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酷澎（CPNG）与通用电气医疗（GEHC）财务数据对比。点击上方公司名可切换其他公司
酷澎的季度营收约是通用电气医疗的1.6倍（$8.8B vs $5.7B），通用电气医疗净利率更高（10.3% vs -0.3%，领先10.6%），酷澎同比增速更快（10.9% vs 7.1%），过去两年酷澎的营收复合增速更高（11.4% vs 10.7%）
酷澎（Coupang, Inc.）是2010年由金范锡创立的科技与线上零售企业，注册地为美国特拉华州，总部设于华盛顿州西雅图。公司核心业务覆盖电商零售、食品配送及OTT流媒体服务，业务布局及办公网点遍及韩国、中国台湾、美国、印度、日本、新加坡等多个国家和地区。
通用电气医疗是总部位于美国伊利诺伊州芝加哥的医疗科技企业，旗下设四大业务板块：医学影像（含分子成像、CT、核磁共振、女性健康筛查、X射线系统）、超声、患者护理解决方案（聚焦远程患者监测、麻醉呼吸护理、心脏病诊断、婴幼儿照护）及制药诊断业务。
CPNG vs GEHC — 直观对比
营收规模更大
CPNG
是对方的1.6倍
$5.7B
营收增速更快
CPNG
高出3.8%
7.1%
净利率更高
GEHC
高出10.6%
-0.3%
两年增速更快
CPNG
近两年复合增速
10.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $8.8B | $5.7B |
| 净利润 | $-26.0M | $588.0M |
| 毛利率 | 28.8% | 39.7% |
| 营业利润率 | 0.1% | 14.5% |
| 净利率 | -0.3% | 10.3% |
| 营收同比 | 10.9% | 7.1% |
| 净利润同比 | -116.7% | -18.4% |
| 每股收益（稀释后） | $-0.02 | $1.28 |
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CPNGGEHC
| Q4 25 | $8.8B | $5.7B | ||
| Q3 25 | $9.3B | $5.1B | ||
| Q2 25 | $8.5B | $5.0B | ||
| Q1 25 | $7.9B | $4.8B | ||
| Q4 24 | $8.0B | $5.3B | ||
| Q3 24 | $7.9B | $4.9B | ||
| Q2 24 | $7.3B | $4.8B | ||
| Q1 24 | $7.1B | $4.7B |
净利润CPNGGEHC
| Q4 25 | $-26.0M | $588.0M | ||
| Q3 25 | $95.0M | $446.0M | ||
| Q2 25 | $32.0M | $486.0M | ||
| Q1 25 | $107.0M | $564.0M | ||
| Q4 24 | $156.0M | $721.0M | ||
| Q3 24 | $70.0M | $470.0M | ||
| Q2 24 | $-77.0M | $428.0M | ||
| Q1 24 | $5.0M | $374.0M |
毛利率CPNGGEHC
| Q4 25 | 28.8% | 39.7% | ||
| Q3 25 | 29.4% | 38.7% | ||
| Q2 25 | 30.0% | 39.6% | ||
| Q1 25 | 29.3% | 42.1% | ||
| Q4 24 | 31.3% | 42.8% | ||
| Q3 24 | 28.8% | 41.7% | ||
| Q2 24 | 29.3% | 41.4% | ||
| Q1 24 | 27.1% | 40.9% |
营业利润率CPNGGEHC
| Q4 25 | 0.1% | 14.5% | ||
| Q3 25 | 1.7% | 12.7% | ||
| Q2 25 | 1.7% | 13.1% | ||
| Q1 25 | 1.9% | 13.2% | ||
| Q4 24 | 3.9% | 15.1% | ||
| Q3 24 | 1.4% | 13.9% | ||
| Q2 24 | -0.3% | 12.6% | ||
| Q1 24 | 0.6% | 11.6% |
净利率CPNGGEHC
| Q4 25 | -0.3% | 10.3% | ||
| Q3 25 | 1.0% | 8.7% | ||
| Q2 25 | 0.4% | 9.7% | ||
| Q1 25 | 1.4% | 11.8% | ||
| Q4 24 | 2.0% | 13.6% | ||
| Q3 24 | 0.9% | 9.7% | ||
| Q2 24 | -1.1% | 8.8% | ||
| Q1 24 | 0.1% | 8.0% |
每股收益（稀释后）CPNGGEHC
| Q4 25 | $-0.02 | $1.28 | ||
| Q3 25 | $0.05 | $0.98 | ||
| Q2 25 | $0.02 | $1.06 | ||
| Q1 25 | $0.06 | $1.23 | ||
| Q4 24 | $0.08 | $1.58 | ||
| Q3 24 | $0.04 | $1.02 | ||
| Q2 24 | $-0.04 | $0.93 | ||
| Q1 24 | $0.00 | $0.81 |
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 | $6.3B | $4.5B |
| 总债务越低越好 | $648.0M | $10.0B |
| 股东权益账面价值 | $4.6B | $10.4B |
| 总资产 | $17.8B | $36.9B |
| 负债/权益比越低杠杆越低 | 0.14× | 0.96× |
8季度趋势，按日历期对齐
现金及短期投资CPNGGEHC
| Q4 25 | $6.3B | $4.5B | ||
| Q3 25 | $7.2B | $4.0B | ||
| Q2 25 | $6.8B | $3.7B | ||
| Q1 25 | $6.1B | $2.5B | ||
| Q4 24 | $5.9B | $2.9B | ||
| Q3 24 | $5.8B | $3.5B | ||
| Q2 24 | $5.5B | $2.0B | ||
| Q1 24 | $5.2B | $2.6B |
