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万事达卡（MA）与联合太平洋（UNP）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联合太平洋的1.4倍（$8.8B vs $6.2B），万事达卡净利率更高（46.1% vs 27.4%，领先18.7%），万事达卡同比增速更快（17.6% vs 3.2%），万事达卡自由现金流更多（$4.9B vs $631.0M），过去两年万事达卡的营收复合增速更高（17.8% vs 1.7%）
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。
联合太平洋是美国一级货运铁路运营商，共运营8300台机车，线路总长超5.18万公里，覆盖芝加哥、新奥尔良以西的23个美国州，是全美规模仅次于BNSF的第二大铁路企业。
MA vs UNP — 直观对比
营收规模更大
MA
是对方的1.4倍
$6.2B
营收增速更快
MA
高出14.4%
3.2%
净利率更高
MA
高出18.7%
27.4%
自由现金流更多
MA
多$4.3B
$631.0M
两年增速更快
MA
近两年复合增速
1.7%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $8.8B | $6.2B |
| 净利润 | $4.1B | $1.7B |
| 毛利率 | — | — |
| 营业利润率 | 55.8% | 39.5% |
| 净利率 | 46.1% | 27.4% |
| 营收同比 | 17.6% | 3.2% |
| 净利润同比 | 21.5% | 4.6% |
| 每股收益（稀释后） | $4.52 | $2.87 |
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MAUNP
| Q1 26 | — | $6.2B | ||
| Q4 25 | $8.8B | $6.1B | ||
| Q3 25 | $8.6B | $6.2B | ||
| Q2 25 | $8.1B | $6.2B | ||
| Q1 25 | $7.3B | $6.0B | ||
| Q4 24 | $7.5B | $6.1B | ||
| Q3 24 | $7.4B | $6.1B | ||
| Q2 24 | $7.0B | $6.0B |
净利润MAUNP
| Q1 26 | — | $1.7B | ||
| Q4 25 | $4.1B | $1.8B | ||
| Q3 25 | $3.9B | $1.8B | ||
| Q2 25 | $3.7B | $1.9B | ||
| Q1 25 | $3.3B | $1.6B | ||
| Q4 24 | $3.3B | $1.8B | ||
| Q3 24 | $3.3B | $1.7B | ||
| Q2 24 | $3.3B | $1.7B |
营业利润率MAUNP
| Q1 26 | — | 39.5% | ||
| Q4 25 | 55.8% | 39.5% | ||
| Q3 25 | 58.8% | 40.8% | ||
| Q2 25 | 58.7% | 41.0% | ||
| Q1 25 | 57.2% | 39.3% | ||
| Q4 24 | 52.6% | 41.3% | ||
| Q3 24 | 54.3% | 39.7% | ||
| Q2 24 | 58.0% | 40.0% |
净利率MAUNP
| Q1 26 | — | 27.4% | ||
| Q4 25 | 46.1% | 30.4% | ||
| Q3 25 | 45.7% | 28.6% | ||
| Q2 25 | 45.5% | 30.5% | ||
| Q1 25 | 45.2% | 27.0% | ||
| Q4 24 | 44.6% | 28.8% | ||
| Q3 24 | 44.3% | 27.4% | ||
| Q2 24 | 46.8% | 27.9% |
每股收益（稀释后）MAUNP
| Q1 26 | — | $2.87 | ||
| Q4 25 | $4.52 | $3.12 | ||
| Q3 25 | $4.34 | $3.01 | ||
| Q2 25 | $4.07 | $3.15 | ||
| Q1 25 | $3.59 | $2.70 | ||
| Q4 24 | $3.64 | $2.91 | ||
| Q3 24 | $3.53 | $2.75 | ||
| Q2 24 | $3.50 | $2.74 |
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 | $735.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $7.7B | — |
| 总资产 | $54.2B | $69.6B |
| 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MAUNP
| Q1 26 | — | $735.0M | ||
| Q4 25 | $10.6B | $1.3B | ||
| Q3 25 | $10.3B | $808.0M | ||
| Q2 25 | $9.0B | $1.1B | ||
| Q1 25 | $7.6B | $1.4B | ||
| Q4 24 | $8.4B | $1.0B | ||
| Q3 24 | $11.1B | $947.0M | ||
