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酷澎（CPNG）与美国合众银行（USB）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美国合众银行的1.2倍（$8.8B vs $7.4B），美国合众银行净利率更高（27.8% vs -0.3%，领先28.1%），酷澎同比增速更快（10.9% vs 5.1%），过去两年酷澎的营收复合增速更高（11.4% vs 4.7%）
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。
美国合众银行是美国跨国银行机构，总部位于明尼苏达州明尼阿波利斯，在特拉华州注册成立。截至2025年为美国第五大银行，也是美国中西部规模最大的银行，被金融稳定委员会认定为系统重要性机构，旗下核心运营主体提供银行、投资、按揭等多元金融服务。
CPNG vs USB — 直观对比
营收规模更大
CPNG
是对方的1.2倍
$7.4B
营收增速更快
CPNG
高出5.8%
5.1%
净利率更高
USB
高出28.1%
-0.3%
两年增速更快
CPNG
近两年复合增速
4.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $8.8B | $7.4B |
| 净利润 | $-26.0M | $2.0B |
| 毛利率 | 28.8% | — |
| 营业利润率 | 0.1% | 34.4% |
| 净利率 | -0.3% | 27.8% |
| 营收同比 | 10.9% | 5.1% |
| 净利润同比 | -116.7% | 23.0% |
| 每股收益（稀释后） | $-0.02 | $1.26 |
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CPNGUSB
| Q4 25 | $8.8B | $7.4B | ||
| Q3 25 | $9.3B | $7.3B | ||
| Q2 25 | $8.5B | $7.0B | ||
| Q1 25 | $7.9B | $7.0B | ||
| Q4 24 | $8.0B | $7.0B | ||
| Q3 24 | $7.9B | $6.9B | ||
| Q2 24 | $7.3B | $6.9B | ||
| Q1 24 | $7.1B | $6.7B |
净利润CPNGUSB
| Q4 25 | $-26.0M | $2.0B | ||
| Q3 25 | $95.0M | $2.0B | ||
| Q2 25 | $32.0M | $1.8B | ||
| Q1 25 | $107.0M | $1.7B | ||
| Q4 24 | $156.0M | $1.7B | ||
| Q3 24 | $70.0M | $1.7B | ||
| Q2 24 | $-77.0M | $1.6B | ||
| Q1 24 | $5.0M | $1.3B |
毛利率CPNGUSB
| Q4 25 | 28.8% | — | ||
| Q3 25 | 29.4% | — | ||
| Q2 25 | 30.0% | — | ||
| Q1 25 | 29.3% | — | ||
| Q4 24 | 31.3% | — | ||
| Q3 24 | 28.8% | — | ||
| Q2 24 | 29.3% | — | ||
| Q1 24 | 27.1% | — |
营业利润率CPNGUSB
| Q4 25 | 0.1% | 34.4% | ||
| Q3 25 | 1.7% | 34.5% | ||
| Q2 25 | 1.7% | 32.7% | ||
| Q1 25 | 1.9% | 31.0% | ||
| Q4 24 | 3.9% | 30.1% | ||
| Q3 24 | 1.4% | 30.2% | ||
| Q2 24 | -0.3% | 29.9% | ||
| Q1 24 | 0.6% | 24.9% |
净利率CPNGUSB
| Q4 25 | -0.3% | 27.8% | ||
| Q3 25 | 1.0% | 27.3% | ||
| Q2 25 | 0.4% | 25.9% | ||
| Q1 25 | 1.4% | 24.6% | ||
| Q4 24 | 2.0% | 23.7% | ||
| Q3 24 | 0.9% | 25.0% | ||
| Q2 24 | -1.1% | 23.3% | ||
| Q1 24 | 0.1% | 19.6% |
每股收益（稀释后）CPNGUSB
| Q4 25 | $-0.02 | $1.26 | ||
| Q3 25 | $0.05 | $1.22 | ||
| Q2 25 | $0.02 | $1.11 | ||
| Q1 25 | $0.06 | $1.03 | ||
| Q4 24 | $0.08 | $1.01 | ||
| Q3 24 | $0.04 | $1.03 | ||
| Q2 24 | $-0.04 | $0.97 | ||
| Q1 24 | $0.00 | $0.78 |
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 | $65.2B |
