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戴尔科技（DELL）与联合包裹服务（UPS）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联合包裹服务的1.3倍（$27.0B vs $21.2B），戴尔科技净利率更高（5.7% vs 4.1%，领先1.7%），戴尔科技同比增速更快（10.8% vs -1.6%），联合包裹服务自由现金流更多（$1.3B vs $503.0M），过去两年戴尔科技的营收复合增速更高（8.5% vs -1.4%）
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。
联合包裹服务（UPS）是1907年成立的美国跨国物流与供应链管理企业，前身为主营电报业务的美国信使公司，现为《财富》世界500强、全球规模最大的快递服务商之一。核心业务包括陆运配送，同时运营UPS Store零售网点，提供寄件支持及小微企业服务工具。
DELL vs UPS — 直观对比
营收规模更大
DELL
是对方的1.3倍
$21.2B
营收增速更快
DELL
高出12.4%
-1.6%
净利率更高
DELL
高出1.7%
4.1%
自由现金流更多
UPS
多$777.0M
$503.0M
两年增速更快
DELL
近两年复合增速
-1.4%
损益表 — Q3 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $27.0B | $21.2B |
| 净利润 | $1.5B | $864.0M |
| 毛利率 | 20.7% | — |
| 营业利润率 | 7.8% | — |
| 净利率 | 5.7% | 4.1% |
| 营收同比 | 10.8% | -1.6% |
| 净利润同比 | 36.7% | -27.2% |
| 每股收益（稀释后） | $2.28 | $1.02 |
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DELLUPS
| Q1 26 | — | $21.2B | ||
| Q4 25 | $27.0B | $24.5B | ||
| Q3 25 | — | $21.4B | ||
| Q2 25 | $23.4B | $21.2B | ||
| Q1 25 | — | $21.5B | ||
| Q4 24 | $24.4B | $25.3B | ||
| Q3 24 | $25.0B | $22.2B | ||
| Q2 24 | $22.2B | $21.8B |
净利润DELLUPS
| Q1 26 | — | $864.0M | ||
| Q4 25 | $1.5B | $1.8B | ||
| Q3 25 | — | $1.3B | ||
| Q2 25 | $965.0M | $1.3B | ||
| Q1 25 | — | $1.2B | ||
| Q4 24 | $1.1B | $1.7B | ||
| Q3 24 | $846.0M | $1.5B | ||
| Q2 24 | $960.0M | $1.4B |
毛利率DELLUPS
| Q1 26 | — | — | ||
| Q4 25 | 20.7% | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 21.1% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 21.8% | — | ||
| Q3 24 | 21.2% | — | ||
| Q2 24 | 21.6% | — |
营业利润率DELLUPS
| Q1 26 | — | — | ||
| Q4 25 | 7.8% | 10.5% | ||
| Q3 25 | — | 8.4% | ||
| Q2 25 | 5.0% | 8.6% | ||
| Q1 25 | — | 7.7% | ||
| Q4 24 | 6.8% | 11.6% | ||
| Q3 24 | 5.4% | 8.9% | ||
| Q2 24 | 4.1% | 8.9% |
净利率DELLUPS
| Q1 26 | — | 4.1% | ||
| Q4 25 | 5.7% | 7.3% | ||
| Q3 25 | — | 6.1% | ||
| Q2 25 | 4.1% | 6.0% | ||
| Q1 25 | — | 5.5% | ||
| Q4 24 | 4.6% | 6.8% | ||
| Q3 24 | 3.4% | 6.9% | ||
| Q2 24 | 4.3% | 6.5% |
每股收益（稀释后）DELLUPS
| Q1 26 | — | $1.02 | ||
| Q4 25 | $2.28 | $2.10 | ||
| Q3 25 | — | $1.55 | ||
| Q2 25 | $1.37 | $1.51 | ||
| Q1 25 | — | $1.40 | ||
| Q4 24 | $1.58 | $2.00 | ||
| Q3 24 | $1.17 | $1.80 | ||
| Q2 24 | $1.32 | $1.65 |
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 | $5.8B |
| 总债务越低越好 | $31.2B | $23.7B |
| 股东权益账面价值 | $-2.6B | — |
| 总资产 | $87.5B | $71.8B |
| 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DELLUPS
| Q1 26 | — | $5.8B | ||
| Q4 25 | $9.6B | $5.9B | ||
| Q3 25 | — | $6.8B | ||
