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Salesforce（CRM）与US Foods Holding Corp.（USFD）财务数据对比。点击上方公司名可切换其他公司
Salesforce的季度营收约是US Foods Holding Corp.的1.0倍（$10.3B vs $9.8B），Salesforce净利率更高（20.3% vs 1.9%，领先18.5%），Salesforce同比增速更快（8.6% vs 3.3%），Salesforce自由现金流更多（$2.2B vs $159.0M），过去两年Salesforce的营收复合增速更高（5.1% vs 4.6%）
Salesforce是总部位于美国加利福尼亚州旧金山的云软件企业，提供销售管理、客户服务、营销自动化、电子商务、数据分析、人工智能、代理式AI及应用开发等领域的企业级数字化解决方案，助力企业提升运营效率、优化客户关系管理。
US Foods Holding Corp.是美国第二大食品服务分销商，规模仅次于Sysco。公司服务覆盖独立餐厅、连锁餐饮、医疗保健、酒店、教育机构等共计25万个场点，为各类客户提供食品配送及相关供应链服务，业务覆盖场景十分多元。
CRM vs USFD — 直观对比
营收规模更大
CRM
是对方的1.0倍
$9.8B
营收增速更快
CRM
高出5.4%
3.3%
净利率更高
CRM
高出18.5%
1.9%
自由现金流更多
CRM
多$2.0B
$159.0M
两年增速更快
CRM
近两年复合增速
4.6%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $10.3B | $9.8B |
| 净利润 | $2.1B | $184.0M |
| 毛利率 | 78.0% | 17.6% |
| 营业利润率 | 21.3% | 3.3% |
| 净利率 | 20.3% | 1.9% |
| 营收同比 | 8.6% | 3.3% |
| 净利润同比 | 36.6% | 178.8% |
| 每股收益（稀释后） | $2.19 | $0.82 |
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CRMUSFD
| Q4 25 | $10.3B | $9.8B | ||
| Q3 25 | $10.2B | $10.2B | ||
| Q2 25 | $9.8B | $10.1B | ||
| Q1 25 | $10.0B | $9.4B | ||
| Q4 24 | $9.4B | $9.5B | ||
| Q3 24 | $9.3B | $9.7B | ||
| Q2 24 | $9.1B | $9.7B | ||
| Q1 24 | $9.3B | $8.9B |
净利润CRMUSFD
| Q4 25 | $2.1B | $184.0M | ||
| Q3 25 | $1.9B | $153.0M | ||
| Q2 25 | $1.5B | $224.0M | ||
| Q1 25 | $1.7B | $115.0M | ||
| Q4 24 | $1.5B | $66.0M | ||
| Q3 24 | $1.4B | $148.0M | ||
| Q2 24 | $1.5B | $198.0M | ||
| Q1 24 | $1.4B | $82.0M |
毛利率CRMUSFD
| Q4 25 | 78.0% | 17.6% | ||
| Q3 25 | 78.1% | 17.2% | ||
| Q2 25 | 77.0% | 17.6% | ||
| Q1 25 | 77.8% | 17.3% | ||
| Q4 24 | 77.7% | 17.6% | ||
| Q3 24 | 76.8% | 17.1% | ||
| Q2 24 | 76.3% | 17.6% | ||
| Q1 24 | 76.9% | 16.7% |
营业利润率CRMUSFD
| Q4 25 | 21.3% | 3.3% | ||
| Q3 25 | 22.8% | 2.8% | ||
| Q2 25 | 19.8% | 3.7% | ||
| Q1 25 | 18.2% | 2.4% | ||
| Q4 24 | 20.0% | 3.2% | ||
| Q3 24 | 19.1% | 2.9% | ||
| Q2 24 | 18.7% | 3.6% | ||
| Q1 24 | 17.5% | 1.8% |
净利率CRMUSFD
| Q4 25 | 20.3% | 1.9% | ||
| Q3 25 | 18.4% | 1.5% | ||
| Q2 25 | 15.7% | 2.2% | ||
| Q1 25 | 17.1% | 1.2% | ||
| Q4 24 | 16.2% | 0.7% | ||
| Q3 24 | 15.3% | 1.5% | ||
| Q2 24 | 16.8% | 2.0% | ||
| Q1 24 | 15.6% | 0.9% |
每股收益（稀释后）CRMUSFD
| Q4 25 | $2.19 | $0.82 | ||
| Q3 25 | $1.96 | $0.67 | ||
| Q2 25 | $1.59 | $0.96 | ||
| Q1 25 | $1.75 | $0.49 | ||
| Q4 24 | $1.58 | $0.28 | ||
| Q3 24 | $1.47 | $0.61 | ||
| Q2 24 | $1.56 | $0.80 | ||
| Q1 24 | $1.47 | $0.33 |
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 | $9.0B | $41.0M |
| 总债务越低越好 | $8.4B | $5.1B |
| 股东权益账面价值 | $60.0B | $4.3B |
| 总资产 | $95.1B | $13.9B |
| 负债/权益比越低杠杆越低 | 0.14× | 1.18× |
8季度趋势，按日历期对齐
现金及短期投资CRMUSFD
| Q4 25 | $9.0B | $41.0M | ||
| Q3 25 | $10.4B | $56.0M | ||
| Q2 25 | $10.9B | $61.0M | ||
| Q1 25 | $8.8B | $101.0M | ||
| Q4 24 | $8.0B | $59.0M | ||
| Q3 24 | $7.7B | $81.0M | ||
| Q2 24 | $10.0B | $405.0M | ||
| Q1 24 | $8.5B | $267.0M |
总债务CRMUSFD
| Q4 25 | $8.4B | $5.1B | ||
| Q3 25 | $8.4B | $4.8B | ||
| Q2 25 | $8.4B | $4.7B | ||
