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CDW Corporation（CDW）与Williams Companies（WMB）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Williams Companies的1.4倍（$5.5B vs $3.8B），Williams Companies同比增速更快（12.7% vs 6.3%），CDW Corporation自由现金流更多（$395.9M vs $-379.0M），过去两年Williams Companies的营收复合增速更高（7.3% vs 6.3%）
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。
总部位于美国俄克拉荷马州塔尔萨的能源企业，位列《财富》美国500强，普通股为标普500指数成分股，核心业务为天然气加工与运输，同时持有石油、发电相关资产。
CDW vs WMB — 直观对比
营收规模更大
CDW
是对方的1.4倍
$3.8B
营收增速更快
WMB
高出6.4%
6.3%
自由现金流更多
CDW
多$774.9M
$-379.0M
两年增速更快
WMB
近两年复合增速
6.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $5.5B | $3.8B |
| 净利润 | — | $734.0M |
| 毛利率 | 22.8% | — |
| 营业利润率 | 7.8% | 27.3% |
| 净利率 | — | 19.1% |
| 营收同比 | 6.3% | 12.7% |
| 净利润同比 | — | 51.0% |
| 每股收益（稀释后） | $2.13 | $0.60 |
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CDWWMB
| Q4 25 | $5.5B | $3.8B | ||
| Q3 25 | $5.7B | $3.5B | ||
| Q2 25 | $6.0B | $3.4B | ||
| Q1 25 | $5.2B | $4.2B | ||
| Q4 24 | $5.2B | $3.4B | ||
| Q3 24 | $5.5B | $3.0B | ||
| Q2 24 | $5.4B | $2.8B | ||
| Q1 24 | $4.9B | $3.3B |
净利润CDWWMB
| Q4 25 | — | $734.0M | ||
| Q3 25 | $291.0M | $647.0M | ||
| Q2 25 | $271.2M | $546.0M | ||
| Q1 25 | $224.9M | $691.0M | ||
| Q4 24 | — | $486.0M | ||
| Q3 24 | $316.4M | $706.0M | ||
| Q2 24 | $281.1M | $401.0M | ||
| Q1 24 | $216.1M | $632.0M |
毛利率CDWWMB
| 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CDWWMB
| Q4 25 | 7.8% | 27.3% | ||
| Q3 25 | 7.7% | 31.8% | ||
| Q2 25 | 7.0% | 28.0% | ||
| Q1 25 | 7.0% | 26.1% | ||
| Q4 24 | 7.9% | 23.2% | ||
| Q3 24 | 8.7% | 27.6% | ||
| Q2 24 | 8.0% | 24.4% | ||
| Q1 24 | 6.7% | 30.3% |
净利率CDWWMB
| Q4 25 | — | 19.1% | ||
| Q3 25 | 5.1% | 18.5% | ||
| Q2 25 | 4.5% | 16.2% | ||
| Q1 25 | 4.3% | 16.5% | ||
| Q4 24 | — | 14.2% | ||
| Q3 24 | 5.7% | 23.3% | ||
| Q2 24 | 5.2% | 14.1% | ||
| Q1 24 | 4.4% | 18.9% |
每股收益（稀释后）CDWWMB
| Q4 25 | $2.13 | $0.60 | ||
| Q3 25 | $2.21 | $0.53 | ||
| Q2 25 | $2.05 | $0.45 | ||
| Q1 25 | $1.69 | $0.56 | ||
| Q4 24 | $1.97 | $0.39 | ||
| Q3 24 | $2.34 | $0.58 | ||
| Q2 24 | $2.07 | $0.33 | ||
| Q1 24 | $1.59 | $0.52 |
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 | — | $27.3B |
| 股东权益账面价值 | $2.6B | $12.8B |
| 总资产 | $16.0B | $58.6B |
| 负债/权益比越低杠杆越低 | — | 2.13× |
8季度趋势，按日历期对齐
现金及短期投资CDWWMB
| 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 | — |
总债务CDWWMB
| Q4 25 | — | $27.3B | ||
| Q3 25 | — | $25.6B | ||
| Q2 25 | — | $25.6B | ||
| Q1 25 | — | $24.1B | ||
| Q4 24 | — | $24.7B | ||
| Q3 24 | — | $24.8B | ||
| Q2 24 | — | $24.1B | ||
| Q1 24 | — | $24.1B |
股东权益CDWWMB
