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DoorDash（DASH）与Ulta Beauty（ULTA）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Ulta Beauty的1.4倍（$4.0B vs $2.9B），Ulta Beauty净利率更高（8.1% vs 5.4%，领先2.7%），DoorDash同比增速更快（37.7% vs 12.9%），DoorDash自由现金流更多（$367.0M vs $-81.6M），过去两年DoorDash的营收复合增速更高（25.5% vs 7.2%）
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。
Ulta Beauty是美国头部美妆连锁品牌，总部位于伊利诺伊州博林布鲁克，旗下门店在售商品覆盖高低端彩妆、香水、美甲、身体护理、美发产品及美妆工具等全品类美妆个护产品，每家门店均配备对外开放的美容沙龙，为消费者提供一站式美妆消费及服务体验。
DASH vs ULTA — 直观对比
营收规模更大
DASH
是对方的1.4倍
$2.9B
营收增速更快
DASH
高出24.7%
12.9%
净利率更高
ULTA
高出2.7%
5.4%
自由现金流更多
DASH
多$448.6M
$-81.6M
两年增速更快
DASH
近两年复合增速
7.2%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $4.0B | $2.9B |
| 净利润 | $213.0M | $230.9M |
| 毛利率 | — | 40.4% |
| 营业利润率 | 3.7% | 10.8% |
| 净利率 | 5.4% | 8.1% |
| 营收同比 | 37.7% | 12.9% |
| 净利润同比 | 51.1% | -4.7% |
| 每股收益（稀释后） | $0.49 | $5.14 |
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DASHULTA
| Q4 25 | $4.0B | $2.9B | ||
| Q3 25 | $3.4B | $2.8B | ||
| Q2 25 | $3.3B | $2.8B | ||
| Q1 25 | $3.0B | — | ||
| Q4 24 | $2.9B | $2.5B | ||
| Q3 24 | $2.7B | $2.6B | ||
| Q2 24 | $2.6B | $2.7B | ||
| Q1 24 | $2.5B | $3.6B |
净利润DASHULTA
| Q4 25 | $213.0M | $230.9M | ||
| Q3 25 | $244.0M | $260.9M | ||
| Q2 25 | $285.0M | $305.1M | ||
| Q1 25 | $193.0M | — | ||
| Q4 24 | $141.0M | $242.2M | ||
| Q3 24 | $162.0M | $252.6M | ||
| Q2 24 | $-157.0M | $313.1M | ||
| Q1 24 | $-23.0M | $394.4M |
毛利率DASHULTA
| Q4 25 | — | 40.4% | ||
| Q3 25 | — | 39.2% | ||
| Q2 25 | — | 39.1% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 39.7% | ||
| Q3 24 | — | 38.3% | ||
| Q2 24 | — | 39.2% | ||
| Q1 24 | — | 37.7% |
营业利润率DASHULTA
| Q4 25 | 3.7% | 10.8% | ||
| Q3 25 | 7.5% | 12.4% | ||
| Q2 25 | 5.0% | 14.1% | ||
| Q1 25 | 5.1% | — | ||
| Q4 24 | 4.1% | 12.6% | ||
| Q3 24 | 4.0% | 12.9% | ||
| Q2 24 | -7.6% | 14.7% | ||
| Q1 24 | -2.4% | 14.5% |
净利率DASHULTA
| Q4 25 | 5.4% | 8.1% | ||
| Q3 25 | 7.1% | 9.4% | ||
| Q2 25 | 8.7% | 10.7% | ||
| Q1 25 | 6.4% | — | ||
| Q4 24 | 4.9% | 9.6% | ||
| Q3 24 | 6.0% | 9.9% | ||
| Q2 24 | -6.0% | 11.5% | ||
| Q1 24 | -0.9% | 11.1% |
每股收益（稀释后）DASHULTA
| Q4 25 | $0.49 | $5.14 | ||
| Q3 25 | $0.55 | $5.78 | ||
| Q2 25 | $0.65 | $6.70 | ||
| Q1 25 | $0.44 | — | ||
| Q4 24 | $0.35 | $5.14 | ||
| Q3 24 | $0.38 | $5.30 | ||
| Q2 24 | $-0.38 | $6.47 | ||
| Q1 24 | $-0.06 | $8.06 |
