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万事达卡（MA）与美国联合航空（UAL）财务数据对比。点击上方公司名可切换其他公司
美国联合航空的季度营收约是万事达卡的1.7倍（$14.6B vs $8.8B），万事达卡净利率更高（46.1% vs 4.8%，领先41.3%），万事达卡同比增速更快（17.6% vs 10.6%），万事达卡自由现金流更多（$4.9B vs $2.0B），过去两年万事达卡的营收复合增速更高（17.8% vs -1.3%）
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。
美国联合航空是美国主要航企，总部位于伊利诺伊州芝加哥，运营覆盖美国本土及六大洲的广阔国内外航线网络，区域航线由独立航司以美联航快运品牌运营，作为星空联盟五大创始航司之一，其航线网络可辐射全球各地。
MA vs UAL — 直观对比
营收规模更大
UAL
是对方的1.7倍
$8.8B
营收增速更快
MA
高出7.0%
10.6%
净利率更高
MA
高出41.3%
4.8%
自由现金流更多
MA
多$2.9B
$2.0B
两年增速更快
MA
近两年复合增速
-1.3%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $8.8B | $14.6B |
| 净利润 | $4.1B | $699.0M |
| 毛利率 | — | — |
| 营业利润率 | 55.8% | 6.8% |
| 净利率 | 46.1% | 4.8% |
| 营收同比 | 17.6% | 10.6% |
| 净利润同比 | 21.5% | 80.6% |
| 每股收益（稀释后） | $4.52 | $2.14 |
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MAUAL
| Q1 26 | — | $14.6B | ||
| Q4 25 | $8.8B | $15.4B | ||
| Q3 25 | $8.6B | $15.2B | ||
| Q2 25 | $8.1B | $15.2B | ||
| Q1 25 | $7.3B | $13.2B | ||
| Q4 24 | $7.5B | $14.7B | ||
| Q3 24 | $7.4B | $14.8B | ||
| Q2 24 | $7.0B | $15.0B |
净利润MAUAL
| Q1 26 | — | $699.0M | ||
| Q4 25 | $4.1B | $1.0B | ||
| Q3 25 | $3.9B | $949.0M | ||
| Q2 25 | $3.7B | $973.0M | ||
| Q1 25 | $3.3B | $387.0M | ||
| Q4 24 | $3.3B | $985.0M | ||
| Q3 24 | $3.3B | $965.0M | ||
| Q2 24 | $3.3B | $1.3B |
营业利润率MAUAL
| Q1 26 | — | 6.8% | ||
| Q4 25 | 55.8% | 9.0% | ||
| Q3 25 | 58.8% | 9.2% | ||
| Q2 25 | 58.7% | 8.7% | ||
| Q1 25 | 57.2% | 4.6% | ||
| Q4 24 | 52.6% | 10.2% | ||
| Q3 24 | 54.3% | 10.5% | ||
| Q2 24 | 58.0% | 12.9% |
净利率MAUAL
| Q1 26 | — | 4.8% | ||
| Q4 25 | 46.1% | 6.8% | ||
| Q3 25 | 45.7% | 6.2% | ||
| Q2 25 | 45.5% | 6.4% | ||
| Q1 25 | 45.2% | 2.9% | ||
| Q4 24 | 44.6% | 6.7% | ||
| Q3 24 | 44.3% | 6.5% | ||
| Q2 24 | 46.8% | 8.8% |
每股收益（稀释后）MAUAL
| Q1 26 | — | $2.14 | ||
| Q4 25 | $4.52 | $3.17 | ||
| Q3 25 | $4.34 | $2.90 | ||
| Q2 25 | $4.07 | $2.97 | ||
| Q1 25 | $3.59 | $1.16 | ||
| Q4 24 | $3.64 | $2.97 | ||
| Q3 24 | $3.53 | $2.90 | ||
| Q2 24 | $3.50 | $3.96 |
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 | $14.2B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $7.7B | $15.9B |
| 总资产 | $54.2B | $80.9B |
| 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MAUAL
| Q1 26 | — | $14.2B | ||
| Q4 25 | $10.6B | $12.2B | ||
| Q3 25 | $10.3B | $13.3B | ||
| Q2 25 | $9.0B | $15.6B | ||
| Q1 25 | $7.6B | $15.3B | ||
| Q4 24 | $8.4B | $14.5B | ||
| Q3 24 | $11.1B | $14.2B | ||
| Q2 24 | $7.0B | $15.2B |
