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Meta Platforms（META）与SHOPIFY INC.（SHOP）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SHOPIFY INC.的16.3倍（$59.9B vs $3.7B），Meta Platforms净利率更高（38.0% vs 20.2%，领先17.8%），SHOPIFY INC.同比增速更快（30.6% vs 23.8%），Meta Platforms自由现金流更多（$14.8B vs $715.0M），过去两年SHOPIFY INC.的营收复合增速更高（40.5% vs 28.2%）
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%。
Shopify是总部位于加拿大安大略省渥太华的跨国电商企业，运营零售POS系统及相关服务平台，全球客户超500万，2024年总交易处理额达2923亿美元，其中57%来自美国市场，服务客户包括特斯拉、路威酩轩、雀巢、百事、百威英博、红牛、凯悦等知名品牌。
META vs SHOP — 直观对比
营收规模更大
META
是对方的16.3倍
$3.7B
营收增速更快
SHOP
高出6.8%
23.8%
净利率更高
META
高出17.8%
20.2%
自由现金流更多
META
多$14.1B
$715.0M
两年增速更快
SHOP
近两年复合增速
28.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $59.9B | $3.7B |
| 净利润 | $22.8B | $743.0M |
| 毛利率 | 81.8% | 46.1% |
| 营业利润率 | 41.3% | 17.2% |
| 净利率 | 38.0% | 20.2% |
| 营收同比 | 23.8% | 30.6% |
| 净利润同比 | 9.3% | -42.5% |
| 每股收益（稀释后） | $8.87 | $0.58 |
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METASHOP
| Q4 25 | $59.9B | $3.7B | ||
| Q3 25 | $51.2B | $2.8B | ||
| Q2 25 | $47.5B | $2.7B | ||
| Q1 25 | $42.3B | $2.4B | ||
| Q4 24 | $48.4B | $2.8B | ||
| Q3 24 | $40.6B | $2.2B | ||
| Q2 24 | $39.1B | $2.0B | ||
| Q1 24 | $36.5B | $1.9B |
净利润METASHOP
| Q4 25 | $22.8B | $743.0M | ||
| Q3 25 | $2.7B | $264.0M | ||
| Q2 25 | $18.3B | $906.0M | ||
| Q1 25 | $16.6B | $-682.0M | ||
| Q4 24 | $20.8B | $1.3B | ||
| Q3 24 | $15.7B | $828.0M | ||
| Q2 24 | $13.5B | $171.0M | ||
| Q1 24 | $12.4B | $-273.0M |
毛利率METASHOP
| Q4 25 | 81.8% | 46.1% | ||
| Q3 25 | 82.0% | 48.9% | ||
| Q2 25 | 82.1% | 48.6% | ||
| Q1 25 | 82.1% | 49.5% | ||
| Q4 24 | 81.7% | 48.1% | ||
| Q3 24 | 81.8% | 51.7% | ||
| Q2 24 | 81.3% | 51.1% | ||
| Q1 24 | 81.8% | 51.4% |
营业利润率METASHOP
| Q4 25 | 41.3% | 17.2% | ||
| Q3 25 | 40.1% | 12.1% | ||
| Q2 25 | 43.0% | 10.9% | ||
| Q1 25 | 41.5% | 8.6% | ||
| Q4 24 | 48.3% | 16.5% | ||
| Q3 24 | 42.7% | 13.1% | ||
| Q2 24 | 38.0% | 11.8% | ||
| Q1 24 | 37.9% | 4.6% |
净利率METASHOP
| Q4 25 | 38.0% | 20.2% | ||
| Q3 25 | 5.3% | 9.3% | ||
| Q2 25 | 38.6% | 33.8% | ||
| Q1 25 | 39.3% | -28.9% | ||
| Q4 24 | 43.1% | 46.0% | ||
| Q3 24 | 38.7% | 38.3% | ||
| Q2 24 | 34.5% | 8.4% | ||
| Q1 24 | 33.9% | -14.7% |
每股收益（稀释后）METASHOP
| Q4 25 | $8.87 | $0.58 | ||
| Q3 25 | $1.05 | $0.20 | ||
| Q2 25 | $7.14 | $0.69 | ||
| Q1 25 | $6.43 | $-0.53 | ||
| Q4 24 | $7.96 | $0.99 | ||
| Q3 24 | $6.03 | $0.64 | ||
| Q2 24 | $5.16 | $0.13 | ||
| Q1 24 | $4.71 | $-0.21 |
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 | $5.8B |
| 总债务越低越好 | $58.7B | — |
| 股东权益账面价值 | $217.2B | $13.5B |
| 总资产 | $366.0B | $15.2B |
