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国际商业机器公司（IBM）与NetApp（NTAP）财务数据对比。点击上方公司名可切换其他公司
国际商业机器公司的季度营收约是NetApp的9.3倍（$15.9B vs $1.7B），NetApp净利率更高（17.9% vs 7.6%，领先10.2%），国际商业机器公司同比增速更快（9.5% vs 2.8%），国际商业机器公司自由现金流更多（$2.2B vs $78.0M），过去两年NetApp的营收复合增速更高（3.0% vs 0.5%）
国际商业机器公司（IBM）是总部位于美国纽约阿蒙克的跨国科技企业，业务覆盖全球175个以上国家和地区，为道琼斯工业平均指数30只成分股之一。IBM拥有全球最大的工业研究体系，在十余个国家设有19家研究机构，1993至2021年连续29年蝉联美国年专利授权量首位。
NetApp是总部位于美国加利福尼亚州圣何塞的企业级数据基础设施服务商，成立于1992年，2012至2021年连续入选《财富》世界500强。公司面向全球企业客户提供统一数据存储、集成数据服务及云运营解决方案，可满足线上线下全场景的应用与数据管理需求。
IBM vs NTAP — 直观对比
营收规模更大
IBM
是对方的9.3倍
$1.7B
营收增速更快
IBM
高出6.6%
2.8%
净利率更高
NTAP
高出10.2%
7.6%
自由现金流更多
IBM
多$2.1B
$78.0M
两年增速更快
NTAP
近两年复合增速
0.5%
损益表 — Q1 FY2026 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $15.9B | $1.7B |
| 净利润 | $1.2B | $305.0M |
| 毛利率 | 56.2% | 72.0% |
| 营业利润率 | — | 23.4% |
| 净利率 | 7.6% | 17.9% |
| 营收同比 | 9.5% | 2.8% |
| 净利润同比 | 15.3% | 2.0% |
| 每股收益（稀释后） | $1.28 | $1.51 |
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IBMNTAP
| Q1 26 | $15.9B | — | ||
| Q4 25 | $19.7B | $1.7B | ||
| Q3 25 | $16.3B | $1.6B | ||
| Q2 25 | $17.0B | $1.7B | ||
| Q1 25 | $14.5B | $1.6B | ||
| Q4 24 | $17.6B | $1.7B | ||
| Q3 24 | $15.0B | $1.5B | ||
| Q2 24 | $15.8B | $1.7B |
净利润IBMNTAP
| Q1 26 | $1.2B | — | ||
| Q4 25 | $5.6B | $305.0M | ||
| Q3 25 | $1.7B | $233.0M | ||
| Q2 25 | $2.2B | $340.0M | ||
| Q1 25 | $1.1B | $299.0M | ||
| Q4 24 | $2.9B | $299.0M | ||
| Q3 24 | $-330.0M | $248.0M | ||
| Q2 24 | $1.8B | $291.0M |
毛利率IBMNTAP
| Q1 26 | 56.2% | — | ||
| Q4 25 | 60.6% | 72.0% | ||
| Q3 25 | 57.3% | 70.4% | ||
| Q2 25 | 58.8% | 68.9% | ||
| Q1 25 | 55.2% | 69.8% | ||
| Q4 24 | 59.5% | 71.0% | ||
| Q3 24 | 56.3% | 71.3% | ||
| Q2 24 | 56.8% | 70.5% |
营业利润率IBMNTAP
| Q1 26 | — | — | ||
| Q4 25 | 21.0% | 23.4% | ||
| Q3 25 | 14.9% | 19.8% | ||
| Q2 25 | 15.3% | 20.1% | ||
| Q1 25 | 8.0% | 22.1% | ||
| Q4 24 | 18.8% | 20.8% | ||
| Q3 24 | -5.4% | 18.3% | ||
| Q2 24 | 14.1% | 21.9% |
净利率IBMNTAP
| Q1 26 | 7.6% | — | ||
| Q4 25 | 28.4% | 17.9% | ||
| Q3 25 | 10.7% | 14.9% | ||
| Q2 25 | 12.9% | 19.6% | ||
| Q1 25 | 7.3% | 18.2% | ||
| Q4 24 | 16.6% | 18.0% | ||
| Q3 24 | -2.2% | 16.1% | ||
| Q2 24 | 11.6% | 17.4% |
每股收益（稀释后）IBMNTAP
| Q1 26 | $1.28 | — | ||
| Q4 25 | $5.90 | $1.51 | ||
| Q3 25 | $1.84 | $1.15 | ||
| Q2 25 | $2.31 | $1.64 | ||
| Q1 25 | $1.12 | $1.44 | ||
| Q4 24 | $3.11 | $1.42 | ||
| Q3 24 | $-0.36 | $1.17 | ||
| Q2 24 | $1.96 | $1.36 |
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 | $10.8B | $3.0B |
| 总债务越低越好 | $66.4B | $2.5B |
| 股东权益账面价值 | $33.1B | $986.0M |
| 总资产 | $156.2B | $9.6B |
| 负债/权益比越低杠杆越低 | 2.01× | 2.52× |
8季度趋势，按日历期对齐
现金及短期投资IBMNTAP
| Q1 26 | $10.8B | — | ||
| Q4 25 | $13.6B | $3.0B | ||
| Q3 25 | $11.6B | $3.3B | ||
| Q2 25 | $11.9B | $3.8B | ||
| Q1 25 | $11.0B | $2.3B | ||
