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京东（JD）与Sally Beauty Holdings, Inc.（SBH）财务数据对比。点击上方公司名可切换其他公司
京东的季度营收约是Sally Beauty Holdings, Inc.的57.2倍（$53.9B vs $943.2M）。Sally Beauty Holdings, Inc.净利率更高（4.8% vs -0.1%，领先5.0%）。京东同比增速更快（12.2% vs 0.6%）。京东自由现金流更多（$2.7B vs $57.5M）。过去两年京东的营收复合增速更高（26.8% vs 1.9%）
京东是总部位于北京的中国知名电商企业，前身为360buy。2024年营收超1588亿美元，是中国收入规模最大的零售商，位列《财富》世界500强第47位。作为国内两大头部B2C线上零售商之一，与阿里巴巴旗下天猫直接竞争，业务覆盖零售、科技、物流、医疗健康、工业、地产管理等多个领域。
莎莉美容控股是美国的跨国专业美妆用品零售及分销商，主营专业级美容相关产品供应，年营收超39亿美元，业务覆盖全球多个市场，在专业美容供应链领域拥有较高的行业知名度。
JD vs SBH — 直观对比
营收规模更大
JD
是对方的57.2倍
$943.2M
营收增速更快
JD
高出11.7%
0.6%
净利率更高
SBH
高出5.0%
-0.1%
自由现金流更多
JD
多$2.6B
$57.5M
两年增速更快
JD
近两年复合增速
1.9%
损益表 — Q4 2025 vs Q1 2026
| 指标 | | |
|---|---|---|
| 营收 | $53.9B | $943.2M |
| 净利润 | $-78.0M | $45.6M |
| 毛利率 | 14.6% | 51.2% |
| 营业利润率 | -1.5% | 8.1% |
| 净利率 | -0.1% | 4.8% |
| 营收同比 | 12.2% | 0.6% |
| 净利润同比 | -105.0% | -25.3% |
| 每股收益（稀释后） | $-0.15 | $0.45 |
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JDSBH
| Q4 25 | $53.9B | $943.2M | ||
| Q3 25 | $42.0B | $947.1M | ||
| Q2 25 | $49.8B | $933.3M | ||
| Q1 25 | $41.5B | $883.1M | ||
| Q4 24 | $48.0B | $937.9M | ||
| Q3 24 | $37.1B | $935.0M | ||
| Q2 24 | $40.1B | $942.3M | ||
| Q1 24 | $33.5B | $908.4M |
净利润JDSBH
| Q4 25 | $-78.0M | $45.6M | ||
| Q3 25 | $896.0M | $49.9M | ||
| Q2 25 | $937.0M | $45.7M | ||
| Q1 25 | $1.6B | $39.2M | ||
| Q4 24 | $1.6B | $61.0M | ||
| Q3 24 | $1.8B | $48.1M | ||
| Q2 24 | $1.9B | $37.7M | ||
| Q1 24 | $855.5M | $29.2M |
毛利率JDSBH
| Q4 25 | 14.6% | 51.2% | ||
| Q3 25 | 16.9% | 52.2% | ||
| Q2 25 | 15.9% | 51.5% | ||
| Q1 25 | 15.9% | 52.0% | ||
| Q4 24 | 15.2% | 50.8% | ||
| Q3 24 | 17.3% | 51.2% | ||
| Q2 24 | 15.8% | 51.0% | ||
| Q1 24 | 14.8% | 51.0% |
营业利润率JDSBH
| Q4 25 | -1.5% | 8.1% | ||
| Q3 25 | -0.4% | 8.4% | ||
| Q2 25 | -0.2% | 8.4% | ||
| Q1 25 | 3.5% | 7.9% | ||
| Q4 24 | 2.6% | 10.7% | ||
| Q3 24 | 4.6% | 8.8% | ||
| Q2 24 | 3.6% | 7.6% | ||
| Q1 24 | 2.6% | 6.6% |
净利率JDSBH
| Q4 25 | -0.1% | 4.8% | ||
| Q3 25 | 2.1% | 5.3% | ||
| Q2 25 | 1.9% | 4.9% | ||
| Q1 25 | 3.7% | 4.4% | ||
| Q4 24 | 3.3% | 6.5% | ||
| Q3 24 | 4.9% | 5.1% | ||
| Q2 24 | 4.7% | 4.0% | ||
| Q1 24 | 2.6% | 3.2% |
每股收益（稀释后）JDSBH
| Q4 25 | $-0.15 | $0.45 | ||
| Q3 25 | $0.24 | $0.49 | ||
| Q2 25 | $0.29 | $0.44 | ||
| Q1 25 | $0.50 | $0.38 | ||
| Q4 24 | $0.44 | $0.58 | ||
| Q3 24 | $0.55 | $0.45 | ||
| Q2 24 | $0.56 | $0.36 | ||
| Q1 24 | — | $0.27 |
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 | $30.5B | $157.2M |
| 总债务越低越好 | $41.7B | $842.5M |
| 股东权益账面价值 | $32.2B | $823.6M |
| 总资产 | $99.4B | $2.9B |
| 负债/权益比越低杠杆越低 | 1.30× | 1.02× |
8季度趋势，按日历期对齐
现金及短期投资JDSBH
| Q4 25 | $30.5B | $157.2M | ||
| Q3 25 | $27.9B | $149.2M | ||
| Q2 25 | $29.9B | $112.8M | ||
| Q1 25 | $26.8B | $92.2M | ||
