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DoorDash（DASH）与SHOPIFY INC.（SHOP）财务数据对比。点击上方公司名可切换其他公司
DoorDash的季度营收约是SHOPIFY INC.的1.1倍（$4.0B vs $3.7B），SHOPIFY INC.净利率更高（20.2% vs 5.4%，领先14.8%），DoorDash同比增速更快（37.7% vs 30.6%），SHOPIFY INC.自由现金流更多（$715.0M vs $367.0M），过去两年SHOPIFY INC.的营收复合增速更高（40.5% 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。
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。
DASH vs SHOP — 直观对比
营收规模更大
DASH
是对方的1.1倍
$3.7B
营收增速更快
DASH
高出7.1%
30.6%
净利率更高
SHOP
高出14.8%
5.4%
自由现金流更多
SHOP
多$348.0M
$367.0M
两年增速更快
SHOP
近两年复合增速
25.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.0B | $3.7B |
| 净利润 | $213.0M | $743.0M |
| 毛利率 | — | 46.1% |
| 营业利润率 | 3.7% | 17.2% |
| 净利率 | 5.4% | 20.2% |
| 营收同比 | 37.7% | 30.6% |
| 净利润同比 | 51.1% | -42.5% |
| 每股收益（稀释后） | $0.49 | $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DASHSHOP
| Q4 25 | $4.0B | $3.7B | ||
| Q3 25 | $3.4B | $2.8B | ||
| Q2 25 | $3.3B | $2.7B | ||
| Q1 25 | $3.0B | $2.4B | ||
| Q4 24 | $2.9B | $2.8B | ||
| Q3 24 | $2.7B | $2.2B | ||
| Q2 24 | $2.6B | $2.0B | ||
| Q1 24 | $2.5B | $1.9B |
净利润DASHSHOP
| Q4 25 | $213.0M | $743.0M | ||
| Q3 25 | $244.0M | $264.0M | ||
| Q2 25 | $285.0M | $906.0M | ||
| Q1 25 | $193.0M | $-682.0M | ||
| Q4 24 | $141.0M | $1.3B | ||
| Q3 24 | $162.0M | $828.0M | ||
| Q2 24 | $-157.0M | $171.0M | ||
| Q1 24 | $-23.0M | $-273.0M |
毛利率DASHSHOP
| 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DASHSHOP
| Q4 25 | 3.7% | 17.2% | ||
| Q3 25 | 7.5% | 12.1% | ||
| Q2 25 | 5.0% | 10.9% | ||
| Q1 25 | 5.1% | 8.6% | ||
| Q4 24 | 4.1% | 16.5% | ||
| Q3 24 | 4.0% | 13.1% | ||
| Q2 24 | -7.6% | 11.8% | ||
| Q1 24 | -2.4% | 4.6% |
净利率DASHSHOP
| Q4 25 | 5.4% | 20.2% | ||
| Q3 25 | 7.1% | 9.3% | ||
| Q2 25 | 8.7% | 33.8% | ||
| Q1 25 | 6.4% | -28.9% | ||
| Q4 24 | 4.9% | 46.0% | ||
| Q3 24 | 6.0% | 38.3% | ||
| Q2 24 | -6.0% | 8.4% | ||
| Q1 24 | -0.9% | -14.7% |
每股收益（稀释后）DASHSHOP
| Q4 25 | $0.49 | $0.58 | ||
| Q3 25 | $0.55 | $0.20 | ||
| Q2 25 | $0.65 | $0.69 | ||
| Q1 25 | $0.44 | $-0.53 | ||
| Q4 24 | $0.35 | $0.99 | ||
| Q3 24 | $0.38 | $0.64 | ||
| Q2 24 | $-0.38 | $0.13 | ||
| Q1 24 | $-0.06 | $-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 | $4.4B | $5.8B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $10.0B | $13.5B |
| 总资产 | $19.7B | $15.2B |
| 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DASHSHOP
