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Lumen Technologies, Inc.（LUMN）与SHOPIFY INC.（SHOP）财务数据对比。点击上方公司名可切换其他公司
SHOPIFY INC.的季度营收约是Lumen Technologies, Inc.的1.3倍（$3.7B vs $2.7B），SHOPIFY INC.净利率更高（20.2% vs -0.1%，领先20.3%），SHOPIFY INC.同比增速更快（30.6% vs -11.0%），SHOPIFY INC.自由现金流更多（$715.0M vs $-1.1B），过去两年SHOPIFY INC.的营收复合增速更高（40.5% vs -5.3%）
Lumen Technologies是总部位于美国路易斯安那州门罗市的电信企业，依托自有光纤、铜线网络、数据中心及云计算资源，为客户提供网络、安全、云、语音及各类托管通信服务，2023年3月起纳入标普600指数，此前曾为标普500指数成分股。
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。
LUMN vs SHOP — 直观对比
营收规模更大
SHOP
是对方的1.3倍
$2.7B
营收增速更快
SHOP
高出41.5%
-11.0%
净利率更高
SHOP
高出20.3%
-0.1%
自由现金流更多
SHOP
多$1.8B
$-1.1B
两年增速更快
SHOP
近两年复合增速
-5.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.7B | $3.7B |
| 净利润 | $-2.0M | $743.0M |
| 毛利率 | 40.7% | 46.1% |
| 营业利润率 | -7.3% | 17.2% |
| 净利率 | -0.1% | 20.2% |
| 营收同比 | -11.0% | 30.6% |
| 净利润同比 | -102.4% | -42.5% |
| 每股收益（稀释后） | $-0.01 | $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LUMNSHOP
| Q4 25 | $2.7B | $3.7B | ||
| Q3 25 | $2.8B | $2.8B | ||
| Q2 25 | $2.9B | $2.7B | ||
| Q1 25 | $2.9B | $2.4B | ||
| Q4 24 | $3.1B | $2.8B | ||
| Q3 24 | $3.0B | $2.2B | ||
| Q2 24 | $3.0B | $2.0B | ||
| Q1 24 | $3.1B | $1.9B |
净利润LUMNSHOP
| Q4 25 | $-2.0M | $743.0M | ||
| Q3 25 | $-621.0M | $264.0M | ||
| Q2 25 | $-915.0M | $906.0M | ||
| Q1 25 | $-201.0M | $-682.0M | ||
| Q4 24 | $85.0M | $1.3B | ||
| Q3 24 | $-148.0M | $828.0M | ||
| Q2 24 | $-49.0M | $171.0M | ||
| Q1 24 | $57.0M | $-273.0M |
毛利率LUMNSHOP
| Q4 25 | 40.7% | 46.1% | ||
| Q3 25 | 39.4% | 48.9% | ||
| Q2 25 | 43.4% | 48.6% | ||
| Q1 25 | 42.0% | 49.5% | ||
| Q4 24 | 44.7% | 48.1% | ||
| Q3 24 | 43.0% | 51.7% | ||
| Q2 24 | 45.2% | 51.1% | ||
| Q1 24 | 46.0% | 51.4% |
营业利润率LUMNSHOP
| Q4 25 | -7.3% | 17.2% | ||
| Q3 25 | -4.1% | 12.1% | ||
| Q2 25 | -21.0% | 10.9% | ||
| Q1 25 | 3.7% | 8.6% | ||
| Q4 24 | 5.0% | 16.5% | ||
| Q3 24 | 4.2% | 13.1% | ||
| Q2 24 | 4.5% | 11.8% | ||
| Q1 24 | 1.5% | 4.6% |
净利率LUMNSHOP
| Q4 25 | -0.1% | 20.2% | ||
| Q3 25 | -22.1% | 9.3% | ||
| Q2 25 | -31.9% | 33.8% | ||
| Q1 25 | -6.9% | -28.9% | ||
| Q4 24 | 2.8% | 46.0% | ||
| Q3 24 | -5.0% | 38.3% | ||
| Q2 24 | -1.6% | 8.4% | ||
| Q1 24 | 1.9% | -14.7% |
每股收益（稀释后）LUMNSHOP
| Q4 25 | $-0.01 | $0.58 | ||
| Q3 25 | $-0.62 | $0.20 | ||
| Q2 25 | $-0.92 | $0.69 | ||
| Q1 25 | $-0.20 | $-0.53 | ||
| Q4 24 | $0.08 | $0.99 | ||
| Q3 24 | $-0.15 | $0.64 | ||
| Q2 24 | $-0.05 | $0.13 | ||
| Q1 24 | $0.06 | $-0.21 |
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 | $1.0B | $5.8B |
| 总债务越低越好 | $17.4B | — |
| 股东权益账面价值 | $-1.1B | $13.5B |
| 总资产 | $34.3B | $15.2B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资LUMNSHOP
| Q4 25 | $1.0B | $5.8B | ||
| Q3 25 | $2.4B | $6.3B | ||
| Q2 25 | $1.6B | $5.8B | ||
| Q1 25 | $1.9B | $5.5B | ||
| Q4 24 | $1.9B | $5.5B | ||
| Q3 24 | $2.6B | — | ||
| Q2 24 | $1.5B | — | ||
