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万事达卡（MA）与奥飞娱乐（MAX）财务数据对比。点击上方公司名可切换其他公司
万事达卡的季度营收约是奥飞娱乐的30.2倍（$8.8B vs $291.2M）。万事达卡净利率更高（46.1% vs 10.8%，领先35.3%）。万事达卡同比增速更快（17.6% vs -3.2%）。万事达卡自由现金流更多（$4.9B vs $-7.5M）。过去两年奥飞娱乐的营收复合增速更高（51.6% vs 17.8%）
万事达卡是总部位于美国纽约帕切斯的跨国支付卡服务企业，核心业务为处理商户收单银行与持卡人发卡机构之间的支付交易，同时提供旗下品牌借记卡、信用卡、预付卡及相关配套支付服务，服务网络覆盖全球，于2006年公开上市。
奥飞娱乐股份有限公司由蔡东青于1993年创立，是一家中国跨国综合企业集团，主营动漫、玩具、传媒资产与娱乐业务，2016年由原奥飞动漫更名而来。集团拥有国漫平台有妖气，还在美国设有影视公司奥飞影业，并宣布将在美国设立动漫业务部门。
MA vs MAX — 直观对比
营收规模更大
MA
是对方的30.2倍
$291.2M
营收增速更快
MA
高出20.7%
-3.2%
净利率更高
MA
高出35.3%
10.8%
自由现金流更多
MA
多$4.9B
$-7.5M
两年增速更快
MAX
近两年复合增速
17.8%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $8.8B | $291.2M |
| 净利润 | $4.1B | $31.4M |
| 毛利率 | — | 15.4% |
| 营业利润率 | 55.8% | 7.7% |
| 净利率 | 46.1% | 10.8% |
| 营收同比 | 17.6% | -3.2% |
| 净利润同比 | 21.5% | 576.9% |
| 每股收益（稀释后） | $4.52 | $0.50 |
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MAMAX
| Q4 25 | $8.8B | $291.2M | ||
| Q3 25 | $8.6B | $306.5M | ||
| Q2 25 | $8.1B | $251.6M | ||
| Q1 25 | $7.3B | $264.3M | ||
| Q4 24 | $7.5B | $300.6M | ||
| Q3 24 | $7.4B | $259.1M | ||
| Q2 24 | $7.0B | $178.3M | ||
| Q1 24 | $6.3B | $126.6M |
净利润MAMAX
| Q4 25 | $4.1B | $31.4M | ||
| Q3 25 | $3.9B | $14.9M | ||
| Q2 25 | $3.7B | $-18.7M | ||
| Q1 25 | $3.3B | $-1.9M | ||
| Q4 24 | $3.3B | $4.6M | ||
| Q3 24 | $3.3B | $9.5M | ||
| Q2 24 | $3.3B | $3.6M | ||
| Q1 24 | $3.0B | $-1.1M |
毛利率MAMAX
| Q4 25 | — | 15.4% | ||
| Q3 25 | — | 14.2% | ||
| Q2 25 | — | 15.0% | ||
| Q1 25 | — | 15.8% | ||
| Q4 24 | — | 16.3% | ||
| Q3 24 | — | 15.1% | ||
| Q2 24 | — | 17.8% | ||
| Q1 24 | — | 18.7% |
营业利润率MAMAX
| Q4 25 | 55.8% | 7.7% | ||
| Q3 25 | 58.8% | 6.4% | ||
| Q2 25 | 58.7% | -8.0% | ||
| Q1 25 | 57.2% | 0.0% | ||
| Q4 24 | 52.6% | 6.1% | ||
| Q3 24 | 54.3% | 6.0% | ||
| Q2 24 | 58.0% | 3.6% | ||
| Q1 24 | 56.8% | 1.9% |
净利率MAMAX
| Q4 25 | 46.1% | 10.8% | ||
| Q3 25 | 45.7% | 4.9% | ||
| Q2 25 | 45.5% | -7.4% | ||
| Q1 25 | 45.2% | -0.7% | ||
| Q4 24 | 44.6% | 1.5% | ||
| Q3 24 | 44.3% | 3.7% | ||
| Q2 24 | 46.8% | 2.0% | ||
| Q1 24 | 47.4% | -0.9% |
每股收益（稀释后）MAMAX
| Q4 25 | $4.52 | $0.50 | ||
| Q3 25 | $4.34 | $0.26 | ||
| Q2 25 | $4.07 | $-0.33 | ||
| Q1 25 | $3.59 | $-0.04 | ||
| Q4 24 | $3.64 | $0.09 | ||
| Q3 24 | $3.53 | $0.17 | ||
| Q2 24 | $3.50 | $0.07 | ||
| Q1 24 | $3.22 | $-0.02 |
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 | $10.6B | $46.9M |
| 总债务越低越好 | — | $153.4M |
| 股东权益账面价值 | $7.7B | $4.2M |
| 总资产 | $54.2B | $383.8M |
| 负债/权益比越低杠杆越低 | — | 36.88× |
8季度趋势，按日历期对齐
现金及短期投资MAMAX
| Q4 25 | $10.6B | $46.9M | ||
| Q3 25 | $10.3B | $38.8M | ||
| Q2 25 | $9.0B | $85.4M | ||
| Q1 25 | $7.6B | $63.6M | ||
| Q4 24 | $8.4B | $43.3M | ||
