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CDW Corporation（CDW）与Leidos（LDOS）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Leidos的1.3倍（$5.5B vs $4.4B），CDW Corporation同比增速更快（6.3% vs 3.7%），过去两年CDW Corporation的营收复合增速更高（6.3% vs 3.5%）
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。
Leidos Holdings, Inc.是总部位于美国弗吉尼亚州雷斯顿的企业，业务覆盖国防、航空、信息技术、生物医学研究领域，提供科研、工程、系统集成及技术服务。其前身为科学应用国际公司（SAIC），2016年8月与洛克希德·马丁旗下IT业务板块合并，成为国防行业规模最大的IT服务提供商。
CDW vs LDOS — 直观对比
营收规模更大
CDW
是对方的1.3倍
$4.4B
营收增速更快
CDW
高出2.6%
3.7%
两年增速更快
CDW
近两年复合增速
3.5%
损益表 — Q4 FY2025 vs Q1 FY2027
| 指标 | | |
|---|---|---|
| 营收 | $5.5B | $4.4B |
| 净利润 | — | $335.0M |
| 毛利率 | 22.8% | 17.3% |
| 营业利润率 | 7.8% | 11.5% |
| 净利率 | — | 7.6% |
| 营收同比 | 6.3% | 3.7% |
| 净利润同比 | — | -8.2% |
| 每股收益（稀释后） | $2.13 | $2.56 |
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CDWLDOS
| Q1 26 | — | $4.2B | ||
| Q4 25 | $5.5B | $4.4B | ||
| Q3 25 | $5.7B | $4.2B | ||
| Q2 25 | $6.0B | $4.2B | ||
| Q1 25 | $5.2B | $4.3B | ||
| Q4 24 | $5.2B | — | ||
| Q3 24 | $5.5B | $4.2B | ||
| Q2 24 | $5.4B | $4.1B |
净利润CDWLDOS
| Q1 26 | — | $327.0M | ||
| Q4 25 | — | $367.0M | ||
| Q3 25 | $291.0M | $391.0M | ||
| Q2 25 | $271.2M | $363.0M | ||
| Q1 25 | $224.9M | $284.0M | ||
| Q4 24 | — | — | ||
| Q3 24 | $316.4M | $364.0M | ||
| Q2 24 | $281.1M | $322.0M |
毛利率CDWLDOS
| Q1 26 | — | 17.4% | ||
| Q4 25 | 22.8% | 18.0% | ||
| Q3 25 | 21.9% | 18.0% | ||
| Q2 25 | 20.8% | 17.5% | ||
| Q1 25 | 21.6% | 15.6% | ||
| Q4 24 | 22.3% | — | ||
| Q3 24 | 21.8% | 17.8% | ||
| Q2 24 | 21.8% | 16.6% |
营业利润率CDWLDOS
| Q1 26 | — | 11.3% | ||
| Q4 25 | 7.8% | 12.0% | ||
| Q3 25 | 7.7% | 13.5% | ||
| Q2 25 | 7.0% | 12.5% | ||
| Q1 25 | 7.0% | 9.7% | ||
| Q4 24 | 7.9% | — | ||
| Q3 24 | 8.7% | 12.4% | ||
| Q2 24 | 8.0% | 11.6% |
净利率CDWLDOS
| Q1 26 | — | 7.8% | ||
| Q4 25 | — | 8.2% | ||
| Q3 25 | 5.1% | 9.2% | ||
| Q2 25 | 4.5% | 8.6% | ||
| Q1 25 | 4.3% | 6.5% | ||
| Q4 24 | — | — | ||
| Q3 24 | 5.7% | 8.7% | ||
| Q2 24 | 5.2% | 7.8% |
每股收益（稀释后）CDWLDOS
| Q1 26 | — | $2.54 | ||
| Q4 25 | $2.13 | $2.82 | ||
| Q3 25 | $2.21 | $3.01 | ||
| Q2 25 | $2.05 | $2.77 | ||
| Q1 25 | $1.69 | $2.10 | ||
| Q4 24 | $1.97 | — | ||
| Q3 24 | $2.34 | $2.68 | ||
| Q2 24 | $2.07 | $2.37 |
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 | $457.0M |
| 总债务越低越好 | — | $6.0B |
| 股东权益账面价值 | $2.6B | $5.1B |
| 总资产 | $16.0B | $15.4B |
| 负债/权益比越低杠杆越低 | — | 1.19× |
8季度趋势，按日历期对齐
现金及短期投资CDWLDOS
| Q1 26 | — | $1.1B | ||
| Q4 25 | $618.7M | $974.0M | ||
| Q3 25 | $452.9M | $930.0M | ||
