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梅西百货（M）与贝宝（PYPL）财务数据对比。点击上方公司名可切换其他公司
贝宝的季度营收约是梅西百货的1.8倍（$8.7B vs $4.7B），贝宝净利率更高（16.6% vs 0.2%，领先16.3%），贝宝同比增速更快（3.7% vs -0.6%），贝宝自由现金流更多（$2.2B vs $-101.0M），过去两年贝宝的营收复合增速更高（6.2% vs -23.8%）
梅西百货是美国知名百货控股集团，1929年成立时名为联合百货，最初持有Abraham & Straus、Lazarus等多个区域连锁百货品牌，次年布鲁明戴尔正式加入。集团早年频繁开展资产并购与剥离，1994年收购1858年创立的老牌百货梅西，随后更名并发展为美国头部百货零售企业。
贝宝控股（PayPal Holdings, Inc.）是美国跨国金融科技企业，在全球多数支持线上转账的国家运营在线支付系统，可作为支票、汇票等传统纸质支付方式的电子替代选项，同时为线上商户、拍卖网站及各类商业用户提供支付处理服务。
M vs PYPL — 直观对比
营收规模更大
PYPL
是对方的1.8倍
$4.7B
营收增速更快
PYPL
高出4.3%
-0.6%
净利率更高
PYPL
高出16.3%
0.2%
自由现金流更多
PYPL
多$2.3B
$-101.0M
两年增速更快
PYPL
近两年复合增速
-23.8%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.7B | $8.7B |
| 净利润 | $11.0M | $1.4B |
| 毛利率 | 39.4% | — |
| 营业利润率 | 0.9% | 17.4% |
| 净利率 | 0.2% | 16.6% |
| 营收同比 | -0.6% | 3.7% |
| 净利润同比 | -60.7% | 28.2% |
| 每股收益（稀释后） | $0.04 | $1.53 |
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MPYPL
| Q4 25 | $4.7B | $8.7B | ||
| Q3 25 | $4.8B | $8.4B | ||
| Q2 25 | $4.6B | $8.3B | ||
| Q1 25 | $7.8B | $7.8B | ||
| Q4 24 | $4.7B | $8.4B | ||
| Q3 24 | $4.9B | $7.8B | ||
| Q2 24 | $4.8B | $7.9B | ||
| Q1 24 | $8.1B | $7.7B |
净利润MPYPL
| Q4 25 | $11.0M | $1.4B | ||
| Q3 25 | $87.0M | $1.2B | ||
| Q2 25 | $38.0M | $1.3B | ||
| Q1 25 | $342.0M | $1.3B | ||
| Q4 24 | $28.0M | $1.1B | ||
| Q3 24 | $150.0M | $1.0B | ||
| Q2 24 | $62.0M | $1.1B | ||
| Q1 24 | $-71.0M | $888.0M |
毛利率MPYPL
| Q4 25 | 39.4% | — | ||
| Q3 25 | 39.7% | — | ||
| Q2 25 | 39.2% | — | ||
| Q1 25 | 35.7% | — | ||
| Q4 24 | 39.6% | — | ||
| Q3 24 | 40.5% | — | ||
| Q2 24 | 39.2% | — | ||
| Q1 24 | 37.5% | — |
营业利润率MPYPL
| Q4 25 | 0.9% | 17.4% | ||
| Q3 25 | 3.1% | 18.1% | ||
| Q2 25 | 2.0% | 18.1% | ||
| Q1 25 | 6.4% | 19.6% | ||
| Q4 24 | 1.3% | 17.2% | ||
| Q3 24 | 4.5% | 17.7% | ||
| Q2 24 | 2.6% | 16.8% | ||
| Q1 24 | -0.9% | 15.2% |
净利率MPYPL
| Q4 25 | 0.2% | 16.6% | ||
| Q3 25 | 1.8% | 14.8% | ||
| Q2 25 | 0.8% | 15.2% | ||
| Q1 25 | 4.4% | 16.5% | ||
| Q4 24 | 0.6% | 13.4% | ||
| Q3 24 | 3.0% | 12.9% | ||
| Q2 24 | 1.3% | 14.3% | ||
| Q1 24 | -0.9% | 11.5% |
每股收益（稀释后）MPYPL
| Q4 25 | $0.04 | $1.53 | ||
| Q3 25 | $0.31 | $1.30 | ||
| Q2 25 | $0.13 | $1.29 | ||
| Q1 25 | $1.22 | $1.29 | ||
| Q4 24 | $0.10 | $1.09 | ||
| Q3 24 | $0.53 | $0.99 | ||
| Q2 24 | $0.22 | $1.08 | ||
| Q1 24 | $-0.25 | $0.83 |
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 | $447.0M | $10.4B |
| 总债务越低越好 | $2.4B | — |
| 股东权益账面价值 | $4.3B | $20.3B |
| 总资产 | $17.1B | $80.2B |
| 负债/权益比越低杠杆越低 | 0.56× | — |
8季度趋势，按日历期对齐
现金及短期投资MPYPL
| Q4 25 | $447.0M | $10.4B | ||
| Q3 25 | $829.0M | $10.8B | ||
| Q2 25 | $932.0M | $10.0B | ||
| Q1 25 | $1.3B | $11.2B | ||
| Q4 24 | $315.0M | $10.8B | ||
| Q3 24 | $646.0M | $11.9B | ||
| Q2 24 | $876.0M | $13.6B | ||
