vs
伟创力（FLEX）与拼多多（PDD）财务数据对比。点击上方公司名可切换其他公司
拼多多的季度营收约是伟创力的2.0倍（$15.2B vs $7.5B），拼多多净利率更高（27.1% vs 3.3%，领先23.7%），过去两年拼多多的营收复合增速更高（74.6% vs 8.8%）
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。
PDD控股是总部位于爱尔兰的跨国企业，旗下拥有中国头部线上零售平台拼多多和跨境电商平台Temu。拼多多主打农业供应链数字化升级，助力农产品直接对接广大消费者需求。
FLEX vs PDD — 直观对比
营收规模更大
PDD
是对方的2.0倍
$7.5B
净利率更高
PDD
高出23.7%
3.3%
两年增速更快
PDD
近两年复合增速
8.8%
损益表 — Q4 FY2026 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $7.5B | $15.2B |
| 净利润 | $250.0M | $4.1B |
| 毛利率 | 9.4% | 56.7% |
| 营业利润率 | 5.0% | 23.1% |
| 净利率 | 3.3% | 27.1% |
| 营收同比 | 16.9% | — |
| 净利润同比 | 12.6% | — |
| 每股收益（稀释后） | $0.67 | — |
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FLEXPDD
| Q1 26 | $7.5B | — | ||
| Q4 25 | $7.1B | — | ||
| Q3 25 | $6.8B | $15.2B | ||
| Q2 25 | $6.6B | $14.5B | ||
| Q1 25 | $6.4B | — | ||
| Q4 24 | $6.6B | — | ||
| Q3 24 | $6.5B | $14.2B | ||
| Q2 24 | $6.3B | — |
净利润FLEXPDD
| Q1 26 | $250.0M | — | ||
| Q4 25 | $239.0M | — | ||
| Q3 25 | $199.0M | $4.1B | ||
| Q2 25 | $192.0M | $4.3B | ||
| Q1 25 | $222.0M | — | ||
| Q4 24 | $263.0M | — | ||
| Q3 24 | $214.0M | $3.6B | ||
| Q2 24 | $139.0M | — |
毛利率FLEXPDD
| Q1 26 | 9.4% | — | ||
| Q4 25 | 9.6% | — | ||
| Q3 25 | 9.0% | 56.7% | ||
| Q2 25 | 8.7% | 55.9% | ||
| Q1 25 | 8.8% | — | ||
| Q4 24 | 9.1% | — | ||
| Q3 24 | 8.1% | 60.0% | ||
| Q2 24 | 7.5% | — |
营业利润率FLEXPDD
| Q1 26 | 5.0% | — | ||
| Q4 25 | 5.5% | — | ||
| Q3 25 | 4.4% | 23.1% | ||
| Q2 25 | 4.7% | 24.8% | ||
| Q1 25 | 4.8% | — | ||
| Q4 24 | 5.1% | — | ||
| Q3 24 | 4.5% | 24.5% | ||
| Q2 24 | 3.7% | — |
净利率FLEXPDD
| Q1 26 | 3.3% | — | ||
| Q4 25 | 3.4% | — | ||
| Q3 25 | 2.9% | 27.1% | ||
| Q2 25 | 2.9% | 29.6% | ||
| Q1 25 | 3.5% | — | ||
| Q4 24 | 4.0% | — | ||
| Q3 24 | 3.3% | 25.1% | ||
| Q2 24 | 2.2% | — |
每股收益（稀释后）FLEXPDD
| Q1 26 | $0.67 | — | ||
| Q4 25 | $0.64 | — | ||
| Q3 25 | $0.52 | — | ||
| Q2 25 | $0.50 | — | ||
| Q1 25 | $0.56 | — | ||
| Q4 24 | $0.67 | — | ||
| Q3 24 | $0.54 | — | ||
| Q2 24 | $0.34 | — |
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 | $2.4B | $13.0B |
| 总债务越低越好 | $3.8B | — |
| 股东权益账面价值 | $5.1B | $55.0B |
| 总资产 | $22.1B | $86.2B |
| 负债/权益比越低杠杆越低 | 0.73× | — |
8季度趋势，按日历期对齐
现金及短期投资FLEXPDD
| Q1 26 | $2.4B | — | ||
