vs
伟创力（FLEX）与万事达卡（MA）财务数据对比。点击上方公司名可切换其他公司
万事达卡的季度营收约是伟创力的1.2倍（$8.8B vs $7.1B），万事达卡净利率更高（46.1% vs 3.4%，领先42.7%），万事达卡同比增速更快（17.6% vs 7.7%），万事达卡自由现金流更多（$4.9B vs $272.0M），过去两年伟创力的营收复合增速更高（25.2% vs 17.8%）
伟创力（Flex Ltd.）是一家拥有新加坡与美国背景的跨国制造企业，按营收计算为全球第三大电子制造服务（EMS）及原始设计制造商（ODM），仅次于和硕。其美国总部位于得克萨斯州奥斯汀，在30多个国家设有生产基地，员工总数约17.2万人。
万事达卡是总部位于美国纽约帕切斯的跨国支付卡服务企业，核心业务为处理商户收单银行与持卡人发卡机构之间的支付交易，同时提供旗下品牌借记卡、信用卡、预付卡及相关配套支付服务，服务网络覆盖全球，于2006年公开上市。
FLEX vs MA — 直观对比
营收规模更大
MA
是对方的1.2倍
$7.1B
营收增速更快
MA
高出9.9%
7.7%
净利率更高
MA
高出42.7%
3.4%
自由现金流更多
MA
多$4.6B
$272.0M
两年增速更快
FLEX
近两年复合增速
17.8%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $7.1B | $8.8B |
| 净利润 | $239.0M | $4.1B |
| 毛利率 | 9.6% | — |
| 营业利润率 | 5.5% | 55.8% |
| 净利率 | 3.4% | 46.1% |
| 营收同比 | 7.7% | 17.6% |
| 净利润同比 | -9.1% | 21.5% |
| 每股收益（稀释后） | $0.64 | $4.52 |
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FLEXMA
| Q4 25 | $7.1B | $8.8B | ||
| Q3 25 | $6.8B | $8.6B | ||
| Q2 25 | $6.6B | $8.1B | ||
| Q1 25 | $6.4B | $7.3B | ||
| Q4 24 | $6.6B | $7.5B | ||
| Q3 24 | $6.5B | $7.4B | ||
| Q2 24 | $6.3B | $7.0B | ||
| Q1 24 | $4.5B | $6.3B |
净利润FLEXMA
| Q4 25 | $239.0M | $4.1B | ||
| Q3 25 | $199.0M | $3.9B | ||
| Q2 25 | $192.0M | $3.7B | ||
| Q1 25 | $222.0M | $3.3B | ||
| Q4 24 | $263.0M | $3.3B | ||
| Q3 24 | $214.0M | $3.3B | ||
| Q2 24 | $139.0M | $3.3B | ||
| Q1 24 | $395.0M | $3.0B |
毛利率FLEXMA
| Q4 25 | 9.6% | — | ||
| Q3 25 | 9.0% | — | ||
| Q2 25 | 8.7% | — | ||
| Q1 25 | 8.8% | — | ||
| Q4 24 | 9.1% | — | ||
| Q3 24 | 8.1% | — | ||
| Q2 24 | 7.5% | — | ||
| Q1 24 | -0.6% | — |
营业利润率FLEXMA
| Q4 25 | 5.5% | 55.8% | ||
| Q3 25 | 4.4% | 58.8% | ||
| Q2 25 | 4.7% | 58.7% | ||
| Q1 25 | 4.8% | 57.2% | ||
| Q4 24 | 5.1% | 52.6% | ||
| Q3 24 | 4.5% | 54.3% | ||
| Q2 24 | 3.7% | 58.0% | ||
| Q1 24 | -3.6% | 56.8% |
净利率FLEXMA
| Q4 25 | 3.4% | 46.1% | ||
| Q3 25 | 2.9% | 45.7% | ||
| Q2 25 | 2.9% | 45.5% | ||
| Q1 25 | 3.5% | 45.2% | ||
| Q4 24 | 4.0% | 44.6% | ||
| Q3 24 | 3.3% | 44.3% | ||
| Q2 24 | 2.2% | 46.8% | ||
| Q1 24 | 8.8% | 47.4% |
每股收益（稀释后）FLEXMA
| Q4 25 | $0.64 | $4.52 | ||
| Q3 25 | $0.52 | $4.34 | ||
| Q2 25 | $0.50 | $4.07 | ||
| Q1 25 | $0.56 | $3.59 | ||
| Q4 24 | $0.67 | $3.64 | ||
| Q3 24 | $0.54 | $3.53 | ||
| Q2 24 | $0.34 | $3.50 | ||
| Q1 24 | $0.91 | $3.22 |
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 | $3.1B | $10.6B |
| 总债务越低越好 | $4.4B | — |
| 股东权益账面价值 | $5.1B | $7.7B |
| 总资产 | $20.8B | $54.2B |
| 负债/权益比越低杠杆越低 | 0.87× | — |
8季度趋势，按日历期对齐
现金及短期投资FLEXMA
| Q4 25 | $3.1B | $10.6B | ||
| Q3 25 | $2.2B | $10.3B | ||
| Q2 25 | $2.2B | $9.0B | ||
| Q1 25 | $2.3B | $7.6B | ||
| Q4 24 | $2.3B | $8.4B | ||
| Q3 24 | $2.6B | $11.1B | ||
| Q2 24 | $2.2B | $7.0B | ||
| Q1 24 | $2.5B | $7.3B |
