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CONDUENT Inc（CNDT）与ETSY INC（ETSY）财务数据对比。点击上方公司名可切换其他公司
ETSY INC的季度营收约是CONDUENT Inc的1.1倍（$881.6M vs $770.0M），ETSY INC净利率更高（12.6% vs -4.3%，领先16.8%），ETSY INC同比增速更快（3.5% vs -3.8%），ETSY INC自由现金流更多（$315.9M vs $24.0M），过去两年ETSY INC的营收复合增速更高（16.8% vs -8.6%）
康杜特是一家总部位于美国新泽西州弗洛勒姆帕克的商业服务供应商，2017年从施乐拆分独立。公司面向企业与政府客户提供数字化平台服务，截至2026年，全球雇员规模超过5.4万人，业务布局覆盖24个国家。
Etsy是美国电商企业，主打手工制品、复古商品及手工耗材交易，平台品类覆盖珠宝首饰、服饰、家居装饰、家具、玩具、艺术品等。平台规定复古商品需至少有20年历史，卖家可开设独立店铺，每件上架商品收取0.2美元挂牌费，2013年起平台也允许量产商品入驻销售。
CNDT vs ETSY — 直观对比
营收规模更大
ETSY
是对方的1.1倍
$770.0M
营收增速更快
ETSY
高出7.2%
-3.8%
净利率更高
ETSY
高出16.8%
-4.3%
自由现金流更多
ETSY
多$291.9M
$24.0M
两年增速更快
ETSY
近两年复合增速
-8.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $770.0M | $881.6M |
| 净利润 | $-33.0M | $110.7M |
| 毛利率 | 19.0% | 73.1% |
| 营业利润率 | -3.6% | 14.7% |
| 净利率 | -4.3% | 12.6% |
| 营收同比 | -3.8% | 3.5% |
| 净利润同比 | -175.0% | -14.8% |
| 每股收益（稀释后） | $-0.25 | $1.00 |
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CNDTETSY
| Q4 25 | $770.0M | $881.6M | ||
| Q3 25 | $767.0M | $678.0M | ||
| Q2 25 | $754.0M | $672.7M | ||
| Q1 25 | $751.0M | $651.2M | ||
| Q4 24 | $800.0M | $852.2M | ||
| Q3 24 | $807.0M | $662.4M | ||
| Q2 24 | $828.0M | $647.8M | ||
| Q1 24 | $921.0M | $646.0M |
净利润CNDTETSY
| Q4 25 | $-33.0M | $110.7M | ||
| Q3 25 | $-46.0M | $75.5M | ||
| Q2 25 | $-40.0M | $28.8M | ||
| Q1 25 | $-51.0M | $-52.1M | ||
| Q4 24 | $-12.0M | $129.9M | ||
| Q3 24 | $123.0M | $57.4M | ||
| Q2 24 | $216.0M | $53.0M | ||
| Q1 24 | $99.0M | $63.0M |
毛利率CNDTETSY
| Q4 25 | 19.0% | 73.1% | ||
| Q3 25 | 17.7% | 71.3% | ||
| Q2 25 | 18.2% | 71.2% | ||
| Q1 25 | 17.7% | 70.5% | ||
| Q4 24 | 17.3% | 74.5% | ||
| Q3 24 | 18.7% | 72.0% | ||
| Q2 24 | 18.2% | 71.6% | ||
| Q1 24 | 20.2% | 71.0% |
营业利润率CNDTETSY
| Q4 25 | -3.6% | 14.7% | ||
| Q3 25 | -5.0% | 12.2% | ||
| Q2 25 | -5.0% | 11.4% | ||
| Q1 25 | -7.5% | -3.4% | ||
| Q4 24 | -10.3% | 18.2% | ||
| Q3 24 | 19.7% | 13.1% | ||
| Q2 24 | 36.2% | 10.8% | ||
| Q1 24 | 13.8% | 10.5% |
净利率CNDTETSY
| Q4 25 | -4.3% | 12.6% | ||
| Q3 25 | -6.0% | 11.1% | ||
| Q2 25 | -5.3% | 4.3% | ||
| Q1 25 | -6.8% | -8.0% | ||
| Q4 24 | -1.5% | 15.2% | ||
| Q3 24 | 15.2% | 8.7% | ||
| Q2 24 | 26.1% | 8.2% | ||
| Q1 24 | 10.7% | 9.8% |
每股收益（稀释后）CNDTETSY
| Q4 25 | $-0.25 | $1.00 | ||
| Q3 25 | $-0.30 | $0.63 | ||
| Q2 25 | $-0.26 | $0.25 | ||
| Q1 25 | $-0.33 | $-0.49 | ||
| Q4 24 | $-0.02 | $1.01 | ||
| Q3 24 | $0.72 | $0.45 | ||
| Q2 24 | $1.07 | $0.41 | ||
| Q1 24 | $0.46 | $0.48 |
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 | $233.0M | $1.4B |
| 总债务越低越好 | $665.0M | $2.3B |
| 股东权益账面价值 | $685.0M | $-1.1B |
| 总资产 | $2.4B | $2.8B |
| 负债/权益比越低杠杆越低 | 0.97× | — |
8季度趋势，按日历期对齐
现金及短期投资CNDTETSY
| Q4 25 | $233.0M | $1.4B | ||
| Q3 25 | $248.0M | $1.2B | ||
| Q2 25 | $275.0M | $1.2B | ||
| Q1 25 | $277.0M | $649.2M | ||
| Q4 24 | $366.0M | $811.2M | ||
