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CDW Corporation（CDW）与奥驰亚（MO）财务数据对比。点击上方公司名可切换其他公司
奥驰亚的季度营收约是CDW Corporation的1.1倍（$5.8B vs $5.5B），CDW Corporation同比增速更快（6.3% vs -2.1%），奥驰亚自由现金流更多（$3.2B vs $395.9M），过去两年CDW Corporation的营收复合增速更高（6.3% vs 2.4%）
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。
奥驰亚集团是美国头部烟草企业，通过旗下子公司生产销售可燃烟草与口服类烟草相关产品，核心品牌包括万宝路香烟、Black & Mild雪茄及烟斗烟、哥本哈根、斯库尔等湿无烟烟草，以及on!口服尼古丁袋，产品主要供应批发商、分销商及大型零售客户。
CDW vs MO — 直观对比
营收规模更大
MO
是对方的1.1倍
$5.5B
营收增速更快
CDW
高出8.4%
-2.1%
自由现金流更多
MO
多$2.8B
$395.9M
两年增速更快
CDW
近两年复合增速
2.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $5.5B | $5.8B |
| 净利润 | — | $1.1B |
| 毛利率 | 22.8% | 62.1% |
| 营业利润率 | 7.8% | 28.2% |
| 净利率 | — | 19.1% |
| 营收同比 | 6.3% | -2.1% |
| 净利润同比 | — | -63.2% |
| 每股收益（稀释后） | $2.13 | $0.67 |
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CDWMO
| Q4 25 | $5.5B | $5.8B | ||
| Q3 25 | $5.7B | $6.1B | ||
| Q2 25 | $6.0B | $6.1B | ||
| Q1 25 | $5.2B | $5.3B | ||
| Q4 24 | $5.2B | $6.0B | ||
| Q3 24 | $5.5B | $6.3B | ||
| Q2 24 | $5.4B | $6.2B | ||
| Q1 24 | $4.9B | $5.6B |
净利润CDWMO
| Q4 25 | — | $1.1B | ||
| Q3 25 | $291.0M | $2.4B | ||
| Q2 25 | $271.2M | $2.4B | ||
| Q1 25 | $224.9M | $1.1B | ||
| Q4 24 | — | $3.0B | ||
| Q3 24 | $316.4M | $2.3B | ||
| Q2 24 | $281.1M | $3.8B | ||
| Q1 24 | $216.1M | $2.1B |
毛利率CDWMO
| Q4 25 | 22.8% | 62.1% | ||
| Q3 25 | 21.9% | 62.8% | ||
| Q2 25 | 20.8% | 63.1% | ||
| Q1 25 | 21.6% | 61.8% | ||
| Q4 24 | 22.3% | 60.3% | ||
| Q3 24 | 21.8% | 60.8% | ||
| Q2 24 | 21.8% | 59.2% | ||
| Q1 24 | 21.8% | 58.8% |
营业利润率CDWMO
| Q4 25 | 7.8% | 28.2% | ||
| Q3 25 | 7.7% | 53.2% | ||
| Q2 25 | 7.0% | 52.9% | ||
| Q1 25 | 7.0% | 34.0% | ||
| Q4 24 | 7.9% | 48.2% | ||
| Q3 24 | 8.7% | 50.4% | ||
| Q2 24 | 8.0% | 40.8% | ||
| Q1 24 | 6.7% | 48.0% |
净利率CDWMO
| Q4 25 | — | 19.1% | ||
| Q3 25 | 5.1% | 39.1% | ||
| Q2 25 | 4.5% | 39.0% | ||
| Q1 25 | 4.3% | 20.5% | ||
| Q4 24 | — | 50.9% | ||
| Q3 24 | 5.7% | 36.6% | ||
| Q2 24 | 5.2% | 61.2% | ||
| Q1 24 | 4.4% | 38.2% |
每股收益（稀释后）CDWMO
| Q4 25 | $2.13 | $0.67 | ||
| Q3 25 | $2.21 | $1.41 | ||
| Q2 25 | $2.05 | $1.41 | ||
| Q1 25 | $1.69 | $0.63 | ||
| Q4 24 | $1.97 | $1.78 | ||
| Q3 24 | $2.34 | $1.34 | ||
| Q2 24 | $2.07 | $2.21 | ||
| Q1 24 | $1.59 | $1.21 |
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 | $4.5B |
| 总债务越低越好 | — | $25.7B |
| 股东权益账面价值 | $2.6B | $-3.5B |
| 总资产 | $16.0B | $35.0B |
| 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CDWMO
| Q4 25 | $618.7M | $4.5B | ||
| Q3 25 | $452.9M | $3.5B | ||