| Q1 24 | $1.6B | — |
总债务LUMNSHOP
| Q4 25 | $17.4B | — | ||
| Q3 25 | $17.6B | — | ||
| Q2 25 | $17.6B | — | ||
| Q1 25 | $17.3B | — | ||
| Q4 24 | $17.5B | — | ||
| Q3 24 | $18.1B | — | ||
| Q2 24 | $18.4B | — | ||
| Q1 24 | $18.6B | — |
股东权益LUMNSHOP
| Q4 25 | $-1.1B | $13.5B | ||
| Q3 25 | $-1.2B | $12.5B | ||
| Q2 25 | $-595.0M | $12.1B | ||
| Q1 25 | $289.0M | $11.1B | ||
| Q4 24 | $464.0M | $11.6B | ||
| Q3 24 | $342.0M | $10.1B | ||
| Q2 24 | $466.0M | $9.2B | ||
| Q1 24 | $504.0M | $8.9B |
总资产LUMNSHOP
| Q4 25 | $34.3B | $15.2B | ||
| Q3 25 | $34.3B | $15.0B | ||
| Q2 25 | $33.0B | $14.6B | ||
| Q1 25 | $33.5B | $13.4B | ||
| Q4 24 | $33.5B | $13.9B | ||
| Q3 24 | $34.0B | — | ||
| Q2 24 | $32.9B | — | ||
| Q1 24 | $33.2B | — |
负债/权益比LUMNSHOP
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 59.98× | — | ||
| Q4 24 | 37.70× | — | ||
| Q3 24 | 53.05× | — | ||
| Q2 24 | 39.51× | — | ||
| Q1 24 | 36.89× | — |
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 | $562.0M | $725.0M |
| 自由现金流经营现金流 - 资本支出 | $-1.1B | $715.0M |
| 自由现金流率自由现金流/营收 | -39.4% | 19.5% |
| 资本支出强度资本支出/营收 | 59.9% | 0.3% |
| 现金转化率经营现金流/净利润 | — | 0.98× |
| 过去12个月自由现金流最近4个季度 | $371.0M | $2.0B |
8季度趋势，按日历期对齐
经营现金流LUMNSHOP
| Q4 25 | $562.0M | $725.0M | ||
| Q3 25 | $2.5B | $513.0M | ||
| Q2 25 | $570.0M | $428.0M | ||
| Q1 25 | $1.1B | $367.0M | ||
| Q4 24 | $688.0M | $615.0M | ||
| Q3 24 | $2.0B | $423.0M | ||
| Q2 24 | $511.0M | $340.0M | ||
| Q1 24 | $1.1B | $238.0M |
自由现金流LUMNSHOP
| Q4 25 | $-1.1B | $715.0M | ||
| Q3 25 | $1.5B | $507.0M | ||
| Q2 25 | $-321.0M | $422.0M | ||
| Q1 25 | $304.0M | $363.0M | ||
| Q4 24 | $-227.0M | $611.0M | ||
| Q3 24 | $1.2B | $421.0M | ||
| Q2 24 | $-242.0M | $333.0M | ||
| Q1 24 | $389.0M | $232.0M |
自由现金流率LUMNSHOP
| Q4 25 | -39.4% | 19.5% | ||
| Q3 25 | 52.4% | 17.8% | ||
| Q2 25 | -11.2% | 15.7% | ||
| Q1 25 | 10.4% | 15.4% | ||
| Q4 24 | -7.4% | 21.7% | ||
| Q3 24 | 39.8% | 19.5% | ||
| Q2 24 | -8.0% | 16.3% | ||
| Q1 24 | 12.7% | 12.5% |
资本支出强度LUMNSHOP
| Q4 25 | 59.9% | 0.3% | ||
| Q3 25 | 37.1% | 0.2% | ||
| Q2 25 | 31.1% | 0.2% | ||
| Q1 25 | 27.2% | 0.2% | ||
| Q4 24 | 29.7% | 0.1% | ||
| Q3 24 | 28.6% | 0.1% | ||
| Q2 24 | 25.0% | 0.3% | ||
| Q1 24 | 23.3% | 0.3% |
现金转化率LUMNSHOP
| Q4 25 | — | 0.98× | ||
| Q3 25 | — | 1.94× | ||
| Q2 25 | — | 0.47× | ||
| Q1 25 | — | — | ||
| Q4 24 | 8.09× | 0.48× | ||
| Q3 24 | — | 0.51× | ||
| Q2 24 | — | 1.99× | ||
| Q1 24 | 19.33× | — |
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
LUMN
| Large Enterprise | $758.0M | 28% |
| Wholesale | $661.0M | 24% |
| Mid Market Enterprise | $472.0M | 17% |
| Fiber Broadband | $232.0M | 8% |
| Other Broadband | $218.0M | 8% |
| Other | $184.0M | 7% |
| Voice And Other | $166.0M | 6% |
| International And Other | $77.0M | 3% |
SHOP
| Services | $2.9B | 79% |
| Subscription And Circulation | $777.0M | 21% |
