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慧与（HPE）与甲骨文（ORCL）财务数据对比。点击上方公司名可切换其他公司
甲骨文的季度营收约是慧与的1.7倍（$16.1B vs $9.7B），甲骨文净利率更高（38.2% vs 1.8%，领先36.4%），慧与同比增速更快（14.4% vs 14.2%），慧与自由现金流更多（$1.8B vs $-10.0B），过去两年慧与的营收复合增速更高（19.7% vs 10.0%）
慧与（Hewlett Packard Enterprise，简称HPE）是总部位于美国得克萨斯州斯普林的跨国信息技术企业，面向企业客户提供服务器、存储、网络、容器化软件及配套咨询与技术支持服务，2018年位列美国《财富》500强美国企业营收排行榜第107位。
甲骨文公司是全球知名的企业软件公司，主打数据库软件、企业级应用软件、云基础设施与云服务等业务，为全球各行业的企业提供数字化转型、数据管理与业务运营的技术解决方案，在全球企业级科技领域占据重要地位。
HPE vs ORCL — 直观对比
营收规模更大
ORCL
是对方的1.7倍
$9.7B
营收增速更快
HPE
高出0.2%
14.2%
净利率更高
ORCL
高出36.4%
1.8%
自由现金流更多
HPE
多$11.8B
$-10.0B
两年增速更快
HPE
近两年复合增速
10.0%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $9.7B | $16.1B |
| 净利润 | $175.0M | $6.1B |
| 毛利率 | — | — |
| 营业利润率 | -0.1% | 29.5% |
| 净利率 | 1.8% | 38.2% |
| 营收同比 | 14.4% | 14.2% |
| 净利润同比 | -87.2% | 94.7% |
| 每股收益（稀释后） | $0.13 | $2.10 |
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HPEORCL
| Q4 25 | $9.7B | $16.1B | ||
| Q3 25 | $9.1B | $14.9B | ||
| Q2 25 | $7.6B | $15.9B | ||
| Q1 25 | $7.9B | $14.1B | ||
| Q4 24 | $8.5B | $14.1B | ||
| Q3 24 | $7.7B | $13.3B | ||
| Q2 24 | $7.2B | $14.3B | ||
| Q1 24 | $6.8B | $13.3B |
净利润HPEORCL
| Q4 25 | $175.0M | $6.1B | ||
| Q3 25 | $305.0M | $2.9B | ||
| Q2 25 | $-1.1B | $3.4B | ||
| Q1 25 | $627.0M | $2.9B | ||
| Q4 24 | $1.4B | $3.2B | ||
| Q3 24 | $512.0M | $2.9B | ||
| Q2 24 | $314.0M | $3.1B | ||
| Q1 24 | $387.0M | $2.4B |
营业利润率HPEORCL
| Q4 25 | -0.1% | 29.5% | ||
| Q3 25 | 2.7% | 28.7% | ||
| Q2 25 | -14.5% | 32.1% | ||
| Q1 25 | 5.5% | 30.8% | ||
| Q4 24 | 8.2% | 30.0% | ||
| Q3 24 | 7.1% | 30.0% | ||
| Q2 24 | 5.9% | 32.8% | ||
| Q1 24 | 7.8% | 28.2% |
净利率HPEORCL
| Q4 25 | 1.8% | 38.2% | ||
| Q3 25 | 3.3% | 19.6% | ||
| Q2 25 | -13.8% | 21.5% | ||
| Q1 25 | 8.0% | 20.8% | ||
| Q4 24 | 16.2% | 22.4% | ||
| Q3 24 | 6.6% | 22.0% | ||
| Q2 24 | 4.4% | 22.0% | ||
| Q1 24 | 5.7% | 18.1% |
每股收益（稀释后）HPEORCL
| Q4 25 | $0.13 | $2.10 | ||
| Q3 25 | $0.21 | $1.01 | ||
| Q2 25 | $-0.82 | $1.19 | ||
| Q1 25 | $0.44 | $1.02 | ||
| Q4 24 | $1.02 | $1.10 | ||
| Q3 24 | $0.38 | $1.03 | ||
| Q2 24 | $0.24 | $1.11 | ||
| Q1 24 | $0.29 | $0.85 |
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 | $5.8B | $19.2B |
| 总债务越低越好 | $17.8B | — |
| 股东权益账面价值 | $24.7B | $30.0B |
| 总资产 | $75.9B | $205.0B |
| 负债/权益比越低杠杆越低 | 0.72× | — |
8季度趋势，按日历期对齐
现金及短期投资HPEORCL
| Q4 25 | $5.8B | $19.2B | ||
| Q3 25 | $4.6B | $10.4B | ||
| Q2 25 | $11.7B | $10.8B | ||
| Q1 25 | $13.4B | $17.4B | ||
| Q4 24 | $14.8B | $10.9B | ||
| Q3 24 | $3.6B | $10.6B | ||
| Q2 24 | $2.7B | $10.5B | ||
| Q1 24 | $3.8B | $9.5B |
总债务HPEORCL
| Q4 25 | $17.8B | — | ||
| Q3 25 | $16.9B | — | ||
| Q2 25 | $12.4B | — | ||
| Q1 25 | $13.3B | — | ||
