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Expeditors International（EXPD）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Expeditors International的1.3倍（$3.7B vs $2.9B），SHOPIFY INC.净利率更高（20.2% vs 7.0%，领先13.2%），SHOPIFY INC.同比增速更快（30.6% vs -3.3%），SHOPIFY INC.自由现金流更多（$715.0M vs $270.3M），过去两年SHOPIFY INC.的营收复合增速更高（40.5% vs 13.8%）
美国财富500强物流服务企业，总部位于华盛顿州贝尔维尤，依托覆盖六大洲100余个国家超340个网点的全球网络及统一集成的技术系统，为客户提供高度优化的定制化供应链解决方案。
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。
EXPD vs SHOP — 直观对比
营收规模更大
SHOP
是对方的1.3倍
$2.9B
营收增速更快
SHOP
高出33.9%
-3.3%
净利率更高
SHOP
高出13.2%
7.0%
自由现金流更多
SHOP
多$444.7M
$270.3M
两年增速更快
SHOP
近两年复合增速
13.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.9B | $3.7B |
| 净利润 | $200.7M | $743.0M |
| 毛利率 | — | 46.1% |
| 营业利润率 | 8.8% | 17.2% |
| 净利率 | 7.0% | 20.2% |
| 营收同比 | -3.3% | 30.6% |
| 净利润同比 | -14.9% | -42.5% |
| 每股收益（稀释后） | $1.50 | $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EXPDSHOP
| Q4 25 | $2.9B | $3.7B | ||
| Q3 25 | $2.9B | $2.8B | ||
| Q2 25 | $2.7B | $2.7B | ||
| Q1 25 | $2.7B | $2.4B | ||
| Q4 24 | $3.0B | $2.8B | ||
| Q3 24 | $3.0B | $2.2B | ||
| Q2 24 | $2.4B | $2.0B | ||
| Q1 24 | $2.2B | $1.9B |
净利润EXPDSHOP
| Q4 25 | $200.7M | $743.0M | ||
| Q3 25 | $222.3M | $264.0M | ||
| Q2 25 | $183.6M | $906.0M | ||
| Q1 25 | $203.8M | $-682.0M | ||
| Q4 24 | $235.9M | $1.3B | ||
| Q3 24 | $229.6M | $828.0M | ||
| Q2 24 | $175.5M | $171.0M | ||
| Q1 24 | $169.2M | $-273.0M |
毛利率EXPDSHOP
| 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EXPDSHOP
| Q4 25 | 8.8% | 17.2% | ||
| Q3 25 | 10.0% | 12.1% | ||
| Q2 25 | 9.3% | 10.9% | ||
| Q1 25 | 10.0% | 8.6% | ||
| Q4 24 | 10.2% | 16.5% | ||
| Q3 24 | 10.1% | 13.1% | ||
| Q2 24 | 9.2% | 11.8% | ||
| Q1 24 | 9.7% | 4.6% |
净利率EXPDSHOP
| Q4 25 | 7.0% | 20.2% | ||
| Q3 25 | 7.7% | 9.3% | ||
| Q2 25 | 6.9% | 33.8% | ||
| Q1 25 | 7.6% | -28.9% | ||
| Q4 24 | 8.0% | 46.0% | ||
| Q3 24 | 7.7% | 38.3% | ||
| Q2 24 | 7.2% | 8.4% | ||
| Q1 24 | 7.7% | -14.7% |
每股收益（稀释后）EXPDSHOP
| Q4 25 | $1.50 | $0.58 | ||
| Q3 25 | $1.64 | $0.20 | ||
| Q2 25 | $1.34 | $0.69 | ||
| Q1 25 | $1.47 | $-0.53 | ||
| Q4 24 | $1.68 | $0.99 | ||
| Q3 24 | $1.63 | $0.64 | ||
| Q2 24 | $1.24 | $0.13 | ||
| Q1 24 | $1.17 | $-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 | $1.3B | $5.8B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.4B | $13.5B |
| 总资产 | $4.9B | $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EXPDSHOP
| Q4 25 | $1.3B | $5.8B | ||
