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酷澎（CPNG）与捷普（JBL）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捷普的1.1倍（$8.8B vs $8.3B），捷普净利率更高（1.8% vs -0.3%，领先2.1%），捷普同比增速更快（18.7% vs 10.9%），捷普自由现金流更多（$228.0M vs $-278.0M），过去两年酷澎的营收复合增速更高（11.4% vs 10.8%）
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。
捷普（Jabil Inc.）是美国跨国制造企业，业务涵盖电子电路板组件及系统的设计、研发与生产，同时提供供应链服务，核心客户以原始设备制造商（OEM）为主。公司总部位于佛罗里达州圣彼得堡Gateway区域，是坦帕湾地区规模最大的企业之一。
CPNG vs JBL — 直观对比
营收规模更大
CPNG
是对方的1.1倍
$8.3B
营收增速更快
JBL
高出7.8%
10.9%
净利率更高
JBL
高出2.1%
-0.3%
自由现金流更多
JBL
多$506.0M
$-278.0M
两年增速更快
CPNG
近两年复合增速
10.8%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $8.8B | $8.3B |
| 净利润 | $-26.0M | $146.0M |
| 毛利率 | 28.8% | 8.9% |
| 营业利润率 | 0.1% | 3.4% |
| 净利率 | -0.3% | 1.8% |
| 营收同比 | 10.9% | 18.7% |
| 净利润同比 | -116.7% | 46.0% |
| 每股收益（稀释后） | $-0.02 | $1.35 |
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CPNGJBL
| Q4 25 | $8.8B | $8.3B | ||
| Q3 25 | $9.3B | $8.3B | ||
| Q2 25 | $8.5B | $7.8B | ||
| Q1 25 | $7.9B | $6.7B | ||
| Q4 24 | $8.0B | $7.0B | ||
| Q3 24 | $7.9B | $7.0B | ||
| Q2 24 | $7.3B | $6.8B | ||
| Q1 24 | $7.1B | $6.8B |
净利润CPNGJBL
| Q4 25 | $-26.0M | $146.0M | ||
| Q3 25 | $95.0M | $218.0M | ||
| Q2 25 | $32.0M | $222.0M | ||
| Q1 25 | $107.0M | $117.0M | ||
| Q4 24 | $156.0M | $100.0M | ||
| Q3 24 | $70.0M | $138.0M | ||
| Q2 24 | $-77.0M | $129.0M | ||
| Q1 24 | $5.0M | $927.0M |
毛利率CPNGJBL
| Q4 25 | 28.8% | 8.9% | ||
| Q3 25 | 29.4% | 9.5% | ||
| Q2 25 | 30.0% | 8.7% | ||
| Q1 25 | 29.3% | 8.6% | ||
| Q4 24 | 31.3% | 8.7% | ||
| Q3 24 | 28.8% | 9.5% | ||
| Q2 24 | 29.3% | 9.0% | ||
| Q1 24 | 27.1% | 9.3% |
营业利润率CPNGJBL
| Q4 25 | 0.1% | 3.4% | ||
| Q3 25 | 1.7% | 4.1% | ||
| Q2 25 | 1.7% | 5.1% | ||
| Q1 25 | 1.9% | 3.6% | ||
| Q4 24 | 3.9% | 2.8% | ||
| Q3 24 | 1.4% | 4.6% | ||
| Q2 24 | -0.3% | 3.9% | ||
| Q1 24 | 0.6% | 16.7% |
净利率CPNGJBL
| Q4 25 | -0.3% | 1.8% | ||
| Q3 25 | 1.0% | 2.6% | ||
| Q2 25 | 0.4% | 2.8% | ||
| Q1 25 | 1.4% | 1.7% | ||
| Q4 24 | 2.0% | 1.4% | ||
| Q3 24 | 0.9% | 2.0% | ||
| Q2 24 | -1.1% | 1.9% | ||
| Q1 24 | 0.1% | 13.7% |
每股收益（稀释后）CPNGJBL
| Q4 25 | $-0.02 | $1.35 | ||
| Q3 25 | $0.05 | $1.95 | ||
| Q2 25 | $0.02 | $2.03 | ||
| Q1 25 | $0.06 | $1.06 | ||
| Q4 24 | $0.08 | $0.88 | ||
| Q3 24 | $0.04 | $1.33 | ||
| Q2 24 | $-0.04 | $1.06 | ||
| Q1 24 | $0.00 | $7.31 |
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 | $1.6B |
| 总债务越低越好 | $648.0M | $2.9B |
| 股东权益账面价值 | $4.6B | $1.3B |
| 总资产 | $17.8B | $19.3B |
| 负债/权益比越低杠杆越低 | 0.14× | 2.15× |
8季度趋势，按日历期对齐
现金及短期投资CPNGJBL
| Q4 25 | $6.3B | $1.6B | ||
| Q3 25 | $7.2B | $1.9B | ||
| Q2 25 | $6.8B | $1.5B | ||
| Q1 25 | $6.1B | $1.6B | ||
| Q4 24 | $5.9B | $2.1B | ||
| Q3 24 | $5.8B | $2.2B | ||
