vs
EPAM Systems（EPAM）与华纳音乐集团（WMG）财务数据对比。点击上方公司名可切换其他公司
华纳音乐集团的季度营收约是EPAM Systems的1.3倍（$1.8B vs $1.4B），华纳音乐集团净利率更高（9.6% vs 7.8%，领先1.8%），EPAM Systems同比增速更快（12.8% vs 10.4%），华纳音乐集团自由现金流更多（$420.0M vs $268.1M），过去两年华纳音乐集团的营收复合增速更高（11.0% vs 9.9%）
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。
华纳音乐集团（简称WMG）是总部位于美国纽约的跨国娱乐及唱片集团，属于全球唱片行业“三大巨头”之一，市场规模位居全球音乐行业第三位，仅次于环球音乐集团与索尼音乐娱乐。
EPAM vs WMG — 直观对比
营收规模更大
WMG
是对方的1.3倍
$1.4B
营收增速更快
EPAM
高出2.3%
10.4%
净利率更高
WMG
高出1.8%
7.8%
自由现金流更多
WMG
多$151.9M
$268.1M
两年增速更快
WMG
近两年复合增速
9.9%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.4B | $1.8B |
| 净利润 | $109.4M | $176.0M |
| 毛利率 | 30.1% | 46.4% |
| 营业利润率 | 10.6% | 15.7% |
| 净利率 | 7.8% | 9.6% |
| 营收同比 | 12.8% | 10.4% |
| 净利润同比 | 5.9% | -25.4% |
| 每股收益（稀释后） | $1.97 | — |
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EPAMWMG
| Q4 25 | $1.4B | $1.8B | ||
| Q3 25 | $1.4B | $1.9B | ||
| Q2 25 | $1.4B | $1.7B | ||
| Q1 25 | $1.3B | $1.5B | ||
| Q4 24 | $1.2B | $1.7B | ||
| Q3 24 | $1.2B | $1.6B | ||
| Q2 24 | $1.1B | $1.6B | ||
| Q1 24 | $1.2B | $1.5B |
净利润EPAMWMG
| Q4 25 | $109.4M | $176.0M | ||
| Q3 25 | $106.8M | $109.0M | ||
| Q2 25 | $88.0M | $-16.0M | ||
| Q1 25 | $73.5M | $36.0M | ||
| Q4 24 | $103.3M | $236.0M | ||
| Q3 24 | $136.3M | $41.0M | ||
| Q2 24 | $98.6M | $139.0M | ||
| Q1 24 | $116.2M | $96.0M |
毛利率EPAMWMG
| Q4 25 | 30.1% | 46.4% | ||
| Q3 25 | 29.5% | 44.6% | ||
| Q2 25 | 28.8% | 45.9% | ||
| Q1 25 | 26.9% | 46.7% | ||
| Q4 24 | 30.4% | 46.3% | ||
| Q3 24 | 34.6% | 47.6% | ||
| Q2 24 | 29.3% | 46.6% | ||
| Q1 24 | 28.4% | 47.1% |
营业利润率EPAMWMG
| Q4 25 | 10.6% | 15.7% | ||
| Q3 25 | 10.4% | 7.7% | ||
| Q2 25 | 9.3% | 10.0% | ||
| Q1 25 | 7.6% | 11.3% | ||
| Q4 24 | 10.9% | 12.8% | ||
| Q3 24 | 15.2% | 8.8% | ||
| Q2 24 | 10.5% | 13.3% | ||
| Q1 24 | 9.5% | 8.0% |
净利率EPAMWMG
| Q4 25 | 7.8% | 9.6% | ||
| Q3 25 | 7.7% | 5.8% | ||
| Q2 25 | 6.5% | -0.9% | ||
| Q1 25 | 5.6% | 2.4% | ||
| Q4 24 | 8.3% | 14.2% | ||
| Q3 24 | 11.7% | 2.5% | ||
| Q2 24 | 8.6% | 8.9% | ||
| Q1 24 | 10.0% | 6.4% |
每股收益（稀释后）EPAMWMG
| Q4 25 | $1.97 | — | ||
| Q3 25 | $1.91 | — | ||
| Q2 25 | $1.56 | — | ||
| Q1 25 | $1.28 | — | ||
| Q4 24 | $1.80 | — | ||
| Q3 24 | $2.37 | — | ||
| Q2 24 | $1.70 | — | ||
| Q1 24 | $1.97 | — |
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 | $751.0M |
| 总债务越低越好 | — | $4.4B |
| 股东权益账面价值 | $3.7B | $720.0M |
| 总资产 | $4.9B | $10.0B |
| 负债/权益比越低杠杆越低 | — | 6.07× |
8季度趋势，按日历期对齐
现金及短期投资EPAMWMG
| Q4 25 | $1.3B | $751.0M | ||
| Q3 25 | $1.2B | $532.0M | ||
| Q2 25 | $1.0B | $527.0M | ||
| Q1 25 | $1.2B | $637.0M | ||
| Q4 24 | $1.3B | $802.0M | ||
| Q3 24 | $2.1B | $694.0M | ||
| Q2 24 | $1.8B | $607.0M | ||
| Q1 24 | $2.0B | $587.0M |
总债务EPAMWMG
| Q4 25 | — | $4.4B | ||