| Q2 25 | $481.0M | $842.0M | ||
| Q1 25 | $688.1M | $943.0M | ||
| Q4 24 | $717.7M | — | ||
| Q3 24 | $1.2B | $1.2B | ||
| Q2 24 | $665.3M | $823.0M |
总债务CDWLDOS
| Q1 26 | — | $4.6B | ||
| Q4 25 | — | $4.6B | ||
| Q3 25 | — | $5.0B | ||
| Q2 25 | — | $5.0B | ||
| Q1 25 | — | $4.1B | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $4.1B | ||
| Q2 24 | — | $4.1B |
股东权益CDWLDOS
| Q1 26 | — | $4.9B | ||
| Q4 25 | $2.6B | $4.9B | ||
| Q3 25 | $2.5B | $4.7B | ||
| Q2 25 | $2.5B | $4.3B | ||
| Q1 25 | $2.3B | $4.4B | ||
| Q4 24 | $2.4B | — | ||
| Q3 24 | $2.3B | $4.6B | ||
| Q2 24 | $2.2B | $4.5B |
总资产CDWLDOS
| Q1 26 | — | $13.5B | ||
| Q4 25 | $16.0B | $13.5B | ||
| Q3 25 | $15.2B | $13.5B | ||
| Q2 25 | $15.3B | $13.2B | ||
| Q1 25 | $15.0B | $13.1B | ||
| Q4 24 | $14.7B | — | ||
| Q3 24 | $14.4B | $13.3B | ||
| Q2 24 | $13.6B | $12.9B |
负债/权益比CDWLDOS
| Q1 26 | — | 0.94× | ||
| Q4 25 | — | 0.94× | ||
| Q3 25 | — | 1.07× | ||
| Q2 25 | — | 1.18× | ||
| Q1 25 | — | 0.92× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.88× | ||
| Q2 24 | — | 0.92× |
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 | $301.0M |
| 自由现金流经营现金流 - 资本支出 | $395.9M | — |
| 自由现金流率自由现金流/营收 | 7.2% | — |
| 资本支出强度资本支出/营收 | 0.7% | — |
| 现金转化率经营现金流/净利润 | — | 0.90× |
| 过去12个月自由现金流最近4个季度 | $1.1B | — |
8季度趋势，按日历期对齐
经营现金流CDWLDOS
| Q1 26 | — | $495.0M | ||
| Q4 25 | $433.8M | — | ||
| Q3 25 | $328.3M | $711.0M | ||
| Q2 25 | $155.9M | $58.0M | ||
| Q1 25 | $287.2M | $299.0M | ||
| Q4 24 | $345.3M | — | ||
| Q3 24 | $342.1M | $656.0M | ||
| Q2 24 | $149.9M | $374.0M |
自由现金流CDWLDOS
| Q1 26 | — | $452.0M | ||
| Q4 25 | $395.9M | — | ||
| Q3 25 | $298.5M | $680.0M | ||
| Q2 25 | $133.4M | $36.0M | ||
| Q1 25 | $260.3M | $213.0M | ||
| Q4 24 | $316.7M | — | ||
| Q3 24 | $308.5M | $633.0M | ||
| Q2 24 | $119.0M | $351.0M |
自由现金流率CDWLDOS
| Q1 26 | — | 10.8% | ||
| Q4 25 | 7.2% | — | ||
| Q3 25 | 5.2% | 16.1% | ||
| Q2 25 | 2.2% | 0.9% | ||
| Q1 25 | 5.0% | 4.9% | ||
| Q4 24 | 6.1% | — | ||
| Q3 24 | 5.6% | 15.2% | ||
| Q2 24 | 2.2% | 8.5% |
资本支出强度CDWLDOS
| Q1 26 | — | 1.0% | ||
| Q4 25 | 0.7% | — | ||
| Q3 25 | 0.5% | 0.7% | ||
| Q2 25 | 0.4% | 0.5% | ||
| Q1 25 | 0.5% | 2.0% | ||
| Q4 24 | 0.6% | — | ||
| Q3 24 | 0.6% | 0.6% | ||
| Q2 24 | 0.6% | 0.6% |
现金转化率CDWLDOS
| Q1 26 | — | 1.51× | ||
| Q4 25 | — | — | ||
| Q3 25 | 1.13× | 1.82× | ||
| Q2 25 | 0.57× | 0.16× | ||
| Q1 25 | 1.28× | 1.05× | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.08× | 1.80× | ||
| Q2 24 | 0.53× | 1.16× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
