vs
奥驰亚（MO）与维萨（V）财务数据对比。点击上方公司名可切换其他公司
维萨的季度营收约是奥驰亚的1.9倍（$11.2B vs $5.8B），维萨净利率更高（53.4% vs 19.1%，领先34.3%），维萨同比增速更快（17.0% vs -2.1%），过去两年维萨的营收复合增速更高（12.3% 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。
维萨（Visa Inc.）是总部位于美国加利福尼亚州旧金山的跨国支付卡服务企业，业务覆盖全球电子资金转账领域，旗下拥有Visa品牌的信用卡、借记卡、预付卡等多条产品线，为全球消费者及商户提供安全便捷的电子支付解决方案。
MO vs V — 直观对比
营收规模更大
V
是对方的1.9倍
$5.8B
营收增速更快
V
高出19.1%
-2.1%
净利率更高
V
高出34.3%
19.1%
两年增速更快
V
近两年复合增速
2.4%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $5.8B | $11.2B |
| 净利润 | $1.1B | $6.0B |
| 毛利率 | 62.1% | — |
| 营业利润率 | 28.2% | 64.4% |
| 净利率 | 19.1% | 53.4% |
| 营收同比 | -2.1% | 17.0% |
| 净利润同比 | -63.2% | 32.0% |
| 每股收益（稀释后） | $0.67 | — |
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MOV
| Q2 26 | — | $11.2B | ||
| Q4 25 | $5.8B | $10.9B | ||
| Q3 25 | $6.1B | $10.7B | ||
| Q2 25 | $6.1B | $10.2B | ||
| Q1 25 | $5.3B | $9.6B | ||
| Q4 24 | $6.0B | $9.5B | ||
| Q3 24 | $6.3B | $9.6B | ||
| Q2 24 | $6.2B | $8.9B |
净利润MOV
| Q2 26 | — | $6.0B | ||
| Q4 25 | $1.1B | $5.9B | ||
| Q3 25 | $2.4B | $5.1B | ||
| Q2 25 | $2.4B | $5.3B | ||
| Q1 25 | $1.1B | $4.6B | ||
| Q4 24 | $3.0B | $5.1B | ||
| Q3 24 | $2.3B | $5.3B | ||
| Q2 24 | $3.8B | $4.9B |
毛利率MOV
| Q2 26 | — | — | ||
| 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% | — |
营业利润率MOV
| Q2 26 | — | 64.4% | ||
| Q4 25 | 28.2% | 61.8% | ||
| Q3 25 | 53.2% | 57.3% | ||
| Q2 25 | 52.9% | 60.7% | ||
| Q1 25 | 34.0% | 56.6% | ||
| Q4 24 | 48.2% | 65.6% | ||
| Q3 24 | 50.4% | 66.0% | ||
| Q2 24 | 40.8% | 66.7% |
净利率MOV
| Q2 26 | — | 53.4% | ||
| Q4 25 | 19.1% | 53.7% | ||
| Q3 25 | 39.1% | 47.5% | ||
| Q2 25 | 39.0% | 51.8% | ||
| Q1 25 | 20.5% | 47.7% | ||
| Q4 24 | 50.9% | 53.8% | ||
| Q3 24 | 36.6% | 55.3% | ||
| Q2 24 | 61.2% | 54.7% |
每股收益（稀释后）MOV
| Q2 26 | — | — | ||
| Q4 25 | $0.67 | — | ||
| Q3 25 | $1.41 | — | ||
| Q2 25 | $1.41 | — | ||
| Q1 25 | $0.63 | — | ||
| Q4 24 | $1.78 | — | ||
| Q3 24 | $1.34 | — | ||
| Q2 24 | $2.21 | — |
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 | $4.5B | $12.4B |
| 总债务越低越好 | $25.7B | $22.4B |
| 股东权益账面价值 | $-3.5B | $35.7B |
| 总资产 | $35.0B | $95.0B |
| 负债/权益比越低杠杆越低 | — | 0.63× |
8季度趋势，按日历期对齐
现金及短期投资MOV
| Q2 26 | — | $12.4B | ||
| Q4 25 | $4.5B | $14.8B | ||
| Q3 25 | $3.5B | $17.2B | ||
| Q2 25 | $1.3B | $17.1B | ||
| Q1 25 | $4.7B | $11.7B | ||
| Q4 24 | $3.1B | $12.4B | ||
