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Leidos（LDOS）与ServiceNow（NOW）财务数据对比。点击上方公司名可切换其他公司
Leidos的季度营收约是ServiceNow的1.1倍（$4.2B vs $3.8B），ServiceNow净利率更高（12.4% vs 7.8%，领先4.6%），ServiceNow同比增速更快（2.8% vs -3.5%），ServiceNow自由现金流更多（$1.7B vs $452.0M），过去两年ServiceNow的营收复合增速更高（19.8% vs 3.1%）
Leidos Holdings, Inc.是总部位于美国弗吉尼亚州雷斯顿的企业，业务覆盖国防、航空、信息技术、生物医学研究领域，提供科研、工程、系统集成及技术服务。其前身为科学应用国际公司（SAIC），2016年8月与洛克希德·马丁旗下IT业务板块合并，成为国防行业规模最大的IT服务提供商。
ServiceNow是2003年由弗雷德·卢迪在美国加利福尼亚州圣克拉拉创立的软件企业，主打云计算平台产品，可支持企业搭建及管理自动化业务工作流。公司于纽交所上市，现为标普100及标普500指数成分股。
LDOS vs NOW — 直观对比
营收规模更大
LDOS
是对方的1.1倍
$3.8B
营收增速更快
NOW
高出6.3%
-3.5%
净利率更高
NOW
高出4.6%
7.8%
自由现金流更多
NOW
多$1.2B
$452.0M
两年增速更快
NOW
近两年复合增速
3.1%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $4.2B | $3.8B |
| 净利润 | $327.0M | $469.0M |
| 毛利率 | 17.4% | 75.1% |
| 营业利润率 | 11.3% | 13.3% |
| 净利率 | 7.8% | 12.4% |
| 营收同比 | -3.5% | 2.8% |
| 净利润同比 | 15.1% | -53.7% |
| 每股收益（稀释后） | $2.54 | $1.04 |
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LDOSNOW
| Q1 26 | $4.2B | $3.8B | ||
| Q4 25 | $4.4B | $3.6B | ||
| Q3 25 | $4.2B | $3.4B | ||
| Q2 25 | $4.2B | $3.2B | ||
| Q1 25 | $4.3B | $3.1B | ||
| Q4 24 | — | $3.0B | ||
| Q3 24 | $4.2B | $2.8B | ||
| Q2 24 | $4.1B | $2.6B |
净利润LDOSNOW
| Q1 26 | $327.0M | $469.0M | ||
| Q4 25 | $367.0M | $401.0M | ||
| Q3 25 | $391.0M | $502.0M | ||
| Q2 25 | $363.0M | $385.0M | ||
| Q1 25 | $284.0M | $460.0M | ||
| Q4 24 | — | $384.0M | ||
| Q3 24 | $364.0M | $432.0M | ||
| Q2 24 | $322.0M | $262.0M |
毛利率LDOSNOW
| Q1 26 | 17.4% | 75.1% | ||
| Q4 25 | 18.0% | 76.6% | ||
| Q3 25 | 18.0% | 77.3% | ||
| Q2 25 | 17.5% | 77.5% | ||
| Q1 25 | 15.6% | 78.9% | ||
| Q4 24 | — | 78.7% | ||
| Q3 24 | 17.8% | 79.1% | ||
| Q2 24 | 16.6% | 79.0% |
营业利润率LDOSNOW
| Q1 26 | 11.3% | 13.3% | ||
| Q4 25 | 12.0% | 12.4% | ||
| Q3 25 | 13.5% | 16.8% | ||
| Q2 25 | 12.5% | 11.1% | ||
| Q1 25 | 9.7% | 14.6% | ||
| Q4 24 | — | 12.6% | ||
| Q3 24 | 12.4% | 14.9% | ||
| Q2 24 | 11.6% | 9.1% |
净利率LDOSNOW
| Q1 26 | 7.8% | 12.4% | ||
| Q4 25 | 8.2% | 11.2% | ||
| Q3 25 | 9.2% | 14.7% | ||
| Q2 25 | 8.6% | 12.0% | ||
| Q1 25 | 6.5% | 14.9% | ||
| Q4 24 | — | 13.0% | ||
| Q3 24 | 8.7% | 15.4% | ||
| Q2 24 | 7.8% | 10.0% |
每股收益（稀释后）LDOSNOW
| Q1 26 | $2.54 | $1.04 | ||
| Q4 25 | $2.82 | $-4.77 | ||
| Q3 25 | $3.01 | $2.40 | ||
| Q2 25 | $2.77 | $1.84 | ||
| Q1 25 | $2.10 | $2.20 | ||
| Q4 24 | — | $1.84 | ||
| Q3 24 | $2.68 | $2.07 | ||
| Q2 24 | $2.37 | $1.26 |
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 | $1.1B | $2.7B |
| 总债务越低越好 | $4.6B | — |
| 股东权益账面价值 | $4.9B | $11.7B |
| 总资产 | $13.5B | $24.4B |
| 负债/权益比越低杠杆越低 | 0.94× | — |
8季度趋势，按日历期对齐
现金及短期投资LDOSNOW
| Q1 26 | $1.1B | $2.7B | ||
| Q4 25 | $974.0M | $3.7B | ||
| Q3 25 | $930.0M | $2.7B | ||
| Q2 25 | $842.0M | $3.1B | ||
| Q1 25 | $943.0M | $3.4B | ||
| Q4 24 | — | $2.3B | ||
| Q3 24 | $1.2B | $1.9B | ||
| Q2 24 | $823.0M | $2.2B |
总债务LDOSNOW
| Q1 26 | $4.6B | — | ||