总债务FLEXMA
| Q4 25 | $4.4B | — | ||
| Q3 25 | $3.7B | — | ||
| Q2 25 | $3.7B | — | ||
| Q1 25 | $3.7B | — | ||
| Q4 24 | $3.7B | — | ||
| Q3 24 | $3.7B | — | ||
| Q2 24 | $3.2B | — | ||
| Q1 24 | $3.3B | — |
股东权益FLEXMA
| Q4 25 | $5.1B | $7.7B | ||
| Q3 25 | $5.0B | $7.9B | ||
| Q2 25 | $5.1B | $7.9B | ||
| Q1 25 | $5.0B | $6.7B | ||
| Q4 24 | $5.0B | $6.5B | ||
| Q3 24 | $5.0B | $7.4B | ||
| Q2 24 | $5.0B | $7.4B | ||
| Q1 24 | $5.3B | $7.2B |
总资产FLEXMA
| Q4 25 | $20.8B | $54.2B | ||
| Q3 25 | $19.5B | $53.3B | ||
| Q2 25 | $19.1B | $51.4B | ||
| Q1 25 | $18.4B | $48.5B | ||
| Q4 24 | $18.3B | $48.1B | ||
| Q3 24 | $18.6B | $47.2B | ||
| Q2 24 | $17.7B | $42.3B | ||
| Q1 24 | $18.3B | $42.6B |
负债/权益比FLEXMA
| Q4 25 | 0.87× | — | ||
| Q3 25 | 0.73× | — | ||
| Q2 25 | 0.72× | — | ||
| Q1 25 | 0.74× | — | ||
| Q4 24 | 0.74× | — | ||
| Q3 24 | 0.74× | — | ||
| Q2 24 | 0.64× | — | ||
| Q1 24 | 0.61× | — |
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 | $420.0M | $5.0B |
| 自由现金流经营现金流 - 资本支出 | $272.0M | $4.9B |
| 自由现金流率自由现金流/营收 | 3.9% | 55.5% |
| 资本支出强度资本支出/营收 | 2.1% | 1.3% |
| 现金转化率经营现金流/净利润 | 1.76× | 1.23× |
| 过去12个月自由现金流最近4个季度 | $1.2B | $17.2B |
8季度趋势，按日历期对齐
经营现金流FLEXMA
| Q4 25 | $420.0M | $5.0B | ||
| Q3 25 | $453.0M | $5.7B | ||
| Q2 25 | $399.0M | $4.6B | ||
| Q1 25 | $433.0M | $2.4B | ||
| Q4 24 | $413.0M | $4.8B | ||
| Q3 24 | $319.0M | $5.1B | ||
| Q2 24 | $340.0M | $3.1B | ||
| Q1 24 | $679.0M | $1.7B |
自由现金流FLEXMA
| Q4 25 | $272.0M | $4.9B | ||
| Q3 25 | $303.0M | $5.5B | ||
| Q2 25 | $266.0M | $4.6B | ||
| Q1 25 | $321.0M | $2.2B | ||
| Q4 24 | $301.0M | $4.7B | ||
| Q3 24 | $216.0M | $5.0B | ||
| Q2 24 | $229.0M | $3.0B | ||
| Q1 24 | $598.0M | $1.5B |
自由现金流率FLEXMA
| Q4 25 | 3.9% | 55.5% | ||
| Q3 25 | 4.5% | 63.8% | ||
| Q2 25 | 4.0% | 56.1% | ||
| Q1 25 | 5.0% | 30.6% | ||
| Q4 24 | 4.6% | 63.3% | ||
| Q3 24 | 3.3% | 68.2% | ||
| Q2 24 | 3.6% | 43.4% | ||
| Q1 24 | 13.3% | 23.9% |
资本支出强度FLEXMA
| Q4 25 | 2.1% | 1.3% | ||
| Q3 25 | 2.2% | 2.1% | ||
| Q2 25 | 2.0% | 0.5% | ||
| Q1 25 | 1.8% | 2.2% | ||
| Q4 24 | 1.7% | 1.3% | ||
| Q3 24 | 1.6% | 1.5% | ||
| Q2 24 | 1.8% | 1.7% | ||
| Q1 24 | 1.8% | 2.5% |
现金转化率FLEXMA
| Q4 25 | 1.76× | 1.23× | ||
| Q3 25 | 2.28× | 1.44× | ||
| Q2 25 | 2.08× | 1.24× | ||
| Q1 25 | 1.95× | 0.73× | ||
| Q4 24 | 1.57× | 1.45× | ||
| Q3 24 | 1.49× | 1.57× | ||
| Q2 24 | 2.45× | 0.96× | ||
| Q1 24 | 1.72× | 0.56× |
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
FLEX
| Flex Reliability Solutions FRS | $3.2B | 46% |
| Transferred At Point In Time | $2.7B | 38% |
| Transferred Over Time | $1.1B | 16% |
MA
| Payment Network | $4.9B | 56% |
| Value Added Services And Solutions | $3.9B | 44% |
