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CDW Corporation（CDW）与TELUS CORP（TU）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TELUS CORP的1.5倍（$5.5B vs $3.7B），CDW Corporation同比增速更快（6.3% vs 2.2%）
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。
TELUS是加拿大上市综合控股集团，总部位于不列颠哥伦比亚省温哥华。旗下业务涵盖四大板块：通信业务提供固话、电视、数据及互联网服务；移动业务提供无线通信服务；健康板块提供医疗产品及服务；数字业务面向全球提供多语种客户服务外包与数字IT服务。
CDW vs TU — 直观对比
营收规模更大
CDW
是对方的1.5倍
$3.7B
营收增速更快
CDW
高出4.1%
2.2%
损益表 — Q4 FY2025 vs Q2 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $5.5B | $3.7B |
| 净利润 | — | $-178.8M |
| 毛利率 | 22.8% | 90.2% |
| 营业利润率 | 7.8% | 3.4% |
| 净利率 | — | -4.8% |
| 营收同比 | 6.3% | 2.2% |
| 净利润同比 | — | -210.9% |
| 每股收益（稀释后） | $2.13 | — |
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CDWTU
| Q4 25 | $5.5B | — | ||
| Q3 25 | $5.7B | — | ||
| Q2 25 | $6.0B | $3.7B | ||
| Q1 25 | $5.2B | — | ||
| Q4 24 | $5.2B | — | ||
| Q3 24 | $5.5B | — | ||
| Q2 24 | $5.4B | $3.6B | ||
| Q1 24 | $4.9B | — |
净利润CDWTU
| Q4 25 | — | — | ||
| Q3 25 | $291.0M | — | ||
| Q2 25 | $271.2M | $-178.8M | ||
| Q1 25 | $224.9M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $316.4M | — | ||
| Q2 24 | $281.1M | $161.3M | ||
| Q1 24 | $216.1M | — |
毛利率CDWTU
| Q4 25 | 22.8% | — | ||
| Q3 25 | 21.9% | — | ||
| Q2 25 | 20.8% | 90.2% | ||
| Q1 25 | 21.6% | — | ||
| Q4 24 | 22.3% | — | ||
| Q3 24 | 21.8% | — | ||
| Q2 24 | 21.8% | 87.9% | ||
| Q1 24 | 21.8% | — |
营业利润率CDWTU
| Q4 25 | 7.8% | — | ||
| Q3 25 | 7.7% | — | ||
| Q2 25 | 7.0% | 3.4% | ||
| Q1 25 | 7.0% | — | ||
| Q4 24 | 7.9% | — | ||
| Q3 24 | 8.7% | — | ||
| Q2 24 | 8.0% | 13.7% | ||
| Q1 24 | 6.7% | — |
净利率CDWTU
| Q4 25 | — | — | ||
| Q3 25 | 5.1% | — | ||
| Q2 25 | 4.5% | -4.8% | ||
| Q1 25 | 4.3% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 5.7% | — | ||
| Q2 24 | 5.2% | 4.4% | ||
| Q1 24 | 4.4% | — |
每股收益（稀释后）CDWTU
| Q4 25 | $2.13 | — | ||
| Q3 25 | $2.21 | — | ||
| Q2 25 | $2.05 | — | ||
| Q1 25 | $1.69 | — | ||
| Q4 24 | $1.97 | — | ||
| Q3 24 | $2.34 | — | ||
| Q2 24 | $2.07 | — | ||
| Q1 24 | $1.59 | — |
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 | $2.7B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.6B | $11.8B |
| 总资产 | $16.0B | $44.3B |
| 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CDWTU
| Q4 25 | $618.7M | — | ||
| Q3 25 | $452.9M | — | ||
| Q2 25 | $481.0M | $2.7B | ||
| Q1 25 | $688.1M | — | ||
| Q4 24 | $717.7M | — | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | $665.3M | $676.7M | ||
| Q1 24 | $803.8M | — |
股东权益CDWTU
| Q4 25 | $2.6B | — | ||
| Q3 25 | $2.5B | — | ||
| Q2 25 | $2.5B | $11.8B | ||
| Q1 25 | $2.3B | — | ||
| Q4 24 | $2.4B | — | ||
| Q3 24 | $2.3B | — | ||
| Q2 24 | $2.2B | $12.4B | ||
| Q1 24 | $2.1B | — |
总资产CDWTU
| Q4 25 | $16.0B | — | ||
| Q3 25 | $15.2B | — | ||
| Q2 25 | $15.3B | $44.3B | ||
| Q1 25 | $15.0B | — | ||
| Q4 24 | $14.7B | — | ||
| Q3 24 | $14.4B | — | ||
| Q2 24 | $13.6B | $41.8B | ||
| Q1 24 | $13.2B | — |
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 | $851.2M |
| 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 | — | — |
| 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CDWTU
| Q4 25 | $433.8M | — | ||
| Q3 25 | $328.3M | — | ||
| Q2 25 | $155.9M | $851.2M | ||
| Q1 25 | $287.2M | — | ||
| Q4 24 | $345.3M | — | ||
| Q3 24 | $342.1M | — | ||
| Q2 24 | $149.9M | $1.0B | ||
| Q1 24 | $440.0M | — |
自由现金流CDWTU
| 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 | — | ||
| Q1 24 | $410.5M | — |
自由现金流率CDWTU
| 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% | — | ||
| Q1 24 | 8.4% | — |
资本支出强度CDWTU
| 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% | — | ||
| Q1 24 | 0.6% | — |
现金转化率CDWTU
| Q4 25 | — | — | ||
| Q3 25 | 1.13× | — | ||
| Q2 25 | 0.57× | — | ||
| Q1 25 | 1.28× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.08× | — | ||
| Q2 24 | 0.53× | 6.28× | ||
| Q1 24 | 2.04× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
