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谷歌（GOOGL）与联合健康集团（UNH）财务数据对比。点击上方公司名可切换其他公司
谷歌的季度营收约是联合健康集团的1.0倍（$113.8B vs $113.2B），谷歌净利率更高（30.3% vs 0.0%，领先30.3%），谷歌同比增速更快（18.0% vs 12.3%），谷歌自由现金流更多（$24.6B vs $160.0M），过去两年谷歌的营收复合增速更高（18.9% vs 6.5%）
Alphabet Inc.是谷歌的母公司，业务覆盖美洲、欧洲、亚太、中东、非洲等全球主要区域，下设谷歌服务、谷歌云、创新投项三大业务板块。谷歌服务板块涵盖广告、安卓系统、Chrome、硬件、搜索、YouTube、邮箱、云盘、地图等多款产品，同时提供应用及数字内容售卖相关服务。
联合健康集团是总部位于美国明尼苏达州伊代纳的跨国营利性企业，主营健康保险及医疗健康服务，旗下拥有保险业务品牌UnitedHealthcare、医疗服务品牌Optum。按营收计算，该集团是全球第七大企业、全球最大医疗健康企业，位列2025年《财富》世界500强第七位。
GOOGL vs UNH — 直观对比
营收规模更大
GOOGL
是对方的1.0倍
$113.2B
营收增速更快
GOOGL
高出5.7%
12.3%
净利率更高
GOOGL
高出30.3%
0.0%
自由现金流更多
GOOGL
多$24.4B
$160.0M
两年增速更快
GOOGL
近两年复合增速
6.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $113.8B | $113.2B |
| 净利润 | $34.5B | $10.0M |
| 毛利率 | 59.8% | 88.8% |
| 营业利润率 | 31.6% | 0.3% |
| 净利率 | 30.3% | 0.0% |
| 营收同比 | 18.0% | 12.3% |
| 净利润同比 | 29.8% | -99.8% |
| 每股收益（稀释后） | $2.82 | $0.05 |
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GOOGLUNH
| Q4 25 | $113.8B | $113.2B | ||
| Q3 25 | $102.3B | $113.2B | ||
| Q2 25 | $96.4B | $111.6B | ||
| Q1 25 | $90.2B | $109.6B | ||
| Q4 24 | $96.5B | $100.8B | ||
| Q3 24 | $88.3B | $100.8B | ||
| Q2 24 | $84.7B | $98.9B | ||
| Q1 24 | $80.5B | $99.8B |
净利润GOOGLUNH
| Q4 25 | $34.5B | $10.0M | ||
| Q3 25 | $35.0B | $2.3B | ||
| Q2 25 | $28.2B | $3.4B | ||
| Q1 25 | $34.5B | $6.3B | ||
| Q4 24 | $26.5B | $5.5B | ||
| Q3 24 | $26.3B | $6.1B | ||
| Q2 24 | $23.6B | $4.2B | ||
| Q1 24 | $23.7B | $-1.4B |
毛利率GOOGLUNH
| Q4 25 | 59.8% | 88.8% | ||
| Q3 25 | 59.6% | 88.9% | ||
| Q2 25 | 59.5% | 88.3% | ||
| Q1 25 | 59.7% | 88.7% | ||
| Q4 24 | 57.9% | 87.6% | ||
| Q3 24 | 58.7% | 88.3% | ||
| Q2 24 | 58.1% | 88.5% | ||
| Q1 24 | 58.1% | 88.9% |
营业利润率GOOGLUNH
| Q4 25 | 31.6% | 0.3% | ||
| Q3 25 | 30.5% | 3.8% | ||
| Q2 25 | 32.4% | 4.6% | ||
| Q1 25 | 33.9% | 8.3% | ||
| Q4 24 | 32.1% | 7.7% | ||
| Q3 24 | 32.3% | 8.6% | ||
| Q2 24 | 32.4% | 8.0% | ||
| Q1 24 | 31.6% | 7.9% |
净利率GOOGLUNH
| Q4 25 | 30.3% | 0.0% | ||
| Q3 25 | 34.2% | 2.1% | ||
| Q2 25 | 29.2% | 3.1% | ||
| Q1 25 | 38.3% | 5.7% | ||
| Q4 24 | 27.5% | 5.5% | ||
| Q3 24 | 29.8% | 6.0% | ||
| Q2 24 | 27.9% | 4.3% | ||
| Q1 24 | 29.4% | -1.4% |
每股收益（稀释后）GOOGLUNH
| Q4 25 | $2.82 | $0.05 | ||
| Q3 25 | $2.87 | $2.59 | ||
| Q2 25 | $2.31 | $3.74 | ||
| Q1 25 | $2.81 | $6.85 | ||
| Q4 24 | $2.14 | $5.99 | ||
| Q3 24 | $2.12 | $6.51 | ||
| Q2 24 | $1.89 | $4.54 | ||
| Q1 24 | $1.89 | $-1.53 |
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 | $126.8B | $28.1B |
| 总债务越低越好 | $49.1B | — |
| 股东权益账面价值 | $415.3B | $100.1B |
| 总资产 | $595.3B | $309.6B |
| 负债/权益比越低杠杆越低 | 0.12× | — |
8季度趋势，按日历期对齐
现金及短期投资GOOGLUNH
| Q4 25 | $126.8B | $28.1B | ||
| Q3 25 | $98.5B | $30.6B | ||
| Q2 25 | $95.1B | $32.0B | ||
| Q1 25 | $95.3B | $34.3B | ||
| Q4 24 | $95.7B | $29.1B | ||
| Q3 24 | $93.2B | $37.1B | ||
