vs
万事达卡（MA）与Block, Inc.（XYZ）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Block, Inc.的1.4倍（$8.8B vs $6.3B），万事达卡净利率更高（46.1% vs 1.9%，领先44.3%），万事达卡同比增速更快（17.6% vs 3.6%），万事达卡自由现金流更多（$4.9B vs $579.8M），过去两年万事达卡的营收复合增速更高（17.8% vs 2.4%）
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。
Block, Inc.是美国科技企业，面向消费者与商户提供金融服务，由杰克·多尔西于2009年创立，是美国销售点系统领域的市场领导者。截至2024年，平台服务5700万用户及400万商户，年支付处理规模达2410亿美元。
MA vs XYZ — 直观对比
营收规模更大
MA
是对方的1.4倍
$6.3B
营收增速更快
MA
高出13.9%
3.6%
净利率更高
MA
高出44.3%
1.9%
自由现金流更多
MA
多$4.3B
$579.8M
两年增速更快
MA
近两年复合增速
2.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $8.8B | $6.3B |
| 净利润 | $4.1B | $115.8M |
| 毛利率 | — | 45.9% |
| 营业利润率 | 55.8% | 7.8% |
| 净利率 | 46.1% | 1.9% |
| 营收同比 | 17.6% | 3.6% |
| 净利润同比 | 21.5% | -94.1% |
| 每股收益（稀释后） | $4.52 | $0.19 |
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MAXYZ
| Q4 25 | $8.8B | $6.3B | ||
| Q3 25 | $8.6B | $6.1B | ||
| Q2 25 | $8.1B | $6.1B | ||
| Q1 25 | $7.3B | $5.8B | ||
| Q4 24 | $7.5B | $6.0B | ||
| Q3 24 | $7.4B | $6.0B | ||
| Q2 24 | $7.0B | $6.2B | ||
| Q1 24 | $6.3B | $6.0B |
净利润MAXYZ
| Q4 25 | $4.1B | $115.8M | ||
| Q3 25 | $3.9B | $461.5M | ||
| Q2 25 | $3.7B | $538.5M | ||
| Q1 25 | $3.3B | $189.9M | ||
| Q4 24 | $3.3B | $1.9B | ||
| Q3 24 | $3.3B | $283.8M | ||
| Q2 24 | $3.3B | $195.3M | ||
| Q1 24 | $3.0B | $472.0M |
毛利率MAXYZ
| Q4 25 | — | 45.9% | ||
| Q3 25 | — | 43.5% | ||
| Q2 25 | — | 41.9% | ||
| Q1 25 | — | 39.7% | ||
| Q4 24 | — | 38.3% | ||
| Q3 24 | — | 37.6% | ||
| Q2 24 | — | 36.3% | ||
| Q1 24 | — | 35.2% |
营业利润率MAXYZ
| Q4 25 | 55.8% | 7.8% | ||
| Q3 25 | 58.8% | 6.7% | ||
| Q2 25 | 58.7% | 8.0% | ||
| Q1 25 | 57.2% | 5.7% | ||
| Q4 24 | 52.6% | 0.2% | ||
| Q3 24 | 54.3% | 5.4% | ||
| Q2 24 | 58.0% | 5.0% | ||
| Q1 24 | 56.8% | 4.2% |
净利率MAXYZ
| Q4 25 | 46.1% | 1.9% | ||
| Q3 25 | 45.7% | 7.5% | ||
| Q2 25 | 45.5% | 8.9% | ||
| Q1 25 | 45.2% | 3.3% | ||
| Q4 24 | 44.6% | 32.3% | ||
| Q3 24 | 44.3% | 4.7% | ||
| Q2 24 | 46.8% | 3.2% | ||
| Q1 24 | 47.4% | 7.9% |
每股收益（稀释后）MAXYZ
| Q4 25 | $4.52 | $0.19 | ||
| Q3 25 | $4.34 | $0.74 | ||
| Q2 25 | $4.07 | $0.87 | ||
| Q1 25 | $3.59 | $0.30 | ||
| Q4 24 | $3.64 | $3.06 | ||
| Q3 24 | $3.53 | $0.45 | ||
| Q2 24 | $3.50 | $0.31 | ||
| Q1 24 | $3.22 | $0.74 |
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 | $6.6B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $7.7B | $22.2B |
| 总资产 | $54.2B | $39.5B |
| 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MAXYZ
| Q4 25 | $10.6B | $6.6B | ||
| Q3 25 | $10.3B | $8.3B | ||
| Q2 25 | $9.0B | $6.4B | ||
| Q1 25 | $7.6B | $7.1B | ||
