vs
惠普（HPQ）与美国合众银行（USB）财务数据对比。点击上方公司名可切换其他公司
惠普的季度营收约是美国合众银行的2.0倍（$14.6B vs $7.4B），美国合众银行净利率更高（27.8% vs 5.4%，领先22.3%），美国合众银行同比增速更快（5.1% vs 4.2%），过去两年惠普的营收复合增速更高（5.4% vs 4.7%）
惠普（HP）是美国知名跨国信息技术企业，1939年由比尔·休利特与戴维·帕卡德在加州帕洛阿尔托的一间车库中创立，后续成长为硅谷核心地带极具影响力的科技巨头，其倡导的“惠普之道”经营理念也在行业内广为流传。
美国合众银行是美国跨国银行机构，总部位于明尼苏达州明尼阿波利斯，在特拉华州注册成立。截至2025年为美国第五大银行，也是美国中西部规模最大的银行，被金融稳定委员会认定为系统重要性机构，旗下核心运营主体提供银行、投资、按揭等多元金融服务。
HPQ vs USB — 直观对比
营收规模更大
HPQ
是对方的2.0倍
$7.4B
营收增速更快
USB
高出0.9%
4.2%
净利率更高
USB
高出22.3%
5.4%
两年增速更快
HPQ
近两年复合增速
4.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $14.6B | $7.4B |
| 净利润 | $795.0M | $2.0B |
| 毛利率 | 20.2% | — |
| 营业利润率 | 6.6% | 34.4% |
| 净利率 | 5.4% | 27.8% |
| 营收同比 | 4.2% | 5.1% |
| 净利润同比 | -12.3% | 23.0% |
| 每股收益（稀释后） | $0.84 | $1.26 |
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HPQUSB
| Q4 25 | $14.6B | $7.4B | ||
| Q3 25 | $13.9B | $7.3B | ||
| Q2 25 | $13.2B | $7.0B | ||
| Q1 25 | $13.5B | $7.0B | ||
| Q4 24 | $14.1B | $7.0B | ||
| Q3 24 | $13.5B | $6.9B | ||
| Q2 24 | $12.8B | $6.9B | ||
| Q1 24 | $13.2B | $6.7B |
净利润HPQUSB
| Q4 25 | $795.0M | $2.0B | ||
| Q3 25 | $763.0M | $2.0B | ||
| Q2 25 | $406.0M | $1.8B | ||
| Q1 25 | $565.0M | $1.7B | ||
| Q4 24 | $906.0M | $1.7B | ||
| Q3 24 | $640.0M | $1.7B | ||
| Q2 24 | $607.0M | $1.6B | ||
| Q1 24 | $622.0M | $1.3B |
毛利率HPQUSB
| Q4 25 | 20.2% | — | ||
| Q3 25 | 20.5% | — | ||
| Q2 25 | 20.7% | — | ||
| Q1 25 | 21.0% | — | ||
| Q4 24 | 21.4% | — | ||
| Q3 24 | 21.5% | — | ||
| Q2 24 | 23.6% | — | ||
| Q1 24 | 21.9% | — |
营业利润率HPQUSB
| Q4 25 | 6.6% | 34.4% | ||
| Q3 25 | 5.1% | 34.5% | ||
| Q2 25 | 4.9% | 32.7% | ||
| Q1 25 | 6.3% | 31.0% | ||
| Q4 24 | 7.1% | 30.1% | ||
| Q3 24 | 7.0% | 30.2% | ||
| Q2 24 | 7.4% | 29.9% | ||
| Q1 24 | 7.1% | 24.9% |
净利率HPQUSB
| Q4 25 | 5.4% | 27.8% | ||
| Q3 25 | 5.5% | 27.3% | ||
| Q2 25 | 3.1% | 25.9% | ||
| Q1 25 | 4.2% | 24.6% | ||
| Q4 24 | 6.4% | 23.7% | ||
| Q3 24 | 4.7% | 25.0% | ||
| Q2 24 | 4.7% | 23.3% | ||
| Q1 24 | 4.7% | 19.6% |
每股收益（稀释后）HPQUSB
| Q4 25 | $0.84 | $1.26 | ||
| Q3 25 | $0.80 | $1.22 | ||
| Q2 25 | $0.42 | $1.11 | ||
| Q1 25 | $0.59 | $1.03 | ||
| Q4 24 | $0.93 | $1.01 | ||
| Q3 24 | $0.65 | $1.03 | ||
| Q2 24 | $0.61 | $0.97 | ||
| Q1 24 | $0.62 | $0.78 |
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 | $3.7B | — |
| 总债务越低越好 | $9.7B | — |
| 股东权益账面价值 | $-346.0M | $65.2B |
| 总资产 | $41.8B | $692.3B |
| 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HPQUSB
| Q4 25 | $3.7B | — | ||
