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酷澎（CPNG）与帕卡（PCAR）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帕卡的1.3倍（$8.8B vs $6.8B），帕卡净利率更高（8.2% vs -0.3%，领先8.5%），酷澎同比增速更快（10.9% vs -13.7%），帕卡自由现金流更多（$954.4M vs $-278.0M），过去两年酷澎的营收复合增速更高（11.4% vs -11.7%）
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。
帕卡是美国知名重型卡车制造企业，总部位于华盛顿州贝尔维尤，旗下拥有肯沃斯、彼得比尔特、DAF卡车三大核心子品牌，同时布局金融服务、工业零部件供应业务，在全球商用车领域占据重要市场地位。
CPNG vs PCAR — 直观对比
营收规模更大
CPNG
是对方的1.3倍
$6.8B
营收增速更快
CPNG
高出24.7%
-13.7%
净利率更高
PCAR
高出8.5%
-0.3%
自由现金流更多
PCAR
多$1.2B
$-278.0M
两年增速更快
CPNG
近两年复合增速
-11.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $8.8B | $6.8B |
| 净利润 | $-26.0M | $556.9M |
| 毛利率 | 28.8% | 19.3% |
| 营业利润率 | 0.1% | 10.3% |
| 净利率 | -0.3% | 8.2% |
| 营收同比 | 10.9% | -13.7% |
| 净利润同比 | -116.7% | -36.1% |
| 每股收益（稀释后） | $-0.02 | $1.06 |
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CPNGPCAR
| Q4 25 | $8.8B | $6.8B | ||
| Q3 25 | $9.3B | $6.7B | ||
| Q2 25 | $8.5B | $7.5B | ||
| Q1 25 | $7.9B | $7.4B | ||
| Q4 24 | $8.0B | $7.9B | ||
| Q3 24 | $7.9B | $8.2B | ||
| Q2 24 | $7.3B | $8.8B | ||
| Q1 24 | $7.1B | $8.7B |
净利润CPNGPCAR
| Q4 25 | $-26.0M | $556.9M | ||
| Q3 25 | $95.0M | $590.0M | ||
| Q2 25 | $32.0M | $723.8M | ||
| Q1 25 | $107.0M | $505.1M | ||
| Q4 24 | $156.0M | $872.0M | ||
| Q3 24 | $70.0M | $972.1M | ||
| Q2 24 | $-77.0M | $1.1B | ||
| Q1 24 | $5.0M | $1.2B |
毛利率CPNGPCAR
| Q4 25 | 28.8% | 19.3% | ||
| Q3 25 | 29.4% | 19.9% | ||
| Q2 25 | 30.0% | 20.2% | ||
| Q1 25 | 29.3% | 20.8% | ||
| Q4 24 | 31.3% | 21.6% | ||
| Q3 24 | 28.8% | 22.0% | ||
| Q2 24 | 29.3% | 22.8% | ||
| Q1 24 | 27.1% | 23.7% |
营业利润率CPNGPCAR
| Q4 25 | 0.1% | 10.3% | ||
| Q3 25 | 1.7% | 11.1% | ||
| Q2 25 | 1.7% | 12.4% | ||
| Q1 25 | 1.9% | 8.6% | ||
| Q4 24 | 3.9% | 14.5% | ||
| Q3 24 | 1.4% | 15.2% | ||
| Q2 24 | -0.3% | 16.7% | ||
| Q1 24 | 0.6% | 17.5% |
净利率CPNGPCAR
| Q4 25 | -0.3% | 8.2% | ||
| Q3 25 | 1.0% | 8.8% | ||
| Q2 25 | 0.4% | 9.6% | ||
| Q1 25 | 1.4% | 6.8% | ||
| Q4 24 | 2.0% | 11.0% | ||
| Q3 24 | 0.9% | 11.8% | ||
| Q2 24 | -1.1% | 12.8% | ||
| Q1 24 | 0.1% | 13.7% |
每股收益（稀释后）CPNGPCAR
| Q4 25 | $-0.02 | $1.06 | ||
| Q3 25 | $0.05 | $1.12 | ||
| Q2 25 | $0.02 | $1.37 | ||
| Q1 25 | $0.06 | $0.96 | ||
| Q4 24 | $0.08 | $1.65 | ||
| Q3 24 | $0.04 | $1.85 | ||
| Q2 24 | $-0.04 | $2.13 | ||
| Q1 24 | $0.00 | $2.27 |
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 | — |
| 总债务越低越好 | $648.0M | — |
| 股东权益账面价值 | $4.6B | $19.3B |
| 总资产 | $17.8B | $44.3B |
| 负债/权益比越低杠杆越低 | 0.14× | — |
8季度趋势，按日历期对齐
现金及短期投资CPNGPCAR
| Q4 25 | $6.3B | — | ||
| Q3 25 | $7.2B | — | ||