| Q2 24 | $7.0B | $1.1B |
总债务MAUNP
| Q1 26 | — | — | ||
| Q4 25 | — | $30.3B | ||
| Q3 25 | — | $30.3B | ||
| Q2 25 | — | $30.3B | ||
| Q1 25 | — | $30.6B | ||
| Q4 24 | — | $29.8B | ||
| Q3 24 | — | $29.8B | ||
| Q2 24 | — | $31.2B |
股东权益MAUNP
| Q1 26 | — | — | ||
| Q4 25 | $7.7B | $18.5B | ||
| Q3 25 | $7.9B | $17.3B | ||
| Q2 25 | $7.9B | $16.3B | ||
| Q1 25 | $6.7B | $16.0B | ||
| Q4 24 | $6.5B | $16.9B | ||
| Q3 24 | $7.4B | $16.6B | ||
| Q2 24 | $7.4B | $16.5B |
总资产MAUNP
| Q1 26 | — | $69.6B | ||
| Q4 25 | $54.2B | $69.7B | ||
| Q3 25 | $53.3B | $68.6B | ||
| Q2 25 | $51.4B | $68.6B | ||
| Q1 25 | $48.5B | $68.5B | ||
| Q4 24 | $48.1B | $67.7B | ||
| Q3 24 | $47.2B | $67.6B | ||
| Q2 24 | $42.3B | $67.8B |
负债/权益比MAUNP
| Q1 26 | — | — | ||
| Q4 25 | — | 1.64× | ||
| Q3 25 | — | 1.75× | ||
| Q2 25 | — | 1.86× | ||
| Q1 25 | — | 1.91× | ||
| Q4 24 | — | 1.76× | ||
| Q3 24 | — | 1.79× | ||
| Q2 24 | — | 1.89× |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $4.9B | $631.0M |
| 自由现金流率自由现金流/营收 | 55.5% | 10.1% |
| 资本支出强度资本支出/营收 | 1.3% | — |
| 现金转化率经营现金流/净利润 | 1.23× | — |
| 过去12个月自由现金流最近4个季度 | $17.2B | $4.8B |
8季度趋势，按日历期对齐
经营现金流MAUNP
| Q1 26 | — | — | ||
| Q4 25 | $5.0B | $2.2B | ||
| Q3 25 | $5.7B | $2.5B | ||
| Q2 25 | $4.6B | $2.3B | ||
| Q1 25 | $2.4B | $2.2B | ||
| Q4 24 | $4.8B | $2.7B | ||
| Q3 24 | $5.1B | $2.7B | ||
| Q2 24 | $3.1B | $1.9B |
自由现金流MAUNP
| Q1 26 | — | $631.0M | ||
| Q4 25 | $4.9B | $1.2B | ||
| Q3 25 | $5.5B | $1.6B | ||
| Q2 25 | $4.6B | $1.4B | ||
| Q1 25 | $2.2B | $1.3B | ||
| Q4 24 | $4.7B | $1.7B | ||
| Q3 24 | $5.0B | $1.8B | ||
| Q2 24 | $3.0B | $1.0B |
自由现金流率MAUNP
| Q1 26 | — | 10.1% | ||
| Q4 25 | 55.5% | 20.1% | ||
| Q3 25 | 63.8% | 25.2% | ||
| Q2 25 | 56.1% | 22.7% | ||
| Q1 25 | 30.6% | 21.6% | ||
| Q4 24 | 63.3% | 28.4% | ||
| Q3 24 | 68.2% | 29.9% | ||
| Q2 24 | 43.4% | 16.8% |
资本支出强度MAUNP
| Q1 26 | — | — | ||
| Q4 25 | 1.3% | 16.4% | ||
| Q3 25 | 2.1% | 15.2% | ||
| Q2 25 | 0.5% | 15.2% | ||
| Q1 25 | 2.2% | 15.0% | ||
| Q4 24 | 1.3% | 15.1% | ||
| Q3 24 | 1.5% | 13.6% | ||
| Q2 24 | 1.7% | 15.0% |
现金转化率MAUNP
| Q1 26 | — | — | ||
| Q4 25 | 1.23× | 1.20× | ||
| Q3 25 | 1.44× | 1.41× | ||
| Q2 25 | 1.24× | 1.24× | ||
| Q1 25 | 0.73× | 1.36× | ||
| Q4 24 | 1.45× | 1.51× | ||
| Q3 24 | 1.57× | 1.59× | ||
| Q2 24 | 0.96× | 1.14× |
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% |
UNP
| Freight revenues | $5.9B | 95% |
| Other revenues | $324.0M | 5% |
