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DoorDash（DASH）与Tennessee Valley Authority（TVE）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Tennessee Valley Authority的1.3倍（$4.0B vs $3.0B），Tennessee Valley Authority净利率更高（8.7% vs 5.4%，领先3.3%），DoorDash同比增速更快（37.7% vs 4.4%），DoorDash自由现金流更多（$367.0M vs $-814.0M），过去两年DoorDash的营收复合增速更高（25.5% vs -1.7%）
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。
田纳西河流域管理局（TVA）是美国联邦政府所有的电力公用事业企业，服务范围覆盖田纳西州全境，以及阿拉巴马州、密西西比州、肯塔基州的部分区域，还涵盖佐治亚州、北卡罗来纳州、弗吉尼亚州的小块区域。该企业虽归属联邦政府，但不依赖纳税人资金运营，运营模式与私营盈利企业类似，总部位于田纳西州诺克斯维尔。
DASH vs TVE — 直观对比
营收规模更大
DASH
是对方的1.3倍
$3.0B
营收增速更快
DASH
高出33.2%
4.4%
净利率更高
TVE
高出3.3%
5.4%
自由现金流更多
DASH
多$1.2B
$-814.0M
两年增速更快
DASH
近两年复合增速
-1.7%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $4.0B | $3.0B |
| 净利润 | $213.0M | $266.0M |
| 毛利率 | — | — |
| 营业利润率 | 3.7% | 18.1% |
| 净利率 | 5.4% | 8.7% |
| 营收同比 | 37.7% | 4.4% |
| 净利润同比 | 51.1% | 112.8% |
| 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DASHTVE
| Q4 25 | $4.0B | $3.0B | ||
| Q3 25 | $3.4B | $3.9B | ||
| Q2 25 | $3.3B | $3.3B | ||
| Q1 25 | $3.0B | $3.5B | ||
| Q4 24 | $2.9B | $2.9B | ||
| Q3 24 | $2.7B | $3.5B | ||
| Q2 24 | $2.6B | $2.9B | ||
| Q1 24 | $2.5B | $3.2B |
净利润DASHTVE
| Q4 25 | $213.0M | $266.0M | ||
| Q3 25 | $244.0M | $615.0M | ||
| Q2 25 | $285.0M | $212.0M | ||
| Q1 25 | $193.0M | $408.0M | ||
| Q4 24 | $141.0M | $125.0M | ||
| Q3 24 | $162.0M | $520.0M | ||
| Q2 24 | $-157.0M | $181.0M | ||
| Q1 24 | $-23.0M | $307.0M |
营业利润率DASHTVE
| Q4 25 | 3.7% | 18.1% | ||
| Q3 25 | 7.5% | 23.6% | ||
| Q2 25 | 5.0% | 15.6% | ||
| Q1 25 | 5.1% | 20.3% | ||
| Q4 24 | 4.1% | 14.1% | ||
| Q3 24 | 4.0% | 22.7% | ||
| Q2 24 | -7.6% | 15.9% | ||
| Q1 24 | -2.4% | 18.4% |
净利率DASHTVE
| Q4 25 | 5.4% | 8.7% | ||
| Q3 25 | 7.1% | 15.7% | ||
| Q2 25 | 8.7% | 6.4% | ||
| Q1 25 | 6.4% | 11.6% | ||
| Q4 24 | 4.9% | 4.3% | ||
| Q3 24 | 6.0% | 14.8% | ||
| Q2 24 | -6.0% | 6.3% | ||
| Q1 24 | -0.9% | 9.7% |
每股收益（稀释后）DASHTVE
| 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 | $501.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $10.0B | — |
| 总资产 | $19.7B | $59.5B |
| 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DASHTVE
| Q4 25 | $4.4B | $501.0M | ||
| Q3 25 | $3.3B | $1.6B | ||
| Q2 25 | $3.9B | $501.0M | ||
| Q1 25 | $4.5B | $502.0M | ||
| Q4 24 | $4.0B | $507.0M | ||
| Q3 24 | $3.7B | $502.0M | ||
| Q2 24 | $3.4B | $501.0M | ||
| Q1 24 | $3.1B | $508.0M |
