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万事达卡（MA）与利氏兄弟拍卖行（RBA）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利氏兄弟拍卖行的7.3倍（$8.8B vs $1.2B）。万事达卡净利率更高（46.1% vs 9.1%，领先37.0%）。万事达卡同比增速更快（17.6% vs 5.4%）。万事达卡自由现金流更多（$4.9B vs $186.5M）。过去两年万事达卡的营收复合增速更高（17.8% vs 6.3%）
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。
利氏兄弟拍卖行（股票代码RBA）是全球知名的工业资产拍卖服务商，注册地位于加拿大，属公开上市企业，总部设在美国伊利诺伊州韦斯特切斯特，普通股同时在多伦多证券交易所与纽约证券交易所挂牌交易。
MA vs RBA — 直观对比
营收规模更大
MA
是对方的7.3倍
$1.2B
营收增速更快
MA
高出12.2%
5.4%
净利率更高
MA
高出37.0%
9.1%
自由现金流更多
MA
多$4.7B
$186.5M
两年增速更快
MA
近两年复合增速
6.3%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $8.8B | $1.2B |
| 净利润 | $4.1B | $109.7M |
| 毛利率 | — | — |
| 营业利润率 | 55.8% | 14.7% |
| 净利率 | 46.1% | 9.1% |
| 营收同比 | 17.6% | 5.4% |
| 净利润同比 | 21.5% | -7.4% |
| 每股收益（稀释后） | $4.52 | $0.53 |
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MARBA
| Q4 25 | $8.8B | $1.2B | ||
| Q3 25 | $8.6B | $1.1B | ||
| Q2 25 | $8.1B | $1.2B | ||
| Q1 25 | $7.3B | $1.1B | ||
| Q4 24 | $7.5B | $1.1B | ||
| Q3 24 | $7.4B | $981.8M | ||
| Q2 24 | $7.0B | $1.1B | ||
| Q1 24 | $6.3B | $1.1B |
净利润MARBA
| Q4 25 | $4.1B | $109.7M | ||
| Q3 25 | $3.9B | $95.5M | ||
| Q2 25 | $3.7B | $109.8M | ||
| Q1 25 | $3.3B | $113.4M | ||
| Q4 24 | $3.3B | $118.5M | ||
| Q3 24 | $3.3B | $76.1M | ||
| Q2 24 | $3.3B | $111.1M | ||
| Q1 24 | $3.0B | $107.4M |
营业利润率MARBA
| Q4 25 | 55.8% | 14.7% | ||
| Q3 25 | 58.8% | 14.5% | ||
| Q2 25 | 58.7% | 15.9% | ||
| Q1 25 | 57.2% | 17.1% | ||
| Q4 24 | 52.6% | 18.1% | ||
| Q3 24 | 54.3% | 15.6% | ||
| Q2 24 | 58.0% | 18.4% | ||
| Q1 24 | 56.8% | 18.7% |
净利率MARBA
| Q4 25 | 46.1% | 9.1% | ||
| Q3 25 | 45.7% | 8.7% | ||
| Q2 25 | 45.5% | 9.3% | ||
| Q1 25 | 45.2% | 10.2% | ||
| Q4 24 | 44.6% | 10.4% | ||
| Q3 24 | 44.3% | 7.8% | ||
| Q2 24 | 46.8% | 10.1% | ||
| Q1 24 | 47.4% | 10.1% |
每股收益（稀释后）MARBA
| Q4 25 | $4.52 | $0.53 | ||
| Q3 25 | $4.34 | $0.43 | ||
| Q2 25 | $4.07 | $0.53 | ||
| Q1 25 | $3.59 | $0.55 | ||
| Q4 24 | $3.64 | $0.58 | ||
| Q3 24 | $3.53 | $0.36 | ||
| Q2 24 | $3.50 | $0.54 | ||
| Q1 24 | $3.22 | $0.53 |
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 | $531.5M |
| 总债务越低越好 | — | $2.3B |
| 股东权益账面价值 | $7.7B | $5.6B |
| 总资产 | $54.2B | $12.1B |
| 负债/权益比越低杠杆越低 | — | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资MARBA
| Q4 25 | $10.6B | $531.5M | ||
| Q3 25 | $10.3B | $674.7M | ||
| Q2 25 | $9.0B | $710.2M | ||
| Q1 25 | $7.6B | $578.1M | ||
| Q4 24 | $8.4B | $533.9M | ||
| Q3 24 | $11.1B | $650.7M | ||
| Q2 24 | $7.0B | $599.5M | ||
| Q1 24 | $7.3B | $462.8M |
总债务MARBA
| Q4 25 | — | $2.3B | ||
