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易贝（EBAY）与威富集团（VFC）财务数据对比。点击上方公司名可切换其他公司
易贝的季度营收约是威富集团的1.0倍（$3.0B vs $2.9B），易贝净利率更高（17.8% vs 10.5%，领先7.3%），易贝同比增速更快（15.0% vs 1.5%），威富集团自由现金流更多（$977.9M vs $478.0M），过去两年威富集团的营收复合增速更高（10.1% vs 7.7%）
eBay是总部位于美国加利福尼亚州圣何塞的跨国电商企业，1995年9月由皮埃尔·奥米迪亚创立。其业务覆盖全球190个市场，旗下线上平台支持拍卖及“立即购买”两种销售模式，消费者可便捷选购各类商品，平台会在卖家完成交易后收取相应佣金。
威富集团前身为F.W.伍尔沃斯公司，是全球知名零售企业，也是五分一角平价商店业态的先驱之一。作为美国乃至全球最成功的平价零售企业之一，它曾引领行业发展潮流，构建了如今全球各地门店普遍遵循的现代零售模式。
EBAY vs VFC — 直观对比
营收规模更大
EBAY
是对方的1.0倍
$2.9B
营收增速更快
EBAY
高出13.5%
1.5%
净利率更高
EBAY
高出7.3%
10.5%
自由现金流更多
VFC
多$499.9M
$478.0M
两年增速更快
VFC
近两年复合增速
7.7%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $3.0B | $2.9B |
| 净利润 | $528.0M | $300.8M |
| 毛利率 | 71.4% | 56.6% |
| 营业利润率 | 20.3% | 10.1% |
| 净利率 | 17.8% | 10.5% |
| 营收同比 | 15.0% | 1.5% |
| 净利润同比 | -22.2% | 79.3% |
| 每股收益（稀释后） | $1.14 | $0.76 |
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EBAYVFC
| Q4 25 | $3.0B | $2.9B | ||
| Q3 25 | $2.8B | $2.8B | ||
| Q2 25 | $2.7B | $1.8B | ||
| Q1 25 | $2.6B | $2.0B | ||
| Q4 24 | $2.6B | $2.8B | ||
| Q3 24 | $2.6B | $2.8B | ||
| Q2 24 | $2.6B | $1.9B | ||
| Q1 24 | $2.6B | $2.4B |
净利润EBAYVFC
| Q4 25 | $528.0M | $300.8M | ||
| Q3 25 | $632.0M | $189.8M | ||
| Q2 25 | $368.0M | $-116.4M | ||
| Q1 25 | $503.0M | $-150.8M | ||
| Q4 24 | $679.0M | $167.8M | ||
| Q3 24 | $634.0M | $52.2M | ||
| Q2 24 | $224.0M | $-258.9M | ||
| Q1 24 | $438.0M | $-418.3M |
毛利率EBAYVFC
| Q4 25 | 71.4% | 56.6% | ||
| Q3 25 | 70.9% | 52.2% | ||
| Q2 25 | 71.6% | 53.9% | ||
| Q1 25 | 72.0% | 52.7% | ||
| Q4 24 | 72.2% | 56.3% | ||
| Q3 24 | 71.8% | 52.2% | ||
| Q2 24 | 71.4% | 52.0% | ||
| Q1 24 | 72.6% | 48.4% |
营业利润率EBAYVFC
| Q4 25 | 20.3% | 10.1% | ||
| Q3 25 | 20.4% | 11.2% | ||
| Q2 25 | 17.7% | -4.9% | ||
| Q1 25 | 23.8% | 2.2% | ||
| Q4 24 | 21.1% | 8.0% | ||
| Q3 24 | 23.1% | 9.9% | ||
| Q2 24 | 21.3% | -12.6% | ||
| Q1 24 | 24.7% | -15.0% |
净利率EBAYVFC
| Q4 25 | 17.8% | 10.5% | ||
| Q3 25 | 22.4% | 6.8% | ||
| Q2 25 | 13.5% | -6.6% | ||
| Q1 25 | 19.5% | -7.5% | ||
| Q4 24 | 26.3% | 5.9% | ||
| Q3 24 | 24.6% | 1.9% | ||
| Q2 24 | 8.7% | -13.6% | ||
| Q1 24 | 17.1% | -17.6% |
每股收益（稀释后）EBAYVFC
| Q4 25 | $1.14 | $0.76 | ||
| Q3 25 | $1.35 | $0.48 | ||
| Q2 25 | $0.79 | $-0.30 | ||
| Q1 25 | $1.06 | $-0.37 | ||
| Q4 24 | $1.35 | $0.43 | ||
| Q3 24 | $1.29 | $0.13 | ||
| Q2 24 | $0.45 | $-0.67 | ||
| Q1 24 | $0.85 | $-1.07 |
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 | $1.9B | $1.5B |
| 总债务越低越好 | $6.0B | $3.6B |
| 股东权益账面价值 | $4.6B | $1.8B |
| 总资产 | $17.6B | $10.4B |
| 负债/权益比越低杠杆越低 | 1.30× | 1.99× |
8季度趋势，按日历期对齐
现金及短期投资EBAYVFC
| Q4 25 | $1.9B | $1.5B | ||
| Q3 25 | $2.4B | $419.1M | ||
| Q2 25 | $2.1B | $642.4M | ||
| Q1 25 | $3.1B | $429.4M | ||
| Q4 24 | $2.4B | $1.4B | ||
| Q3 24 | $1.6B | $492.2M | ||
