vs
DoorDash（DASH）与梅西百货（M）财务数据对比。点击上方公司名可切换其他公司
梅西百货的季度营收约是DoorDash的1.2倍（$4.7B vs $4.0B），DoorDash净利率更高（5.4% vs 0.2%，领先5.2%），DoorDash同比增速更快（37.7% vs -0.6%），DoorDash自由现金流更多（$367.0M vs $-101.0M），过去两年DoorDash的营收复合增速更高（25.5% vs -23.8%）
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。
梅西百货是美国知名百货控股集团，1929年成立时名为联合百货，最初持有Abraham & Straus、Lazarus等多个区域连锁百货品牌，次年布鲁明戴尔正式加入。集团早年频繁开展资产并购与剥离，1994年收购1858年创立的老牌百货梅西，随后更名并发展为美国头部百货零售企业。
DASH vs M — 直观对比
营收规模更大
M
是对方的1.2倍
$4.0B
营收增速更快
DASH
高出38.3%
-0.6%
净利率更高
DASH
高出5.2%
0.2%
自由现金流更多
DASH
多$468.0M
$-101.0M
两年增速更快
DASH
近两年复合增速
-23.8%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $4.0B | $4.7B |
| 净利润 | $213.0M | $11.0M |
| 毛利率 | — | 39.4% |
| 营业利润率 | 3.7% | 0.9% |
| 净利率 | 5.4% | 0.2% |
| 营收同比 | 37.7% | -0.6% |
| 净利润同比 | 51.1% | -60.7% |
| 每股收益（稀释后） | $0.49 | $0.04 |
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DASHM
| Q4 25 | $4.0B | $4.7B | ||
| Q3 25 | $3.4B | $4.8B | ||
| Q2 25 | $3.3B | $4.6B | ||
| Q1 25 | $3.0B | $7.8B | ||
| Q4 24 | $2.9B | $4.7B | ||
| Q3 24 | $2.7B | $4.9B | ||
| Q2 24 | $2.6B | $4.8B | ||
| Q1 24 | $2.5B | $8.1B |
净利润DASHM
| Q4 25 | $213.0M | $11.0M | ||
| Q3 25 | $244.0M | $87.0M | ||
| Q2 25 | $285.0M | $38.0M | ||
| Q1 25 | $193.0M | $342.0M | ||
| Q4 24 | $141.0M | $28.0M | ||
| Q3 24 | $162.0M | $150.0M | ||
| Q2 24 | $-157.0M | $62.0M | ||
| Q1 24 | $-23.0M | $-71.0M |
毛利率DASHM
| Q4 25 | — | 39.4% | ||
| Q3 25 | — | 39.7% | ||
| Q2 25 | — | 39.2% | ||
| Q1 25 | — | 35.7% | ||
| Q4 24 | — | 39.6% | ||
| Q3 24 | — | 40.5% | ||
| Q2 24 | — | 39.2% | ||
| Q1 24 | — | 37.5% |
营业利润率DASHM
| Q4 25 | 3.7% | 0.9% | ||
| Q3 25 | 7.5% | 3.1% | ||
| Q2 25 | 5.0% | 2.0% | ||
| Q1 25 | 5.1% | 6.4% | ||
| Q4 24 | 4.1% | 1.3% | ||
| Q3 24 | 4.0% | 4.5% | ||
| Q2 24 | -7.6% | 2.6% | ||
| Q1 24 | -2.4% | -0.9% |
净利率DASHM
| Q4 25 | 5.4% | 0.2% | ||
| Q3 25 | 7.1% | 1.8% | ||
| Q2 25 | 8.7% | 0.8% | ||
| Q1 25 | 6.4% | 4.4% | ||
| Q4 24 | 4.9% | 0.6% | ||
| Q3 24 | 6.0% | 3.0% | ||
| Q2 24 | -6.0% | 1.3% | ||
| Q1 24 | -0.9% | -0.9% |
每股收益（稀释后）DASHM
| Q4 25 | $0.49 | $0.04 | ||
| Q3 25 | $0.55 | $0.31 | ||
| Q2 25 | $0.65 | $0.13 | ||
| Q1 25 | $0.44 | $1.22 | ||
| Q4 24 | $0.35 | $0.10 | ||
| Q3 24 | $0.38 | $0.53 | ||
| Q2 24 | $-0.38 | $0.22 | ||
| Q1 24 | $-0.06 | $-0.25 |
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 | $447.0M |
| 总债务越低越好 | — | $2.4B |
| 股东权益账面价值 | $10.0B | $4.3B |
| 总资产 | $19.7B | $17.1B |
| 负债/权益比越低杠杆越低 | — | 0.56× |
8季度趋势，按日历期对齐
现金及短期投资DASHM
| Q4 25 | $4.4B | $447.0M | ||
| Q3 25 | $3.3B | $829.0M | ||
| Q2 25 | $3.9B | $932.0M | ||
| Q1 25 | $4.5B | $1.3B | ||
| Q4 24 | $4.0B | $315.0M | ||
| Q3 24 | $3.7B | $646.0M | ||
| Q2 24 | $3.4B | $876.0M | ||
| Q1 24 | $3.1B | $1.0B |
