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CDW Corporation（CDW）与CARVANA CO.（CVNA）财务数据对比。点击上方公司名可切换其他公司
CARVANA CO.的季度营收约是CDW Corporation的1.0倍（$5.6B vs $5.5B），CARVANA CO.同比增速更快（58.0% vs 6.3%），CDW Corporation自由现金流更多（$395.9M vs $379.0M），过去两年CARVANA CO.的营收复合增速更高（35.3% vs 6.3%）
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。
Carvana Co.是总部位于美国亚利桑那州坦佩市的线上二手车零售企业，主打线上一站式购车服务，2021年成功入选《财富》500强榜单，是该榜单有史以来最年轻的上榜企业之一。
CDW vs CVNA — 直观对比
营收规模更大
CVNA
是对方的1.0倍
$5.5B
营收增速更快
CVNA
高出51.7%
6.3%
自由现金流更多
CDW
多$16.9M
$379.0M
两年增速更快
CVNA
近两年复合增速
6.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $5.5B | $5.6B |
| 净利润 | — | $857.0M |
| 毛利率 | 22.8% | 18.8% |
| 营业利润率 | 7.8% | 7.6% |
| 净利率 | — | 15.3% |
| 营收同比 | 6.3% | 58.0% |
| 净利润同比 | — | 984.8% |
| 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CDWCVNA
| Q4 25 | $5.5B | $5.6B | ||
| Q3 25 | $5.7B | $5.6B | ||
| Q2 25 | $6.0B | $4.8B | ||
| Q1 25 | $5.2B | $4.2B | ||
| Q4 24 | $5.2B | $3.5B | ||
| Q3 24 | $5.5B | $3.7B | ||
| Q2 24 | $5.4B | $3.4B | ||
| Q1 24 | $4.9B | $3.1B |
净利润CDWCVNA
| Q4 25 | — | $857.0M | ||
| Q3 25 | $291.0M | $151.0M | ||
| Q2 25 | $271.2M | $183.0M | ||
| Q1 25 | $224.9M | $216.0M | ||
| Q4 24 | — | $79.0M | ||
| Q3 24 | $316.4M | $85.0M | ||
| Q2 24 | $281.1M | $18.0M | ||
| Q1 24 | $216.1M | $28.0M |
毛利率CDWCVNA
| Q4 25 | 22.8% | 18.8% | ||
| Q3 25 | 21.9% | 20.3% | ||
| Q2 25 | 20.8% | 22.0% | ||
| Q1 25 | 21.6% | 22.0% | ||
| Q4 24 | 22.3% | 21.5% | ||
| Q3 24 | 21.8% | 22.1% | ||
| Q2 24 | 21.8% | 21.0% | ||
| Q1 24 | 21.8% | 19.3% |
营业利润率CDWCVNA
| Q4 25 | 7.8% | 7.6% | ||
| Q3 25 | 7.7% | 9.8% | ||
| Q2 25 | 7.0% | 10.6% | ||
| Q1 25 | 7.0% | 9.3% | ||
| Q4 24 | 7.9% | 7.3% | ||
| Q3 24 | 8.7% | 9.2% | ||
| Q2 24 | 8.0% | 7.6% | ||
| Q1 24 | 6.7% | 4.4% |
净利率CDWCVNA
| Q4 25 | — | 15.3% | ||
| Q3 25 | 5.1% | 2.7% | ||
| Q2 25 | 4.5% | 3.8% | ||
| Q1 25 | 4.3% | 5.1% | ||
| Q4 24 | — | 2.2% | ||
| Q3 24 | 5.7% | 2.3% | ||
| Q2 24 | 5.2% | 0.5% | ||
| Q1 24 | 4.4% | 0.9% |
每股收益（稀释后）CDWCVNA
| 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 | $0.24 |
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 | $2.3B |
| 总债务越低越好 | — | $4.9B |
| 股东权益账面价值 | $2.6B | $3.4B |
| 总资产 | $16.0B | $13.2B |
| 负债/权益比越低杠杆越低 | — | 1.43× |
8季度趋势，按日历期对齐
现金及短期投资CDWCVNA
| Q4 25 | $618.7M | $2.3B | ||
| Q3 25 | $452.9M | $2.1B | ||
| Q2 25 | $481.0M | $1.9B | ||
| Q1 25 | $688.1M | $1.9B | ||
| Q4 24 | $717.7M | $1.7B | ||
| Q3 24 | $1.2B | $871.0M | ||
