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DoorDash（DASH）与万事达卡（MA）财务数据对比。点击上方公司名可切换其他公司
万事达卡的季度营收约是DoorDash的2.2倍（$8.8B vs $4.0B）。万事达卡净利率更高（46.1% vs 5.4%，领先40.7%）。DoorDash同比增速更快（37.7% vs 17.6%）。万事达卡自由现金流更多（$4.9B vs $367.0M）。过去两年DoorDash的营收复合增速更高（25.5% vs 17.8%）
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。
万事达卡是总部位于美国纽约帕切斯的跨国支付卡服务企业，核心业务为处理商户收单银行与持卡人发卡机构之间的支付交易，同时提供旗下品牌借记卡、信用卡、预付卡及相关配套支付服务，服务网络覆盖全球，于2006年公开上市。
DASH vs MA — 直观对比
营收规模更大
MA
是对方的2.2倍
$4.0B
营收增速更快
DASH
高出20.1%
17.6%
净利率更高
MA
高出40.7%
5.4%
自由现金流更多
MA
多$4.5B
$367.0M
两年增速更快
DASH
近两年复合增速
17.8%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $4.0B | $8.8B |
| 净利润 | $213.0M | $4.1B |
| 毛利率 | — | — |
| 营业利润率 | 3.7% | 55.8% |
| 净利率 | 5.4% | 46.1% |
| 营收同比 | 37.7% | 17.6% |
| 净利润同比 | 51.1% | 21.5% |
| 每股收益（稀释后） | $0.49 | $4.52 |
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DASHMA
| Q4 25 | $4.0B | $8.8B | ||
| Q3 25 | $3.4B | $8.6B | ||
| Q2 25 | $3.3B | $8.1B | ||
| Q1 25 | $3.0B | $7.3B | ||
| Q4 24 | $2.9B | $7.5B | ||
| Q3 24 | $2.7B | $7.4B | ||
| Q2 24 | $2.6B | $7.0B | ||
| Q1 24 | $2.5B | $6.3B |
净利润DASHMA
| Q4 25 | $213.0M | $4.1B | ||
| Q3 25 | $244.0M | $3.9B | ||
| Q2 25 | $285.0M | $3.7B | ||
| Q1 25 | $193.0M | $3.3B | ||
| Q4 24 | $141.0M | $3.3B | ||
| Q3 24 | $162.0M | $3.3B | ||
| Q2 24 | $-157.0M | $3.3B | ||
| Q1 24 | $-23.0M | $3.0B |
营业利润率DASHMA
| Q4 25 | 3.7% | 55.8% | ||
| Q3 25 | 7.5% | 58.8% | ||
| Q2 25 | 5.0% | 58.7% | ||
| Q1 25 | 5.1% | 57.2% | ||
| Q4 24 | 4.1% | 52.6% | ||
| Q3 24 | 4.0% | 54.3% | ||
| Q2 24 | -7.6% | 58.0% | ||
| Q1 24 | -2.4% | 56.8% |
净利率DASHMA
| Q4 25 | 5.4% | 46.1% | ||
| Q3 25 | 7.1% | 45.7% | ||
| Q2 25 | 8.7% | 45.5% | ||
| Q1 25 | 6.4% | 45.2% | ||
| Q4 24 | 4.9% | 44.6% | ||
| Q3 24 | 6.0% | 44.3% | ||
| Q2 24 | -6.0% | 46.8% | ||
| Q1 24 | -0.9% | 47.4% |
每股收益（稀释后）DASHMA
| Q4 25 | $0.49 | $4.52 | ||
| Q3 25 | $0.55 | $4.34 | ||
| Q2 25 | $0.65 | $4.07 | ||
| Q1 25 | $0.44 | $3.59 | ||
| Q4 24 | $0.35 | $3.64 | ||
| Q3 24 | $0.38 | $3.53 | ||
| Q2 24 | $-0.38 | $3.50 | ||
| Q1 24 | $-0.06 | $3.22 |
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 | $10.6B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $10.0B | $7.7B |
| 总资产 | $19.7B | $54.2B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资DASHMA
| Q4 25 | $4.4B | $10.6B | ||
