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万事达卡（MA）与高通（QCOM）财务数据对比。点击上方公司名可切换其他公司
高通的季度营收约是万事达卡的1.4倍（$12.3B vs $8.8B），万事达卡净利率更高（46.1% vs 24.5%，领先21.6%），万事达卡同比增速更快（17.6% vs 5.0%），万事达卡自由现金流更多（$4.9B vs $4.4B），过去两年万事达卡的营收复合增速更高（17.8% vs 14.2%）
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。
高通是总部位于美国加利福尼亚州圣迭戈、在特拉华州注册的跨国企业，主营无线技术相关的半导体、软件及服务业务，持有5G、4G、CDMA2000、TD-SCDMA、WCDMA等移动通信标准的核心专利，是全球无线通信领域的核心供应商。
MA vs QCOM — 直观对比
营收规模更大
QCOM
是对方的1.4倍
$8.8B
营收增速更快
MA
高出12.6%
5.0%
净利率更高
MA
高出21.6%
24.5%
自由现金流更多
MA
多$474.0M
$4.4B
两年增速更快
MA
近两年复合增速
14.2%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $8.8B | $12.3B |
| 净利润 | $4.1B | $3.0B |
| 毛利率 | — | 54.6% |
| 营业利润率 | 55.8% | 27.5% |
| 净利率 | 46.1% | 24.5% |
| 营收同比 | 17.6% | 5.0% |
| 净利润同比 | 21.5% | -5.5% |
| 每股收益（稀释后） | $4.52 | $2.78 |
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MAQCOM
| Q4 25 | $8.8B | $12.3B | ||
| Q3 25 | $8.6B | $11.3B | ||
| Q2 25 | $8.1B | $10.4B | ||
| Q1 25 | $7.3B | $11.0B | ||
| Q4 24 | $7.5B | $11.7B | ||
| Q3 24 | $7.4B | $10.2B | ||
| Q2 24 | $7.0B | $9.4B | ||
| Q1 24 | $6.3B | $9.4B |
净利润MAQCOM
| Q4 25 | $4.1B | $3.0B | ||
| Q3 25 | $3.9B | $-3.1B | ||
| Q2 25 | $3.7B | $2.7B | ||
| Q1 25 | $3.3B | $2.8B | ||
| Q4 24 | $3.3B | $3.2B | ||
| Q3 24 | $3.3B | $2.9B | ||
| Q2 24 | $3.3B | $2.1B | ||
| Q1 24 | $3.0B | $2.3B |
毛利率MAQCOM
| Q4 25 | — | 54.6% | ||
| Q3 25 | — | 55.3% | ||
| Q2 25 | — | 55.6% | ||
| Q1 25 | — | 55.0% | ||
| Q4 24 | — | 55.8% | ||
| Q3 24 | — | 56.4% | ||
| Q2 24 | — | 55.6% | ||
| Q1 24 | — | 56.3% |
营业利润率MAQCOM
| Q4 25 | 55.8% | 27.5% | ||
| Q3 25 | 58.8% | 25.9% | ||
| Q2 25 | 58.7% | 26.6% | ||
| Q1 25 | 57.2% | 28.4% | ||
| Q4 24 | 52.6% | 30.5% | ||
| Q3 24 | 54.3% | 25.2% | ||
| Q2 24 | 58.0% | 23.6% | ||
| Q1 24 | 56.8% | 24.9% |
净利率MAQCOM
| Q4 25 | 46.1% | 24.5% | ||
| Q3 25 | 45.7% | -27.7% | ||
| Q2 25 | 45.5% | 25.7% | ||
| Q1 25 | 45.2% | 25.6% | ||
| Q4 24 | 44.6% | 27.3% | ||
| Q3 24 | 44.3% | 28.5% | ||
| Q2 24 | 46.8% | 22.7% | ||
| Q1 24 | 47.4% | 24.8% |
每股收益（稀释后）MAQCOM
| Q4 25 | $4.52 | $2.78 | ||
| Q3 25 | $4.34 | $-2.77 | ||
| Q2 25 | $4.07 | $2.43 | ||
| Q1 25 | $3.59 | $2.52 | ||
| Q4 24 | $3.64 | $2.83 | ||
| Q3 24 | $3.53 | $2.57 | ||
| Q2 24 | $3.50 | $1.88 | ||
| Q1 24 | $3.22 | $2.06 |
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 | $11.8B |
| 总债务越低越好 | — | $14.8B |
| 股东权益账面价值 | $7.7B | $23.1B |
| 总资产 | $54.2B | $53.0B |
| 负债/权益比越低杠杆越低 | — | 0.64× |
8季度趋势，按日历期对齐
现金及短期投资MAQCOM
| Q4 25 | $10.6B | $11.8B | ||
| Q3 25 | $10.3B | $10.2B | ||
| Q2 25 | $9.0B | $10.0B | ||
| Q1 25 | $7.6B | $13.8B | ||
| Q4 24 | $8.4B | $14.3B | ||