| 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METASHOP
| Q4 25 | $81.6B | $5.8B | ||
| Q3 25 | $44.4B | $6.3B | ||
| Q2 25 | $47.1B | $5.8B | ||
| Q1 25 | $70.2B | $5.5B | ||
| Q4 24 | $77.8B | $5.5B | ||
| Q3 24 | $70.9B | — | ||
| Q2 24 | $58.1B | — | ||
| Q1 24 | $58.1B | — |
总债务METASHOP
| 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METASHOP
| Q4 25 | $217.2B | $13.5B | ||
| Q3 25 | $194.1B | $12.5B | ||
| Q2 25 | $195.1B | $12.1B | ||
| Q1 25 | $185.0B | $11.1B | ||
| Q4 24 | $182.6B | $11.6B | ||
| Q3 24 | $164.5B | $10.1B | ||
| Q2 24 | $156.8B | $9.2B | ||
| Q1 24 | $149.5B | $8.9B |
总资产METASHOP
| Q4 25 | $366.0B | $15.2B | ||
| Q3 25 | $303.8B | $15.0B | ||
| Q2 25 | $294.7B | $14.6B | ||
| Q1 25 | $280.2B | $13.4B | ||
| Q4 24 | $276.1B | $13.9B | ||
| Q3 24 | $256.4B | — | ||
| Q2 24 | $230.2B | — | ||
| Q1 24 | $222.8B | — |
负债/权益比METASHOP
| 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 | $725.0M |
| 自由现金流经营现金流 - 资本支出 | $14.8B | $715.0M |
| 自由现金流率自由现金流/营收 | 24.8% | 19.5% |
| 资本支出强度资本支出/营收 | 35.7% | 0.3% |
| 现金转化率经营现金流/净利润 | 1.59× | 0.98× |
| 过去12个月自由现金流最近4个季度 | $46.1B | $2.0B |
8季度趋势，按日历期对齐
经营现金流METASHOP
| Q4 25 | $36.2B | $725.0M | ||
| Q3 25 | $30.0B | $513.0M | ||
| Q2 25 | $25.6B | $428.0M | ||
| Q1 25 | $24.0B | $367.0M | ||
| Q4 24 | $28.0B | $615.0M | ||
| Q3 24 | $24.7B | $423.0M | ||
| Q2 24 | $19.4B | $340.0M | ||
| Q1 24 | $19.2B | $238.0M |
自由现金流METASHOP
| Q4 25 | $14.8B | $715.0M | ||
| Q3 25 | $11.2B | $507.0M | ||
| Q2 25 | $9.0B | $422.0M | ||
| Q1 25 | $11.1B | $363.0M | ||
| Q4 24 | $13.6B | $611.0M | ||
| Q3 24 | $16.5B | $421.0M | ||
| Q2 24 | $11.2B | $333.0M | ||
| Q1 24 | $12.8B | $232.0M |
自由现金流率METASHOP
| Q4 25 | 24.8% | 19.5% | ||
| Q3 25 | 21.8% | 17.8% | ||
| Q2 25 | 19.0% | 15.7% | ||
| Q1 25 | 26.2% | 15.4% | ||
| Q4 24 | 28.0% | 21.7% | ||
| Q3 24 | 40.6% | 19.5% | ||
| Q2 24 | 28.7% | 16.3% | ||
| Q1 24 | 35.2% | 12.5% |
资本支出强度METASHOP
| Q4 25 | 35.7% | 0.3% | ||
| Q3 25 | 36.7% | 0.2% | ||
| Q2 25 | 34.8% | 0.2% | ||
| Q1 25 | 30.6% | 0.2% | ||
| Q4 24 | 29.8% | 0.1% | ||
| Q3 24 | 20.3% | 0.1% | ||
| Q2 24 | 20.9% | 0.3% | ||
| Q1 24 | 17.6% | 0.3% |
现金转化率METASHOP
| Q4 25 | 1.59× | 0.98× | ||
| Q3 25 | 11.07× | 1.94× | ||
| Q2 25 | 1.39× | 0.47× | ||
| Q1 25 | 1.44× | — | ||
| Q4 24 | 1.34× | 0.48× | ||
| Q3 24 | 1.58× | 0.51× | ||
| Q2 24 | 1.44× | 1.99× | ||
| Q1 24 | 1.56× | — |
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
META
| Advertising | $58.1B | 97% |
| Reality Labs | $955.0M | 2% |
| Service Other | $801.0M | 1% |
SHOP
| Services | $2.9B | 79% |
| Subscription And Circulation | $777.0M | 21% |
