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戴德梁行（CWK）与SHOPIFY INC.（SHOP）财务数据对比。点击上方公司名可切换其他公司
SHOPIFY INC.的季度营收约是戴德梁行的1.3倍（$3.7B vs $2.9B），SHOPIFY INC.净利率更高（20.2% vs -0.8%，领先21.0%），SHOPIFY INC.同比增速更快（30.6% vs 10.8%），SHOPIFY INC.自由现金流更多（$715.0M vs $234.3M），过去两年SHOPIFY INC.的营收复合增速更高（40.5% vs 15.5%）
戴德梁行是全球化的商业地产及物业管理服务提供商，总部位于美国伊利诺伊州芝加哥，由联合创始人J·克莱兹代尔·库什曼和伯纳德·韦克菲尔德共同创立，在全球商业地产服务领域拥有广泛的业务布局与专业服务能力，为各类客户提供定制化的地产相关解决方案。
Shopify是总部位于加拿大安大略省渥太华的跨国电商企业，运营零售POS系统及相关服务平台，全球客户超500万，2024年总交易处理额达2923亿美元，其中57%来自美国市场，服务客户包括特斯拉、路威酩轩、雀巢、百事、百威英博、红牛、凯悦等知名品牌。
CWK vs SHOP — 直观对比
营收规模更大
SHOP
是对方的1.3倍
$2.9B
营收增速更快
SHOP
高出19.8%
10.8%
净利率更高
SHOP
高出21.0%
-0.8%
自由现金流更多
SHOP
多$480.7M
$234.3M
两年增速更快
SHOP
近两年复合增速
15.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.9B | $3.7B |
| 净利润 | $-22.4M | $743.0M |
| 毛利率 | — | 46.1% |
| 营业利润率 | 6.1% | 17.2% |
| 净利率 | -0.8% | 20.2% |
| 营收同比 | 10.8% | 30.6% |
| 净利润同比 | -119.8% | -42.5% |
| 每股收益（稀释后） | $-0.10 | $0.58 |
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CWKSHOP
| Q4 25 | $2.9B | $3.7B | ||
| Q3 25 | $2.6B | $2.8B | ||
| Q2 25 | $2.5B | $2.7B | ||
| Q1 25 | $2.3B | $2.4B | ||
| Q4 24 | $2.6B | $2.8B | ||
| Q3 24 | $2.3B | $2.2B | ||
| Q2 24 | $2.3B | $2.0B | ||
| Q1 24 | $2.2B | $1.9B |
净利润CWKSHOP
| Q4 25 | $-22.4M | $743.0M | ||
| Q3 25 | $51.4M | $264.0M | ||
| Q2 25 | $57.3M | $906.0M | ||
| Q1 25 | $1.9M | $-682.0M | ||
| Q4 24 | $112.9M | $1.3B | ||
| Q3 24 | $33.7M | $828.0M | ||
| Q2 24 | $13.5M | $171.0M | ||
| Q1 24 | $-28.8M | $-273.0M |
毛利率CWKSHOP
| Q4 25 | — | 46.1% | ||
| Q3 25 | — | 48.9% | ||
| Q2 25 | — | 48.6% | ||
| Q1 25 | — | 49.5% | ||
| Q4 24 | — | 48.1% | ||
| Q3 24 | — | 51.7% | ||
| Q2 24 | — | 51.1% | ||
| Q1 24 | — | 51.4% |
营业利润率CWKSHOP
| Q4 25 | 6.1% | 17.2% | ||
| Q3 25 | 4.1% | 12.1% | ||
| Q2 25 | 4.9% | 10.9% | ||
| Q1 25 | 2.0% | 8.6% | ||
| Q4 24 | 6.6% | 16.5% | ||
| Q3 24 | 3.2% | 13.1% | ||
| Q2 24 | 3.1% | 11.8% | ||
| Q1 24 | 0.9% | 4.6% |
净利率CWKSHOP
| Q4 25 | -0.8% | 20.2% | ||
| Q3 25 | 2.0% | 9.3% | ||
| Q2 25 | 2.3% | 33.8% | ||
| Q1 25 | 0.1% | -28.9% | ||
| Q4 24 | 4.3% | 46.0% | ||
| Q3 24 | 1.4% | 38.3% | ||
| Q2 24 | 0.6% | 8.4% | ||
| Q1 24 | -1.3% | -14.7% |
每股收益（稀释后）CWKSHOP
| Q4 25 | $-0.10 | $0.58 | ||
| Q3 25 | $0.22 | $0.20 | ||
| Q2 25 | $0.25 | $0.69 | ||
| Q1 25 | $0.01 | $-0.53 | ||
| Q4 24 | $0.49 | $0.99 | ||
| Q3 24 | $0.14 | $0.64 | ||
| Q2 24 | $0.06 | $0.13 | ||
| Q1 24 | $-0.13 | $-0.21 |
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 | $784.2M | $5.8B |
| 总债务越低越好 | $2.7B | — |
| 股东权益账面价值 | $2.0B | $13.5B |
| 总资产 | $7.7B | $15.2B |
| 负债/权益比越低杠杆越低 | 1.40× | — |
8季度趋势，按日历期对齐
现金及短期投资CWKSHOP
| Q4 25 | $784.2M | $5.8B | ||
| Q3 25 | $634.4M | $6.3B | ||
| Q2 25 | $618.2M | $5.8B | ||
