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开市客（COST）与Meta Platforms（META）财务数据对比。点击上方公司名可切换其他公司
开市客的季度营收约是Meta Platforms的1.1倍（$67.3B vs $59.9B），Meta Platforms净利率更高（38.0% vs 3.0%，领先35.0%），Meta Platforms同比增速更快（23.8% vs 8.3%），Meta Platforms自由现金流更多（$14.8B vs $3.2B），过去两年Meta Platforms的营收复合增速更高（28.2% vs 7.9%）
开市客是起源于美国的跨国连锁会员制仓储量贩集团，为全球第三大零售企业。截至2024年8月，开市客是全球规模最大的牛肉、禽肉、有机农产品及葡萄酒零售商，约有近三分之一的美国消费者定期前往其线下门店消费。
Meta Platforms是总部位于美国加利福尼亚州门洛帕克的跨国科技巨头，属于全球头部科技企业阵营。旗下运营Facebook、Instagram、WhatsApp、Messenger、Threads等多款知名社交媒体及通讯服务，同时开展自有及第三方站点广告业务，2023年广告收入占其总营收的97.8%。
COST vs META — 直观对比
营收规模更大
COST
是对方的1.1倍
$59.9B
营收增速更快
META
高出15.5%
8.3%
净利率更高
META
高出35.0%
3.0%
自由现金流更多
META
多$11.7B
$3.2B
两年增速更快
META
近两年复合增速
7.9%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $67.3B | $59.9B |
| 净利润 | $2.0B | $22.8B |
| 毛利率 | 13.1% | 81.8% |
| 营业利润率 | 3.7% | 41.3% |
| 净利率 | 3.0% | 38.0% |
| 营收同比 | 8.3% | 23.8% |
| 净利润同比 | 11.3% | 9.3% |
| 每股收益（稀释后） | $4.50 | $8.87 |
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COSTMETA
| Q4 25 | $67.3B | $59.9B | ||
| Q3 25 | $86.2B | $51.2B | ||
| Q2 25 | $63.2B | $47.5B | ||
| Q1 25 | $63.7B | $42.3B | ||
| Q4 24 | $62.2B | $48.4B | ||
| Q3 24 | — | $40.6B | ||
| Q2 24 | $58.5B | $39.1B | ||
| Q1 24 | $58.4B | $36.5B |
净利润COSTMETA
| Q4 25 | $2.0B | $22.8B | ||
| Q3 25 | $2.6B | $2.7B | ||
| Q2 25 | $1.9B | $18.3B | ||
| Q1 25 | $1.8B | $16.6B | ||
| Q4 24 | $1.8B | $20.8B | ||
| Q3 24 | — | $15.7B | ||
| Q2 24 | $1.7B | $13.5B | ||
| Q1 24 | $1.7B | $12.4B |
毛利率COSTMETA
| Q4 25 | 13.1% | 81.8% | ||
| Q3 25 | 12.9% | 82.0% | ||
| Q2 25 | 13.0% | 82.1% | ||
| Q1 25 | 12.5% | 82.1% | ||
| Q4 24 | 12.9% | 81.7% | ||
| Q3 24 | — | 81.8% | ||
| Q2 24 | 12.5% | 81.3% | ||
| Q1 24 | 12.5% | 81.8% |
营业利润率COSTMETA
| Q4 25 | 3.7% | 41.3% | ||
| Q3 25 | 3.9% | 40.1% | ||
| Q2 25 | 4.0% | 43.0% | ||
| Q1 25 | 3.6% | 41.5% | ||
| Q4 24 | 3.5% | 48.3% | ||
| Q3 24 | — | 42.7% | ||
| Q2 24 | 3.8% | 38.0% | ||
| Q1 24 | 3.5% | 37.9% |
净利率COSTMETA
| Q4 25 | 3.0% | 38.0% | ||
| Q3 25 | 3.0% | 5.3% | ||
| Q2 25 | 3.0% | 38.6% | ||
| Q1 25 | 2.8% | 39.3% | ||
| Q4 24 | 2.9% | 43.1% | ||
| Q3 24 | — | 38.7% | ||
| Q2 24 | 2.9% | 34.5% | ||
| Q1 24 | 3.0% | 33.9% |
每股收益（稀释后）COSTMETA
| Q4 25 | $4.50 | $8.87 | ||
| Q3 25 | $5.87 | $1.05 | ||
| Q2 25 | $4.28 | $7.14 | ||
| Q1 25 | $4.02 | $6.43 | ||
| Q4 24 | $4.04 | $7.96 | ||
| Q3 24 | — | $6.03 | ||
| Q2 24 | $3.78 | $5.16 | ||
| Q1 24 | $3.92 | $4.71 |
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 | $17.2B | $81.6B |
| 总债务越低越好 | — | $58.7B |
| 股东权益账面价值 | $30.3B | $217.2B |
| 总资产 | $82.8B | $366.0B |
| 负债/权益比越低杠杆越低 | — | 0.27× |
8季度趋势，按日历期对齐
现金及短期投资COSTMETA
| Q4 25 | $17.2B | $81.6B | ||
| Q3 25 | $15.3B | $44.4B | ||
| Q2 25 | $14.8B | $47.1B | ||
