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通用动力（GD）与国际商业机器公司（IBM）财务数据对比。点击上方公司名可切换其他公司
国际商业机器公司的季度营收约是通用动力的1.2倍（$15.9B vs $13.5B），通用动力净利率更高（8.3% vs 7.6%，领先0.7%），通用动力同比增速更快（10.3% vs 9.7%），国际商业机器公司自由现金流更多（$2.2B vs $2.0B），过去两年通用动力的营收复合增速更高（6.1% vs 0.4%）
通用动力是总部位于美国弗吉尼亚州雷斯顿的工业科技企业，是全球领先的先进军工装备研发生产商，产品覆盖核潜艇、主战坦克、装甲战车等多种品类，同时生产湾流系列公务机，也提供信息技术服务，位列美国前百名国防承包商第三位。
国际商业机器公司（IBM）是总部位于美国纽约阿蒙克的跨国科技企业，业务覆盖全球175个以上国家和地区，为道琼斯工业平均指数30只成分股之一。IBM拥有全球最大的工业研究体系，在十余个国家设有19家研究机构，1993至2021年连续29年蝉联美国年专利授权量首位。
GD vs IBM — 直观对比
营收规模更大
IBM
是对方的1.2倍
$13.5B
营收增速更快
GD
高出0.6%
9.7%
净利率更高
GD
高出0.7%
7.6%
自由现金流更多
IBM
多$268.0M
$2.0B
两年增速更快
GD
近两年复合增速
0.4%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $13.5B | $15.9B |
| 净利润 | $1.1B | $1.2B |
| 毛利率 | — | 56.3% |
| 营业利润率 | 10.5% | — |
| 净利率 | 8.3% | 7.6% |
| 营收同比 | 10.3% | 9.7% |
| 净利润同比 | 13.2% | 15.3% |
| 每股收益（稀释后） | $4.10 | $1.28 |
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GDIBM
| Q1 26 | $13.5B | $15.9B | ||
| Q4 25 | $14.4B | $19.7B | ||
| Q3 25 | $12.9B | $16.3B | ||
| Q2 25 | $13.0B | $17.0B | ||
| Q1 25 | $12.2B | $14.5B | ||
| Q4 24 | $13.3B | $17.6B | ||
| Q3 24 | $11.7B | $15.0B | ||
| Q2 24 | $12.0B | $15.8B |
净利润GDIBM
| Q1 26 | $1.1B | $1.2B | ||
| Q4 25 | $1.1B | $5.6B | ||
| Q3 25 | $1.1B | $1.7B | ||
| Q2 25 | $1.0B | $2.2B | ||
| Q1 25 | $994.0M | $1.1B | ||
| Q4 24 | $1.1B | $2.9B | ||
| Q3 24 | $930.0M | $-330.0M | ||
| Q2 24 | $905.0M | $1.8B |
毛利率GDIBM
| Q1 26 | — | 56.3% | ||
| Q4 25 | — | 60.6% | ||
| Q3 25 | — | 57.3% | ||
| Q2 25 | — | 58.8% | ||
| Q1 25 | — | 55.2% | ||
| Q4 24 | — | 59.5% | ||
| Q3 24 | — | 56.3% | ||
| Q2 24 | — | 56.8% |
营业利润率GDIBM
| Q1 26 | 10.5% | — | ||
| Q4 25 | 10.1% | 21.0% | ||
| Q3 25 | 10.3% | 14.9% | ||
| Q2 25 | 10.0% | 15.3% | ||
| Q1 25 | 10.4% | 8.0% | ||
| Q4 24 | 10.7% | 18.8% | ||
| Q3 24 | 10.1% | -5.4% | ||
| Q2 24 | 9.7% | 14.1% |
净利率GDIBM
| Q1 26 | 8.3% | 7.6% | ||
| Q4 25 | 7.9% | 28.4% | ||
| Q3 25 | 8.2% | 10.7% | ||
| Q2 25 | 7.8% | 12.9% | ||
| Q1 25 | 8.1% | 7.3% | ||
| Q4 24 | 8.6% | 16.6% | ||
| Q3 24 | 8.0% | -2.2% | ||
| Q2 24 | 7.6% | 11.6% |
每股收益（稀释后）GDIBM
| Q1 26 | $4.10 | $1.28 | ||
| Q4 25 | — | $5.90 | ||
| Q3 25 | — | $1.84 | ||
| Q2 25 | — | $2.31 | ||
| Q1 25 | — | $1.12 | ||
| Q4 24 | — | $3.11 | ||
| Q3 24 | — | $-0.36 | ||
| Q2 24 | — | $1.96 |
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 | $3.7B | $10.8B |
| 总债务越低越好 | $6.3B | $66.4B |
| 股东权益账面价值 | $26.1B | $33.1B |
| 总资产 | $59.0B | $156.2B |
| 负债/权益比越低杠杆越低 | 0.24× | 2.01× |
8季度趋势，按日历期对齐
现金及短期投资GDIBM
| Q1 26 | $3.7B | $10.8B | ||
| Q4 25 | $2.3B | $13.6B | ||
| Q3 25 | $2.5B | $11.6B | ||
| Q2 25 | $1.5B | $11.9B | ||
| Q1 25 | $1.2B | $11.0B | ||
