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艾玛迪斯（GDS）与Snap Inc（SNAP）财务数据对比。点击上方公司名可切换其他公司
Snap Inc的季度营收约是艾玛迪斯的4.2倍（$1.7B vs $405.6M）。Snap Inc净利率更高（2.6% vs -0.1%，领先2.7%）。Snap Inc自由现金流更多（$205.6M vs $-96.3M）
西班牙跨国科技企业艾玛迪斯是全球领先的旅游技术服务商，面向航空、酒店、旅行社等各类旅游相关企业提供定制化软件解决方案，业务覆盖全球市场，助力旅游行业客户优化运营效率、提升服务体验。
Snap Inc.是一家美国科技企业，2011年9月16日由埃文·斯皮格尔、鲍比·墨菲和雷吉·布朗联合创立，总部位于加利福尼亚州圣莫尼卡。公司核心产品包括社交应用Snapchat、智能眼镜Spectacles、虚拟形象工具Bitmoji以及营销推广解决方案SnapBoost，2016年9月24日由原Snapchat Inc.更名为现名，覆盖社交、智能硬件等多元业务领域。
GDS vs SNAP — 直观对比
营收规模更大
SNAP
是对方的4.2倍
$405.6M
净利率更高
SNAP
高出2.7%
-0.1%
自由现金流更多
SNAP
多$301.8M
$-96.3M
损益表 — Q3 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $405.6M | $1.7B |
| 净利润 | $-373.0K | $45.2M |
| 毛利率 | 22.1% | 59.1% |
| 营业利润率 | — | 2.9% |
| 净利率 | -0.1% | 2.6% |
| 营收同比 | — | 10.2% |
| 净利润同比 | — | 396.7% |
| 每股收益（稀释后） | — | $0.03 |
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GDSSNAP
| Q4 25 | — | $1.7B | ||
| Q3 25 | $405.6M | $1.5B | ||
| Q2 25 | $404.9M | $1.3B | ||
| Q1 25 | $375.3M | $1.4B | ||
| Q4 24 | — | $1.6B | ||
| Q3 24 | $422.6M | $1.4B | ||
| Q2 24 | $388.9M | $1.2B | ||
| Q1 24 | $363.9M | $1.2B |
净利润GDSSNAP
| Q4 25 | — | $45.2M | ||
| Q3 25 | $-373.0K | $-103.5M | ||
| Q2 25 | $-240.0K | $-262.6M | ||
| Q1 25 | $-145.0K | $-139.6M | ||
| Q4 24 | — | $9.1M | ||
| Q3 24 | $-32.9M | $-153.2M | ||
| Q2 24 | $-31.9M | $-248.6M | ||
| Q1 24 | $-47.8M | $-305.1M |
毛利率GDSSNAP
| Q4 25 | — | 59.1% | ||
| Q3 25 | 22.1% | 55.3% | ||
| Q2 25 | 23.8% | 51.4% | ||
| Q1 25 | 23.7% | 53.1% | ||
| Q4 24 | — | 56.9% | ||
| Q3 24 | 22.2% | 53.5% | ||
| Q2 24 | 22.6% | 52.4% | ||
| Q1 24 | 21.8% | 51.9% |
营业利润率GDSSNAP
| Q4 25 | — | 2.9% | ||
| Q3 25 | — | -8.5% | ||
| Q2 25 | — | -19.3% | ||
| Q1 25 | — | -14.2% | ||
| Q4 24 | — | -1.7% | ||
| Q3 24 | 10.8% | -12.6% | ||
| Q2 24 | 11.2% | -20.5% | ||
| Q1 24 | 8.3% | -27.9% |
净利率GDSSNAP
| Q4 25 | — | 2.6% | ||
| Q3 25 | -0.1% | -6.9% | ||
| Q2 25 | -0.1% | -19.5% | ||
| Q1 25 | -0.0% | -10.2% | ||
| Q4 24 | — | 0.6% | ||
| Q3 24 | -7.8% | -11.2% | ||
| Q2 24 | -8.2% | -20.1% | ||
| Q1 24 | -13.1% | -25.5% |
每股收益（稀释后）GDSSNAP
| Q4 25 | — | $0.03 | ||
| Q3 25 | — | $-0.06 | ||
| Q2 25 | — | $-0.16 | ||
| Q1 25 | — | $-0.08 | ||
| Q4 24 | — | $0.01 | ||
| Q3 24 | — | $-0.09 | ||
| Q2 24 | — | $-0.15 | ||
| Q1 24 | — | $-0.19 |
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 | — | $2.9B |
| 总债务越低越好 | — | $3.5B |
| 股东权益账面价值 | $3.6B | $2.3B |
| 总资产 | $11.0B | $7.7B |
| 负债/权益比越低杠杆越低 | — | 1.55× |
8季度趋势，按日历期对齐
现金及短期投资GDSSNAP
| Q4 25 | — | $2.9B | ||
| Q3 25 | — | $3.0B | ||
