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芝商所（CME）与斑马技术（ZBRA）财务数据对比。点击上方公司名可切换其他公司
芝商所的季度营收约是斑马技术的1.3倍（$1.9B vs $1.5B），斑马技术净利率更高（4.7% vs 0.1%，领先4.7%），芝商所同比增速更快（14.5% vs 10.6%），过去两年斑马技术的营收复合增速更高（12.0% 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。
斑马技术（Zebra Technologies）是源自美国的跨国科技企业，专注于智能数据采集系统领域的研发与落地。公司总部位于芝加哥郊外的伊利诺伊州林肯郡，目前在全球57个国家和地区开展业务，雇员总数达10700名。
CME vs ZBRA — 直观对比
营收规模更大
CME
是对方的1.3倍
$1.5B
营收增速更快
CME
高出3.9%
10.6%
净利率更高
ZBRA
高出4.7%
0.1%
两年增速更快
ZBRA
近两年复合增速
10.8%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $1.5B |
| 净利润 | $1.2M | $70.0M |
| 毛利率 | — | 47.3% |
| 营业利润率 | 0.1% | 9.4% |
| 净利率 | 0.1% | 4.7% |
| 营收同比 | 14.5% | 10.6% |
| 净利润同比 | 20.7% | -57.1% |
| 每股收益（稀释后） | — | $1.40 |
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CMEZBRA
| Q1 26 | $1.9B | — | ||
| Q4 25 | $1.6B | $1.5B | ||
| Q3 25 | $1.5B | $1.3B | ||
| Q2 25 | $1.7B | $1.3B | ||
| Q1 25 | $1.6B | $1.3B | ||
| Q4 24 | $1.5B | $1.3B | ||
| Q3 24 | $1.6B | $1.3B | ||
| Q2 24 | $1.5B | $1.2B |
净利润CMEZBRA
| Q1 26 | $1.2M | — | ||
| Q4 25 | $1.2B | $70.0M | ||
| Q3 25 | $908.0M | $101.0M | ||
| Q2 25 | $1.0B | $112.0M | ||
| Q1 25 | $956.2M | $136.0M | ||
| Q4 24 | $874.6M | $163.0M | ||
| Q3 24 | $912.8M | $137.0M | ||
| Q2 24 | $883.2M | $113.0M |
毛利率CMEZBRA
| Q1 26 | — | — | ||
| Q4 25 | — | 47.3% | ||
| Q3 25 | — | 48.0% | ||
| Q2 25 | — | 47.6% | ||
| Q1 25 | — | 49.3% | ||
| Q4 24 | — | 48.6% | ||
| Q3 24 | — | 48.8% | ||
| Q2 24 | — | 48.4% |
营业利润率CMEZBRA
| Q1 26 | 0.1% | — | ||
| Q4 25 | 61.8% | 9.4% | ||
| Q3 25 | 63.3% | 13.9% | ||
| Q2 25 | 66.7% | 14.2% | ||
| Q1 25 | 67.5% | 14.9% | ||
| Q4 24 | 62.1% | 16.9% | ||
| Q3 24 | 64.6% | 15.2% | ||
| Q2 24 | 65.3% | 13.7% |
净利率CMEZBRA
| Q1 26 | 0.1% | — | ||
| Q4 25 | 71.7% | 4.7% | ||
| Q3 25 | 59.1% | 7.7% | ||
| Q2 25 | 60.6% | 8.7% | ||
| Q1 25 | 58.2% | 10.4% | ||
| Q4 24 | 57.3% | 12.2% | ||
| Q3 24 | 57.6% | 10.9% | ||
| Q2 24 | 57.6% | 9.3% |
每股收益（稀释后）CMEZBRA
| Q1 26 | — | — | ||
| Q4 25 | $3.24 | $1.40 | ||
| Q3 25 | $2.49 | $1.97 | ||
| Q2 25 | $2.81 | $2.19 | ||
| Q1 25 | $2.62 | $2.62 | ||
| Q4 24 | $2.40 | $3.14 | ||
| Q3 24 | $2.50 | $2.64 | ||
| Q2 24 | $2.42 | $2.17 |
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 | $125.0M |
| 总债务越低越好 | $3.4B | — |
| 股东权益账面价值 | — | $3.6B |
| 总资产 | $202.0B | $8.5B |
| 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CMEZBRA
| Q1 26 | $2.4B | — | ||
| Q4 25 | $4.5B | $125.0M | ||
| Q3 25 | $2.6B | $1.1B | ||
| Q2 25 | $2.1B | $872.0M | ||
| Q1 25 | $1.5B | $879.0M | ||
| Q4 24 | $3.0B | $901.0M | ||
| Q3 24 | $2.4B | $676.0M | ||
