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万事达卡（MA）与US Foods Holding Corp.（USFD）财务数据对比。点击上方公司名可切换其他公司
US Foods Holding Corp.的季度营收约是万事达卡的1.1倍（$9.8B vs $8.8B），万事达卡净利率更高（46.1% vs 1.9%，领先44.2%），万事达卡同比增速更快（17.6% vs 3.3%），万事达卡自由现金流更多（$4.9B vs $159.0M），过去两年万事达卡的营收复合增速更高（17.8% vs 4.6%）
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。
US Foods Holding Corp.是美国第二大食品服务分销商，规模仅次于Sysco。公司服务覆盖独立餐厅、连锁餐饮、医疗保健、酒店、教育机构等共计25万个场点，为各类客户提供食品配送及相关供应链服务，业务覆盖场景十分多元。
MA vs USFD — 直观对比
营收规模更大
USFD
是对方的1.1倍
$8.8B
营收增速更快
MA
高出14.3%
3.3%
净利率更高
MA
高出44.2%
1.9%
自由现金流更多
MA
多$4.7B
$159.0M
两年增速更快
MA
近两年复合增速
4.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $8.8B | $9.8B |
| 净利润 | $4.1B | $184.0M |
| 毛利率 | — | 17.6% |
| 营业利润率 | 55.8% | 3.3% |
| 净利率 | 46.1% | 1.9% |
| 营收同比 | 17.6% | 3.3% |
| 净利润同比 | 21.5% | 178.8% |
| 每股收益（稀释后） | $4.52 | $0.82 |
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MAUSFD
| Q4 25 | $8.8B | $9.8B | ||
| Q3 25 | $8.6B | $10.2B | ||
| Q2 25 | $8.1B | $10.1B | ||
| Q1 25 | $7.3B | $9.4B | ||
| Q4 24 | $7.5B | $9.5B | ||
| Q3 24 | $7.4B | $9.7B | ||
| Q2 24 | $7.0B | $9.7B | ||
| Q1 24 | $6.3B | $8.9B |
净利润MAUSFD
| Q4 25 | $4.1B | $184.0M | ||
| Q3 25 | $3.9B | $153.0M | ||
| Q2 25 | $3.7B | $224.0M | ||
| Q1 25 | $3.3B | $115.0M | ||
| Q4 24 | $3.3B | $66.0M | ||
| Q3 24 | $3.3B | $148.0M | ||
| Q2 24 | $3.3B | $198.0M | ||
| Q1 24 | $3.0B | $82.0M |
毛利率MAUSFD
| Q4 25 | — | 17.6% | ||
| Q3 25 | — | 17.2% | ||
| Q2 25 | — | 17.6% | ||
| Q1 25 | — | 17.3% | ||
| Q4 24 | — | 17.6% | ||
| Q3 24 | — | 17.1% | ||
| Q2 24 | — | 17.6% | ||
| Q1 24 | — | 16.7% |
营业利润率MAUSFD
| Q4 25 | 55.8% | 3.3% | ||
| Q3 25 | 58.8% | 2.8% | ||
| Q2 25 | 58.7% | 3.7% | ||
| Q1 25 | 57.2% | 2.4% | ||
| Q4 24 | 52.6% | 3.2% | ||
| Q3 24 | 54.3% | 2.9% | ||
| Q2 24 | 58.0% | 3.6% | ||
| Q1 24 | 56.8% | 1.8% |
净利率MAUSFD
| Q4 25 | 46.1% | 1.9% | ||
| Q3 25 | 45.7% | 1.5% | ||
| Q2 25 | 45.5% | 2.2% | ||
| Q1 25 | 45.2% | 1.2% | ||
| Q4 24 | 44.6% | 0.7% | ||
| Q3 24 | 44.3% | 1.5% | ||
| Q2 24 | 46.8% | 2.0% | ||
| Q1 24 | 47.4% | 0.9% |
每股收益（稀释后）MAUSFD
| Q4 25 | $4.52 | $0.82 | ||
| Q3 25 | $4.34 | $0.67 | ||
| Q2 25 | $4.07 | $0.96 | ||
| Q1 25 | $3.59 | $0.49 | ||
| Q4 24 | $3.64 | $0.28 | ||
| Q3 24 | $3.53 | $0.61 | ||
| Q2 24 | $3.50 | $0.80 | ||
| Q1 24 | $3.22 | $0.33 |
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 | $41.0M |
| 总债务越低越好 | — | $5.1B |
| 股东权益账面价值 | $7.7B | $4.3B |
| 总资产 | $54.2B | $13.9B |
| 负债/权益比越低杠杆越低 | — | 1.18× |
8季度趋势，按日历期对齐
现金及短期投资MAUSFD
| Q4 25 | $10.6B | $41.0M | ||
| Q3 25 | $10.3B | $56.0M | ||
| Q2 25 | $9.0B | $61.0M | ||
| Q1 25 | $7.6B | $101.0M | ||
| Q4 24 | $8.4B | $59.0M | ||
| Q3 24 | $11.1B | $81.0M | ||
| Q2 24 | $7.0B | $405.0M | ||
