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CDW Corporation（CDW）与洲际交易所（ICE）财务数据对比。点击上方公司名可切换其他公司
CDW Corporation的季度营收约是洲际交易所的1.8倍（$5.5B vs $3.1B），CDW Corporation同比增速更快（6.3% vs 3.7%），洲际交易所自由现金流更多（$1.1B vs $395.9M），过去两年CDW Corporation的营收复合增速更高（6.3% vs 5.9%）
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。
洲际交易所（ICE）是2000年成立的美国跨国金融服务企业，运营全球金融交易所与清算所，提供抵押技术、数据及上市服务，位列财富500强、标普500及罗素1000指数成分股，旗下拥有金融及大宗商品市场交易所，运营12家受监管的交易场所，业务覆盖美加欧等多地期货市场。
CDW vs ICE — 直观对比
营收规模更大
CDW
是对方的1.8倍
$3.1B
营收增速更快
CDW
高出2.6%
3.7%
自由现金流更多
ICE
多$713.1M
$395.9M
两年增速更快
CDW
近两年复合增速
5.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $5.5B | $3.1B |
| 净利润 | — | $851.0M |
| 毛利率 | 22.8% | — |
| 营业利润率 | 7.8% | 39.4% |
| 净利率 | — | 27.1% |
| 营收同比 | 6.3% | 3.7% |
| 净利润同比 | — | 21.9% |
| 每股收益（稀释后） | $2.13 | $1.49 |
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CDWICE
| Q4 25 | $5.5B | $3.1B | ||
| Q3 25 | $5.7B | $3.0B | ||
| Q2 25 | $6.0B | $3.3B | ||
| Q1 25 | $5.2B | $3.2B | ||
| Q4 24 | $5.2B | $3.0B | ||
| Q3 24 | $5.5B | $3.0B | ||
| Q2 24 | $5.4B | $2.9B | ||
| Q1 24 | $4.9B | $2.8B |
净利润CDWICE
| Q4 25 | — | $851.0M | ||
| Q3 25 | $291.0M | $816.0M | ||
| Q2 25 | $271.2M | $851.0M | ||
| Q1 25 | $224.9M | $797.0M | ||
| Q4 24 | — | $698.0M | ||
| Q3 24 | $316.4M | $657.0M | ||
| Q2 24 | $281.1M | $632.0M | ||
| Q1 24 | $216.1M | $767.0M |
毛利率CDWICE
| 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CDWICE
| Q4 25 | 7.8% | 39.4% | ||
| Q3 25 | 7.7% | 39.0% | ||
| Q2 25 | 7.0% | 39.8% | ||
| Q1 25 | 7.0% | 37.8% | ||
| Q4 24 | 7.9% | 35.5% | ||
| Q3 24 | 8.7% | 36.4% | ||
| Q2 24 | 8.0% | 36.8% | ||
| Q1 24 | 6.7% | 38.0% |
净利率CDWICE
| Q4 25 | — | 27.1% | ||
| Q3 25 | 5.1% | 27.1% | ||
| Q2 25 | 4.5% | 26.1% | ||
| Q1 25 | 4.3% | 24.7% | ||
| Q4 24 | — | 23.0% | ||
| Q3 24 | 5.7% | 21.7% | ||
| Q2 24 | 5.2% | 21.8% | ||
| Q1 24 | 4.4% | 27.4% |
每股收益（稀释后）CDWICE
| Q4 25 | $2.13 | $1.49 | ||
| Q3 25 | $2.21 | $1.42 | ||
| Q2 25 | $2.05 | $1.48 | ||
| Q1 25 | $1.69 | $1.38 | ||
| Q4 24 | $1.97 | $1.21 | ||
| Q3 24 | $2.34 | $1.14 | ||
| Q2 24 | $2.07 | $1.10 | ||
| Q1 24 | $1.59 | $1.33 |
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 | $837.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.6B | $28.9B |
| 总资产 | $16.0B | $136.9B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资CDWICE
| Q4 25 | $618.7M | $837.0M | ||
| Q3 25 | $452.9M | $850.0M | ||
| Q2 25 | $481.0M | $1.0B | ||
| Q1 25 | $688.1M | $783.0M | ||
| Q4 24 | $717.7M | $844.0M | ||