| Q4 24 | $13.9B | $2.2B | ||
| Q3 24 | $13.2B | $3.0B | ||
| Q2 24 | $12.2B | $3.3B |
总债务IBMNTAP
| Q1 26 | $66.4B | — | ||
| Q4 25 | $54.8B | $2.5B | ||
| Q3 25 | $55.2B | $2.5B | ||
| Q2 25 | $55.2B | $3.2B | ||
| Q1 25 | $56.4B | $2.0B | ||
| Q4 24 | $49.9B | $2.0B | ||
| Q3 24 | $53.0B | $2.4B | ||
| Q2 24 | $52.9B | $2.4B |
股东权益IBMNTAP
| Q1 26 | $33.1B | — | ||
| Q4 25 | $32.6B | $986.0M | ||
| Q3 25 | $27.9B | $975.0M | ||
| Q2 25 | $27.5B | $1.0B | ||
| Q1 25 | $26.9B | $995.0M | ||
| Q4 24 | $27.3B | $892.0M | ||
| Q3 24 | $24.4B | $929.0M | ||
| Q2 24 | $24.0B | $1.1B |
总资产IBMNTAP
| Q1 26 | $156.2B | — | ||
| Q4 25 | $151.9B | $9.6B | ||
| Q3 25 | $146.3B | $9.7B | ||
| Q2 25 | $148.6B | $10.8B | ||
| Q1 25 | $145.7B | $9.0B | ||
| Q4 24 | $137.2B | $9.0B | ||
| Q3 24 | $134.3B | $9.3B | ||
| Q2 24 | $133.8B | $9.9B |
负债/权益比IBMNTAP
| Q1 26 | 2.01× | — | ||
| Q4 25 | 1.68× | 2.52× | ||
| Q3 25 | 1.98× | 2.55× | ||
| Q2 25 | 2.01× | 3.11× | ||
| Q1 25 | 2.10× | 2.00× | ||
| Q4 24 | 1.83× | 2.23× | ||
| Q3 24 | 2.17× | 2.58× | ||
| Q2 24 | 2.20× | 2.09× |
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 | $5.2B | $127.0M |
| 自由现金流经营现金流 - 资本支出 | $2.2B | $78.0M |
| 自由现金流率自由现金流/营收 | 13.9% | 4.6% |
| 资本支出强度资本支出/营收 | 2.4% | 2.9% |
| 现金转化率经营现金流/净利润 | 4.25× | 0.42× |
| 过去12个月自由现金流最近4个季度 | $10.2B | — |
8季度趋势，按日历期对齐
经营现金流IBMNTAP
| Q1 26 | $5.2B | — | ||
| Q4 25 | $4.0B | $127.0M | ||
| Q3 25 | $3.1B | $673.0M | ||
| Q2 25 | $1.7B | — | ||
| Q1 25 | $4.4B | $385.0M | ||
| Q4 24 | $4.3B | — | ||
| Q3 24 | $2.9B | $341.0M | ||
| Q2 24 | $2.1B | $613.0M |
自由现金流IBMNTAP
| Q1 26 | $2.2B | — | ||
| Q4 25 | $3.7B | $78.0M | ||
| Q3 25 | $2.8B | $620.0M | ||
| Q2 25 | $1.5B | — | ||
| Q1 25 | $4.1B | $338.0M | ||
| Q4 24 | $4.0B | — | ||
| Q3 24 | $2.6B | $300.0M | ||
| Q2 24 | $1.8B | $567.0M |
自由现金流率IBMNTAP
| Q1 26 | 13.9% | — | ||
| Q4 25 | 18.6% | 4.6% | ||
| Q3 25 | 17.3% | 39.8% | ||
| Q2 25 | 8.8% | — | ||
| Q1 25 | 28.4% | 20.6% | ||
| Q4 24 | 22.9% | — | ||
| Q3 24 | 17.3% | 19.5% | ||
| Q2 24 | 11.7% | 34.0% |
资本支出强度IBMNTAP
| Q1 26 | 2.4% | — | ||
| Q4 25 | 1.9% | 2.9% | ||
| Q3 25 | 1.6% | 3.4% | ||
| Q2 25 | 1.2% | — | ||
| Q1 25 | 1.7% | 2.9% | ||
| Q4 24 | 1.7% | — | ||
| Q3 24 | 1.9% | 2.7% | ||
| Q2 24 | 1.4% | 2.8% |
现金转化率IBMNTAP
| Q1 26 | 4.25× | — | ||
| Q4 25 | 0.72× | 0.42× | ||
| Q3 25 | 1.77× | 2.89× | ||
| Q2 25 | 0.78× | — | ||
| Q1 25 | 4.14× | 1.29× | ||
| Q4 24 | 1.49× | — | ||
| Q3 24 | — | 1.38× | ||
| Q2 24 | 1.13× | 2.11× |
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
IBM
| Software | $7.1B | 44% |
| Consulting | $5.3B | 33% |
| Infrastructure | $3.3B | 21% |
| Financing | $220.0M | 1% |
NTAP
| Products | $788.0M | 46% |
| Support | $647.0M | 38% |
| Public Cloud Segment | $171.0M | 10% |
| Professional And Other Services | $99.0M | 6% |
