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DROPBOX, INC.（DBX）与骏利亨德森集团（JHG）财务数据对比。点击上方公司名可切换其他公司
骏利亨德森集团的季度营收约是DROPBOX, INC.的1.8倍（$1.1B vs $636.2M），骏利亨德森集团净利率更高（35.3% vs 17.1%，领先18.2%），骏利亨德森集团同比增速更快（61.3% vs -1.1%），骏利亨德森集团自由现金流更多（$320.4M vs $224.9M），过去两年骏利亨德森集团的营收复合增速更高（43.9% vs 0.4%）
Dropbox是总部位于美国加利福尼亚州旧金山的云服务企业，2007年由麻省理工学院学生德鲁·休斯顿与阿拉什·费尔多西创立，初创阶段获得创业孵化器Y Combinator的种子投资，核心业务包含云存储、文件同步、个人云及配套客户端软件等服务。
骏利亨德森集团是英美联手设立的全球资产管理企业，总部位于英国伦敦金融城，旗下以「骏利亨德森投资者」为运营品牌，面向全球个人投资者、中介顾问及机构客户提供多元金融产品与专业资产管理服务。
DBX vs JHG — 直观对比
营收规模更大
JHG
是对方的1.8倍
$636.2M
营收增速更快
JHG
高出62.4%
-1.1%
净利率更高
JHG
高出18.2%
17.1%
自由现金流更多
JHG
多$95.5M
$224.9M
两年增速更快
JHG
近两年复合增速
0.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $636.2M | $1.1B |
| 净利润 | $108.7M | $403.2M |
| 毛利率 | 79.2% | — |
| 营业利润率 | 25.5% | 42.7% |
| 净利率 | 17.1% | 35.3% |
| 营收同比 | -1.1% | 61.3% |
| 净利润同比 | 5.7% | 231.0% |
| 每股收益（稀释后） | $0.43 | $2.59 |
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DBXJHG
| Q4 25 | $636.2M | $1.1B | ||
| Q3 25 | $634.4M | $700.4M | ||
| Q2 25 | $625.7M | $633.2M | ||
| Q1 25 | $624.7M | $621.4M | ||
| Q4 24 | $643.6M | $708.3M | ||
| Q3 24 | $638.8M | $624.8M | ||
| Q2 24 | $634.5M | $588.4M | ||
| Q1 24 | $631.3M | $551.7M |
净利润DBXJHG
| Q4 25 | $108.7M | $403.2M | ||
| Q3 25 | $123.8M | $142.1M | ||
| Q2 25 | $125.6M | $149.9M | ||
| Q1 25 | $150.3M | $120.7M | ||
| Q4 24 | $102.8M | $121.8M | ||
| Q3 24 | $106.7M | $27.3M | ||
| Q2 24 | $110.5M | $129.7M | ||
| Q1 24 | $132.3M | $130.1M |
毛利率DBXJHG
| Q4 25 | 79.2% | — | ||
| Q3 25 | 79.8% | — | ||
| Q2 25 | 80.2% | — | ||
| Q1 25 | 81.3% | — | ||
| Q4 24 | 81.2% | — | ||
| Q3 24 | 82.5% | — | ||
| Q2 24 | 83.1% | — | ||
| Q1 24 | 83.2% | — |
营业利润率DBXJHG
| Q4 25 | 25.5% | 42.7% | ||
| Q3 25 | 27.5% | 24.6% | ||
| Q2 25 | 26.9% | 25.9% | ||
| Q1 25 | 29.4% | 24.7% | ||
| Q4 24 | 13.7% | 27.9% | ||
| Q3 24 | 20.0% | 26.4% | ||
| Q2 24 | 20.0% | 27.9% | ||
| Q1 24 | 22.7% | 21.6% |
净利率DBXJHG
| Q4 25 | 17.1% | 35.3% | ||
| Q3 25 | 19.5% | 20.3% | ||
| Q2 25 | 20.1% | 23.7% | ||
| Q1 25 | 24.1% | 19.4% | ||
| Q4 24 | 16.0% | 17.2% | ||
| Q3 24 | 16.7% | 4.4% | ||
| Q2 24 | 17.4% | 22.0% | ||
| Q1 24 | 21.0% | 23.6% |
每股收益（稀释后）DBXJHG
| Q4 25 | $0.43 | $2.59 | ||
| Q3 25 | $0.47 | $0.92 | ||
| Q2 25 | $0.45 | $0.95 | ||
| Q1 25 | $0.51 | $0.77 | ||
| Q4 24 | $0.33 | $0.77 | ||
| Q3 24 | $0.34 | $0.17 | ||
| Q2 24 | $0.34 | $0.81 | ||
| Q1 24 | $0.39 | $0.81 |
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 | $891.3M | $1.6B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $-1.8B | $5.1B |