| Q2 25 | $481.0M | $1.3B | ||
| Q1 25 | $688.1M | $4.7B | ||
| Q4 24 | $717.7M | $3.1B | ||
| Q3 24 | $1.2B | $1.9B | ||
| Q2 24 | $665.3M | $1.8B | ||
| Q1 24 | $803.8M | $3.6B |
总债务CDWMO
| Q4 25 | — | $25.7B | ||
| Q3 25 | — | $25.7B | ||
| Q2 25 | — | $24.7B | ||
| Q1 25 | — | $26.1B | ||
| Q4 24 | — | $24.9B | ||
| Q3 24 | — | $25.2B | ||
| Q2 24 | — | $25.0B | ||
| Q1 24 | — | $25.0B |
股东权益CDWMO
| Q4 25 | $2.6B | $-3.5B | ||
| Q3 25 | $2.5B | $-2.6B | ||
| Q2 25 | $2.5B | $-3.3B | ||
| Q1 25 | $2.3B | $-3.5B | ||
| Q4 24 | $2.4B | $-2.2B | ||
| Q3 24 | $2.3B | $-3.5B | ||
| Q2 24 | $2.2B | $-3.0B | ||
| Q1 24 | $2.1B | $-5.1B |
总资产CDWMO
| Q4 25 | $16.0B | $35.0B | ||
| Q3 25 | $15.2B | $35.0B | ||
| Q2 25 | $15.3B | $32.3B | ||
| Q1 25 | $15.0B | $35.8B | ||
| Q4 24 | $14.7B | $35.2B | ||
| Q3 24 | $14.4B | $34.2B | ||
| Q2 24 | $13.6B | $34.4B | ||
| Q1 24 | $13.2B | $36.5B |
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 | $3.3B |
| 自由现金流经营现金流 - 资本支出 | $395.9M | $3.2B |
| 自由现金流率自由现金流/营收 | 7.2% | 54.4% |
| 资本支出强度资本支出/营收 | 0.7% | 1.6% |
| 现金转化率经营现金流/净利润 | — | 2.93× |
| 过去12个月自由现金流最近4个季度 | $1.1B | $9.1B |
8季度趋势，按日历期对齐
经营现金流CDWMO
| Q4 25 | $433.8M | $3.3B | ||
| Q3 25 | $328.3M | $3.1B | ||
| Q2 25 | $155.9M | $205.0M | ||
| Q1 25 | $287.2M | $2.7B | ||
| Q4 24 | $345.3M | $3.3B | ||
| Q3 24 | $342.1M | $2.6B | ||
| Q2 24 | $149.9M | $-75.0M | ||
| Q1 24 | $440.0M | $2.9B |
自由现金流CDWMO
| Q4 25 | $395.9M | $3.2B | ||
| Q3 25 | $298.5M | $3.0B | ||
| Q2 25 | $133.4M | $173.0M | ||
| Q1 25 | $260.3M | $2.7B | ||
| Q4 24 | $316.7M | $3.3B | ||
| Q3 24 | $308.5M | $2.6B | ||
| Q2 24 | $119.0M | $-104.0M | ||
| Q1 24 | $410.5M | $2.8B |
自由现金流率CDWMO
| Q4 25 | 7.2% | 54.4% | ||
| Q3 25 | 5.2% | 50.1% | ||
| Q2 25 | 2.2% | 2.8% | ||
| Q1 25 | 5.0% | 51.0% | ||
| Q4 24 | 6.1% | 55.1% | ||
| Q3 24 | 5.6% | 41.2% | ||
| Q2 24 | 2.2% | -1.7% | ||
| Q1 24 | 8.4% | 51.0% |
资本支出强度CDWMO
| Q4 25 | 0.7% | 1.6% | ||
| Q3 25 | 0.5% | 0.9% | ||
| Q2 25 | 0.4% | 0.5% | ||
| Q1 25 | 0.5% | 0.7% | ||
| Q4 24 | 0.6% | 0.8% | ||
| Q3 24 | 0.6% | 0.5% | ||
| Q2 24 | 0.6% | 0.5% | ||
| Q1 24 | 0.6% | 0.6% |
现金转化率CDWMO
| Q4 25 | — | 2.93× | ||
| Q3 25 | 1.13× | 1.30× | ||
| Q2 25 | 0.57× | 0.09× | ||
| Q1 25 | 1.28× | 2.53× | ||
| Q4 24 | — | 1.10× | ||
| Q3 24 | 1.08× | 1.14× | ||
| Q2 24 | 0.53× | -0.02× | ||
| Q1 24 | 2.04× | 1.35× |
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
MO
| Smokeable Products Segment | $5.1B | 88% |
| Oral Tobacco Segment | $706.0M | 12% |
