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CDW Corporation（CDW）与美国合众银行（USB）财务数据对比。点击上方公司名可切换其他公司
美国合众银行的季度营收约是CDW Corporation的1.3倍（$7.4B vs $5.5B），CDW Corporation同比增速更快（6.3% vs 5.1%），过去两年CDW Corporation的营收复合增速更高（6.3% vs 4.7%）
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。
美国合众银行是美国跨国银行机构，总部位于明尼苏达州明尼阿波利斯，在特拉华州注册成立。截至2025年为美国第五大银行，也是美国中西部规模最大的银行，被金融稳定委员会认定为系统重要性机构，旗下核心运营主体提供银行、投资、按揭等多元金融服务。
CDW vs USB — 直观对比
营收规模更大
USB
是对方的1.3倍
$5.5B
营收增速更快
CDW
高出1.2%
5.1%
两年增速更快
CDW
近两年复合增速
4.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $5.5B | $7.4B |
| 净利润 | — | $2.0B |
| 毛利率 | 22.8% | — |
| 营业利润率 | 7.8% | 34.4% |
| 净利率 | — | 27.8% |
| 营收同比 | 6.3% | 5.1% |
| 净利润同比 | — | 23.0% |
| 每股收益（稀释后） | $2.13 | $1.26 |
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CDWUSB
| Q4 25 | $5.5B | $7.4B | ||
| Q3 25 | $5.7B | $7.3B | ||
| Q2 25 | $6.0B | $7.0B | ||
| Q1 25 | $5.2B | $7.0B | ||
| Q4 24 | $5.2B | $7.0B | ||
| Q3 24 | $5.5B | $6.9B | ||
| Q2 24 | $5.4B | $6.9B | ||
| Q1 24 | $4.9B | $6.7B |
净利润CDWUSB
| Q4 25 | — | $2.0B | ||
| Q3 25 | $291.0M | $2.0B | ||
| Q2 25 | $271.2M | $1.8B | ||
| Q1 25 | $224.9M | $1.7B | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | $316.4M | $1.7B | ||
| Q2 24 | $281.1M | $1.6B | ||
| Q1 24 | $216.1M | $1.3B |
毛利率CDWUSB
| 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% | — | ||
| Q1 24 | 21.8% | — |
营业利润率CDWUSB
| Q4 25 | 7.8% | 34.4% | ||
| Q3 25 | 7.7% | 34.5% | ||
| Q2 25 | 7.0% | 32.7% | ||
| Q1 25 | 7.0% | 31.0% | ||
| Q4 24 | 7.9% | 30.1% | ||
| Q3 24 | 8.7% | 30.2% | ||
| Q2 24 | 8.0% | 29.9% | ||
| Q1 24 | 6.7% | 24.9% |
净利率CDWUSB
| Q4 25 | — | 27.8% | ||
| Q3 25 | 5.1% | 27.3% | ||
| Q2 25 | 4.5% | 25.9% | ||
| Q1 25 | 4.3% | 24.6% | ||
| Q4 24 | — | 23.7% | ||
| Q3 24 | 5.7% | 25.0% | ||
| Q2 24 | 5.2% | 23.3% | ||
| Q1 24 | 4.4% | 19.6% |
每股收益（稀释后）CDWUSB
| Q4 25 | $2.13 | $1.26 | ||
| Q3 25 | $2.21 | $1.22 | ||
| Q2 25 | $2.05 | $1.11 | ||
| Q1 25 | $1.69 | $1.03 | ||
| Q4 24 | $1.97 | $1.01 | ||
| Q3 24 | $2.34 | $1.03 | ||
| Q2 24 | $2.07 | $0.97 | ||
| Q1 24 | $1.59 | $0.78 |
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 | — |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.6B | $65.2B |
| 总资产 | $16.0B | $692.3B |
| 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CDWUSB
| Q4 25 | $618.7M | — | ||
| Q3 25 | $452.9M | — | ||
| Q2 25 | $481.0M | — | ||
| Q1 25 | $688.1M | — | ||
| Q4 24 | $717.7M | — | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | $665.3M | — | ||
| Q1 24 | $803.8M | — |
股东权益CDWUSB
| Q4 25 | $2.6B | $65.2B | ||
| Q3 25 | $2.5B | $63.3B | ||
| Q2 25 | $2.5B | $61.4B | ||
| Q1 25 | $2.3B | $60.1B | ||
| Q4 24 | $2.4B | $58.6B | ||
| Q3 24 | $2.3B | $58.9B | ||
| Q2 24 | $2.2B | $56.4B | ||
| Q1 24 | $2.1B | $55.6B |
总资产CDWUSB
| Q4 25 | $16.0B | $692.3B | ||
| Q3 25 | $15.2B | $695.4B | ||
| Q2 25 | $15.3B | $686.4B | ||
| Q1 25 | $15.0B | $676.5B | ||
| Q4 24 | $14.7B | $678.3B | ||
| Q3 24 | $14.4B | $686.5B | ||
| Q2 24 | $13.6B | $680.1B | ||
| Q1 24 | $13.2B | $683.6B |
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 | $2.8B |
| 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 | — | 1.39× |
| 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CDWUSB
| Q4 25 | $433.8M | $2.8B | ||
| Q3 25 | $328.3M | $3.4B | ||
| Q2 25 | $155.9M | $2.0B | ||
| Q1 25 | $287.2M | $-285.0M | ||
| Q4 24 | $345.3M | $4.8B | ||
| Q3 24 | $342.1M | $972.0M | ||
| Q2 24 | $149.9M | $2.9B | ||
| Q1 24 | $440.0M | $2.7B |
自由现金流CDWUSB
| 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CDWUSB
| 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CDWUSB
| 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CDWUSB
| Q4 25 | — | 1.39× | ||
| Q3 25 | 1.13× | 1.69× | ||
| Q2 25 | 0.57× | 1.12× | ||
| Q1 25 | 1.28× | -0.17× | ||
| Q4 24 | — | 2.87× | ||
| Q3 24 | 1.08× | 0.57× | ||
| Q2 24 | 0.53× | 1.79× | ||
| Q1 24 | 2.04× | 2.02× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