总债务DASHTVE
| Q4 25 | — | — | ||
| Q3 25 | — | $22.1B | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $19.1B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益DASHTVE
| Q4 25 | $10.0B | — | ||
| Q3 25 | $9.5B | — | ||
| Q2 25 | $8.9B | — | ||
| Q1 25 | $8.4B | — | ||
| Q4 24 | $7.8B | — | ||
| Q3 24 | $7.6B | — | ||
| Q2 24 | $7.2B | — | ||
| Q1 24 | $7.0B | — |
总资产DASHTVE
| Q4 25 | $19.7B | $59.5B | ||
| Q3 25 | $18.0B | $60.9B | ||
| Q2 25 | $16.9B | $59.9B | ||
| Q1 25 | $13.6B | $59.3B | ||
| Q4 24 | $12.8B | $58.4B | ||
| Q3 24 | $12.3B | $57.7B | ||
| Q2 24 | $11.8B | $56.2B | ||
| 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 | $330.0M |
| 自由现金流经营现金流 - 资本支出 | $367.0M | $-814.0M |
| 自由现金流率自由现金流/营收 | 9.3% | -26.7% |
| 资本支出强度资本支出/营收 | 1.4% | 37.5% |
| 现金转化率经营现金流/净利润 | 1.98× | 1.24× |
| 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DASHTVE
| Q4 25 | $421.0M | $330.0M | ||
| Q3 25 | $871.0M | $1.2B | ||
| Q2 25 | $504.0M | $615.0M | ||
| Q1 25 | $635.0M | $1.0B | ||
| Q4 24 | $518.0M | $450.0M | ||
| Q3 24 | $531.0M | $1.1B | ||
| Q2 24 | $530.0M | $508.0M | ||
| Q1 24 | $553.0M | $1.0B |
自由现金流DASHTVE
| Q4 25 | $367.0M | $-814.0M | ||
| Q3 25 | $808.0M | $233.0M | ||
| Q2 25 | $438.0M | $-431.0M | ||
| Q1 25 | $561.0M | $-176.0M | ||
| Q4 24 | $486.0M | $-759.0M | ||
| Q3 24 | $499.0M | $164.0M | ||
| Q2 24 | $507.0M | $-248.0M | ||
| Q1 24 | $536.0M | $276.0M |
自由现金流率DASHTVE
| Q4 25 | 9.3% | -26.7% | ||
| Q3 25 | 23.4% | 6.0% | ||
| Q2 25 | 13.3% | -13.0% | ||
| Q1 25 | 18.5% | -5.0% | ||
| Q4 24 | 16.9% | -26.0% | ||
| Q3 24 | 18.4% | 4.7% | ||
| Q2 24 | 19.3% | -8.6% | ||
| Q1 24 | 21.3% | 8.8% |
资本支出强度DASHTVE
| Q4 25 | 1.4% | 37.5% | ||
| Q3 25 | 1.8% | 25.9% | ||
| Q2 25 | 2.0% | 31.6% | ||
| Q1 25 | 2.4% | 33.6% | ||
| Q4 24 | 1.1% | 41.4% | ||
| Q3 24 | 1.2% | 25.6% | ||
| Q2 24 | 0.9% | 26.3% | ||
| Q1 24 | 0.7% | 24.2% |
现金转化率DASHTVE
| Q4 25 | 1.98× | 1.24× | ||
| Q3 25 | 3.57× | 2.03× | ||
| Q2 25 | 1.77× | 2.90× | ||
| Q1 25 | 3.29× | 2.48× | ||
| Q4 24 | 3.67× | 3.60× | ||
| Q3 24 | 3.28× | 2.05× | ||
| Q2 24 | — | 2.81× | ||
| Q1 24 | — | 3.38× |
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
TVE
| TN | $2.0B | 65% |
| AL | $449.0M | 15% |
| MS | $266.0M | 9% |
| KY | $193.0M | 6% |
| GA | $75.0M | 2% |
| Federal Agencies And Other | $29.0M | 1% |
| NC | $23.0M | 1% |
| VA | $12.0M | 0% |
| Off System Sales Member | $2.0M | 0% |