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 | $204.9M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $10.0B | $2.6B |
| 总资产 | $19.7B | $7.0B |
| 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DASHULTA
| Q4 25 | $4.4B | $204.9M | ||
| Q3 25 | $3.3B | $242.7M | ||
| Q2 25 | $3.9B | $454.6M | ||
| Q1 25 | $4.5B | — | ||
| Q4 24 | $4.0B | $177.8M | ||
| Q3 24 | $3.7B | $414.0M | ||
| Q2 24 | $3.4B | $524.6M | ||
| Q1 24 | $3.1B | $766.6M |
股东权益DASHULTA
| Q4 25 | $10.0B | $2.6B | ||
| Q3 25 | $9.5B | $2.6B | ||
| Q2 25 | $8.9B | $2.4B | ||
| Q1 25 | $8.4B | — | ||
| Q4 24 | $7.8B | $2.3B | ||
| Q3 24 | $7.6B | $2.3B | ||
| Q2 24 | $7.2B | $2.3B | ||
| Q1 24 | $7.0B | $2.3B |
总资产DASHULTA
| Q4 25 | $19.7B | $7.0B | ||
| Q3 25 | $18.0B | $6.6B | ||
| Q2 25 | $16.9B | $6.0B | ||
| Q1 25 | $13.6B | — | ||
| Q4 24 | $12.8B | $6.0B | ||
| Q3 24 | $12.3B | $5.7B | ||
| Q2 24 | $11.8B | $5.6B | ||
| Q1 24 | $11.4B | $5.7B |
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 | $5.6M |
| 自由现金流经营现金流 - 资本支出 | $367.0M | $-81.6M |
| 自由现金流率自由现金流/营收 | 9.3% | -2.9% |
| 资本支出强度资本支出/营收 | 1.4% | 3.1% |
| 现金转化率经营现金流/净利润 | 1.98× | 0.02× |
| 过去12个月自由现金流最近4个季度 | $2.2B | $-92.2M |
8季度趋势，按日历期对齐
经营现金流DASHULTA
| Q4 25 | $421.0M | $5.6M | ||
| Q3 25 | $871.0M | $96.5M | ||
| Q2 25 | $504.0M | $220.0M | ||
| Q1 25 | $635.0M | — | ||
| Q4 24 | $518.0M | $-56.8M | ||
| Q3 24 | $531.0M | $199.5M | ||
| Q2 24 | $530.0M | $159.3M | ||
| Q1 24 | $553.0M | $1.1B |
自由现金流DASHULTA
| Q4 25 | $367.0M | $-81.6M | ||
| Q3 25 | $808.0M | $19.6M | ||
| Q2 25 | $438.0M | $141.0M | ||
| Q1 25 | $561.0M | — | ||
| Q4 24 | $486.0M | $-171.1M | ||
| Q3 24 | $499.0M | $104.3M | ||
| Q2 24 | $507.0M | $68.3M | ||
| Q1 24 | $536.0M | $994.0M |
自由现金流率DASHULTA
| Q4 25 | 9.3% | -2.9% | ||
| Q3 25 | 23.4% | 0.7% | ||
| Q2 25 | 13.3% | 4.9% | ||
| Q1 25 | 18.5% | — | ||
| Q4 24 | 16.9% | -6.8% | ||
| Q3 24 | 18.4% | 4.1% | ||
| Q2 24 | 19.3% | 2.5% | ||
| Q1 24 | 21.3% | 28.0% |
资本支出强度DASHULTA
| Q4 25 | 1.4% | 3.1% | ||
| Q3 25 | 1.8% | 2.8% | ||
| Q2 25 | 2.0% | 2.8% | ||
| Q1 25 | 2.4% | — | ||
| Q4 24 | 1.1% | 4.5% | ||
| Q3 24 | 1.2% | 3.7% | ||
| Q2 24 | 0.9% | 3.3% | ||
| Q1 24 | 0.7% | 3.5% |
现金转化率DASHULTA
| Q4 25 | 1.98× | 0.02× | ||
| Q3 25 | 3.57× | 0.37× | ||
| Q2 25 | 1.77× | 0.72× | ||
| Q1 25 | 3.29× | — | ||
| Q4 24 | 3.67× | -0.23× | ||
| Q3 24 | 3.28× | 0.79× | ||
| Q2 24 | — | 0.51× | ||
| Q1 24 | — | 2.84× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