| Q1 24 | $1.0B | $14.3B |
总债务MPYPL
| Q4 25 | $2.4B | — | ||
| Q3 25 | $2.4B | — | ||
| Q2 25 | $2.8B | — | ||
| Q1 25 | $2.8B | — | ||
| Q4 24 | $2.8B | — | ||
| Q3 24 | $3.0B | — | ||
| Q2 24 | $3.0B | — | ||
| Q1 24 | $3.0B | — |
股东权益MPYPL
| Q4 25 | $4.3B | $20.3B | ||
| Q3 25 | $4.5B | $20.2B | ||
| Q2 25 | $4.5B | $20.2B | ||
| Q1 25 | $4.6B | $20.3B | ||
| Q4 24 | $4.1B | $20.4B | ||
| Q3 24 | $4.3B | $20.2B | ||
| Q2 24 | $4.2B | $20.6B | ||
| Q1 24 | $4.1B | $20.7B |
总资产MPYPL
| Q4 25 | $17.1B | $80.2B | ||
| Q3 25 | $15.6B | $79.8B | ||
| Q2 25 | $16.1B | $79.8B | ||
| Q1 25 | $16.4B | $81.3B | ||
| Q4 24 | $17.3B | $81.6B | ||
| Q3 24 | $15.8B | $83.5B | ||
| Q2 24 | $16.4B | $84.0B | ||
| Q1 24 | $16.2B | $83.3B |
负债/权益比MPYPL
| Q4 25 | 0.56× | — | ||
| Q3 25 | 0.55× | — | ||
| Q2 25 | 0.62× | — | ||
| Q1 25 | 0.61× | — | ||
| Q4 24 | 0.67× | — | ||
| Q3 24 | 0.70× | — | ||
| Q2 24 | 0.72× | — | ||
| Q1 24 | 0.72× | — |
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 | $-8.0M | $2.4B |
| 自由现金流经营现金流 - 资本支出 | $-101.0M | $2.2B |
| 自由现金流率自由现金流/营收 | -2.1% | 25.2% |
| 资本支出强度资本支出/营收 | 2.0% | 2.2% |
| 现金转化率经营现金流/净利润 | -0.73× | 1.66× |
| 过去12个月自由现金流最近4个季度 | $1.2B | $5.6B |
8季度趋势，按日历期对齐
经营现金流MPYPL
| Q4 25 | $-8.0M | $2.4B | ||
| Q3 25 | $319.0M | $2.0B | ||
| Q2 25 | $-64.0M | $898.0M | ||
| Q1 25 | $1.3B | $1.2B | ||
| Q4 24 | $-167.0M | $2.4B | ||
| Q3 24 | $8.0M | $1.6B | ||
| Q2 24 | $129.0M | $1.5B | ||
| Q1 24 | $1.1B | $1.9B |
自由现金流MPYPL
| Q4 25 | $-101.0M | $2.2B | ||
| Q3 25 | $240.0M | $1.7B | ||
| Q2 25 | $-164.0M | $692.0M | ||
| Q1 25 | $1.2B | $964.0M | ||
| Q4 24 | $-295.0M | $2.2B | ||
| Q3 24 | $-109.0M | $1.4B | ||
| Q2 24 | $-25.0M | $1.4B | ||
| Q1 24 | $1.0B | $1.8B |
自由现金流率MPYPL
| Q4 25 | -2.1% | 25.2% | ||
| Q3 25 | 5.0% | 20.4% | ||
| Q2 25 | -3.6% | 8.3% | ||
| Q1 25 | 15.3% | 12.4% | ||
| Q4 24 | -6.2% | 26.2% | ||
| Q3 24 | -2.2% | 18.4% | ||
| Q2 24 | -0.5% | 17.3% | ||
| Q1 24 | 12.3% | 22.9% |
资本支出强度MPYPL
| Q4 25 | 2.0% | 2.2% | ||
| Q3 25 | 1.6% | 3.0% | ||
| Q2 25 | 2.2% | 2.5% | ||
| Q1 25 | 1.5% | 2.5% | ||
| Q4 24 | 2.7% | 2.4% | ||
| Q3 24 | 2.4% | 2.2% | ||
| Q2 24 | 3.2% | 2.0% | ||
| Q1 24 | 1.8% | 2.0% |
现金转化率MPYPL
| Q4 25 | -0.73× | 1.66× | ||
| Q3 25 | 3.67× | 1.58× | ||
| Q2 25 | -1.68× | 0.71× | ||
| Q1 25 | 3.82× | 0.90× | ||
| Q4 24 | -5.96× | 2.14× | ||
| Q3 24 | 0.05× | 1.60× | ||
| Q2 24 | 2.08× | 1.35× | ||
| Q1 24 | — | 2.16× |
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
M
| Womens Accessories Shoes Cosmetics And Fragrances | $1.9B | 41% |
| Womens Apparel | $1.1B | 23% |
| Mens And Kids | $1.0B | 22% |
| Home Other | $638.0M | 14% |
| Credit Card Revenues Net | $158.0M | 3% |
| Macys Media Network Revenue Net | $42.0M | 1% |
PYPL
| US | $4.9B | 57% |
| Non Us | $3.7B | 43% |