| Q2 24 | $665.3M | $542.0M | ||
| Q1 24 | $803.8M | $252.0M |
总债务CDWCVNA
| Q4 25 | — | $4.9B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $5.3B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益CDWCVNA
| Q4 25 | $2.6B | $3.4B | ||
| Q3 25 | $2.5B | $2.3B | ||
| Q2 25 | $2.5B | $1.7B | ||
| Q1 25 | $2.3B | $1.5B | ||
| Q4 24 | $2.4B | $1.3B | ||
| Q3 24 | $2.3B | $611.0M | ||
| Q2 24 | $2.2B | $526.0M | ||
| Q1 24 | $2.1B | $289.0M |
总资产CDWCVNA
| Q4 25 | $16.0B | $13.2B | ||
| Q3 25 | $15.2B | $9.9B | ||
| Q2 25 | $15.3B | $9.4B | ||
| Q1 25 | $15.0B | $8.9B | ||
| Q4 24 | $14.7B | $8.5B | ||
| Q3 24 | $14.4B | $7.4B | ||
| Q2 24 | $13.6B | $7.2B | ||
| Q1 24 | $13.2B | $7.0B |
负债/权益比CDWCVNA
| Q4 25 | — | 1.43× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 4.20× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $430.0M |
| 自由现金流经营现金流 - 资本支出 | $395.9M | $379.0M |
| 自由现金流率自由现金流/营收 | 7.2% | 6.8% |
| 资本支出强度资本支出/营收 | 0.7% | 0.9% |
| 现金转化率经营现金流/净利润 | — | 0.50× |
| 过去12个月自由现金流最近4个季度 | $1.1B | $889.0M |
8季度趋势，按日历期对齐
经营现金流CDWCVNA
| Q4 25 | $433.8M | $430.0M | ||
| Q3 25 | $328.3M | $345.0M | ||
| Q2 25 | $155.9M | $29.0M | ||
| Q1 25 | $287.2M | $232.0M | ||
| Q4 24 | $345.3M | $60.0M | ||
| Q3 24 | $342.1M | $403.0M | ||
| Q2 24 | $149.9M | $354.0M | ||
| Q1 24 | $440.0M | $101.0M |
自由现金流CDWCVNA
| Q4 25 | $395.9M | $379.0M | ||
| Q3 25 | $298.5M | $307.0M | ||
| Q2 25 | $133.4M | $-2.0M | ||
| Q1 25 | $260.3M | $205.0M | ||
| Q4 24 | $316.7M | $36.0M | ||
| Q3 24 | $308.5M | $376.0M | ||
| Q2 24 | $119.0M | $332.0M | ||
| Q1 24 | $410.5M | $83.0M |
自由现金流率CDWCVNA
| Q4 25 | 7.2% | 6.8% | ||
| Q3 25 | 5.2% | 5.4% | ||
| Q2 25 | 2.2% | -0.0% | ||
| Q1 25 | 5.0% | 4.8% | ||
| Q4 24 | 6.1% | 1.0% | ||
| Q3 24 | 5.6% | 10.3% | ||
| Q2 24 | 2.2% | 9.7% | ||
| Q1 24 | 8.4% | 2.7% |
资本支出强度CDWCVNA
| Q4 25 | 0.7% | 0.9% | ||
| Q3 25 | 0.5% | 0.7% | ||
| Q2 25 | 0.4% | 0.6% | ||
| Q1 25 | 0.5% | 0.6% | ||
| Q4 24 | 0.6% | 0.7% | ||
| Q3 24 | 0.6% | 0.7% | ||
| Q2 24 | 0.6% | 0.6% | ||
| Q1 24 | 0.6% | 0.6% |
现金转化率CDWCVNA
| Q4 25 | — | 0.50× | ||
| Q3 25 | 1.13× | 2.28× | ||
| Q2 25 | 0.57× | 0.16× | ||
| Q1 25 | 1.28× | 1.07× | ||
| Q4 24 | — | 0.76× | ||
| Q3 24 | 1.08× | 4.74× | ||
| Q2 24 | 0.53× | 19.67× | ||
| Q1 24 | 2.04× | 3.61× |
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
CVNA
| Used Vehicle Sales | $4.2B | 74% |
| Wholesale Sales And Revenues | $988.0M | 18% |
| Other | $459.0M | 8% |