| Q3 25 | — | $2.6B | ||
| Q2 25 | — | $2.6B | ||
| Q1 25 | — | $2.6B | ||
| Q4 24 | — | $2.6B | ||
| Q3 24 | — | $2.7B | ||
| Q2 24 | — | $2.8B | ||
| Q1 24 | — | $2.9B |
股东权益MARBA
| Q4 25 | $7.7B | $5.6B | ||
| Q3 25 | $7.9B | $5.5B | ||
| Q2 25 | $7.9B | $5.5B | ||
| Q1 25 | $6.7B | $5.3B | ||
| Q4 24 | $6.5B | $5.2B | ||
| Q3 24 | $7.4B | $5.2B | ||
| Q2 24 | $7.4B | $5.2B | ||
| Q1 24 | $7.2B | $5.1B |
总资产MARBA
| Q4 25 | $54.2B | $12.1B | ||
| Q3 25 | $53.3B | $12.2B | ||
| Q2 25 | $51.4B | $12.2B | ||
| Q1 25 | $48.5B | $11.9B | ||
| Q4 24 | $48.1B | $11.8B | ||
| Q3 24 | $47.2B | $11.9B | ||
| Q2 24 | $42.3B | $12.1B | ||
| Q1 24 | $42.6B | $12.0B |
负债/权益比MARBA
| Q4 25 | — | 0.42× | ||
| Q3 25 | — | 0.47× | ||
| Q2 25 | — | 0.47× | ||
| Q1 25 | — | 0.50× | ||
| Q4 24 | — | 0.50× | ||
| Q3 24 | — | 0.52× | ||
| Q2 24 | — | 0.55× | ||
| Q1 24 | — | 0.58× |
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 | $255.2M |
| 自由现金流经营现金流 - 资本支出 | $4.9B | $186.5M |
| 自由现金流率自由现金流/营收 | 55.5% | 15.5% |
| 资本支出强度资本支出/营收 | 1.3% | 5.7% |
| 现金转化率经营现金流/净利润 | 1.23× | 2.33× |
| 过去12个月自由现金流最近4个季度 | $17.2B | $719.2M |
8季度趋势，按日历期对齐
经营现金流MARBA
| Q4 25 | $5.0B | $255.2M | ||
| Q3 25 | $5.7B | $239.7M | ||
| Q2 25 | $4.6B | $326.5M | ||
| Q1 25 | $2.4B | $156.8M | ||
| Q4 24 | $4.8B | $184.5M | ||
| Q3 24 | $5.1B | $285.4M | ||
| Q2 24 | $3.1B | $337.3M | ||
| Q1 24 | $1.7B | $124.8M |
自由现金流MARBA
| Q4 25 | $4.9B | $186.5M | ||
| Q3 25 | $5.5B | $188.5M | ||
| Q2 25 | $4.6B | $241.7M | ||
| Q1 25 | $2.2B | $102.5M | ||
| Q4 24 | $4.7B | $127.9M | ||
| Q3 24 | $5.0B | $248.5M | ||
| Q2 24 | $3.0B | $308.6M | ||
| Q1 24 | $1.5B | $79.6M |
自由现金流率MARBA
| Q4 25 | 55.5% | 15.5% | ||
| Q3 25 | 63.8% | 17.3% | ||
| Q2 25 | 56.1% | 20.4% | ||
| Q1 25 | 30.6% | 9.2% | ||
| Q4 24 | 63.3% | 11.2% | ||
| Q3 24 | 68.2% | 25.3% | ||
| Q2 24 | 43.4% | 28.2% | ||
| Q1 24 | 23.9% | 7.5% |
资本支出强度MARBA
| Q4 25 | 1.3% | 5.7% | ||
| Q3 25 | 2.1% | 4.7% | ||
| Q2 25 | 0.5% | 7.2% | ||
| Q1 25 | 2.2% | 4.9% | ||
| Q4 24 | 1.3% | 5.0% | ||
| Q3 24 | 1.5% | 3.8% | ||
| Q2 24 | 1.7% | 2.6% | ||
| Q1 24 | 2.5% | 4.2% |
现金转化率MARBA
| Q4 25 | 1.23× | 2.33× | ||
| Q3 25 | 1.44× | 2.51× | ||
| Q2 25 | 1.24× | 2.97× | ||
| Q1 25 | 0.73× | 1.38× | ||
| Q4 24 | 1.45× | 1.56× | ||
| Q3 24 | 1.57× | 3.75× | ||
| Q2 24 | 0.96× | 3.04× | ||
| Q1 24 | 0.56× | 1.16× |
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% |
RBA
| Buyer Revenue | $577.2M | 48% |
| Seller Revenue | $255.2M | 21% |
| CA | $199.0M | 17% |
| Other | $124.7M | 10% |
| AU | $47.3M | 4% |
