.25 | ||
| Q3 25 | $2.21 | $3.86 | ||
| Q2 25 | $2.05 | $6.43 | ||
| Q1 25 | $1.69 | $5.96 | ||
| Q4 24 | $1.97 | $3.22 | ||
| Q3 24 | $2.34 | $5.86 | ||
| Q2 24 | $2.07 | $5.26 | ||
| Q1 24 | $1.59 | $14.03 |
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 | $618.7M | $4.4B |
| 总债务越低越好 | — | $6.8B |
| 股东权益账面价值 | $2.6B | $12.3B |
| 总资产 | $16.0B | $34.0B |
| 负债/权益比越低杠杆越低 | — | 0.55× |
8季度趋势，按日历期对齐
现金及短期投资CDWCMI
| Q4 25 | $618.7M | $4.4B | ||
| Q3 25 | $452.9M | $3.2B | ||
| Q2 25 | $481.0M | $3.1B | ||
| Q1 25 | $688.1M | $2.2B | ||
| Q4 24 | $717.7M | $2.3B | ||
| Q3 24 | $1.2B | $2.3B | ||
| Q2 24 | $665.3M | $2.2B | ||
| Q1 24 | $803.8M | $3.1B |
总债务CDWCMI
| Q4 25 | — | $6.8B | ||
| Q3 25 | — | $6.8B | ||
| Q2 25 | — | $6.8B | ||
| Q1 25 | — | $4.8B | ||
| Q4 24 | — | $4.8B | ||
| Q3 24 | — | $4.9B | ||
| Q2 24 | — | $5.4B | ||
| Q1 24 | — | $5.8B |
股东权益CDWCMI
| Q4 25 | $2.6B | $12.3B | ||
| Q3 25 | $2.5B | $12.1B | ||
| Q2 25 | $2.5B | $11.8B | ||
| Q1 25 | $2.3B | $10.9B | ||
| Q4 24 | $2.4B | $10.3B | ||
| Q3 24 | $2.3B | $10.3B | ||
| Q2 24 | $2.2B | $9.6B | ||
| Q1 24 | $2.1B | $9.1B |
总资产CDWCMI
| Q4 25 | $16.0B | $34.0B | ||
| Q3 25 | $15.2B | $33.6B | ||
| Q2 25 | $15.3B | $34.3B | ||
| Q1 25 | $15.0B | $32.5B | ||
| Q4 24 | $14.7B | $31.5B | ||
| Q3 24 | $14.4B | $32.1B | ||
| Q2 24 | $13.6B | $31.3B | ||
| Q1 24 | $13.2B | $31.8B |
负债/权益比CDWCMI
| Q4 25 | — | 0.55× | ||
| Q3 25 | — | 0.57× | ||
| Q2 25 | — | 0.58× | ||
| Q1 25 | — | 0.44× | ||
| Q4 24 | — | 0.47× | ||
| Q3 24 | — | 0.47× | ||
| Q2 24 | — | 0.57× | ||
| Q1 24 | — | 0.64× |
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 | $433.8M | $1.5B |
| 自由现金流经营现金流 - 资本支出 | $395.9M | $990.0M |
| 自由现金流率自由现金流/营收 | 7.2% | 11.6% |
| 资本支出强度资本支出/营收 | 0.7% | 6.4% |
| 现金转化率经营现金流/净利润 | — | 2.47× |
| 过去12个月自由现金流最近4个季度 | $1.1B | $2.4B |
8季度趋势，按日历期对齐
经营现金流CDWCMI
| Q4 25 | $433.8M | $1.5B | ||
| Q3 25 | $328.3M | $1.3B | ||
| Q2 25 | $155.9M | $785.0M | ||
| Q1 25 | $287.2M | $-3.0M | ||
| Q4 24 | $345.3M | $1.4B | ||
| Q3 24 | $342.1M | $640.0M | ||
| Q2 24 | $149.9M | $-851.0M | ||
| Q1 24 | $440.0M | $276.0M |
自由现金流CDWCMI
| Q4 25 | $395.9M | $990.0M | ||
| Q3 25 | $298.5M | $1.0B | ||
| Q2 25 | $133.4M | $554.0M | ||
| Q1 25 | $260.3M | $-165.0M | ||
| Q4 24 | $316.7M | $882.0M | ||
| Q3 24 | $308.5M | $381.0M | ||
| Q2 24 | $119.0M | $-1.1B | ||
| Q1 24 | $410.5M | $107.0M |
自由现金流率CDWCMI
| Q4 25 | 7.2% | 11.6% | ||
| Q3 25 | 5.2% | 12.1% | ||
| Q2 25 | 2.2% | 6.4% | ||
| Q1 25 | 5.0% | -2.0% | ||
| Q4 24 | 6.1% | 10.4% | ||
| Q3 24 | 5.6% | 4.5% | ||
| Q2 24 | 2.2% | -12.4% | ||
| Q1 24 | 8.4% | 1.3% |
资本支出强度CDWCMI
| Q4 25 | 0.7% | 6.4% | ||
| Q3 25 | 0.5% | 3.6% | ||
| Q2 25 | 0.4% | 2.7% | ||
| Q1 25 | 0.5% | 2.0% | ||
| Q4 24 | 0.6% | 6.4% | ||
| Q3 24 | 0.6% | 3.1% | ||
| Q2 24 | 0.6% | 2.7% | ||
| Q1 24 | 0.6% | 2.0% |
现金转化率CDWCMI
| Q4 25 | — | 2.47× | ||
| Q3 25 | 1.13× | 2.33× | ||
| Q2 25 | 0.57× | 0.85× | ||
| Q1 25 | 1.28× | -0.00× | ||
| Q4 24 | — | 3.20× | ||
| Q3 24 | 1.08× | 0.76× | ||
| Q2 24 | 0.53× | -1.13× | ||
| Q1 24 | 2.04× | 0.14× |
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
CDW
暂无分部数据
CMI
| Other | $2.9B | 34% |
| Parts | $1.0B | 12% |
| Mediumdutytruckandbus | $638.0M | 7% |
| Heavydutytruck | $623.0M | 7% |
| Intersegmentsales | $620.0M | 7% |
| PSBU Power Generation | $577.0M | 7% |
| Related Party | $469.0M | 5% |
| Services | $449.0M | 5% |
| Lightdutyautomotive | $440.0M | 5% |
| Industrial | $333.0M | 4% |
| Offhighway | $279.0M | 3% |
| Generatortechnologies | $152.0M | 2% |
