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EPAM Systems（EPAM）与希悦尔（SEE）财务数据对比。点击上方公司名可切换其他公司
EPAM Systems的季度营收约是希悦尔的1.0倍（$1.4B vs $1.4B），EPAM Systems净利率更高（7.8% vs 3.1%，领先4.6%），EPAM Systems同比增速更快（12.8% vs 2.6%），EPAM Systems自由现金流更多（$268.1M vs $257.7M），过去两年EPAM Systems的营收复合增速更高（9.9% vs 2.7%）
EPAM Systems是总部位于美国宾夕法尼亚州纽敦的企业，核心业务涵盖软件工程服务、数字平台研发、数字产品设计三大板块，同时是MACH联盟的创始成员，在全球数字化服务赛道拥有深厚的技术积累与行业认可度。
希悦尔是全球领先的包装与防护解决方案供应商，核心产品包括缓冲防护材料、食品保鲜包装、可持续减废包装系统，服务覆盖电商、零售、食品饮料、工业制造等多个海内外领域。
EPAM vs SEE — 直观对比
营收规模更大
EPAM
是对方的1.0倍
$1.4B
营收增速更快
EPAM
高出10.1%
2.6%
净利率更高
EPAM
高出4.6%
3.1%
自由现金流更多
EPAM
多$10.4M
$257.7M
两年增速更快
EPAM
近两年复合增速
2.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.4B | $1.4B |
| 净利润 | $109.4M | $43.8M |
| 毛利率 | 30.1% | 28.6% |
| 营业利润率 | 10.6% | 11.4% |
| 净利率 | 7.8% | 3.1% |
| 营收同比 | 12.8% | 2.6% |
| 净利润同比 | 5.9% | 700.0% |
| 每股收益（稀释后） | $1.97 | $0.30 |
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EPAMSEE
| Q4 25 | $1.4B | $1.4B | ||
| Q3 25 | $1.4B | $1.3B | ||
| Q2 25 | $1.4B | $1.3B | ||
| Q1 25 | $1.3B | $1.3B | ||
| Q4 24 | $1.2B | $1.4B | ||
| Q3 24 | $1.2B | $1.3B | ||
| Q2 24 | $1.1B | $1.3B | ||
| Q1 24 | $1.2B | $1.3B |
净利润EPAMSEE
| Q4 25 | $109.4M | $43.8M | ||
| Q3 25 | $106.8M | $255.1M | ||
| Q2 25 | $88.0M | $93.1M | ||
| Q1 25 | $73.5M | $113.5M | ||
| Q4 24 | $103.3M | $-7.3M | ||
| Q3 24 | $136.3M | $91.7M | ||
| Q2 24 | $98.6M | $98.3M | ||
| Q1 24 | $116.2M | $82.0M |
毛利率EPAMSEE
| Q4 25 | 30.1% | 28.6% | ||
| Q3 25 | 29.5% | 29.8% | ||
| Q2 25 | 28.8% | 30.7% | ||
| Q1 25 | 26.9% | 30.9% | ||
| Q4 24 | 30.4% | 30.0% | ||
| Q3 24 | 34.6% | 30.1% | ||
| Q2 24 | 29.3% | 31.2% | ||
| Q1 24 | 28.4% | 30.3% |
营业利润率EPAMSEE
| Q4 25 | 10.6% | 11.4% | ||
| Q3 25 | 10.4% | 13.8% | ||
| Q2 25 | 9.3% | 15.0% | ||
| Q1 25 | 7.6% | 14.5% | ||
| Q4 24 | 10.9% | 11.7% | ||
| Q3 24 | 15.2% | 13.9% | ||
| Q2 24 | 10.5% | 15.4% | ||
| Q1 24 | 9.5% | 14.0% |
净利率EPAMSEE
| Q4 25 | 7.8% | 3.1% | ||
| Q3 25 | 7.7% | 19.0% | ||
| Q2 25 | 6.5% | 7.0% | ||
| Q1 25 | 5.6% | 9.0% | ||
| Q4 24 | 8.3% | -0.5% | ||
| Q3 24 | 11.7% | 6.9% | ||
| Q2 24 | 8.6% | 7.4% | ||
| Q1 24 | 10.0% | 6.2% |
每股收益（稀释后）EPAMSEE
| Q4 25 | $1.97 | $0.30 | ||
| Q3 25 | $1.91 | $1.73 | ||
| Q2 25 | $1.56 | $0.63 | ||
| Q1 25 | $1.28 | $0.77 | ||
| Q4 24 | $1.80 | $-0.05 | ||
| Q3 24 | $2.37 | $0.63 | ||
| Q2 24 | $1.70 | $0.67 | ||
| Q1 24 | $1.97 | $0.56 |
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 | $1.3B | $344.0M |
| 总债务越低越好 | — | $3.3B |
| 股东权益账面价值 | $3.7B | $1.2B |
| 总资产 | $4.9B | $7.0B |
| 负债/权益比越低杠杆越低 | — | 2.65× |
8季度趋势，按日历期对齐
现金及短期投资EPAMSEE
| Q4 25 | $1.3B | $344.0M | ||
| Q3 25 | $1.2B | $282.5M | ||
| Q2 25 | $1.0B | $354.4M | ||
| Q1 25 | $1.2B | $335.2M | ||