总债务MAUAL
| Q1 26 | — | — | ||
| Q4 25 | — | $20.6B | ||
| Q3 25 | — | $20.8B | ||
| Q2 25 | — | $20.9B | ||
| Q1 25 | — | $24.4B | ||
| Q4 24 | — | $25.2B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益MAUAL
| Q1 26 | — | $15.9B | ||
| Q4 25 | $7.7B | $15.3B | ||
| Q3 25 | $7.9B | $14.3B | ||
| Q2 25 | $7.9B | $13.4B | ||
| Q1 25 | $6.7B | $12.6B | ||
| Q4 24 | $6.5B | $12.7B | ||
| Q3 24 | $7.4B | $11.4B | ||
| Q2 24 | $7.4B | $10.5B |
总资产MAUAL
| Q1 26 | — | $80.9B | ||
| Q4 25 | $54.2B | $76.4B | ||
| Q3 25 | $53.3B | $76.3B | ||
| Q2 25 | $51.4B | $77.2B | ||
| Q1 25 | $48.5B | $76.1B | ||
| Q4 24 | $48.1B | $74.1B | ||
| Q3 24 | $47.2B | $72.6B | ||
| Q2 24 | $42.3B | $73.3B |
负债/权益比MAUAL
| Q1 26 | — | — | ||
| Q4 25 | — | 1.35× | ||
| Q3 25 | — | 1.45× | ||
| Q2 25 | — | 1.56× | ||
| Q1 25 | — | 1.93× | ||
| Q4 24 | — | 1.99× | ||
| Q3 24 | — | — | ||
| Q2 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 | $4.8B |
| 自由现金流经营现金流 - 资本支出 | $4.9B | $2.0B |
| 自由现金流率自由现金流/营收 | 55.5% | 13.9% |
| 资本支出强度资本支出/营收 | 1.3% | 13.9% |
| 现金转化率经营现金流/净利润 | 1.23× | 6.87× |
| 过去12个月自由现金流最近4个季度 | $17.2B | $2.1B |
8季度趋势，按日历期对齐
经营现金流MAUAL
| Q1 26 | — | $4.8B | ||
| Q4 25 | $5.0B | $1.3B | ||
| Q3 25 | $5.7B | $1.2B | ||
| Q2 25 | $4.6B | $2.2B | ||
| Q1 25 | $2.4B | $3.7B | ||
| Q4 24 | $4.8B | $2.2B | ||
| Q3 24 | $5.1B | $1.5B | ||
| Q2 24 | $3.1B | $2.9B |
自由现金流MAUAL
| Q1 26 | — | $2.0B | ||
| Q4 25 | $4.9B | $-604.0M | ||
| Q3 25 | $5.5B | $-246.0M | ||
| Q2 25 | $4.6B | $930.0M | ||
| Q1 25 | $2.2B | $2.5B | ||
| Q4 24 | $4.7B | $549.0M | ||
| Q3 24 | $5.0B | $88.0M | ||
| Q2 24 | $3.0B | $1.7B |
自由现金流率MAUAL
| Q1 26 | — | 13.9% | ||
| Q4 25 | 55.5% | -3.9% | ||
| Q3 25 | 63.8% | -1.6% | ||
| Q2 25 | 56.1% | 6.1% | ||
| Q1 25 | 30.6% | 18.7% | ||
| Q4 24 | 63.3% | 3.7% | ||
| Q3 24 | 68.2% | 0.6% | ||
| Q2 24 | 43.4% | 11.4% |
资本支出强度MAUAL
| Q1 26 | — | 13.9% | ||
| Q4 25 | 1.3% | 12.3% | ||
| Q3 25 | 2.1% | 9.6% | ||
| Q2 25 | 0.5% | 8.4% | ||
| Q1 25 | 2.2% | 9.3% | ||
| Q4 24 | 1.3% | 11.4% | ||
| Q3 24 | 1.5% | 9.5% | ||
| Q2 24 | 1.7% | 7.8% |
现金转化率MAUAL
| Q1 26 | — | 6.87× | ||
| Q4 25 | 1.23× | 1.23× | ||
| Q3 25 | 1.44× | 1.28× | ||
| Q2 25 | 1.24× | 2.28× | ||
| Q1 25 | 0.73× | 9.59× | ||
| Q4 24 | 1.45× | 2.26× | ||
| Q3 24 | 1.57× | 1.55× | ||
| Q2 24 | 0.96× | 2.17× |
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% |
UAL
| Passenger revenue | $13.2B | 90% |
| Other | $1.0B | 7% |
| Cargo revenue | $422.0M | 3% |
