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万事达卡（MA）与华纳兄弟探索（WBD）财务数据对比。点击上方公司名可切换其他公司
华纳兄弟探索的季度营收约是万事达卡的1.1倍（$9.5B vs $8.8B），万事达卡净利率更高（46.1% vs -2.7%，领先48.8%），万事达卡同比增速更快（17.6% vs -5.7%），万事达卡自由现金流更多（$4.9B vs $1.4B），过去两年万事达卡的营收复合增速更高（17.8% vs -2.5%）
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。
华纳兄弟探索是一家总部位于美国纽约的跨国大众传媒与娱乐集团，于2022年4月8日由AT&T拆分出的华纳媒体与原探索公司合并成立，旗下拥有丰富的影视内容、流媒体平台及纪实娱乐IP资源，业务覆盖全球多个国家和地区。
MA vs WBD — 直观对比
营收规模更大
WBD
是对方的1.1倍
$8.8B
营收增速更快
MA
高出23.2%
-5.7%
净利率更高
MA
高出48.8%
-2.7%
自由现金流更多
MA
多$3.5B
$1.4B
两年增速更快
MA
近两年复合增速
-2.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $8.8B | $9.5B |
| 净利润 | $4.1B | $-252.0M |
| 毛利率 | — | — |
| 营业利润率 | 55.8% | 3.7% |
| 净利率 | 46.1% | -2.7% |
| 营收同比 | 17.6% | -5.7% |
| 净利润同比 | 21.5% | 49.0% |
| 每股收益（稀释后） | $4.52 | $-0.10 |
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MAWBD
| Q4 25 | $8.8B | $9.5B | ||
| Q3 25 | $8.6B | $9.0B | ||
| Q2 25 | $8.1B | $9.8B | ||
| Q1 25 | $7.3B | $9.0B | ||
| Q4 24 | $7.5B | $10.0B | ||
| Q3 24 | $7.4B | $9.6B | ||
| Q2 24 | $7.0B | $9.7B | ||
| Q1 24 | $6.3B | $10.0B |
净利润MAWBD
| Q4 25 | $4.1B | $-252.0M | ||
| Q3 25 | $3.9B | $-148.0M | ||
| Q2 25 | $3.7B | $1.6B | ||
| Q1 25 | $3.3B | $-453.0M | ||
| Q4 24 | $3.3B | $-494.0M | ||
| Q3 24 | $3.3B | $135.0M | ||
| Q2 24 | $3.3B | $-10.0B | ||
| Q1 24 | $3.0B | $-966.0M |
营业利润率MAWBD
| Q4 25 | 55.8% | 3.7% | ||
| Q3 25 | 58.8% | 6.8% | ||
| Q2 25 | 58.7% | -1.9% | ||
| Q1 25 | 57.2% | -0.4% | ||
| Q4 24 | 52.6% | 1.6% | ||
| Q3 24 | 54.3% | 2.9% | ||
| Q2 24 | 58.0% | -105.1% | ||
| Q1 24 | 56.8% | -2.7% |
净利率MAWBD
| Q4 25 | 46.1% | -2.7% | ||
| Q3 25 | 45.7% | -1.6% | ||
| Q2 25 | 45.5% | 16.1% | ||
| Q1 25 | 45.2% | -5.0% | ||
| Q4 24 | 44.6% | -4.9% | ||
| Q3 24 | 44.3% | 1.4% | ||
| Q2 24 | 46.8% | -102.8% | ||
| Q1 24 | 47.4% | -9.7% |
每股收益（稀释后）MAWBD
| Q4 25 | $4.52 | $-0.10 | ||
| Q3 25 | $4.34 | $-0.06 | ||
| Q2 25 | $4.07 | $0.63 | ||
| Q1 25 | $3.59 | $-0.18 | ||
| Q4 24 | $3.64 | $-0.20 | ||
| Q3 24 | $3.53 | $0.05 | ||
| Q2 24 | $3.50 | $-4.07 | ||
| Q1 24 | $3.22 | $-0.40 |
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 | $4.6B |
| 总债务越低越好 | — | $32.4B |
| 股东权益账面价值 | $7.7B | $35.9B |
| 总资产 | $54.2B | $100.1B |
| 负债/权益比越低杠杆越低 | — | 0.90× |
8季度趋势，按日历期对齐
现金及短期投资MAWBD
| Q4 25 | $10.6B | $4.6B | ||
| Q3 25 | $10.3B | $4.3B | ||
| Q2 25 | $9.0B | $4.9B | ||
| Q1 25 | $7.6B | $3.9B | ||
| Q4 24 | $8.4B | $5.3B | ||
| Q3 24 | $11.1B | $3.3B | ||
| Q2 24 | $7.0B | $3.6B | ||
| Q1 24 | $7.3B | $3.0B |
总债务MAWBD
| Q4 25 | — | $32.4B | ||
