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美国艺电（EA）与SHOPIFY INC.（SHOP）财务数据对比。点击上方公司名可切换其他公司
SHOPIFY INC.的季度营收约是美国艺电的1.9倍（$3.7B vs $1.9B），SHOPIFY INC.净利率更高（20.2% vs 4.6%，领先15.6%），SHOPIFY INC.同比增速更快（30.6% vs 1.0%），过去两年SHOPIFY INC.的营收复合增速更高（40.5% vs 3.4%）
美国艺电（EA）是总部位于美国加利福尼亚州雷德伍德城的电子游戏企业，1982年5月由前苹果员工特里普·霍金斯创立。作为早期家用电脑游戏行业的先驱，公司将旗下游戏设计师与程序员称作“软件艺术家”，是全球知名的游戏厂商。
Shopify是总部位于加拿大安大略省渥太华的跨国电商企业，运营零售POS系统及相关服务平台，全球客户超500万，2024年总交易处理额达2923亿美元，其中57%来自美国市场，服务客户包括特斯拉、路威酩轩、雀巢、百事、百威英博、红牛、凯悦等知名品牌。
EA vs SHOP — 直观对比
营收规模更大
SHOP
是对方的1.9倍
$1.9B
营收增速更快
SHOP
高出29.6%
1.0%
净利率更高
SHOP
高出15.6%
4.6%
两年增速更快
SHOP
近两年复合增速
3.4%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $3.7B |
| 净利润 | $88.0M | $743.0M |
| 毛利率 | 73.8% | 46.1% |
| 营业利润率 | 6.7% | 17.2% |
| 净利率 | 4.6% | 20.2% |
| 营收同比 | 1.0% | 30.6% |
| 净利润同比 | -70.0% | -42.5% |
| 每股收益（稀释后） | $0.35 | $0.58 |
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EASHOP
| Q4 25 | $1.9B | $3.7B | ||
| Q3 25 | $1.8B | $2.8B | ||
| Q2 25 | $1.7B | $2.7B | ||
| Q1 25 | $1.9B | $2.4B | ||
| Q4 24 | $1.9B | $2.8B | ||
| Q3 24 | $2.0B | $2.2B | ||
| Q2 24 | $1.7B | $2.0B | ||
| Q1 24 | $1.8B | $1.9B |
净利润EASHOP
| Q4 25 | $88.0M | $743.0M | ||
| Q3 25 | $137.0M | $264.0M | ||
| Q2 25 | $201.0M | $906.0M | ||
| Q1 25 | $254.0M | $-682.0M | ||
| Q4 24 | $293.0M | $1.3B | ||
| Q3 24 | $294.0M | $828.0M | ||
| Q2 24 | $280.0M | $171.0M | ||
| Q1 24 | $182.0M | $-273.0M |
毛利率EASHOP
| Q4 25 | 73.8% | 46.1% | ||
| Q3 25 | 75.9% | 48.9% | ||
| Q2 25 | 83.3% | 48.6% | ||
| Q1 25 | 80.6% | 49.5% | ||
| Q4 24 | 75.8% | 48.1% | ||
| Q3 24 | 77.5% | 51.7% | ||
| Q2 24 | 84.2% | 51.1% | ||
| Q1 24 | 79.9% | 51.4% |
营业利润率EASHOP
| Q4 25 | 6.7% | 17.2% | ||
| Q3 25 | 10.9% | 12.1% | ||
| Q2 25 | 16.2% | 10.9% | ||
| Q1 25 | 20.8% | 8.6% | ||
| Q4 24 | 20.0% | 16.5% | ||
| Q3 24 | 19.0% | 13.1% | ||
| Q2 24 | 21.9% | 11.8% | ||
| Q1 24 | 13.2% | 4.6% |
净利率EASHOP
| Q4 25 | 4.6% | 20.2% | ||
| Q3 25 | 7.4% | 9.3% | ||
| Q2 25 | 12.0% | 33.8% | ||
| Q1 25 | 13.4% | -28.9% | ||
| Q4 24 | 15.6% | 46.0% | ||
| Q3 24 | 14.5% | 38.3% | ||
| Q2 24 | 16.9% | 8.4% | ||
| Q1 24 | 10.2% | -14.7% |
每股收益（稀释后）EASHOP
| Q4 25 | $0.35 | $0.58 | ||
| Q3 25 | $0.54 | $0.20 | ||
| Q2 25 | $0.79 | $0.69 | ||
| Q1 25 | $0.99 | $-0.53 | ||
| Q4 24 | $1.11 | $0.99 | ||
| Q3 24 | $1.11 | $0.64 | ||
| Q2 24 | $1.04 | $0.13 | ||
| Q1 24 | $0.67 | $-0.21 |
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 | $2.8B | $5.8B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $6.2B | $13.5B |
