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Meta Platforms（META）与网易（NTES）财务数据对比。点击上方公司名可切换其他公司
Meta Platforms的季度营收约是网易的15.0倍（$59.9B vs $4.0B），Meta Platforms净利率更高（38.0% vs 31.0%，领先7.0%），Meta Platforms自由现金流更多（$14.8B vs $1.8B），过去两年Meta Platforms的营收复合增速更高（28.2% vs 9.7%）
Meta Platforms是总部位于美国加利福尼亚州门洛帕克的跨国科技巨头，属于全球头部科技企业阵营。旗下运营Facebook、Instagram、WhatsApp、Messenger、Threads等多款知名社交媒体及通讯服务，同时开展自有及第三方站点广告业务，2023年广告收入占其总营收的97.8%。
网易由丁磊于1997年6月创立，是全球规模领先的互联网与网络游戏企业之一。公司核心业务涵盖PC及移动端网络游戏的研发与发行，同时布局广告服务、电子邮箱服务及电商平台等多元业务板块。
META vs NTES — 直观对比
营收规模更大
META
是对方的15.0倍
$4.0B
净利率更高
META
高出7.0%
31.0%
自由现金流更多
META
多$13.1B
$1.8B
两年增速更快
META
近两年复合增速
9.7%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $59.9B | $4.0B |
| 净利润 | $22.8B | $1.2B |
| 毛利率 | 81.8% | 64.1% |
| 营业利润率 | 41.3% | 28.3% |
| 净利率 | 38.0% | 31.0% |
| 营收同比 | 23.8% | — |
| 净利润同比 | 9.3% | — |
| 每股收益（稀释后） | $8.87 | — |
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METANTES
| Q4 25 | $59.9B | — | ||
| Q3 25 | $51.2B | $4.0B | ||
| Q2 25 | $47.5B | $3.9B | ||
| Q1 25 | $42.3B | $4.0B | ||
| Q4 24 | $48.4B | — | ||
| Q3 24 | $40.6B | $3.7B | ||
| Q2 24 | $39.1B | $3.5B | ||
| Q1 24 | $36.5B | $3.7B |
净利润METANTES
| Q4 25 | $22.8B | — | ||
| Q3 25 | $2.7B | $1.2B | ||
| Q2 25 | $18.3B | $1.3B | ||
| Q1 25 | $16.6B | $1.5B | ||
| Q4 24 | $20.8B | — | ||
| Q3 24 | $15.7B | $955.7M | ||
| Q2 24 | $13.5B | $939.6M | ||
| Q1 24 | $12.4B | $1.1B |
毛利率METANTES
| Q4 25 | 81.8% | — | ||
| Q3 25 | 82.0% | 64.1% | ||
| Q2 25 | 82.1% | 64.7% | ||
| Q1 25 | 82.1% | 64.1% | ||
| Q4 24 | 81.7% | — | ||
| Q3 24 | 81.8% | 62.9% | ||
| Q2 24 | 81.3% | 62.9% | ||
| Q1 24 | 81.8% | 63.4% |
营业利润率METANTES
| Q4 25 | 41.3% | — | ||
| Q3 25 | 40.1% | 28.3% | ||
| Q2 25 | 43.0% | 32.5% | ||
| Q1 25 | 41.5% | 36.2% | ||
| Q4 24 | 48.3% | — | ||
| Q3 24 | 42.7% | 27.3% | ||
| Q2 24 | 38.0% | 27.4% | ||
| Q1 24 | 37.9% | 28.4% |
净利率METANTES
| Q4 25 | 38.0% | — | ||
| Q3 25 | 5.3% | 31.0% | ||
| Q2 25 | 38.6% | 32.6% | ||
| Q1 25 | 39.3% | 36.6% | ||
| Q4 24 | 43.1% | — | ||
| Q3 24 | 38.7% | 25.6% | ||
| Q2 24 | 34.5% | 26.8% | ||
| Q1 24 | 33.9% | 29.1% |
每股收益（稀释后）METANTES
| Q4 25 | $8.87 | — | ||
| Q3 25 | $1.05 | — | ||
| Q2 25 | $7.14 | — | ||
| Q1 25 | $6.43 | — | ||
| Q4 24 | $7.96 | — | ||
| Q3 24 | $6.03 | — | ||
| Q2 24 | $5.16 | — | ||
| Q1 24 | $4.71 | — |
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 | $81.6B | $31.3B |
| 总债务越低越好 | $58.7B | — |
| 股东权益账面价值 | $217.2B | $160.8B |
| 总资产 | $366.0B | $214.5B |
| 负债/权益比越低杠杆越低 | 0.27× | — |
8季度趋势，按日历期对齐
现金及短期投资METANTES
| Q4 25 | $81.6B | — | ||
| Q3 25 | $44.4B | $31.3B | ||
| Q2 25 | $47.1B | $54.4B | ||
| Q1 25 | $70.2B | $41.7B | ||
| Q4 24 | $77.8B | — | ||
