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Corpay（CPAY）与Grab Holdings Ltd（GRAB）财务数据对比。点击上方公司名可切换其他公司
Grab Holdings Ltd的季度营收约是Corpay的1.2倍（$1.5B vs $1.2B），Corpay净利率更高（21.2% vs 1.8%，领先19.4%）
Corpay总部位于美国佐治亚州亚特兰大，是专业的支付与支出管理服务提供商，旗下系统及服务可帮助客户高效管控采购、支付全流程的相关费用，核心业务覆盖车辆相关支出、住宿支出及企业支付三大领域。
Grab Holdings是总部位于新加坡纬壹科技城的跨国科技企业，旗下核心产品为移动端超级应用，覆盖网约车、外卖配送、数字支付等多元服务，业务布局新加坡、马来西亚、印度尼西亚、泰国、越南等共8个东南亚国家，是东南亚地区头部的本地生活及数字服务提供商。
CPAY vs GRAB — 直观对比
营收规模更大
GRAB
是对方的1.2倍
$1.2B
净利率更高
CPAY
高出19.4%
1.8%
损益表 — Q4 FY2025 vs Q4 FY2024
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.5B |
| 净利润 | $264.5M | $26.0M |
| 毛利率 | — | 43.1% |
| 营业利润率 | 45.2% | -2.5% |
| 净利率 | 21.2% | 1.8% |
| 营收同比 | 20.7% | — |
| 净利润同比 | 7.5% | — |
| 每股收益（稀释后） | $3.74 | $0.01 |
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CPAYGRAB
| Q4 25 | $1.2B | — | ||
| Q3 25 | $1.2B | — | ||
| Q2 25 | $1.1B | — | ||
| Q1 25 | $1.0B | — | ||
| Q4 24 | $1.0B | $1.5B | ||
| Q3 24 | $1.0B | — | ||
| Q2 24 | $975.7M | — | ||
| Q1 24 | $935.3M | — |
净利润CPAYGRAB
| Q4 25 | $264.5M | — | ||
| Q3 25 | $277.9M | — | ||
| Q2 25 | $284.2M | — | ||
| Q1 25 | $243.2M | — | ||
| Q4 24 | $246.0M | $26.0M | ||
| Q3 24 | $276.4M | — | ||
| Q2 24 | $251.6M | — | ||
| Q1 24 | $229.8M | — |
毛利率CPAYGRAB
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 43.1% | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
营业利润率CPAYGRAB
| Q4 25 | 45.2% | — | ||
| Q3 25 | 44.6% | — | ||
| Q2 25 | 43.5% | — | ||
| Q1 25 | 42.5% | — | ||
| Q4 24 | 47.2% | -2.5% | ||
| Q3 24 | 45.5% | — | ||
| Q2 24 | 44.4% | — | ||
| Q1 24 | 42.5% | — |
净利率CPAYGRAB
| Q4 25 | 21.2% | — | ||
| Q3 25 | 23.7% | — | ||
| Q2 25 | 25.8% | — | ||
| Q1 25 | 24.2% | — | ||
| Q4 24 | 23.8% | 1.8% | ||
| Q3 24 | 26.9% | — | ||
| Q2 24 | 25.8% | — | ||
| Q1 24 | 24.6% | — |
每股收益（稀释后）CPAYGRAB
| Q4 25 | $3.74 | — | ||
| Q3 25 | $3.91 | — | ||
| Q2 25 | $3.98 | — | ||
| Q1 25 | $3.40 | — | ||
| Q4 24 | $3.43 | $0.01 | ||
| Q3 24 | $3.90 | — | ||
| Q2 24 | $3.52 | — | ||
| Q1 24 | $3.12 | — |
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 | $3.0B |
| 总债务越低越好 | $10.0B | — |
| 股东权益账面价值 | $3.9B | $6.4B |
| 总资产 | $26.4B | $9.3B |
| 负债/权益比越低杠杆越低 | 2.58× | — |
8季度趋势，按日历期对齐
现金及短期投资CPAYGRAB
| Q4 25 | $2.4B | — | ||
| Q3 25 | $2.0B | — | ||
| Q2 25 | $2.2B | — | ||
| Q1 25 | $1.6B | — | ||
| Q4 24 | $1.6B | $3.0B | ||
| Q3 24 | $1.3B | — | ||