| 总资产 | $13.3B | $15.2B |
| 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EASHOP
| Q4 25 | $2.8B | $5.8B | ||
| Q3 25 | $1.1B | $6.3B | ||
| Q2 25 | $1.5B | $5.8B | ||
| Q1 25 | $2.1B | $5.5B | ||
| Q4 24 | $2.8B | $5.5B | ||
| Q3 24 | $2.2B | — | ||
| Q2 24 | $2.4B | — | ||
| Q1 24 | $2.9B | — |
股东权益EASHOP
| Q4 25 | $6.2B | $13.5B | ||
| Q3 25 | $6.0B | $12.5B | ||
| Q2 25 | $6.1B | $12.1B | ||
| Q1 25 | $6.4B | $11.1B | ||
| Q4 24 | $7.4B | $11.6B | ||
| Q3 24 | $7.4B | $10.1B | ||
| Q2 24 | $7.4B | $9.2B | ||
| Q1 24 | $7.5B | $8.9B |
总资产EASHOP
| Q4 25 | $13.3B | $15.2B | ||
| Q3 25 | $11.9B | $15.0B | ||
| Q2 25 | $11.7B | $14.6B | ||
| Q1 25 | $12.4B | $13.4B | ||
| Q4 24 | $13.5B | $13.9B | ||
| Q3 24 | $13.1B | — | ||
| Q2 24 | $12.7B | — | ||
| Q1 24 | $13.4B | — |
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 | $1.8B | $725.0M |
| 自由现金流经营现金流 - 资本支出 | — | $715.0M |
| 自由现金流率自由现金流/营收 | — | 19.5% |
| 资本支出强度资本支出/营收 | — | 0.3% |
| 现金转化率经营现金流/净利润 | 20.75× | 0.98× |
| 过去12个月自由现金流最近4个季度 | — | $2.0B |
8季度趋势，按日历期对齐
经营现金流EASHOP
| Q4 25 | $1.8B | $725.0M | ||
| Q3 25 | $130.0M | $513.0M | ||
| Q2 25 | $17.0M | $428.0M | ||
| Q1 25 | $549.0M | $367.0M | ||
| Q4 24 | $1.2B | $615.0M | ||
| Q3 24 | $234.0M | $423.0M | ||
| Q2 24 | $120.0M | $340.0M | ||
| Q1 24 | $580.0M | $238.0M |
自由现金流EASHOP
| Q4 25 | — | $715.0M | ||
| Q3 25 | — | $507.0M | ||
| Q2 25 | — | $422.0M | ||
| Q1 25 | — | $363.0M | ||
| Q4 24 | — | $611.0M | ||
| Q3 24 | — | $421.0M | ||
| Q2 24 | — | $333.0M | ||
| Q1 24 | — | $232.0M |
自由现金流率EASHOP
| Q4 25 | — | 19.5% | ||
| Q3 25 | — | 17.8% | ||
| Q2 25 | — | 15.7% | ||
| Q1 25 | — | 15.4% | ||
| Q4 24 | — | 21.7% | ||
| Q3 24 | — | 19.5% | ||
| Q2 24 | — | 16.3% | ||
| Q1 24 | — | 12.5% |
资本支出强度EASHOP
| Q4 25 | — | 0.3% | ||
| Q3 25 | — | 0.2% | ||
| Q2 25 | — | 0.2% | ||
| Q1 25 | — | 0.2% | ||
| Q4 24 | — | 0.1% | ||
| Q3 24 | — | 0.1% | ||
| Q2 24 | — | 0.3% | ||
| Q1 24 | — | 0.3% |
现金转化率EASHOP
| Q4 25 | 20.75× | 0.98× | ||
| Q3 25 | 0.95× | 1.94× | ||
| Q2 25 | 0.08× | 0.47× | ||
| Q1 25 | 2.16× | — | ||
| Q4 24 | 4.01× | 0.48× | ||
| Q3 24 | 0.80× | 0.51× | ||
| Q2 24 | 0.43× | 1.99× | ||
| Q1 24 | 3.19× | — |
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
EA
| Live Services And Other Net Revenue | $1.3B | 67% |
| PC And Other Net Revenue | $465.0M | 24% |
| Packaged Goods Net Revenue | $86.0M | 5% |
| Other | $56.0M | 3% |
| Estimated Service Offering Period | $25.0M | 1% |
SHOP
| Services | $2.9B | 79% |
| Subscription And Circulation | $777.0M | 21% |
