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康明斯（CMI）与维萨（V）财务数据对比。点击上方公司名可切换其他公司
维萨的季度营收约是康明斯的1.3倍（$11.2B vs $8.5B），维萨净利率更高（53.4% vs 7.3%，领先46.2%），维萨同比增速更快（17.0% vs 1.1%），过去两年维萨的营收复合增速更高（12.3% vs 0.8%）
康明斯是总部位于美国的跨国企业，专注于设计、制造及销售柴油发动机、电动汽车零部件、发电产品，同时提供发动机及相关配套设备的维保服务，业务覆盖燃油系统、空气处理系统、过滤设备、排放控制、发电系统及发动机控制单元等多个领域。
维萨（Visa Inc.）是总部位于美国加利福尼亚州旧金山的跨国支付卡服务企业，业务覆盖全球电子资金转账领域，旗下拥有Visa品牌的信用卡、借记卡、预付卡等多条产品线，为全球消费者及商户提供安全便捷的电子支付解决方案。
CMI vs V — 直观对比
营收规模更大
V
是对方的1.3倍
$8.5B
营收增速更快
V
高出15.9%
1.1%
净利率更高
V
高出46.2%
7.3%
两年增速更快
V
近两年复合增速
0.8%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $8.5B | $11.2B |
| 净利润 | $620.0M | $6.0B |
| 毛利率 | 22.9% | — |
| 营业利润率 | 9.5% | 64.4% |
| 净利率 | 7.3% | 53.4% |
| 营收同比 | 1.1% | 17.0% |
| 净利润同比 | 39.3% | 32.0% |
| 每股收益（稀释后） | $4.25 | — |
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CMIV
| Q2 26 | — | $11.2B | ||
| Q4 25 | $8.5B | $10.9B | ||
| Q3 25 | $8.3B | $10.7B | ||
| Q2 25 | $8.6B | $10.2B | ||
| Q1 25 | $8.2B | $9.6B | ||
| Q4 24 | $8.4B | $9.5B | ||
| Q3 24 | $8.5B | $9.6B | ||
| Q2 24 | $8.8B | $8.9B |
净利润CMIV
| Q2 26 | — | $6.0B | ||
| Q4 25 | $620.0M | $5.9B | ||
| Q3 25 | $559.0M | $5.1B | ||
| Q2 25 | $928.0M | $5.3B | ||
| Q1 25 | $850.0M | $4.6B | ||
| Q4 24 | $445.0M | $5.1B | ||
| Q3 24 | $843.0M | $5.3B | ||
| Q2 24 | $752.0M | $4.9B |
毛利率CMIV
| Q2 26 | — | — | ||
| Q4 25 | 22.9% | — | ||
| Q3 25 | 25.6% | — | ||
| Q2 25 | 26.4% | — | ||
| Q1 25 | 26.4% | — | ||
| Q4 24 | 24.1% | — | ||
| Q3 24 | 25.7% | — | ||
| Q2 24 | 24.9% | — |
营业利润率CMIV
| Q2 26 | — | 64.4% | ||
| Q4 25 | 9.5% | 61.8% | ||
| Q3 25 | 10.2% | 57.3% | ||
| Q2 25 | 14.2% | 60.7% | ||
| Q1 25 | 13.9% | 56.6% | ||
| Q4 24 | 8.7% | 65.6% | ||
| Q3 24 | 12.4% | 66.0% | ||
| Q2 24 | 11.9% | 66.7% |
净利率CMIV
| Q2 26 | — | 53.4% | ||
| Q4 25 | 7.3% | 53.7% | ||
| Q3 25 | 6.7% | 47.5% | ||
| Q2 25 | 10.7% | 51.8% | ||
| Q1 25 | 10.4% | 47.7% | ||
| Q4 24 | 5.3% | 53.8% | ||
| Q3 24 | 10.0% | 55.3% | ||
| Q2 24 | 8.5% | 54.7% |
每股收益（稀释后）CMIV
| Q2 26 | — | — | ||
| Q4 25 | $4.25 | — | ||
| Q3 25 | $3.86 | — | ||
| Q2 25 | $6.43 | — | ||
| Q1 25 | $5.96 | — | ||
| Q4 24 | $3.22 | — | ||
| Q3 24 | $5.86 | — | ||
| Q2 24 | $5.26 | — |
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 | $4.4B | $12.4B |
| 总债务越低越好 | $6.8B | $22.4B |
| 股东权益账面价值 | $12.3B | $35.7B |
| 总资产 | $34.0B | $95.0B |
| 负债/权益比越低杠杆越低 | 0.55× | 0.63× |
8季度趋势，按日历期对齐
现金及短期投资CMIV
| Q2 26 | — | $12.4B | ||
| Q4 25 | $4.4B | $14.8B | ||
| Q3 25 | $3.2B | $17.2B | ||
| Q2 25 | $3.1B | $17.1B | ||
| Q1 25 | $2.2B | $11.7B | ||
| Q4 24 | $2.3B | $12.4B | ||
| Q3 24 | $2.3B | $12.0B | ||
| Q2 24 | $2.2B | $12.9B |
总债务CMIV
| Q2 26 | — | $22.4B | ||
| Q4 25 | $6.8B | — | ||
| Q3 25 | $6.8B | — | ||
| Q2 25 | $6.8B | — | ||
| Q1 25 | $4.8B | — | ||
| Q4 24 | $4.8B | — | ||