| Q3 24 | $1.9B | $12.0B | ||
| Q2 24 | $1.8B | $12.9B |
总债务MOV
| Q2 26 | — | $22.4B | ||
| 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 | — |
股东权益MOV
| Q2 26 | — | $35.7B | ||
| Q4 25 | $-3.5B | $38.8B | ||
| Q3 25 | $-2.6B | $37.9B | ||
| Q2 25 | $-3.3B | $38.7B | ||
| Q1 25 | $-3.5B | $38.0B | ||
| Q4 24 | $-2.2B | $38.3B | ||
| Q3 24 | $-3.5B | $39.1B | ||
| Q2 24 | $-3.0B | $39.7B |
总资产MOV
| Q2 26 | — | $95.0B | ||
| Q4 25 | $35.0B | $96.8B | ||
| Q3 25 | $35.0B | $99.6B | ||
| Q2 25 | $32.3B | $100.0B | ||
| Q1 25 | $35.8B | $92.9B | ||
| Q4 24 | $35.2B | $91.9B | ||
| Q3 24 | $34.2B | $94.5B | ||
| Q2 24 | $34.4B | $91.0B |
负债/权益比MOV
| Q2 26 | — | 0.63× | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 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 | $3.3B | — |
| 自由现金流经营现金流 - 资本支出 | $3.2B | — |
| 自由现金流率自由现金流/营收 | 54.4% | — |
| 资本支出强度资本支出/营收 | 1.6% | — |
| 现金转化率经营现金流/净利润 | 2.93× | — |
| 过去12个月自由现金流最近4个季度 | $9.1B | — |
8季度趋势，按日历期对齐
经营现金流MOV
| Q2 26 | — | — | ||
| Q4 25 | $3.3B | $6.8B | ||
| Q3 25 | $3.1B | $6.2B | ||
| Q2 25 | $205.0M | $6.7B | ||
| Q1 25 | $2.7B | $4.7B | ||
| Q4 24 | $3.3B | $5.4B | ||
| Q3 24 | $2.6B | $6.7B | ||
| Q2 24 | $-75.0M | $5.1B |
自由现金流MOV
| Q2 26 | — | — | ||
| Q4 25 | $3.2B | $6.4B | ||
| Q3 25 | $3.0B | $5.8B | ||
| Q2 25 | $173.0M | $6.3B | ||
| Q1 25 | $2.7B | $4.4B | ||
| Q4 24 | $3.3B | $5.1B | ||
| Q3 24 | $2.6B | $6.4B | ||
| Q2 24 | $-104.0M | $4.7B |
自由现金流率MOV
| Q2 26 | — | — | ||
| Q4 25 | 54.4% | 58.7% | ||
| Q3 25 | 50.1% | 54.5% | ||
| Q2 25 | 2.8% | 62.0% | ||
| Q1 25 | 51.0% | 45.5% | ||
| Q4 24 | 55.1% | 53.1% | ||
| Q3 24 | 41.2% | 66.1% | ||
| Q2 24 | -1.7% | 53.2% |
资本支出强度MOV
| Q2 26 | — | — | ||
| Q4 25 | 1.6% | 3.5% | ||
| Q3 25 | 0.9% | 3.6% | ||
| Q2 25 | 0.5% | 4.1% | ||
| Q1 25 | 0.7% | 3.4% | ||
| Q4 24 | 0.8% | 3.6% | ||
| Q3 24 | 0.5% | 3.2% | ||
| Q2 24 | 0.5% | 4.5% |
现金转化率MOV
| Q2 26 | — | — | ||
| Q4 25 | 2.93× | 1.16× | ||
| Q3 25 | 1.30× | 1.23× | ||
| Q2 25 | 0.09× | 1.28× | ||
| Q1 25 | 2.53× | 1.03× | ||
| Q4 24 | 1.10× | 1.05× | ||
| Q3 24 | 1.14× | 1.25× | ||
| Q2 24 | -0.02× | 1.05× |
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% |
V
| Data processing revenue | $5.5B | 49% |
| International transaction revenue | $3.6B | 32% |
| Other revenue | $1.3B | 12% |
| Other | $736.0M | 7% |