| Q2 24 | $1.9B | $411.0M |
总债务CMEZBRA
| Q1 26 | $3.4B | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | $2.2B | ||
| Q2 25 | — | $2.2B | ||
| Q1 25 | — | $2.2B | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $2.2B | ||
| Q2 24 | — | $2.2B |
股东权益CMEZBRA
| Q1 26 | — | — | ||
| Q4 25 | $28.7B | $3.6B | ||
| Q3 25 | $28.2B | $3.7B | ||
| Q2 25 | $27.7B | $3.6B | ||
| Q1 25 | $27.0B | $3.6B | ||
| Q4 24 | $26.5B | $3.6B | ||
| Q3 24 | $28.2B | $3.4B | ||
| Q2 24 | $27.6B | $3.3B |
总资产CMEZBRA
| Q1 26 | $202.0B | — | ||
| Q4 25 | $198.4B | $8.5B | ||
| Q3 25 | $187.1B | $8.1B | ||
| Q2 25 | $179.9B | $7.9B | ||
| Q1 25 | $157.8B | $7.9B | ||
| Q4 24 | $137.4B | $8.0B | ||
| Q3 24 | $137.8B | $7.7B | ||
| Q2 24 | $123.4B | $7.5B |
负债/权益比CMEZBRA
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 0.58× | ||
| Q2 25 | — | 0.60× | ||
| Q1 25 | — | 0.60× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.64× | ||
| Q2 24 | — | 0.66× |
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 | — | $357.0M |
| 自由现金流经营现金流 - 资本支出 | — | $327.0M |
| 自由现金流率自由现金流/营收 | — | 22.2% |
| 资本支出强度资本支出/营收 | — | 2.0% |
| 现金转化率经营现金流/净利润 | — | 5.10× |
| 过去12个月自由现金流最近4个季度 | — | $831.0M |
8季度趋势，按日历期对齐
经营现金流CMEZBRA
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $357.0M | ||
| Q3 25 | $968.1M | $235.0M | ||
| Q2 25 | $1.1B | $147.0M | ||
| Q1 25 | $1.1B | $178.0M | ||
| Q4 24 | $1.0B | $306.0M | ||
| Q3 24 | $1.0B | $294.0M | ||
| Q2 24 | $776.9M | $288.0M |
自由现金流CMEZBRA
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $327.0M | ||
| Q3 25 | $949.7M | $216.0M | ||
| Q2 25 | $1.0B | $130.0M | ||
| Q1 25 | $1.1B | $158.0M | ||
| Q4 24 | $991.7M | $288.0M | ||
| Q3 24 | $973.2M | $277.0M | ||
| Q2 24 | $758.7M | $278.0M |
自由现金流率CMEZBRA
| Q1 26 | — | — | ||
| Q4 25 | 66.8% | 22.2% | ||
| Q3 25 | 61.8% | 16.4% | ||
| Q2 25 | 61.5% | 10.1% | ||
| Q1 25 | 67.1% | 12.1% | ||
| Q4 24 | 65.0% | 21.6% | ||
| Q3 24 | 61.4% | 22.1% | ||
| Q2 24 | 49.5% | 22.8% |
资本支出强度CMEZBRA
| Q1 26 | — | — | ||
| Q4 25 | 2.0% | 2.0% | ||
| Q3 25 | 1.2% | 1.4% | ||
| Q2 25 | 1.1% | 1.3% | ||
| Q1 25 | 0.9% | 1.5% | ||
| Q4 24 | 1.7% | 1.3% | ||
| Q3 24 | 1.9% | 1.4% | ||
| Q2 24 | 1.2% | 0.8% |
现金转化率CMEZBRA
| Q1 26 | — | — | ||
| Q4 25 | 0.96× | 5.10× | ||
| Q3 25 | 1.07× | 2.33× | ||
| Q2 25 | 1.03× | 1.31× | ||
| Q1 25 | 1.17× | 1.31× | ||
| Q4 24 | 1.16× | 1.88× | ||
| Q3 24 | 1.10× | 2.15× | ||
| Q2 24 | 0.88× | 2.55× |
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
ZBRA
| Tangible Products | $1.2B | 83% |
| Service And Software | $255.0M | 17% |
