vs
奥驰亚（MO）与贝宝（PYPL）财务数据对比。点击上方公司名可切换其他公司
贝宝的季度营收约是奥驰亚的1.5倍（$8.7B vs $5.8B），奥驰亚净利率更高（19.1% vs 16.6%，领先2.5%），贝宝同比增速更快（3.7% vs -2.1%），奥驰亚自由现金流更多（$3.2B vs $2.2B），过去两年贝宝的营收复合增速更高（6.2% vs 2.4%）
奥驰亚集团是美国头部烟草企业，通过旗下子公司生产销售可燃烟草与口服类烟草相关产品，核心品牌包括万宝路香烟、Black & Mild雪茄及烟斗烟、哥本哈根、斯库尔等湿无烟烟草，以及on!口服尼古丁袋，产品主要供应批发商、分销商及大型零售客户。
贝宝控股（PayPal Holdings, Inc.）是美国跨国金融科技企业，在全球多数支持线上转账的国家运营在线支付系统，可作为支票、汇票等传统纸质支付方式的电子替代选项，同时为线上商户、拍卖网站及各类商业用户提供支付处理服务。
MO vs PYPL — 直观对比
营收规模更大
PYPL
是对方的1.5倍
$5.8B
营收增速更快
PYPL
高出5.8%
-2.1%
净利率更高
MO
高出2.5%
16.6%
自由现金流更多
MO
多$989.0M
$2.2B
两年增速更快
PYPL
近两年复合增速
2.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $5.8B | $8.7B |
| 净利润 | $1.1B | $1.4B |
| 毛利率 | 62.1% | — |
| 营业利润率 | 28.2% | 17.4% |
| 净利率 | 19.1% | 16.6% |
| 营收同比 | -2.1% | 3.7% |
| 净利润同比 | -63.2% | 28.2% |
| 每股收益（稀释后） | $0.67 | $1.53 |
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MOPYPL
| Q4 25 | $5.8B | $8.7B | ||
| Q3 25 | $6.1B | $8.4B | ||
| Q2 25 | $6.1B | $8.3B | ||
| Q1 25 | $5.3B | $7.8B | ||
| Q4 24 | $6.0B | $8.4B | ||
| Q3 24 | $6.3B | $7.8B | ||
| Q2 24 | $6.2B | $7.9B | ||
| Q1 24 | $5.6B | $7.7B |
净利润MOPYPL
| Q4 25 | $1.1B | $1.4B | ||
| Q3 25 | $2.4B | $1.2B | ||
| Q2 25 | $2.4B | $1.3B | ||
| Q1 25 | $1.1B | $1.3B | ||
| Q4 24 | $3.0B | $1.1B | ||
| Q3 24 | $2.3B | $1.0B | ||
| Q2 24 | $3.8B | $1.1B | ||
| Q1 24 | $2.1B | $888.0M |
毛利率MOPYPL
| Q4 25 | 62.1% | — | ||
| Q3 25 | 62.8% | — | ||
| Q2 25 | 63.1% | — | ||
| Q1 25 | 61.8% | — | ||
| Q4 24 | 60.3% | — | ||
| Q3 24 | 60.8% | — | ||
| Q2 24 | 59.2% | — | ||
| Q1 24 | 58.8% | — |
营业利润率MOPYPL
| Q4 25 | 28.2% | 17.4% | ||
| Q3 25 | 53.2% | 18.1% | ||
| Q2 25 | 52.9% | 18.1% | ||
| Q1 25 | 34.0% | 19.6% | ||
| Q4 24 | 48.2% | 17.2% | ||
| Q3 24 | 50.4% | 17.7% | ||
| Q2 24 | 40.8% | 16.8% | ||
| Q1 24 | 48.0% | 15.2% |
净利率MOPYPL
| Q4 25 | 19.1% | 16.6% | ||
| Q3 25 | 39.1% | 14.8% | ||
| Q2 25 | 39.0% | 15.2% | ||
| Q1 25 | 20.5% | 16.5% | ||
| Q4 24 | 50.9% | 13.4% | ||
| Q3 24 | 36.6% | 12.9% | ||
| Q2 24 | 61.2% | 14.3% | ||
| Q1 24 | 38.2% | 11.5% |
每股收益（稀释后）MOPYPL
| Q4 25 | $0.67 | $1.53 | ||
| Q3 25 | $1.41 | $1.30 | ||
| Q2 25 | $1.41 | $1.29 | ||
| Q1 25 | $0.63 | $1.29 | ||
| Q4 24 | $1.78 | $1.09 | ||
| Q3 24 | $1.34 | $0.99 | ||
| Q2 24 | $2.21 | $1.08 | ||
| Q1 24 | $1.21 | $0.83 |
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 | $4.5B | $10.4B |
| 总债务越低越好 | $25.7B | — |
| 股东权益账面价值 | $-3.5B | $20.3B |
| 总资产 | $35.0B | $80.2B |
| 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MOPYPL
| Q4 25 | $4.5B | $10.4B | ||
| Q3 25 | $3.5B | $10.8B | ||
