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Equitable Holdings, Inc.（EQH）与SHOPIFY INC.（SHOP）财务数据对比。点击上方公司名可切换其他公司
SHOPIFY INC.的季度营收约是Equitable Holdings, Inc.的1.1倍（$3.7B vs $3.3B），SHOPIFY INC.净利率更高（20.2% vs 6.6%，领先13.7%），SHOPIFY INC.同比增速更快（30.6% vs -9.5%），过去两年SHOPIFY INC.的营收复合增速更高（40.5% vs 21.2%）
Equitable Holdings, Inc.是美国领先的金融服务与保险企业，1859年由亨利·鲍德温·海德创立，业务覆盖保险、财富管理等多元金融领域，拥有逾百年发展历史，在全球金融服务市场具备深厚的行业积淀与广泛的客户基础。
Shopify是总部位于加拿大安大略省渥太华的跨国电商企业，运营零售POS系统及相关服务平台，全球客户超500万，2024年总交易处理额达2923亿美元，其中57%来自美国市场，服务客户包括特斯拉、路威酩轩、雀巢、百事、百威英博、红牛、凯悦等知名品牌。
EQH vs SHOP — 直观对比
营收规模更大
SHOP
是对方的1.1倍
$3.3B
营收增速更快
SHOP
高出40.1%
-9.5%
净利率更高
SHOP
高出13.7%
6.6%
两年增速更快
SHOP
近两年复合增速
21.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.3B | $3.7B |
| 净利润 | $215.0M | $743.0M |
| 毛利率 | — | 46.1% |
| 营业利润率 | 10.5% | 17.2% |
| 净利率 | 6.6% | 20.2% |
| 营收同比 | -9.5% | 30.6% |
| 净利润同比 | -76.1% | -42.5% |
| 每股收益（稀释后） | $0.69 | $0.58 |
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EQHSHOP
| Q4 25 | $3.3B | $3.7B | ||
| Q3 25 | $1.4B | $2.8B | ||
| Q2 25 | $2.4B | $2.7B | ||
| Q1 25 | $4.6B | $2.4B | ||
| Q4 24 | $3.6B | $2.8B | ||
| Q3 24 | $3.1B | $2.2B | ||
| Q2 24 | $3.5B | $2.0B | ||
| Q1 24 | $2.2B | $1.9B |
净利润EQHSHOP
| Q4 25 | $215.0M | $743.0M | ||
| Q3 25 | $-1.3B | $264.0M | ||
| Q2 25 | $-349.0M | $906.0M | ||
| Q1 25 | $63.0M | $-682.0M | ||
| Q4 24 | $899.0M | $1.3B | ||
| Q3 24 | $-134.0M | $828.0M | ||
| Q2 24 | $428.0M | $171.0M | ||
| Q1 24 | $114.0M | $-273.0M |
毛利率EQHSHOP
| Q4 25 | — | 46.1% | ||
| Q3 25 | — | 48.9% | ||
| Q2 25 | — | 48.6% | ||
| Q1 25 | — | 49.5% | ||
| Q4 24 | — | 48.1% | ||
| Q3 24 | — | 51.7% | ||
| Q2 24 | — | 51.1% | ||
| Q1 24 | — | 51.4% |
营业利润率EQHSHOP
| Q4 25 | 10.5% | 17.2% | ||
| Q3 25 | -93.0% | 12.1% | ||
| Q2 25 | -15.4% | 10.9% | ||
| Q1 25 | 3.8% | 8.6% | ||
| Q4 24 | 33.1% | 16.5% | ||
| Q3 24 | -0.5% | 13.1% | ||
| Q2 24 | 19.4% | 11.8% | ||
| Q1 24 | 11.1% | 4.6% |
净利率EQHSHOP
| Q4 25 | 6.6% | 20.2% | ||
| Q3 25 | -90.3% | 9.3% | ||
| Q2 25 | -14.8% | 33.8% | ||
| Q1 25 | 1.4% | -28.9% | ||
| Q4 24 | 24.8% | 46.0% | ||
| Q3 24 | -4.4% | 38.3% | ||
| Q2 24 | 12.2% | 8.4% | ||
| Q1 24 | 5.1% | -14.7% |
每股收益（稀释后）EQHSHOP
| Q4 25 | $0.69 | $0.58 | ||
| Q3 25 | $-4.47 | $0.20 | ||
| Q2 25 | $-1.21 | $0.69 | ||
| Q1 25 | $0.16 | $-0.53 | ||
| Q4 24 | $2.72 | $0.99 | ||
| Q3 24 | $-0.47 | $0.64 | ||
| Q2 24 | $1.23 | $0.13 | ||
| Q1 24 | $0.30 | $-0.21 |
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 | $12.5B | $5.8B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $-74.0M | $13.5B |