总债务DASHM
| Q4 25 | — | $2.4B | ||
| Q3 25 | — | $2.4B | ||
| Q2 25 | — | $2.8B | ||
| Q1 25 | — | $2.8B | ||
| Q4 24 | — | $2.8B | ||
| Q3 24 | — | $3.0B | ||
| Q2 24 | — | $3.0B | ||
| Q1 24 | — | $3.0B |
股东权益DASHM
| Q4 25 | $10.0B | $4.3B | ||
| Q3 25 | $9.5B | $4.5B | ||
| Q2 25 | $8.9B | $4.5B | ||
| Q1 25 | $8.4B | $4.6B | ||
| Q4 24 | $7.8B | $4.1B | ||
| Q3 24 | $7.6B | $4.3B | ||
| Q2 24 | $7.2B | $4.2B | ||
| Q1 24 | $7.0B | $4.1B |
总资产DASHM
| Q4 25 | $19.7B | $17.1B | ||
| Q3 25 | $18.0B | $15.6B | ||
| Q2 25 | $16.9B | $16.1B | ||
| Q1 25 | $13.6B | $16.4B | ||
| Q4 24 | $12.8B | $17.3B | ||
| Q3 24 | $12.3B | $15.8B | ||
| Q2 24 | $11.8B | $16.4B | ||
| Q1 24 | $11.4B | $16.2B |
负债/权益比DASHM
| Q4 25 | — | 0.56× | ||
| Q3 25 | — | 0.55× | ||
| Q2 25 | — | 0.62× | ||
| Q1 25 | — | 0.61× | ||
| Q4 24 | — | 0.67× | ||
| Q3 24 | — | 0.70× | ||
| Q2 24 | — | 0.72× | ||
| Q1 24 | — | 0.72× |
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 | $-8.0M |
| 自由现金流经营现金流 - 资本支出 | $367.0M | $-101.0M |
| 自由现金流率自由现金流/营收 | 9.3% | -2.1% |
| 资本支出强度资本支出/营收 | 1.4% | 2.0% |
| 现金转化率经营现金流/净利润 | 1.98× | -0.73× |
| 过去12个月自由现金流最近4个季度 | $2.2B | $1.2B |
8季度趋势，按日历期对齐
经营现金流DASHM
| Q4 25 | $421.0M | $-8.0M | ||
| Q3 25 | $871.0M | $319.0M | ||
| Q2 25 | $504.0M | $-64.0M | ||
| Q1 25 | $635.0M | $1.3B | ||
| Q4 24 | $518.0M | $-167.0M | ||
| Q3 24 | $531.0M | $8.0M | ||
| Q2 24 | $530.0M | $129.0M | ||
| Q1 24 | $553.0M | $1.1B |
自由现金流DASHM
| Q4 25 | $367.0M | $-101.0M | ||
| Q3 25 | $808.0M | $240.0M | ||
| Q2 25 | $438.0M | $-164.0M | ||
| Q1 25 | $561.0M | $1.2B | ||
| Q4 24 | $486.0M | $-295.0M | ||
| Q3 24 | $499.0M | $-109.0M | ||
| Q2 24 | $507.0M | $-25.0M | ||
| Q1 24 | $536.0M | $1.0B |
自由现金流率DASHM
| Q4 25 | 9.3% | -2.1% | ||
| Q3 25 | 23.4% | 5.0% | ||
| Q2 25 | 13.3% | -3.6% | ||
| Q1 25 | 18.5% | 15.3% | ||
| Q4 24 | 16.9% | -6.2% | ||
| Q3 24 | 18.4% | -2.2% | ||
| Q2 24 | 19.3% | -0.5% | ||
| Q1 24 | 21.3% | 12.3% |
资本支出强度DASHM
| Q4 25 | 1.4% | 2.0% | ||
| Q3 25 | 1.8% | 1.6% | ||
| Q2 25 | 2.0% | 2.2% | ||
| Q1 25 | 2.4% | 1.5% | ||
| Q4 24 | 1.1% | 2.7% | ||
| Q3 24 | 1.2% | 2.4% | ||
| Q2 24 | 0.9% | 3.2% | ||
| Q1 24 | 0.7% | 1.8% |
现金转化率DASHM
| Q4 25 | 1.98× | -0.73× | ||
| Q3 25 | 3.57× | 3.67× | ||
| Q2 25 | 1.77× | -1.68× | ||
| Q1 25 | 3.29× | 3.82× | ||
| Q4 24 | 3.67× | -5.96× | ||
| Q3 24 | 3.28× | 0.05× | ||
| Q2 24 | — | 2.08× | ||
| 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
DASH
暂无分部数据
M
| Womens Accessories Shoes Cosmetics And Fragrances | $1.9B | 41% |
| Womens Apparel | $1.1B | 23% |
| Mens And Kids | $1.0B | 22% |
| Home Other | $638.0M | 14% |
| Credit Card Revenues Net | $158.0M | 3% |
| Macys Media Network Revenue Net | $42.0M | 1% |
