vs
戴尔科技（DELL）与辉瑞（PFE）财务数据对比。点击上方公司名可切换其他公司
戴尔科技的季度营收约是辉瑞的1.5倍（$27.0B vs $17.6B），戴尔科技净利率更高（5.7% vs -9.4%，领先15.1%），戴尔科技同比增速更快（10.8% vs -1.2%），辉瑞自由现金流更多（$4.5B vs $503.0M），过去两年辉瑞的营收复合增速更高（8.6% vs 8.5%）
戴尔科技是美国知名跨国科技企业，自1994年起总部设立于得克萨斯州朗德罗克。2016年9月戴尔与EMC公司完成合并后组建为现主体，为全球个人及企业用户提供多领域技术产品、解决方案及配套服务。
辉瑞是总部位于美国纽约曼哈顿The Spiral的跨国制药及生物技术企业，由德国企业家查尔斯·辉瑞与查尔斯·F·埃尔哈特于1849年在纽约创立，是北美地区历史最悠久的制药企业之一，在全球医药健康领域拥有较高的行业影响力。
DELL vs PFE — 直观对比
营收规模更大
DELL
是对方的1.5倍
$17.6B
营收增速更快
DELL
高出12.0%
-1.2%
净利率更高
DELL
高出15.1%
-9.4%
自由现金流更多
PFE
多$4.0B
$503.0M
两年增速更快
PFE
近两年复合增速
8.5%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $27.0B | $17.6B |
| 净利润 | $1.5B | $-1.6B |
| 毛利率 | 20.7% | 70.0% |
| 营业利润率 | 7.8% | -9.4% |
| 净利率 | 5.7% | -9.4% |
| 营收同比 | 10.8% | -1.2% |
| 净利润同比 | 36.7% | -501.7% |
| 每股收益（稀释后） | $2.28 | $-0.29 |
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DELLPFE
| Q4 25 | $27.0B | $17.6B | ||
| Q3 25 | — | $16.7B | ||
| Q2 25 | $23.4B | $14.7B | ||
| Q1 25 | — | $13.7B | ||
| Q4 24 | $24.4B | $17.8B | ||
| Q3 24 | $25.0B | $17.7B | ||
| Q2 24 | $22.2B | $13.3B | ||
| Q1 24 | $22.3B | $14.9B |
净利润DELLPFE
| Q4 25 | $1.5B | $-1.6B | ||
| Q3 25 | — | $3.5B | ||
| Q2 25 | $965.0M | $2.9B | ||
| Q1 25 | — | $3.0B | ||
| Q4 24 | $1.1B | $410.0M | ||
| Q3 24 | $846.0M | $4.5B | ||
| Q2 24 | $960.0M | $41.0M | ||
| Q1 24 | $1.2B | $3.1B |
毛利率DELLPFE
| Q4 25 | 20.7% | 70.0% | ||
| Q3 25 | — | 74.9% | ||
| Q2 25 | 21.1% | 74.2% | ||
| Q1 25 | — | 79.3% | ||
| Q4 24 | 21.8% | 66.7% | ||
| Q3 24 | 21.2% | 70.3% | ||
| Q2 24 | 21.6% | 75.2% | ||
| Q1 24 | 23.8% | 77.3% |
营业利润率DELLPFE
| Q4 25 | 7.8% | -9.4% | ||
| Q3 25 | — | 20.0% | ||
| Q2 25 | 5.0% | 20.8% | ||
| Q1 25 | — | 20.3% | ||
| Q4 24 | 6.8% | -0.1% | ||
| Q3 24 | 5.4% | 26.6% | ||
| Q2 24 | 4.1% | -0.8% | ||
| Q1 24 | 6.7% | 23.0% |
净利率DELLPFE
| Q4 25 | 5.7% | -9.4% | ||
| Q3 25 | — | 21.3% | ||
| Q2 25 | 4.1% | 19.9% | ||
| Q1 25 | — | 21.6% | ||
| Q4 24 | 4.6% | 2.3% | ||
| Q3 24 | 3.4% | 25.2% | ||
| Q2 24 | 4.3% | 0.3% | ||
| Q1 24 | 5.2% | 20.9% |
每股收益（稀释后）DELLPFE
| Q4 25 | $2.28 | $-0.29 | ||
| Q3 25 | — | $0.62 | ||
| Q2 25 | $1.37 | $0.51 | ||
| Q1 25 | — | $0.52 | ||
| Q4 24 | $1.58 | $0.07 | ||
| Q3 24 | $1.17 | $0.78 | ||
| Q2 24 | $1.32 | $0.01 | ||
| Q1 24 | $1.82 | $0.55 |
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 | $9.6B | $1.1B |
| 总债务越低越好 | $31.2B | — |
| 股东权益账面价值 | $-2.6B | $86.5B |
| 总资产 | $87.5B | $208.2B |
| 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DELLPFE
| Q4 25 | $9.6B | $1.1B | ||
| Q3 25 | — | $1.3B | ||
| Q2 25 | $7.7B | $1.6B | ||
| Q1 25 | — | $1.4B | ||