| Q3 24 | $11.1B | $32.3M | ||
| Q2 24 | $7.0B | $28.7M | ||
| Q1 24 | $7.3B | $14.5M |
总债务MAMAX
| Q4 25 | — | $153.4M | ||
| Q3 25 | — | $155.7M | ||
| Q2 25 | — | $158.0M | ||
| Q1 25 | — | $160.2M | ||
| Q4 24 | — | $162.4M | ||
| Q3 24 | — | $164.7M | ||
| Q2 24 | — | $166.9M | ||
| Q1 24 | — | $172.1M |
股东权益MAMAX
| Q4 25 | $7.7B | $4.2M | ||
| Q3 25 | $7.9B | $-29.8M | ||
| Q2 25 | $7.9B | $-3.8M | ||
| Q1 25 | $6.7B | $7.9M | ||
| Q4 24 | $6.5B | $2.4M | ||
| Q3 24 | $7.4B | $-8.4M | ||
| Q2 24 | $7.4B | $-24.4M | ||
| Q1 24 | $7.2B | $-19.1M |
总资产MAMAX
| Q4 25 | $54.2B | $383.8M | ||
| Q3 25 | $53.3B | $266.2M | ||
| Q2 25 | $51.4B | $249.4M | ||
| Q1 25 | $48.5B | $240.0M | ||
| Q4 24 | $48.1B | $262.4M | ||
| Q3 24 | $47.2B | $236.1M | ||
| Q2 24 | $42.3B | $198.2M | ||
| Q1 24 | $42.6B | $153.0M |
负债/权益比MAMAX
| Q4 25 | — | 36.88× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 20.23× | ||
| Q4 24 | — | 68.31× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $5.0B | $-7.4M |
| 自由现金流经营现金流 - 资本支出 | $4.9B | $-7.5M |
| 自由现金流率自由现金流/营收 | 55.5% | -2.6% |
| 资本支出强度资本支出/营收 | 1.3% | 0.0% |
| 现金转化率经营现金流/净利润 | 1.23× | -0.24× |
| 过去12个月自由现金流最近4个季度 | $17.2B | $65.3M |
8季度趋势，按日历期对齐
经营现金流MAMAX
| Q4 25 | $5.0B | $-7.4M | ||
| Q3 25 | $5.7B | $23.6M | ||
| Q2 25 | $4.6B | $25.7M | ||
| Q1 25 | $2.4B | $23.7M | ||
| Q4 24 | $4.8B | $14.5M | ||
| Q3 24 | $5.1B | $8.1M | ||
| Q2 24 | $3.1B | $21.6M | ||
| Q1 24 | $1.7B | $1.7M |
自由现金流MAMAX
| Q4 25 | $4.9B | $-7.5M | ||
| Q3 25 | $5.5B | $23.6M | ||
| Q2 25 | $4.6B | $25.5M | ||
| Q1 25 | $2.2B | $23.6M | ||
| Q4 24 | $4.7B | $14.5M | ||
| Q3 24 | $5.0B | $8.0M | ||
| Q2 24 | $3.0B | $21.5M | ||
| Q1 24 | $1.5B | $1.6M |
自由现金流率MAMAX
| Q4 25 | 55.5% | -2.6% | ||
| Q3 25 | 63.8% | 7.7% | ||
| Q2 25 | 56.1% | 10.2% | ||
| Q1 25 | 30.6% | 8.9% | ||
| Q4 24 | 63.3% | 4.8% | ||
| Q3 24 | 68.2% | 3.1% | ||
| Q2 24 | 43.4% | 12.0% | ||
| Q1 24 | 23.9% | 1.3% |
资本支出强度MAMAX
| Q4 25 | 1.3% | 0.0% | ||
| Q3 25 | 2.1% | 0.0% | ||
| Q2 25 | 0.5% | 0.1% | ||
| Q1 25 | 2.2% | 0.0% | ||
| Q4 24 | 1.3% | 0.0% | ||
| Q3 24 | 1.5% | 0.0% | ||
| Q2 24 | 1.7% | 0.1% | ||
| Q1 24 | 2.5% | 0.0% |
现金转化率MAMAX
| Q4 25 | 1.23× | -0.24× | ||
| Q3 25 | 1.44× | 1.58× | ||
| Q2 25 | 1.24× | — | ||
| Q1 25 | 0.73× | — | ||
| Q4 24 | 1.45× | 3.13× | ||
| Q3 24 | 1.57× | 0.85× | ||
| Q2 24 | 0.96× | 5.97× | ||
| Q1 24 | 0.56× | — |
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
MA
| Payment Network | $4.9B | 56% |
| Value Added Services And Solutions | $3.9B | 44% |
MAX
| Property And Casualty Insurance | $264.8M | 91% |
| Health Insurance | $20.8M | 7% |
| Sales Channel Through Intermediary | $7.2M | 2% |
