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芝商所（CME）与万事达卡（MA）财务数据对比。点击上方公司名可切换其他公司
万事达卡的季度营收约是芝商所的4.7倍（$8.8B vs $1.9B），万事达卡净利率更高（46.1% vs 0.1%，领先46.0%），万事达卡同比增速更快（17.6% vs 14.5%），过去两年万事达卡的营收复合增速更高（17.8% vs 10.8%）
芝商所是总部位于美国伊利诺伊州芝加哥的金融服务企业，为全球规模最大的金融衍生品交易所运营商，旗下拥有芝加哥商品交易所、芝加哥期货交易所、纽约商业交易所、纽约商品交易所等交易平台，覆盖农产品、货币、能源等品类交易，同时持有标普道琼斯指数27%的股权。
万事达卡是总部位于美国纽约帕切斯的跨国支付卡服务企业，核心业务为处理商户收单银行与持卡人发卡机构之间的支付交易，同时提供旗下品牌借记卡、信用卡、预付卡及相关配套支付服务，服务网络覆盖全球，于2006年公开上市。
CME vs MA — 直观对比
营收规模更大
MA
是对方的4.7倍
$1.9B
营收增速更快
MA
高出3.1%
14.5%
净利率更高
MA
高出46.0%
0.1%
两年增速更快
MA
近两年复合增速
10.8%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $8.8B |
| 净利润 | $1.2M | $4.1B |
| 毛利率 | — | — |
| 营业利润率 | 0.1% | 55.8% |
| 净利率 | 0.1% | 46.1% |
| 营收同比 | 14.5% | 17.6% |
| 净利润同比 | 20.7% | 21.5% |
| 每股收益（稀释后） | — | $4.52 |
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CMEMA
| Q1 26 | $1.9B | — | ||
| Q4 25 | $1.6B | $8.8B | ||
| Q3 25 | $1.5B | $8.6B | ||
| Q2 25 | $1.7B | $8.1B | ||
| Q1 25 | $1.6B | $7.3B | ||
| Q4 24 | $1.5B | $7.5B | ||
| Q3 24 | $1.6B | $7.4B | ||
| Q2 24 | $1.5B | $7.0B |
净利润CMEMA
| Q1 26 | $1.2M | — | ||
| Q4 25 | $1.2B | $4.1B | ||
| Q3 25 | $908.0M | $3.9B | ||
| Q2 25 | $1.0B | $3.7B | ||
| Q1 25 | $956.2M | $3.3B | ||
| Q4 24 | $874.6M | $3.3B | ||
| Q3 24 | $912.8M | $3.3B | ||
| Q2 24 | $883.2M | $3.3B |
营业利润率CMEMA
| Q1 26 | 0.1% | — | ||
| Q4 25 | 61.8% | 55.8% | ||
| Q3 25 | 63.3% | 58.8% | ||
| Q2 25 | 66.7% | 58.7% | ||
| Q1 25 | 67.5% | 57.2% | ||
| Q4 24 | 62.1% | 52.6% | ||
| Q3 24 | 64.6% | 54.3% | ||
| Q2 24 | 65.3% | 58.0% |
净利率CMEMA
| Q1 26 | 0.1% | — | ||
| Q4 25 | 71.7% | 46.1% | ||
| Q3 25 | 59.1% | 45.7% | ||
| Q2 25 | 60.6% | 45.5% | ||
| Q1 25 | 58.2% | 45.2% | ||
| Q4 24 | 57.3% | 44.6% | ||
| Q3 24 | 57.6% | 44.3% | ||
| Q2 24 | 57.6% | 46.8% |
每股收益（稀释后）CMEMA
| Q1 26 | — | — | ||
| Q4 25 | $3.24 | $4.52 | ||
| Q3 25 | $2.49 | $4.34 | ||
| Q2 25 | $2.81 | $4.07 | ||
| Q1 25 | $2.62 | $3.59 | ||
| Q4 24 | $2.40 | $3.64 | ||
| Q3 24 | $2.50 | $3.53 | ||
| Q2 24 | $2.42 | $3.50 |
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 | $2.4B | $10.6B |
| 总债务越低越好 | $3.4B | — |
| 股东权益账面价值 | — | $7.7B |
| 总资产 | $202.0B | $54.2B |
| 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CMEMA
| Q1 26 | $2.4B | — | ||
| Q4 25 | $4.5B | $10.6B | ||
| Q3 25 | $2.6B | $10.3B | ||