| Q4 25 | $4.4B | $5.8B | ||
| Q3 25 | $3.3B | $6.3B | ||
| Q2 25 | $3.9B | $5.8B | ||
| Q1 25 | $4.5B | $5.5B | ||
| Q4 24 | $4.0B | $5.5B | ||
| Q3 24 | $3.7B | — | ||
| Q2 24 | $3.4B | — | ||
| Q1 24 | $3.1B | — |
股东权益DASHSHOP
| Q4 25 | $10.0B | $13.5B | ||
| Q3 25 | $9.5B | $12.5B | ||
| Q2 25 | $8.9B | $12.1B | ||
| Q1 25 | $8.4B | $11.1B | ||
| Q4 24 | $7.8B | $11.6B | ||
| Q3 24 | $7.6B | $10.1B | ||
| Q2 24 | $7.2B | $9.2B | ||
| Q1 24 | $7.0B | $8.9B |
总资产DASHSHOP
| Q4 25 | $19.7B | $15.2B | ||
| Q3 25 | $18.0B | $15.0B | ||
| Q2 25 | $16.9B | $14.6B | ||
| Q1 25 | $13.6B | $13.4B | ||
| Q4 24 | $12.8B | $13.9B | ||
| Q3 24 | $12.3B | — | ||
| Q2 24 | $11.8B | — | ||
| Q1 24 | $11.4B | — |
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 | $725.0M |
| 自由现金流经营现金流 - 资本支出 | $367.0M | $715.0M |
| 自由现金流率自由现金流/营收 | 9.3% | 19.5% |
| 资本支出强度资本支出/营收 | 1.4% | 0.3% |
| 现金转化率经营现金流/净利润 | 1.98× | 0.98× |
| 过去12个月自由现金流最近4个季度 | $2.2B | $2.0B |
8季度趋势，按日历期对齐
经营现金流DASHSHOP
| Q4 25 | $421.0M | $725.0M | ||
| Q3 25 | $871.0M | $513.0M | ||
| Q2 25 | $504.0M | $428.0M | ||
| Q1 25 | $635.0M | $367.0M | ||
| Q4 24 | $518.0M | $615.0M | ||
| Q3 24 | $531.0M | $423.0M | ||
| Q2 24 | $530.0M | $340.0M | ||
| Q1 24 | $553.0M | $238.0M |
自由现金流DASHSHOP
| Q4 25 | $367.0M | $715.0M | ||
| Q3 25 | $808.0M | $507.0M | ||
| Q2 25 | $438.0M | $422.0M | ||
| Q1 25 | $561.0M | $363.0M | ||
| Q4 24 | $486.0M | $611.0M | ||
| Q3 24 | $499.0M | $421.0M | ||
| Q2 24 | $507.0M | $333.0M | ||
| Q1 24 | $536.0M | $232.0M |
自由现金流率DASHSHOP
| Q4 25 | 9.3% | 19.5% | ||
| Q3 25 | 23.4% | 17.8% | ||
| Q2 25 | 13.3% | 15.7% | ||
| Q1 25 | 18.5% | 15.4% | ||
| Q4 24 | 16.9% | 21.7% | ||
| Q3 24 | 18.4% | 19.5% | ||
| Q2 24 | 19.3% | 16.3% | ||
| Q1 24 | 21.3% | 12.5% |
资本支出强度DASHSHOP
| Q4 25 | 1.4% | 0.3% | ||
| Q3 25 | 1.8% | 0.2% | ||
| Q2 25 | 2.0% | 0.2% | ||
| Q1 25 | 2.4% | 0.2% | ||
| Q4 24 | 1.1% | 0.1% | ||
| Q3 24 | 1.2% | 0.1% | ||
| Q2 24 | 0.9% | 0.3% | ||
| Q1 24 | 0.7% | 0.3% |
现金转化率DASHSHOP
| Q4 25 | 1.98× | 0.98× | ||
| Q3 25 | 3.57× | 1.94× | ||
| Q2 25 | 1.77× | 0.47× | ||
| Q1 25 | 3.29× | — | ||
| Q4 24 | 3.67× | 0.48× | ||
| Q3 24 | 3.28× | 0.51× | ||
| Q2 24 | — | 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
DASH
暂无分部数据
SHOP
| Services | $2.9B | 79% |
| Subscription And Circulation | $777.0M | 21% |
