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国际商业机器公司（IBM）与RYDER SYSTEM INC（R）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RYDER SYSTEM INC的5.1倍（$15.9B vs $3.1B），国际商业机器公司净利率更高（7.6% vs 3.0%，领先4.7%），国际商业机器公司同比增速更快（9.7% vs 1.0%），国际商业机器公司自由现金流更多（$2.2B vs $273.0M），过去两年国际商业机器公司的营收复合增速更高（0.4% vs -0.9%）
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。
Ryder System Inc.是美国专业运输物流服务商，总部位于佛罗里达州科勒尔盖布尔斯，业务覆盖美国及英国，核心业务包含卡车租赁、车队管理、供应链及运输管理，同时提供车辆维保、二手车销售、专业司机派遣、电商履约与最后一公里配送等多元服务。
IBM vs R — 直观对比
营收规模更大
IBM
是对方的5.1倍
$3.1B
营收增速更快
IBM
高出8.7%
1.0%
净利率更高
IBM
高出4.7%
3.0%
自由现金流更多
IBM
多$1.9B
$273.0M
两年增速更快
IBM
近两年复合增速
-0.9%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $15.9B | $3.1B |
| 净利润 | $1.2B | $93.0M |
| 毛利率 | 56.3% | — |
| 营业利润率 | — | — |
| 净利率 | 7.6% | 3.0% |
| 营收同比 | 9.7% | 1.0% |
| 净利润同比 | 15.3% | -5.1% |
| 每股收益（稀释后） | $1.28 | $2.34 |
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IBMR
| Q1 26 | $15.9B | $3.1B | ||
| Q4 25 | $19.7B | $3.2B | ||
| Q3 25 | $16.3B | $3.2B | ||
| Q2 25 | $17.0B | $3.2B | ||
| Q1 25 | $14.5B | $3.1B | ||
| Q4 24 | $17.6B | $3.2B | ||
| Q3 24 | $15.0B | $3.2B | ||
| Q2 24 | $15.8B | $3.2B |
净利润IBMR
| Q1 26 | $1.2B | $93.0M | ||
| Q4 25 | $5.6B | $132.0M | ||
| Q3 25 | $1.7B | $138.0M | ||
| Q2 25 | $2.2B | $131.0M | ||
| Q1 25 | $1.1B | $98.0M | ||
| Q4 24 | $2.9B | $135.0M | ||
| Q3 24 | $-330.0M | $142.0M | ||
| Q2 24 | $1.8B | $127.0M |
毛利率IBMR
| Q1 26 | 56.3% | — | ||
| Q4 25 | 60.6% | — | ||
| Q3 25 | 57.3% | — | ||
| Q2 25 | 58.8% | — | ||
| Q1 25 | 55.2% | — | ||
| Q4 24 | 59.5% | — | ||
| Q3 24 | 56.3% | — | ||
| Q2 24 | 56.8% | — |
营业利润率IBMR
| Q1 26 | — | — | ||
| Q4 25 | 21.0% | 5.6% | ||
| Q3 25 | 14.9% | 6.0% | ||
| Q2 25 | 15.3% | 5.8% | ||
| Q1 25 | 8.0% | 4.3% | ||
| Q4 24 | 18.8% | 5.7% | ||
| Q3 24 | -5.4% | 5.9% | ||
| Q2 24 | 14.1% | 5.6% |
净利率IBMR
| Q1 26 | 7.6% | 3.0% | ||
| Q4 25 | 28.4% | 4.2% | ||
| Q3 25 | 10.7% | 4.4% | ||
| Q2 25 | 12.9% | 4.1% | ||
| Q1 25 | 7.3% | 3.1% | ||
| Q4 24 | 16.6% | 4.2% | ||
| Q3 24 | -2.2% | 4.5% | ||
| Q2 24 | 11.6% | 4.0% |
每股收益（稀释后）IBMR
| Q1 26 | $1.28 | $2.34 | ||
| Q4 25 | $5.90 | $3.22 | ||
| Q3 25 | $1.84 | $3.32 | ||
| Q2 25 | $2.31 | $3.13 | ||
| Q1 25 | $1.12 | $2.27 | ||
| Q4 24 | $3.11 | $3.09 | ||
| Q3 24 | $-0.36 | $3.24 | ||
| Q2 24 | $1.96 | $2.84 |
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 | $182.0M |
| 总债务越低越好 | $66.4B | — |
| 股东权益账面价值 | $33.1B | $2.9B |
| 总资产 | $156.2B | — |
| 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IBMR
| Q1 26 | $10.8B | $182.0M | ||
| Q4 25 | $13.6B | $198.0M | ||
| Q3 25 | $11.6B | $189.0M | ||
| Q2 25 | $11.9B | $180.0M | ||
| Q1 25 | $11.0B | $151.0M | ||
| Q4 24 | $13.9B | $154.0M | ||
| Q3 24 | $13.2B | $162.0M | ||
| Q2 24 | $12.2B | $164.0M |