| 总资产 | $2.8B | $8.3B |
| 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DBXJHG
| Q4 25 | $891.3M | $1.6B | ||
| Q3 25 | $730.7M | $1.4B | ||
| Q2 25 | $736.3M | $1.3B | ||
| Q1 25 | $942.2M | $1.4B | ||
| Q4 24 | $1.3B | $1.6B | ||
| Q3 24 | $517.6M | $1.8B | ||
| Q2 24 | $515.1M | $1.3B | ||
| Q1 24 | $548.9M | $1.1B |
股东权益DBXJHG
| Q4 25 | $-1.8B | $5.1B | ||
| Q3 25 | $-1.5B | $4.8B | ||
| Q2 25 | $-1.3B | $4.8B | ||
| Q1 25 | $-1.1B | $4.7B | ||
| Q4 24 | $-752.4M | $4.6B | ||
| Q3 24 | $-546.1M | $4.6B | ||
| Q2 24 | $-371.3M | $4.5B | ||
| Q1 24 | $-277.2M | $4.4B |
总资产DBXJHG
| Q4 25 | $2.8B | $8.3B | ||
| Q3 25 | $2.8B | $7.6B | ||
| Q2 25 | $2.8B | $7.5B | ||
| Q1 25 | $3.0B | $7.1B | ||
| Q4 24 | $3.3B | $7.0B | ||
| Q3 24 | $2.6B | $7.3B | ||
| Q2 24 | $2.7B | $6.4B | ||
| Q1 24 | $2.8B | $6.3B |
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 | $235.4M | $322.7M |
| 自由现金流经营现金流 - 资本支出 | $224.9M | $320.4M |
| 自由现金流率自由现金流/营收 | 35.4% | 28.0% |
| 资本支出强度资本支出/营收 | 1.7% | 0.2% |
| 现金转化率经营现金流/净利润 | 2.17× | 0.80× |
| 过去12个月自由现金流最近4个季度 | $930.8M | $710.9M |
8季度趋势，按日历期对齐
经营现金流DBXJHG
| Q4 25 | $235.4M | $322.7M | ||
| Q3 25 | $302.1M | $258.8M | ||
| Q2 25 | $260.5M | $135.2M | ||
| Q1 25 | $153.8M | $2.8M | ||
| Q4 24 | $213.8M | $247.3M | ||
| Q3 24 | $274.2M | $228.5M | ||
| Q2 24 | $230.6M | $223.8M | ||
| Q1 24 | $175.5M | $-5.0M |
自由现金流DBXJHG
| Q4 25 | $224.9M | $320.4M | ||
| Q3 25 | $293.7M | $256.4M | ||
| Q2 25 | $258.5M | $133.2M | ||
| Q1 25 | $153.7M | $900.0K | ||
| Q4 24 | $210.5M | $243.5M | ||
| Q3 24 | $270.1M | $225.9M | ||
| Q2 24 | $224.7M | $221.9M | ||
| Q1 24 | $166.3M | $-6.8M |
自由现金流率DBXJHG
| Q4 25 | 35.4% | 28.0% | ||
| Q3 25 | 46.3% | 36.6% | ||
| Q2 25 | 41.3% | 21.0% | ||
| Q1 25 | 24.6% | 0.1% | ||
| Q4 24 | 32.7% | 34.4% | ||
| Q3 24 | 42.3% | 36.2% | ||
| Q2 24 | 35.4% | 37.7% | ||
| Q1 24 | 26.3% | -1.2% |
资本支出强度DBXJHG
| Q4 25 | 1.7% | 0.2% | ||
| Q3 25 | 1.3% | 0.3% | ||
| Q2 25 | 0.3% | 0.3% | ||
| Q1 25 | 0.0% | 0.3% | ||
| Q4 24 | 0.5% | 0.5% | ||
| Q3 24 | 0.6% | 0.4% | ||
| Q2 24 | 0.9% | 0.3% | ||
| Q1 24 | 1.5% | 0.3% |
现金转化率DBXJHG
| Q4 25 | 2.17× | 0.80× | ||
| Q3 25 | 2.44× | 1.82× | ||
| Q2 25 | 2.07× | 0.90× | ||
| Q1 25 | 1.02× | 0.02× | ||
| Q4 24 | 2.08× | 2.03× | ||
| Q3 24 | 2.57× | 8.37× | ||
| Q2 24 | 2.09× | 1.73× | ||
| Q1 24 | 1.33× | -0.04× |
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
DBX
| US | $355.3M | 56% |
| Non Us | $280.9M | 44% |
JHG
| Investment Advice | $585.2M | 51% |
| Investment Performance | $425.8M | 37% |
| Other | $76.4M | 7% |