| Q2 24 | $2.0B | $637.4M | ||
| Q1 24 | $2.1B | $674.6M |
总债务EBAYVFC
| Q4 25 | $6.0B | $3.6B | ||
| Q3 25 | $5.0B | $3.5B | ||
| Q2 25 | $5.0B | $3.6B | ||
| Q1 25 | $5.8B | $3.4B | ||
| Q4 24 | $5.8B | $3.9B | ||
| Q3 24 | $6.2B | $4.0B | ||
| Q2 24 | $6.2B | $3.9B | ||
| Q1 24 | $6.2B | $4.7B |
股东权益EBAYVFC
| Q4 25 | $4.6B | $1.8B | ||
| Q3 25 | $4.7B | $1.5B | ||
| Q2 25 | $4.7B | $1.3B | ||
| Q1 25 | $5.0B | $1.5B | ||
| Q4 24 | $5.2B | $1.7B | ||
| Q3 24 | $5.4B | $1.4B | ||
| Q2 24 | $5.5B | $1.4B | ||
| Q1 24 | $6.3B | $1.7B |
总资产EBAYVFC
| Q4 25 | $17.6B | $10.4B | ||
| Q3 25 | $17.8B | $10.6B | ||
| Q2 25 | $18.0B | $10.2B | ||
| Q1 25 | $19.0B | $9.4B | ||
| Q4 24 | $19.4B | $10.6B | ||
| Q3 24 | $19.9B | $12.2B | ||
| Q2 24 | $20.4B | $11.5B | ||
| Q1 24 | $21.4B | $11.6B |
负债/权益比EBAYVFC
| Q4 25 | 1.30× | 1.99× | ||
| Q3 25 | 1.06× | 2.40× | ||
| Q2 25 | 1.05× | 2.76× | ||
| Q1 25 | 1.16× | 2.30× | ||
| Q4 24 | 1.12× | 2.31× | ||
| Q3 24 | 1.14× | 2.86× | ||
| Q2 24 | 1.12× | 2.84× | ||
| Q1 24 | 0.98× | 2.84× |
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 | $595.0M | $1.0B |
| 自由现金流经营现金流 - 资本支出 | $478.0M | $977.9M |
| 自由现金流率自由现金流/营收 | 16.1% | 34.0% |
| 资本支出强度资本支出/营收 | 3.9% | 1.1% |
| 现金转化率经营现金流/净利润 | 1.13× | 3.36× |
| 过去12个月自由现金流最近4个季度 | $1.5B | $357.6M |
8季度趋势，按日历期对齐
经营现金流EBAYVFC
| Q4 25 | $595.0M | $1.0B | ||
| Q3 25 | $934.0M | $-227.0M | ||
| Q2 25 | $-307.0M | $-145.5M | ||
| Q1 25 | $787.0M | $-171.1M | ||
| Q4 24 | $677.0M | $918.1M | ||
| Q3 24 | $755.0M | $-301.6M | ||
| Q2 24 | $367.0M | $19.8M | ||
| Q1 24 | $615.0M | — |
自由现金流EBAYVFC
| Q4 25 | $478.0M | $977.9M | ||
| Q3 25 | $803.0M | $-253.5M | ||
| Q2 25 | $-441.0M | $-173.7M | ||
| Q1 25 | $644.0M | $-193.0M | ||
| Q4 24 | $560.0M | $899.7M | ||
| Q3 24 | $646.0M | $-322.4M | ||
| Q2 24 | $278.0M | $-5.4M | ||
| Q1 24 | $472.0M | — |
自由现金流率EBAYVFC
| Q4 25 | 16.1% | 34.0% | ||
| Q3 25 | 28.5% | -9.0% | ||
| Q2 25 | -16.2% | -9.9% | ||
| Q1 25 | 24.9% | -9.6% | ||
| Q4 24 | 21.7% | 31.7% | ||
| Q3 24 | 25.1% | -11.7% | ||
| Q2 24 | 10.8% | -0.3% | ||
| Q1 24 | 18.5% | — |
资本支出强度EBAYVFC
| Q4 25 | 3.9% | 1.1% | ||
| Q3 25 | 4.6% | 0.9% | ||
| Q2 25 | 4.9% | 1.6% | ||
| Q1 25 | 5.5% | 1.1% | ||
| Q4 24 | 4.5% | 0.6% | ||
| Q3 24 | 4.2% | 0.8% | ||
| Q2 24 | 3.5% | 1.3% | ||
| Q1 24 | 5.6% | — |
现金转化率EBAYVFC
| Q4 25 | 1.13× | 3.36× | ||
| Q3 25 | 1.48× | -1.20× | ||
| Q2 25 | -0.83× | — | ||
| Q1 25 | 1.56× | — | ||
| Q4 24 | 1.00× | 5.47× | ||
| Q3 24 | 1.19× | -5.78× | ||
| Q2 24 | 1.64× | — | ||
| Q1 24 | 1.40× | — |
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
EBAY
| Marketplace Revenues | $2.4B | 82% |
| Advertising Revenues | $544.0M | 18% |
VFC
| Outdoor | $1.9B | 67% |
| Sales Channel Through Intermediary | $813.4M | 28% |
| Other | $136.3M | 5% |