| Q3 24 | $70.9B | $20.2B | ||
| Q2 24 | $58.1B | $19.0B | ||
| Q1 24 | $58.1B | $43.0B |
总债务METANTES
| Q4 25 | $58.7B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $28.8B | — | ||
| Q3 24 | $28.8B | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益METANTES
| Q4 25 | $217.2B | — | ||
| Q3 25 | $194.1B | $160.8B | ||
| Q2 25 | $195.1B | $154.0B | ||
| Q1 25 | $185.0B | $147.8B | ||
| Q4 24 | $182.6B | — | ||
| Q3 24 | $164.5B | $135.6B | ||
| Q2 24 | $156.8B | $134.2B | ||
| Q1 24 | $149.5B | $130.5B |
总资产METANTES
| Q4 25 | $366.0B | — | ||
| Q3 25 | $303.8B | $214.5B | ||
| Q2 25 | $294.7B | $208.5B | ||
| Q1 25 | $280.2B | $200.9B | ||
| Q4 24 | $276.1B | — | ||
| Q3 24 | $256.4B | $184.9B | ||
| Q2 24 | $230.2B | $183.3B | ||
| Q1 24 | $222.8B | $195.1B |
负债/权益比METANTES
| Q4 25 | 0.27× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.16× | — | ||
| Q3 24 | 0.18× | — | ||
| Q2 24 | — | — | ||
| Q1 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 | $36.2B | $1.8B |
| 自由现金流经营现金流 - 资本支出 | $14.8B | $1.8B |
| 自由现金流率自由现金流/营收 | 24.8% | 44.7% |
| 资本支出强度资本支出/营收 | 35.7% | 1.0% |
| 现金转化率经营现金流/净利润 | 1.59× | 1.47× |
| 过去12个月自由现金流最近4个季度 | $46.1B | $6.3B |
8季度趋势，按日历期对齐
经营现金流METANTES
| Q4 25 | $36.2B | — | ||
| Q3 25 | $30.0B | $1.8B | ||
| Q2 25 | $25.6B | $1.5B | ||
| Q1 25 | $24.0B | $1.7B | ||
| Q4 24 | $28.0B | — | ||
| Q3 24 | $24.7B | $1.5B | ||
| Q2 24 | $19.4B | $898.8M | ||
| Q1 24 | $19.2B | $1.3B |
自由现金流METANTES
| Q4 25 | $14.8B | — | ||
| Q3 25 | $11.2B | $1.8B | ||
| Q2 25 | $9.0B | $1.5B | ||
| Q1 25 | $11.1B | $1.6B | ||
| Q4 24 | $13.6B | — | ||
| Q3 24 | $16.5B | $1.5B | ||
| Q2 24 | $11.2B | $875.6M | ||
| Q1 24 | $12.8B | $1.3B |
自由现金流率METANTES
| Q4 25 | 24.8% | — | ||
| Q3 25 | 21.8% | 44.7% | ||
| Q2 25 | 19.0% | 38.3% | ||
| Q1 25 | 26.2% | 40.4% | ||
| Q4 24 | 28.0% | — | ||
| Q3 24 | 40.6% | 38.9% | ||
| Q2 24 | 28.7% | 25.0% | ||
| Q1 24 | 35.2% | 34.0% |
资本支出强度METANTES
| Q4 25 | 35.7% | — | ||
| Q3 25 | 36.7% | 1.0% | ||
| Q2 25 | 34.8% | 0.7% | ||
| Q1 25 | 30.6% | 1.6% | ||
| Q4 24 | 29.8% | — | ||
| Q3 24 | 20.3% | 1.4% | ||
| Q2 24 | 20.9% | 0.7% | ||
| Q1 24 | 17.6% | 1.5% |
现金转化率METANTES
| Q4 25 | 1.59× | — | ||
| Q3 25 | 11.07× | 1.47× | ||
| Q2 25 | 1.39× | 1.20× | ||
| Q1 25 | 1.44× | 1.15× | ||
| Q4 24 | 1.34× | — | ||
| Q3 24 | 1.58× | 1.58× | ||
| Q2 24 | 1.44× | 0.96× | ||
| Q1 24 | 1.56× | 1.22× |
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
META
| Advertising | $58.1B | 97% |
| Reality Labs | $955.0M | 2% |
| Service Other | $801.0M | 1% |
NTES
| Games and related value-added services | $3.3B | 82% |
| NetEase Cloud Music | $275.9M | 7% |
| Youdao | $228.8M | 6% |
| Innovative businesses and others | $202.1M | 5% |