| Q2 25 | $7.7B | $6.3B | ||
| Q1 25 | — | $5.1B | ||
| Q4 24 | $5.2B | $6.3B | ||
| Q3 24 | $4.5B | $6.1B | ||
| Q2 24 | $5.8B | $6.5B |
总债务DELLUPS
| Q1 26 | — | $23.7B | ||
| Q4 25 | $31.2B | $23.5B | ||
| Q3 25 | — | $23.9B | ||
| Q2 25 | $28.8B | $23.8B | ||
| Q1 25 | — | $19.5B | ||
| Q4 24 | $25.0B | $19.4B | ||
| Q3 24 | $24.5B | $20.3B | ||
| Q2 24 | $25.5B | $20.2B |
股东权益DELLUPS
| Q1 26 | — | — | ||
| Q4 25 | $-2.6B | $16.2B | ||
| Q3 25 | — | $15.8B | ||
| Q2 25 | $-3.0B | $15.8B | ||
| Q1 25 | — | $15.7B | ||
| Q4 24 | $-2.3B | $16.7B | ||
| Q3 24 | $-2.9B | $16.9B | ||
| Q2 24 | $-2.8B | $17.0B |
总资产DELLUPS
| Q1 26 | — | $71.8B | ||
| Q4 25 | $87.5B | $73.1B | ||
| Q3 25 | — | $71.4B | ||
| Q2 25 | $86.9B | $70.9B | ||
| Q1 25 | — | $68.5B | ||
| Q4 24 | $82.0B | $70.1B | ||
| Q3 24 | $82.7B | $68.3B | ||
| Q2 24 | $80.2B | $69.4B |
负债/权益比DELLUPS
| Q1 26 | — | — | ||
| Q4 25 | — | 1.45× | ||
| Q3 25 | — | 1.51× | ||
| Q2 25 | — | 1.51× | ||
| Q1 25 | — | 1.25× | ||
| Q4 24 | — | 1.16× | ||
| Q3 24 | — | 1.21× | ||
| Q2 24 | — | 1.19× |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $503.0M | $1.3B |
| 自由现金流率自由现金流/营收 | 1.9% | 6.0% |
| 资本支出强度资本支出/营收 | 2.5% | 4.9% |
| 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 | $4.6B |
8季度趋势，按日历期对齐
经营现金流DELLUPS
| Q1 26 | — | — | ||
| Q4 25 | $1.2B | $3.3B | ||
| Q3 25 | — | $2.5B | ||
| Q2 25 | $2.8B | $348.0M | ||
| Q1 25 | — | $2.3B | ||
| Q4 24 | $1.6B | $3.3B | ||
| Q3 24 | $1.3B | $1.5B | ||
| Q2 24 | $1.0B | $2.0B |
自由现金流DELLUPS
| Q1 26 | — | $1.3B | ||
| Q4 25 | $503.0M | $2.6B | ||
| Q3 25 | — | $1.5B | ||
| Q2 25 | $2.2B | $-775.0M | ||
| Q1 25 | — | $1.4B | ||
| Q4 24 | $914.0M | $2.2B | ||
| Q3 24 | $658.0M | $655.0M | ||
| Q2 24 | $447.0M | $1.1B |
自由现金流率DELLUPS
| Q1 26 | — | 6.0% | ||
| Q4 25 | 1.9% | 10.6% | ||
| Q3 25 | — | 7.1% | ||
| Q2 25 | 9.5% | -3.7% | ||
| Q1 25 | — | 6.7% | ||
| Q4 24 | 3.8% | 8.8% | ||
| Q3 24 | 2.6% | 2.9% | ||
| Q2 24 | 2.0% | 4.9% |
资本支出强度DELLUPS
| Q1 26 | — | 4.9% | ||
| Q4 25 | 2.5% | 2.9% | ||
| Q3 25 | — | 4.5% | ||
| Q2 25 | 2.4% | 5.3% | ||
| Q1 25 | — | 4.1% | ||
| Q4 24 | 2.6% | 4.3% | ||
| Q3 24 | 2.7% | 3.8% | ||
| Q2 24 | 2.7% | 4.3% |
现金转化率DELLUPS
| Q1 26 | — | — | ||
| Q4 25 | 0.76× | 1.84× | ||
| Q3 25 | — | 1.89× | ||
| Q2 25 | 2.90× | 0.27× | ||
| Q1 25 | — | 1.95× | ||
| Q4 24 | 1.37× | 1.93× | ||
| Q3 24 | 1.58× | 0.97× | ||
| Q2 24 | 1.09× | 1.41× |
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% |
UPS
| U.S. Domestic Package | $14.1B | 67% |
| International Package | $4.5B | 21% |
| Supply Chain Solutions | $2.5B | 12% |