| Q4 25 | $3.1B | — | ||
| Q3 25 | $2.2B | $13.0B | ||
| Q2 25 | $2.2B | $8.8B | ||
| Q1 25 | $2.3B | — | ||
| Q4 24 | $2.3B | — | ||
| Q3 24 | $2.6B | $9.3B | ||
| Q2 24 | $2.2B | — |
总债务FLEXPDD
| Q1 26 | $3.8B | — | ||
| 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 | — |
股东权益FLEXPDD
| Q1 26 | $5.1B | — | ||
| Q4 25 | $5.1B | — | ||
| Q3 25 | $5.0B | $55.0B | ||
| Q2 25 | $5.1B | $50.5B | ||
| Q1 25 | $5.0B | — | ||
| Q4 24 | $5.0B | — | ||
| Q3 24 | $5.0B | $39.7B | ||
| Q2 24 | $5.0B | — |
总资产FLEXPDD
| Q1 26 | $22.1B | — | ||
| Q4 25 | $20.8B | — | ||
| Q3 25 | $19.5B | $86.2B | ||
| Q2 25 | $19.1B | $79.2B | ||
| Q1 25 | $18.4B | — | ||
| Q4 24 | $18.3B | — | ||
| Q3 24 | $18.6B | $66.5B | ||
| Q2 24 | $17.7B | — |
负债/权益比FLEXPDD
| Q1 26 | 0.73× | — | ||
| 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× | — |
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 | $413.0M | $6.4B |
| 自由现金流经营现金流 - 资本支出 | $212.0M | — |
| 自由现金流率自由现金流/营收 | 2.8% | — |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | 1.65× | 1.56× |
| 过去12个月自由现金流最近4个季度 | $1.1B | — |
8季度趋势，按日历期对齐
经营现金流FLEXPDD
| Q1 26 | $413.0M | — | ||
| Q4 25 | $420.0M | — | ||
| Q3 25 | $453.0M | $6.4B | ||
| Q2 25 | $399.0M | $3.0B | ||
| Q1 25 | $433.0M | — | ||
| Q4 24 | $413.0M | — | ||
| Q3 24 | $319.0M | $3.9B | ||
| Q2 24 | $340.0M | — |
自由现金流FLEXPDD
| Q1 26 | $212.0M | — | ||
| Q4 25 | $272.0M | — | ||
| Q3 25 | $303.0M | — | ||
| Q2 25 | $266.0M | — | ||
| Q1 25 | $321.0M | — | ||
| Q4 24 | $301.0M | — | ||
| Q3 24 | $216.0M | — | ||
| Q2 24 | $229.0M | — |
自由现金流率FLEXPDD
| Q1 26 | 2.8% | — | ||
| Q4 25 | 3.9% | — | ||
| Q3 25 | 4.5% | — | ||
| Q2 25 | 4.0% | — | ||
| Q1 25 | 5.0% | — | ||
| Q4 24 | 4.6% | — | ||
| Q3 24 | 3.3% | — | ||
| Q2 24 | 3.6% | — |
资本支出强度FLEXPDD
| Q1 26 | — | — | ||
| Q4 25 | 2.1% | — | ||
| Q3 25 | 2.2% | — | ||
| Q2 25 | 2.0% | — | ||
| Q1 25 | 1.8% | — | ||
| Q4 24 | 1.7% | — | ||
| Q3 24 | 1.6% | — | ||
| Q2 24 | 1.8% | — |
现金转化率FLEXPDD
| Q1 26 | 1.65× | — | ||
| Q4 25 | 1.76× | — | ||
| Q3 25 | 2.28× | 1.56× | ||
| Q2 25 | 2.08× | 0.70× | ||
| Q1 25 | 1.95× | — | ||
| Q4 24 | 1.57× | — | ||
| Q3 24 | 1.49× | 1.10× | ||
| Q2 24 | 2.45× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