| Q4 25 | $4.6B | — | ||
| Q3 25 | $5.0B | — | ||
| Q2 25 | $5.0B | — | ||
| Q1 25 | $4.1B | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $4.1B | — | ||
| Q2 24 | $4.1B | — |
股东权益LDOSNOW
| Q1 26 | $4.9B | $11.7B | ||
| Q4 25 | $4.9B | $13.0B | ||
| Q3 25 | $4.7B | $11.3B | ||
| Q2 25 | $4.3B | $10.9B | ||
| Q1 25 | $4.4B | $10.1B | ||
| Q4 24 | — | $9.6B | ||
| Q3 24 | $4.6B | $9.3B | ||
| Q2 24 | $4.5B | $8.7B |
总资产LDOSNOW
| Q1 26 | $13.5B | $24.4B | ||
| Q4 25 | $13.5B | $26.0B | ||
| Q3 25 | $13.5B | $21.8B | ||
| Q2 25 | $13.2B | $22.1B | ||
| Q1 25 | $13.1B | $21.0B | ||
| Q4 24 | — | $20.4B | ||
| Q3 24 | $13.3B | $18.4B | ||
| Q2 24 | $12.9B | $18.2B |
负债/权益比LDOSNOW
| Q1 26 | 0.94× | — | ||
| Q4 25 | 0.94× | — | ||
| Q3 25 | 1.07× | — | ||
| Q2 25 | 1.18× | — | ||
| Q1 25 | 0.92× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.88× | — | ||
| Q2 24 | 0.92× | — |
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 | $495.0M | $1.7B |
| 自由现金流经营现金流 - 资本支出 | $452.0M | $1.7B |
| 自由现金流率自由现金流/营收 | 10.8% | 44.2% |
| 资本支出强度资本支出/营收 | 1.0% | — |
| 现金转化率经营现金流/净利润 | 1.51× | 3.56× |
| 过去12个月自由现金流最近4个季度 | — | $4.8B |
8季度趋势，按日历期对齐
经营现金流LDOSNOW
| Q1 26 | $495.0M | $1.7B | ||
| Q4 25 | — | $2.2B | ||
| Q3 25 | $711.0M | $813.0M | ||
| Q2 25 | $58.0M | $716.0M | ||
| Q1 25 | $299.0M | $1.7B | ||
| Q4 24 | — | $1.6B | ||
| Q3 24 | $656.0M | $671.0M | ||
| Q2 24 | $374.0M | $620.0M |
自由现金流LDOSNOW
| Q1 26 | $452.0M | $1.7B | ||
| Q4 25 | — | $2.0B | ||
| Q3 25 | $680.0M | $578.0M | ||
| Q2 25 | $36.0M | $526.0M | ||
| Q1 25 | $213.0M | $1.5B | ||
| Q4 24 | — | $1.4B | ||
| Q3 24 | $633.0M | $469.0M | ||
| Q2 24 | $351.0M | $358.0M |
自由现金流率LDOSNOW
| Q1 26 | 10.8% | 44.2% | ||
| Q4 25 | — | 56.1% | ||
| Q3 25 | 16.1% | 17.0% | ||
| Q2 25 | 0.9% | 16.4% | ||
| Q1 25 | 4.9% | 47.7% | ||
| Q4 24 | — | 46.7% | ||
| Q3 24 | 15.2% | 16.8% | ||
| Q2 24 | 8.5% | 13.6% |
资本支出强度LDOSNOW
| Q1 26 | 1.0% | — | ||
| Q4 25 | — | 6.7% | ||
| Q3 25 | 0.7% | 6.9% | ||
| Q2 25 | 0.5% | 5.9% | ||
| Q1 25 | 2.0% | 6.6% | ||
| Q4 24 | — | 8.6% | ||
| Q3 24 | 0.6% | 7.2% | ||
| Q2 24 | 0.6% | 10.0% |
现金转化率LDOSNOW
| Q1 26 | 1.51× | 3.56× | ||
| Q4 25 | — | 5.58× | ||
| Q3 25 | 1.82× | 1.62× | ||
| Q2 25 | 0.16× | 1.86× | ||
| Q1 25 | 1.05× | 3.65× | ||
| Q4 24 | — | 4.26× | ||
| Q3 24 | 1.80× | 1.55× | ||
| Q2 24 | 1.16× | 2.37× |
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
LDOS
| US Do D And US Intelligence Community | $1.4B | 32% |
| Cost Reimbursement And Fixed Price Incentive Fee | $1.0B | 24% |
| Commercial And International Segment | $609.0M | 15% |
| Defense Systems Segment | $546.0M | 13% |
| Other | $358.0M | 9% |
| Time And Materials And Fixed Price Level Of Effort | $295.0M | 7% |
| Commercial And Non US Customers | $38.0M | 1% |
NOW
| Subscription revenues | $3.7B | 97% |
| Other | $80.5M | 2% |
| Professional services and other revenues | $18.5M | 0% |