| Q3 24 | $393.0M | $818.9M | ||
| Q2 24 | $300.0M | $759.2M | ||
| Q1 24 | $415.0M | $788.8M |
总债务CNDTETSY
| Q4 25 | $665.0M | $2.3B | ||
| Q3 25 | — | $3.0B | ||
| Q2 25 | — | $3.0B | ||
| Q1 25 | — | $2.3B | ||
| Q4 24 | $615.0M | $2.3B | ||
| Q3 24 | — | $2.3B | ||
| Q2 24 | — | $2.3B | ||
| Q1 24 | — | $2.3B |
股东权益CNDTETSY
| Q4 25 | $685.0M | $-1.1B | ||
| Q3 25 | $717.0M | $-1.1B | ||
| Q2 25 | $777.0M | $-1.1B | ||
| Q1 25 | $800.0M | $-910.3M | ||
| Q4 24 | $839.0M | $-758.9M | ||
| Q3 24 | $877.0M | $-624.3M | ||
| Q2 24 | $751.0M | $-635.0M | ||
| Q1 24 | $701.0M | $-583.8M |
总资产CNDTETSY
| Q4 25 | $2.4B | $2.8B | ||
| Q3 25 | $2.5B | $2.7B | ||
| Q2 25 | $2.5B | $2.6B | ||
| Q1 25 | $2.5B | $2.1B | ||
| Q4 24 | $2.6B | $2.4B | ||
| Q3 24 | $2.8B | $2.4B | ||
| Q2 24 | $2.8B | $2.4B | ||
| Q1 24 | $3.1B | $2.5B |
负债/权益比CNDTETSY
| Q4 25 | 0.97× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.73× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $39.0M | $317.1M |
| 自由现金流经营现金流 - 资本支出 | $24.0M | $315.9M |
| 自由现金流率自由现金流/营收 | 3.1% | 35.8% |
| 资本支出强度资本支出/营收 | 1.9% | 0.1% |
| 现金转化率经营现金流/净利润 | — | 2.86× |
| 过去12个月自由现金流最近4个季度 | $-132.0M | $678.0M |
8季度趋势，按日历期对齐
经营现金流CNDTETSY
| Q4 25 | $39.0M | $317.1M | ||
| Q3 25 | $-39.0M | $219.0M | ||
| Q2 25 | $-15.0M | $108.1M | ||
| Q1 25 | $-58.0M | $49.2M | ||
| Q4 24 | $41.0M | $315.0M | ||
| Q3 24 | $-13.0M | $217.4M | ||
| Q2 24 | $-41.0M | $151.1M | ||
| Q1 24 | $-37.0M | $69.0M |
自由现金流CNDTETSY
| Q4 25 | $24.0M | $315.9M | ||
| Q3 25 | $-54.0M | $215.0M | ||
| Q2 25 | $-30.0M | $101.3M | ||
| Q1 25 | $-72.0M | $45.9M | ||
| Q4 24 | $30.0M | $310.9M | ||
| Q3 24 | $-21.0M | $213.2M | ||
| Q2 24 | $-59.0M | $147.4M | ||
| Q1 24 | $-50.0M | $66.8M |
自由现金流率CNDTETSY
| Q4 25 | 3.1% | 35.8% | ||
| Q3 25 | -7.0% | 31.7% | ||
| Q2 25 | -4.0% | 15.1% | ||
| Q1 25 | -9.6% | 7.1% | ||
| Q4 24 | 3.8% | 36.5% | ||
| Q3 24 | -2.6% | 32.2% | ||
| Q2 24 | -7.1% | 22.8% | ||
| Q1 24 | -5.4% | 10.3% |
资本支出强度CNDTETSY
| Q4 25 | 1.9% | 0.1% | ||
| Q3 25 | 2.0% | 0.6% | ||
| Q2 25 | 2.0% | 1.0% | ||
| Q1 25 | 1.9% | 0.5% | ||
| Q4 24 | 1.4% | 0.5% | ||
| Q3 24 | 1.0% | 0.6% | ||
| Q2 24 | 2.2% | 0.6% | ||
| Q1 24 | 1.4% | 0.3% |
现金转化率CNDTETSY
| Q4 25 | — | 2.86× | ||
| Q3 25 | — | 2.90× | ||
| Q2 25 | — | 3.75× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 2.42× | ||
| Q3 24 | -0.11× | 3.79× | ||
| Q2 24 | -0.19× | 2.85× | ||
| Q1 24 | -0.37× | 1.10× |
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
CNDT
| Government Segment | $230.0M | 30% |
| Integrated Digital Solutions | $134.0M | 17% |
| Customer Experience Management | $127.0M | 16% |
| B Paa S | $116.0M | 15% |
| Government Services Solutions | $93.0M | 12% |
| Transferred At Point In Time | $36.0M | 5% |
| Other | $34.0M | 4% |
ETSY
| Marketplace Revenue | $612.4M | 69% |
| Services Revenue | $269.2M | 31% |