总债务CPNGGEHC
| Q4 25 | $648.0M | $10.0B | ||
| Q3 25 | — | $10.3B | ||
| Q2 25 | — | $10.3B | ||
| Q1 25 | — | $8.8B | ||
| Q4 24 | $988.0M | $9.0B | ||
| Q3 24 | — | $10.3B | ||
| Q2 24 | — | $9.2B | ||
| Q1 24 | — | $9.3B |
股东权益CPNGGEHC
| Q4 25 | $4.6B | $10.4B | ||
| Q3 25 | $4.7B | $10.0B | ||
| Q2 25 | $4.7B | $9.7B | ||
| Q1 25 | $4.4B | $9.2B | ||
| Q4 24 | $4.1B | $8.4B | ||
| Q3 24 | $4.2B | $8.3B | ||
| Q2 24 | $3.9B | $7.8B | ||
| Q1 24 | $4.1B | $7.4B |
总资产CPNGGEHC
| Q4 25 | $17.8B | $36.9B | ||
| Q3 25 | $18.7B | $36.1B | ||
| Q2 25 | $17.8B | $35.5B | ||
| Q1 25 | $16.0B | $33.6B | ||
| Q4 24 | $15.3B | $33.1B | ||
| Q3 24 | $16.3B | $33.9B | ||
| Q2 24 | $15.2B | $31.9B | ||
| Q1 24 | $14.9B | $32.2B |
负债/权益比CPNGGEHC
| Q4 25 | 0.14× | 0.96× | ||
| Q3 25 | — | 1.03× | ||
| Q2 25 | — | 1.06× | ||
| Q1 25 | — | 0.95× | ||
| Q4 24 | 0.24× | 1.06× | ||
| Q3 24 | — | 1.24× | ||
| Q2 24 | — | 1.18× | ||
| Q1 24 | — | 1.25× |
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 | $82.0M | — |
| 自由现金流经营现金流 - 资本支出 | $-278.0M | — |
| 自由现金流率自由现金流/营收 | -3.1% | — |
| 资本支出强度资本支出/营收 | 4.1% | 2.4% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $522.0M | — |
8季度趋势，按日历期对齐
经营现金流CPNGGEHC
| Q4 25 | $82.0M | — | ||
| Q3 25 | $792.0M | — | ||
| Q2 25 | $545.0M | $94.0M | ||
| Q1 25 | $354.0M | $250.0M | ||
| Q4 24 | $676.0M | — | ||
| Q3 24 | $334.0M | — | ||
| Q2 24 | $664.0M | $-119.0M | ||
| Q1 24 | $212.0M | $419.0M |
自由现金流CPNGGEHC
| Q4 25 | $-278.0M | — | ||
| Q3 25 | $439.0M | — | ||
| Q2 25 | $246.0M | $8.0M | ||
| Q1 25 | $115.0M | $98.0M | ||
| Q4 24 | $462.0M | — | ||
| Q3 24 | $-46.0M | — | ||
| Q2 24 | $486.0M | $-183.0M | ||
| Q1 24 | $105.0M | $274.0M |
自由现金流率CPNGGEHC
| Q4 25 | -3.1% | — | ||
| Q3 25 | 4.7% | — | ||
| Q2 25 | 2.9% | 0.2% | ||
| Q1 25 | 1.5% | 2.1% | ||
| Q4 24 | 5.8% | — | ||
| Q3 24 | -0.6% | — | ||
| Q2 24 | 6.6% | -3.8% | ||
| Q1 24 | 1.5% | 5.9% |
资本支出强度CPNGGEHC
| Q4 25 | 4.1% | 2.4% | ||
| Q3 25 | 3.8% | 2.1% | ||
| Q2 25 | 3.5% | 1.7% | ||
| Q1 25 | 3.0% | 3.2% | ||
| Q4 24 | 2.7% | 1.9% | ||
| Q3 24 | 4.8% | 1.9% | ||
| Q2 24 | 2.4% | 1.3% | ||
| Q1 24 | 1.5% | 3.1% |
现金转化率CPNGGEHC
| Q4 25 | — | — | ||
| Q3 25 | 8.34× | — | ||
| Q2 25 | 17.03× | 0.19× | ||
| Q1 25 | 3.31× | 0.44× | ||
| Q4 24 | 4.33× | — | ||
| Q3 24 | 4.77× | — | ||
| Q2 24 | — | -0.28× | ||
| Q1 24 | 42.40× | 1.12× |
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
CPNG
| Products | $6.6B | 75% |
| Third Party Merchant Services | $1.9B | 22% |
| Service Other | $296.0M | 3% |
GEHC
| Imaging Segment | $2.6B | 45% |
| PCS Segment | $824.0M | 14% |
| P Dx Segment | $790.0M | 14% |
| Specialized Ultrasound Subsegment | $735.0M | 13% |
| Monitoring Solutions Subsegment | $578.0M | 10% |
| Life Support Solutions Subsegment | $247.0M | 4% |