| Q4 24 | $1.7B | $13.9B | ||
| Q3 24 | $2.1B | $13.2B | ||
| Q2 24 | $1.4B | $12.2B |
总债务GDIBM
| Q1 26 | $6.3B | $66.4B | ||
| Q4 25 | $8.1B | $54.8B | ||
| Q3 25 | — | $55.2B | ||
| Q2 25 | — | $55.2B | ||
| Q1 25 | — | $56.4B | ||
| Q4 24 | $8.8B | $49.9B | ||
| Q3 24 | — | $53.0B | ||
| Q2 24 | — | $52.9B |
股东权益GDIBM
| Q1 26 | $26.1B | $33.1B | ||
| Q4 25 | $25.6B | $32.6B | ||
| Q3 25 | $24.4B | $27.9B | ||
| Q2 25 | $23.6B | $27.5B | ||
| Q1 25 | $22.2B | $26.9B | ||
| Q4 24 | $22.1B | $27.3B | ||
| Q3 24 | $23.0B | $24.4B | ||
| Q2 24 | $22.0B | $24.0B |
总资产GDIBM
| Q1 26 | $59.0B | $156.2B | ||
| Q4 25 | $57.2B | $151.9B | ||
| Q3 25 | $57.6B | $146.3B | ||
| Q2 25 | $56.9B | $148.6B | ||
| Q1 25 | $56.6B | $145.7B | ||
| Q4 24 | $55.9B | $137.2B | ||
| Q3 24 | $57.3B | $134.3B | ||
| Q2 24 | $55.4B | $133.8B |
负债/权益比GDIBM
| Q1 26 | 0.24× | 2.01× | ||
| Q4 25 | 0.32× | 1.68× | ||
| Q3 25 | — | 1.98× | ||
| Q2 25 | — | 2.01× | ||
| Q1 25 | — | 2.10× | ||
| Q4 24 | 0.40× | 1.83× | ||
| Q3 24 | — | 2.17× | ||
| Q2 24 | — | 2.20× |
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 | — | $5.2B |
| 自由现金流经营现金流 - 资本支出 | $2.0B | $2.2B |
| 自由现金流率自由现金流/营收 | 14.5% | 14.0% |
| 资本支出强度资本支出/营收 | 1.5% | 2.4% |
| 现金转化率经营现金流/净利润 | — | 4.25× |
| 过去12个月自由现金流最近4个季度 | $6.2B | $10.2B |
8季度趋势，按日历期对齐
经营现金流GDIBM
| Q1 26 | — | $5.2B | ||
| Q4 25 | $1.6B | $4.0B | ||
| Q3 25 | $2.1B | $3.1B | ||
| Q2 25 | $1.6B | $1.7B | ||
| Q1 25 | $-148.0M | $4.4B | ||
| Q4 24 | $2.2B | $4.3B | ||
| Q3 24 | $1.4B | $2.9B | ||
| Q2 24 | $814.0M | $2.1B |
自由现金流GDIBM
| Q1 26 | $2.0B | $2.2B | ||
| Q4 25 | $952.0M | $3.7B | ||
| Q3 25 | $1.9B | $2.8B | ||
| Q2 25 | $1.4B | $1.5B | ||
| Q1 25 | $-290.0M | $4.1B | ||
| Q4 24 | $1.8B | $4.0B | ||
| Q3 24 | $1.2B | $2.6B | ||
| Q2 24 | $613.0M | $1.8B |
自由现金流率GDIBM
| Q1 26 | 14.5% | 14.0% | ||
| Q4 25 | 6.6% | 18.6% | ||
| Q3 25 | 14.7% | 17.3% | ||
| Q2 25 | 10.7% | 8.8% | ||
| Q1 25 | -2.4% | 28.4% | ||
| Q4 24 | 13.5% | 22.9% | ||
| Q3 24 | 10.4% | 17.3% | ||
| Q2 24 | 5.1% | 11.7% |
资本支出强度GDIBM
| Q1 26 | 1.5% | 2.4% | ||
| Q4 25 | 4.2% | 1.9% | ||
| Q3 25 | 1.6% | 1.6% | ||
| Q2 25 | 1.5% | 1.2% | ||
| Q1 25 | 1.2% | 1.7% | ||
| Q4 24 | 2.7% | 1.7% | ||
| Q3 24 | 1.7% | 1.9% | ||
| Q2 24 | 1.7% | 1.4% |
现金转化率GDIBM
| Q1 26 | — | 4.25× | ||
| Q4 25 | 1.37× | 0.72× | ||
| Q3 25 | 1.99× | 1.77× | ||
| Q2 25 | 1.58× | 0.78× | ||
| Q1 25 | -0.15× | 4.14× | ||
| Q4 24 | 1.88× | 1.49× | ||
| Q3 24 | 1.52× | — | ||
| Q2 24 | 0.90× | 1.13× |
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
GD
暂无分部数据
IBM
| Software | $7.1B | 45% |
| Consulting | $5.3B | 33% |
| Infrastructure | $3.3B | 21% |
| Financing | $200.0M | 1% |
