vs
易贝（EBAY）与Wayfair Inc.（W）财务数据对比。点击上方公司名可切换其他公司
Wayfair Inc.的季度营收约是易贝的1.1倍（$3.3B vs $3.0B），易贝净利率更高（17.8% vs -3.5%，领先21.3%），易贝同比增速更快（15.0% vs 6.9%），易贝自由现金流更多（$478.0M vs $177.0M），过去两年Wayfair Inc.的营收复合增速更高（10.6% 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。
Wayfair Inc.是总部位于美国马萨诸塞州波士顿的电商企业，2002年成立，前身为CSN Stores，专注于家具及家居用品线上销售。目前平台提供来自全球11000余家供应商的1400万款商品，业务遍及北美、加拿大、德国、爱尔兰、中国、英国等国家和地区。
EBAY vs W — 直观对比
营收规模更大
W
是对方的1.1倍
$3.0B
营收增速更快
EBAY
高出8.0%
6.9%
净利率更高
EBAY
高出21.3%
-3.5%
自由现金流更多
EBAY
多$301.0M
$177.0M
两年增速更快
W
近两年复合增速
7.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.0B | $3.3B |
| 净利润 | $528.0M | $-116.0M |
| 毛利率 | 71.4% | 30.3% |
| 营业利润率 | 20.3% | 2.5% |
| 净利率 | 17.8% | -3.5% |
| 营收同比 | 15.0% | 6.9% |
| 净利润同比 | -22.2% | 9.4% |
| 每股收益（稀释后） | $1.14 | $-0.90 |
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EBAYW
| Q4 25 | $3.0B | $3.3B | ||
| Q3 25 | $2.8B | $3.1B | ||
| Q2 25 | $2.7B | $3.3B | ||
| Q1 25 | $2.6B | $2.7B | ||
| Q4 24 | $2.6B | $3.1B | ||
| Q3 24 | $2.6B | $2.9B | ||
| Q2 24 | $2.6B | $3.1B | ||
| Q1 24 | $2.6B | $2.7B |
净利润EBAYW
| Q4 25 | $528.0M | $-116.0M | ||
| Q3 25 | $632.0M | $-99.0M | ||
| Q2 25 | $368.0M | $15.0M | ||
| Q1 25 | $503.0M | $-113.0M | ||
| Q4 24 | $679.0M | $-128.0M | ||
| Q3 24 | $634.0M | $-74.0M | ||
| Q2 24 | $224.0M | $-42.0M | ||
| Q1 24 | $438.0M | $-248.0M |
毛利率EBAYW
| Q4 25 | 71.4% | 30.3% | ||
| Q3 25 | 70.9% | 30.0% | ||
| Q2 25 | 71.6% | 30.1% | ||
| Q1 25 | 72.0% | 30.7% | ||
| Q4 24 | 72.2% | 30.2% | ||
| Q3 24 | 71.8% | 30.3% | ||
| Q2 24 | 71.4% | 30.2% | ||
| Q1 24 | 72.6% | 30.0% |
营业利润率EBAYW
| Q4 25 | 20.3% | 2.5% | ||
| Q3 25 | 20.4% | 1.2% | ||
| Q2 25 | 17.7% | 0.5% | ||
| Q1 25 | 23.8% | -4.5% | ||
| Q4 24 | 21.1% | -3.7% | ||
| Q3 24 | 23.1% | -2.6% | ||
| Q2 24 | 21.3% | -1.1% | ||
| Q1 24 | 24.7% | -8.6% |
净利率EBAYW
| Q4 25 | 17.8% | -3.5% | ||
| Q3 25 | 22.4% | -3.2% | ||
| Q2 25 | 13.5% | 0.5% | ||
| Q1 25 | 19.5% | -4.1% | ||
| Q4 24 | 26.3% | -4.1% | ||
| Q3 24 | 24.6% | -2.6% | ||
| Q2 24 | 8.7% | -1.3% | ||
| Q1 24 | 17.1% | -9.1% |
每股收益（稀释后）EBAYW
| Q4 25 | $1.14 | $-0.90 | ||
| Q3 25 | $1.35 | $-0.76 | ||
| Q2 25 | $0.79 | $0.11 | ||
| Q1 25 | $1.06 | $-0.89 | ||
| Q4 24 | $1.35 | $-1.01 | ||
| Q3 24 | $1.29 | $-0.60 | ||
| Q2 24 | $0.45 | $-0.34 | ||
| Q1 24 | $0.85 | $-2.06 |
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 | $3.3B |
| 股东权益账面价值 | $4.6B | $-2.8B |
| 总资产 | $17.6B | $3.4B |
| 负债/权益比越低杠杆越低 | 1.30× | — |
8季度趋势，按日历期对齐
现金及短期投资EBAYW
| Q4 25 | $1.9B | $1.5B | ||
| Q3 25 | $2.4B | $1.2B | ||
| Q2 25 | $2.1B | $1.4B | ||
| Q1 25 | $3.1B | $1.4B | ||