| Q2 25 | $2.1B | $9.0B | ||
| Q1 25 | $1.5B | $7.6B | ||
| Q4 24 | $3.0B | $8.4B | ||
| Q3 24 | $2.4B | $11.1B | ||
| Q2 24 | $1.9B | $7.0B |
总债务CMEMA
| Q1 26 | $3.4B | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益CMEMA
| Q1 26 | — | — | ||
| Q4 25 | $28.7B | $7.7B | ||
| Q3 25 | $28.2B | $7.9B | ||
| Q2 25 | $27.7B | $7.9B | ||
| Q1 25 | $27.0B | $6.7B | ||
| Q4 24 | $26.5B | $6.5B | ||
| Q3 24 | $28.2B | $7.4B | ||
| Q2 24 | $27.6B | $7.4B |
总资产CMEMA
| Q1 26 | $202.0B | — | ||
| Q4 25 | $198.4B | $54.2B | ||
| Q3 25 | $187.1B | $53.3B | ||
| Q2 25 | $179.9B | $51.4B | ||
| Q1 25 | $157.8B | $48.5B | ||
| Q4 24 | $137.4B | $48.1B | ||
| Q3 24 | $137.8B | $47.2B | ||
| Q2 24 | $123.4B | $42.3B |
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 | — | $5.0B |
| 自由现金流经营现金流 - 资本支出 | — | $4.9B |
| 自由现金流率自由现金流/营收 | — | 55.5% |
| 资本支出强度资本支出/营收 | — | 1.3% |
| 现金转化率经营现金流/净利润 | — | 1.23× |
| 过去12个月自由现金流最近4个季度 | — | $17.2B |
8季度趋势，按日历期对齐
经营现金流CMEMA
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $5.0B | ||
| Q3 25 | $968.1M | $5.7B | ||
| Q2 25 | $1.1B | $4.6B | ||
| Q1 25 | $1.1B | $2.4B | ||
| Q4 24 | $1.0B | $4.8B | ||
| Q3 24 | $1.0B | $5.1B | ||
| Q2 24 | $776.9M | $3.1B |
自由现金流CMEMA
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $4.9B | ||
| Q3 25 | $949.7M | $5.5B | ||
| Q2 25 | $1.0B | $4.6B | ||
| Q1 25 | $1.1B | $2.2B | ||
| Q4 24 | $991.7M | $4.7B | ||
| Q3 24 | $973.2M | $5.0B | ||
| Q2 24 | $758.7M | $3.0B |
自由现金流率CMEMA
| Q1 26 | — | — | ||
| Q4 25 | 66.8% | 55.5% | ||
| Q3 25 | 61.8% | 63.8% | ||
| Q2 25 | 61.5% | 56.1% | ||
| Q1 25 | 67.1% | 30.6% | ||
| Q4 24 | 65.0% | 63.3% | ||
| Q3 24 | 61.4% | 68.2% | ||
| Q2 24 | 49.5% | 43.4% |
资本支出强度CMEMA
| Q1 26 | — | — | ||
| Q4 25 | 2.0% | 1.3% | ||
| Q3 25 | 1.2% | 2.1% | ||
| Q2 25 | 1.1% | 0.5% | ||
| Q1 25 | 0.9% | 2.2% | ||
| Q4 24 | 1.7% | 1.3% | ||
| Q3 24 | 1.9% | 1.5% | ||
| Q2 24 | 1.2% | 1.7% |
现金转化率CMEMA
| Q1 26 | — | — | ||
| Q4 25 | 0.96× | 1.23× | ||
| Q3 25 | 1.07× | 1.44× | ||
| Q2 25 | 1.03× | 1.24× | ||
| Q1 25 | 1.17× | 0.73× | ||
| Q4 24 | 1.16× | 1.45× | ||
| Q3 24 | 1.10× | 1.57× | ||
| Q2 24 | 0.88× | 0.96× |
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
CME
暂无分部数据
MA
| Payment Network | $4.9B | 56% |
| Value Added Services And Solutions | $3.9B | 44% |
