vs
Leidos（LDOS）与标普全球（VG）财务数据对比。点击上方公司名可切换其他公司
标普全球的季度营收约是Leidos的1.1倍（$4.4B vs $4.2B），标普全球净利率更高（26.8% vs 7.8%，领先19.0%），标普全球同比增速更快（191.7% vs -3.5%），Leidos自由现金流更多（$452.0M vs $-1.5B），过去两年标普全球的营收复合增速更高（77.3% 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。
标普全球是总部位于美国纽约曼哈顿的上市企业，核心业务涵盖金融信息与数据分析、能源及大宗商品情报服务，旗下拥有标普全球评级、标普全球能源、标普全球市场财智、印度信用评级机构CRISIL等子品牌，同时是标普道琼斯指数合资公司的控股股东。
LDOS vs VG — 直观对比
营收规模更大
VG
是对方的1.1倍
$4.2B
营收增速更快
VG
高出195.2%
-3.5%
净利率更高
VG
高出19.0%
7.8%
自由现金流更多
LDOS
多$2.0B
$-1.5B
两年增速更快
VG
近两年复合增速
3.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.2B | $4.4B |
| 净利润 | $327.0M | $1.2B |
| 毛利率 | 17.4% | — |
| 营业利润率 | 11.3% | 38.7% |
| 净利率 | 7.8% | 26.8% |
| 营收同比 | -3.5% | 191.7% |
| 净利润同比 | 15.1% | 20.3% |
| 每股收益（稀释后） | $2.54 | $0.41 |
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LDOSVG
| Q1 26 | $4.2B | — | ||
| Q4 25 | $4.4B | $4.4B | ||
| Q3 25 | $4.2B | $3.3B | ||
| Q2 25 | $4.2B | $3.1B | ||
| Q1 25 | $4.3B | $2.9B | ||
| Q4 24 | — | $1.5B | ||
| Q3 24 | $4.2B | $926.0M | ||
| Q2 24 | $4.1B | $1.1B |
净利润LDOSVG
| Q1 26 | $327.0M | — | ||
| Q4 25 | $367.0M | $1.2B | ||
| Q3 25 | $391.0M | $550.0M | ||
| Q2 25 | $363.0M | $475.0M | ||
| Q1 25 | $284.0M | $517.0M | ||
| Q4 24 | — | $990.0M | ||
| Q3 24 | $364.0M | $-294.0M | ||
| Q2 24 | $322.0M | $352.0M |
毛利率LDOSVG
| Q1 26 | 17.4% | — | ||
| Q4 25 | 18.0% | — | ||
| Q3 25 | 18.0% | — | ||
| Q2 25 | 17.5% | — | ||
| Q1 25 | 15.6% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 17.8% | — | ||
| Q2 24 | 16.6% | — |
营业利润率LDOSVG
| Q1 26 | 11.3% | — | ||
| Q4 25 | 12.0% | 38.7% | ||
| Q3 25 | 13.5% | 39.7% | ||
| Q2 25 | 12.5% | 33.5% | ||
| Q1 25 | 9.7% | 37.3% | ||
| Q4 24 | — | 39.0% | ||
| Q3 24 | 12.4% | 20.4% | ||
| Q2 24 | 11.6% | 32.8% |
净利率LDOSVG
| Q1 26 | 7.8% | — | ||
| Q4 25 | 8.2% | 26.8% | ||
| Q3 25 | 9.2% | 16.5% | ||
| Q2 25 | 8.6% | 15.3% | ||
| Q1 25 | 6.5% | 17.9% | ||
| Q4 24 | — | 65.0% | ||
| Q3 24 | 8.7% | -31.7% | ||
| Q2 24 | 7.8% | 31.8% |
每股收益（稀释后）LDOSVG
| Q1 26 | $2.54 | — | ||
| Q4 25 | $2.82 | $0.41 | ||
| Q3 25 | $3.01 | $0.16 | ||
| Q2 25 | $2.77 | $0.14 | ||
| Q1 25 | $2.10 | $0.15 | ||
| Q4 24 | — | $0.35 | ||
| Q3 24 | $2.68 | $-0.15 | ||
| Q2 24 | $2.37 | $0.12 |
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 | $2.4B |
| 总债务越低越好 | $4.6B | $34.2B |
| 股东权益账面价值 | $4.9B | $6.7B |
| 总资产 | $13.5B | $53.4B |
| 负债/权益比越低杠杆越低 | 0.94× | 5.07× |
8季度趋势，按日历期对齐
现金及短期投资LDOSVG
| Q1 26 | $1.1B | — | ||
| Q4 25 | $974.0M | $2.4B | ||
| Q3 25 | $930.0M | $1.9B | ||
| Q2 25 | $842.0M | $2.2B | ||
| Q1 25 | $943.0M | $3.6B | ||
