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万事达卡（MA）与贝宝（PYPL）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贝宝的1.0倍（$8.8B vs $8.7B），万事达卡净利率更高（46.1% vs 16.6%，领先29.5%），万事达卡同比增速更快（17.6% vs 3.7%），万事达卡自由现金流更多（$4.9B vs $2.2B），过去两年万事达卡的营收复合增速更高（17.8% vs 6.2%）
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。
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。
MA vs PYPL — 直观对比
营收规模更大
MA
是对方的1.0倍
$8.7B
营收增速更快
MA
高出13.9%
3.7%
净利率更高
MA
高出29.5%
16.6%
自由现金流更多
MA
多$2.7B
$2.2B
两年增速更快
MA
近两年复合增速
6.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $8.8B | $8.7B |
| 净利润 | $4.1B | $1.4B |
| 毛利率 | — | — |
| 营业利润率 | 55.8% | 17.4% |
| 净利率 | 46.1% | 16.6% |
| 营收同比 | 17.6% | 3.7% |
| 净利润同比 | 21.5% | 28.2% |
| 每股收益（稀释后） | $4.52 | $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MAPYPL
| Q4 25 | $8.8B | $8.7B | ||
| Q3 25 | $8.6B | $8.4B | ||
| Q2 25 | $8.1B | $8.3B | ||
| Q1 25 | $7.3B | $7.8B | ||
| Q4 24 | $7.5B | $8.4B | ||
| Q3 24 | $7.4B | $7.8B | ||
| Q2 24 | $7.0B | $7.9B | ||
| Q1 24 | $6.3B | $7.7B |
净利润MAPYPL
| Q4 25 | $4.1B | $1.4B | ||
| Q3 25 | $3.9B | $1.2B | ||
| Q2 25 | $3.7B | $1.3B | ||
| Q1 25 | $3.3B | $1.3B | ||
| Q4 24 | $3.3B | $1.1B | ||
| Q3 24 | $3.3B | $1.0B | ||
| Q2 24 | $3.3B | $1.1B | ||
| Q1 24 | $3.0B | $888.0M |
营业利润率MAPYPL
| Q4 25 | 55.8% | 17.4% | ||
| Q3 25 | 58.8% | 18.1% | ||
| Q2 25 | 58.7% | 18.1% | ||
| Q1 25 | 57.2% | 19.6% | ||
| Q4 24 | 52.6% | 17.2% | ||
| Q3 24 | 54.3% | 17.7% | ||
| Q2 24 | 58.0% | 16.8% | ||
| Q1 24 | 56.8% | 15.2% |
净利率MAPYPL
| Q4 25 | 46.1% | 16.6% | ||
| Q3 25 | 45.7% | 14.8% | ||
| Q2 25 | 45.5% | 15.2% | ||
| Q1 25 | 45.2% | 16.5% | ||
| Q4 24 | 44.6% | 13.4% | ||
| Q3 24 | 44.3% | 12.9% | ||
| Q2 24 | 46.8% | 14.3% | ||
| Q1 24 | 47.4% | 11.5% |
每股收益（稀释后）MAPYPL
| Q4 25 | $4.52 | $1.53 | ||
| Q3 25 | $4.34 | $1.30 | ||
| Q2 25 | $4.07 | $1.29 | ||
| Q1 25 | $3.59 | $1.29 | ||
| Q4 24 | $3.64 | $1.09 | ||
| Q3 24 | $3.53 | $0.99 | ||
| Q2 24 | $3.50 | $1.08 | ||
| Q1 24 | $3.22 | $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 | $10.6B | $10.4B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $7.7B | $20.3B |
| 总资产 | $54.2B | $80.2B |
| 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MAPYPL
| Q4 25 | $10.6B | $10.4B | ||
| Q3 25 | $10.3B | $10.8B | ||
| Q2 25 | $9.0B | $10.0B | ||