| Q3 25 | — | $33.4B | ||
| Q2 25 | — | $34.4B | ||
| Q1 25 | — | $34.6B | ||
| Q4 24 | — | $36.8B | ||
| Q3 24 | — | $37.2B | ||
| Q2 24 | — | $37.3B | ||
| Q1 24 | — | $39.1B |
股东权益MAWBD
| Q4 25 | $7.7B | $35.9B | ||
| Q3 25 | $7.9B | $36.0B | ||
| Q2 25 | $7.9B | $36.0B | ||
| Q1 25 | $6.7B | $33.8B | ||
| Q4 24 | $6.5B | $34.0B | ||
| Q3 24 | $7.4B | $35.1B | ||
| Q2 24 | $7.4B | $34.3B | ||
| Q1 24 | $7.2B | $44.2B |
总资产MAWBD
| Q4 25 | $54.2B | $100.1B | ||
| Q3 25 | $53.3B | $100.5B | ||
| Q2 25 | $51.4B | $101.7B | ||
| Q1 25 | $48.5B | $101.7B | ||
| Q4 24 | $48.1B | $104.6B | ||
| Q3 24 | $47.2B | $106.3B | ||
| Q2 24 | $42.3B | $108.0B | ||
| Q1 24 | $42.6B | $119.8B |
负债/权益比MAWBD
| Q4 25 | — | 0.90× | ||
| Q3 25 | — | 0.93× | ||
| Q2 25 | — | 0.95× | ||
| Q1 25 | — | 1.02× | ||
| Q4 24 | — | 1.08× | ||
| Q3 24 | — | 1.06× | ||
| Q2 24 | — | 1.09× | ||
| Q1 24 | — | 0.89× |
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 | $1.8B |
| 自由现金流经营现金流 - 资本支出 | $4.9B | $1.4B |
| 自由现金流率自由现金流/营收 | 55.5% | 14.6% |
| 资本支出强度资本支出/营收 | 1.3% | 4.5% |
| 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 | $3.1B |
8季度趋势，按日历期对齐
经营现金流MAWBD
| Q4 25 | $5.0B | $1.8B | ||
| Q3 25 | $5.7B | $979.0M | ||
| Q2 25 | $4.6B | $983.0M | ||
| Q1 25 | $2.4B | $553.0M | ||
| Q4 24 | $4.8B | $2.7B | ||
| Q3 24 | $5.1B | $847.0M | ||
| Q2 24 | $3.1B | $1.2B | ||
| Q1 24 | $1.7B | $585.0M |
自由现金流MAWBD
| Q4 25 | $4.9B | $1.4B | ||
| Q3 25 | $5.5B | $701.0M | ||
| Q2 25 | $4.6B | $702.0M | ||
| Q1 25 | $2.2B | $302.0M | ||
| Q4 24 | $4.7B | $2.4B | ||
| Q3 24 | $5.0B | $632.0M | ||
| Q2 24 | $3.0B | $976.0M | ||
| Q1 24 | $1.5B | $390.0M |
自由现金流率MAWBD
| Q4 25 | 55.5% | 14.6% | ||
| Q3 25 | 63.8% | 7.8% | ||
| Q2 25 | 56.1% | 7.2% | ||
| Q1 25 | 30.6% | 3.4% | ||
| Q4 24 | 63.3% | 24.2% | ||
| Q3 24 | 68.2% | 6.6% | ||
| Q2 24 | 43.4% | 10.0% | ||
| Q1 24 | 23.9% | 3.9% |
资本支出强度MAWBD
| Q4 25 | 1.3% | 4.5% | ||
| Q3 25 | 2.1% | 3.1% | ||
| Q2 25 | 0.5% | 2.9% | ||
| Q1 25 | 2.2% | 2.8% | ||
| Q4 24 | 1.3% | 2.9% | ||
| Q3 24 | 1.5% | 2.2% | ||
| Q2 24 | 1.7% | 2.6% | ||
| Q1 24 | 2.5% | 2.0% |
现金转化率MAWBD
| Q4 25 | 1.23× | — | ||
| Q3 25 | 1.44× | — | ||
| Q2 25 | 1.24× | 0.62× | ||
| Q1 25 | 0.73× | — | ||
| Q4 24 | 1.45× | — | ||
| Q3 24 | 1.57× | 6.27× | ||
| Q2 24 | 0.96× | — | ||
| Q1 24 | 0.56× | — |
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% |
WBD
| Distribution Revenue | $4.8B | 51% |
| Global Linear Networks | $4.2B | 44% |
| Service Other | $307.0M | 3% |
| Related Party | $204.0M | 2% |
| Other | $7.0M | 0% |