| Q2 24 | $1.4B | — | ||
| Q1 24 | $1.3B | — |
总债务CPAYGRAB
| Q4 25 | $10.0B | — | ||
| Q3 25 | $8.1B | — | ||
| Q2 25 | $8.1B | — | ||
| Q1 25 | $8.2B | — | ||
| Q4 24 | $8.0B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益CPAYGRAB
| Q4 25 | $3.9B | — | ||
| Q3 25 | $4.1B | — | ||
| Q2 25 | $3.9B | — | ||
| Q1 25 | $3.5B | — | ||
| Q4 24 | $3.1B | $6.4B | ||
| Q3 24 | $3.1B | — | ||
| Q2 24 | $2.8B | — | ||
| Q1 24 | $3.3B | — |
总资产CPAYGRAB
| Q4 25 | $26.4B | — | ||
| Q3 25 | $19.7B | — | ||
| Q2 25 | $20.4B | — | ||
| Q1 25 | $18.5B | — | ||
| Q4 24 | $18.0B | $9.3B | ||
| Q3 24 | $17.6B | — | ||
| Q2 24 | $16.2B | — | ||
| Q1 24 | $15.8B | — |
负债/权益比CPAYGRAB
| Q4 25 | 2.58× | — | ||
| Q3 25 | 1.99× | — | ||
| Q2 25 | 2.07× | — | ||
| Q1 25 | 2.37× | — | ||
| Q4 24 | 2.56× | — | ||
| 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 | $812.7M | $591.0M |
| 自由现金流经营现金流 - 资本支出 | $760.3M | — |
| 自由现金流率自由现金流/营收 | 60.9% | — |
| 资本支出强度资本支出/营收 | 4.2% | — |
| 现金转化率经营现金流/净利润 | 3.07× | 22.73× |
| 过去12个月自由现金流最近4个季度 | $1.3B | — |
8季度趋势，按日历期对齐
经营现金流CPAYGRAB
| Q4 25 | $812.7M | — | ||
| Q3 25 | $-378.9M | — | ||
| Q2 25 | $1.1B | — | ||
| Q1 25 | $-74.2M | — | ||
| Q4 24 | $648.7M | $591.0M | ||
| Q3 24 | $400.8M | — | ||
| Q2 24 | $540.9M | — | ||
| Q1 24 | $350.2M | — |
自由现金流CPAYGRAB
| Q4 25 | $760.3M | — | ||
| Q3 25 | $-429.8M | — | ||
| Q2 25 | $1.1B | — | ||
| Q1 25 | $-118.9M | — | ||
| Q4 24 | $604.6M | — | ||
| Q3 24 | $355.0M | — | ||
| Q2 24 | $496.8M | — | ||
| Q1 24 | $309.0M | — |
自由现金流率CPAYGRAB
| Q4 25 | 60.9% | — | ||
| Q3 25 | -36.7% | — | ||
| Q2 25 | 98.7% | — | ||
| Q1 25 | -11.8% | — | ||
| Q4 24 | 58.4% | — | ||
| Q3 24 | 34.5% | — | ||
| Q2 24 | 50.9% | — | ||
| Q1 24 | 33.0% | — |
资本支出强度CPAYGRAB
| Q4 25 | 4.2% | — | ||
| Q3 25 | 4.3% | — | ||
| Q2 25 | 4.8% | — | ||
| Q1 25 | 4.5% | — | ||
| Q4 24 | 4.3% | — | ||
| Q3 24 | 4.4% | — | ||
| Q2 24 | 4.5% | — | ||
| Q1 24 | 4.4% | — |
现金转化率CPAYGRAB
| Q4 25 | 3.07× | — | ||
| Q3 25 | -1.36× | — | ||
| Q2 25 | 4.01× | — | ||
| Q1 25 | -0.30× | — | ||
| Q4 24 | 2.64× | 22.73× | ||
| Q3 24 | 1.45× | — | ||
| Q2 24 | 2.15× | — | ||
| Q1 24 | 1.52× | — |
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
CPAY
| Vehicle Payments | $572.9M | 46% |
| Corporate Payments | $480.8M | 39% |
| Lodging Payments | $112.5M | 9% |
| Other Operating Segments | $82.1M | 7% |
GRAB
暂无分部数据