| Q4 24 | — | $3.6B | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | $823.0M | — |
总债务LDOSVG
| Q1 26 | $4.6B | — | ||
| Q4 25 | $4.6B | $34.2B | ||
| Q3 25 | $5.0B | $32.6B | ||
| Q2 25 | $5.0B | $30.0B | ||
| Q1 25 | $4.1B | $29.3B | ||
| Q4 24 | — | $29.3B | ||
| Q3 24 | $4.1B | — | ||
| Q2 24 | $4.1B | — |
股东权益LDOSVG
| Q1 26 | $4.9B | — | ||
| Q4 25 | $4.9B | $6.7B | ||
| Q3 25 | $4.7B | $5.7B | ||
| Q2 25 | $4.3B | $5.3B | ||
| Q1 25 | $4.4B | $4.9B | ||
| Q4 24 | — | $2.9B | ||
| Q3 24 | $4.6B | — | ||
| Q2 24 | $4.5B | — |
总资产LDOSVG
| Q1 26 | $13.5B | — | ||
| Q4 25 | $13.5B | $53.4B | ||
| Q3 25 | $13.5B | $50.1B | ||
| Q2 25 | $13.2B | $46.5B | ||
| Q1 25 | $13.1B | $45.1B | ||
| Q4 24 | — | $43.5B | ||
| Q3 24 | $13.3B | — | ||
| Q2 24 | $12.9B | — |
负债/权益比LDOSVG
| Q1 26 | 0.94× | — | ||
| Q4 25 | 0.94× | 5.07× | ||
| Q3 25 | 1.07× | 5.73× | ||
| Q2 25 | 1.18× | 5.69× | ||
| Q1 25 | 0.92× | 6.01× | ||
| Q4 24 | — | 10.11× | ||
| 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 | $2.1B |
| 自由现金流经营现金流 - 资本支出 | $452.0M | $-1.5B |
| 自由现金流率自由现金流/营收 | 10.8% | -34.1% |
| 资本支出强度资本支出/营收 | 1.0% | 81.6% |
| 现金转化率经营现金流/净利润 | 1.51× | 1.77× |
| 过去12个月自由现金流最近4个季度 | — | $-6.8B |
8季度趋势，按日历期对齐
经营现金流LDOSVG
| Q1 26 | $495.0M | — | ||
| Q4 25 | — | $2.1B | ||
| Q3 25 | $711.0M | $1.9B | ||
| Q2 25 | $58.0M | $1.5B | ||
| Q1 25 | $299.0M | $1.1B | ||
| Q4 24 | — | — | ||
| Q3 24 | $656.0M | — | ||
| Q2 24 | $374.0M | — |
自由现金流LDOSVG
| Q1 26 | $452.0M | — | ||
| Q4 25 | — | $-1.5B | ||
| Q3 25 | $680.0M | $-1.4B | ||
| Q2 25 | $36.0M | $-1.5B | ||
| Q1 25 | $213.0M | $-2.4B | ||
| Q4 24 | — | — | ||
| Q3 24 | $633.0M | — | ||
| Q2 24 | $351.0M | — |
自由现金流率LDOSVG
| Q1 26 | 10.8% | — | ||
| Q4 25 | — | -34.1% | ||
| Q3 25 | 16.1% | -42.4% | ||
| Q2 25 | 0.9% | -49.1% | ||
| Q1 25 | 4.9% | -81.3% | ||
| Q4 24 | — | — | ||
| Q3 24 | 15.2% | — | ||
| Q2 24 | 8.5% | — |
资本支出强度LDOSVG
| Q1 26 | 1.0% | — | ||
| Q4 25 | — | 81.6% | ||
| Q3 25 | 0.7% | 98.9% | ||
| Q2 25 | 0.5% | 96.1% | ||
| Q1 25 | 2.0% | 119.8% | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.6% | — | ||
| Q2 24 | 0.6% | — |
现金转化率LDOSVG
| Q1 26 | 1.51× | — | ||
| Q4 25 | — | 1.77× | ||
| Q3 25 | 1.82× | 3.42× | ||
| Q2 25 | 0.16× | 3.07× | ||
| Q1 25 | 1.05× | 2.15× | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.80× | — | ||
| Q2 24 | 1.16× | — |
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% |
VG
| Plaquemines Project Segment | $3.4B | 76% |
| Calcasieu Project Segment | $841.0M | 19% |
| Other | $208.0M | 5% |
