vs
Leidos（LDOS）与网易（NTES）财务数据对比。点击上方公司名可切换其他公司
Leidos的季度营收约是网易的1.1倍（$4.2B vs $4.0B），网易净利率更高（31.0% vs 7.8%，领先23.2%），网易自由现金流更多（$1.8B vs $452.0M），过去两年网易的营收复合增速更高（9.7% 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。
网易由丁磊于1997年6月创立，是全球规模领先的互联网与网络游戏企业之一。公司核心业务涵盖PC及移动端网络游戏的研发与发行，同时布局广告服务、电子邮箱服务及电商平台等多元业务板块。
LDOS vs NTES — 直观对比
营收规模更大
LDOS
是对方的1.1倍
$4.0B
净利率更高
NTES
高出23.2%
7.8%
自由现金流更多
NTES
多$1.3B
$452.0M
两年增速更快
NTES
近两年复合增速
3.1%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.2B | $4.0B |
| 净利润 | $327.0M | $1.2B |
| 毛利率 | 17.4% | 64.1% |
| 营业利润率 | 11.3% | 28.3% |
| 净利率 | 7.8% | 31.0% |
| 营收同比 | -3.5% | — |
| 净利润同比 | 15.1% | — |
| 每股收益（稀释后） | $2.54 | — |
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LDOSNTES
| Q1 26 | $4.2B | — | ||
| Q4 25 | $4.4B | — | ||
| Q3 25 | $4.2B | $4.0B | ||
| Q2 25 | $4.2B | $3.9B | ||
| Q1 25 | $4.3B | $4.0B | ||
| Q3 24 | $4.2B | $3.7B | ||
| Q2 24 | $4.1B | $3.5B | ||
| Q1 24 | $4.0B | $3.7B |
净利润LDOSNTES
| Q1 26 | $327.0M | — | ||
| Q4 25 | $367.0M | — | ||
| Q3 25 | $391.0M | $1.2B | ||
| Q2 25 | $363.0M | $1.3B | ||
| Q1 25 | $284.0M | $1.5B | ||
| Q3 24 | $364.0M | $955.7M | ||
| Q2 24 | $322.0M | $939.6M | ||
| Q1 24 | $284.0M | $1.1B |
毛利率LDOSNTES
| Q1 26 | 17.4% | — | ||
| Q4 25 | 18.0% | — | ||
| Q3 25 | 18.0% | 64.1% | ||
| Q2 25 | 17.5% | 64.7% | ||
| Q1 25 | 15.6% | 64.1% | ||
| Q3 24 | 17.8% | 62.9% | ||
| Q2 24 | 16.6% | 62.9% | ||
| Q1 24 | 15.5% | 63.4% |
营业利润率LDOSNTES
| Q1 26 | 11.3% | — | ||
| Q4 25 | 12.0% | — | ||
| Q3 25 | 13.5% | 28.3% | ||
| Q2 25 | 12.5% | 32.5% | ||
| Q1 25 | 9.7% | 36.2% | ||
| Q3 24 | 12.4% | 27.3% | ||
| Q2 24 | 11.6% | 27.4% | ||
| Q1 24 | 10.5% | 28.4% |
净利率LDOSNTES
| Q1 26 | 7.8% | — | ||
| Q4 25 | 8.2% | — | ||
| Q3 25 | 9.2% | 31.0% | ||
| Q2 25 | 8.6% | 32.6% | ||
| Q1 25 | 6.5% | 36.6% | ||
| Q3 24 | 8.7% | 25.6% | ||
| Q2 24 | 7.8% | 26.8% | ||
| Q1 24 | 7.2% | 29.1% |
每股收益（稀释后）LDOSNTES
| Q1 26 | $2.54 | — | ||
| Q4 25 | $2.82 | — | ||
| Q3 25 | $3.01 | — | ||
| Q2 25 | $2.77 | — | ||
| Q1 25 | $2.10 | — | ||
| Q3 24 | $2.68 | — | ||
| Q2 24 | $2.37 | — | ||
| Q1 24 | $2.07 | — |
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 | $31.3B |
| 总债务越低越好 | $4.6B | — |
| 股东权益账面价值 | $4.9B | $160.8B |
| 总资产 | $13.5B | $214.5B |
| 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LDOSNTES
| Q1 26 | $1.1B | — | ||
| Q4 25 | $974.0M | — | ||
| Q3 25 | $930.0M | $31.3B | ||
| Q2 25 | $842.0M | $54.4B | ||
| Q1 25 | $943.0M | $41.7B | ||
| Q3 24 | $1.2B | $20.2B | ||
| Q2 24 | $823.0M | $19.0B | ||
| Q1 24 | $633.0M | $43.0B |
总债务LDOSNTES
| Q1 26 | $4.6B | — | ||