| Q3 25 | $3.3B | $10.3B | ||
| Q2 25 | $3.9B | $9.0B | ||
| Q1 25 | $4.5B | $7.6B | ||
| Q4 24 | $4.0B | $8.4B | ||
| Q3 24 | $3.7B | $11.1B | ||
| Q2 24 | $3.4B | $7.0B | ||
| Q1 24 | $3.1B | $7.3B |
股东权益DASHMA
| Q4 25 | $10.0B | $7.7B | ||
| Q3 25 | $9.5B | $7.9B | ||
| Q2 25 | $8.9B | $7.9B | ||
| Q1 25 | $8.4B | $6.7B | ||
| Q4 24 | $7.8B | $6.5B | ||
| Q3 24 | $7.6B | $7.4B | ||
| Q2 24 | $7.2B | $7.4B | ||
| Q1 24 | $7.0B | $7.2B |
总资产DASHMA
| Q4 25 | $19.7B | $54.2B | ||
| Q3 25 | $18.0B | $53.3B | ||
| Q2 25 | $16.9B | $51.4B | ||
| Q1 25 | $13.6B | $48.5B | ||
| Q4 24 | $12.8B | $48.1B | ||
| Q3 24 | $12.3B | $47.2B | ||
| Q2 24 | $11.8B | $42.3B | ||
| Q1 24 | $11.4B | $42.6B |
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 | $5.0B |
| 自由现金流经营现金流 - 资本支出 | $367.0M | $4.9B |
| 自由现金流率自由现金流/营收 | 9.3% | 55.5% |
| 资本支出强度资本支出/营收 | 1.4% | 1.3% |
| 现金转化率经营现金流/净利润 | 1.98× | 1.23× |
| 过去12个月自由现金流最近4个季度 | $2.2B | $17.2B |
8季度趋势，按日历期对齐
经营现金流DASHMA
| Q4 25 | $421.0M | $5.0B | ||
| Q3 25 | $871.0M | $5.7B | ||
| Q2 25 | $504.0M | $4.6B | ||
| Q1 25 | $635.0M | $2.4B | ||
| Q4 24 | $518.0M | $4.8B | ||
| Q3 24 | $531.0M | $5.1B | ||
| Q2 24 | $530.0M | $3.1B | ||
| Q1 24 | $553.0M | $1.7B |
自由现金流DASHMA
| Q4 25 | $367.0M | $4.9B | ||
| Q3 25 | $808.0M | $5.5B | ||
| Q2 25 | $438.0M | $4.6B | ||
| Q1 25 | $561.0M | $2.2B | ||
| Q4 24 | $486.0M | $4.7B | ||
| Q3 24 | $499.0M | $5.0B | ||
| Q2 24 | $507.0M | $3.0B | ||
| Q1 24 | $536.0M | $1.5B |
自由现金流率DASHMA
| Q4 25 | 9.3% | 55.5% | ||
| Q3 25 | 23.4% | 63.8% | ||
| Q2 25 | 13.3% | 56.1% | ||
| Q1 25 | 18.5% | 30.6% | ||
| Q4 24 | 16.9% | 63.3% | ||
| Q3 24 | 18.4% | 68.2% | ||
| Q2 24 | 19.3% | 43.4% | ||
| Q1 24 | 21.3% | 23.9% |
资本支出强度DASHMA
| Q4 25 | 1.4% | 1.3% | ||
| Q3 25 | 1.8% | 2.1% | ||
| Q2 25 | 2.0% | 0.5% | ||
| Q1 25 | 2.4% | 2.2% | ||
| Q4 24 | 1.1% | 1.3% | ||
| Q3 24 | 1.2% | 1.5% | ||
| Q2 24 | 0.9% | 1.7% | ||
| Q1 24 | 0.7% | 2.5% |
现金转化率DASHMA
| Q4 25 | 1.98× | 1.23× | ||
| Q3 25 | 3.57× | 1.44× | ||
| Q2 25 | 1.77× | 1.24× | ||
| Q1 25 | 3.29× | 0.73× | ||
| Q4 24 | 3.67× | 1.45× | ||
| Q3 24 | 3.28× | 1.57× | ||
| Q2 24 | — | 0.96× | ||
| Q1 24 | — | 0.56× |
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
MA
| Payment Network | $4.9B | 56% |
| Value Added Services And Solutions | $3.9B | 44% |