| Q4 24 | $32.1B | $105.5M | ||
| Q3 24 | $27.2B | $108.0M | ||
| Q2 24 | $27.8B | $97.4M | ||
| Q1 24 | $3.3B | $97.2M |
总债务JDSBH
| Q4 25 | $41.7B | $842.5M | ||
| Q3 25 | $8.4B | $862.0M | ||
| Q2 25 | $7.9B | $882.4M | ||
| Q1 25 | $7.8B | $902.8M | ||
| Q4 24 | $31.7B | $938.1M | ||
| Q3 24 | $7.7B | $978.3M | ||
| Q2 24 | $7.8B | $978.9M | ||
| Q1 24 | $2.1B | $978.4M |
股东权益JDSBH
| Q4 25 | $32.2B | $823.6M | ||
| Q3 25 | $42.8B | $794.2M | ||
| Q2 25 | $41.5B | $762.9M | ||
| Q1 25 | $42.5B | $699.8M | ||
| Q4 24 | $32.8B | $656.5M | ||
| Q3 24 | $42.2B | $628.5M | ||
| Q2 24 | $39.5B | $577.7M | ||
| Q1 24 | $5.5B | $550.9M |
总资产JDSBH
| Q4 25 | $99.4B | $2.9B | ||
| Q3 25 | $100.2B | $2.9B | ||
| Q2 25 | $98.7B | $2.7B | ||
| Q1 25 | $93.4B | $2.7B | ||
| Q4 24 | $95.7B | $2.7B | ||
| Q3 24 | $91.7B | $2.8B | ||
| Q2 24 | $89.7B | $2.7B | ||
| Q1 24 | $11.5B | $2.7B |
负债/权益比JDSBH
| Q4 25 | 1.30× | 1.02× | ||
| Q3 25 | 0.20× | 1.09× | ||
| Q2 25 | 0.19× | 1.16× | ||
| Q1 25 | 0.18× | 1.29× | ||
| Q4 24 | 0.97× | 1.43× | ||
| Q3 24 | 0.18× | 1.56× | ||
| Q2 24 | 0.20× | 1.69× | ||
| Q1 24 | 0.37× | 1.78× |
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 | $3.0B | $93.2M |
| 自由现金流经营现金流 - 资本支出 | $2.7B | $57.5M |
| 自由现金流率自由现金流/营收 | 5.0% | 6.1% |
| 资本支出强度资本支出/营收 | 0.5% | 3.8% |
| 现金转化率经营现金流/净利润 | — | 2.05× |
| 过去12个月自由现金流最近4个季度 | $2.2B | $216.8M |
8季度趋势，按日历期对齐
经营现金流JDSBH
| Q4 25 | $3.0B | $93.2M | ||
| Q3 25 | $-1.1B | $120.9M | ||
| Q2 25 | $3.4B | $69.4M | ||
| Q1 25 | $-2.5B | $51.1M | ||
| Q4 24 | $3.4B | $33.5M | ||
| Q3 24 | $-886.0M | $110.7M | ||
| Q2 24 | $7.0B | $47.9M | ||
| Q1 24 | — | $36.9M |
自由现金流JDSBH
| Q4 25 | $2.7B | $57.5M | ||
| Q3 25 | $-1.1B | $78.0M | ||
| Q2 25 | $3.3B | $49.1M | ||
| Q1 25 | $-2.6B | $32.2M | ||
| Q4 24 | $3.3B | $13.4M | ||
| Q3 24 | $-1.4B | $73.3M | ||
| Q2 24 | $6.8B | $28.7M | ||
| Q1 24 | — | $22.8M |
自由现金流率JDSBH
| Q4 25 | 5.0% | 6.1% | ||
| Q3 25 | -2.7% | 8.2% | ||
| Q2 25 | 6.5% | 5.3% | ||
| Q1 25 | -6.4% | 3.6% | ||
| Q4 24 | 6.9% | 1.4% | ||
| Q3 24 | -3.7% | 7.8% | ||
| Q2 24 | 16.9% | 3.1% | ||
| Q1 24 | — | 2.5% |
资本支出强度JDSBH
| Q4 25 | 0.5% | 3.8% | ||
| Q3 25 | 0.0% | 4.5% | ||
| Q2 25 | 0.3% | 2.2% | ||
| Q1 25 | 0.3% | 2.1% | ||
| Q4 24 | 0.2% | 2.1% | ||
| Q3 24 | 1.3% | 4.0% | ||
| Q2 24 | 0.5% | 2.0% | ||
| Q1 24 | — | 1.6% |
现金转化率JDSBH
| Q4 25 | — | 2.05× | ||
| Q3 25 | -1.26× | 2.42× | ||
| Q2 25 | 3.64× | 1.52× | ||
| Q1 25 | -1.62× | 1.30× | ||
| Q4 24 | 2.18× | 0.55× | ||
| Q3 24 | -0.48× | 2.30× | ||
| Q2 24 | 3.73× | 1.27× | ||
| Q1 24 | — | 1.26× |
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
JD
| JD Retail | $43.2B | 80% |
| JD Logistics | $9.1B | 17% |
| New Businesses | $2.0B | 4% |
SBH
| Sally Beauty Supply | $531.6M | 56% |
| Beauty Systems Group | $411.6M | 44% |