| Q1 24 | $7.3B | $267.0M |
总债务MAUSFD
| Q4 25 | — | $5.1B | ||
| Q3 25 | — | $4.8B | ||
| Q2 25 | — | $4.7B | ||
| Q1 25 | — | $4.7B | ||
| Q4 24 | — | $4.8B | ||
| Q3 24 | — | $4.7B | ||
| Q2 24 | — | $4.6B | ||
| Q1 24 | — | $4.6B |
股东权益MAUSFD
| Q4 25 | $7.7B | $4.3B | ||
| Q3 25 | $7.9B | $4.5B | ||
| Q2 25 | $7.9B | $4.6B | ||
| Q1 25 | $6.7B | $4.6B | ||
| Q4 24 | $6.5B | $4.5B | ||
| Q3 24 | $7.4B | $4.6B | ||
| Q2 24 | $7.4B | $5.0B | ||
| Q1 24 | $7.2B | $4.8B |
总资产MAUSFD
| Q4 25 | $54.2B | $13.9B | ||
| Q3 25 | $53.3B | $14.0B | ||
| Q2 25 | $51.4B | $13.8B | ||
| Q1 25 | $48.5B | $13.7B | ||
| Q4 24 | $48.1B | $13.4B | ||
| Q3 24 | $47.2B | $13.5B | ||
| Q2 24 | $42.3B | $13.7B | ||
| Q1 24 | $42.6B | $13.4B |
负债/权益比MAUSFD
| Q4 25 | — | 1.18× | ||
| Q3 25 | — | 1.08× | ||
| Q2 25 | — | 1.02× | ||
| Q1 25 | — | 1.02× | ||
| Q4 24 | — | 1.06× | ||
| Q3 24 | — | 1.01× | ||
| Q2 24 | — | 0.92× | ||
| Q1 24 | — | 0.95× |
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 | $293.0M |
| 自由现金流经营现金流 - 资本支出 | $4.9B | $159.0M |
| 自由现金流率自由现金流/营收 | 55.5% | 1.6% |
| 资本支出强度资本支出/营收 | 1.3% | 1.4% |
| 现金转化率经营现金流/净利润 | 1.23× | 1.59× |
| 过去12个月自由现金流最近4个季度 | $17.2B | $959.0M |
8季度趋势，按日历期对齐
经营现金流MAUSFD
| Q4 25 | $5.0B | $293.0M | ||
| Q3 25 | $5.7B | $351.0M | ||
| Q2 25 | $4.6B | $334.0M | ||
| Q1 25 | $2.4B | $391.0M | ||
| Q4 24 | $4.8B | $283.0M | ||
| Q3 24 | $5.1B | $270.0M | ||
| Q2 24 | $3.1B | $482.0M | ||
| Q1 24 | $1.7B | $139.0M |
自由现金流MAUSFD
| Q4 25 | $4.9B | $159.0M | ||
| Q3 25 | $5.5B | $236.0M | ||
| Q2 25 | $4.6B | $257.0M | ||
| Q1 25 | $2.2B | $307.0M | ||
| Q4 24 | $4.7B | $178.0M | ||
| Q3 24 | $5.0B | $190.0M | ||
| Q2 24 | $3.0B | $413.0M | ||
| Q1 24 | $1.5B | $52.0M |
自由现金流率MAUSFD
| Q4 25 | 55.5% | 1.6% | ||
| Q3 25 | 63.8% | 2.3% | ||
| Q2 25 | 56.1% | 2.5% | ||
| Q1 25 | 30.6% | 3.3% | ||
| Q4 24 | 63.3% | 1.9% | ||
| Q3 24 | 68.2% | 2.0% | ||
| Q2 24 | 43.4% | 4.3% | ||
| Q1 24 | 23.9% | 0.6% |
资本支出强度MAUSFD
| Q4 25 | 1.3% | 1.4% | ||
| Q3 25 | 2.1% | 1.1% | ||
| Q2 25 | 0.5% | 0.8% | ||
| Q1 25 | 2.2% | 0.9% | ||
| Q4 24 | 1.3% | 1.1% | ||
| Q3 24 | 1.5% | 0.8% | ||
| Q2 24 | 1.7% | 0.7% | ||
| Q1 24 | 2.5% | 1.0% |
现金转化率MAUSFD
| Q4 25 | 1.23× | 1.59× | ||
| Q3 25 | 1.44× | 2.29× | ||
| Q2 25 | 1.24× | 1.49× | ||
| Q1 25 | 0.73× | 3.40× | ||
| Q4 24 | 1.45× | 4.29× | ||
| Q3 24 | 1.57× | 1.82× | ||
| Q2 24 | 0.96× | 2.43× | ||
| Q1 24 | 0.56× | 1.70× |
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% |
USFD
| Product One | $3.5B | 36% |
| Product Two | $1.7B | 17% |
| Product Three | $1.7B | 17% |
| Product Four | $985.0M | 10% |
| Product Five | $901.0M | 9% |
| Product Six | $580.0M | 6% |
| Product Seven | $485.0M | 5% |
