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联邦快递（FDX）与摩根士丹利（MS）财务数据对比。点击上方公司名可切换其他公司
联邦快递的季度营收约是摩根士丹利的1.3倍（$23.5B vs $17.9B），摩根士丹利净利率更高（24.6% vs 4.1%，领先20.5%）
联邦快递（FedEx）是总部位于美国田纳西州孟菲斯的跨国集团控股企业，主营业务覆盖运输、电子商务及商业服务领域。其品牌名FedEx源自原航空业务板块Federal Express的音节缩写，该原名自1973年启用，1994年集团正式统一使用FedEx作为品牌名称。
摩根士丹利是总部位于美国纽约曼哈顿中城百老汇1585号的跨国投资银行及金融服务提供商，在全球42个国家设有办事处，员工超8万名，服务客户涵盖企业、政府、机构及个人。2023年该公司位列美国财富500强第61位，同年位居福布斯全球2000强第30位。
FDX vs MS — 直观对比
营收规模更大
FDX
是对方的1.3倍
$17.9B
净利率更高
MS
高出20.5%
4.1%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $23.5B | $17.9B |
| 净利润 | $956.0M | $4.4B |
| 毛利率 | — | — |
| 营业利润率 | 5.9% | 32.2% |
| 净利率 | 4.1% | 24.6% |
| 营收同比 | 6.8% | — |
| 净利润同比 | 29.0% | — |
| 每股收益（稀释后） | $4.04 | $2.68 |
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FDXMS
| Q4 25 | $23.5B | $17.9B | ||
| Q3 25 | $22.2B | $18.2B | ||
| Q2 25 | $22.2B | $16.8B | ||
| Q1 25 | $22.2B | $17.7B | ||
| Q4 24 | $22.0B | — | ||
| Q3 24 | $21.6B | $15.4B | ||
| Q2 24 | $22.1B | $15.0B | ||
| Q1 24 | $21.7B | $15.1B |
净利润FDXMS
| Q4 25 | $956.0M | $4.4B | ||
| Q3 25 | $824.0M | $4.6B | ||
| Q2 25 | $1.6B | $3.5B | ||
| Q1 25 | $909.0M | $4.3B | ||
| Q4 24 | $741.0M | — | ||
| Q3 24 | $794.0M | $3.2B | ||
| Q2 24 | $1.5B | $3.1B | ||
| Q1 24 | $879.0M | $3.4B |
营业利润率FDXMS
| Q4 25 | 5.9% | 32.2% | ||
| Q3 25 | 5.3% | 33.1% | ||
| Q2 25 | 8.1% | 27.5% | ||
| Q1 25 | 5.8% | 31.3% | ||
| Q4 24 | 4.8% | — | ||
| Q3 24 | 5.0% | 27.4% | ||
| Q2 24 | 7.0% | 27.1% | ||
| Q1 24 | 5.7% | 29.0% |
净利率FDXMS
| Q4 25 | 4.1% | 24.6% | ||
| Q3 25 | 3.7% | 25.3% | ||
| Q2 25 | 7.4% | 21.1% | ||
| Q1 25 | 4.1% | 24.3% | ||
| Q4 24 | 3.4% | — | ||
| Q3 24 | 3.7% | 20.7% | ||
| Q2 24 | 6.7% | 20.5% | ||
| Q1 24 | 4.0% | 22.5% |
每股收益（稀释后）FDXMS
| Q4 25 | $4.04 | $2.68 | ||
| Q3 25 | $3.46 | $2.80 | ||
| Q2 25 | $6.81 | $2.13 | ||
| Q1 25 | $3.76 | $2.60 | ||
| Q4 24 | $3.03 | — | ||
| Q3 24 | $3.21 | $1.88 | ||
| Q2 24 | $5.92 | $1.82 | ||
| Q1 24 | $3.51 | $2.02 |
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 | $6.6B | $111.7B |
| 总债务越低越好 | $20.3B | $341.7B |
| 股东权益账面价值 | $28.1B | $111.6B |
| 总资产 | $89.2B | $1420.3B |
| 负债/权益比越低杠杆越低 | 0.72× | 3.06× |
8季度趋势，按日历期对齐
现金及短期投资FDXMS
| Q4 25 | $6.6B | $111.7B | ||
| Q3 25 | $6.2B | $103.7B | ||
| Q2 25 | $5.5B | $109.1B | ||
| Q1 25 | $5.1B | $90.7B | ||
| Q4 24 | $5.0B | — | ||
| Q3 24 | $5.9B | $91.1B | ||
| Q2 24 | $6.5B | $90.2B | ||
| Q1 24 | $5.6B | $102.3B |
总债务FDXMS
| Q4 25 | $20.3B | $341.7B | ||
| Q3 25 | $20.3B | $324.1B | ||
| Q2 25 | $19.2B | $320.1B | ||
| Q1 25 | $19.5B | $297.0B | ||
| Q4 24 | $19.4B | — | ||
| Q3 24 | $19.7B | $291.2B | ||
