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摩根士丹利（MS）与拼多多（PDD）财务数据对比。点击上方公司名可切换其他公司
摩根士丹利的季度营收约是拼多多的1.2倍（$17.9B vs $15.2B），拼多多净利率更高（27.1% vs 24.6%，领先2.5%）
摩根士丹利是总部位于美国纽约曼哈顿中城百老汇1585号的跨国投资银行及金融服务提供商，在全球42个国家设有办事处，员工超8万名，服务客户涵盖企业、政府、机构及个人。2023年该公司位列美国财富500强第61位，同年位居福布斯全球2000强第30位。
PDD控股是总部位于爱尔兰的跨国企业，旗下拥有中国头部线上零售平台拼多多和跨境电商平台Temu。拼多多主打农业供应链数字化升级，助力农产品直接对接广大消费者需求。
MS vs PDD — 直观对比
营收规模更大
MS
是对方的1.2倍
$15.2B
净利率更高
PDD
高出2.5%
24.6%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $17.9B | $15.2B |
| 净利润 | $4.4B | $4.1B |
| 毛利率 | — | 56.7% |
| 营业利润率 | 32.2% | 23.1% |
| 净利率 | 24.6% | 27.1% |
| 营收同比 | — | — |
| 净利润同比 | — | — |
| 每股收益（稀释后） | $2.68 | — |
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MSPDD
| Q4 25 | $17.9B | — | ||
| Q3 25 | $18.2B | $15.2B | ||
| Q2 25 | $16.8B | $14.5B | ||
| Q1 25 | $17.7B | — | ||
| Q3 24 | $15.4B | $14.2B | ||
| Q2 24 | $15.0B | — | ||
| Q1 24 | $15.1B | $12.0B | ||
| Q3 23 | — | $9.4B |
净利润MSPDD
| Q4 25 | $4.4B | — | ||
| Q3 25 | $4.6B | $4.1B | ||
| Q2 25 | $3.5B | $4.3B | ||
| Q1 25 | $4.3B | — | ||
| Q3 24 | $3.2B | $3.6B | ||
| Q2 24 | $3.1B | — | ||
| Q1 24 | $3.4B | $3.9B | ||
| Q3 23 | — | $2.1B |
毛利率MSPDD
| Q4 25 | — | — | ||
| Q3 25 | — | 56.7% | ||
| Q2 25 | — | 55.9% | ||
| Q1 25 | — | — | ||
| Q3 24 | — | 60.0% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 62.3% | ||
| Q3 23 | — | 61.0% |
营业利润率MSPDD
| Q4 25 | 32.2% | — | ||
| Q3 25 | 33.1% | 23.1% | ||
| Q2 25 | 27.5% | 24.8% | ||
| Q1 25 | 31.3% | — | ||
| Q3 24 | 27.4% | 24.5% | ||
| Q2 24 | 27.1% | — | ||
| Q1 24 | 29.0% | 29.9% | ||
| Q3 23 | — | 24.2% |
净利率MSPDD
| Q4 25 | 24.6% | — | ||
| Q3 25 | 25.3% | 27.1% | ||
| Q2 25 | 21.1% | 29.6% | ||
| Q1 25 | 24.3% | — | ||
| Q3 24 | 20.7% | 25.1% | ||
| Q2 24 | 20.5% | — | ||
| Q1 24 | 22.5% | 32.3% | ||
| Q3 23 | — | 22.6% |
每股收益（稀释后）MSPDD
| Q4 25 | $2.68 | — | ||
| Q3 25 | $2.80 | — | ||
| Q2 25 | $2.13 | — | ||
| Q1 25 | $2.60 | — | ||
| Q3 24 | $1.88 | — | ||
| Q2 24 | $1.82 | — | ||
| Q1 24 | $2.02 | — | ||
| Q3 23 | — | — |
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 | $111.7B | $13.0B |
| 总债务越低越好 | $341.7B | — |
| 股东权益账面价值 | $111.6B | $55.0B |
| 总资产 | $1420.3B | $86.2B |
| 负债/权益比越低杠杆越低 | 3.06× | — |
8季度趋势，按日历期对齐
现金及短期投资MSPDD
| Q4 25 | $111.7B | — | ||
| Q3 25 | $103.7B | $13.0B | ||
| Q2 25 | $109.1B | $8.8B | ||
| Q1 25 | $90.7B | — | ||
| Q3 24 | $91.1B | $9.3B | ||
| Q2 24 | $90.2B | — | ||
| Q1 24 | $102.3B | $7.7B | ||
| Q3 23 | — | $7.5B |
总债务MSPDD
| Q4 25 | $341.7B | — | ||
| Q3 25 | $324.1B | — | ||
| Q2 25 | $320.1B | — | ||
| Q1 25 | $297.0B | — | ||
| Q3 24 | $291.2B | — | ||
| Q2 24 | $269.9B | — | ||
| Q1 24 | $266.1B | — | ||
| Q3 23 | — | — |
股东权益MSPDD
| Q4 25 | $111.6B | — | ||
| Q3 25 | $110.0B | $55.0B | ||
| Q2 25 | $108.2B | $50.5B | ||
| Q1 25 | $106.8B | — | ||
| Q3 24 | $103.6B | $39.7B | ||
| Q2 24 | $100.7B | — | ||
| Q1 24 | $99.2B | $30.3B | ||
| Q3 23 | — | $22.2B |
总资产MSPDD
| Q4 25 | $1420.3B | — | ||
| Q3 25 | $1364.8B | $86.2B | ||
| Q2 25 | $1353.9B | $79.2B | ||
| Q1 25 | $1300.3B | — | ||
| Q3 24 | $1258.0B | $66.5B | ||
| Q2 24 | $1212.4B | — | ||
| Q1 24 | $1228.5B | $52.3B | ||
| Q3 23 | — | $43.1B |
负债/权益比MSPDD
| Q4 25 | 3.06× | — | ||
| Q3 25 | 2.95× | — | ||
| Q2 25 | 2.96× | — | ||
| Q1 25 | 2.78× | — | ||
| Q3 24 | 2.81× | — | ||
| Q2 24 | 2.68× | — | ||
| Q1 24 | 2.68× | — | ||
| Q3 23 | — | — |
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 | $-2.4B | $6.4B |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | -0.55× | 1.56× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流MSPDD
| Q4 25 | $-2.4B | — | ||
| Q3 25 | $-3.3B | $6.4B | ||
| Q2 25 | $11.8B | $3.0B | ||
| Q1 25 | $-24.0B | — | ||
| Q3 24 | — | $3.9B | ||
| Q2 24 | — | — | ||
| Q1 24 | $4.4B | $2.9B | ||
| Q3 23 | — | $4.5B |
现金转化率MSPDD
| Q4 25 | -0.55× | — | ||
| Q3 25 | -0.72× | 1.56× | ||
| Q2 25 | 3.34× | 0.70× | ||
| Q1 25 | -5.56× | — | ||
| Q3 24 | — | 1.10× | ||
| Q2 24 | — | — | ||
| Q1 24 | 1.28× | 0.75× | ||
| Q3 23 | — | 2.09× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