| Q3 24 | $4.9B | — | ||
| Q2 24 | $5.4B | — |
股东权益CMIV
| Q2 26 | — | $35.7B | ||
| Q4 25 | $12.3B | $38.8B | ||
| Q3 25 | $12.1B | $37.9B | ||
| Q2 25 | $11.8B | $38.7B | ||
| Q1 25 | $10.9B | $38.0B | ||
| Q4 24 | $10.3B | $38.3B | ||
| Q3 24 | $10.3B | $39.1B | ||
| Q2 24 | $9.6B | $39.7B |
总资产CMIV
| Q2 26 | — | $95.0B | ||
| Q4 25 | $34.0B | $96.8B | ||
| Q3 25 | $33.6B | $99.6B | ||
| Q2 25 | $34.3B | $100.0B | ||
| Q1 25 | $32.5B | $92.9B | ||
| Q4 24 | $31.5B | $91.9B | ||
| Q3 24 | $32.1B | $94.5B | ||
| Q2 24 | $31.3B | $91.0B |
负债/权益比CMIV
| Q2 26 | — | 0.63× | ||
| Q4 25 | 0.55× | — | ||
| Q3 25 | 0.57× | — | ||
| Q2 25 | 0.58× | — | ||
| Q1 25 | 0.44× | — | ||
| Q4 24 | 0.47× | — | ||
| Q3 24 | 0.47× | — | ||
| Q2 24 | 0.57× | — |
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 | $1.5B | — |
| 自由现金流经营现金流 - 资本支出 | $990.0M | — |
| 自由现金流率自由现金流/营收 | 11.6% | — |
| 资本支出强度资本支出/营收 | 6.4% | — |
| 现金转化率经营现金流/净利润 | 2.47× | — |
| 过去12个月自由现金流最近4个季度 | $2.4B | — |
8季度趋势，按日历期对齐
经营现金流CMIV
| Q2 26 | — | — | ||
| Q4 25 | $1.5B | $6.8B | ||
| Q3 25 | $1.3B | $6.2B | ||
| Q2 25 | $785.0M | $6.7B | ||
| Q1 25 | $-3.0M | $4.7B | ||
| Q4 24 | $1.4B | $5.4B | ||
| Q3 24 | $640.0M | $6.7B | ||
| Q2 24 | $-851.0M | $5.1B |
自由现金流CMIV
| Q2 26 | — | — | ||
| Q4 25 | $990.0M | $6.4B | ||
| Q3 25 | $1.0B | $5.8B | ||
| Q2 25 | $554.0M | $6.3B | ||
| Q1 25 | $-165.0M | $4.4B | ||
| Q4 24 | $882.0M | $5.1B | ||
| Q3 24 | $381.0M | $6.4B | ||
| Q2 24 | $-1.1B | $4.7B |
自由现金流率CMIV
| Q2 26 | — | — | ||
| Q4 25 | 11.6% | 58.7% | ||
| Q3 25 | 12.1% | 54.5% | ||
| Q2 25 | 6.4% | 62.0% | ||
| Q1 25 | -2.0% | 45.5% | ||
| Q4 24 | 10.4% | 53.1% | ||
| Q3 24 | 4.5% | 66.1% | ||
| Q2 24 | -12.4% | 53.2% |
资本支出强度CMIV
| Q2 26 | — | — | ||
| Q4 25 | 6.4% | 3.5% | ||
| Q3 25 | 3.6% | 3.6% | ||
| Q2 25 | 2.7% | 4.1% | ||
| Q1 25 | 2.0% | 3.4% | ||
| Q4 24 | 6.4% | 3.6% | ||
| Q3 24 | 3.1% | 3.2% | ||
| Q2 24 | 2.7% | 4.5% |
现金转化率CMIV
| Q2 26 | — | — | ||
| Q4 25 | 2.47× | 1.16× | ||
| Q3 25 | 2.33× | 1.23× | ||
| Q2 25 | 0.85× | 1.28× | ||
| Q1 25 | -0.00× | 1.03× | ||
| Q4 24 | 3.20× | 1.05× | ||
| Q3 24 | 0.76× | 1.25× | ||
| Q2 24 | -1.13× | 1.05× |
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
CMI
| Other | $2.9B | 34% |
| Parts | $1.0B | 12% |
| Mediumdutytruckandbus | $638.0M | 7% |
| Heavydutytruck | $623.0M | 7% |
| Intersegmentsales | $620.0M | 7% |
| PSBU Power Generation | $577.0M | 7% |
| Related Party | $469.0M | 5% |
| Services | $449.0M | 5% |
| Lightdutyautomotive | $440.0M | 5% |
| Industrial | $333.0M | 4% |
| Offhighway | $279.0M | 3% |
| Generatortechnologies | $152.0M | 2% |
V
| Data processing revenue | $5.5B | 49% |
| International transaction revenue | $3.6B | 32% |
| Other revenue | $1.3B | 12% |
| Other | $736.0M | 7% |