| 总资产 | $318.0B | $15.2B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资EQHSHOP
| Q4 25 | $12.5B | $5.8B | ||
| Q3 25 | $13.6B | $6.3B | ||
| Q2 25 | $15.0B | $5.8B | ||
| Q1 25 | $8.2B | $5.5B | ||
| Q4 24 | $7.0B | $5.5B | ||
| Q3 24 | $9.6B | — | ||
| Q2 24 | $9.7B | — | ||
| Q1 24 | $10.4B | — |
股东权益EQHSHOP
| Q4 25 | $-74.0M | $13.5B | ||
| Q3 25 | $148.0M | $12.5B | ||
| Q2 25 | $1.1B | $12.1B | ||
| Q1 25 | $2.4B | $11.1B | ||
| Q4 24 | $1.6B | $11.6B | ||
| Q3 24 | $3.2B | $10.1B | ||
| Q2 24 | $1.6B | $9.2B | ||
| Q1 24 | $2.0B | $8.9B |
总资产EQHSHOP
| Q4 25 | $318.0B | $15.2B | ||
| Q3 25 | $314.4B | $15.0B | ||
| Q2 25 | $303.1B | $14.6B | ||
| Q1 25 | $287.4B | $13.4B | ||
| Q4 24 | $295.9B | $13.9B | ||
| Q3 24 | $299.0B | — | ||
| Q2 24 | $287.8B | — | ||
| Q1 24 | $285.6B | — |
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 | $-154.0M | $725.0M |
| 自由现金流经营现金流 - 资本支出 | — | $715.0M |
| 自由现金流率自由现金流/营收 | — | 19.5% |
| 资本支出强度资本支出/营收 | — | 0.3% |
| 现金转化率经营现金流/净利润 | -0.72× | 0.98× |
| 过去12个月自由现金流最近4个季度 | — | $2.0B |
8季度趋势，按日历期对齐
经营现金流EQHSHOP
| Q4 25 | $-154.0M | $725.0M | ||
| Q3 25 | $369.0M | $513.0M | ||
| Q2 25 | $341.0M | $428.0M | ||
| Q1 25 | $158.0M | $367.0M | ||
| Q4 24 | $400.0M | $615.0M | ||
| Q3 24 | $683.0M | $423.0M | ||
| Q2 24 | $892.0M | $340.0M | ||
| Q1 24 | $31.0M | $238.0M |
自由现金流EQHSHOP
| Q4 25 | — | $715.0M | ||
| Q3 25 | — | $507.0M | ||
| Q2 25 | — | $422.0M | ||
| Q1 25 | — | $363.0M | ||
| Q4 24 | — | $611.0M | ||
| Q3 24 | — | $421.0M | ||
| Q2 24 | — | $333.0M | ||
| Q1 24 | — | $232.0M |
自由现金流率EQHSHOP
| Q4 25 | — | 19.5% | ||
| Q3 25 | — | 17.8% | ||
| Q2 25 | — | 15.7% | ||
| Q1 25 | — | 15.4% | ||
| Q4 24 | — | 21.7% | ||
| Q3 24 | — | 19.5% | ||
| Q2 24 | — | 16.3% | ||
| Q1 24 | — | 12.5% |
资本支出强度EQHSHOP
| Q4 25 | — | 0.3% | ||
| Q3 25 | — | 0.2% | ||
| Q2 25 | — | 0.2% | ||
| Q1 25 | — | 0.2% | ||
| Q4 24 | — | 0.1% | ||
| Q3 24 | — | 0.1% | ||
| Q2 24 | — | 0.3% | ||
| Q1 24 | — | 0.3% |
现金转化率EQHSHOP
| Q4 25 | -0.72× | 0.98× | ||
| Q3 25 | — | 1.94× | ||
| Q2 25 | — | 0.47× | ||
| Q1 25 | 2.51× | — | ||
| Q4 24 | 0.44× | 0.48× | ||
| Q3 24 | — | 0.51× | ||
| Q2 24 | 2.08× | 1.99× | ||
| Q1 24 | 0.27× | — |
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
EQH
| Other | $1.5B | 46% |
| Asset Management | $1.2B | 37% |
| Wealth Management | $545.0M | 17% |
SHOP
| Services | $2.9B | 79% |
| Subscription And Circulation | $777.0M | 21% |
