vs
高盛（GS）与拼多多（PDD）财务数据对比。点击上方公司名可切换其他公司
高盛的季度营收约是拼多多的1.1倍（$17.2B vs $15.2B），高盛净利率更高（32.7% vs 27.1%，领先5.6%），过去两年拼多多的营收复合增速更高（74.6% vs 10.1%）
高盛集团是美国跨国投资银行及金融服务提供商，创立于1869年，总部位于纽约市曼哈顿下城，在全球多个国际金融中心设有区域总部。按营收计算，高盛是全球规模最大的投资银行之一，位列美国《财富》500强总营收榜单第55位。
PDD控股是总部位于爱尔兰的跨国企业，旗下拥有中国头部线上零售平台拼多多和跨境电商平台Temu。拼多多主打农业供应链数字化升级，助力农产品直接对接广大消费者需求。
GS vs PDD — 直观对比
营收规模更大
GS
是对方的1.1倍
$15.2B
净利率更高
GS
高出5.6%
27.1%
两年增速更快
PDD
近两年复合增速
10.1%
损益表 — Q1 FY2026 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $17.2B | $15.2B |
| 净利润 | $5.6B | $4.1B |
| 毛利率 | — | 56.7% |
| 营业利润率 | 39.5% | 23.1% |
| 净利率 | 32.7% | 27.1% |
| 营收同比 | 18.6% | — |
| 净利润同比 | 18.8% | — |
| 每股收益（稀释后） | — | — |
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GSPDD
| Q1 26 | $17.2B | — | ||
| Q4 25 | $13.5B | — | ||
| Q3 25 | $15.2B | $15.2B | ||
| Q2 25 | $14.6B | $14.5B | ||
| Q1 25 | $15.1B | — | ||
| Q3 24 | $12.7B | $14.2B | ||
| Q2 24 | $12.7B | — | ||
| Q1 24 | $14.2B | $12.0B |
净利润GSPDD
| Q1 26 | $5.6B | — | ||
| Q4 25 | $4.6B | — | ||
| Q3 25 | $4.1B | $4.1B | ||
| Q2 25 | $3.7B | $4.3B | ||
| Q1 25 | $4.7B | — | ||
| Q3 24 | $3.0B | $3.6B | ||
| Q2 24 | $3.0B | — | ||
| Q1 24 | $4.1B | $3.9B |
毛利率GSPDD
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 56.7% | ||
| Q2 25 | — | 55.9% | ||
| Q1 25 | — | — | ||
| Q3 24 | — | 60.0% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 62.3% |
营业利润率GSPDD
| Q1 26 | 39.5% | — | ||
| Q4 25 | 43.5% | — | ||
| Q3 25 | 35.5% | 23.1% | ||
| Q2 25 | 34.0% | 24.8% | ||
| Q1 25 | 37.5% | — | ||
| Q3 24 | 31.4% | 24.5% | ||
| Q2 24 | 30.8% | — | ||
| Q1 24 | 36.8% | 29.9% |
净利率GSPDD
| Q1 26 | 32.7% | — | ||
| Q4 25 | 34.3% | — | ||
| Q3 25 | 27.0% | 27.1% | ||
| Q2 25 | 25.5% | 29.6% | ||
| Q1 25 | 31.5% | — | ||
| Q3 24 | 23.5% | 25.1% | ||
| Q2 24 | 23.9% | — | ||
| Q1 24 | 29.1% | 32.3% |
每股收益（稀释后）GSPDD
| Q1 26 | — | — | ||
| Q4 25 | $14.04 | — | ||
| Q3 25 | $12.25 | — | ||
| Q2 25 | $10.91 | — | ||
| Q1 25 | $14.12 | — | ||
| Q3 24 | $8.40 | — | ||
| Q2 24 | $8.62 | — | ||
| Q1 24 | $11.58 | — |
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 | $179.0B | $13.0B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $123.0B | $55.0B |
| 总资产 | $2062.0B | $86.2B |
| 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GSPDD
| Q1 26 | $179.0B | — | ||
| Q4 25 | $164.3B | — | ||
| Q3 25 | $169.6B | $13.0B | ||
| Q2 25 | $153.0B | $8.8B | ||
| Q1 25 | $167.4B | — | ||
| Q3 24 | $154.7B | $9.3B | ||
| Q2 24 | $206.3B | — | ||
| Q1 24 | $209.4B | $7.7B |
股东权益GSPDD
| Q1 26 | $123.0B | — | ||
| Q4 25 | $125.0B | — | ||
| Q3 25 | $124.4B | $55.0B | ||
| Q2 25 | $124.1B | $50.5B | ||
| Q1 25 | $124.3B | — | ||
| Q3 24 | $121.2B | $39.7B | ||
| Q2 24 | $119.5B | — | ||
| Q1 24 | $118.5B | $30.3B |
总资产GSPDD
| Q1 26 | $2062.0B | — | ||
| Q4 25 | $1809.3B | — | ||
| Q3 25 | $1808.0B | $86.2B | ||
| Q2 25 | $1785.0B | $79.2B | ||
| Q1 25 | $1766.2B | — | ||
| Q3 24 | $1728.1B | $66.5B | ||
| Q2 24 | $1653.3B | — | ||
| Q1 24 | $1698.4B | $52.3B |
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 | — | $6.4B |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | — | 1.56× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流GSPDD
| Q1 26 | — | — | ||
| Q4 25 | $-16.3B | — | ||
| Q3 25 | $2.7B | $6.4B | ||
| Q2 25 | $5.7B | $3.0B | ||
| Q1 25 | $-37.2B | — | ||
| Q3 24 | — | $3.9B | ||
| Q2 24 | — | — | ||
| Q1 24 | $-28.0B | $2.9B |
自由现金流GSPDD
| Q1 26 | — | — | ||
| Q4 25 | $-16.8B | — | ||
| Q3 25 | $2.1B | — | ||
| Q2 25 | $5.2B | — | ||
| Q1 25 | $-37.7B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $-28.5B | — |
自由现金流率GSPDD
| Q1 26 | — | — | ||
| Q4 25 | -124.9% | — | ||
| Q3 25 | 14.0% | — | ||
| Q2 25 | 35.6% | — | ||
| Q1 25 | -250.5% | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -200.8% | — |
资本支出强度GSPDD
| Q1 26 | — | — | ||
| Q4 25 | 3.9% | — | ||
| Q3 25 | 3.7% | — | ||
| Q2 25 | 3.3% | — | ||
| Q1 25 | 3.3% | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 3.5% | — |
现金转化率GSPDD
| Q1 26 | — | — | ||
| Q4 25 | -3.53× | — | ||
| Q3 25 | 0.65× | 1.56× | ||
| Q2 25 | 1.52× | 0.70× | ||
| Q1 25 | -7.86× | — | ||
| Q3 24 | — | 1.10× | ||
| Q2 24 | — | — | ||
| Q1 24 | -6.79× | 0.75× |
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
GS
| Management and other fees | $3.1B | 18% |
| FICC intermediation | $2.9B | 17% |
| Equities intermediation | $2.7B | 16% |
| Equities financing | $2.6B | 15% |
| Advisory | $1.5B | 9% |
| FICC financing | $1.1B | 6% |
| Other | $972.0M | 6% |
| Debt underwriting | $811.0M | 5% |
| Private banking and lending | $638.0M | 4% |
| Equity underwriting | $535.0M | 3% |
| Incentive fees | $183.0M | 1% |
| Investments | $180.0M | 1% |
PDD
暂无分部数据
