vs
Leidos（LDOS）与SHOPIFY INC.（SHOP）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SHOPIFY INC.的1.1倍（$4.2B vs $3.7B），SHOPIFY INC.净利率更高（20.2% vs 7.8%，领先12.4%），SHOPIFY INC.同比增速更快（30.6% vs -3.5%），SHOPIFY INC.自由现金流更多（$715.0M vs $452.0M），过去两年SHOPIFY INC.的营收复合增速更高（40.5% 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。
Shopify是总部位于加拿大安大略省渥太华的跨国电商企业，运营零售POS系统及相关服务平台，全球客户超500万，2024年总交易处理额达2923亿美元，其中57%来自美国市场，服务客户包括特斯拉、路威酩轩、雀巢、百事、百威英博、红牛、凯悦等知名品牌。
LDOS vs SHOP — 直观对比
营收规模更大
LDOS
是对方的1.1倍
$3.7B
营收增速更快
SHOP
高出34.1%
-3.5%
净利率更高
SHOP
高出12.4%
7.8%
自由现金流更多
SHOP
多$263.0M
$452.0M
两年增速更快
SHOP
近两年复合增速
3.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.2B | $3.7B |
| 净利润 | $327.0M | $743.0M |
| 毛利率 | 17.4% | 46.1% |
| 营业利润率 | 11.3% | 17.2% |
| 净利率 | 7.8% | 20.2% |
| 营收同比 | -3.5% | 30.6% |
| 净利润同比 | 15.1% | -42.5% |
| 每股收益（稀释后） | $2.54 | $0.58 |
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LDOSSHOP
| Q1 26 | $4.2B | — | ||
| Q4 25 | $4.4B | $3.7B | ||
| Q3 25 | $4.2B | $2.8B | ||
| Q2 25 | $4.2B | $2.7B | ||
| Q1 25 | $4.3B | $2.4B | ||
| Q4 24 | — | $2.8B | ||
| Q3 24 | $4.2B | $2.2B | ||
| Q2 24 | $4.1B | $2.0B |
净利润LDOSSHOP
| Q1 26 | $327.0M | — | ||
| Q4 25 | $367.0M | $743.0M | ||
| Q3 25 | $391.0M | $264.0M | ||
| Q2 25 | $363.0M | $906.0M | ||
| Q1 25 | $284.0M | $-682.0M | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | $364.0M | $828.0M | ||
| Q2 24 | $322.0M | $171.0M |
毛利率LDOSSHOP
| Q1 26 | 17.4% | — | ||
| Q4 25 | 18.0% | 46.1% | ||
| Q3 25 | 18.0% | 48.9% | ||
| Q2 25 | 17.5% | 48.6% | ||
| Q1 25 | 15.6% | 49.5% | ||
| Q4 24 | — | 48.1% | ||
| Q3 24 | 17.8% | 51.7% | ||
| Q2 24 | 16.6% | 51.1% |
营业利润率LDOSSHOP
| Q1 26 | 11.3% | — | ||
| Q4 25 | 12.0% | 17.2% | ||
| Q3 25 | 13.5% | 12.1% | ||
| Q2 25 | 12.5% | 10.9% | ||
| Q1 25 | 9.7% | 8.6% | ||
| Q4 24 | — | 16.5% | ||
| Q3 24 | 12.4% | 13.1% | ||
| Q2 24 | 11.6% | 11.8% |
净利率LDOSSHOP
| Q1 26 | 7.8% | — | ||
| Q4 25 | 8.2% | 20.2% | ||
| Q3 25 | 9.2% | 9.3% | ||
| Q2 25 | 8.6% | 33.8% | ||
| Q1 25 | 6.5% | -28.9% | ||
| Q4 24 | — | 46.0% | ||
| Q3 24 | 8.7% | 38.3% | ||
| Q2 24 | 7.8% | 8.4% |
每股收益（稀释后）LDOSSHOP
| Q1 26 | $2.54 | — | ||
| Q4 25 | $2.82 | $0.58 | ||
| Q3 25 | $3.01 | $0.20 | ||
| Q2 25 | $2.77 | $0.69 | ||
| Q1 25 | $2.10 | $-0.53 | ||
| Q4 24 | — | $0.99 | ||
| Q3 24 | $2.68 | $0.64 | ||
| Q2 24 | $2.37 | $0.13 |
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 | $5.8B |
| 总债务越低越好 | $4.6B | — |
| 股东权益账面价值 | $4.9B | $13.5B |
