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DoorDash（DASH）与CarMax（KMX）财务数据对比。点击上方公司名可切换其他公司
CarMax的季度营收约是DoorDash的1.5倍（$5.8B vs $4.0B），DoorDash净利率更高（5.4% vs 1.1%，领先4.3%），DoorDash同比增速更快（37.7% vs -6.9%），CarMax自由现金流更多（$1.1B vs $367.0M），过去两年DoorDash的营收复合增速更高（25.5% vs 1.5%）
DoorDash是美国头部在线订餐及配送平台，也是美国规模最大的外卖配送服务商，占据当地外卖配送市场56%的份额，便民配送品类市场占比更是高达60%。截至2020年12月31日，平台合作商户超45万家，服务消费者超2000万，注册配送员数量突破100万。
CarMax是美国知名二手车零售企业，下设两大业务板块：零售运营业务与汽车金融服务。该品牌最初是电路城公司的副业项目，1993年9月在弗吉尼亚州里士满开设首家门店，截至2025年1月在全美共运营253家线下门店。
DASH vs KMX — 直观对比
营收规模更大
KMX
是对方的1.5倍
$4.0B
营收增速更快
DASH
高出44.6%
-6.9%
净利率更高
DASH
高出4.3%
1.1%
自由现金流更多
KMX
多$746.3M
$367.0M
两年增速更快
DASH
近两年复合增速
1.5%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $4.0B | $5.8B |
| 净利润 | $213.0M | $62.2M |
| 毛利率 | — | 10.2% |
| 营业利润率 | 3.7% | — |
| 净利率 | 5.4% | 1.1% |
| 营收同比 | 37.7% | -6.9% |
| 净利润同比 | 51.1% | -50.4% |
| 每股收益（稀释后） | $0.49 | $0.43 |
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DASHKMX
| Q4 25 | $4.0B | $5.8B | ||
| Q3 25 | $3.4B | $6.6B | ||
| Q2 25 | $3.3B | $7.5B | ||
| Q1 25 | $3.0B | $6.0B | ||
| Q4 24 | $2.9B | $6.2B | ||
| Q3 24 | $2.7B | $7.0B | ||
| Q2 24 | $2.6B | $7.1B | ||
| Q1 24 | $2.5B | $5.6B |
净利润DASHKMX
| Q4 25 | $213.0M | $62.2M | ||
| Q3 25 | $244.0M | $95.4M | ||
| Q2 25 | $285.0M | $210.4M | ||
| Q1 25 | $193.0M | $89.9M | ||
| Q4 24 | $141.0M | $125.4M | ||
| Q3 24 | $162.0M | $132.8M | ||
| Q2 24 | $-157.0M | $152.4M | ||
| Q1 24 | $-23.0M | $50.3M |
毛利率DASHKMX
| Q4 25 | — | 10.2% | ||
| Q3 25 | — | 10.9% | ||
| Q2 25 | — | 11.8% | ||
| Q1 25 | — | 11.1% | ||
| Q4 24 | — | 10.9% | ||
| Q3 24 | — | 10.8% | ||
| Q2 24 | — | 11.1% | ||
| Q1 24 | — | 10.4% |
营业利润率DASHKMX
| Q4 25 | 3.7% | — | ||
| Q3 25 | 7.5% | — | ||
| Q2 25 | 5.0% | — | ||
| Q1 25 | 5.1% | 2.0% | ||
| Q4 24 | 4.1% | 2.7% | ||
| Q3 24 | 4.0% | 2.5% | ||
| Q2 24 | -7.6% | 2.9% | ||
| Q1 24 | -2.4% | 1.2% |
净利率DASHKMX
| Q4 25 | 5.4% | 1.1% | ||
| Q3 25 | 7.1% | 1.4% | ||
| Q2 25 | 8.7% | 2.8% | ||
| Q1 25 | 6.4% | 1.5% | ||
| Q4 24 | 4.9% | 2.0% | ||
| Q3 24 | 6.0% | 1.9% | ||
| Q2 24 | -6.0% | 2.1% | ||
| Q1 24 | -0.9% | 0.9% |
每股收益（稀释后）DASHKMX
| Q4 25 | $0.49 | $0.43 | ||
| Q3 25 | $0.55 | $0.64 | ||
| Q2 25 | $0.65 | $1.38 | ||
| Q1 25 | $0.44 | $0.58 | ||
| Q4 24 | $0.35 | $0.81 | ||
| Q3 24 | $0.38 | $0.85 | ||
| Q2 24 | $-0.38 | $0.97 | ||
| Q1 24 | $-0.06 | $0.31 |
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 | $4.4B | $204.9M |
| 总债务越低越好 | — | $16.6B |
| 股东权益账面价值 | $10.0B | $6.1B |
| 总资产 | $19.7B | $25.6B |
| 负债/权益比越低杠杆越低 | — | 2.74× |
8季度趋势，按日历期对齐
现金及短期投资DASHKMX
| Q4 25 | $4.4B | $204.9M | ||
| Q3 25 | $3.3B | $540.4M | ||
| Q2 25 | $3.9B | $262.8M | ||
| Q1 25 | $4.5B | $247.0M | ||
| Q4 24 | $4.0B | $271.9M | ||
| Q3 24 | $3.7B | $524.7M | ||
| Q2 24 | $3.4B | $218.9M | ||