| Q3 25 | $2.9B | — | ||
| Q2 25 | $2.7B | — | ||
| Q1 25 | $2.9B | — | ||
| Q4 24 | $3.2B | — | ||
| Q3 24 | $2.8B | — | ||
| Q2 24 | $2.4B | — | ||
| Q1 24 | $2.3B | — |
总债务HPQUSB
| Q4 25 | $9.7B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $9.7B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益HPQUSB
| Q4 25 | $-346.0M | $65.2B | ||
| Q3 25 | $-901.0M | $63.3B | ||
| Q2 25 | $-1.3B | $61.4B | ||
| Q1 25 | $-1.1B | $60.1B | ||
| Q4 24 | $-1.3B | $58.6B | ||
| Q3 24 | $-1.4B | $58.9B | ||
| Q2 24 | $-916.0M | $56.4B | ||
| Q1 24 | $-1.6B | $55.6B |
总资产HPQUSB
| Q4 25 | $41.8B | $692.3B | ||
| Q3 25 | $39.9B | $695.4B | ||
| Q2 25 | $38.8B | $686.4B | ||
| Q1 25 | $38.9B | $676.5B | ||
| Q4 24 | $39.9B | $678.3B | ||
| Q3 24 | $38.1B | $686.5B | ||
| Q2 24 | $37.4B | $680.1B | ||
| Q1 24 | $35.8B | $683.6B |
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 | $1.6B | $2.8B |
| 自由现金流经营现金流 - 资本支出 | $1.4B | — |
| 自由现金流率自由现金流/营收 | 9.7% | — |
| 资本支出强度资本支出/营收 | 1.3% | — |
| 现金转化率经营现金流/净利润 | 2.04× | 1.39× |
| 过去12个月自由现金流最近4个季度 | $2.8B | — |
8季度趋势，按日历期对齐
经营现金流HPQUSB
| Q4 25 | $1.6B | $2.8B | ||
| Q3 25 | $1.7B | $3.4B | ||
| Q2 25 | $38.0M | $2.0B | ||
| Q1 25 | $374.0M | $-285.0M | ||
| Q4 24 | $1.6B | $4.8B | ||
| Q3 24 | $1.4B | $972.0M | ||
| Q2 24 | $581.0M | $2.9B | ||
| Q1 24 | $121.0M | $2.7B |
自由现金流HPQUSB
| Q4 25 | $1.4B | — | ||
| Q3 25 | $1.4B | — | ||
| Q2 25 | $-145.0M | — | ||
| Q1 25 | $72.0M | — | ||
| Q4 24 | $1.5B | — | ||
| Q3 24 | $1.3B | — | ||
| Q2 24 | $462.0M | — | ||
| Q1 24 | $-37.0M | — |
自由现金流率HPQUSB
| Q4 25 | 9.7% | — | ||
| Q3 25 | 10.4% | — | ||
| Q2 25 | -1.1% | — | ||
| Q1 25 | 0.5% | — | ||
| Q4 24 | 10.5% | — | ||
| Q3 24 | 9.3% | — | ||
| Q2 24 | 3.6% | — | ||
| Q1 24 | -0.3% | — |
资本支出强度HPQUSB
| Q4 25 | 1.3% | — | ||
| Q3 25 | 1.5% | — | ||
| Q2 25 | 1.4% | — | ||
| Q1 25 | 2.2% | — | ||
| Q4 24 | 1.1% | — | ||
| Q3 24 | 1.2% | — | ||
| Q2 24 | 0.9% | — | ||
| Q1 24 | 1.2% | — |
现金转化率HPQUSB
| Q4 25 | 2.04× | 1.39× | ||
| Q3 25 | 2.18× | 1.69× | ||
| Q2 25 | 0.09× | 1.12× | ||
| Q1 25 | 0.66× | -0.17× | ||
| Q4 24 | 1.79× | 2.87× | ||
| Q3 24 | 2.23× | 0.57× | ||
| Q2 24 | 0.96× | 1.79× | ||
| Q1 24 | 0.19× | 2.02× |
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
HPQ
| Commercial PS | $7.0B | 48% |
| Consumer PS | $3.4B | 23% |
| Supplies | $2.8B | 19% |
| Commercial Printing | $1.2B | 8% |
| Consumer Printing | $296.0M | 2% |
| Corporate Investments | $19.0M | 0% |
USB
暂无分部数据