| Q2 25 | $1.3B | $10.0B | ||
| Q1 25 | $4.7B | $11.2B | ||
| Q4 24 | $3.1B | $10.8B | ||
| Q3 24 | $1.9B | $11.9B | ||
| Q2 24 | $1.8B | $13.6B | ||
| Q1 24 | $3.6B | $14.3B |
总债务MOPYPL
| Q4 25 | $25.7B | — | ||
| Q3 25 | $25.7B | — | ||
| Q2 25 | $24.7B | — | ||
| Q1 25 | $26.1B | — | ||
| Q4 24 | $24.9B | — | ||
| Q3 24 | $25.2B | — | ||
| Q2 24 | $25.0B | — | ||
| Q1 24 | $25.0B | — |
股东权益MOPYPL
| Q4 25 | $-3.5B | $20.3B | ||
| Q3 25 | $-2.6B | $20.2B | ||
| Q2 25 | $-3.3B | $20.2B | ||
| Q1 25 | $-3.5B | $20.3B | ||
| Q4 24 | $-2.2B | $20.4B | ||
| Q3 24 | $-3.5B | $20.2B | ||
| Q2 24 | $-3.0B | $20.6B | ||
| Q1 24 | $-5.1B | $20.7B |
总资产MOPYPL
| Q4 25 | $35.0B | $80.2B | ||
| Q3 25 | $35.0B | $79.8B | ||
| Q2 25 | $32.3B | $79.8B | ||
| Q1 25 | $35.8B | $81.3B | ||
| Q4 24 | $35.2B | $81.6B | ||
| Q3 24 | $34.2B | $83.5B | ||
| Q2 24 | $34.4B | $84.0B | ||
| Q1 24 | $36.5B | $83.3B |
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 | $3.3B | $2.4B |
| 自由现金流经营现金流 - 资本支出 | $3.2B | $2.2B |
| 自由现金流率自由现金流/营收 | 54.4% | 25.2% |
| 资本支出强度资本支出/营收 | 1.6% | 2.2% |
| 现金转化率经营现金流/净利润 | 2.93× | 1.66× |
| 过去12个月自由现金流最近4个季度 | $9.1B | $5.6B |
8季度趋势，按日历期对齐
经营现金流MOPYPL
| Q4 25 | $3.3B | $2.4B | ||
| Q3 25 | $3.1B | $2.0B | ||
| Q2 25 | $205.0M | $898.0M | ||
| Q1 25 | $2.7B | $1.2B | ||
| Q4 24 | $3.3B | $2.4B | ||
| Q3 24 | $2.6B | $1.6B | ||
| Q2 24 | $-75.0M | $1.5B | ||
| Q1 24 | $2.9B | $1.9B |
自由现金流MOPYPL
| Q4 25 | $3.2B | $2.2B | ||
| Q3 25 | $3.0B | $1.7B | ||
| Q2 25 | $173.0M | $692.0M | ||
| Q1 25 | $2.7B | $964.0M | ||
| Q4 24 | $3.3B | $2.2B | ||
| Q3 24 | $2.6B | $1.4B | ||
| Q2 24 | $-104.0M | $1.4B | ||
| Q1 24 | $2.8B | $1.8B |
自由现金流率MOPYPL
| Q4 25 | 54.4% | 25.2% | ||
| Q3 25 | 50.1% | 20.4% | ||
| Q2 25 | 2.8% | 8.3% | ||
| Q1 25 | 51.0% | 12.4% | ||
| Q4 24 | 55.1% | 26.2% | ||
| Q3 24 | 41.2% | 18.4% | ||
| Q2 24 | -1.7% | 17.3% | ||
| Q1 24 | 51.0% | 22.9% |
资本支出强度MOPYPL
| Q4 25 | 1.6% | 2.2% | ||
| Q3 25 | 0.9% | 3.0% | ||
| Q2 25 | 0.5% | 2.5% | ||
| Q1 25 | 0.7% | 2.5% | ||
| Q4 24 | 0.8% | 2.4% | ||
| Q3 24 | 0.5% | 2.2% | ||
| Q2 24 | 0.5% | 2.0% | ||
| Q1 24 | 0.6% | 2.0% |
现金转化率MOPYPL
| Q4 25 | 2.93× | 1.66× | ||
| Q3 25 | 1.30× | 1.58× | ||
| Q2 25 | 0.09× | 0.71× | ||
| Q1 25 | 2.53× | 0.90× | ||
| Q4 24 | 1.10× | 2.14× | ||
| Q3 24 | 1.14× | 1.60× | ||
| Q2 24 | -0.02× | 1.35× | ||
| Q1 24 | 1.35× | 2.16× |
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
MO
| Smokeable Products Segment | $5.1B | 88% |
| Oral Tobacco Segment | $706.0M | 12% |
PYPL
| US | $4.9B | 57% |
| Non Us | $3.7B | 43% |