| Q1 24 | $3.1B | $574.1M |
总债务DASHKMX
| Q4 25 | — | $16.6B | ||
| Q3 25 | — | $17.8B | ||
| Q2 25 | — | $18.0B | ||
| Q1 25 | — | $18.1B | ||
| Q4 24 | — | $18.1B | ||
| Q3 24 | — | $18.1B | ||
| Q2 24 | — | $18.2B | ||
| Q1 24 | — | $18.0B |
股东权益DASHKMX
| Q4 25 | $10.0B | $6.1B | ||
| Q3 25 | $9.5B | $6.2B | ||
| Q2 25 | $8.9B | $6.3B | ||
| Q1 25 | $8.4B | $6.2B | ||
| Q4 24 | $7.8B | $6.2B | ||
| Q3 24 | $7.6B | $6.2B | ||
| Q2 24 | $7.2B | $6.2B | ||
| Q1 24 | $7.0B | $6.1B |
总资产DASHKMX
| Q4 25 | $19.7B | $25.6B | ||
| Q3 25 | $18.0B | $27.1B | ||
| Q2 25 | $16.9B | $27.4B | ||
| Q1 25 | $13.6B | $27.4B | ||
| Q4 24 | $12.8B | $27.3B | ||
| Q3 24 | $12.3B | $27.3B | ||
| Q2 24 | $11.8B | $27.2B | ||
| Q1 24 | $11.4B | $27.2B |
负债/权益比DASHKMX
| Q4 25 | — | 2.74× | ||
| Q3 25 | — | 2.87× | ||
| Q2 25 | — | 2.86× | ||
| Q1 25 | — | 2.91× | ||
| Q4 24 | — | 2.92× | ||
| Q3 24 | — | 2.93× | ||
| Q2 24 | — | 2.95× | ||
| Q1 24 | — | 2.96× |
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 | $421.0M | $1.3B |
| 自由现金流经营现金流 - 资本支出 | $367.0M | $1.1B |
| 自由现金流率自由现金流/营收 | 9.3% | 19.2% |
| 资本支出强度资本支出/营收 | 1.4% | 2.4% |
| 现金转化率经营现金流/净利润 | 1.98× | 20.14× |
| 过去12个月自由现金流最近4个季度 | $2.2B | $1.9B |
8季度趋势，按日历期对齐
经营现金流DASHKMX
| Q4 25 | $421.0M | $1.3B | ||
| Q3 25 | $871.0M | $785.5M | ||
| Q2 25 | $504.0M | $299.5M | ||
| Q1 25 | $635.0M | $146.4M | ||
| Q4 24 | $518.0M | $-23.4M | ||
| Q3 24 | $531.0M | $619.1M | ||
| Q2 24 | $530.0M | $-117.7M | ||
| Q1 24 | $553.0M | $309.6M |
自由现金流DASHKMX
| Q4 25 | $367.0M | $1.1B | ||
| Q3 25 | $808.0M | $654.0M | ||
| Q2 25 | $438.0M | $162.8M | ||
| Q1 25 | $561.0M | $18.8M | ||
| Q4 24 | $486.0M | $-150.6M | ||
| Q3 24 | $499.0M | $509.9M | ||
| Q2 24 | $507.0M | $-221.6M | ||
| Q1 24 | $536.0M | $199.8M |
自由现金流率DASHKMX
| Q4 25 | 9.3% | 19.2% | ||
| Q3 25 | 23.4% | 9.9% | ||
| Q2 25 | 13.3% | 2.2% | ||
| Q1 25 | 18.5% | 0.3% | ||
| Q4 24 | 16.9% | -2.4% | ||
| Q3 24 | 18.4% | 7.3% | ||
| Q2 24 | 19.3% | -3.1% | ||
| Q1 24 | 21.3% | 3.6% |
资本支出强度DASHKMX
| Q4 25 | 1.4% | 2.4% | ||
| Q3 25 | 1.8% | 2.0% | ||
| Q2 25 | 2.0% | 1.8% | ||
| Q1 25 | 2.4% | 2.1% | ||
| Q4 24 | 1.1% | 2.0% | ||
| Q3 24 | 1.2% | 1.6% | ||
| Q2 24 | 0.9% | 1.5% | ||
| Q1 24 | 0.7% | 2.0% |
现金转化率DASHKMX
| Q4 25 | 1.98× | 20.14× | ||
| Q3 25 | 3.57× | 8.24× | ||
| Q2 25 | 1.77× | 1.42× | ||
| Q1 25 | 3.29× | 1.63× | ||
| Q4 24 | 3.67× | -0.19× | ||
| Q3 24 | 3.28× | 4.66× | ||
| Q2 24 | — | -0.77× | ||
| Q1 24 | — | 6.16× |
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
DASH
暂无分部数据
KMX
| Used Vehicles | $4.5B | 78% |
| Wholesale Vehicles | $1.1B | 19% |
| Other | $150.6M | 3% |
| Extendedprotectionplan Domain | $96.6M | 2% |
| Advertising Subscription Revenues Domain | $35.1M | 1% |
| Service Domain | $18.5M | 0% |
| Thirdpartyfinancefees Domain | $3.0M | 0% |