| Q2 24 | $5.5B | $2.5B | ||
| Q1 24 | $5.2B | $2.6B |
总债务CPNGJBL
| Q4 25 | $648.0M | $2.9B | ||
| Q3 25 | — | $2.9B | ||
| Q2 25 | — | $2.9B | ||
| Q1 25 | — | $2.9B | ||
| Q4 24 | $988.0M | $2.9B | ||
| Q3 24 | — | $2.9B | ||
| Q2 24 | — | $2.9B | ||
| Q1 24 | — | $2.9B |
股东权益CPNGJBL
| Q4 25 | $4.6B | $1.3B | ||
| Q3 25 | $4.7B | $1.5B | ||
| Q2 25 | $4.7B | $1.3B | ||
| Q1 25 | $4.4B | $1.4B | ||
| Q4 24 | $4.1B | $1.6B | ||
| Q3 24 | $4.2B | $1.7B | ||
| Q2 24 | $3.9B | $2.3B | ||
| Q1 24 | $4.1B | $2.7B |
总资产CPNGJBL
| Q4 25 | $17.8B | $19.3B | ||
| Q3 25 | $18.7B | $18.5B | ||
| Q2 25 | $17.8B | $18.6B | ||
| Q1 25 | $16.0B | $17.4B | ||
| Q4 24 | $15.3B | $17.8B | ||
| Q3 24 | $16.3B | $17.4B | ||
| Q2 24 | $15.2B | $17.4B | ||
| Q1 24 | $14.9B | $17.1B |
负债/权益比CPNGJBL
| Q4 25 | 0.14× | 2.15× | ||
| Q3 25 | — | 1.91× | ||
| Q2 25 | — | 2.24× | ||
| Q1 25 | — | 2.12× | ||
| Q4 24 | 0.24× | 1.81× | ||
| Q3 24 | — | 1.66× | ||
| Q2 24 | — | 1.26× | ||
| Q1 24 | — | 1.08× |
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 | $323.0M |
| 自由现金流经营现金流 - 资本支出 | $-278.0M | $228.0M |
| 自由现金流率自由现金流/营收 | -3.1% | 2.7% |
| 资本支出强度资本支出/营收 | 4.1% | 1.1% |
| 现金转化率经营现金流/净利润 | — | 2.21× |
| 过去12个月自由现金流最近4个季度 | $522.0M | $1.2B |
8季度趋势，按日历期对齐
经营现金流CPNGJBL
| Q4 25 | $82.0M | $323.0M | ||
| Q3 25 | $792.0M | $588.0M | ||
| Q2 25 | $545.0M | $406.0M | ||
| Q1 25 | $354.0M | $334.0M | ||
| Q4 24 | $676.0M | $312.0M | ||
| Q3 24 | $334.0M | $535.0M | ||
| Q2 24 | $664.0M | $515.0M | ||
| Q1 24 | $212.0M | $218.0M |
自由现金流CPNGJBL
| Q4 25 | $-278.0M | $228.0M | ||
| Q3 25 | $439.0M | $419.0M | ||
| Q2 25 | $246.0M | $320.0M | ||
| Q1 25 | $115.0M | $218.0M | ||
| Q4 24 | $462.0M | $215.0M | ||
| Q3 24 | $-46.0M | $411.0M | ||
| Q2 24 | $486.0M | $409.0M | ||
| Q1 24 | $105.0M | $-48.0M |
自由现金流率CPNGJBL
| Q4 25 | -3.1% | 2.7% | ||
| Q3 25 | 4.7% | 5.1% | ||
| Q2 25 | 2.9% | 4.1% | ||
| Q1 25 | 1.5% | 3.2% | ||
| Q4 24 | 5.8% | 3.1% | ||
| Q3 24 | -0.6% | 5.9% | ||
| Q2 24 | 6.6% | 6.0% | ||
| Q1 24 | 1.5% | -0.7% |
资本支出强度CPNGJBL
| Q4 25 | 4.1% | 1.1% | ||
| Q3 25 | 3.8% | 2.0% | ||
| Q2 25 | 3.5% | 1.1% | ||
| Q1 25 | 3.0% | 1.7% | ||
| Q4 24 | 2.7% | 1.4% | ||
| Q3 24 | 4.8% | 1.8% | ||
| Q2 24 | 2.4% | 1.6% | ||
| Q1 24 | 1.5% | 3.9% |
现金转化率CPNGJBL
| Q4 25 | — | 2.21× | ||
| Q3 25 | 8.34× | 2.70× | ||
| Q2 25 | 17.03× | 1.83× | ||
| Q1 25 | 3.31× | 2.85× | ||
| Q4 24 | 4.33× | 3.12× | ||
| Q3 24 | 4.77× | 3.88× | ||
| Q2 24 | — | 3.99× | ||
| Q1 24 | 42.40× | 0.24× |
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% |
JBL
| Intelligent Infrastructure | $4.0B | 49% |
| Transferred Over Time | $2.9B | 35% |
| Connected Living And Digital Commerce | $1.2B | 15% |
| Transferred At Point In Time | $127.0M | 2% |
