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GigaCloud Technology Inc（GCT）与Wayfair Inc.（W）财务数据对比。点击上方公司名可切换其他公司
Wayfair Inc.的季度营收约是GigaCloud Technology Inc的10.0倍（$3.3B vs $332.6M）。GigaCloud Technology Inc净利率更高（11.2% vs -3.5%，领先14.7%）。GigaCloud Technology Inc同比增速更快（9.7% vs 6.9%）。Wayfair Inc.自由现金流更多（$177.0M vs $77.1M）。过去两年GigaCloud Technology Inc的营收复合增速更高（36.6% vs 10.6%）
GigaCloud Technology Inc是一家美国电商企业，主打家具、家电、健身器材等体积较大、规格不统一商品的B2B交易，旗下拥有线上B2B交易平台，业务覆盖撮合交易、全程物流直至终端配送环节。公司总部位于加利福尼亚州埃尔蒙特，自2022年8月起在纳斯达克挂牌上市。
Wayfair Inc.是总部位于美国马萨诸塞州波士顿的电商企业，2002年成立，前身为CSN Stores，专注于家具及家居用品线上销售。目前平台提供来自全球11000余家供应商的1400万款商品，业务遍及北美、加拿大、德国、爱尔兰、中国、英国等国家和地区。
GCT vs W — 直观对比
营收规模更大
W
是对方的10.0倍
$332.6M
营收增速更快
GCT
高出2.7%
6.9%
净利率更高
GCT
高出14.7%
-3.5%
自由现金流更多
W
多$99.9M
$77.1M
两年增速更快
GCT
近两年复合增速
10.6%
损益表 — Q3 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $332.6M | $3.3B |
| 净利润 | $37.2M | $-116.0M |
| 毛利率 | 23.2% | 30.3% |
| 营业利润率 | 12.2% | 2.5% |
| 净利率 | 11.2% | -3.5% |
| 营收同比 | 9.7% | 6.9% |
| 净利润同比 | -8.6% | 9.4% |
| 每股收益（稀释后） | $0.99 | $-0.90 |
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GCTW
| Q4 25 | — | $3.3B | ||
| Q3 25 | $332.6M | $3.1B | ||
| Q2 25 | $322.6M | $3.3B | ||
| Q1 25 | $271.9M | $2.7B | ||
| Q4 24 | $295.8M | $3.1B | ||
| Q3 24 | $303.3M | $2.9B | ||
| Q2 24 | $310.9M | $3.1B | ||
| Q1 24 | $251.1M | $2.7B |
净利润GCTW
| Q4 25 | — | $-116.0M | ||
| Q3 25 | $37.2M | $-99.0M | ||
| Q2 25 | $34.6M | $15.0M | ||
| Q1 25 | $27.1M | $-113.0M | ||
| Q4 24 | $31.0M | $-128.0M | ||
| Q3 24 | $40.7M | $-74.0M | ||
| Q2 24 | $27.0M | $-42.0M | ||
| Q1 24 | $27.2M | $-248.0M |
毛利率GCTW
| Q4 25 | — | 30.3% | ||
| Q3 25 | 23.2% | 30.0% | ||
| Q2 25 | 23.9% | 30.1% | ||
| Q1 25 | 23.4% | 30.7% | ||
| Q4 24 | 22.0% | 30.2% | ||
| Q3 24 | 25.5% | 30.3% | ||
| Q2 24 | 24.6% | 30.2% | ||
| Q1 24 | 26.5% | 30.0% |
营业利润率GCTW
| Q4 25 | — | 2.5% | ||
| Q3 25 | 12.2% | 1.2% | ||
| Q2 25 | 11.1% | 0.5% | ||
| Q1 25 | 10.4% | -4.5% | ||
| Q4 24 | 9.3% | -3.7% | ||
| Q3 24 | 13.4% | -2.6% | ||
| Q2 24 | 8.8% | -1.1% | ||
| Q1 24 | 13.9% | -8.6% |
净利率GCTW
| Q4 25 | — | -3.5% | ||
| Q3 25 | 11.2% | -3.2% | ||
| Q2 25 | 10.7% | 0.5% | ||
| Q1 25 | 10.0% | -4.1% | ||
| Q4 24 | 10.5% | -4.1% | ||
| Q3 24 | 13.4% | -2.6% | ||
| Q2 24 | 8.7% | -1.3% | ||
| Q1 24 | 10.8% | -9.1% |
每股收益（稀释后）GCTW
| Q4 25 | — | $-0.90 | ||
| Q3 25 | $0.99 | $-0.76 | ||
| Q2 25 | $0.91 | $0.11 | ||
| Q1 25 | $0.68 | $-0.89 | ||
| Q4 24 | $0.76 | $-1.01 | ||
| Q3 24 | $0.98 | $-0.60 | ||
| Q2 24 | $0.65 | $-0.34 | ||
| Q1 24 | $0.66 | $-2.06 |
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 | $365.9M | $1.5B |
| 总债务越低越好 | — | $3.3B |
| 股东权益账面价值 | $457.3M | $-2.8B |
| 总资产 | $1.1B | $3.4B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资GCTW
| Q4 25 | — | $1.5B | ||