| 总资产 | $13.5B | $15.2B |
| 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LDOSSHOP
| Q1 26 | $1.1B | — | ||
| Q4 25 | $974.0M | $5.8B | ||
| Q3 25 | $930.0M | $6.3B | ||
| Q2 25 | $842.0M | $5.8B | ||
| Q1 25 | $943.0M | $5.5B | ||
| Q4 24 | — | $5.5B | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | $823.0M | — |
总债务LDOSSHOP
| 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LDOSSHOP
| Q1 26 | $4.9B | — | ||
| Q4 25 | $4.9B | $13.5B | ||
| Q3 25 | $4.7B | $12.5B | ||
| Q2 25 | $4.3B | $12.1B | ||
| Q1 25 | $4.4B | $11.1B | ||
| Q4 24 | — | $11.6B | ||
| Q3 24 | $4.6B | $10.1B | ||
| Q2 24 | $4.5B | $9.2B |
总资产LDOSSHOP
| Q1 26 | $13.5B | — | ||
| Q4 25 | $13.5B | $15.2B | ||
| Q3 25 | $13.5B | $15.0B | ||
| Q2 25 | $13.2B | $14.6B | ||
| Q1 25 | $13.1B | $13.4B | ||
| Q4 24 | — | $13.9B | ||
| Q3 24 | $13.3B | — | ||
| Q2 24 | $12.9B | — |
负债/权益比LDOSSHOP
| 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 | $725.0M |
| 自由现金流经营现金流 - 资本支出 | $452.0M | $715.0M |
| 自由现金流率自由现金流/营收 | 10.8% | 19.5% |
| 资本支出强度资本支出/营收 | 1.0% | 0.3% |
| 现金转化率经营现金流/净利润 | 1.51× | 0.98× |
| 过去12个月自由现金流最近4个季度 | — | $2.0B |
8季度趋势，按日历期对齐
经营现金流LDOSSHOP
| Q1 26 | $495.0M | — | ||
| Q4 25 | — | $725.0M | ||
| Q3 25 | $711.0M | $513.0M | ||
| Q2 25 | $58.0M | $428.0M | ||
| Q1 25 | $299.0M | $367.0M | ||
| Q4 24 | — | $615.0M | ||
| Q3 24 | $656.0M | $423.0M | ||
| Q2 24 | $374.0M | $340.0M |
自由现金流LDOSSHOP
| Q1 26 | $452.0M | — | ||
| Q4 25 | — | $715.0M | ||
| Q3 25 | $680.0M | $507.0M | ||
| Q2 25 | $36.0M | $422.0M | ||
| Q1 25 | $213.0M | $363.0M | ||
| Q4 24 | — | $611.0M | ||
| Q3 24 | $633.0M | $421.0M | ||
| Q2 24 | $351.0M | $333.0M |
自由现金流率LDOSSHOP
| Q1 26 | 10.8% | — | ||
| Q4 25 | — | 19.5% | ||
| Q3 25 | 16.1% | 17.8% | ||
| Q2 25 | 0.9% | 15.7% | ||
| Q1 25 | 4.9% | 15.4% | ||
| Q4 24 | — | 21.7% | ||
| Q3 24 | 15.2% | 19.5% | ||
| Q2 24 | 8.5% | 16.3% |
资本支出强度LDOSSHOP
| Q1 26 | 1.0% | — | ||
| Q4 25 | — | 0.3% | ||
| Q3 25 | 0.7% | 0.2% | ||
| Q2 25 | 0.5% | 0.2% | ||
| Q1 25 | 2.0% | 0.2% | ||
| Q4 24 | — | 0.1% | ||
| Q3 24 | 0.6% | 0.1% | ||
| Q2 24 | 0.6% | 0.3% |
现金转化率LDOSSHOP
| Q1 26 | 1.51× | — | ||
| Q4 25 | — | 0.98× | ||
| Q3 25 | 1.82× | 1.94× | ||
| Q2 25 | 0.16× | 0.47× | ||
| Q1 25 | 1.05× | — | ||
| Q4 24 | — | 0.48× | ||
| Q3 24 | 1.80× | 0.51× | ||
| Q2 24 | 1.16× | 1.99× |
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% |
SHOP
| Services | $2.9B | 79% |
| Subscription And Circulation | $777.0M | 21% |
