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万事达卡（MA）与Smurfit Westrock（SW）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Smurfit Westrock的1.2倍（$8.8B vs $7.6B），万事达卡净利率更高（46.1% vs 1.3%，领先44.8%），万事达卡同比增速更快（17.6% vs 0.5%），万事达卡自由现金流更多（$4.9B vs $612.0M），过去两年Smurfit Westrock的营收复合增速更高（60.8% 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。
Smurfit Westrock plc是总部位于爱尔兰都柏林的企业，核心业务为生产瓦楞包装及各类纸制包装产品，公司股票同时在纽约证券交易所和伦敦证券交易所挂牌上市。
MA vs SW — 直观对比
营收规模更大
MA
是对方的1.2倍
$7.6B
营收增速更快
MA
高出17.0%
0.5%
净利率更高
MA
高出44.8%
1.3%
自由现金流更多
MA
多$4.3B
$612.0M
两年增速更快
SW
近两年复合增速
17.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $8.8B | $7.6B |
| 净利润 | $4.1B | $97.0M |
| 毛利率 | — | 18.2% |
| 营业利润率 | 55.8% | 5.1% |
| 净利率 | 46.1% | 1.3% |
| 营收同比 | 17.6% | 0.5% |
| 净利润同比 | 21.5% | -33.6% |
| 每股收益（稀释后） | $4.52 | $0.18 |
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MASW
| Q4 25 | $8.8B | $7.6B | ||
| Q3 25 | $8.6B | $8.0B | ||
| Q2 25 | $8.1B | $7.9B | ||
| Q1 25 | $7.3B | $7.7B | ||
| Q4 24 | $7.5B | $7.5B | ||
| Q3 24 | $7.4B | $7.7B | ||
| Q2 24 | $7.0B | $3.0B | ||
| Q1 24 | $6.3B | $2.9B |
净利润MASW
| Q4 25 | $4.1B | $97.0M | ||
| Q3 25 | $3.9B | $246.0M | ||
| Q2 25 | $3.7B | $-28.0M | ||
| Q1 25 | $3.3B | $384.0M | ||
| Q4 24 | $3.3B | $146.0M | ||
| Q3 24 | $3.3B | $-150.0M | ||
| Q2 24 | $3.3B | $132.0M | ||
| Q1 24 | $3.0B | $191.0M |
毛利率MASW
| Q4 25 | — | 18.2% | ||
| Q3 25 | — | 19.6% | ||
| Q2 25 | — | 19.1% | ||
| Q1 25 | — | 20.6% | ||
| Q4 24 | — | 19.1% | ||
| Q3 24 | — | 17.6% | ||
| Q2 24 | — | 23.3% | ||
| Q1 24 | — | 24.2% |
营业利润率MASW
| Q4 25 | 55.8% | 5.1% | ||
| Q3 25 | 58.8% | 6.6% | ||
| Q2 25 | 58.7% | 3.2% | ||
| Q1 25 | 57.2% | 7.2% | ||
| Q4 24 | 52.6% | 5.3% | ||
| Q3 24 | 54.3% | 0.7% | ||
| Q2 24 | 58.0% | 8.2% | ||
| Q1 24 | 56.8% | 10.5% |
净利率MASW
| Q4 25 | 46.1% | 1.3% | ||
| Q3 25 | 45.7% | 3.1% | ||
| Q2 25 | 45.5% | -0.4% | ||
| Q1 25 | 45.2% | 5.0% | ||
| Q4 24 | 44.6% | 1.9% | ||
| Q3 24 | 44.3% | -2.0% | ||
| Q2 24 | 46.8% | 4.4% | ||
| Q1 24 | 47.4% | 6.5% |
每股收益（稀释后）MASW
| Q4 25 | $4.52 | $0.18 | ||
| Q3 25 | $4.34 | $0.47 | ||
| Q2 25 | $4.07 | $-0.05 | ||
| Q1 25 | $3.59 | $0.73 | ||
| Q4 24 | $3.64 | $-0.12 | ||
| Q3 24 | $3.53 | $-0.30 | ||
| Q2 24 | $3.50 | $0.51 | ||
| Q1 24 | $3.22 | $0.73 |
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 | $892.0M |
| 总债务越低越好 | — | $13.4B |
| 股东权益账面价值 | $7.7B | $18.3B |
| 总资产 | $54.2B | $45.2B |
| 负债/权益比越低杠杆越低 | — | 0.73× |
8季度趋势，按日历期对齐
现金及短期投资MASW
| Q4 25 | $10.6B | $892.0M | ||
| Q3 25 | $10.3B | $851.0M | ||
| Q2 25 | $9.0B | $778.0M | ||
| Q1 25 | $7.6B | $797.0M | ||