| Q3 24 | $11.1B | $13.3B | ||
| Q2 24 | $7.0B | $13.0B | ||
| Q1 24 | $7.3B | $13.9B |
总债务MAQCOM
| Q4 25 | — | $14.8B | ||
| Q3 25 | — | $14.8B | ||
| Q2 25 | — | $14.8B | ||
| Q1 25 | — | $13.3B | ||
| Q4 24 | — | $13.2B | ||
| Q3 24 | — | $13.3B | ||
| Q2 24 | — | $13.2B | ||
| Q1 24 | — | $14.5B |
股东权益MAQCOM
| Q4 25 | $7.7B | $23.1B | ||
| Q3 25 | $7.9B | $21.2B | ||
| Q2 25 | $7.9B | $27.2B | ||
| Q1 25 | $6.7B | $27.7B | ||
| Q4 24 | $6.5B | $26.9B | ||
| Q3 24 | $7.4B | $26.3B | ||
| Q2 24 | $7.4B | $24.7B | ||
| Q1 24 | $7.2B | $24.5B |
总资产MAQCOM
| Q4 25 | $54.2B | $53.0B | ||
| Q3 25 | $53.3B | $50.1B | ||
| Q2 25 | $51.4B | $54.9B | ||
| Q1 25 | $48.5B | $55.4B | ||
| Q4 24 | $48.1B | $55.6B | ||
| Q3 24 | $47.2B | $55.2B | ||
| Q2 24 | $42.3B | $52.7B | ||
| Q1 24 | $42.6B | $53.2B |
负债/权益比MAQCOM
| Q4 25 | — | 0.64× | ||
| Q3 25 | — | 0.70× | ||
| Q2 25 | — | 0.54× | ||
| Q1 25 | — | 0.48× | ||
| Q4 24 | — | 0.49× | ||
| Q3 24 | — | 0.51× | ||
| Q2 24 | — | 0.53× | ||
| Q1 24 | — | 0.59× |
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 | $5.0B |
| 自由现金流经营现金流 - 资本支出 | $4.9B | $4.4B |
| 自由现金流率自由现金流/营收 | 55.5% | 36.0% |
| 资本支出强度资本支出/营收 | 1.3% | 4.5% |
| 现金转化率经营现金流/净利润 | 1.23× | 1.65× |
| 过去12个月自由现金流最近4个季度 | $17.2B | $12.9B |
8季度趋势，按日历期对齐
经营现金流MAQCOM
| Q4 25 | $5.0B | $5.0B | ||
| Q3 25 | $5.7B | $4.0B | ||
| Q2 25 | $4.6B | $2.9B | ||
| Q1 25 | $2.4B | $2.6B | ||
| Q4 24 | $4.8B | $4.6B | ||
| Q3 24 | $5.1B | $2.6B | ||
| Q2 24 | $3.1B | $3.1B | ||
| Q1 24 | $1.7B | $3.6B |
自由现金流MAQCOM
| Q4 25 | $4.9B | $4.4B | ||
| Q3 25 | $5.5B | $3.6B | ||
| Q2 25 | $4.6B | $2.6B | ||
| Q1 25 | $2.2B | $2.3B | ||
| Q4 24 | $4.7B | $4.3B | ||
| Q3 24 | $5.0B | $2.4B | ||
| Q2 24 | $3.0B | $2.7B | ||
| Q1 24 | $1.5B | $3.4B |
自由现金流率MAQCOM
| Q4 25 | 55.5% | 36.0% | ||
| Q3 25 | 63.8% | 31.8% | ||
| Q2 25 | 56.1% | 24.9% | ||
| Q1 25 | 30.6% | 21.3% | ||
| Q4 24 | 63.3% | 36.9% | ||
| Q3 24 | 68.2% | 23.3% | ||
| Q2 24 | 43.4% | 28.4% | ||
| Q1 24 | 23.9% | 35.9% |
资本支出强度MAQCOM
| Q4 25 | 1.3% | 4.5% | ||
| Q3 25 | 2.1% | 3.6% | ||
| Q2 25 | 0.5% | 2.8% | ||
| Q1 25 | 2.2% | 1.9% | ||
| Q4 24 | 1.3% | 2.4% | ||
| Q3 24 | 1.5% | 2.5% | ||
| Q2 24 | 1.7% | 4.1% | ||
| Q1 24 | 2.5% | 2.0% |
现金转化率MAQCOM
| Q4 25 | 1.23× | 1.65× | ||
| Q3 25 | 1.44× | — | ||
| Q2 25 | 1.24× | 1.08× | ||
| Q1 25 | 0.73× | 0.91× | ||
| Q4 24 | 1.45× | 1.44× | ||
| Q3 24 | 1.57× | 0.91× | ||
| Q2 24 | 0.96× | 1.43× | ||
| Q1 24 | 0.56× | 1.53× |
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% |
QCOM
| Handsets | $7.8B | 64% |
| Io T | $1.7B | 14% |
| Qtl | $1.6B | 13% |
| Automotive | $1.1B | 9% |
