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CDW Corporation（CDW）与加拿大国家铁路（CP）财务数据对比。点击上方公司名可切换其他公司
CDW Corporation的季度营收约是加拿大国家铁路的1.9倍（$5.5B vs $2.8B），CDW Corporation同比增速更快（6.3% vs 1.3%），加拿大国家铁路自由现金流更多（$537.3M vs $395.9M），过去两年CDW Corporation的营收复合增速更高（6.3% vs 5.6%）
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。
加拿大国家铁路是加拿大一级货运铁路企业，总部位于魁北克省蒙特利尔市，业务覆盖加拿大全境及美国中西部、南部区域，是加拿大两大主力货运铁路运营商之一，与加拿大太平洋堪萨斯城铁路公司齐名。
CDW vs CP — 直观对比
营收规模更大
CDW
是对方的1.9倍
$2.8B
营收增速更快
CDW
高出5.0%
1.3%
自由现金流更多
CP
多$141.4M
$395.9M
两年增速更快
CDW
近两年复合增速
5.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $5.5B | $2.8B |
| 净利润 | — | $786.2M |
| 毛利率 | 22.8% | — |
| 营业利润率 | 7.8% | 41.4% |
| 净利率 | — | 27.7% |
| 营收同比 | 6.3% | 1.3% |
| 净利润同比 | — | -10.3% |
| 每股收益（稀释后） | $2.13 | — |
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CDWCP
| Q4 25 | $5.5B | $2.8B | ||
| Q3 25 | $5.7B | $2.7B | ||
| Q2 25 | $6.0B | $2.7B | ||
| Q1 25 | $5.2B | $2.8B | ||
| Q4 24 | $5.2B | $2.8B | ||
| Q3 24 | $5.5B | $2.6B | ||
| Q2 24 | $5.4B | $2.6B | ||
| Q1 24 | $4.9B | $2.5B |
净利润CDWCP
| Q4 25 | — | $786.2M | ||
| Q3 25 | $291.0M | $671.6M | ||
| Q2 25 | $271.2M | $900.8M | ||
| Q1 25 | $224.9M | $664.3M | ||
| Q4 24 | — | $876.7M | ||
| Q3 24 | $316.4M | $611.0M | ||
| Q2 24 | $281.1M | $660.6M | ||
| Q1 24 | $216.1M | $565.8M |
毛利率CDWCP
| Q4 25 | 22.8% | — | ||
| Q3 25 | 21.9% | — | ||
| Q2 25 | 20.8% | — | ||
| Q1 25 | 21.6% | — | ||
| Q4 24 | 22.3% | — | ||
| Q3 24 | 21.8% | — | ||
| Q2 24 | 21.8% | — | ||
| Q1 24 | 21.8% | — |
营业利润率CDWCP
| Q4 25 | 7.8% | 41.4% | ||
| Q3 25 | 7.7% | 36.8% | ||
| Q2 25 | 7.0% | 36.6% | ||
| Q1 25 | 7.0% | 35.0% | ||
| Q4 24 | 7.9% | 40.6% | ||
| Q3 24 | 8.7% | 34.3% | ||
| Q2 24 | 8.0% | 35.4% | ||
| Q1 24 | 6.7% | 32.9% |
净利率CDWCP
| Q4 25 | — | 27.7% | ||
| Q3 25 | 5.1% | 25.3% | ||
| Q2 25 | 4.5% | 33.6% | ||
| Q1 25 | 4.3% | 24.2% | ||
| Q4 24 | — | 31.2% | ||
| Q3 24 | 5.7% | 23.9% | ||
| Q2 24 | 5.2% | 25.3% | ||
| Q1 24 | 4.4% | 22.2% |
每股收益（稀释后）CDWCP
| Q4 25 | $2.13 | — | ||
| Q3 25 | $2.21 | — | ||
| Q2 25 | $2.05 | — | ||
| Q1 25 | $1.69 | — | ||
| Q4 24 | $1.97 | — | ||
| Q3 24 | $2.34 | — | ||
| Q2 24 | $2.07 | — | ||
| Q1 24 | $1.59 | — |
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 | $134.3M |
| 总债务越低越好 | — | $14.6B |
| 股东权益账面价值 | $2.6B | $33.5B |
| 总资产 | $16.0B | $62.7B |
| 负债/权益比越低杠杆越低 | — | 0.43× |
8季度趋势，按日历期对齐
现金及短期投资CDWCP
| Q4 25 | $618.7M | $134.3M | ||
| Q3 25 | $452.9M | $300.0M | ||
| Q2 25 | $481.0M | $583.3M | ||
| Q1 25 | $688.1M | $507.4M | ||
| Q4 24 | $717.7M | $539.5M | ||
