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国际商业机器公司（IBM）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
国际商业机器公司的季度营收约是拼多多的1.0倍（$15.9B vs $15.2B），拼多多净利率更高（27.1% vs 7.6%，领先19.4%），过去两年拼多多的营收复合增速更高（74.6% 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。
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。
IBM vs PDD — 直观对比
营收规模更大
IBM
是对方的1.0倍
$15.2B
净利率更高
PDD
高出19.4%
7.6%
两年增速更快
PDD
近两年复合增速
0.5%
损益表 — Q1 FY2026 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $15.9B | $15.2B |
| 净利润 | $1.2B | $4.1B |
| 毛利率 | 56.2% | 56.7% |
| 营业利润率 | — | 23.1% |
| 净利率 | 7.6% | 27.1% |
| 营收同比 | 9.5% | — |
| 净利润同比 | 15.3% | — |
| 每股收益（稀释后） | $1.28 | — |
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IBMPDD
| Q1 26 | $15.9B | — | ||
| Q4 25 | $19.7B | — | ||
| Q3 25 | $16.3B | $15.2B | ||
| Q2 25 | $17.0B | $14.5B | ||
| Q1 25 | $14.5B | — | ||
| Q4 24 | $17.6B | — | ||
| Q3 24 | $15.0B | $14.2B | ||
| Q2 24 | $15.8B | — |
净利润IBMPDD
| Q1 26 | $1.2B | — | ||
| Q4 25 | $5.6B | — | ||
| Q3 25 | $1.7B | $4.1B | ||
| Q2 25 | $2.2B | $4.3B | ||
| Q1 25 | $1.1B | — | ||
| Q4 24 | $2.9B | — | ||
| Q3 24 | $-330.0M | $3.6B | ||
| Q2 24 | $1.8B | — |
毛利率IBMPDD
| Q1 26 | 56.2% | — | ||
| Q4 25 | 60.6% | — | ||
| Q3 25 | 57.3% | 56.7% | ||
| Q2 25 | 58.8% | 55.9% | ||
| Q1 25 | 55.2% | — | ||
| Q4 24 | 59.5% | — | ||
| Q3 24 | 56.3% | 60.0% | ||
| Q2 24 | 56.8% | — |
营业利润率IBMPDD
| Q1 26 | — | — | ||
| Q4 25 | 21.0% | — | ||
| Q3 25 | 14.9% | 23.1% | ||
| Q2 25 | 15.3% | 24.8% | ||
| Q1 25 | 8.0% | — | ||
| Q4 24 | 18.8% | — | ||
| Q3 24 | -5.4% | 24.5% | ||
| Q2 24 | 14.1% | — |
净利率IBMPDD
| Q1 26 | 7.6% | — | ||
| Q4 25 | 28.4% | — | ||
| Q3 25 | 10.7% | 27.1% | ||
| Q2 25 | 12.9% | 29.6% | ||
| Q1 25 | 7.3% | — | ||
| Q4 24 | 16.6% | — | ||
| Q3 24 | -2.2% | 25.1% | ||
| Q2 24 | 11.6% | — |
每股收益（稀释后）IBMPDD
| Q1 26 | $1.28 | — | ||
| Q4 25 | $5.90 | — | ||
| Q3 25 | $1.84 | — | ||
| Q2 25 | $2.31 | — | ||
| Q1 25 | $1.12 | — | ||
| Q4 24 | $3.11 | — | ||
| Q3 24 | $-0.36 | — | ||
| Q2 24 | $1.96 | — |
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 | $13.0B |
| 总债务越低越好 | $66.4B | — |
| 股东权益账面价值 | $33.1B | $55.0B |
| 总资产 | $156.2B | $86.2B |
| 负债/权益比越低杠杆越低 | 2.01× | — |
8季度趋势，按日历期对齐
现金及短期投资IBMPDD
| Q1 26 | $10.8B | — | ||
| Q4 25 | $13.6B | — | ||
| Q3 25 | $11.6B | $13.0B | ||
| Q2 25 | $11.9B | $8.8B | ||