| Q4 24 | $5.2B | $1.0B | ||
| Q3 24 | $4.5B | $1.1B | ||
| Q2 24 | $5.8B | $1.1B | ||
| Q1 24 | $7.4B | $719.0M |
总债务DELLPFE
| Q4 25 | $31.2B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $28.8B | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $25.0B | — | ||
| Q3 24 | $24.5B | — | ||
| Q2 24 | $25.5B | — | ||
| Q1 24 | $26.0B | — |
股东权益DELLPFE
| Q4 25 | $-2.6B | $86.5B | ||
| Q3 25 | — | $92.8B | ||
| Q2 25 | $-3.0B | $88.7B | ||
| Q1 25 | — | $90.3B | ||
| Q4 24 | $-2.3B | $88.2B | ||
| Q3 24 | $-2.9B | $92.3B | ||
| Q2 24 | $-2.8B | $87.7B | ||
| Q1 24 | $-2.4B | $92.3B |
总资产DELLPFE
| Q4 25 | $87.5B | $208.2B | ||
| Q3 25 | — | $208.7B | ||
| Q2 25 | $86.9B | $206.1B | ||
| Q1 25 | — | $208.0B | ||
| Q4 24 | $82.0B | $213.4B | ||
| Q3 24 | $82.7B | $219.5B | ||
| Q2 24 | $80.2B | $216.2B | ||
| Q1 24 | $82.1B | $221.1B |
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 | $1.2B | $5.3B |
| 自由现金流经营现金流 - 资本支出 | $503.0M | $4.5B |
| 自由现金流率自由现金流/营收 | 1.9% | 25.6% |
| 资本支出强度资本支出/营收 | 2.5% | 4.8% |
| 现金转化率经营现金流/净利润 | 0.76× | — |
| 过去12个月自由现金流最近4个季度 | $4.3B | $9.1B |
8季度趋势，按日历期对齐
经营现金流DELLPFE
| Q4 25 | $1.2B | $5.3B | ||
| Q3 25 | — | $4.6B | ||
| Q2 25 | $2.8B | $-582.0M | ||
| Q1 25 | — | $2.3B | ||
| Q4 24 | $1.6B | $6.7B | ||
| Q3 24 | $1.3B | $6.7B | ||
| Q2 24 | $1.0B | $-1.8B | ||
| Q1 24 | $1.5B | $1.1B |
自由现金流DELLPFE
| Q4 25 | $503.0M | $4.5B | ||
| Q3 25 | — | $4.0B | ||
| Q2 25 | $2.2B | $-1.2B | ||
| Q1 25 | — | $1.8B | ||
| Q4 24 | $914.0M | $5.8B | ||
| Q3 24 | $658.0M | $6.1B | ||
| Q2 24 | $447.0M | $-2.4B | ||
| Q1 24 | $806.0M | $386.0M |
自由现金流率DELLPFE
| Q4 25 | 1.9% | 25.6% | ||
| Q3 25 | — | 24.0% | ||
| Q2 25 | 9.5% | -8.2% | ||
| Q1 25 | — | 12.9% | ||
| Q4 24 | 3.8% | 32.7% | ||
| Q3 24 | 2.6% | 34.3% | ||
| Q2 24 | 2.0% | -18.2% | ||
| Q1 24 | 3.6% | 2.6% |
资本支出强度DELLPFE
| Q4 25 | 2.5% | 4.8% | ||
| Q3 25 | — | 3.6% | ||
| Q2 25 | 2.4% | 4.2% | ||
| Q1 25 | — | 4.1% | ||
| Q4 24 | 2.6% | 5.2% | ||
| Q3 24 | 2.7% | 3.7% | ||
| Q2 24 | 2.7% | 4.8% | ||
| Q1 24 | 3.3% | 4.7% |
现金转化率DELLPFE
| Q4 25 | 0.76× | — | ||
| Q3 25 | — | 1.30× | ||
| Q2 25 | 2.90× | -0.20× | ||
| Q1 25 | — | 0.79× | ||
| Q4 24 | 1.37× | 16.39× | ||
| Q3 24 | 1.58× | 1.50× | ||
| Q2 24 | 1.09× | -43.44× | ||
| Q1 24 | 1.32× | 0.35× |
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
DELL
| Products | $21.3B | 79% |
| Storage | $4.0B | 15% |
| Consumer | $1.9B | 7% |
PFE
| U.S.Commercial Division | $9.0B | 51% |
| Specialty Care | $4.8B | 27% |
| Total Alliance Biopharmaceuticals | $2.6B | 15% |
| Royalty | $480.0M | 3% |
| Pfizer Centre One | $409.0M | 2% |