| Q1 25 | $623.2M | $5.5B | ||
| Q4 24 | $793.3M | $5.5B | ||
| Q3 24 | $775.4M | — | ||
| Q2 24 | $567.3M | — | ||
| Q1 24 | $553.5M | — |
总债务CWKSHOP
| Q4 25 | $2.7B | — | ||
| Q3 25 | $2.8B | — | ||
| Q2 25 | $3.0B | — | ||
| Q1 25 | $3.0B | — | ||
| Q4 24 | $3.0B | — | ||
| Q3 24 | $3.1B | — | ||
| Q2 24 | $3.1B | — | ||
| Q1 24 | $3.2B | — |
股东权益CWKSHOP
| Q4 25 | $2.0B | $13.5B | ||
| Q3 25 | $2.0B | $12.5B | ||
| Q2 25 | $1.9B | $12.1B | ||
| Q1 25 | $1.8B | $11.1B | ||
| Q4 24 | $1.8B | $11.6B | ||
| Q3 24 | $1.7B | $10.1B | ||
| Q2 24 | $1.6B | $9.2B | ||
| Q1 24 | $1.6B | $8.9B |
总资产CWKSHOP
| Q4 25 | $7.7B | $15.2B | ||
| Q3 25 | $7.7B | $15.0B | ||
| Q2 25 | $7.6B | $14.6B | ||
| Q1 25 | $7.4B | $13.4B | ||
| Q4 24 | $7.5B | $13.9B | ||
| Q3 24 | $7.5B | — | ||
| Q2 24 | $7.3B | — | ||
| Q1 24 | $7.5B | — |
负债/权益比CWKSHOP
| Q4 25 | 1.40× | — | ||
| Q3 25 | 1.45× | — | ||
| Q2 25 | 1.57× | — | ||
| Q1 25 | 1.70× | — | ||
| Q4 24 | 1.73× | — | ||
| Q3 24 | 1.81× | — | ||
| Q2 24 | 1.91× | — | ||
| Q1 24 | 1.96× | — |
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 | $257.3M | $725.0M |
| 自由现金流经营现金流 - 资本支出 | $234.3M | $715.0M |
| 自由现金流率自由现金流/营收 | 8.0% | 19.5% |
| 资本支出强度资本支出/营收 | 0.8% | 0.3% |
| 现金转化率经营现金流/净利润 | — | 0.98× |
| 过去12个月自由现金流最近4个季度 | $293.0M | $2.0B |
8季度趋势，按日历期对齐
经营现金流CWKSHOP
| Q4 25 | $257.3M | $725.0M | ||
| Q3 25 | $235.5M | $513.0M | ||
| Q2 25 | $9.6M | $428.0M | ||
| Q1 25 | $-162.0M | $367.0M | ||
| Q4 24 | $115.2M | $615.0M | ||
| Q3 24 | $196.1M | $423.0M | ||
| Q2 24 | $21.8M | $340.0M | ||
| Q1 24 | $-125.1M | $238.0M |
自由现金流CWKSHOP
| Q4 25 | $234.3M | $715.0M | ||
| Q3 25 | $225.0M | $507.0M | ||
| Q2 25 | $300.0K | $422.0M | ||
| Q1 25 | $-166.6M | $363.0M | ||
| Q4 24 | $105.9M | $611.0M | ||
| Q3 24 | $186.7M | $421.0M | ||
| Q2 24 | $10.0M | $333.0M | ||
| Q1 24 | $-135.6M | $232.0M |
自由现金流率CWKSHOP
| Q4 25 | 8.0% | 19.5% | ||
| Q3 25 | 8.6% | 17.8% | ||
| Q2 25 | 0.0% | 15.7% | ||
| Q1 25 | -7.3% | 15.4% | ||
| Q4 24 | 4.0% | 21.7% | ||
| Q3 24 | 8.0% | 19.5% | ||
| Q2 24 | 0.4% | 16.3% | ||
| Q1 24 | -6.2% | 12.5% |
资本支出强度CWKSHOP
| Q4 25 | 0.8% | 0.3% | ||
| Q3 25 | 0.4% | 0.2% | ||
| Q2 25 | 0.4% | 0.2% | ||
| Q1 25 | 0.2% | 0.2% | ||
| Q4 24 | 0.4% | 0.1% | ||
| Q3 24 | 0.4% | 0.1% | ||
| Q2 24 | 0.5% | 0.3% | ||
| Q1 24 | 0.5% | 0.3% |
现金转化率CWKSHOP
| Q4 25 | — | 0.98× | ||
| Q3 25 | 4.58× | 1.94× | ||
| Q2 25 | 0.17× | 0.47× | ||
| Q1 25 | -85.26× | — | ||
| Q4 24 | 1.02× | 0.48× | ||
| Q3 24 | 5.82× | 0.51× | ||
| Q2 24 | 1.61× | 1.99× | ||
| Q1 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
CWK
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $1.8B | 61% |
| Other | $1.1B | 39% |
SHOP
| Services | $2.9B | 79% |
| Subscription And Circulation | $777.0M | 21% |
