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Global Business Travel Group, Inc.（GBTG）与UiPath, Inc.（PATH）财务数据对比。点击上方公司名可切换其他公司
Global Business Travel Group, Inc.的季度营收约是UiPath, Inc.的1.9倍（$792.0M vs $411.1M），UiPath, Inc.净利率更高（48.4% vs 10.5%，领先37.9%），Global Business Travel Group, Inc.同比增速更快（34.0% vs 15.9%），UiPath, Inc.自由现金流更多（$25.1M vs $13.0M），过去两年Global Business Travel Group, Inc.的营收复合增速更高（13.9% vs 0.7%）
环球商旅集团（GBTG）是专业的差旅管理服务商，致力于为各类企业及机构提供全链路商务出行解决方案。核心服务涵盖智能线上预订工具、移动端应用、差旅项目管控与咨询、高管专属出行服务、会议活动支持、差旅数据分析以及出行安全保障等，可满足不同规模客户的多元化商务出行管理需求。
UiPath是一家全球化软件企业，专注于开发人工智能、智能自动化及流程编排类软件，其产品支持用户搭建与调度AI代理，实现复杂业务流程、工作流的自动化运行，助力各行业客户提升运营效率、降低人力成本。
GBTG vs PATH — 直观对比
营收规模更大
GBTG
是对方的1.9倍
$411.1M
营收增速更快
GBTG
高出18.1%
15.9%
净利率更高
PATH
高出37.9%
10.5%
自由现金流更多
PATH
多$12.1M
$13.0M
两年增速更快
GBTG
近两年复合增速
0.7%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $792.0M | $411.1M |
| 净利润 | $83.0M | $198.8M |
| 毛利率 | — | 83.3% |
| 营业利润率 | 3.7% | 3.2% |
| 净利率 | 10.5% | 48.4% |
| 营收同比 | 34.0% | 15.9% |
| 净利润同比 | 692.9% | 1966.2% |
| 每股收益（稀释后） | $0.16 | $0.37 |
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GBTGPATH
| Q4 25 | $792.0M | $411.1M | ||
| Q3 25 | $674.0M | $361.7M | ||
| Q2 25 | $631.0M | $356.6M | ||
| Q1 25 | $621.0M | $423.6M | ||
| Q4 24 | $591.0M | $354.7M | ||
| Q3 24 | $597.0M | $316.3M | ||
| Q2 24 | $625.0M | $335.1M | ||
| Q1 24 | $610.0M | $405.3M |
净利润GBTGPATH
| Q4 25 | $83.0M | $198.8M | ||
| Q3 25 | $-62.0M | $1.6M | ||
| Q2 25 | $15.0M | $-22.6M | ||
| Q1 25 | $75.0M | $51.8M | ||
| Q4 24 | $-14.0M | $-10.7M | ||
| Q3 24 | $-128.0M | $-86.1M | ||
| Q2 24 | $27.0M | $-28.7M | ||
| Q1 24 | $-19.0M | $33.9M |
毛利率GBTGPATH
| Q4 25 | — | 83.3% | ||
| Q3 25 | — | 82.2% | ||
| Q2 25 | — | 82.1% | ||
| Q1 25 | — | 84.8% | ||
| Q4 24 | — | 82.0% | ||
| Q3 24 | — | 80.0% | ||
| Q2 24 | — | 83.5% | ||
| Q1 24 | — | 86.8% |
营业利润率GBTGPATH
| Q4 25 | 3.7% | 3.2% | ||
| Q3 25 | 1.8% | -5.6% | ||
| Q2 25 | 5.4% | -4.6% | ||
| Q1 25 | 8.9% | 7.9% | ||
| Q4 24 | 5.1% | -12.2% | ||
| Q3 24 | 4.5% | -32.7% | ||
| Q2 24 | 6.7% | -14.8% | ||
| Q1 24 | 2.6% | 3.7% |
净利率GBTGPATH
| Q4 25 | 10.5% | 48.4% | ||
| Q3 25 | -9.2% | 0.4% | ||
| Q2 25 | 2.4% | -6.3% | ||
| Q1 25 | 12.1% | 12.2% | ||
| Q4 24 | -2.4% | -3.0% | ||
| Q3 24 | -21.4% | -27.2% | ||
| Q2 24 | 4.3% | -8.6% | ||
| Q1 24 | -3.1% | 8.4% |
每股收益（稀释后）GBTGPATH
| Q4 25 | $0.16 | $0.37 | ||
| Q3 25 | $-0.13 | $0.00 | ||
| Q2 25 | $0.03 | $-0.04 | ||
| Q1 25 | $0.16 | $0.09 | ||
| Q4 24 | $-0.04 | $-0.02 | ||
| Q3 24 | $-0.28 | $-0.15 | ||
| Q2 24 | $0.06 | $-0.05 | ||
| Q1 24 | $-0.04 | $0.07 |
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 | $434.0M | $1.4B |
| 总债务越低越好 | $1.4B | — |
| 股东权益账面价值 | $1.6B | $1.9B |
| 总资产 | $4.9B | $2.9B |
| 负债/权益比越低杠杆越低 | 0.88× | — |
8季度趋势，按日历期对齐
现金及短期投资GBTGPATH