| Q4 24 | $1.3B | $371.8M | ||
| Q3 24 | $2.1B | $386.0M | ||
| Q2 24 | $1.8B | $388.6M | ||
| Q1 24 | $2.0B | $352.8M |
总债务EPAMSEE
| Q4 25 | — | $3.3B | ||
| Q3 25 | — | $4.0B | ||
| Q2 25 | — | $4.0B | ||
| Q1 25 | — | $4.2B | ||
| Q4 24 | — | $4.2B | ||
| Q3 24 | — | $4.3B | ||
| Q2 24 | — | $4.4B | ||
| Q1 24 | — | $4.5B |
股东权益EPAMSEE
| Q4 25 | $3.7B | $1.2B | ||
| Q3 25 | $3.7B | $1.2B | ||
| Q2 25 | $3.7B | $953.1M | ||
| Q1 25 | $3.6B | $797.9M | ||
| Q4 24 | $3.6B | $624.5M | ||
| Q3 24 | $3.6B | $771.2M | ||
| Q2 24 | $3.4B | $650.1M | ||
| Q1 24 | $3.5B | $598.3M |
总资产EPAMSEE
| Q4 25 | $4.9B | $7.0B | ||
| Q3 25 | $4.8B | $7.1B | ||
| Q2 25 | $4.7B | $7.2B | ||
| Q1 25 | $4.7B | $7.0B | ||
| Q4 24 | $4.8B | $7.0B | ||
| Q3 24 | $4.5B | $7.3B | ||
| Q2 24 | $4.2B | $7.3B | ||
| Q1 24 | $4.4B | $7.2B |
负债/权益比EPAMSEE
| Q4 25 | — | 2.65× | ||
| Q3 25 | — | 3.34× | ||
| Q2 25 | — | 4.18× | ||
| Q1 25 | — | 5.26× | ||
| Q4 24 | — | 6.72× | ||
| Q3 24 | — | 5.62× | ||
| Q2 24 | — | 6.81× | ||
| Q1 24 | — | 7.49× |
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 | $282.9M | $293.6M |
| 自由现金流经营现金流 - 资本支出 | $268.1M | $257.7M |
| 自由现金流率自由现金流/营收 | 19.0% | 18.5% |
| 资本支出强度资本支出/营收 | 1.1% | 2.6% |
| 现金转化率经营现金流/净利润 | 2.59× | 6.70× |
| 过去12个月自由现金流最近4个季度 | $612.7M | $458.5M |
8季度趋势，按日历期对齐
经营现金流EPAMSEE
| Q4 25 | $282.9M | $293.6M | ||
| Q3 25 | $294.7M | $165.9M | ||
| Q2 25 | $53.2M | $136.6M | ||
| Q1 25 | $24.2M | $31.9M | ||
| Q4 24 | $130.3M | $244.2M | ||
| Q3 24 | $242.0M | $170.5M | ||
| Q2 24 | $57.0M | $188.2M | ||
| Q1 24 | $129.9M | $125.1M |
自由现金流EPAMSEE
| Q4 25 | $268.1M | $257.7M | ||
| Q3 25 | $286.4M | $119.6M | ||
| Q2 25 | $43.4M | $93.2M | ||
| Q1 25 | $14.8M | $-12.0M | ||
| Q4 24 | $114.5M | $185.1M | ||
| Q3 24 | $237.0M | $115.2M | ||
| Q2 24 | $52.3M | $129.5M | ||
| Q1 24 | $123.2M | $78.0M |
自由现金流率EPAMSEE
| Q4 25 | 19.0% | 18.5% | ||
| Q3 25 | 20.5% | 8.9% | ||
| Q2 25 | 3.2% | 7.0% | ||
| Q1 25 | 1.1% | -0.9% | ||
| Q4 24 | 9.2% | 13.6% | ||
| Q3 24 | 20.3% | 8.6% | ||
| Q2 24 | 4.6% | 9.7% | ||
| Q1 24 | 10.6% | 5.9% |
资本支出强度EPAMSEE
| Q4 25 | 1.1% | 2.6% | ||
| Q3 25 | 0.6% | 3.4% | ||
| Q2 25 | 0.7% | 3.3% | ||
| Q1 25 | 0.7% | 3.5% | ||
| Q4 24 | 1.3% | 4.4% | ||
| Q3 24 | 0.4% | 4.1% | ||
| Q2 24 | 0.4% | 4.4% | ||
| Q1 24 | 0.6% | 3.6% |
现金转化率EPAMSEE
| Q4 25 | 2.59× | 6.70× | ||
| Q3 25 | 2.76× | 0.65× | ||
| Q2 25 | 0.60× | 1.47× | ||
| Q1 25 | 0.33× | 0.28× | ||
| Q4 24 | 1.26× | — | ||
| Q3 24 | 1.77× | 1.86× | ||
| Q2 24 | 0.58× | 1.91× | ||
| Q1 24 | 1.12× | 1.53× |
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
EPAM
暂无分部数据
SEE
| Protective Segment | $1.1B | 78% |
| Other | $292.0M | 21% |
| Pension Plans Defined Benefit | $7.9M | 1% |
