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自由港麦克莫兰（FCX）与SHOPIFY INC.（SHOP）财务数据对比。点击上方公司名可切换其他公司
自由港麦克莫兰的季度营收约是SHOPIFY INC.的1.4倍（$5.3B vs $3.7B），SHOPIFY INC.净利率更高（20.2% vs 10.7%，领先9.5%），SHOPIFY INC.同比增速更快（30.6% vs -10.4%），SHOPIFY INC.自由现金流更多（$715.0M vs $-312.0M），过去两年SHOPIFY INC.的营收复合增速更高（40.5% vs -7.9%）
自由港麦克莫兰是总部位于美国亚利桑那州凤凰城的矿业企业，是全球最大的钼生产商、主要铜生产商之一，运营着坐落于印度尼西亚巴布亚省的世界最大金矿格拉斯伯格矿。
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。
FCX vs SHOP — 直观对比
营收规模更大
FCX
是对方的1.4倍
$3.7B
营收增速更快
SHOP
高出41.0%
-10.4%
净利率更高
SHOP
高出9.5%
10.7%
自由现金流更多
SHOP
多$1.0B
$-312.0M
两年增速更快
SHOP
近两年复合增速
-7.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $5.3B | $3.7B |
| 净利润 | $565.0M | $743.0M |
| 毛利率 | 12.4% | 46.1% |
| 营业利润率 | 15.4% | 17.2% |
| 净利率 | 10.7% | 20.2% |
| 营收同比 | -10.4% | 30.6% |
| 净利润同比 | -21.6% | -42.5% |
| 每股收益（稀释后） | — | $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FCXSHOP
| Q4 25 | $5.3B | $3.7B | ||
| Q3 25 | $6.8B | $2.8B | ||
| Q2 25 | $7.5B | $2.7B | ||
| Q1 25 | $5.6B | $2.4B | ||
| Q4 24 | $5.9B | $2.8B | ||
| Q3 24 | $6.7B | $2.2B | ||
| Q2 24 | $6.4B | $2.0B | ||
| Q1 24 | $6.2B | $1.9B |
净利润FCXSHOP
| Q4 25 | $565.0M | $743.0M | ||
| Q3 25 | $1.2B | $264.0M | ||
| Q2 25 | $1.5B | $906.0M | ||
| Q1 25 | $793.0M | $-682.0M | ||
| Q4 24 | $721.0M | $1.3B | ||
| Q3 24 | $1.2B | $828.0M | ||
| Q2 24 | $1.3B | $171.0M | ||
| Q1 24 | $1.2B | $-273.0M |
毛利率FCXSHOP
| Q4 25 | 12.4% | 46.1% | ||
| Q3 25 | 29.2% | 48.9% | ||
| Q2 25 | 34.2% | 48.6% | ||
| Q1 25 | 24.3% | 49.5% | ||
| Q4 24 | 27.0% | 48.1% | ||
| Q3 24 | 30.0% | 51.7% | ||
| Q2 24 | 31.5% | 51.1% | ||
| Q1 24 | 28.5% | 51.4% |
营业利润率FCXSHOP
| Q4 25 | 15.4% | 17.2% | ||
| Q3 25 | 28.9% | 12.1% | ||
| Q2 25 | 32.3% | 10.9% | ||
| Q1 25 | 23.4% | 8.6% | ||
| Q4 24 | 21.1% | 16.5% | ||
| Q3 24 | 29.0% | 13.1% | ||
| Q2 24 | 32.0% | 11.8% | ||
| Q1 24 | 26.3% | 4.6% |
净利率FCXSHOP
| Q4 25 | 10.7% | 20.2% | ||
| Q3 25 | 18.3% | 9.3% | ||
| Q2 25 | 20.6% | 33.8% | ||
| Q1 25 | 14.2% | -28.9% | ||
| Q4 24 | 12.3% | 46.0% | ||
| Q3 24 | 18.5% | 38.3% | ||
| Q2 24 | 20.0% | 8.4% | ||
| Q1 24 | 18.7% | -14.7% |
每股收益（稀释后）FCXSHOP
| Q4 25 | — | $0.58 | ||
| Q3 25 | $0.46 | $0.20 | ||
| Q2 25 | $0.53 | $0.69 | ||
| Q1 25 | $0.24 | $-0.53 | ||
| Q4 24 | — | $0.99 | ||
| Q3 24 | $0.36 | $0.64 | ||
| Q2 24 | $0.42 | $0.13 | ||
| Q1 24 | $0.32 | $-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 | $3.8B | $5.8B |
| 总债务越低越好 | $9.4B | — |
| 股东权益账面价值 | $18.9B | $13.5B |
| 总资产 | $58.2B | $15.2B |
| 负债/权益比越低杠杆越低 | 0.50× | — |
8季度趋势，按日历期对齐
现金及短期投资FCXSHOP
| Q4 25 | $3.8B | $5.8B | ||
| Q3 25 | $4.3B | $6.3B | ||
| Q2 25 | $4.5B | $5.8B | ||
| Q1 25 | $4.4B | $5.5B | ||
| Q4 24 | $3.9B | $5.5B | ||
| Q3 24 | $5.0B | — | ||
