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艾默生（EMR）与网易（NTES）财务数据对比。点击上方公司名可切换其他公司
艾默生的季度营收约是网易的1.1倍（$4.3B vs $4.0B），网易净利率更高（31.0% vs 13.9%，领先17.1%），网易自由现金流更多（$1.8B vs $602.0M），过去两年网易的营收复合增速更高（9.7% vs -0.3%）
艾默生是总部位于美国密苏里州圣路易斯的世界500强跨国企业，业务涵盖工业自动化设备、暖通控制系统、精密测量仪器的研发制造，同时面向工业、商业、消费级市场提供工程服务及对应软件工程解决方案。
网易由丁磊于1997年6月创立，是全球规模领先的互联网与网络游戏企业之一。公司核心业务涵盖PC及移动端网络游戏的研发与发行，同时布局广告服务、电子邮箱服务及电商平台等多元业务板块。
EMR vs NTES — 直观对比
营收规模更大
EMR
是对方的1.1倍
$4.0B
净利率更高
NTES
高出17.1%
13.9%
自由现金流更多
NTES
多$1.2B
$602.0M
两年增速更快
NTES
近两年复合增速
-0.3%
损益表 — Q1 FY2026 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.3B | $4.0B |
| 净利润 | $605.0M | $1.2B |
| 毛利率 | 53.2% | 64.1% |
| 营业利润率 | 17.8% | 28.3% |
| 净利率 | 13.9% | 31.0% |
| 营收同比 | 4.1% | — |
| 净利润同比 | 3.4% | — |
| 每股收益（稀释后） | $1.07 | — |
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EMRNTES
| Q4 25 | $4.3B | — | ||
| Q3 25 | $4.9B | $4.0B | ||
| Q2 25 | $4.6B | $3.9B | ||
| Q1 25 | $4.4B | $4.0B | ||
| Q4 24 | $4.2B | — | ||
| Q3 24 | $4.6B | $3.7B | ||
| Q2 24 | $4.4B | $3.5B | ||
| Q1 24 | $4.4B | $3.7B |
净利润EMRNTES
| Q4 25 | $605.0M | — | ||
| Q3 25 | $637.0M | $1.2B | ||
| Q2 25 | $586.0M | $1.3B | ||
| Q1 25 | $485.0M | $1.5B | ||
| Q4 24 | $585.0M | — | ||
| Q3 24 | $996.0M | $955.7M | ||
| Q2 24 | $329.0M | $939.6M | ||
| Q1 24 | $501.0M | $1.1B |
毛利率EMRNTES
| Q4 25 | 53.2% | — | ||
| Q3 25 | 51.9% | 64.1% | ||
| Q2 25 | 52.6% | 64.7% | ||
| Q1 25 | 53.5% | 64.1% | ||
| Q4 24 | 53.5% | — | ||
| Q3 24 | 51.3% | 62.9% | ||
| Q2 24 | 52.8% | 62.9% | ||
| Q1 24 | 52.2% | 63.4% |
营业利润率EMRNTES
| Q4 25 | 17.8% | — | ||
| Q3 25 | 16.4% | 28.3% | ||
| Q2 25 | 16.1% | 32.5% | ||
| Q1 25 | 14.2% | 36.2% | ||
| Q4 24 | 18.6% | — | ||
| Q3 24 | 14.7% | 27.3% | ||
| Q2 24 | 10.4% | 27.4% | ||
| Q1 24 | 16.2% | 28.4% |
净利率EMRNTES
| Q4 25 | 13.9% | — | ||
| Q3 25 | 13.1% | 31.0% | ||
| Q2 25 | 12.9% | 32.6% | ||
| Q1 25 | 10.9% | 36.6% | ||
| Q4 24 | 14.0% | — | ||
| Q3 24 | 21.6% | 25.6% | ||
| Q2 24 | 7.5% | 26.8% | ||
| Q1 24 | 11.4% | 29.1% |
每股收益（稀释后）EMRNTES
| Q4 25 | $1.07 | — | ||
| Q3 25 | $1.12 | — | ||
| Q2 25 | $1.04 | — | ||
| Q1 25 | $0.86 | — | ||
| Q4 24 | $1.02 | — | ||
| Q3 24 | $1.74 | — | ||
| Q2 24 | $0.57 | — | ||
| Q1 24 | $0.87 | — |
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 | — | $31.3B |
| 总债务越低越好 | $7.6B | — |
| 股东权益账面价值 | $20.3B | $160.8B |
| 总资产 | $41.9B | $214.5B |
| 负债/权益比越低杠杆越低 | 0.37× | — |
8季度趋势，按日历期对齐
现金及短期投资EMRNTES
| Q4 25 | — | — | ||
| Q3 25 | — | $31.3B | ||
| Q2 25 | — | $54.4B | ||
| Q1 25 | — | $41.7B | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $20.2B | ||
| Q2 24 | — | $19.0B | ||
| Q1 24 | — | $43.0B |
总债务EMRNTES
| Q4 25 | $7.6B | — | ||
| Q3 25 | $8.9B | — | ||