| 总资产 | $17.8B | $692.3B |
| 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CPNGUSB
| 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CPNGUSB
| Q4 25 | $648.0M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $988.0M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益CPNGUSB
| Q4 25 | $4.6B | $65.2B | ||
| Q3 25 | $4.7B | $63.3B | ||
| Q2 25 | $4.7B | $61.4B | ||
| Q1 25 | $4.4B | $60.1B | ||
| Q4 24 | $4.1B | $58.6B | ||
| Q3 24 | $4.2B | $58.9B | ||
| Q2 24 | $3.9B | $56.4B | ||
| Q1 24 | $4.1B | $55.6B |
总资产CPNGUSB
| Q4 25 | $17.8B | $692.3B | ||
| Q3 25 | $18.7B | $695.4B | ||
| Q2 25 | $17.8B | $686.4B | ||
| Q1 25 | $16.0B | $676.5B | ||
| Q4 24 | $15.3B | $678.3B | ||
| Q3 24 | $16.3B | $686.5B | ||
| Q2 24 | $15.2B | $680.1B | ||
| Q1 24 | $14.9B | $683.6B |
负债/权益比CPNGUSB
| 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 | $2.8B |
| 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% | — |
| 现金转化率经营现金流/净利润 | — | 1.39× |
| 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CPNGUSB
| Q4 25 | $82.0M | $2.8B | ||
| Q3 25 | $792.0M | $3.4B | ||
| Q2 25 | $545.0M | $2.0B | ||
| Q1 25 | $354.0M | $-285.0M | ||
| Q4 24 | $676.0M | $4.8B | ||
| Q3 24 | $334.0M | $972.0M | ||
| Q2 24 | $664.0M | $2.9B | ||
| Q1 24 | $212.0M | $2.7B |
自由现金流CPNGUSB
| Q4 25 | $-278.0M | — | ||
| Q3 25 | $439.0M | — | ||
| Q2 25 | $246.0M | — | ||
| Q1 25 | $115.0M | — | ||
| Q4 24 | $462.0M | — | ||
| Q3 24 | $-46.0M | — | ||
| Q2 24 | $486.0M | — | ||
| Q1 24 | $105.0M | — |
自由现金流率CPNGUSB
| Q4 25 | -3.1% | — | ||
| Q3 25 | 4.7% | — | ||
| Q2 25 | 2.9% | — | ||
| Q1 25 | 1.5% | — | ||
| Q4 24 | 5.8% | — | ||
| Q3 24 | -0.6% | — | ||
| Q2 24 | 6.6% | — | ||
| Q1 24 | 1.5% | — |
资本支出强度CPNGUSB
| Q4 25 | 4.1% | — | ||
| Q3 25 | 3.8% | — | ||
| Q2 25 | 3.5% | — | ||
| Q1 25 | 3.0% | — | ||
| Q4 24 | 2.7% | — | ||
| Q3 24 | 4.8% | — | ||
| Q2 24 | 2.4% | — | ||
| Q1 24 | 1.5% | — |
现金转化率CPNGUSB
| Q4 25 | — | 1.39× | ||
| Q3 25 | 8.34× | 1.69× | ||
| Q2 25 | 17.03× | 1.12× | ||
| Q1 25 | 3.31× | -0.17× | ||
| Q4 24 | 4.33× | 2.87× | ||
| Q3 24 | 4.77× | 0.57× | ||
| Q2 24 | — | 1.79× | ||
| Q1 24 | 42.40× | 2.02× |
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% |
USB
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