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戴尔科技（DELL）与威瑞森（VZ）财务数据对比。点击上方公司名可切换其他公司
威瑞森的季度营收约是戴尔科技的1.3倍（$34.4B vs $27.0B），威瑞森净利率更高（14.9% vs 5.7%，领先9.2%），戴尔科技同比增速更快（10.8% vs 2.9%），威瑞森自由现金流更多（$3.8B vs $503.0M），过去两年戴尔科技的营收复合增速更高（8.5% vs 2.5%）
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。
威瑞森通信是总部位于美国纽约的电信巨头，按营收规模为全球第二大电信企业，旗下移动网络是美国最大的无线通信运营商，截至2025年6月30日，在美订阅用户总数达1.461亿。
DELL vs VZ — 直观对比
营收规模更大
VZ
是对方的1.3倍
$27.0B
营收增速更快
DELL
高出8.0%
2.9%
净利率更高
VZ
高出9.2%
5.7%
自由现金流更多
VZ
多$3.3B
$503.0M
两年增速更快
DELL
近两年复合增速
2.5%
损益表 — Q3 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $27.0B | $34.4B |
| 净利润 | $1.5B | $5.1B |
| 毛利率 | 20.7% | — |
| 营业利润率 | 7.8% | 23.9% |
| 净利率 | 5.7% | 14.9% |
| 营收同比 | 10.8% | 2.9% |
| 净利润同比 | 36.7% | 3.3% |
| 每股收益（稀释后） | $2.28 | — |
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DELLVZ
| Q1 26 | — | $34.4B | ||
| Q4 25 | $27.0B | $36.4B | ||
| Q3 25 | — | $33.8B | ||
| Q2 25 | $23.4B | $34.5B | ||
| Q1 25 | — | $33.5B | ||
| Q4 24 | $24.4B | $35.7B | ||
| Q3 24 | $25.0B | $33.3B | ||
| Q2 24 | $22.2B | $32.8B |
净利润DELLVZ
| Q1 26 | — | $5.1B | ||
| Q4 25 | $1.5B | $2.3B | ||
| Q3 25 | — | $5.0B | ||
| Q2 25 | $965.0M | $5.0B | ||
| Q1 25 | — | $4.9B | ||
| Q4 24 | $1.1B | $5.0B | ||
| Q3 24 | $846.0M | $3.3B | ||
| Q2 24 | $960.0M | $4.6B |
毛利率DELLVZ
| 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DELLVZ
| Q1 26 | — | 23.9% | ||
| Q4 25 | 7.8% | 13.8% | ||
| Q3 25 | — | 24.0% | ||
| Q2 25 | 5.0% | 23.7% | ||
| Q1 25 | — | 23.8% | ||
| Q4 24 | 6.8% | 20.8% | ||
| Q3 24 | 5.4% | 17.8% | ||
| Q2 24 | 4.1% | 23.8% |
净利率DELLVZ
| Q1 26 | — | 14.9% | ||
| Q4 25 | 5.7% | 6.4% | ||
| Q3 25 | — | 14.6% | ||
| Q2 25 | 4.1% | 14.5% | ||
| Q1 25 | — | 14.6% | ||
| Q4 24 | 4.6% | 14.0% | ||
| Q3 24 | 3.4% | 9.9% | ||
| Q2 24 | 4.3% | 14.0% |
每股收益（稀释后）DELLVZ
| Q1 26 | — | — | ||
| Q4 25 | $2.28 | $0.56 | ||
| Q3 25 | — | $1.17 | ||
| Q2 25 | $1.37 | $1.18 | ||
| Q1 25 | — | $1.15 | ||
| Q4 24 | $1.58 | $1.18 | ||
| Q3 24 | $1.17 | $0.78 | ||
| Q2 24 | $1.32 | $1.09 |
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 | $8.4B |
| 总债务越低越好 | $31.2B | $144.2B |
| 股东权益账面价值 | $-2.6B | $104.6B |
| 总资产 | $87.5B | $417.9B |
| 负债/权益比越低杠杆越低 | — | 1.38× |
8季度趋势，按日历期对齐
现金及短期投资DELLVZ
| Q1 26 | — | $8.4B | ||
| Q4 25 | $9.6B | $19.0B | ||
| Q3 25 | — | $7.7B | ||
| Q2 25 | $7.7B | $3.4B | ||
| Q1 25 | — | $2.3B | ||
| Q4 24 | $5.2B | $4.2B | ||
| Q3 24 | $4.5B | $5.0B | ||
| Q2 24 | $5.8B | $2.4B |
总债务DELLVZ