| Q3 25 | $1.2B | $6.3B | ||
| Q2 25 | $1.2B | $5.8B | ||
| Q1 25 | $1.3B | $5.5B | ||
| Q4 24 | $1.1B | $5.5B | ||
| Q3 24 | $1.3B | — | ||
| Q2 24 | $1.3B | — | ||
| Q1 24 | $1.4B | — |
股东权益EXPDSHOP
| Q4 25 | $2.4B | $13.5B | ||
| Q3 25 | $2.3B | $12.5B | ||
| Q2 25 | $2.2B | $12.1B | ||
| Q1 25 | $2.3B | $11.1B | ||
| Q4 24 | $2.2B | $11.6B | ||
| Q3 24 | $2.4B | $10.1B | ||
| Q2 24 | $2.2B | $9.2B | ||
| Q1 24 | $2.2B | $8.9B |
总资产EXPDSHOP
| Q4 25 | $4.9B | $15.2B | ||
| Q3 25 | $4.8B | $15.0B | ||
| Q2 25 | $4.8B | $14.6B | ||
| Q1 25 | $4.8B | $13.4B | ||
| Q4 24 | $4.8B | $13.9B | ||
| Q3 24 | $5.2B | — | ||
| Q2 24 | $4.8B | — | ||
| Q1 24 | $4.5B | — |
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 | $283.3M | $725.0M |
| 自由现金流经营现金流 - 资本支出 | $270.3M | $715.0M |
| 自由现金流率自由现金流/营收 | 9.5% | 19.5% |
| 资本支出强度资本支出/营收 | 0.5% | 0.3% |
| 现金转化率经营现金流/净利润 | 1.41× | 0.98× |
| 过去12个月自由现金流最近4个季度 | $953.4M | $2.0B |
8季度趋势，按日历期对齐
经营现金流EXPDSHOP
| Q4 25 | $283.3M | $725.0M | ||
| Q3 25 | $201.4M | $513.0M | ||
| Q2 25 | $179.2M | $428.0M | ||
| Q1 25 | $342.6M | $367.0M | ||
| Q4 24 | $249.7M | $615.0M | ||
| Q3 24 | $90.0M | $423.0M | ||
| Q2 24 | $126.8M | $340.0M | ||
| Q1 24 | $256.9M | $238.0M |
自由现金流EXPDSHOP
| Q4 25 | $270.3M | $715.0M | ||
| Q3 25 | $190.3M | $507.0M | ||
| Q2 25 | $163.3M | $422.0M | ||
| Q1 25 | $329.5M | $363.0M | ||
| Q4 24 | $239.7M | $611.0M | ||
| Q3 24 | $77.7M | $421.0M | ||
| Q2 24 | $118.8M | $333.0M | ||
| Q1 24 | $246.7M | $232.0M |
自由现金流率EXPDSHOP
| Q4 25 | 9.5% | 19.5% | ||
| Q3 25 | 6.6% | 17.8% | ||
| Q2 25 | 6.2% | 15.7% | ||
| Q1 25 | 12.4% | 15.4% | ||
| Q4 24 | 8.1% | 21.7% | ||
| Q3 24 | 2.6% | 19.5% | ||
| Q2 24 | 4.9% | 16.3% | ||
| Q1 24 | 11.2% | 12.5% |
资本支出强度EXPDSHOP
| Q4 25 | 0.5% | 0.3% | ||
| Q3 25 | 0.4% | 0.2% | ||
| Q2 25 | 0.6% | 0.2% | ||
| Q1 25 | 0.5% | 0.2% | ||
| Q4 24 | 0.3% | 0.1% | ||
| Q3 24 | 0.4% | 0.1% | ||
| Q2 24 | 0.3% | 0.3% | ||
| Q1 24 | 0.5% | 0.3% |
现金转化率EXPDSHOP
| Q4 25 | 1.41× | 0.98× | ||
| Q3 25 | 0.91× | 1.94× | ||
| Q2 25 | 0.98× | 0.47× | ||
| Q1 25 | 1.68× | — | ||
| Q4 24 | 1.06× | 0.48× | ||
| Q3 24 | 0.39× | 0.51× | ||
| Q2 24 | 0.72× | 1.99× | ||
| Q1 24 | 1.52× | — |
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
EXPD
| Customs Brokerage And Other Services | $1.1B | 40% |
| Airfreight Services | $1.1B | 39% |
| Ocean Freight And Ocean Services | $611.4M | 21% |
SHOP
| Services | $2.9B | 79% |
| Subscription And Circulation | $777.0M | 21% |