| Q3 25 | — | $4.4B | ||
| Q2 25 | — | $4.4B | ||
| Q1 25 | — | $4.3B | ||
| Q4 24 | — | $4.0B | ||
| Q3 24 | — | $4.0B | ||
| Q2 24 | — | $4.0B | ||
| Q1 24 | — | $4.0B |
股东权益EPAMWMG
| Q4 25 | $3.7B | $720.0M | ||
| Q3 25 | $3.7B | $647.0M | ||
| Q2 25 | $3.7B | $589.0M | ||
| Q1 25 | $3.6B | $567.0M | ||
| Q4 24 | $3.6B | $545.0M | ||
| Q3 24 | $3.6B | $518.0M | ||
| Q2 24 | $3.4B | $483.0M | ||
| Q1 24 | $3.5B | $433.0M |
总资产EPAMWMG
| Q4 25 | $4.9B | $10.0B | ||
| Q3 25 | $4.8B | $9.8B | ||
| Q2 25 | $4.7B | $9.8B | ||
| Q1 25 | $4.7B | $9.6B | ||
| Q4 24 | $4.8B | $9.1B | ||
| Q3 24 | $4.5B | $9.2B | ||
| Q2 24 | $4.2B | $8.8B | ||
| Q1 24 | $4.4B | $8.7B |
负债/权益比EPAMWMG
| Q4 25 | — | 6.07× | ||
| Q3 25 | — | 6.75× | ||
| Q2 25 | — | 7.41× | ||
| Q1 25 | — | 7.57× | ||
| Q4 24 | — | 7.26× | ||
| Q3 24 | — | 7.75× | ||
| Q2 24 | — | 8.24× | ||
| Q1 24 | — | 9.20× |
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 | $440.0M |
| 自由现金流经营现金流 - 资本支出 | $268.1M | $420.0M |
| 自由现金流率自由现金流/营收 | 19.0% | 22.8% |
| 资本支出强度资本支出/营收 | 1.1% | 1.1% |
| 现金转化率经营现金流/净利润 | 2.59× | 2.50× |
| 过去12个月自由现金流最近4个季度 | $612.7M | $663.0M |
8季度趋势，按日历期对齐
经营现金流EPAMWMG
| Q4 25 | $282.9M | $440.0M | ||
| Q3 25 | $294.7M | $231.0M | ||
| Q2 25 | $53.2M | $46.0M | ||
| Q1 25 | $24.2M | $69.0M | ||
| Q4 24 | $130.3M | $332.0M | ||
| Q3 24 | $242.0M | $304.0M | ||
| Q2 24 | $57.0M | $188.0M | ||
| Q1 24 | $129.9M | $-31.0M |
自由现金流EPAMWMG
| Q4 25 | $268.1M | $420.0M | ||
| Q3 25 | $286.4M | $203.0M | ||
| Q2 25 | $43.4M | $7.0M | ||
| Q1 25 | $14.8M | $33.0M | ||
| Q4 24 | $114.5M | $296.0M | ||
| Q3 24 | $237.0M | $271.0M | ||
| Q2 24 | $52.3M | $160.0M | ||
| Q1 24 | $123.2M | $-57.0M |
自由现金流率EPAMWMG
| Q4 25 | 19.0% | 22.8% | ||
| Q3 25 | 20.5% | 10.9% | ||
| Q2 25 | 3.2% | 0.4% | ||
| Q1 25 | 1.1% | 2.2% | ||
| Q4 24 | 9.2% | 17.8% | ||
| Q3 24 | 20.3% | 16.6% | ||
| Q2 24 | 4.6% | 10.3% | ||
| Q1 24 | 10.6% | -3.8% |
资本支出强度EPAMWMG
| Q4 25 | 1.1% | 1.1% | ||
| Q3 25 | 0.6% | 1.5% | ||
| Q2 25 | 0.7% | 2.3% | ||
| Q1 25 | 0.7% | 2.4% | ||
| Q4 24 | 1.3% | 2.2% | ||
| Q3 24 | 0.4% | 2.0% | ||
| Q2 24 | 0.4% | 1.8% | ||
| Q1 24 | 0.6% | 1.7% |
现金转化率EPAMWMG
| Q4 25 | 2.59× | 2.50× | ||
| Q3 25 | 2.76× | 2.12× | ||
| Q2 25 | 0.60× | — | ||
| Q1 25 | 0.33× | 1.92× | ||
| Q4 24 | 1.26× | 1.41× | ||
| Q3 24 | 1.77× | 7.41× | ||
| Q2 24 | 0.58× | 1.35× | ||
| Q1 24 | 1.12× | -0.32× |
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
WMG
| Digital | $976.0M | 53% |
| Music Publishing | $362.0M | 20% |
| Artist Services And Expanded Rights | $231.0M | 13% |
| Licensing | $121.0M | 7% |
| Performance | $64.0M | 3% |
| Synchronization | $60.0M | 3% |
| Mechanical | $18.0M | 1% |
| Other | $5.0M | 0% |