| Q1 25 | $8.4B | $4.7B | ||
| Q4 24 | $8.4B | $4.8B | ||
| Q3 24 | $8.4B | $4.7B | ||
| Q2 24 | $9.4B | $4.6B | ||
| Q1 24 | $9.4B | $4.6B |
股东权益CRMUSFD
| Q4 25 | $60.0B | $4.3B | ||
| Q3 25 | $61.3B | $4.5B | ||
| Q2 25 | $60.7B | $4.6B | ||
| Q1 25 | $61.2B | $4.6B | ||
| Q4 24 | $58.5B | $4.5B | ||
| Q3 24 | $57.6B | $4.6B | ||
| Q2 24 | $59.7B | $5.0B | ||
| Q1 24 | $59.6B | $4.8B |
总资产CRMUSFD
| Q4 25 | $95.1B | $13.9B | ||
| Q3 25 | $97.6B | $14.0B | ||
| Q2 25 | $98.6B | $13.8B | ||
| Q1 25 | $102.9B | $13.7B | ||
| Q4 24 | $91.4B | $13.4B | ||
| Q3 24 | $92.2B | $13.5B | ||
| Q2 24 | $96.2B | $13.7B | ||
| Q1 24 | $99.8B | $13.4B |
负债/权益比CRMUSFD
| Q4 25 | 0.14× | 1.18× | ||
| Q3 25 | 0.14× | 1.08× | ||
| Q2 25 | 0.14× | 1.02× | ||
| Q1 25 | 0.14× | 1.02× | ||
| Q4 24 | 0.14× | 1.06× | ||
| Q3 24 | 0.15× | 1.01× | ||
| Q2 24 | 0.16× | 0.92× | ||
| Q1 24 | 0.16× | 0.95× |
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 | $2.3B | $293.0M |
| 自由现金流经营现金流 - 资本支出 | $2.2B | $159.0M |
| 自由现金流率自由现金流/营收 | 21.2% | 1.6% |
| 资本支出强度资本支出/营收 | 1.4% | 1.4% |
| 现金转化率经营现金流/净利润 | 1.11× | 1.59× |
| 过去12个月自由现金流最近4个季度 | $12.9B | $959.0M |
8季度趋势，按日历期对齐
经营现金流CRMUSFD
| Q4 25 | $2.3B | $293.0M | ||
| Q3 25 | $740.0M | $351.0M | ||
| Q2 25 | $6.5B | $334.0M | ||
| Q1 25 | $4.0B | $391.0M | ||
| Q4 24 | $2.0B | $283.0M | ||
| Q3 24 | $892.0M | $270.0M | ||
| Q2 24 | $6.2B | $482.0M | ||
| Q1 24 | $3.4B | $139.0M |
自由现金流CRMUSFD
| Q4 25 | $2.2B | $159.0M | ||
| Q3 25 | $605.0M | $236.0M | ||
| Q2 25 | $6.3B | $257.0M | ||
| Q1 25 | $3.8B | $307.0M | ||
| Q4 24 | $1.8B | $178.0M | ||
| Q3 24 | $755.0M | $190.0M | ||
| Q2 24 | $6.1B | $413.0M | ||
| Q1 24 | $3.3B | $52.0M |
自由现金流率CRMUSFD
| Q4 25 | 21.2% | 1.6% | ||
| Q3 25 | 5.9% | 2.3% | ||
| Q2 25 | 64.1% | 2.5% | ||
| Q1 25 | 38.2% | 3.3% | ||
| Q4 24 | 18.8% | 1.9% | ||
| Q3 24 | 8.1% | 2.0% | ||
| Q2 24 | 66.6% | 4.3% | ||
| Q1 24 | 35.1% | 0.6% |
资本支出强度CRMUSFD
| Q4 25 | 1.4% | 1.4% | ||
| Q3 25 | 1.3% | 1.1% | ||
| Q2 25 | 1.8% | 0.8% | ||
| Q1 25 | 1.5% | 0.9% | ||
| Q4 24 | 2.2% | 1.1% | ||
| Q3 24 | 1.5% | 0.8% | ||
| Q2 24 | 1.8% | 0.7% | ||
| Q1 24 | 1.6% | 1.0% |
现金转化率CRMUSFD
| Q4 25 | 1.11× | 1.59× | ||
| Q3 25 | 0.39× | 2.29× | ||
| Q2 25 | 4.20× | 1.49× | ||
| Q1 25 | 2.32× | 3.40× | ||
| Q4 24 | 1.30× | 4.29× | ||
| Q3 24 | 0.62× | 1.82× | ||
| Q2 24 | 4.08× | 2.43× | ||
| Q1 24 | 2.35× | 1.70× |
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
CRM
| Agentforce Service | $2.5B | 24% |
| Agentforce Sales | $2.3B | 22% |
| Agentforce360Platform Slack And Other | $2.2B | 21% |
| Agentforce Integration And Agentforce Analytics | $1.4B | 14% |
| Agentforce Marketing And Agentforce Commerce | $1.4B | 13% |
| Professional Servicesand Other | $533.0M | 5% |
USFD
| Product One | $3.5B | 36% |
| Product Two | $1.7B | 17% |
| Product Three | $1.7B | 17% |
| Product Four | $985.0M | 10% |
| Product Five | $901.0M | 9% |
| Product Six | $580.0M | 6% |
| Product Seven | $485.0M | 5% |
