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CDW Corporation（CDW）与蔚来（NIO）财务数据对比。点击上方公司名可切换其他公司
CDW Corporation的季度营收约是蔚来的1.2倍（$5.5B vs $4.7B），CDW Corporation自由现金流更多（$395.9M vs $-439.4M）
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。
蔚来是中国本土新能源汽车制造商，总部位于上海，2014年成立，2016年正式启用现有品牌名称。公司专注于智能电动汽车的研发、设计与销售，产品覆盖轿车、SUV等多个品类，近年已将业务拓展至智能手机研发领域。
CDW vs NIO — 直观对比
营收规模更大
CDW
是对方的1.2倍
$4.7B
自由现金流更多
CDW
多$835.3M
$-439.4M
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $5.5B | $4.7B |
| 净利润 | — | $38.7M |
| 毛利率 | 22.8% | 17.5% |
| 营业利润率 | 7.8% | 1.5% |
| 净利率 | — | 0.8% |
| 营收同比 | 6.3% | — |
| 净利润同比 | — | — |
| 每股收益（稀释后） | $2.13 | $0.05 |
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CDWNIO
| Q1 26 | — | $4.7B | ||
| Q4 25 | $5.5B | — | ||
| Q3 25 | $5.7B | $3.0B | ||
| Q2 25 | $6.0B | $2.6B | ||
| Q1 25 | $5.2B | $2.7B | ||
| Q4 24 | $5.2B | — | ||
| Q3 24 | $5.5B | — | ||
| Q2 24 | $5.4B | — |
净利润CDWNIO
| Q1 26 | — | $38.7M | ||
| Q4 25 | — | — | ||
| Q3 25 | $291.0M | $-505.2M | ||
| Q2 25 | $271.2M | $-709.5M | ||
| Q1 25 | $224.9M | $-984.2M | ||
| Q4 24 | — | — | ||
| Q3 24 | $316.4M | — | ||
| Q2 24 | $281.1M | — |
毛利率CDWNIO
| Q1 26 | — | 17.5% | ||
| Q4 25 | 22.8% | — | ||
| Q3 25 | 21.9% | 13.9% | ||
| Q2 25 | 20.8% | 10.0% | ||
| Q1 25 | 21.6% | 11.7% | ||
| Q4 24 | 22.3% | — | ||
| Q3 24 | 21.8% | — | ||
| Q2 24 | 21.8% | — |
营业利润率CDWNIO
| Q1 26 | — | 1.5% | ||
| Q4 25 | 7.8% | — | ||
| Q3 25 | 7.7% | -16.2% | ||
| Q2 25 | 7.0% | -25.8% | ||
| Q1 25 | 7.0% | -30.6% | ||
| Q4 24 | 7.9% | — | ||
| Q3 24 | 8.7% | — | ||
| Q2 24 | 8.0% | — |
净利率CDWNIO
| Q1 26 | — | 0.8% | ||
| Q4 25 | — | — | ||
| Q3 25 | 5.1% | -16.8% | ||
| Q2 25 | 4.5% | -27.0% | ||
| Q1 25 | 4.3% | -36.2% | ||
| Q4 24 | — | — | ||
| Q3 24 | 5.7% | — | ||
| Q2 24 | 5.2% | — |
每股收益（稀释后）CDWNIO
| Q1 26 | — | $0.05 | ||
| Q4 25 | $2.13 | — | ||
| Q3 25 | $2.21 | $-1.51 | ||
| Q2 25 | $2.05 | $-2.31 | ||
| Q1 25 | $1.69 | $-3.47 | ||
| Q4 24 | $1.97 | — | ||
| Q3 24 | $2.34 | — | ||
| Q2 24 | $2.07 | — |
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 | $4.4B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.6B | $594.8M |
| 总资产 | $16.0B | $17.8B |
| 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CDWNIO
| Q1 26 | — | $4.4B | ||
| Q4 25 | $618.7M | — | ||
| Q3 25 | $452.9M | — | ||
| Q2 25 | $481.0M | $2.5B | ||
| Q1 25 | $688.1M | $4.6B | ||
| Q4 24 | $717.7M | — | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | $665.3M | — |
股东权益CDWNIO
| Q1 26 | — | $594.8M | ||
| Q4 25 | $2.6B | — | ||
| Q3 25 | $2.5B | — | ||
| Q2 25 | $2.5B | $-168.3M | ||
| Q1 25 | $2.3B | $817.5M | ||
| Q4 24 | $2.4B | — | ||
| Q3 24 | $2.3B | — | ||
| Q2 24 | $2.2B | — |
总资产CDWNIO
| Q1 26 | — | $17.8B | ||
| Q4 25 | $16.0B | — | ||
| Q3 25 | $15.2B | — | ||
| Q2 25 | $15.3B | $14.0B | ||
| Q1 25 | $15.0B | $14.7B | ||
| Q4 24 | $14.7B | — | ||
| Q3 24 | $14.4B | — | ||
| Q2 24 | $13.6B | — |
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 | $427.9M |
| 自由现金流经营现金流 - 资本支出 | $395.9M | $-439.4M |
| 自由现金流率自由现金流/营收 | 7.2% | -9.3% |
| 资本支出强度资本支出/营收 | 0.7% | 18.4% |
| 现金转化率经营现金流/净利润 | — | 11.07× |
| 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CDWNIO
| Q1 26 | — | $427.9M | ||
| Q4 25 | $433.8M | — | ||
| Q3 25 | $328.3M | — | ||
| Q2 25 | $155.9M | — | ||
| Q1 25 | $287.2M | $-1.1B | ||
| Q4 24 | $345.3M | — | ||
| Q3 24 | $342.1M | — | ||
| Q2 24 | $149.9M | — |
自由现金流CDWNIO
| Q1 26 | — | $-439.4M | ||
| Q4 25 | $395.9M | — | ||
| Q3 25 | $298.5M | — | ||
| Q2 25 | $133.4M | — | ||
| Q1 25 | $260.3M | $-2.3B | ||
| Q4 24 | $316.7M | — | ||
| Q3 24 | $308.5M | — | ||
| Q2 24 | $119.0M | — |
自由现金流率CDWNIO
| Q1 26 | — | -9.3% | ||
| Q4 25 | 7.2% | — | ||
| Q3 25 | 5.2% | — | ||
| Q2 25 | 2.2% | — | ||
| Q1 25 | 5.0% | -85.6% | ||
| Q4 24 | 6.1% | — | ||
| Q3 24 | 5.6% | — | ||
| Q2 24 | 2.2% | — |
资本支出强度CDWNIO
| Q1 26 | — | 18.4% | ||
| Q4 25 | 0.7% | — | ||
| Q3 25 | 0.5% | — | ||
| Q2 25 | 0.4% | — | ||
| Q1 25 | 0.5% | 46.1% | ||
| Q4 24 | 0.6% | — | ||
| Q3 24 | 0.6% | — | ||
| Q2 24 | 0.6% | — |
现金转化率CDWNIO
| Q1 26 | — | 11.07× | ||
| Q4 25 | — | — | ||
| Q3 25 | 1.13× | — | ||
| Q2 25 | 0.57× | — | ||
| Q1 25 | 1.28× | — | ||
| 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