| Q2 25 | $8.3B | — | ||
| Q1 25 | $8.2B | — | ||
| Q4 24 | $6.6B | — | ||
| Q3 24 | $7.7B | — | ||
| Q2 24 | $7.1B | — | ||
| Q1 24 | $7.6B | — |
股东权益EMRNTES
| Q4 25 | $20.3B | — | ||
| Q3 25 | $20.3B | $160.8B | ||
| Q2 25 | $19.9B | $154.0B | ||
| Q1 25 | $19.2B | $147.8B | ||
| Q4 24 | $20.5B | — | ||
| Q3 24 | $21.6B | $135.6B | ||
| Q2 24 | $20.8B | $134.2B | ||
| Q1 24 | $20.9B | $130.5B |
总资产EMRNTES
| Q4 25 | $41.9B | — | ||
| Q3 25 | $42.0B | $214.5B | ||
| Q2 25 | $42.5B | $208.5B | ||
| Q1 25 | $42.0B | $200.9B | ||
| Q4 24 | $42.6B | — | ||
| Q3 24 | $44.2B | $184.9B | ||
| Q2 24 | $45.6B | $183.3B | ||
| Q1 24 | $46.4B | $195.1B |
负债/权益比EMRNTES
| Q4 25 | 0.37× | — | ||
| Q3 25 | 0.44× | — | ||
| Q2 25 | 0.42× | — | ||
| Q1 25 | 0.42× | — | ||
| Q4 24 | 0.32× | — | ||
| Q3 24 | 0.36× | — | ||
| Q2 24 | 0.34× | — | ||
| Q1 24 | 0.36× | — |
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 | $699.0M | $1.8B |
| 自由现金流经营现金流 - 资本支出 | $602.0M | $1.8B |
| 自由现金流率自由现金流/营收 | 13.9% | 44.7% |
| 资本支出强度资本支出/营收 | 2.2% | 1.0% |
| 现金转化率经营现金流/净利润 | 1.16× | 1.47× |
| 过去12个月自由现金流最近4个季度 | $4.4B | $6.3B |
8季度趋势，按日历期对齐
经营现金流EMRNTES
| Q4 25 | $699.0M | — | ||
| Q3 25 | $3.1B | $1.8B | ||
| Q2 25 | $1.1B | $1.5B | ||
| Q1 25 | $241.0M | $1.7B | ||
| Q4 24 | $777.0M | — | ||
| Q3 24 | $3.3B | $1.5B | ||
| Q2 24 | $1.1B | $898.8M | ||
| Q1 24 | $743.0M | $1.3B |
自由现金流EMRNTES
| Q4 25 | $602.0M | — | ||
| Q3 25 | $2.7B | $1.8B | ||
| Q2 25 | $977.0M | $1.5B | ||
| Q1 25 | $154.0M | $1.6B | ||
| Q4 24 | $694.0M | — | ||
| Q3 24 | $2.9B | $1.5B | ||
| Q2 24 | $998.0M | $875.6M | ||
| Q1 24 | $661.0M | $1.3B |
自由现金流率EMRNTES
| Q4 25 | 13.9% | — | ||
| Q3 25 | 54.9% | 44.7% | ||
| Q2 25 | 21.5% | 38.3% | ||
| Q1 25 | 3.5% | 40.4% | ||
| Q4 24 | 16.6% | — | ||
| Q3 24 | 63.1% | 38.9% | ||
| Q2 24 | 22.8% | 25.0% | ||
| Q1 24 | 15.1% | 34.0% |
资本支出强度EMRNTES
| Q4 25 | 2.2% | — | ||
| Q3 25 | 8.9% | 1.0% | ||
| Q2 25 | 2.0% | 0.7% | ||
| Q1 25 | 2.0% | 1.6% | ||
| Q4 24 | 2.0% | — | ||
| Q3 24 | 9.1% | 1.4% | ||
| Q2 24 | 2.1% | 0.7% | ||
| Q1 24 | 1.9% | 1.5% |
现金转化率EMRNTES
| Q4 25 | 1.16× | — | ||
| Q3 25 | 4.86× | 1.47× | ||
| Q2 25 | 1.83× | 1.20× | ||
| Q1 25 | 0.50× | 1.15× | ||
| Q4 24 | 1.33× | — | ||
| Q3 24 | 3.35× | 1.58× | ||
| Q2 24 | 3.31× | 0.96× | ||
| Q1 24 | 1.48× | 1.22× |
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
EMR
| Other | $1.8B | 41% |
| Software And Systems | $1.0B | 24% |
| Intelligent Devices | $996.0M | 23% |
| Safety And Productivity | $503.0M | 12% |
NTES
| Games and related value-added services | $3.3B | 82% |
| NetEase Cloud Music | $275.9M | 7% |
| Youdao | $228.8M | 6% |
| Innovative businesses and others | $202.1M | 5% |