| Q1 26 | — | $144.2B | ||
| Q4 25 | $31.2B | $139.5B | ||
| Q3 25 | — | $126.6B | ||
| Q2 25 | $28.8B | $123.9B | ||
| Q1 25 | — | $121.0B | ||
| Q4 24 | $25.0B | $121.4B | ||
| Q3 24 | $24.5B | $128.9B | ||
| Q2 24 | $25.5B | $126.0B |
股东权益DELLVZ
| Q1 26 | — | $104.6B | ||
| Q4 25 | $-2.6B | $105.7B | ||
| Q3 25 | — | $106.3B | ||
| Q2 25 | $-3.0B | $104.4B | ||
| Q1 25 | — | $102.0B | ||
| Q4 24 | $-2.3B | $100.6B | ||
| Q3 24 | $-2.9B | $97.7B | ||
| Q2 24 | $-2.8B | $97.5B |
总资产DELLVZ
| Q1 26 | — | $417.9B | ||
| Q4 25 | $87.5B | $404.3B | ||
| Q3 25 | — | $388.3B | ||
| Q2 25 | $86.9B | $383.3B | ||
| Q1 25 | — | $380.4B | ||
| Q4 24 | $82.0B | $384.7B | ||
| Q3 24 | $82.7B | $381.2B | ||
| Q2 24 | $80.2B | $379.1B |
负债/权益比DELLVZ
| Q1 26 | — | 1.38× | ||
| Q4 25 | — | 1.32× | ||
| Q3 25 | — | 1.19× | ||
| Q2 25 | — | 1.19× | ||
| Q1 25 | — | 1.19× | ||
| Q4 24 | — | 1.21× | ||
| Q3 24 | — | 1.32× | ||
| Q2 24 | — | 1.29× |
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 | $8.0B |
| 自由现金流经营现金流 - 资本支出 | $503.0M | $3.8B |
| 自由现金流率自由现金流/营收 | 1.9% | 11.0% |
| 资本支出强度资本支出/营收 | 2.5% | 12.2% |
| 现金转化率经营现金流/净利润 | 0.76× | 1.55× |
| 过去12个月自由现金流最近4个季度 | $4.3B | — |
8季度趋势，按日历期对齐
经营现金流DELLVZ
| Q1 26 | — | $8.0B | ||
| Q4 25 | $1.2B | $9.1B | ||
| Q3 25 | — | $11.3B | ||
| Q2 25 | $2.8B | $9.0B | ||
| Q1 25 | — | $7.8B | ||
| Q4 24 | $1.6B | $10.4B | ||
| Q3 24 | $1.3B | $9.9B | ||
| Q2 24 | $1.0B | $9.5B |
自由现金流DELLVZ
| Q1 26 | — | $3.8B | ||
| Q4 25 | $503.0M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $2.2B | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $914.0M | — | ||
| Q3 24 | $658.0M | — | ||
| Q2 24 | $447.0M | — |
自由现金流率DELLVZ
| Q1 26 | — | 11.0% | ||
| Q4 25 | 1.9% | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 9.5% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 3.8% | — | ||
| Q3 24 | 2.6% | — | ||
| Q2 24 | 2.0% | — |
资本支出强度DELLVZ
| Q1 26 | — | 12.2% | ||
| Q4 25 | 2.5% | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 2.4% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 2.6% | — | ||
| Q3 24 | 2.7% | — | ||
| Q2 24 | 2.7% | — |
现金转化率DELLVZ
| Q1 26 | — | 1.55× | ||
| Q4 25 | 0.76× | 3.89× | ||
| Q3 25 | — | 2.28× | ||
| Q2 25 | 2.90× | 1.79× | ||
| Q1 25 | — | 1.59× | ||
| Q4 24 | 1.37× | 2.08× | ||
| Q3 24 | 1.58× | 3.00× | ||
| Q2 24 | 1.09× | 2.07× |
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% |
VZ
| Service revenues and other | $28.8B | 84% |
| Wireless equipment revenues | $5.7B | 16% |