| Q4 25 | $4.6B | — | ||
| Q3 25 | $5.0B | — | ||
| Q2 25 | $5.0B | — | ||
| Q1 25 | $4.1B | — | ||
| Q3 24 | $4.1B | — | ||
| Q2 24 | $4.1B | — | ||
| Q1 24 | $4.6B | — |
股东权益LDOSNTES
| Q1 26 | $4.9B | — | ||
| Q4 25 | $4.9B | — | ||
| Q3 25 | $4.7B | $160.8B | ||
| Q2 25 | $4.3B | $154.0B | ||
| Q1 25 | $4.4B | $147.8B | ||
| Q3 24 | $4.6B | $135.6B | ||
| Q2 24 | $4.5B | $134.2B | ||
| Q1 24 | $4.3B | $130.5B |
总资产LDOSNTES
| Q1 26 | $13.5B | — | ||
| Q4 25 | $13.5B | — | ||
| Q3 25 | $13.5B | $214.5B | ||
| Q2 25 | $13.2B | $208.5B | ||
| Q1 25 | $13.1B | $200.9B | ||
| Q3 24 | $13.3B | $184.9B | ||
| Q2 24 | $12.9B | $183.3B | ||
| Q1 24 | $12.8B | $195.1B |
负债/权益比LDOSNTES
| Q1 26 | 0.94× | — | ||
| Q4 25 | 0.94× | — | ||
| Q3 25 | 1.07× | — | ||
| Q2 25 | 1.18× | — | ||
| Q1 25 | 0.92× | — | ||
| Q3 24 | 0.88× | — | ||
| Q2 24 | 0.92× | — | ||
| Q1 24 | 1.09× | — |
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 | $495.0M | $1.8B |
| 自由现金流经营现金流 - 资本支出 | $452.0M | $1.8B |
| 自由现金流率自由现金流/营收 | 10.8% | 44.7% |
| 资本支出强度资本支出/营收 | 1.0% | 1.0% |
| 现金转化率经营现金流/净利润 | 1.51× | 1.47× |
| 过去12个月自由现金流最近4个季度 | — | $6.3B |
8季度趋势，按日历期对齐
经营现金流LDOSNTES
| Q1 26 | $495.0M | — | ||
| Q4 25 | — | — | ||
| Q3 25 | $711.0M | $1.8B | ||
| Q2 25 | $58.0M | $1.5B | ||
| Q1 25 | $299.0M | $1.7B | ||
| Q3 24 | $656.0M | $1.5B | ||
| Q2 24 | $374.0M | $898.8M | ||
| Q1 24 | $63.0M | $1.3B |
自由现金流LDOSNTES
| Q1 26 | $452.0M | — | ||
| Q4 25 | — | — | ||
| Q3 25 | $680.0M | $1.8B | ||
| Q2 25 | $36.0M | $1.5B | ||
| Q1 25 | $213.0M | $1.6B | ||
| Q3 24 | $633.0M | $1.5B | ||
| Q2 24 | $351.0M | $875.6M | ||
| Q1 24 | $46.0M | $1.3B |
自由现金流率LDOSNTES
| Q1 26 | 10.8% | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 16.1% | 44.7% | ||
| Q2 25 | 0.9% | 38.3% | ||
| Q1 25 | 4.9% | 40.4% | ||
| Q3 24 | 15.2% | 38.9% | ||
| Q2 24 | 8.5% | 25.0% | ||
| Q1 24 | 1.2% | 34.0% |
资本支出强度LDOSNTES
| Q1 26 | 1.0% | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 0.7% | 1.0% | ||
| Q2 25 | 0.5% | 0.7% | ||
| Q1 25 | 2.0% | 1.6% | ||
| Q3 24 | 0.6% | 1.4% | ||
| Q2 24 | 0.6% | 0.7% | ||
| Q1 24 | 0.4% | 1.5% |
现金转化率LDOSNTES
| Q1 26 | 1.51× | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 1.82× | 1.47× | ||
| Q2 25 | 0.16× | 1.20× | ||
| Q1 25 | 1.05× | 1.15× | ||
| Q3 24 | 1.80× | 1.58× | ||
| Q2 24 | 1.16× | 0.96× | ||
| Q1 24 | 0.22× | 1.22× |
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% |
NTES
| Games and related value-added services | $3.3B | 82% |
| NetEase Cloud Music | $275.9M | 7% |
| Youdao | $228.8M | 6% |
| Innovative businesses and others | $202.1M | 5% |
