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基华物流（CEVA）与Snap Inc（SNAP）财务数据对比。点击上方公司名可切换其他公司
Snap Inc的季度营收约是基华物流的54.9倍（$1.7B vs $31.3M）。Snap Inc净利率更高（2.6% vs -3.5%，领先6.1%）。Snap Inc同比增速更快（10.2% vs 7.1%）。Snap Inc自由现金流更多（$205.6M vs $7.2M）。过去两年Snap Inc的营收复合增速更高（19.9% vs 19.1%）
赛物流是一家全球物流与供应链企业，提供货运管理以及合约物流服务，2019年被达飞海运集团收购。收购完成后，达飞集团陆续将英格迈微商务生命周期服务、GEFCO等多家物流运输企业并入赛物流，助力其业务发展与规模扩张。
Snap Inc.是一家美国科技企业，2011年9月16日由埃文·斯皮格尔、鲍比·墨菲和雷吉·布朗联合创立，总部位于加利福尼亚州圣莫尼卡。公司核心产品包括社交应用Snapchat、智能眼镜Spectacles、虚拟形象工具Bitmoji以及营销推广解决方案SnapBoost，2016年9月24日由原Snapchat Inc.更名为现名，覆盖社交、智能硬件等多元业务领域。
CEVA vs SNAP — 直观对比
营收规模更大
SNAP
是对方的54.9倍
$31.3M
营收增速更快
SNAP
高出3.1%
7.1%
净利率更高
SNAP
高出6.1%
-3.5%
自由现金流更多
SNAP
多$198.3M
$7.2M
两年增速更快
SNAP
近两年复合增速
19.1%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $31.3M | $1.7B |
| 净利润 | $-1.1M | $45.2M |
| 毛利率 | 88.1% | 59.1% |
| 营业利润率 | -1.3% | 2.9% |
| 净利率 | -3.5% | 2.6% |
| 营收同比 | 7.1% | 10.2% |
| 净利润同比 | 36.8% | 396.7% |
| 每股收益（稀释后） | — | $0.03 |
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CEVASNAP
| Q4 25 | $31.3M | $1.7B | ||
| Q3 25 | $28.4M | $1.5B | ||
| Q2 25 | $25.7M | $1.3B | ||
| Q1 25 | $24.2M | $1.4B | ||
| Q4 24 | $29.2M | $1.6B | ||
| Q3 24 | $27.2M | $1.4B | ||
| Q2 24 | $28.4M | $1.2B | ||
| Q1 24 | $22.1M | $1.2B |
净利润CEVASNAP
| Q4 25 | $-1.1M | $45.2M | ||
| Q3 25 | $-2.5M | $-103.5M | ||
| Q2 25 | $-3.7M | $-262.6M | ||
| Q1 25 | $-3.3M | $-139.6M | ||
| Q4 24 | $-1.7M | $9.1M | ||
| Q3 24 | $-1.3M | $-153.2M | ||
| Q2 24 | $-291.0K | $-248.6M | ||
| Q1 24 | $-5.4M | $-305.1M |
毛利率CEVASNAP
| Q4 25 | 88.1% | 59.1% | ||
| Q3 25 | 88.0% | 55.3% | ||
| Q2 25 | 86.2% | 51.4% | ||
| Q1 25 | 85.6% | 53.1% | ||
| Q4 24 | 88.5% | 56.9% | ||
| Q3 24 | 85.4% | 53.5% | ||
| Q2 24 | 89.7% | 52.4% | ||
| Q1 24 | 88.7% | 51.9% |
营业利润率CEVASNAP
| Q4 25 | -1.3% | 2.9% | ||
| Q3 25 | -7.3% | -8.5% | ||
| Q2 25 | -17.5% | -19.3% | ||
| Q1 25 | -18.1% | -14.2% | ||
| Q4 24 | 0.3% | -1.7% | ||
| Q3 24 | -9.6% | -12.6% | ||
| Q2 24 | -0.1% | -20.5% | ||
| Q1 24 | -22.5% | -27.9% |
净利率CEVASNAP
| Q4 25 | -3.5% | 2.6% | ||
| Q3 25 | -8.8% | -6.9% | ||
| Q2 25 | -14.4% | -19.5% | ||
| Q1 25 | -13.7% | -10.2% | ||
| Q4 24 | -5.9% | 0.6% | ||
| Q3 24 | -4.8% | -11.2% | ||
| Q2 24 | -1.0% | -20.1% | ||
| Q1 24 | -24.7% | -25.5% |
每股收益（稀释后）CEVASNAP
| Q4 25 | — | $0.03 | ||
| Q3 25 | — | $-0.06 | ||
| Q2 25 | — | $-0.16 | ||
| Q1 25 | — | $-0.08 | ||
| Q4 24 | — | $0.01 | ||
| Q3 24 | — | $-0.09 | ||
| Q2 24 | — | $-0.15 | ||
| Q1 24 | — | $-0.19 |
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 | $40.6M | $2.9B |
| 总债务越低越好 | — | $3.5B |
| 股东权益账面价值 | $336.5M | $2.3B |
| 总资产 | $388.3M | $7.7B |
| 负债/权益比越低杠杆越低 | — | 1.55× |
8季度趋势，按日历期对齐
现金及短期投资CEVASNAP
| Q4 25 | $40.6M | $2.9B | ||
| Q3 25 | $17.3M | $3.0B | ||