| Q4 24 | $8.4B | $855.0M | ||
| Q3 24 | $11.1B | — | ||
| Q2 24 | $7.0B | $26.8K | ||
| Q1 24 | $7.3B | $108 |
总债务MASW
| Q4 25 | — | $13.4B | ||
| Q3 25 | — | $13.3B | ||
| Q2 25 | — | $13.3B | ||
| Q1 25 | — | $12.9B | ||
| Q4 24 | — | $12.5B | ||
| Q3 24 | — | $13.2B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益MASW
| Q4 25 | $7.7B | $18.3B | ||
| Q3 25 | $7.9B | $18.4B | ||
| Q2 25 | $7.9B | $18.3B | ||
| Q1 25 | $6.7B | $17.9B | ||
| Q4 24 | $6.5B | $17.4B | ||
| Q3 24 | $7.4B | $18.0B | ||
| Q2 24 | $7.4B | $14.5K | ||
| Q1 24 | $7.2B | $108 |
总资产MASW
| Q4 25 | $54.2B | $45.2B | ||
| Q3 25 | $53.3B | $45.6B | ||
| Q2 25 | $51.4B | $45.7B | ||
| Q1 25 | $48.5B | $44.6B | ||
| Q4 24 | $48.1B | $43.8B | ||
| Q3 24 | $47.2B | $45.0B | ||
| Q2 24 | $42.3B | $26.8K | ||
| Q1 24 | $42.6B | $108 |
负债/权益比MASW
| Q4 25 | — | 0.73× | ||
| Q3 25 | — | 0.72× | ||
| Q2 25 | — | 0.73× | ||
| Q1 25 | — | 0.72× | ||
| Q4 24 | — | 0.72× | ||
| Q3 24 | — | 0.73× | ||
| 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 | $1.2B |
| 自由现金流经营现金流 - 资本支出 | $4.9B | $612.0M |
| 自由现金流率自由现金流/营收 | 55.5% | 8.1% |
| 资本支出强度资本支出/营收 | 1.3% | 7.7% |
| 现金转化率经营现金流/净利润 | 1.23× | 12.32× |
| 过去12个月自由现金流最近4个季度 | $17.2B | $1.2B |
8季度趋势，按日历期对齐
经营现金流MASW
| Q4 25 | $5.0B | $1.2B | ||
| Q3 25 | $5.7B | $1.1B | ||
| Q2 25 | $4.6B | $829.0M | ||
| Q1 25 | $2.4B | $235.0M | ||
| Q4 24 | $4.8B | $781.0M | ||
| Q3 24 | $5.1B | $320.0M | ||
| Q2 24 | $3.1B | $340.0M | ||
| Q1 24 | $1.7B | $42.0M |
自由现金流MASW
| Q4 25 | $4.9B | $612.0M | ||
| Q3 25 | $5.5B | $523.0M | ||
| Q2 25 | $4.6B | $307.0M | ||
| Q1 25 | $2.2B | $-242.0M | ||
| Q4 24 | $4.7B | $212.0M | ||
| Q3 24 | $5.0B | $-192.0M | ||
| Q2 24 | $3.0B | $163.0M | ||
| Q1 24 | $1.5B | $-166.0M |
自由现金流率MASW
| Q4 25 | 55.5% | 8.1% | ||
| Q3 25 | 63.8% | 6.5% | ||
| Q2 25 | 56.1% | 3.9% | ||
| Q1 25 | 30.6% | -3.2% | ||
| Q4 24 | 63.3% | 2.8% | ||
| Q3 24 | 68.2% | -2.5% | ||
| Q2 24 | 43.4% | 5.5% | ||
| Q1 24 | 23.9% | -5.7% |
资本支出强度MASW
| Q4 25 | 1.3% | 7.7% | ||
| Q3 25 | 2.1% | 7.6% | ||
| Q2 25 | 0.5% | 6.6% | ||
| Q1 25 | 2.2% | 6.2% | ||
| Q4 24 | 1.3% | 7.5% | ||
| Q3 24 | 1.5% | 6.7% | ||
| Q2 24 | 1.7% | 6.0% | ||
| Q1 24 | 2.5% | 7.1% |
现金转化率MASW
| Q4 25 | 1.23× | 12.32× | ||
| Q3 25 | 1.44× | 4.61× | ||
| Q2 25 | 1.24× | — | ||
| Q1 25 | 0.73× | 0.61× | ||
| Q4 24 | 1.45× | 5.35× | ||
| Q3 24 | 1.57× | — | ||
| Q2 24 | 0.96× | 2.58× | ||
| Q1 24 | 0.56× | 0.22× |
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% |
SW
| Packaging | $3.3B | 43% |
| Other | $3.2B | 43% |
| Paper | $1.1B | 14% |
