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CDW Corporation（CDW）与亨廷顿·英格尔斯工业（HII）财务数据对比。点击上方公司名可切换其他公司
CDW Corporation的季度营收约是亨廷顿·英格尔斯工业的1.6倍（$5.5B vs $3.5B），亨廷顿·英格尔斯工业同比增速更快（15.7% vs 6.3%），亨廷顿·英格尔斯工业自由现金流更多（$516.0M vs $395.9M），过去两年亨廷顿·英格尔斯工业的营收复合增速更高（11.3% 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。
亨廷顿·英格尔斯工业（简称HII）是美国规模最大的军用造船企业，同时面向政府及行业合作伙伴提供专业服务。公司于2011年3月31日从诺斯罗普·格鲁曼公司分拆成立，在防务装备建造及配套服务领域拥有深厚技术积累与行业资源。
CDW vs HII — 直观对比
营收规模更大
CDW
是对方的1.6倍
$3.5B
营收增速更快
HII
高出9.4%
6.3%
自由现金流更多
HII
多$120.1M
$395.9M
两年增速更快
HII
近两年复合增速
6.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $5.5B | $3.5B |
| 净利润 | — | $159.0M |
| 毛利率 | 22.8% | — |
| 营业利润率 | 7.8% | 4.9% |
| 净利率 | — | 4.6% |
| 营收同比 | 6.3% | 15.7% |
| 净利润同比 | — | 29.3% |
| 每股收益（稀释后） | $2.13 | $4.06 |
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CDWHII
| Q4 25 | $5.5B | $3.5B | ||
| Q3 25 | $5.7B | $3.2B | ||
| Q2 25 | $6.0B | $3.1B | ||
| Q1 25 | $5.2B | $2.7B | ||
| Q4 24 | $5.2B | $3.0B | ||
| Q3 24 | $5.5B | $2.7B | ||
| Q2 24 | $5.4B | $3.0B | ||
| Q1 24 | $4.9B | $2.8B |
净利润CDWHII
| Q4 25 | — | $159.0M | ||
| Q3 25 | $291.0M | $145.0M | ||
| Q2 25 | $271.2M | $152.0M | ||
| Q1 25 | $224.9M | $149.0M | ||
| Q4 24 | — | $123.0M | ||
| Q3 24 | $316.4M | $101.0M | ||
| Q2 24 | $281.1M | $173.0M | ||
| Q1 24 | $216.1M | $153.0M |
毛利率CDWHII
| 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CDWHII
| Q4 25 | 7.8% | 4.9% | ||
| Q3 25 | 7.7% | 5.0% | ||
| Q2 25 | 7.0% | 5.3% | ||
| Q1 25 | 7.0% | 5.9% | ||
| Q4 24 | 7.9% | 3.7% | ||
| Q3 24 | 8.7% | 3.0% | ||
| Q2 24 | 8.0% | 6.3% | ||
| Q1 24 | 6.7% | 5.5% |
净利率CDWHII
| Q4 25 | — | 4.6% | ||
| Q3 25 | 5.1% | 4.5% | ||
| Q2 25 | 4.5% | 4.9% | ||
| Q1 25 | 4.3% | 5.4% | ||
| Q4 24 | — | 4.1% | ||
| Q3 24 | 5.7% | 3.7% | ||
| Q2 24 | 5.2% | 5.8% | ||
| Q1 24 | 4.4% | 5.5% |
每股收益（稀释后）CDWHII
| Q4 25 | $2.13 | $4.06 | ||
| Q3 25 | $2.21 | $3.68 | ||
| Q2 25 | $2.05 | $3.86 | ||
| Q1 25 | $1.69 | $3.79 | ||
| Q4 24 | $1.97 | $3.15 | ||
| Q3 24 | $2.34 | $2.56 | ||
| Q2 24 | $2.07 | $4.38 | ||
| Q1 24 | $1.59 | $3.87 |
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 | — |
| 总债务越低越好 | — | $2.7B |
| 股东权益账面价值 | $2.6B | $5.1B |
| 总资产 | $16.0B | $12.7B |
| 负债/权益比越低杠杆越低 | — | 0.53× |
8季度趋势，按日历期对齐
现金及短期投资CDWHII
| Q4 25 | $618.7M | — | ||
| Q3 25 | $452.9M | — | ||
| Q2 25 | $481.0M | — | ||
| Q1 25 | $688.1M | — | ||
| Q4 24 | $717.7M | — | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | $665.3M | — | ||
| Q1 24 | $803.8M | $10.0M |
总债务CDWHII