| Q2 24 | $5.3B | — | ||
| Q1 24 | $5.2B | — |
总债务FCXSHOP
| Q4 25 | $9.4B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $9.4B | — | ||
| Q4 24 | $8.9B | — | ||
| Q3 24 | $9.7B | — | ||
| Q2 24 | $9.4B | — | ||
| Q1 24 | $9.4B | — |
股东权益FCXSHOP
| Q4 25 | $18.9B | $13.5B | ||
| Q3 25 | $18.7B | $12.5B | ||
| Q2 25 | $18.2B | $12.1B | ||
| Q1 25 | $17.7B | $11.1B | ||
| Q4 24 | $17.6B | $11.6B | ||
| Q3 24 | $17.5B | $10.1B | ||
| Q2 24 | $17.4B | $9.2B | ||
| Q1 24 | $17.0B | $8.9B |
总资产FCXSHOP
| Q4 25 | $58.2B | $15.2B | ||
| Q3 25 | $56.8B | $15.0B | ||
| Q2 25 | $56.5B | $14.6B | ||
| Q1 25 | $56.0B | $13.4B | ||
| Q4 24 | $54.8B | $13.9B | ||
| Q3 24 | $55.4B | — | ||
| Q2 24 | $54.6B | — | ||
| Q1 24 | $54.2B | — |
负债/权益比FCXSHOP
| Q4 25 | 0.50× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.53× | — | ||
| Q4 24 | 0.51× | — | ||
| Q3 24 | 0.55× | — | ||
| Q2 24 | 0.54× | — | ||
| Q1 24 | 0.56× | — |
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 | $693.0M | $725.0M |
| 自由现金流经营现金流 - 资本支出 | $-312.0M | $715.0M |
| 自由现金流率自由现金流/营收 | -5.9% | 19.5% |
| 资本支出强度资本支出/营收 | 19.1% | 0.3% |
| 现金转化率经营现金流/净利润 | 1.23× | 0.98× |
| 过去12个月自由现金流最近4个季度 | $1.1B | $2.0B |
8季度趋势，按日历期对齐
经营现金流FCXSHOP
| Q4 25 | $693.0M | $725.0M | ||
| Q3 25 | $1.7B | $513.0M | ||
| Q2 25 | $2.2B | $428.0M | ||
| Q1 25 | $1.1B | $367.0M | ||
| Q4 24 | $1.4B | $615.0M | ||
| Q3 24 | $1.9B | $423.0M | ||
| Q2 24 | $2.0B | $340.0M | ||
| Q1 24 | $1.9B | $238.0M |
自由现金流FCXSHOP
| Q4 25 | $-312.0M | $715.0M | ||
| Q3 25 | $608.0M | $507.0M | ||
| Q2 25 | $934.0M | $422.0M | ||
| Q1 25 | $-114.0M | $363.0M | ||
| Q4 24 | $197.0M | $611.0M | ||
| Q3 24 | $673.0M | $421.0M | ||
| Q2 24 | $840.0M | $333.0M | ||
| Q1 24 | $642.0M | $232.0M |
自由现金流率FCXSHOP
| Q4 25 | -5.9% | 19.5% | ||
| Q3 25 | 8.9% | 17.8% | ||
| Q2 25 | 12.4% | 15.7% | ||
| Q1 25 | -2.0% | 15.4% | ||
| Q4 24 | 3.4% | 21.7% | ||
| Q3 24 | 10.1% | 19.5% | ||
| Q2 24 | 13.1% | 16.3% | ||
| Q1 24 | 10.3% | 12.5% |
资本支出强度FCXSHOP
| Q4 25 | 19.1% | 0.3% | ||
| Q3 25 | 15.5% | 0.2% | ||
| Q2 25 | 16.8% | 0.2% | ||
| Q1 25 | 21.0% | 0.2% | ||
| Q4 24 | 21.1% | 0.1% | ||
| Q3 24 | 17.9% | 0.1% | ||
| Q2 24 | 17.4% | 0.3% | ||
| Q1 24 | 20.2% | 0.3% |
现金转化率FCXSHOP
| Q4 25 | 1.23× | 0.98× | ||
| Q3 25 | 1.33× | 1.94× | ||
| Q2 25 | 1.42× | 0.47× | ||
| Q1 25 | 1.33× | — | ||
| Q4 24 | 1.99× | 0.48× | ||
| Q3 24 | 1.51× | 0.51× | ||
| Q2 24 | 1.53× | 1.99× | ||
| Q1 24 | 1.63× | — |
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
FCX
| Morenci | $2.5B | 47% |
| Grasberg Segment | $964.0M | 18% |
| Copper In Concentrates | $934.0M | 18% |
| Molybdenum | $541.0M | 10% |
| Gold | $388.0M | 7% |
SHOP
| Services | $2.9B | 79% |
| Subscription And Circulation | $777.0M | 21% |
