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CDW Corporation（CDW）与摩根士丹利（MS）财务数据对比。点击上方公司名可切换其他公司
摩根士丹利的季度营收约是CDW Corporation的1.9倍（$10.7B vs $5.7B），摩根士丹利净利率更高（52.6% vs 4.1%，领先48.4%），摩根士丹利同比增速更快（16.0% vs 9.2%），过去两年CDW Corporation的营收复合增速更高（2.3% vs -15.8%）
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。
摩根士丹利是总部位于美国纽约曼哈顿中城百老汇1585号的跨国投资银行及金融服务提供商，在全球42个国家设有办事处，员工超8万名，服务客户涵盖企业、政府、机构及个人。2023年该公司位列美国财富500强第61位，同年位居福布斯全球2000强第30位。
CDW vs MS — 直观对比
营收规模更大
MS
是对方的1.9倍
$5.7B
营收增速更快
MS
高出6.8%
9.2%
净利率更高
MS
高出48.4%
4.1%
两年增速更快
CDW
近两年复合增速
-15.8%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $5.7B | $10.7B |
| 净利润 | $235.4M | $5.6B |
| 毛利率 | 21.0% | — |
| 营业利润率 | 6.6% | — |
| 净利率 | 4.1% | 52.6% |
| 营收同比 | 9.2% | 16.0% |
| 净利润同比 | 4.7% | — |
| 每股收益（稀释后） | $1.82 | — |
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CDWMS
| Q1 26 | $5.7B | $10.7B | ||
| Q4 25 | $5.5B | $17.9B | ||
| Q3 25 | $5.7B | $18.2B | ||
| Q2 25 | $6.0B | $16.8B | ||
| Q1 25 | $5.2B | $17.7B | ||
| Q4 24 | $5.2B | — | ||
| Q3 24 | $5.5B | $15.4B | ||
| Q2 24 | $5.4B | $15.0B |
净利润CDWMS
| Q1 26 | $235.4M | $5.6B | ||
| Q4 25 | — | $4.4B | ||
| Q3 25 | $291.0M | $4.6B | ||
| Q2 25 | $271.2M | $3.5B | ||
| Q1 25 | $224.9M | $4.3B | ||
| Q4 24 | — | — | ||
| Q3 24 | $316.4M | $3.2B | ||
| Q2 24 | $281.1M | $3.1B |
毛利率CDWMS
| Q1 26 | 21.0% | — | ||
| 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% | — |
营业利润率CDWMS
| Q1 26 | 6.6% | — | ||
| Q4 25 | 7.8% | 32.2% | ||
| Q3 25 | 7.7% | 33.1% | ||
| Q2 25 | 7.0% | 27.5% | ||
| Q1 25 | 7.0% | 31.3% | ||
| Q4 24 | 7.9% | — | ||
| Q3 24 | 8.7% | 27.4% | ||
| Q2 24 | 8.0% | 27.1% |
净利率CDWMS
| Q1 26 | 4.1% | 52.6% | ||
| Q4 25 | — | 24.6% | ||
| Q3 25 | 5.1% | 25.3% | ||
| Q2 25 | 4.5% | 21.1% | ||
| Q1 25 | 4.3% | 24.3% | ||
| Q4 24 | — | — | ||
| Q3 24 | 5.7% | 20.7% | ||
| Q2 24 | 5.2% | 20.5% |
每股收益（稀释后）CDWMS
| Q1 26 | $1.82 | — | ||
| Q4 25 | $2.13 | $2.68 | ||
| Q3 25 | $2.21 | $2.80 | ||
| Q2 25 | $2.05 | $2.13 | ||
| Q1 25 | $1.69 | $2.60 | ||
| Q4 24 | $1.97 | — | ||
| Q3 24 | $2.34 | $1.88 | ||
| Q2 24 | $2.07 | $1.82 |
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 | $578.6M | — |
| 总债务越低越好 | $1.0B | — |
| 股东权益账面价值 | $2.6B | $5.1M |
| 总资产 | $16.5B | $1581.4B |
| 负债/权益比越低杠杆越低 | 0.39× | — |
8季度趋势，按日历期对齐
现金及短期投资CDWMS
| Q1 26 | $578.6M | — | ||
| Q4 25 | $618.7M | $111.7B | ||
| Q3 25 | $452.9M | $103.7B | ||
| Q2 25 | $481.0M | $109.1B | ||
| Q1 25 | $688.1M | $90.7B | ||
| Q4 24 | $717.7M | — | ||
| Q3 24 | $1.2B | $91.1B | ||
| Q2 24 | $665.3M | $90.2B |
总债务CDWMS