| Q3 25 | $365.9M | $1.2B | ||
| Q2 25 | $303.0M | $1.4B | ||
| Q1 25 | $286.8M | $1.4B | ||
| Q4 24 | $302.4M | $1.4B | ||
| Q3 24 | $259.8M | $1.3B | ||
| Q2 24 | $207.8M | $1.3B | ||
| Q1 24 | $195.3M | $1.2B |
总债务GCTW
| Q4 25 | — | $3.3B | ||
| Q3 25 | — | $2.9B | ||
| Q2 25 | — | $3.0B | ||
| Q1 25 | — | $3.2B | ||
| Q4 24 | — | $3.1B | ||
| Q3 24 | — | $3.2B | ||
| Q2 24 | — | $3.2B | ||
| Q1 24 | — | $3.2B |
股东权益GCTW
| Q4 25 | — | $-2.8B | ||
| Q3 25 | $457.3M | $-2.8B | ||
| Q2 25 | $431.4M | $-2.7B | ||
| Q1 25 | $412.9M | $-2.8B | ||
| Q4 24 | $405.2M | $-2.8B | ||
| Q3 24 | $400.4M | $-2.7B | ||
| Q2 24 | $358.4M | $-2.8B | ||
| Q1 24 | $317.8M | $-2.8B |
总资产GCTW
| Q4 25 | — | $3.4B | ||
| Q3 25 | $1.1B | $3.1B | ||
| Q2 25 | $1.1B | $3.3B | ||
| Q1 25 | $1.1B | $3.4B | ||
| Q4 24 | $1.1B | $3.5B | ||
| Q3 24 | $1.1B | $3.4B | ||
| Q2 24 | $1.1B | $3.4B | ||
| Q1 24 | $977.6M | $3.2B |
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 | $78.3M | $202.0M |
| 自由现金流经营现金流 - 资本支出 | $77.1M | $177.0M |
| 自由现金流率自由现金流/营收 | 23.2% | 5.3% |
| 资本支出强度资本支出/营收 | 0.4% | 0.7% |
| 现金转化率经营现金流/净利润 | 2.10× | — |
| 过去12个月自由现金流最近4个季度 | $188.1M | $464.0M |
8季度趋势，按日历期对齐
经营现金流GCTW
| Q4 25 | — | $202.0M | ||
| Q3 25 | $78.3M | $155.0M | ||
| Q2 25 | $38.6M | $273.0M | ||
| Q1 25 | $9.4M | $-96.0M | ||
| Q4 24 | $68.4M | $162.0M | ||
| Q3 24 | $55.2M | $49.0M | ||
| Q2 24 | $19.1M | $245.0M | ||
| Q1 24 | $15.3M | $-139.0M |
自由现金流GCTW
| Q4 25 | — | $177.0M | ||
| Q3 25 | $77.1M | $128.0M | ||
| Q2 25 | $37.0M | $260.0M | ||
| Q1 25 | $7.0M | $-101.0M | ||
| Q4 24 | $66.9M | $142.0M | ||
| Q3 24 | $51.4M | $32.0M | ||
| Q2 24 | $12.9M | $222.0M | ||
| Q1 24 | $11.3M | $-152.0M |
自由现金流率GCTW
| Q4 25 | — | 5.3% | ||
| Q3 25 | 23.2% | 4.1% | ||
| Q2 25 | 11.5% | 7.9% | ||
| Q1 25 | 2.6% | -3.7% | ||
| Q4 24 | 22.6% | 4.5% | ||
| Q3 24 | 16.9% | 1.1% | ||
| Q2 24 | 4.2% | 7.1% | ||
| Q1 24 | 4.5% | -5.6% |
资本支出强度GCTW
| Q4 25 | — | 0.7% | ||
| Q3 25 | 0.4% | 0.9% | ||
| Q2 25 | 0.5% | 0.4% | ||
| Q1 25 | 0.9% | 0.2% | ||
| Q4 24 | 0.5% | 0.6% | ||
| Q3 24 | 1.3% | 0.6% | ||
| Q2 24 | 2.0% | 0.7% | ||
| Q1 24 | 1.6% | 0.5% |
现金转化率GCTW
| Q4 25 | — | — | ||
| Q3 25 | 2.10× | — | ||
| Q2 25 | 1.12× | 18.20× | ||
| Q1 25 | 0.35× | — | ||
| Q4 24 | 2.21× | — | ||
| Q3 24 | 1.36× | — | ||
| Q2 24 | 0.71× | — | ||
| Q1 24 | 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
GCT
| Services | $108.4M | 33% |
| Transferred Over Time | $89.8M | 27% |
| Product Sales To B | $50.1M | 15% |
| Last Mile Delivery Service | $49.2M | 15% |
| Warehousing Service | $14.2M | 4% |
| Ocean Transportation Service | $9.0M | 3% |
| Platform Commission | $4.9M | 1% |
| Drayage Service | $3.2M | 1% |
W
| US Segment | $2.9B | 88% |
| International Segment | $395.0M | 12% |