| Q4 25 | $2.6B | $12.8B | ||
| Q3 25 | $2.5B | $12.5B | ||
| Q2 25 | $2.5B | $12.4B | ||
| Q1 25 | $2.3B | $12.5B | ||
| Q4 24 | $2.4B | $12.4B | ||
| Q3 24 | $2.3B | $12.4B | ||
| Q2 24 | $2.2B | $12.3B | ||
| Q1 24 | $2.1B | $12.4B |
总资产CDWWMB
| Q4 25 | $16.0B | $58.6B | ||
| Q3 25 | $15.2B | $55.7B | ||
| Q2 25 | $15.3B | $56.1B | ||
| Q1 25 | $15.0B | $54.9B | ||
| Q4 24 | $14.7B | $54.5B | ||
| Q3 24 | $14.4B | $53.8B | ||
| Q2 24 | $13.6B | $52.4B | ||
| Q1 24 | $13.2B | $52.7B |
负债/权益比CDWWMB
| Q4 25 | — | 2.13× | ||
| Q3 25 | — | 2.04× | ||
| Q2 25 | — | 2.06× | ||
| Q1 25 | — | 1.93× | ||
| Q4 24 | — | 1.99× | ||
| Q3 24 | — | 2.00× | ||
| Q2 24 | — | 1.96× | ||
| Q1 24 | — | 1.94× |
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 | $1.6B |
| 自由现金流经营现金流 - 资本支出 | $395.9M | $-379.0M |
| 自由现金流率自由现金流/营收 | 7.2% | -9.9% |
| 资本支出强度资本支出/营收 | 0.7% | 50.9% |
| 现金转化率经营现金流/净利润 | — | 2.15× |
| 过去12个月自由现金流最近4个季度 | $1.1B | $1.0B |
8季度趋势，按日历期对齐
经营现金流CDWWMB
| Q4 25 | $433.8M | $1.6B | ||
| Q3 25 | $328.3M | $1.4B | ||
| Q2 25 | $155.9M | $1.4B | ||
| Q1 25 | $287.2M | $1.4B | ||
| Q4 24 | $345.3M | $1.2B | ||
| Q3 24 | $342.1M | $1.2B | ||
| Q2 24 | $149.9M | $1.3B | ||
| Q1 24 | $440.0M | $1.2B |
自由现金流CDWWMB
| Q4 25 | $395.9M | $-379.0M | ||
| Q3 25 | $298.5M | $485.0M | ||
| Q2 25 | $133.4M | $478.0M | ||
| Q1 25 | $260.3M | $421.0M | ||
| Q4 24 | $316.7M | $450.0M | ||
| Q3 24 | $308.5M | $561.0M | ||
| Q2 24 | $119.0M | $700.0M | ||
| Q1 24 | $410.5M | $690.0M |
自由现金流率CDWWMB
| Q4 25 | 7.2% | -9.9% | ||
| Q3 25 | 5.2% | 13.9% | ||
| Q2 25 | 2.2% | 14.2% | ||
| Q1 25 | 5.0% | 10.1% | ||
| Q4 24 | 6.1% | 13.2% | ||
| Q3 24 | 5.6% | 18.5% | ||
| Q2 24 | 2.2% | 24.6% | ||
| Q1 24 | 8.4% | 20.7% |
资本支出强度CDWWMB
| Q4 25 | 0.7% | 50.9% | ||
| Q3 25 | 0.5% | 27.3% | ||
| Q2 25 | 0.4% | 28.8% | ||
| Q1 25 | 0.5% | 24.2% | ||
| Q4 24 | 0.6% | 22.5% | ||
| Q3 24 | 0.6% | 22.5% | ||
| Q2 24 | 0.6% | 20.3% | ||
| Q1 24 | 0.6% | 16.3% |
现金转化率CDWWMB
| Q4 25 | — | 2.15× | ||
| Q3 25 | 1.13× | 2.22× | ||
| Q2 25 | 0.57× | 2.66× | ||
| Q1 25 | 1.28× | 2.07× | ||
| Q4 24 | — | 2.51× | ||
| Q3 24 | 1.08× | 1.76× | ||
| Q2 24 | 0.53× | 3.19× | ||
| Q1 24 | 2.04× | 1.95× |
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
WMB
| Services | $2.2B | 57% |
| Natural Gas Us Regulated | $740.0M | 19% |
| West | $730.0M | 19% |
| Non Regulated Service Commodity Consideration | $51.0M | 1% |
| Natural Gas Gathering Transportation Marketing And Processing | $45.0M | 1% |
| Affiliated Entity | $23.0M | 1% |
| Other | $14.0M | 0% |
| Other Service | $11.0M | 0% |