| Q3 24 | $1.2B | $338.0M | ||
| Q2 24 | $665.3M | $406.6M | ||
| Q1 24 | $803.8M | $378.9M |
总债务CDWCP
| Q4 25 | — | $14.6B | ||
| Q3 25 | — | $15.8B | ||
| Q2 25 | — | $15.5B | ||
| Q1 25 | — | $15.4B | ||
| Q4 24 | — | $14.5B | ||
| Q3 24 | — | $13.7B | ||
| Q2 24 | — | $13.8B | ||
| Q1 24 | — | $13.7B |
股东权益CDWCP
| Q4 25 | $2.6B | $33.5B | ||
| Q3 25 | $2.5B | $33.4B | ||
| Q2 25 | $2.5B | $33.7B | ||
| Q1 25 | $2.3B | $35.2B | ||
| Q4 24 | $2.4B | $35.0B | ||
| Q3 24 | $2.3B | $32.2B | ||
| Q2 24 | $2.2B | $32.0B | ||
| Q1 24 | $2.1B | $31.3B |
总资产CDWCP
| Q4 25 | $16.0B | $62.7B | ||
| Q3 25 | $15.2B | $63.3B | ||
| Q2 25 | $15.3B | $62.2B | ||
| Q1 25 | $15.0B | $64.3B | ||
| Q4 24 | $14.7B | $64.1B | ||
| Q3 24 | $14.4B | $60.0B | ||
| Q2 24 | $13.6B | $60.4B | ||
| Q1 24 | $13.2B | $59.6B |
负债/权益比CDWCP
| Q4 25 | — | 0.43× | ||
| Q3 25 | — | 0.47× | ||
| Q2 25 | — | 0.46× | ||
| Q1 25 | — | 0.44× | ||
| Q4 24 | — | 0.41× | ||
| Q3 24 | — | 0.42× | ||
| Q2 24 | — | 0.43× | ||
| Q1 24 | — | 0.44× |
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 | $1.1B |
| 自由现金流经营现金流 - 资本支出 | $395.9M | $537.3M |
| 自由现金流率自由现金流/营收 | 7.2% | 18.9% |
| 资本支出强度资本支出/营收 | 0.7% | 20.2% |
| 现金转化率经营现金流/净利润 | — | 1.42× |
| 过去12个月自由现金流最近4个季度 | $1.1B | $1.6B |
8季度趋势，按日历期对齐
经营现金流CDWCP
| Q4 25 | $433.8M | $1.1B | ||
| Q3 25 | $328.3M | $930.0M | ||
| Q2 25 | $155.9M | $989.1M | ||
| Q1 25 | $287.2M | $843.9M | ||
| Q4 24 | $345.3M | $1.2B | ||
| Q3 24 | $342.1M | $928.6M | ||
| Q2 24 | $149.9M | $932.9M | ||
| Q1 24 | $440.0M | $741.0M |
自由现金流CDWCP
| Q4 25 | $395.9M | $537.3M | ||
| Q3 25 | $298.5M | $302.2M | ||
| Q2 25 | $133.4M | $446.8M | ||
| Q1 25 | $260.3M | $324.9M | ||
| Q4 24 | $316.7M | $702.3M | ||
| Q3 24 | $308.5M | $382.5M | ||
| Q2 24 | $119.0M | $343.1M | ||
| Q1 24 | $410.5M | $356.2M |
自由现金流率CDWCP
| Q4 25 | 7.2% | 18.9% | ||
| Q3 25 | 5.2% | 11.4% | ||
| Q2 25 | 2.2% | 16.7% | ||
| Q1 25 | 5.0% | 11.8% | ||
| Q4 24 | 6.1% | 25.0% | ||
| Q3 24 | 5.6% | 15.0% | ||
| Q2 24 | 2.2% | 13.1% | ||
| Q1 24 | 8.4% | 14.0% |
资本支出强度CDWCP
| Q4 25 | 0.7% | 20.2% | ||
| Q3 25 | 0.5% | 23.7% | ||
| Q2 25 | 0.4% | 20.2% | ||
| Q1 25 | 0.5% | 18.9% | ||
| Q4 24 | 0.6% | 19.3% | ||
| Q3 24 | 0.6% | 21.4% | ||
| Q2 24 | 0.6% | 22.6% | ||
| Q1 24 | 0.6% | 15.1% |
现金转化率CDWCP
| Q4 25 | — | 1.42× | ||
| Q3 25 | 1.13× | 1.38× | ||
| Q2 25 | 0.57× | 1.10× | ||
| Q1 25 | 1.28× | 1.27× | ||
| Q4 24 | — | 1.42× | ||
| Q3 24 | 1.08× | 1.52× | ||
| Q2 24 | 0.53× | 1.41× | ||
| Q1 24 | 2.04× | 1.31× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