| Q4 24 | $2.4B | $1.4B | ||
| Q3 24 | $1.6B | $1.3B | ||
| Q2 24 | $2.0B | $1.3B | ||
| Q1 24 | $2.1B | $1.2B |
总债务EBAYW
| Q4 25 | $6.0B | $3.3B | ||
| Q3 25 | $5.0B | $2.9B | ||
| Q2 25 | $5.0B | $3.0B | ||
| Q1 25 | $5.8B | $3.2B | ||
| Q4 24 | $5.8B | $3.1B | ||
| Q3 24 | $6.2B | $3.2B | ||
| Q2 24 | $6.2B | $3.2B | ||
| Q1 24 | $6.2B | $3.2B |
股东权益EBAYW
| Q4 25 | $4.6B | $-2.8B | ||
| Q3 25 | $4.7B | $-2.8B | ||
| Q2 25 | $4.7B | $-2.7B | ||
| Q1 25 | $5.0B | $-2.8B | ||
| Q4 24 | $5.2B | $-2.8B | ||
| Q3 24 | $5.4B | $-2.7B | ||
| Q2 24 | $5.5B | $-2.8B | ||
| Q1 24 | $6.3B | $-2.8B |
总资产EBAYW
| Q4 25 | $17.6B | $3.4B | ||
| Q3 25 | $17.8B | $3.1B | ||
| Q2 25 | $18.0B | $3.3B | ||
| Q1 25 | $19.0B | $3.4B | ||
| Q4 24 | $19.4B | $3.5B | ||
| Q3 24 | $19.9B | $3.4B | ||
| Q2 24 | $20.4B | $3.4B | ||
| Q1 24 | $21.4B | $3.2B |
负债/权益比EBAYW
| Q4 25 | 1.30× | — | ||
| Q3 25 | 1.06× | — | ||
| Q2 25 | 1.05× | — | ||
| Q1 25 | 1.16× | — | ||
| Q4 24 | 1.12× | — | ||
| Q3 24 | 1.14× | — | ||
| Q2 24 | 1.12× | — | ||
| Q1 24 | 0.98× | — |
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 | $202.0M |
| 自由现金流经营现金流 - 资本支出 | $478.0M | $177.0M |
| 自由现金流率自由现金流/营收 | 16.1% | 5.3% |
| 资本支出强度资本支出/营收 | 3.9% | 0.7% |
| 现金转化率经营现金流/净利润 | 1.13× | — |
| 过去12个月自由现金流最近4个季度 | $1.5B | $464.0M |
8季度趋势，按日历期对齐
经营现金流EBAYW
| Q4 25 | $595.0M | $202.0M | ||
| Q3 25 | $934.0M | $155.0M | ||
| Q2 25 | $-307.0M | $273.0M | ||
| Q1 25 | $787.0M | $-96.0M | ||
| Q4 24 | $677.0M | $162.0M | ||
| Q3 24 | $755.0M | $49.0M | ||
| Q2 24 | $367.0M | $245.0M | ||
| Q1 24 | $615.0M | $-139.0M |
自由现金流EBAYW
| Q4 25 | $478.0M | $177.0M | ||
| Q3 25 | $803.0M | $128.0M | ||
| Q2 25 | $-441.0M | $260.0M | ||
| Q1 25 | $644.0M | $-101.0M | ||
| Q4 24 | $560.0M | $142.0M | ||
| Q3 24 | $646.0M | $32.0M | ||
| Q2 24 | $278.0M | $222.0M | ||
| Q1 24 | $472.0M | $-152.0M |
自由现金流率EBAYW
| Q4 25 | 16.1% | 5.3% | ||
| Q3 25 | 28.5% | 4.1% | ||
| Q2 25 | -16.2% | 7.9% | ||
| Q1 25 | 24.9% | -3.7% | ||
| Q4 24 | 21.7% | 4.5% | ||
| Q3 24 | 25.1% | 1.1% | ||
| Q2 24 | 10.8% | 7.1% | ||
| Q1 24 | 18.5% | -5.6% |
资本支出强度EBAYW
| Q4 25 | 3.9% | 0.7% | ||
| Q3 25 | 4.6% | 0.9% | ||
| Q2 25 | 4.9% | 0.4% | ||
| Q1 25 | 5.5% | 0.2% | ||
| Q4 24 | 4.5% | 0.6% | ||
| Q3 24 | 4.2% | 0.6% | ||
| Q2 24 | 3.5% | 0.7% | ||
| Q1 24 | 5.6% | 0.5% |
现金转化率EBAYW
| Q4 25 | 1.13× | — | ||
| Q3 25 | 1.48× | — | ||
| Q2 25 | -0.83× | 18.20× | ||
| Q1 25 | 1.56× | — | ||
| Q4 24 | 1.00× | — | ||
| Q3 24 | 1.19× | — | ||
| 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% |
W
| US Segment | $2.9B | 88% |
| International Segment | $395.0M | 12% |