| Q2 25 | $29.1M | $2.9B | ||
| Q1 25 | $18.8M | $3.2B | ||
| Q4 24 | $18.8M | $3.4B | ||
| Q3 24 | $13.2M | $3.2B | ||
| Q2 24 | $25.0M | $3.1B | ||
| Q1 24 | $21.6M | $2.9B |
总债务CEVASNAP
| Q4 25 | — | $3.5B | ||
| Q3 25 | — | $3.5B | ||
| Q2 25 | — | $3.6B | ||
| Q1 25 | — | $3.6B | ||
| Q4 24 | — | $3.6B | ||
| Q3 24 | — | $3.6B | ||
| Q2 24 | — | $3.6B | ||
| Q1 24 | — | $3.3B |
股东权益CEVASNAP
| Q4 25 | $336.5M | $2.3B | ||
| Q3 25 | $268.7M | $2.2B | ||
| Q2 25 | $265.9M | $2.1B | ||
| Q1 25 | $269.1M | $2.3B | ||
| Q4 24 | $266.6M | $2.5B | ||
| Q3 24 | $265.8M | $2.2B | ||
| Q2 24 | $263.8M | $2.1B | ||
| Q1 24 | $262.3M | $2.1B |
总资产CEVASNAP
| Q4 25 | $388.3M | $7.7B | ||
| Q3 25 | $306.0M | $7.6B | ||
| Q2 25 | $302.8M | $7.4B | ||
| Q1 25 | $310.0M | $7.6B | ||
| Q4 24 | $308.9M | $7.9B | ||
| Q3 24 | $304.9M | $7.6B | ||
| Q2 24 | $300.4M | $7.4B | ||
| Q1 24 | $301.4M | $7.2B |
负债/权益比CEVASNAP
| Q4 25 | — | 1.55× | ||
| Q3 25 | — | 1.59× | ||
| Q2 25 | — | 1.73× | ||
| Q1 25 | — | 1.56× | ||
| Q4 24 | — | 1.49× | ||
| Q3 24 | — | 1.65× | ||
| Q2 24 | — | 1.76× | ||
| Q1 24 | — | 1.55× |
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 | $8.7M | $269.6M |
| 自由现金流经营现金流 - 资本支出 | $7.2M | $205.6M |
| 自由现金流率自由现金流/营收 | 23.1% | 12.0% |
| 资本支出强度资本支出/营收 | 4.8% | 3.7% |
| 现金转化率经营现金流/净利润 | — | 5.96× |
| 过去12个月自由现金流最近4个季度 | $-6.3M | $437.2M |
8季度趋势，按日历期对齐
经营现金流CEVASNAP
| Q4 25 | $8.7M | $269.6M | ||
| Q3 25 | $-5.9M | $146.5M | ||
| Q2 25 | $1.2M | $88.5M | ||
| Q1 25 | $-7.4M | $151.6M | ||
| Q4 24 | $8.0M | $230.6M | ||
| Q3 24 | $399.0K | $115.9M | ||
| Q2 24 | $2.4M | $-21.4M | ||
| Q1 24 | $-7.3M | $88.4M |
自由现金流CEVASNAP
| Q4 25 | $7.2M | $205.6M | ||
| Q3 25 | $-6.3M | $93.4M | ||
| Q2 25 | $492.0K | $23.8M | ||
| Q1 25 | $-7.7M | $114.4M | ||
| Q4 24 | $7.0M | $182.4M | ||
| Q3 24 | $-15.0K | $71.8M | ||
| Q2 24 | $1.8M | $-73.4M | ||
| Q1 24 | $-8.3M | $37.9M |
自由现金流率CEVASNAP
| Q4 25 | 23.1% | 12.0% | ||
| Q3 25 | -22.1% | 6.2% | ||
| Q2 25 | 1.9% | 1.8% | ||
| Q1 25 | -31.8% | 8.4% | ||
| Q4 24 | 24.0% | 11.7% | ||
| Q3 24 | -0.1% | 5.2% | ||
| Q2 24 | 6.2% | -5.9% | ||
| Q1 24 | -37.4% | 3.2% |
资本支出强度CEVASNAP
| Q4 25 | 4.8% | 3.7% | ||
| Q3 25 | 1.5% | 3.5% | ||
| Q2 25 | 2.7% | 4.8% | ||
| Q1 25 | 1.3% | 2.7% | ||
| Q4 24 | 3.5% | 3.1% | ||
| Q3 24 | 1.5% | 3.2% | ||
| Q2 24 | 2.1% | 4.2% | ||
| Q1 24 | 4.1% | 4.2% |
现金转化率CEVASNAP
| Q4 25 | — | 5.96× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 25.34× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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
CEVA
| Transferred At Point In Time | $28.1M | 90% |
| Transferred Over Time | $3.2M | 10% |
SNAP
| Advertising Revenue | $1.5B | 86% |
| Other Revenue | $231.9M | 14% |
