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梅西百货（M）与SHOPIFY INC.（SHOP）财务数据对比。点击上方公司名可切换其他公司
梅西百货的季度营收约是SHOPIFY INC.的1.3倍（$4.7B vs $3.7B），SHOPIFY INC.净利率更高（20.2% vs 0.2%，领先20.0%），SHOPIFY INC.同比增速更快（30.6% vs -0.6%），SHOPIFY INC.自由现金流更多（$715.0M vs $-101.0M），过去两年SHOPIFY INC.的营收复合增速更高（40.5% 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。
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。
M vs SHOP — 直观对比
营收规模更大
M
是对方的1.3倍
$3.7B
营收增速更快
SHOP
高出31.2%
-0.6%
净利率更高
SHOP
高出20.0%
0.2%
自由现金流更多
SHOP
多$816.0M
$-101.0M
两年增速更快
SHOP
近两年复合增速
-23.8%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.7B | $3.7B |
| 净利润 | $11.0M | $743.0M |
| 毛利率 | 39.4% | 46.1% |
| 营业利润率 | 0.9% | 17.2% |
| 净利率 | 0.2% | 20.2% |
| 营收同比 | -0.6% | 30.6% |
| 净利润同比 | -60.7% | -42.5% |
| 每股收益（稀释后） | $0.04 | $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MSHOP
| Q4 25 | $4.7B | $3.7B | ||
| Q3 25 | $4.8B | $2.8B | ||
| Q2 25 | $4.6B | $2.7B | ||
| Q1 25 | $7.8B | $2.4B | ||
| Q4 24 | $4.7B | $2.8B | ||
| Q3 24 | $4.9B | $2.2B | ||
| Q2 24 | $4.8B | $2.0B | ||
| Q1 24 | $8.1B | $1.9B |
净利润MSHOP
| Q4 25 | $11.0M | $743.0M | ||
| Q3 25 | $87.0M | $264.0M | ||
| Q2 25 | $38.0M | $906.0M | ||
| Q1 25 | $342.0M | $-682.0M | ||
| Q4 24 | $28.0M | $1.3B | ||
| Q3 24 | $150.0M | $828.0M | ||
| Q2 24 | $62.0M | $171.0M | ||
| Q1 24 | $-71.0M | $-273.0M |
毛利率MSHOP
| Q4 25 | 39.4% | 46.1% | ||
| Q3 25 | 39.7% | 48.9% | ||
| Q2 25 | 39.2% | 48.6% | ||
| Q1 25 | 35.7% | 49.5% | ||
| Q4 24 | 39.6% | 48.1% | ||
| Q3 24 | 40.5% | 51.7% | ||
| Q2 24 | 39.2% | 51.1% | ||
| Q1 24 | 37.5% | 51.4% |
营业利润率MSHOP
| Q4 25 | 0.9% | 17.2% | ||
| Q3 25 | 3.1% | 12.1% | ||
| Q2 25 | 2.0% | 10.9% | ||
| Q1 25 | 6.4% | 8.6% | ||
| Q4 24 | 1.3% | 16.5% | ||
| Q3 24 | 4.5% | 13.1% | ||
| Q2 24 | 2.6% | 11.8% | ||
| Q1 24 | -0.9% | 4.6% |
净利率MSHOP
| Q4 25 | 0.2% | 20.2% | ||
| Q3 25 | 1.8% | 9.3% | ||
| Q2 25 | 0.8% | 33.8% | ||
| Q1 25 | 4.4% | -28.9% | ||
| Q4 24 | 0.6% | 46.0% | ||
| Q3 24 | 3.0% | 38.3% | ||
| Q2 24 | 1.3% | 8.4% | ||
| Q1 24 | -0.9% | -14.7% |
每股收益（稀释后）MSHOP
| Q4 25 | $0.04 | $0.58 | ||
| Q3 25 | $0.31 | $0.20 | ||
| Q2 25 | $0.13 | $0.69 | ||
| Q1 25 | $1.22 | $-0.53 | ||
| Q4 24 | $0.10 | $0.99 | ||
| Q3 24 | $0.53 | $0.64 | ||
| Q2 24 | $0.22 | $0.13 | ||
| Q1 24 | $-0.25 | $-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 | $447.0M | $5.8B |
| 总债务越低越好 | $2.4B | — |
| 股东权益账面价值 | $4.3B | $13.5B |
| 总资产 | $17.1B | $15.2B |