| Q4 25 | $434.0M | $1.4B | ||
| Q3 25 | $427.0M | $1.4B | ||
| Q2 25 | $601.0M | $1.6B | ||
| Q1 25 | $552.0M | $1.6B | ||
| Q4 24 | $536.0M | $1.6B | ||
| Q3 24 | $524.0M | $1.7B | ||
| Q2 24 | $515.0M | $1.9B | ||
| Q1 24 | $475.0M | $1.9B |
总债务GBTGPATH
| Q4 25 | $1.4B | — | ||
| Q3 25 | $1.4B | — | ||
| Q2 25 | $1.4B | — | ||
| Q1 25 | $1.4B | — | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $1.4B | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益GBTGPATH
| Q4 25 | $1.6B | $1.9B | ||
| Q3 25 | $1.5B | $1.7B | ||
| Q2 25 | $1.2B | $1.7B | ||
| Q1 25 | $1.1B | $1.8B | ||
| Q4 24 | $1.1B | $1.7B | ||
| Q3 24 | $1.1B | $1.8B | ||
| Q2 24 | $1.2B | $2.0B | ||
| Q1 24 | $1.2B | $2.0B |
总资产GBTGPATH
| Q4 25 | $4.9B | $2.9B | ||
| Q3 25 | $4.8B | $2.6B | ||
| Q2 25 | $3.9B | $2.6B | ||
| Q1 25 | $3.8B | $2.9B | ||
| Q4 24 | $3.6B | $2.7B | ||
| Q3 24 | $3.8B | $2.7B | ||
| Q2 24 | $3.8B | $2.8B | ||
| Q1 24 | $3.8B | $3.0B |
负债/权益比GBTGPATH
| Q4 25 | 0.88× | — | ||
| Q3 25 | 0.91× | — | ||
| Q2 25 | 1.15× | — | ||
| Q1 25 | 1.23× | — | ||
| Q4 24 | 1.32× | — | ||
| Q3 24 | 1.26× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $52.0M | $28.3M |
| 自由现金流经营现金流 - 资本支出 | $13.0M | $25.1M |
| 自由现金流率自由现金流/营收 | 1.6% | 6.1% |
| 资本支出强度资本支出/营收 | 4.9% | 0.8% |
| 现金转化率经营现金流/净利润 | 0.63× | 0.14× |
| 过去12个月自由现金流最近4个季度 | $104.0M | — |
8季度趋势，按日历期对齐
经营现金流GBTGPATH
| Q4 25 | $52.0M | $28.3M | ||
| Q3 25 | $71.0M | $41.6M | ||
| Q2 25 | $57.0M | $119.0M | ||
| Q1 25 | $53.0M | $146.1M | ||
| Q4 24 | $65.0M | $28.1M | ||
| Q3 24 | $85.0M | $46.4M | ||
| Q2 24 | $73.0M | $100.0M | ||
| Q1 24 | $49.0M | $145.6M |
自由现金流GBTGPATH
| Q4 25 | $13.0M | $25.1M | ||
| Q3 25 | $38.0M | — | ||
| Q2 25 | $27.0M | $106.2M | ||
| Q1 25 | $26.0M | $138.7M | ||
| Q4 24 | $33.0M | $23.2M | ||
| Q3 24 | $59.0M | $45.0M | ||
| Q2 24 | $49.0M | $98.8M | ||
| Q1 24 | $24.0M | $141.8M |
自由现金流率GBTGPATH
| Q4 25 | 1.6% | 6.1% | ||
| Q3 25 | 5.6% | — | ||
| Q2 25 | 4.3% | 29.8% | ||
| Q1 25 | 4.2% | 32.7% | ||
| Q4 24 | 5.6% | 6.5% | ||
| Q3 24 | 9.9% | 14.2% | ||
| Q2 24 | 7.8% | 29.5% | ||
| Q1 24 | 3.9% | 35.0% |
资本支出强度GBTGPATH
| Q4 25 | 4.9% | 0.8% | ||
| Q3 25 | 4.9% | 0.0% | ||
| Q2 25 | 4.8% | 3.6% | ||
| Q1 25 | 4.3% | 1.7% | ||
| Q4 24 | 5.4% | 1.4% | ||
| Q3 24 | 4.4% | 0.4% | ||
| Q2 24 | 3.8% | 0.4% | ||
| Q1 24 | 4.1% | 0.9% |
现金转化率GBTGPATH
| Q4 25 | 0.63× | 0.14× | ||
| Q3 25 | — | 26.25× | ||
| Q2 25 | 3.80× | — | ||
| Q1 25 | 0.71× | 2.82× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 2.70× | — | ||
| Q1 24 | — | 4.29× |
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
GBTG
| Travel | $620.0M | 78% |
| Other | $172.0M | 22% |
PATH
| Subscription Services | $247.6M | 60% |
| License | $150.0M | 36% |
| Professional Services And Other | $13.5M | 3% |