| Q4 24 | $8.4B | $8.1B | ||
| Q3 24 | $11.1B | $8.3B | ||
| Q2 24 | $7.0B | $7.8B | ||
| Q1 24 | $7.3B | $5.8B |
总债务MAXYZ
| Q4 25 | — | — | ||
| Q3 25 | — | $7.3B | ||
| Q2 25 | — | $5.1B | ||
| Q1 25 | — | $5.1B | ||
| Q4 24 | — | $6.1B | ||
| Q3 24 | — | $6.1B | ||
| Q2 24 | — | $6.1B | ||
| Q1 24 | — | $4.1B |
股东权益MAXYZ
| Q4 25 | $7.7B | $22.2B | ||
| Q3 25 | $7.9B | $22.5B | ||
| Q2 25 | $7.9B | $22.2B | ||
| Q1 25 | $6.7B | $21.5B | ||
| Q4 24 | $6.5B | $21.3B | ||
| Q3 24 | $7.4B | $19.9B | ||
| Q2 24 | $7.4B | $19.3B | ||
| Q1 24 | $7.2B | $19.0B |
总资产MAXYZ
| Q4 25 | $54.2B | $39.5B | ||
| Q3 25 | $53.3B | $39.2B | ||
| Q2 25 | $51.4B | $36.9B | ||
| Q1 25 | $48.5B | $36.4B | ||
| Q4 24 | $48.1B | $36.8B | ||
| Q3 24 | $47.2B | $36.4B | ||
| Q2 24 | $42.3B | $37.5B | ||
| Q1 24 | $42.6B | $35.6B |
负债/权益比MAXYZ
| Q4 25 | — | — | ||
| Q3 25 | — | 0.32× | ||
| Q2 25 | — | 0.23× | ||
| Q1 25 | — | 0.24× | ||
| Q4 24 | — | 0.29× | ||
| Q3 24 | — | 0.31× | ||
| Q2 24 | — | 0.32× | ||
| Q1 24 | — | 0.22× |
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 | $621.0M |
| 自由现金流经营现金流 - 资本支出 | $4.9B | $579.8M |
| 自由现金流率自由现金流/营收 | 55.5% | 9.3% |
| 资本支出强度资本支出/营收 | 1.3% | 0.7% |
| 现金转化率经营现金流/净利润 | 1.23× | 5.36× |
| 过去12个月自由现金流最近4个季度 | $17.2B | $2.4B |
8季度趋势，按日历期对齐
经营现金流MAXYZ
| Q4 25 | $5.0B | $621.0M | ||
| Q3 25 | $5.7B | $1.5B | ||
| Q2 25 | $4.6B | $374.3M | ||
| Q1 25 | $2.4B | $133.3M | ||
| Q4 24 | $4.8B | $13.8M | ||
| Q3 24 | $5.1B | $684.8M | ||
| Q2 24 | $3.1B | $519.4M | ||
| Q1 24 | $1.7B | $489.4M |
自由现金流MAXYZ
| Q4 25 | $4.9B | $579.8M | ||
| Q3 25 | $5.5B | $1.4B | ||
| Q2 25 | $4.6B | $343.0M | ||
| Q1 25 | $2.2B | $101.5M | ||
| Q4 24 | $4.7B | $-13.2M | ||
| Q3 24 | $5.0B | $628.2M | ||
| Q2 24 | $3.0B | $481.0M | ||
| Q1 24 | $1.5B | $457.4M |
自由现金流率MAXYZ
| Q4 25 | 55.5% | 9.3% | ||
| Q3 25 | 63.8% | 22.9% | ||
| Q2 25 | 56.1% | 5.7% | ||
| Q1 25 | 30.6% | 1.8% | ||
| Q4 24 | 63.3% | -0.2% | ||
| Q3 24 | 68.2% | 10.5% | ||
| Q2 24 | 43.4% | 7.8% | ||
| Q1 24 | 23.9% | 7.7% |
资本支出强度MAXYZ
| Q4 25 | 1.3% | 0.7% | ||
| Q3 25 | 2.1% | 0.8% | ||
| Q2 25 | 0.5% | 0.5% | ||
| Q1 25 | 2.2% | 0.6% | ||
| Q4 24 | 1.3% | 0.4% | ||
| Q3 24 | 1.5% | 0.9% | ||
| Q2 24 | 1.7% | 0.6% | ||
| Q1 24 | 2.5% | 0.5% |
现金转化率MAXYZ
| Q4 25 | 1.23× | 5.36× | ||
| Q3 25 | 1.44× | 3.14× | ||
| Q2 25 | 1.24× | 0.70× | ||
| Q1 25 | 0.73× | 0.70× | ||
| Q4 24 | 1.45× | 0.01× | ||
| Q3 24 | 1.57× | 2.41× | ||
| Q2 24 | 0.96× | 2.66× | ||
| Q1 24 | 0.56× | 1.04× |
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% |
XYZ
| US | $5.7B | 91% |
| Non Us | $560.9M | 9% |