总债务IBMR
| Q1 26 | $66.4B | — | ||
| Q4 25 | $54.8B | $6.8B | ||
| Q3 25 | $55.2B | $7.3B | ||
| Q2 25 | $55.2B | $7.0B | ||
| Q1 25 | $56.4B | $6.7B | ||
| Q4 24 | $49.9B | $6.7B | ||
| Q3 24 | $53.0B | $6.6B | ||
| Q2 24 | $52.9B | $6.5B |
股东权益IBMR
| Q1 26 | $33.1B | $2.9B | ||
| Q4 25 | $32.6B | $3.1B | ||
| Q3 25 | $27.9B | $3.1B | ||
| Q2 25 | $27.5B | $3.1B | ||
| Q1 25 | $26.9B | $3.0B | ||
| Q4 24 | $27.3B | $3.1B | ||
| Q3 24 | $24.4B | $3.1B | ||
| Q2 24 | $24.0B | $3.1B |
总资产IBMR
| Q1 26 | $156.2B | — | ||
| Q4 25 | $151.9B | $16.4B | ||
| Q3 25 | $146.3B | $16.5B | ||
| Q2 25 | $148.6B | $16.5B | ||
| Q1 25 | $145.7B | $16.4B | ||
| Q4 24 | $137.2B | $16.7B | ||
| Q3 24 | $134.3B | $16.5B | ||
| Q2 24 | $133.8B | $16.4B |
负债/权益比IBMR
| Q1 26 | 2.01× | — | ||
| Q4 25 | 1.68× | 2.24× | ||
| Q3 25 | 1.98× | 2.35× | ||
| Q2 25 | 2.01× | 2.27× | ||
| Q1 25 | 2.10× | 2.21× | ||
| Q4 24 | 1.83× | 2.14× | ||
| Q3 24 | 2.17× | 2.17× | ||
| 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 | $583.0M |
| 自由现金流经营现金流 - 资本支出 | $2.2B | $273.0M |
| 自由现金流率自由现金流/营收 | 14.0% | 8.7% |
| 资本支出强度资本支出/营收 | 2.4% | 13.7% |
| 现金转化率经营现金流/净利润 | 4.25× | 6.27× |
| 过去12个月自由现金流最近4个季度 | $10.2B | $595.0M |
8季度趋势，按日历期对齐
经营现金流IBMR
| Q1 26 | $5.2B | $583.0M | ||
| Q4 25 | $4.0B | $749.0M | ||
| Q3 25 | $3.1B | $442.0M | ||
| Q2 25 | $1.7B | $752.0M | ||
| Q1 25 | $4.4B | $651.0M | ||
| Q4 24 | $4.3B | $558.0M | ||
| Q3 24 | $2.9B | $629.0M | ||
| Q2 24 | $2.1B | $552.0M |
自由现金流IBMR
| Q1 26 | $2.2B | $273.0M | ||
| Q4 25 | $3.7B | $344.0M | ||
| Q3 25 | $2.8B | $-85.0M | ||
| Q2 25 | $1.5B | $63.0M | ||
| Q1 25 | $4.1B | $137.0M | ||
| Q4 24 | $4.0B | $-201.0M | ||
| Q3 24 | $2.6B | $30.0M | ||
| Q2 24 | $1.8B | $-87.0M |
自由现金流率IBMR
| Q1 26 | 14.0% | 8.7% | ||
| Q4 25 | 18.6% | 10.8% | ||
| Q3 25 | 17.3% | -2.7% | ||
| Q2 25 | 8.8% | 2.0% | ||
| Q1 25 | 28.4% | 4.4% | ||
| Q4 24 | 22.9% | -6.3% | ||
| Q3 24 | 17.3% | 0.9% | ||
| Q2 24 | 11.7% | -2.7% |
资本支出强度IBMR
| Q1 26 | 2.4% | 13.7% | ||
| Q4 25 | 1.9% | 12.8% | ||
| Q3 25 | 1.6% | 16.6% | ||
| Q2 25 | 1.2% | 21.6% | ||
| Q1 25 | 1.7% | 16.4% | ||
| Q4 24 | 1.7% | 23.8% | ||
| Q3 24 | 1.9% | 18.9% | ||
| Q2 24 | 1.4% | 20.1% |
现金转化率IBMR
| Q1 26 | 4.25× | 6.27× | ||
| Q4 25 | 0.72× | 5.67× | ||
| Q3 25 | 1.77× | 3.20× | ||
| Q2 25 | 0.78× | 5.74× | ||
| Q1 25 | 4.14× | 6.64× | ||
| Q4 24 | 1.49× | 4.13× | ||
| Q3 24 | — | 4.43× | ||
| Q2 24 | 1.13× | 4.35× |
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 | 45% |
| Consulting | $5.3B | 33% |
| Infrastructure | $3.3B | 21% |
| Financing | $200.0M | 1% |
R
| Fleet Management Solutions | $1.5B | 47% |
| ChoiceLease | $878.0M | 28% |
| Dedicated Transportation Solutions | $553.0M | 18% |
| Commercial rental | $211.0M | 7% |
