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DoorDash（DASH）与拼多多（PDD）财务数据对比。点击上方公司名可切换其他公司
拼多多的季度营收约是DoorDash的3.8倍（$15.2B vs $4.0B）。拼多多净利率更高（27.1% vs 5.4%，领先21.7%）。过去两年拼多多的营收复合增速更高（74.6% vs 25.5%）
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。
PDD控股是总部位于爱尔兰的跨国企业，旗下拥有中国头部线上零售平台拼多多和跨境电商平台Temu。拼多多主打农业供应链数字化升级，助力农产品直接对接广大消费者需求。
DASH vs PDD — 直观对比
营收规模更大
PDD
是对方的3.8倍
$4.0B
净利率更高
PDD
高出21.7%
5.4%
两年增速更快
PDD
近两年复合增速
25.5%
损益表 — Q4 2025 vs Q3 2025
| 指标 | | |
|---|---|---|
| 营收 | $4.0B | $15.2B |
| 净利润 | $213.0M | $4.1B |
| 毛利率 | — | 56.7% |
| 营业利润率 | 3.7% | 23.1% |
| 净利率 | 5.4% | 27.1% |
| 营收同比 | 37.7% | — |
| 净利润同比 | 51.1% | — |
| 每股收益（稀释后） | $0.49 | — |
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DASHPDD
| Q4 25 | $4.0B | — | ||
| Q3 25 | $3.4B | $15.2B | ||
| Q2 25 | $3.3B | $14.5B | ||
| Q1 25 | $3.0B | — | ||
| Q4 24 | $2.9B | — | ||
| Q3 24 | $2.7B | $14.2B | ||
| Q2 24 | $2.6B | — | ||
| Q1 24 | $2.5B | $12.0B |
净利润DASHPDD
| Q4 25 | $213.0M | — | ||
| Q3 25 | $244.0M | $4.1B | ||
| Q2 25 | $285.0M | $4.3B | ||
| Q1 25 | $193.0M | — | ||
| Q4 24 | $141.0M | — | ||
| Q3 24 | $162.0M | $3.6B | ||
| Q2 24 | $-157.0M | — | ||
| Q1 24 | $-23.0M | $3.9B |
毛利率DASHPDD
| Q4 25 | — | — | ||
| Q3 25 | — | 56.7% | ||
| Q2 25 | — | 55.9% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 60.0% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 62.3% |
营业利润率DASHPDD
| Q4 25 | 3.7% | — | ||
| Q3 25 | 7.5% | 23.1% | ||
| Q2 25 | 5.0% | 24.8% | ||
| Q1 25 | 5.1% | — | ||
| Q4 24 | 4.1% | — | ||
| Q3 24 | 4.0% | 24.5% | ||
| Q2 24 | -7.6% | — | ||
| Q1 24 | -2.4% | 29.9% |
净利率DASHPDD
| Q4 25 | 5.4% | — | ||
| Q3 25 | 7.1% | 27.1% | ||
| Q2 25 | 8.7% | 29.6% | ||
| Q1 25 | 6.4% | — | ||
| Q4 24 | 4.9% | — | ||
| Q3 24 | 6.0% | 25.1% | ||
| Q2 24 | -6.0% | — | ||
| Q1 24 | -0.9% | 32.3% |
每股收益（稀释后）DASHPDD
| Q4 25 | $0.49 | — | ||
| Q3 25 | $0.55 | — | ||
| Q2 25 | $0.65 | — | ||
| Q1 25 | $0.44 | — | ||
| Q4 24 | $0.35 | — | ||
| Q3 24 | $0.38 | — | ||
| Q2 24 | $-0.38 | — | ||
| Q1 24 | $-0.06 | — |
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 | $13.0B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $10.0B | $55.0B |
| 总资产 | $19.7B | $86.2B |
| 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DASHPDD
| Q4 25 | $4.4B | — | ||
| Q3 25 | $3.3B | $13.0B | ||
| Q2 25 | $3.9B | $8.8B | ||
| Q1 25 | $4.5B | — | ||
| Q4 24 | $4.0B | — | ||
| Q3 24 | $3.7B | $9.3B | ||
| Q2 24 | $3.4B | — | ||
| Q1 24 | $3.1B | $7.7B |
股东权益DASHPDD
| Q4 25 | $10.0B | — | ||
| Q3 25 | $9.5B | $55.0B | ||
| Q2 25 | $8.9B | $50.5B | ||
| Q1 25 | $8.4B | — | ||
| Q4 24 | $7.8B | — | ||
| Q3 24 | $7.6B | $39.7B | ||
| Q2 24 | $7.2B | — | ||
| Q1 24 | $7.0B | $30.3B |
总资产DASHPDD
| Q4 25 | $19.7B | — | ||
| Q3 25 | $18.0B | $86.2B | ||
| Q2 25 | $16.9B | $79.2B | ||
| Q1 25 | $13.6B | — | ||
| Q4 24 | $12.8B | — | ||
| Q3 24 | $12.3B | $66.5B | ||
| Q2 24 | $11.8B | — | ||
| Q1 24 | $11.4B | $52.3B |
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 | $6.4B |
| 自由现金流经营现金流 - 资本支出 | $367.0M | — |
| 自由现金流率自由现金流/营收 | 9.3% | — |
| 资本支出强度资本支出/营收 | 1.4% | — |
| 现金转化率经营现金流/净利润 | 1.98× | 1.56× |
| 过去12个月自由现金流最近4个季度 | $2.2B | — |
8季度趋势，按日历期对齐
经营现金流DASHPDD
| Q4 25 | $421.0M | — | ||
| Q3 25 | $871.0M | $6.4B | ||
| Q2 25 | $504.0M | $3.0B | ||
| Q1 25 | $635.0M | — | ||
| Q4 24 | $518.0M | — | ||
| Q3 24 | $531.0M | $3.9B | ||
| Q2 24 | $530.0M | — | ||
| Q1 24 | $553.0M | $2.9B |
自由现金流DASHPDD
| Q4 25 | $367.0M | — | ||
| Q3 25 | $808.0M | — | ||
| Q2 25 | $438.0M | — | ||
| Q1 25 | $561.0M | — | ||
| Q4 24 | $486.0M | — | ||
| Q3 24 | $499.0M | — | ||
| Q2 24 | $507.0M | — | ||
| Q1 24 | $536.0M | — |
自由现金流率DASHPDD
| Q4 25 | 9.3% | — | ||
| Q3 25 | 23.4% | — | ||
| Q2 25 | 13.3% | — | ||
| Q1 25 | 18.5% | — | ||
| Q4 24 | 16.9% | — | ||
| Q3 24 | 18.4% | — | ||
| Q2 24 | 19.3% | — | ||
| Q1 24 | 21.3% | — |
资本支出强度DASHPDD
| Q4 25 | 1.4% | — | ||
| Q3 25 | 1.8% | — | ||
| Q2 25 | 2.0% | — | ||
| Q1 25 | 2.4% | — | ||
| Q4 24 | 1.1% | — | ||
| Q3 24 | 1.2% | — | ||
| Q2 24 | 0.9% | — | ||
| Q1 24 | 0.7% | — |
现金转化率DASHPDD
| Q4 25 | 1.98× | — | ||
| Q3 25 | 3.57× | 1.56× | ||
| Q2 25 | 1.77× | 0.70× | ||
| Q1 25 | 3.29× | — | ||
| Q4 24 | 3.67× | — | ||
| Q3 24 | 3.28× | 1.10× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.75× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