| 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MSHOP
| Q4 25 | $447.0M | $5.8B | ||
| Q3 25 | $829.0M | $6.3B | ||
| Q2 25 | $932.0M | $5.8B | ||
| Q1 25 | $1.3B | $5.5B | ||
| Q4 24 | $315.0M | $5.5B | ||
| Q3 24 | $646.0M | — | ||
| Q2 24 | $876.0M | — | ||
| Q1 24 | $1.0B | — |
总债务MSHOP
| 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MSHOP
| Q4 25 | $4.3B | $13.5B | ||
| Q3 25 | $4.5B | $12.5B | ||
| Q2 25 | $4.5B | $12.1B | ||
| Q1 25 | $4.6B | $11.1B | ||
| Q4 24 | $4.1B | $11.6B | ||
| Q3 24 | $4.3B | $10.1B | ||
| Q2 24 | $4.2B | $9.2B | ||
| Q1 24 | $4.1B | $8.9B |
总资产MSHOP
| Q4 25 | $17.1B | $15.2B | ||
| Q3 25 | $15.6B | $15.0B | ||
| Q2 25 | $16.1B | $14.6B | ||
| Q1 25 | $16.4B | $13.4B | ||
| Q4 24 | $17.3B | $13.9B | ||
| Q3 24 | $15.8B | — | ||
| Q2 24 | $16.4B | — | ||
| Q1 24 | $16.2B | — |
负债/权益比MSHOP
| 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 | $725.0M |
| 自由现金流经营现金流 - 资本支出 | $-101.0M | $715.0M |
| 自由现金流率自由现金流/营收 | -2.1% | 19.5% |
| 资本支出强度资本支出/营收 | 2.0% | 0.3% |
| 现金转化率经营现金流/净利润 | -0.73× | 0.98× |
| 过去12个月自由现金流最近4个季度 | $1.2B | $2.0B |
8季度趋势，按日历期对齐
经营现金流MSHOP
| Q4 25 | $-8.0M | $725.0M | ||
| Q3 25 | $319.0M | $513.0M | ||
| Q2 25 | $-64.0M | $428.0M | ||
| Q1 25 | $1.3B | $367.0M | ||
| Q4 24 | $-167.0M | $615.0M | ||
| Q3 24 | $8.0M | $423.0M | ||
| Q2 24 | $129.0M | $340.0M | ||
| Q1 24 | $1.1B | $238.0M |
自由现金流MSHOP
| Q4 25 | $-101.0M | $715.0M | ||
| Q3 25 | $240.0M | $507.0M | ||
| Q2 25 | $-164.0M | $422.0M | ||
| Q1 25 | $1.2B | $363.0M | ||
| Q4 24 | $-295.0M | $611.0M | ||
| Q3 24 | $-109.0M | $421.0M | ||
| Q2 24 | $-25.0M | $333.0M | ||
| Q1 24 | $1.0B | $232.0M |
自由现金流率MSHOP
| Q4 25 | -2.1% | 19.5% | ||
| Q3 25 | 5.0% | 17.8% | ||
| Q2 25 | -3.6% | 15.7% | ||
| Q1 25 | 15.3% | 15.4% | ||
| Q4 24 | -6.2% | 21.7% | ||
| Q3 24 | -2.2% | 19.5% | ||
| Q2 24 | -0.5% | 16.3% | ||
| Q1 24 | 12.3% | 12.5% |
资本支出强度MSHOP
| Q4 25 | 2.0% | 0.3% | ||
| Q3 25 | 1.6% | 0.2% | ||
| Q2 25 | 2.2% | 0.2% | ||
| Q1 25 | 1.5% | 0.2% | ||
| Q4 24 | 2.7% | 0.1% | ||
| Q3 24 | 2.4% | 0.1% | ||
| Q2 24 | 3.2% | 0.3% | ||
| Q1 24 | 1.8% | 0.3% |
现金转化率MSHOP
| Q4 25 | -0.73× | 0.98× | ||
| Q3 25 | 3.67× | 1.94× | ||
| Q2 25 | -1.68× | 0.47× | ||
| Q1 25 | 3.82× | — | ||
| Q4 24 | -5.96× | 0.48× | ||
| Q3 24 | 0.05× | 0.51× | ||
| Q2 24 | 2.08× | 1.99× | ||
| Q1 24 | — | — |
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% |
SHOP
| Services | $2.9B | 79% |
| Subscription And Circulation | $777.0M | 21% |