| Q1 25 | $13.2B | $70.2B | ||
| Q4 24 | $11.8B | $77.8B | ||
| Q3 24 | — | $70.9B | ||
| Q2 24 | $11.5B | $58.1B | ||
| Q1 24 | $10.3B | $58.1B |
总债务COSTMETA
| Q4 25 | — | $58.7B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $28.8B | ||
| Q3 24 | — | $28.8B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益COSTMETA
| Q4 25 | $30.3B | $217.2B | ||
| Q3 25 | $29.2B | $194.1B | ||
| Q2 25 | $27.1B | $195.1B | ||
| Q1 25 | $25.6B | $185.0B | ||
| Q4 24 | $24.5B | $182.6B | ||
| Q3 24 | — | $164.5B | ||
| Q2 24 | $21.8B | $156.8B | ||
| Q1 24 | $20.8B | $149.5B |
总资产COSTMETA
| Q4 25 | $82.8B | $366.0B | ||
| Q3 25 | $77.1B | $303.8B | ||
| Q2 25 | $75.5B | $294.7B | ||
| Q1 25 | $73.2B | $280.2B | ||
| Q4 24 | $73.4B | $276.1B | ||
| Q3 24 | — | $256.4B | ||
| Q2 24 | $67.9B | $230.2B | ||
| Q1 24 | $66.3B | $222.8B |
负债/权益比COSTMETA
| Q4 25 | — | 0.27× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.16× | ||
| Q3 24 | — | 0.18× | ||
| 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 | $4.7B | $36.2B |
| 自由现金流经营现金流 - 资本支出 | $3.2B | $14.8B |
| 自由现金流率自由现金流/营收 | 4.7% | 24.8% |
| 资本支出强度资本支出/营收 | 2.3% | 35.7% |
| 现金转化率经营现金流/净利润 | 2.34× | 1.59× |
| 过去12个月自由现金流最近4个季度 | $9.0B | $46.1B |
8季度趋势，按日历期对齐
经营现金流COSTMETA
| Q4 25 | $4.7B | $36.2B | ||
| Q3 25 | $3.9B | $30.0B | ||
| Q2 25 | $3.5B | $25.6B | ||
| Q1 25 | $2.7B | $24.0B | ||
| Q4 24 | $3.3B | $28.0B | ||
| Q3 24 | — | $24.7B | ||
| Q2 24 | $3.0B | $19.4B | ||
| Q1 24 | $731.0M | $19.2B |
自由现金流COSTMETA
| Q4 25 | $3.2B | $14.8B | ||
| Q3 25 | $1.9B | $11.2B | ||
| Q2 25 | $2.3B | $9.0B | ||
| Q1 25 | $1.6B | $11.1B | ||
| Q4 24 | $2.0B | $13.6B | ||
| Q3 24 | — | $16.5B | ||
| Q2 24 | $1.9B | $11.2B | ||
| Q1 24 | $-300.0M | $12.8B |
自由现金流率COSTMETA
| Q4 25 | 4.7% | 24.8% | ||
| Q3 25 | 2.2% | 21.8% | ||
| Q2 25 | 3.7% | 19.0% | ||
| Q1 25 | 2.5% | 26.2% | ||
| Q4 24 | 3.2% | 28.0% | ||
| Q3 24 | — | 40.6% | ||
| Q2 24 | 3.3% | 28.7% | ||
| Q1 24 | -0.5% | 35.2% |
资本支出强度COSTMETA
| Q4 25 | 2.3% | 35.7% | ||
| Q3 25 | 2.3% | 36.7% | ||
| Q2 25 | 1.8% | 34.8% | ||
| Q1 25 | 1.8% | 30.6% | ||
| Q4 24 | 2.0% | 29.8% | ||
| Q3 24 | — | 20.3% | ||
| Q2 24 | 1.8% | 20.9% | ||
| Q1 24 | 1.8% | 17.6% |
现金转化率COSTMETA
| Q4 25 | 2.34× | 1.59× | ||
| Q3 25 | 1.48× | 11.07× | ||
| Q2 25 | 1.82× | 1.39× | ||
| Q1 25 | 1.54× | 1.44× | ||
| Q4 24 | 1.81× | 1.34× | ||
| Q3 24 | — | 1.58× | ||
| Q2 24 | 1.78× | 1.44× | ||
| Q1 24 | 0.42× | 1.56× |
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
COST
| Foods And Sundries | $27.1B | 40% |
| Non Foods | $19.2B | 28% |
| Other | $12.1B | 18% |
| Fresh Foods | $9.9B | 15% |
| Membership | $1.4B | 2% |
META
| Advertising | $58.1B | 97% |
| Reality Labs | $955.0M | 2% |
| Service Other | $801.0M | 1% |
