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万事达卡（MA）与拼多多（PDD）财务数据对比。点击上方公司名可切换其他公司
拼多多的季度营收约是万事达卡的1.7倍（$15.2B vs $8.8B）。万事达卡净利率更高（46.1% vs 27.1%，领先19.0%）。过去两年拼多多的营收复合增速更高（74.6% 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。
PDD控股是总部位于爱尔兰的跨国企业，旗下拥有中国头部线上零售平台拼多多和跨境电商平台Temu。拼多多主打农业供应链数字化升级，助力农产品直接对接广大消费者需求。
MA vs PDD — 直观对比
营收规模更大
PDD
是对方的1.7倍
$8.8B
净利率更高
MA
高出19.0%
27.1%
两年增速更快
PDD
近两年复合增速
17.8%
损益表 — Q4 2025 vs Q3 2025
| 指标 | | |
|---|---|---|
| 营收 | $8.8B | $15.2B |
| 净利润 | $4.1B | $4.1B |
| 毛利率 | — | 56.7% |
| 营业利润率 | 55.8% | 23.1% |
| 净利率 | 46.1% | 27.1% |
| 营收同比 | 17.6% | — |
| 净利润同比 | 21.5% | — |
| 每股收益（稀释后） | $4.52 | — |
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MAPDD
| Q4 25 | $8.8B | — | ||
| Q3 25 | $8.6B | $15.2B | ||
| Q2 25 | $8.1B | $14.5B | ||
| Q1 25 | $7.3B | — | ||
| Q4 24 | $7.5B | — | ||
| Q3 24 | $7.4B | $14.2B | ||
| Q2 24 | $7.0B | — | ||
| Q1 24 | $6.3B | $12.0B |
净利润MAPDD
| Q4 25 | $4.1B | — | ||
| Q3 25 | $3.9B | $4.1B | ||
| Q2 25 | $3.7B | $4.3B | ||
| Q1 25 | $3.3B | — | ||
| Q4 24 | $3.3B | — | ||
| Q3 24 | $3.3B | $3.6B | ||
| Q2 24 | $3.3B | — | ||
| Q1 24 | $3.0B | $3.9B |
毛利率MAPDD
| Q4 25 | — | — | ||
| Q3 25 | — | 56.7% | ||
| Q2 25 | — | 55.9% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 60.0% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 62.3% |
营业利润率MAPDD
| Q4 25 | 55.8% | — | ||
| Q3 25 | 58.8% | 23.1% | ||
| Q2 25 | 58.7% | 24.8% | ||
| Q1 25 | 57.2% | — | ||
| Q4 24 | 52.6% | — | ||
| Q3 24 | 54.3% | 24.5% | ||
| Q2 24 | 58.0% | — | ||
| Q1 24 | 56.8% | 29.9% |
净利率MAPDD
| Q4 25 | 46.1% | — | ||
| Q3 25 | 45.7% | 27.1% | ||
| Q2 25 | 45.5% | 29.6% | ||
| Q1 25 | 45.2% | — | ||
| Q4 24 | 44.6% | — | ||
| Q3 24 | 44.3% | 25.1% | ||
| Q2 24 | 46.8% | — | ||
| Q1 24 | 47.4% | 32.3% |
每股收益（稀释后）MAPDD
| Q4 25 | $4.52 | — | ||
| Q3 25 | $4.34 | — | ||
| Q2 25 | $4.07 | — | ||
| Q1 25 | $3.59 | — | ||
| Q4 24 | $3.64 | — | ||
| Q3 24 | $3.53 | — | ||
| Q2 24 | $3.50 | — | ||
| Q1 24 | $3.22 | — |
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 | $13.0B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $7.7B | $55.0B |
| 总资产 | $54.2B | $86.2B |
| 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MAPDD
| Q4 25 | $10.6B | — | ||
| Q3 25 | $10.3B | $13.0B | ||
| Q2 25 | $9.0B | $8.8B | ||
| Q1 25 | $7.6B | — | ||
| Q4 24 | $8.4B | — | ||
| Q3 24 | $11.1B | $9.3B | ||
| Q2 24 | $7.0B | — | ||
| Q1 24 | $7.3B | $7.7B |
股东权益MAPDD
| Q4 25 | $7.7B | — | ||
| Q3 25 | $7.9B | $55.0B | ||
| Q2 25 | $7.9B | $50.5B | ||
| Q1 25 | $6.7B | — | ||
| Q4 24 | $6.5B | — | ||
| Q3 24 | $7.4B | $39.7B | ||
| Q2 24 | $7.4B | — | ||
| Q1 24 | $7.2B | $30.3B |
总资产MAPDD
| Q4 25 | $54.2B | — | ||
| Q3 25 | $53.3B | $86.2B | ||
| Q2 25 | $51.4B | $79.2B | ||
| Q1 25 | $48.5B | — | ||
| Q4 24 | $48.1B | — | ||
| Q3 24 | $47.2B | $66.5B | ||
| Q2 24 | $42.3B | — | ||
| Q1 24 | $42.6B | $52.3B |
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 | $6.4B |
| 自由现金流经营现金流 - 资本支出 | $4.9B | — |
| 自由现金流率自由现金流/营收 | 55.5% | — |
| 资本支出强度资本支出/营收 | 1.3% | — |
| 现金转化率经营现金流/净利润 | 1.23× | 1.56× |
| 过去12个月自由现金流最近4个季度 | $17.2B | — |
8季度趋势，按日历期对齐
经营现金流MAPDD
| Q4 25 | $5.0B | — | ||
| Q3 25 | $5.7B | $6.4B | ||
| Q2 25 | $4.6B | $3.0B | ||
| Q1 25 | $2.4B | — | ||
| Q4 24 | $4.8B | — | ||
| Q3 24 | $5.1B | $3.9B | ||
| Q2 24 | $3.1B | — | ||
| Q1 24 | $1.7B | $2.9B |
自由现金流MAPDD
| Q4 25 | $4.9B | — | ||
| Q3 25 | $5.5B | — | ||
| Q2 25 | $4.6B | — | ||
| Q1 25 | $2.2B | — | ||
| Q4 24 | $4.7B | — | ||
| Q3 24 | $5.0B | — | ||
| Q2 24 | $3.0B | — | ||
| Q1 24 | $1.5B | — |
自由现金流率MAPDD
| Q4 25 | 55.5% | — | ||
| Q3 25 | 63.8% | — | ||
| Q2 25 | 56.1% | — | ||
| Q1 25 | 30.6% | — | ||
| Q4 24 | 63.3% | — | ||
| Q3 24 | 68.2% | — | ||
| Q2 24 | 43.4% | — | ||
| Q1 24 | 23.9% | — |
资本支出强度MAPDD
| Q4 25 | 1.3% | — | ||
| Q3 25 | 2.1% | — | ||
| Q2 25 | 0.5% | — | ||
| Q1 25 | 2.2% | — | ||
| Q4 24 | 1.3% | — | ||
| Q3 24 | 1.5% | — | ||
| Q2 24 | 1.7% | — | ||
| Q1 24 | 2.5% | — |
现金转化率MAPDD
| Q4 25 | 1.23× | — | ||
| Q3 25 | 1.44× | 1.56× | ||
| Q2 25 | 1.24× | 0.70× | ||
| Q1 25 | 0.73× | — | ||
| Q4 24 | 1.45× | — | ||
| Q3 24 | 1.57× | 1.10× | ||
| Q2 24 | 0.96× | — | ||
| Q1 24 | 0.56× | 0.75× |
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% |
PDD
暂无分部数据