| Q2 25 | — | $2.9B | ||
| Q1 25 | — | $3.2B | ||
| Q4 24 | — | $3.4B | ||
| Q3 24 | — | $3.2B | ||
| Q2 24 | — | $3.1B | ||
| Q1 24 | — | $2.9B |
总债务GDSSNAP
| Q4 25 | — | $3.5B | ||
| Q3 25 | — | $3.5B | ||
| Q2 25 | — | $3.6B | ||
| Q1 25 | — | $3.6B | ||
| Q4 24 | — | $3.6B | ||
| Q3 24 | — | $3.6B | ||
| Q2 24 | — | $3.6B | ||
| Q1 24 | — | $3.3B |
股东权益GDSSNAP
| Q4 25 | — | $2.3B | ||
| Q3 25 | $3.6B | $2.2B | ||
| Q2 25 | $3.4B | $2.1B | ||
| Q1 25 | $3.2B | $2.3B | ||
| Q4 24 | — | $2.5B | ||
| Q3 24 | $2.7B | $2.2B | ||
| Q2 24 | $2.6B | $2.1B | ||
| Q1 24 | $2.6B | $2.1B |
总资产GDSSNAP
| Q4 25 | — | $7.7B | ||
| Q3 25 | $11.0B | $7.6B | ||
| Q2 25 | $11.1B | $7.4B | ||
| Q1 25 | $10.1B | $7.6B | ||
| Q4 24 | — | $7.9B | ||
| Q3 24 | $11.7B | $7.6B | ||
| Q2 24 | $10.9B | $7.4B | ||
| Q1 24 | $10.5B | $7.2B |
负债/权益比GDSSNAP
| Q4 25 | — | 1.55× | ||
| Q3 25 | — | 1.59× | ||
| Q2 25 | — | 1.73× | ||
| Q1 25 | — | 1.56× | ||
| Q4 24 | — | 1.49× | ||
| Q3 24 | — | 1.65× | ||
| Q2 24 | — | 1.76× | ||
| Q1 24 | — | 1.55× |
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 | $103.5M | $269.6M |
| 自由现金流经营现金流 - 资本支出 | $-96.3M | $205.6M |
| 自由现金流率自由现金流/营收 | -23.7% | 12.0% |
| 资本支出强度资本支出/营收 | 49.2% | 3.7% |
| 现金转化率经营现金流/净利润 | — | 5.96× |
| 过去12个月自由现金流最近4个季度 | — | $437.2M |
8季度趋势，按日历期对齐
经营现金流GDSSNAP
| Q4 25 | — | $269.6M | ||
| Q3 25 | $103.5M | $146.5M | ||
| Q2 25 | $120.8M | $88.5M | ||
| Q1 25 | — | $151.6M | ||
| Q4 24 | — | $230.6M | ||
| Q3 24 | $91.4M | $115.9M | ||
| Q2 24 | — | $-21.4M | ||
| Q1 24 | — | $88.4M |
自由现金流GDSSNAP
| Q4 25 | — | $205.6M | ||
| Q3 25 | $-96.3M | $93.4M | ||
| Q2 25 | $-55.8M | $23.8M | ||
| Q1 25 | — | $114.4M | ||
| Q4 24 | — | $182.4M | ||
| Q3 24 | $-321.7M | $71.8M | ||
| Q2 24 | — | $-73.4M | ||
| Q1 24 | — | $37.9M |
自由现金流率GDSSNAP
| Q4 25 | — | 12.0% | ||
| Q3 25 | -23.7% | 6.2% | ||
| Q2 25 | -13.8% | 1.8% | ||
| Q1 25 | — | 8.4% | ||
| Q4 24 | — | 11.7% | ||
| Q3 24 | -76.1% | 5.2% | ||
| Q2 24 | — | -5.9% | ||
| Q1 24 | — | 3.2% |
资本支出强度GDSSNAP
| Q4 25 | — | 3.7% | ||
| Q3 25 | 49.2% | 3.5% | ||
| Q2 25 | 43.6% | 4.8% | ||
| Q1 25 | — | 2.7% | ||
| Q4 24 | — | 3.1% | ||
| Q3 24 | 97.7% | 3.2% | ||
| Q2 24 | — | 4.2% | ||
| Q1 24 | — | 4.2% |
现金转化率GDSSNAP
| Q4 25 | — | 5.96× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 25.34× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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
GDS
| Service revenue | $405.5M | 100% |
| Equipment sales | $2.8M | 1% |
SNAP
| Advertising Revenue | $1.5B | 86% |
| Other Revenue | $231.9M | 14% |
