vs
慧与（HPE）与维萨（V）财务数据对比。点击上方公司名可切换其他公司
维萨的季度营收约是慧与的1.2倍（$11.2B vs $9.7B），维萨净利率更高（53.4% vs 1.8%，领先51.6%），维萨同比增速更快（17.0% vs 14.4%），过去两年慧与的营收复合增速更高（19.7% vs 12.3%）
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。
维萨（Visa Inc.）是总部位于美国加利福尼亚州旧金山的跨国支付卡服务企业，业务覆盖全球电子资金转账领域，旗下拥有Visa品牌的信用卡、借记卡、预付卡等多条产品线，为全球消费者及商户提供安全便捷的电子支付解决方案。
HPE vs V — 直观对比
营收规模更大
V
是对方的1.2倍
$9.7B
营收增速更快
V
高出2.6%
14.4%
净利率更高
V
高出51.6%
1.8%
两年增速更快
HPE
近两年复合增速
12.3%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $9.7B | $11.2B |
| 净利润 | $175.0M | $6.0B |
| 毛利率 | — | — |
| 营业利润率 | -0.1% | 64.4% |
| 净利率 | 1.8% | 53.4% |
| 营收同比 | 14.4% | 17.0% |
| 净利润同比 | -87.2% | 32.0% |
| 每股收益（稀释后） | $0.13 | — |
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HPEV
| Q2 26 | — | $11.2B | ||
| Q4 25 | $9.7B | $10.9B | ||
| Q3 25 | $9.1B | $10.7B | ||
| Q2 25 | $7.6B | $10.2B | ||
| Q1 25 | $7.9B | $9.6B | ||
| Q4 24 | $8.5B | $9.5B | ||
| Q3 24 | $7.7B | $9.6B | ||
| Q2 24 | $7.2B | $8.9B |
净利润HPEV
| Q2 26 | — | $6.0B | ||
| Q4 25 | $175.0M | $5.9B | ||
| Q3 25 | $305.0M | $5.1B | ||
| Q2 25 | $-1.1B | $5.3B | ||
| Q1 25 | $627.0M | $4.6B | ||
| Q4 24 | $1.4B | $5.1B | ||
| Q3 24 | $512.0M | $5.3B | ||
| Q2 24 | $314.0M | $4.9B |
营业利润率HPEV
| Q2 26 | — | 64.4% | ||
| Q4 25 | -0.1% | 61.8% | ||
| Q3 25 | 2.7% | 57.3% | ||
| Q2 25 | -14.5% | 60.7% | ||
| Q1 25 | 5.5% | 56.6% | ||
| Q4 24 | 8.2% | 65.6% | ||
| Q3 24 | 7.1% | 66.0% | ||
| Q2 24 | 5.9% | 66.7% |
净利率HPEV
| Q2 26 | — | 53.4% | ||
| Q4 25 | 1.8% | 53.7% | ||
| Q3 25 | 3.3% | 47.5% | ||
| Q2 25 | -13.8% | 51.8% | ||
| Q1 25 | 8.0% | 47.7% | ||
| Q4 24 | 16.2% | 53.8% | ||
| Q3 24 | 6.6% | 55.3% | ||
| Q2 24 | 4.4% | 54.7% |
每股收益（稀释后）HPEV
| Q2 26 | — | — | ||
| Q4 25 | $0.13 | — | ||
| Q3 25 | $0.21 | — | ||
| Q2 25 | $-0.82 | — | ||
| Q1 25 | $0.44 | — | ||
| Q4 24 | $1.02 | — | ||
| Q3 24 | $0.38 | — | ||
| Q2 24 | $0.24 | — |
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 | $12.4B |
| 总债务越低越好 | $17.8B | $22.4B |
| 股东权益账面价值 | $24.7B | $35.7B |
| 总资产 | $75.9B | $95.0B |
| 负债/权益比越低杠杆越低 | 0.72× | 0.63× |
8季度趋势，按日历期对齐
现金及短期投资HPEV
| Q2 26 | — | $12.4B | ||
| Q4 25 | $5.8B | $14.8B | ||
| Q3 25 | $4.6B | $17.2B | ||
| Q2 25 | $11.7B | $17.1B | ||
| Q1 25 | $13.4B | $11.7B | ||
| Q4 24 | $14.8B | $12.4B | ||
| Q3 24 | $3.6B | $12.0B | ||