| Q4 24 | $13.5B | — | ||
| Q3 24 | $7.9B | — | ||
| Q2 24 | $7.5B | — | ||
| Q1 24 | $7.8B | — |
股东权益HPEORCL
| Q4 25 | $24.7B | $30.0B | ||
| Q3 25 | $24.4B | $24.2B | ||
| Q2 25 | $23.9B | $20.5B | ||
| Q1 25 | $25.2B | $16.7B | ||
| Q4 24 | $24.8B | $13.7B | ||
| Q3 24 | $22.1B | $10.8B | ||
| Q2 24 | $21.7B | $8.7B | ||
| Q1 24 | $21.4B | $5.6B |
总资产HPEORCL
| Q4 25 | $75.9B | $205.0B | ||
| Q3 25 | $77.3B | $180.4B | ||
| Q2 25 | $67.9B | $168.4B | ||
| Q1 25 | $70.3B | $161.4B | ||
| Q4 24 | $71.3B | $148.5B | ||
| Q3 24 | $60.9B | $144.2B | ||
| Q2 24 | $59.7B | $141.0B | ||
| Q1 24 | $58.6B | $137.1B |
负债/权益比HPEORCL
| Q4 25 | 0.72× | — | ||
| Q3 25 | 0.69× | — | ||
| Q2 25 | 0.52× | — | ||
| Q1 25 | 0.53× | — | ||
| Q4 24 | 0.54× | — | ||
| Q3 24 | 0.36× | — | ||
| Q2 24 | 0.35× | — | ||
| Q1 24 | 0.37× | — |
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 | $2.5B | $2.1B |
| 自由现金流经营现金流 - 资本支出 | $1.8B | $-10.0B |
| 自由现金流率自由现金流/营收 | 18.8% | -62.1% |
| 资本支出强度资本支出/营收 | 6.6% | 74.9% |
| 现金转化率经营现金流/净利润 | 14.09× | 0.34× |
| 过去12个月自由现金流最近4个季度 | $627.0M | $-13.2B |
8季度趋势，按日历期对齐
经营现金流HPEORCL
| Q4 25 | $2.5B | $2.1B | ||
| Q3 25 | $1.3B | $8.1B | ||
| Q2 25 | $-461.0M | $6.2B | ||
| Q1 25 | $-390.0M | $5.9B | ||
| Q4 24 | $2.0B | $1.3B | ||
| Q3 24 | $1.2B | $7.4B | ||
| Q2 24 | $1.1B | $6.1B | ||
| Q1 24 | $64.0M | $5.5B |
自由现金流HPEORCL
| Q4 25 | $1.8B | $-10.0B | ||
| Q3 25 | $729.0M | $-362.0M | ||
| Q2 25 | $-1.0B | $-2.9B | ||
| Q1 25 | $-918.0M | $71.0M | ||
| Q4 24 | $1.4B | $-2.7B | ||
| Q3 24 | $611.0M | $5.1B | ||
| Q2 24 | $533.0M | $3.3B | ||
| Q1 24 | $-592.0M | $3.8B |
自由现金流率HPEORCL
| Q4 25 | 18.8% | -62.1% | ||
| Q3 25 | 8.0% | -2.4% | ||
| Q2 25 | -13.2% | -18.4% | ||
| Q1 25 | -11.7% | 0.5% | ||
| Q4 24 | 16.8% | -19.0% | ||
| Q3 24 | 7.9% | 38.5% | ||
| Q2 24 | 7.4% | 23.0% | ||
| Q1 24 | -8.8% | 28.6% |
资本支出强度HPEORCL
| Q4 25 | 6.6% | 74.9% | ||
| Q3 25 | 6.3% | 57.0% | ||
| Q2 25 | 7.2% | 57.1% | ||
| Q1 25 | 6.7% | 41.5% | ||
| Q4 24 | 7.2% | 28.2% | ||
| Q3 24 | 7.0% | 17.3% | ||
| Q2 24 | 7.8% | 19.6% | ||
| Q1 24 | 9.7% | 12.6% |
现金转化率HPEORCL
| Q4 25 | 14.09× | 0.34× | ||
| Q3 25 | 4.28× | 2.78× | ||
| Q2 25 | — | 1.80× | ||
| Q1 25 | -0.62× | 2.02× | ||
| Q4 24 | 1.49× | 0.41× | ||
| Q3 24 | 2.25× | 2.54× | ||
| Q2 24 | 3.48× | 1.93× | ||
| Q1 24 | 0.17× | 2.28× |
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
HPE
| Products | $6.2B | 64% |
| Services | $3.3B | 34% |
| Other | $199.0M | 2% |
ORCL
| Software Support | $4.9B | 31% |
| Cloud Infrastructure | $4.1B | 25% |
| Cloud Applications | $3.9B | 24% |
| Services Business | $1.4B | 9% |
| Software License | $939.0M | 6% |
| Hardware Business | $776.0M | 5% |