| Q1 26 | $1.0B | — | ||
| Q4 25 | — | $341.7B | ||
| Q3 25 | — | $324.1B | ||
| Q2 25 | — | $320.1B | ||
| Q1 25 | — | $297.0B | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $291.2B | ||
| Q2 24 | — | $269.9B |
股东权益CDWMS
| Q1 26 | $2.6B | $5.1M | ||
| Q4 25 | $2.6B | $111.6B | ||
| Q3 25 | $2.5B | $110.0B | ||
| Q2 25 | $2.5B | $108.2B | ||
| Q1 25 | $2.3B | $106.8B | ||
| Q4 24 | $2.4B | — | ||
| Q3 24 | $2.3B | $103.6B | ||
| Q2 24 | $2.2B | $100.7B |
总资产CDWMS
| Q1 26 | $16.5B | $1581.4B | ||
| Q4 25 | $16.0B | $1420.3B | ||
| Q3 25 | $15.2B | $1364.8B | ||
| Q2 25 | $15.3B | $1353.9B | ||
| Q1 25 | $15.0B | $1300.3B | ||
| Q4 24 | $14.7B | — | ||
| Q3 24 | $14.4B | $1258.0B | ||
| Q2 24 | $13.6B | $1212.4B |
负债/权益比CDWMS
| Q1 26 | 0.39× | — | ||
| Q4 25 | — | 3.06× | ||
| Q3 25 | — | 2.95× | ||
| Q2 25 | — | 2.96× | ||
| Q1 25 | — | 2.78× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 2.81× | ||
| Q2 24 | — | 2.68× |
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 | $274.8M | — |
| 自由现金流经营现金流 - 资本支出 | $248.4M | — |
| 自由现金流率自由现金流/营收 | 4.4% | — |
| 资本支出强度资本支出/营收 | 0.5% | — |
| 现金转化率经营现金流/净利润 | 1.17× | — |
| 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CDWMS
| Q1 26 | $274.8M | — | ||
| Q4 25 | $433.8M | $-2.4B | ||
| Q3 25 | $328.3M | $-3.3B | ||
| Q2 25 | $155.9M | $11.8B | ||
| Q1 25 | $287.2M | $-24.0B | ||
| Q4 24 | $345.3M | — | ||
| Q3 24 | $342.1M | — | ||
| Q2 24 | $149.9M | — |
自由现金流CDWMS
| Q1 26 | $248.4M | — | ||
| Q4 25 | $395.9M | — | ||
| Q3 25 | $298.5M | — | ||
| Q2 25 | $133.4M | — | ||
| Q1 25 | $260.3M | — | ||
| Q4 24 | $316.7M | — | ||
| Q3 24 | $308.5M | — | ||
| Q2 24 | $119.0M | — |
自由现金流率CDWMS
| Q1 26 | 4.4% | — | ||
| Q4 25 | 7.2% | — | ||
| Q3 25 | 5.2% | — | ||
| Q2 25 | 2.2% | — | ||
| Q1 25 | 5.0% | — | ||
| Q4 24 | 6.1% | — | ||
| Q3 24 | 5.6% | — | ||
| Q2 24 | 2.2% | — |
资本支出强度CDWMS
| Q1 26 | 0.5% | — | ||
| Q4 25 | 0.7% | — | ||
| Q3 25 | 0.5% | — | ||
| Q2 25 | 0.4% | — | ||
| Q1 25 | 0.5% | — | ||
| Q4 24 | 0.6% | — | ||
| Q3 24 | 0.6% | — | ||
| Q2 24 | 0.6% | — |
现金转化率CDWMS
| Q1 26 | 1.17× | — | ||
| Q4 25 | — | -0.55× | ||
| Q3 25 | 1.13× | -0.72× | ||
| Q2 25 | 0.57× | 3.34× | ||
| Q1 25 | 1.28× | -5.56× | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.08× | — | ||
| Q2 24 | 0.53× | — |
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
| Corporate | $2.4B | 42% |
| Other | $802.5M | 14% |
| Healthcare | $766.7M | 13% |
| Education | $675.0M | 12% |
| Government | $632.9M | 11% |
| Financial Services | $428.4M | 8% |
MS
暂无分部数据