| Q1 25 | $11.0B | — | ||
| Q4 24 | $13.9B | — | ||
| Q3 24 | $13.2B | $9.3B | ||
| Q2 24 | $12.2B | — |
总债务IBMPDD
| Q1 26 | $66.4B | — | ||
| Q4 25 | $54.8B | — | ||
| Q3 25 | $55.2B | — | ||
| Q2 25 | $55.2B | — | ||
| Q1 25 | $56.4B | — | ||
| Q4 24 | $49.9B | — | ||
| Q3 24 | $53.0B | — | ||
| Q2 24 | $52.9B | — |
股东权益IBMPDD
| Q1 26 | $33.1B | — | ||
| Q4 25 | $32.6B | — | ||
| Q3 25 | $27.9B | $55.0B | ||
| Q2 25 | $27.5B | $50.5B | ||
| Q1 25 | $26.9B | — | ||
| Q4 24 | $27.3B | — | ||
| Q3 24 | $24.4B | $39.7B | ||
| Q2 24 | $24.0B | — |
总资产IBMPDD
| Q1 26 | $156.2B | — | ||
| Q4 25 | $151.9B | — | ||
| Q3 25 | $146.3B | $86.2B | ||
| Q2 25 | $148.6B | $79.2B | ||
| Q1 25 | $145.7B | — | ||
| Q4 24 | $137.2B | — | ||
| Q3 24 | $134.3B | $66.5B | ||
| Q2 24 | $133.8B | — |
负债/权益比IBMPDD
| Q1 26 | 2.01× | — | ||
| Q4 25 | 1.68× | — | ||
| Q3 25 | 1.98× | — | ||
| Q2 25 | 2.01× | — | ||
| Q1 25 | 2.10× | — | ||
| Q4 24 | 1.83× | — | ||
| Q3 24 | 2.17× | — | ||
| Q2 24 | 2.20× | — |
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 | $6.4B |
| 自由现金流经营现金流 - 资本支出 | $2.2B | — |
| 自由现金流率自由现金流/营收 | 13.9% | — |
| 资本支出强度资本支出/营收 | 2.4% | — |
| 现金转化率经营现金流/净利润 | 4.25× | 1.56× |
| 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IBMPDD
| Q1 26 | $5.2B | — | ||
| Q4 25 | $4.0B | — | ||
| Q3 25 | $3.1B | $6.4B | ||
| Q2 25 | $1.7B | $3.0B | ||
| Q1 25 | $4.4B | — | ||
| Q4 24 | $4.3B | — | ||
| Q3 24 | $2.9B | $3.9B | ||
| Q2 24 | $2.1B | — |
自由现金流IBMPDD
| Q1 26 | $2.2B | — | ||
| Q4 25 | $3.7B | — | ||
| Q3 25 | $2.8B | — | ||
| Q2 25 | $1.5B | — | ||
| Q1 25 | $4.1B | — | ||
| Q4 24 | $4.0B | — | ||
| Q3 24 | $2.6B | — | ||
| Q2 24 | $1.8B | — |
自由现金流率IBMPDD
| Q1 26 | 13.9% | — | ||
| Q4 25 | 18.6% | — | ||
| Q3 25 | 17.3% | — | ||
| Q2 25 | 8.8% | — | ||
| Q1 25 | 28.4% | — | ||
| Q4 24 | 22.9% | — | ||
| Q3 24 | 17.3% | — | ||
| Q2 24 | 11.7% | — |
资本支出强度IBMPDD
| Q1 26 | 2.4% | — | ||
| Q4 25 | 1.9% | — | ||
| Q3 25 | 1.6% | — | ||
| Q2 25 | 1.2% | — | ||
| Q1 25 | 1.7% | — | ||
| Q4 24 | 1.7% | — | ||
| Q3 24 | 1.9% | — | ||
| Q2 24 | 1.4% | — |
现金转化率IBMPDD
| Q1 26 | 4.25× | — | ||
| Q4 25 | 0.72× | — | ||
| Q3 25 | 1.77× | 1.56× | ||
| Q2 25 | 0.78× | 0.70× | ||
| Q1 25 | 4.14× | — | ||
| Q4 24 | 1.49× | — | ||
| Q3 24 | — | 1.10× | ||
| Q2 24 | 1.13× | — |
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% |
PDD
暂无分部数据