| Q1 25 | $7.6B | $11.2B | ||
| Q4 24 | $8.4B | $10.8B | ||
| Q3 24 | $11.1B | $11.9B | ||
| Q2 24 | $7.0B | $13.6B | ||
| Q1 24 | $7.3B | $14.3B |
股东权益MAPYPL
| Q4 25 | $7.7B | $20.3B | ||
| Q3 25 | $7.9B | $20.2B | ||
| Q2 25 | $7.9B | $20.2B | ||
| Q1 25 | $6.7B | $20.3B | ||
| Q4 24 | $6.5B | $20.4B | ||
| Q3 24 | $7.4B | $20.2B | ||
| Q2 24 | $7.4B | $20.6B | ||
| Q1 24 | $7.2B | $20.7B |
总资产MAPYPL
| Q4 25 | $54.2B | $80.2B | ||
| Q3 25 | $53.3B | $79.8B | ||
| Q2 25 | $51.4B | $79.8B | ||
| Q1 25 | $48.5B | $81.3B | ||
| Q4 24 | $48.1B | $81.6B | ||
| Q3 24 | $47.2B | $83.5B | ||
| Q2 24 | $42.3B | $84.0B | ||
| Q1 24 | $42.6B | $83.3B |
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 | $2.4B |
| 自由现金流经营现金流 - 资本支出 | $4.9B | $2.2B |
| 自由现金流率自由现金流/营收 | 55.5% | 25.2% |
| 资本支出强度资本支出/营收 | 1.3% | 2.2% |
| 现金转化率经营现金流/净利润 | 1.23× | 1.66× |
| 过去12个月自由现金流最近4个季度 | $17.2B | $5.6B |
8季度趋势，按日历期对齐
经营现金流MAPYPL
| Q4 25 | $5.0B | $2.4B | ||
| Q3 25 | $5.7B | $2.0B | ||
| Q2 25 | $4.6B | $898.0M | ||
| Q1 25 | $2.4B | $1.2B | ||
| Q4 24 | $4.8B | $2.4B | ||
| Q3 24 | $5.1B | $1.6B | ||
| Q2 24 | $3.1B | $1.5B | ||
| Q1 24 | $1.7B | $1.9B |
自由现金流MAPYPL
| Q4 25 | $4.9B | $2.2B | ||
| Q3 25 | $5.5B | $1.7B | ||
| Q2 25 | $4.6B | $692.0M | ||
| Q1 25 | $2.2B | $964.0M | ||
| Q4 24 | $4.7B | $2.2B | ||
| Q3 24 | $5.0B | $1.4B | ||
| Q2 24 | $3.0B | $1.4B | ||
| Q1 24 | $1.5B | $1.8B |
自由现金流率MAPYPL
| Q4 25 | 55.5% | 25.2% | ||
| Q3 25 | 63.8% | 20.4% | ||
| Q2 25 | 56.1% | 8.3% | ||
| Q1 25 | 30.6% | 12.4% | ||
| Q4 24 | 63.3% | 26.2% | ||
| Q3 24 | 68.2% | 18.4% | ||
| Q2 24 | 43.4% | 17.3% | ||
| Q1 24 | 23.9% | 22.9% |
资本支出强度MAPYPL
| Q4 25 | 1.3% | 2.2% | ||
| Q3 25 | 2.1% | 3.0% | ||
| Q2 25 | 0.5% | 2.5% | ||
| Q1 25 | 2.2% | 2.5% | ||
| Q4 24 | 1.3% | 2.4% | ||
| Q3 24 | 1.5% | 2.2% | ||
| Q2 24 | 1.7% | 2.0% | ||
| Q1 24 | 2.5% | 2.0% |
现金转化率MAPYPL
| Q4 25 | 1.23× | 1.66× | ||
| Q3 25 | 1.44× | 1.58× | ||
| Q2 25 | 1.24× | 0.71× | ||
| Q1 25 | 0.73× | 0.90× | ||
| Q4 24 | 1.45× | 2.14× | ||
| Q3 24 | 1.57× | 1.60× | ||
| Q2 24 | 0.96× | 1.35× | ||
| Q1 24 | 0.56× | 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
MA
| Payment Network | $4.9B | 56% |
| Value Added Services And Solutions | $3.9B | 44% |
PYPL
| US | $4.9B | 57% |
| Non Us | $3.7B | 43% |