| Q2 24 | $100.7B | $31.3B | ||
| Q1 24 | $108.1B | $32.7B |
总债务GOOGLUNH
| Q4 25 | $49.1B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $10.9B | — | ||
| Q4 24 | $10.9B | — | ||
| Q3 24 | $12.3B | — | ||
| Q2 24 | $13.2B | — | ||
| Q1 24 | $13.2B | — |
股东权益GOOGLUNH
| Q4 25 | $415.3B | $100.1B | ||
| Q3 25 | $386.9B | $101.6B | ||
| Q2 25 | $362.9B | $100.5B | ||
| Q1 25 | $345.3B | $100.8B | ||
| Q4 24 | $325.1B | $98.3B | ||
| Q3 24 | $314.1B | $99.9B | ||
| Q2 24 | $300.8B | $94.7B | ||
| Q1 24 | $292.8B | $92.4B |
总资产GOOGLUNH
| Q4 25 | $595.3B | $309.6B | ||
| Q3 25 | $536.5B | $315.3B | ||
| Q2 25 | $502.1B | $308.6B | ||
| Q1 25 | $475.4B | $309.8B | ||
| Q4 24 | $450.3B | $298.3B | ||
| Q3 24 | $430.3B | $299.3B | ||
| Q2 24 | $414.8B | $286.1B | ||
| Q1 24 | $407.4B | $284.2B |
负债/权益比GOOGLUNH
| Q4 25 | 0.12× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.03× | — | ||
| Q4 24 | 0.03× | — | ||
| Q3 24 | 0.04× | — | ||
| Q2 24 | 0.04× | — | ||
| Q1 24 | 0.05× | — |
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 | $52.4B | $1.1B |
| 自由现金流经营现金流 - 资本支出 | $24.6B | $160.0M |
| 自由现金流率自由现金流/营收 | 21.6% | 0.1% |
| 资本支出强度资本支出/营收 | 24.5% | 0.8% |
| 现金转化率经营现金流/净利润 | 1.52× | 110.80× |
| 过去12个月自由现金流最近4个季度 | $73.3B | $16.1B |
8季度趋势，按日历期对齐
经营现金流GOOGLUNH
| Q4 25 | $52.4B | $1.1B | ||
| Q3 25 | $48.4B | $5.9B | ||
| Q2 25 | $27.7B | $7.2B | ||
| Q1 25 | $36.1B | $5.5B | ||
| Q4 24 | $39.1B | $2.4B | ||
| Q3 24 | $30.7B | $13.9B | ||
| Q2 24 | $26.6B | $6.7B | ||
| Q1 24 | $28.8B | $1.1B |
自由现金流GOOGLUNH
| Q4 25 | $24.6B | $160.0M | ||
| Q3 25 | $24.5B | $5.1B | ||
| Q2 25 | $5.3B | $6.3B | ||
| Q1 25 | $19.0B | $4.6B | ||
| Q4 24 | $24.8B | $1.5B | ||
| Q3 24 | $17.6B | $13.0B | ||
| Q2 24 | $13.5B | $5.9B | ||
| Q1 24 | $16.8B | $401.0M |
自由现金流率GOOGLUNH
| Q4 25 | 21.6% | 0.1% | ||
| Q3 25 | 23.9% | 4.5% | ||
| Q2 25 | 5.5% | 5.6% | ||
| Q1 25 | 21.0% | 4.2% | ||
| Q4 24 | 25.7% | 1.4% | ||
| Q3 24 | 20.0% | 12.8% | ||
| Q2 24 | 15.9% | 6.0% | ||
| Q1 24 | 20.9% | 0.4% |
资本支出强度GOOGLUNH
| Q4 25 | 24.5% | 0.8% | ||
| Q3 25 | 23.4% | 0.8% | ||
| Q2 25 | 23.3% | 0.8% | ||
| Q1 25 | 19.1% | 0.8% | ||
| Q4 24 | 14.8% | 0.9% | ||
| Q3 24 | 14.8% | 1.0% | ||
| Q2 24 | 15.6% | 0.9% | ||
| Q1 24 | 14.9% | 0.7% |
现金转化率GOOGLUNH
| Q4 25 | 1.52× | 110.80× | ||
| Q3 25 | 1.38× | 2.53× | ||
| Q2 25 | 0.98× | 2.11× | ||
| Q1 25 | 1.05× | 0.87× | ||
| Q4 24 | 1.47× | 0.43× | ||
| Q3 24 | 1.17× | 2.30× | ||
| Q2 24 | 1.13× | 1.60× | ||
| Q1 24 | 1.22× | — |
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
GOOGL
| Google Search | $63.1B | 55% |
| Google Cloud | $17.7B | 16% |
| Subscriptions & Devices | $13.6B | 12% |
| YouTube | $11.4B | 10% |
| Google Network | $7.8B | 7% |
UNH
| Total Optum | $70.3B | 62% |
| Intersegment | $15.8B | 14% |
| Products | $13.5B | 12% |
| Services | $10.3B | 9% |
| Other | $3.3B | 3% |