| Q2 25 | $6.8B | — | ||
| Q1 25 | $6.1B | — | ||
| Q4 24 | $5.9B | — | ||
| Q3 24 | $5.8B | — | ||
| Q2 24 | $5.5B | — | ||
| Q1 24 | $5.2B | — |
总债务CPNGPCAR
| Q4 25 | $648.0M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $988.0M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益CPNGPCAR
| Q4 25 | $4.6B | $19.3B | ||
| Q3 25 | $4.7B | $19.4B | ||
| Q2 25 | $4.7B | $18.9B | ||
| Q1 25 | $4.4B | $18.0B | ||
| Q4 24 | $4.1B | $17.5B | ||
| Q3 24 | $4.2B | $18.7B | ||
| Q2 24 | $3.9B | $17.7B | ||
| Q1 24 | $4.1B | $16.9B |
总资产CPNGPCAR
| Q4 25 | $17.8B | $44.3B | ||
| Q3 25 | $18.7B | $44.2B | ||
| Q2 25 | $17.8B | $44.1B | ||
| Q1 25 | $16.0B | $42.7B | ||
| Q4 24 | $15.3B | $43.4B | ||
| Q3 24 | $16.3B | $43.3B | ||
| Q2 24 | $15.2B | $41.2B | ||
| Q1 24 | $14.9B | $40.4B |
负债/权益比CPNGPCAR
| Q4 25 | 0.14× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.24× | — | ||
| 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 | $82.0M | $1.1B |
| 自由现金流经营现金流 - 资本支出 | $-278.0M | $954.4M |
| 自由现金流率自由现金流/营收 | -3.1% | 14.0% |
| 资本支出强度资本支出/营收 | 4.1% | 2.8% |
| 现金转化率经营现金流/净利润 | — | 2.05× |
| 过去12个月自由现金流最近4个季度 | $522.0M | $3.7B |
8季度趋势，按日历期对齐
经营现金流CPNGPCAR
| Q4 25 | $82.0M | $1.1B | ||
| Q3 25 | $792.0M | $1.5B | ||
| Q2 25 | $545.0M | $833.4M | ||
| Q1 25 | $354.0M | $910.3M | ||
| Q4 24 | $676.0M | $1.4B | ||
| Q3 24 | $334.0M | $1.3B | ||
| Q2 24 | $664.0M | $440.0M | ||
| Q1 24 | $212.0M | $1.5B |
自由现金流CPNGPCAR
| Q4 25 | $-278.0M | $954.4M | ||
| Q3 25 | $439.0M | $1.4B | ||
| Q2 25 | $246.0M | $611.3M | ||
| Q1 25 | $115.0M | $745.2M | ||
| Q4 24 | $462.0M | $1.2B | ||
| Q3 24 | $-46.0M | $1.1B | ||
| Q2 24 | $486.0M | $219.7M | ||
| Q1 24 | $105.0M | $1.3B |
自由现金流率CPNGPCAR
| Q4 25 | -3.1% | 14.0% | ||
| Q3 25 | 4.7% | 20.4% | ||
| Q2 25 | 2.9% | 8.1% | ||
| Q1 25 | 1.5% | 10.0% | ||
| Q4 24 | 5.8% | 15.3% | ||
| Q3 24 | -0.6% | 13.3% | ||
| Q2 24 | 6.6% | 2.5% | ||
| Q1 24 | 1.5% | 14.6% |
资本支出强度CPNGPCAR
| Q4 25 | 4.1% | 2.8% | ||
| Q3 25 | 3.8% | 2.5% | ||
| Q2 25 | 3.5% | 3.0% | ||
| Q1 25 | 3.0% | 2.2% | ||
| Q4 24 | 2.7% | 3.0% | ||
| Q3 24 | 4.8% | 2.4% | ||
| Q2 24 | 2.4% | 2.5% | ||
| Q1 24 | 1.5% | 2.2% |
现金转化率CPNGPCAR
| Q4 25 | — | 2.05× | ||
| Q3 25 | 8.34× | 2.59× | ||
| Q2 25 | 17.03× | 1.15× | ||
| Q1 25 | 3.31× | 1.80× | ||
| Q4 24 | 4.33× | 1.66× | ||
| Q3 24 | 4.77× | 1.32× | ||
| Q2 24 | — | 0.39× | ||
| Q1 24 | 42.40× | 1.23× |
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% |
PCAR
| Truck Subsegment | $4.5B | 66% |
| Parts Subsegment | $1.7B | 25% |
| Other | $359.4M | 5% |
| Financial Services | $208.1M | 3% |