| Q4 25 | — | $2.7B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $2.7B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益CDWHII
| Q4 25 | $2.6B | $5.1B | ||
| Q3 25 | $2.5B | $5.0B | ||
| Q2 25 | $2.5B | $4.9B | ||
| Q1 25 | $2.3B | $4.8B | ||
| Q4 24 | $2.4B | $4.7B | ||
| Q3 24 | $2.3B | $4.2B | ||
| Q2 24 | $2.2B | $4.2B | ||
| Q1 24 | $2.1B | $4.1B |
总资产CDWHII
| Q4 25 | $16.0B | $12.7B | ||
| Q3 25 | $15.2B | $12.3B | ||
| Q2 25 | $15.3B | $12.1B | ||
| Q1 25 | $15.0B | $12.1B | ||
| Q4 24 | $14.7B | $12.1B | ||
| Q3 24 | $14.4B | $11.1B | ||
| Q2 24 | $13.6B | $11.3B | ||
| Q1 24 | $13.2B | $11.2B |
负债/权益比CDWHII
| Q4 25 | — | 0.53× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.58× | ||
| 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 | $650.0M |
| 自由现金流经营现金流 - 资本支出 | $395.9M | $516.0M |
| 自由现金流率自由现金流/营收 | 7.2% | 14.8% |
| 资本支出强度资本支出/营收 | 0.7% | 3.9% |
| 现金转化率经营现金流/净利润 | — | 4.09× |
| 过去12个月自由现金流最近4个季度 | $1.1B | $794.0M |
8季度趋势，按日历期对齐
经营现金流CDWHII
| Q4 25 | $433.8M | $650.0M | ||
| Q3 25 | $328.3M | $118.0M | ||
| Q2 25 | $155.9M | $823.0M | ||
| Q1 25 | $287.2M | $-395.0M | ||
| Q4 24 | $345.3M | $391.0M | ||
| Q3 24 | $342.1M | $213.0M | ||
| Q2 24 | $149.9M | $-9.0M | ||
| Q1 24 | $440.0M | $-202.0M |
自由现金流CDWHII
| Q4 25 | $395.9M | $516.0M | ||
| Q3 25 | $298.5M | $13.0M | ||
| Q2 25 | $133.4M | $727.0M | ||
| Q1 25 | $260.3M | $-462.0M | ||
| Q4 24 | $316.7M | $277.0M | ||
| Q3 24 | $308.5M | $125.0M | ||
| Q2 24 | $119.0M | $-99.0M | ||
| Q1 24 | $410.5M | $-277.0M |
自由现金流率CDWHII
| Q4 25 | 7.2% | 14.8% | ||
| Q3 25 | 5.2% | 0.4% | ||
| Q2 25 | 2.2% | 23.6% | ||
| Q1 25 | 5.0% | -16.9% | ||
| Q4 24 | 6.1% | 9.2% | ||
| Q3 24 | 5.6% | 4.5% | ||
| Q2 24 | 2.2% | -3.3% | ||
| Q1 24 | 8.4% | -9.9% |
资本支出强度CDWHII
| Q4 25 | 0.7% | 3.9% | ||
| Q3 25 | 0.5% | 3.3% | ||
| Q2 25 | 0.4% | 3.1% | ||
| Q1 25 | 0.5% | 2.5% | ||
| Q4 24 | 0.6% | 3.8% | ||
| Q3 24 | 0.6% | 3.2% | ||
| Q2 24 | 0.6% | 3.0% | ||
| Q1 24 | 0.6% | 2.7% |
现金转化率CDWHII
| Q4 25 | — | 4.09× | ||
| Q3 25 | 1.13× | 0.81× | ||
| Q2 25 | 0.57× | 5.41× | ||
| Q1 25 | 1.28× | -2.65× | ||
| Q4 24 | — | 3.18× | ||
| Q3 24 | 1.08× | 2.11× | ||
| Q2 24 | 0.53× | -0.05× | ||
| Q1 24 | 2.04× | -1.32× |
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
HII
| Aircraftcarriers | $984.0M | 28% |
| Fixedpriceincentive | $758.0M | 22% |
| Submarines | $744.0M | 21% |
| Surfacecombatantsandcoastguardcutters | $452.0M | 13% |
| Amphibiousassaultships | $433.0M | 12% |
| Costtype | $123.0M | 4% |
| Otherprograms | $4.0M | 0% |