| Q2 24 | $2.7B | $12.9B |
总债务HPEV
| Q2 26 | — | $22.4B | ||
| 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 | — |
股东权益HPEV
| Q2 26 | — | $35.7B | ||
| Q4 25 | $24.7B | $38.8B | ||
| Q3 25 | $24.4B | $37.9B | ||
| Q2 25 | $23.9B | $38.7B | ||
| Q1 25 | $25.2B | $38.0B | ||
| Q4 24 | $24.8B | $38.3B | ||
| Q3 24 | $22.1B | $39.1B | ||
| Q2 24 | $21.7B | $39.7B |
总资产HPEV
| Q2 26 | — | $95.0B | ||
| Q4 25 | $75.9B | $96.8B | ||
| Q3 25 | $77.3B | $99.6B | ||
| Q2 25 | $67.9B | $100.0B | ||
| Q1 25 | $70.3B | $92.9B | ||
| Q4 24 | $71.3B | $91.9B | ||
| Q3 24 | $60.9B | $94.5B | ||
| Q2 24 | $59.7B | $91.0B |
负债/权益比HPEV
| Q2 26 | — | 0.63× | ||
| 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× | — |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $1.8B | — |
| 自由现金流率自由现金流/营收 | 18.8% | — |
| 资本支出强度资本支出/营收 | 6.6% | — |
| 现金转化率经营现金流/净利润 | 14.09× | — |
| 过去12个月自由现金流最近4个季度 | $627.0M | — |
8季度趋势，按日历期对齐
经营现金流HPEV
| Q2 26 | — | — | ||
| Q4 25 | $2.5B | $6.8B | ||
| Q3 25 | $1.3B | $6.2B | ||
| Q2 25 | $-461.0M | $6.7B | ||
| Q1 25 | $-390.0M | $4.7B | ||
| Q4 24 | $2.0B | $5.4B | ||
| Q3 24 | $1.2B | $6.7B | ||
| Q2 24 | $1.1B | $5.1B |
自由现金流HPEV
| Q2 26 | — | — | ||
| Q4 25 | $1.8B | $6.4B | ||
| Q3 25 | $729.0M | $5.8B | ||
| Q2 25 | $-1.0B | $6.3B | ||
| Q1 25 | $-918.0M | $4.4B | ||
| Q4 24 | $1.4B | $5.1B | ||
| Q3 24 | $611.0M | $6.4B | ||
| Q2 24 | $533.0M | $4.7B |
自由现金流率HPEV
| Q2 26 | — | — | ||
| Q4 25 | 18.8% | 58.7% | ||
| Q3 25 | 8.0% | 54.5% | ||
| Q2 25 | -13.2% | 62.0% | ||
| Q1 25 | -11.7% | 45.5% | ||
| Q4 24 | 16.8% | 53.1% | ||
| Q3 24 | 7.9% | 66.1% | ||
| Q2 24 | 7.4% | 53.2% |
资本支出强度HPEV
| Q2 26 | — | — | ||
| Q4 25 | 6.6% | 3.5% | ||
| Q3 25 | 6.3% | 3.6% | ||
| Q2 25 | 7.2% | 4.1% | ||
| Q1 25 | 6.7% | 3.4% | ||
| Q4 24 | 7.2% | 3.6% | ||
| Q3 24 | 7.0% | 3.2% | ||
| Q2 24 | 7.8% | 4.5% |
现金转化率HPEV
| Q2 26 | — | — | ||
| Q4 25 | 14.09× | 1.16× | ||
| Q3 25 | 4.28× | 1.23× | ||
| Q2 25 | — | 1.28× | ||
| Q1 25 | -0.62× | 1.03× | ||
| Q4 24 | 1.49× | 1.05× | ||
| Q3 24 | 2.25× | 1.25× | ||
| Q2 24 | 3.48× | 1.05× |
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% |
V
| Data processing revenue | $5.5B | 49% |
| International transaction revenue | $3.6B | 32% |
| Other revenue | $1.3B | 12% |
| Other | $736.0M | 7% |