| Q3 24 | $1.2B | $755.0M | ||
| Q2 24 | $665.3M | $885.0M | ||
| Q1 24 | $803.8M | $863.0M |
股东权益CDWICE
| Q4 25 | $2.6B | $28.9B | ||
| Q3 25 | $2.5B | $28.6B | ||
| Q2 25 | $2.5B | $28.4B | ||
| Q1 25 | $2.3B | $28.0B | ||
| Q4 24 | $2.4B | $27.6B | ||
| Q3 24 | $2.3B | $27.2B | ||
| Q2 24 | $2.2B | $26.7B | ||
| Q1 24 | $2.1B | $26.2B |
总资产CDWICE
| Q4 25 | $16.0B | $136.9B | ||
| Q3 25 | $15.2B | $140.9B | ||
| Q2 25 | $15.3B | $144.2B | ||
| Q1 25 | $15.0B | $142.9B | ||
| Q4 24 | $14.7B | $139.4B | ||
| Q3 24 | $14.4B | $135.2B | ||
| Q2 24 | $13.6B | $137.7B | ||
| Q1 24 | $13.2B | $131.4B |
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 | $1.3B |
| 自由现金流经营现金流 - 资本支出 | $395.9M | $1.1B |
| 自由现金流率自由现金流/营收 | 7.2% | 35.3% |
| 资本支出强度资本支出/营收 | 0.7% | 5.3% |
| 现金转化率经营现金流/净利润 | — | 1.50× |
| 过去12个月自由现金流最近4个季度 | $1.1B | $4.3B |
8季度趋势，按日历期对齐
经营现金流CDWICE
| Q4 25 | $433.8M | $1.3B | ||
| Q3 25 | $328.3M | $915.0M | ||
| Q2 25 | $155.9M | $1.5B | ||
| Q1 25 | $287.2M | $966.0M | ||
| Q4 24 | $345.3M | $1.5B | ||
| Q3 24 | $342.1M | $898.0M | ||
| Q2 24 | $149.9M | $1.2B | ||
| Q1 24 | $440.0M | $1.0B |
自由现金流CDWICE
| Q4 25 | $395.9M | $1.1B | ||
| Q3 25 | $298.5M | $853.0M | ||
| Q2 25 | $133.4M | $1.4B | ||
| Q1 25 | $260.3M | $881.0M | ||
| Q4 24 | $316.7M | $1.3B | ||
| Q3 24 | $308.5M | $819.0M | ||
| Q2 24 | $119.0M | $1.1B | ||
| Q1 24 | $410.5M | $951.0M |
自由现金流率CDWICE
| Q4 25 | 7.2% | 35.3% | ||
| Q3 25 | 5.2% | 28.4% | ||
| Q2 25 | 2.2% | 44.3% | ||
| Q1 25 | 5.0% | 27.3% | ||
| Q4 24 | 6.1% | 43.3% | ||
| Q3 24 | 5.6% | 27.0% | ||
| Q2 24 | 2.2% | 38.7% | ||
| Q1 24 | 8.4% | 34.0% |
资本支出强度CDWICE
| Q4 25 | 0.7% | 5.3% | ||
| Q3 25 | 0.5% | 2.1% | ||
| Q2 25 | 0.4% | 1.8% | ||
| Q1 25 | 0.5% | 2.6% | ||
| Q4 24 | 0.6% | 6.4% | ||
| Q3 24 | 0.6% | 2.6% | ||
| Q2 24 | 0.6% | 2.6% | ||
| Q1 24 | 0.6% | 2.1% |
现金转化率CDWICE
| Q4 25 | — | 1.50× | ||
| Q3 25 | 1.13× | 1.12× | ||
| Q2 25 | 0.57× | 1.77× | ||
| Q1 25 | 1.28× | 1.21× | ||
| Q4 24 | — | 2.16× | ||
| Q3 24 | 1.08× | 1.37× | ||
| Q2 24 | 0.53× | 1.89× | ||
| 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
ICE
| Other | $1.9B | 60% |
| Fixed Income Data And Analytics | $318.0M | 10% |
| Exchange Data | $266.0M | 8% |
| Origination Technology | $188.0M | 6% |
| Financial Futures And Options | $155.0M | 5% |
| Listings | $125.0M | 4% |
| OT Cand Other Transactions | $97.0M | 3% |
| Closing Solutions | $60.0M | 2% |
| Fixed Income Execution | $29.0M | 1% |
| Product And Service Net Interest Income | $26.0M | 1% |