| Q2 24 | $20.1B | $269.9B | ||
| Q1 24 | $20.1B | $266.1B |
股东权益FDXMS
| Q4 25 | $28.1B | $111.6B | ||
| Q3 25 | $27.8B | $110.0B | ||
| Q2 25 | $28.1B | $108.2B | ||
| Q1 25 | $26.7B | $106.8B | ||
| Q4 24 | $26.5B | — | ||
| Q3 24 | $27.2B | $103.6B | ||
| Q2 24 | $27.6B | $100.7B | ||
| Q1 24 | $26.4B | $99.2B |
总资产FDXMS
| Q4 25 | $89.2B | $1420.3B | ||
| Q3 25 | $88.4B | $1364.8B | ||
| Q2 25 | $87.6B | $1353.9B | ||
| Q1 25 | $85.0B | $1300.3B | ||
| Q4 24 | $85.5B | — | ||
| Q3 24 | $86.7B | $1258.0B | ||
| Q2 24 | $87.0B | $1212.4B | ||
| Q1 24 | $86.1B | $1228.5B |
负债/权益比FDXMS
| Q4 25 | 0.72× | 3.06× | ||
| Q3 25 | 0.73× | 2.95× | ||
| Q2 25 | 0.68× | 2.96× | ||
| Q1 25 | 0.73× | 2.78× | ||
| Q4 24 | 0.73× | — | ||
| Q3 24 | 0.72× | 2.81× | ||
| Q2 24 | 0.73× | 2.68× | ||
| Q1 24 | 0.76× | 2.68× |
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 | $2.0B | $-2.4B |
| 自由现金流经营现金流 - 资本支出 | $1.2B | — |
| 自由现金流率自由现金流/营收 | 5.1% | — |
| 资本支出强度资本支出/营收 | 3.2% | — |
| 现金转化率经营现金流/净利润 | 2.04× | -0.55× |
| 过去12个月自由现金流最近4个季度 | $4.3B | — |
8季度趋势，按日历期对齐
经营现金流FDXMS
| Q4 25 | $2.0B | $-2.4B | ||
| Q3 25 | $1.7B | $-3.3B | ||
| Q2 25 | $2.5B | $11.8B | ||
| Q1 25 | $2.0B | $-24.0B | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | $2.7B | — | ||
| Q1 24 | $1.6B | $4.4B |
自由现金流FDXMS
| Q4 25 | $1.2B | — | ||
| Q3 25 | $1.1B | — | ||
| Q2 25 | $1.0B | — | ||
| Q1 25 | $1.0B | — | ||
| Q4 24 | $500.0M | — | ||
| Q3 24 | $420.0M | — | ||
| Q2 24 | $1.5B | — | ||
| Q1 24 | $231.0M | — |
自由现金流率FDXMS
| Q4 25 | 5.1% | — | ||
| Q3 25 | 4.9% | — | ||
| Q2 25 | 4.7% | — | ||
| Q1 25 | 4.6% | — | ||
| Q4 24 | 2.3% | — | ||
| Q3 24 | 1.9% | — | ||
| Q2 24 | 6.8% | — | ||
| Q1 24 | 1.1% | — |
资本支出强度FDXMS
| Q4 25 | 3.2% | — | ||
| Q3 25 | 2.8% | — | ||
| Q2 25 | 6.6% | — | ||
| Q1 25 | 4.5% | — | ||
| Q4 24 | 3.7% | — | ||
| Q3 24 | 3.6% | — | ||
| Q2 24 | 5.4% | — | ||
| Q1 24 | 6.3% | — |
现金转化率FDXMS
| Q4 25 | 2.04× | -0.55× | ||
| Q3 25 | 2.08× | -0.72× | ||
| Q2 25 | 1.53× | 3.34× | ||
| Q1 25 | 2.21× | -5.56× | ||
| Q4 24 | 1.78× | — | ||
| Q3 24 | 1.49× | — | ||
| Q2 24 | 1.83× | — | ||
| Q1 24 | 1.83× | 1.28× |
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
FDX
| United States Ground | $9.2B | 39% |
| United States Priority | $2.8B | 12% |
| Other | $2.2B | 9% |
| Fedex Freight Segment | $2.1B | 9% |
| International Economy | $1.5B | 6% |
| Freight Revenue | $1.5B | 6% |
| United States Deferred | $1.4B | 6% |
| International Domestic | $1.3B | 5% |
| International Economy Freight | $582.0M | 2% |
| United States Freight | $304.0M | 1% |
| Other International Revenue | $240.0M | 1% |
MS
暂无分部数据
