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微软（MSFT）与联合健康集团（UNH）财务数据对比。点击上方公司名可切换其他公司
联合健康集团的季度营收约是微软的1.4倍（$113.2B vs $81.3B），微软净利率更高（47.3% vs 0.0%，领先47.3%），微软同比增速更快（16.7% vs 12.3%），微软自由现金流更多（$5.9B vs $160.0M），过去两年微软的营收复合增速更高（14.6% vs 6.5%）
微软是总部位于美国华盛顿州雷德蒙德的跨国科技集团，1975年成立。凭借Windows等软件推动个人计算机普及并奠定行业影响力，目前业务已覆盖互联网服务、云计算、人工智能、电子游戏等多个领域。
联合健康集团是总部位于美国明尼苏达州伊代纳的跨国营利性企业，主营健康保险及医疗健康服务，旗下拥有保险业务品牌UnitedHealthcare、医疗服务品牌Optum。按营收计算，该集团是全球第七大企业、全球最大医疗健康企业，位列2025年《财富》世界500强第七位。
MSFT vs UNH — 直观对比
营收规模更大
UNH
是对方的1.4倍
$81.3B
营收增速更快
MSFT
高出4.4%
12.3%
净利率更高
MSFT
高出47.3%
0.0%
自由现金流更多
MSFT
多$5.7B
$160.0M
两年增速更快
MSFT
近两年复合增速
6.5%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $81.3B | $113.2B |
| 净利润 | $38.5B | $10.0M |
| 毛利率 | 68.0% | 88.8% |
| 营业利润率 | 47.1% | 0.3% |
| 净利率 | 47.3% | 0.0% |
| 营收同比 | 16.7% | 12.3% |
| 净利润同比 | 59.5% | -99.8% |
| 每股收益（稀释后） | $5.16 | $0.05 |
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MSFTUNH
| Q4 25 | $81.3B | $113.2B | ||
| Q3 25 | $77.7B | $113.2B | ||
| Q2 25 | $76.4B | $111.6B | ||
| Q1 25 | $70.1B | $109.6B | ||
| Q4 24 | $69.6B | $100.8B | ||
| Q3 24 | $65.6B | $100.8B | ||
| Q2 24 | $64.7B | $98.9B | ||
| Q1 24 | $61.9B | $99.8B |
净利润MSFTUNH
| Q4 25 | $38.5B | $10.0M | ||
| Q3 25 | $27.7B | $2.3B | ||
| Q2 25 | $27.2B | $3.4B | ||
| Q1 25 | $25.8B | $6.3B | ||
| Q4 24 | $24.1B | $5.5B | ||
| Q3 24 | $24.7B | $6.1B | ||
| Q2 24 | $22.0B | $4.2B | ||
| Q1 24 | $21.9B | $-1.4B |
毛利率MSFTUNH
| Q4 25 | 68.0% | 88.8% | ||
| Q3 25 | 69.0% | 88.9% | ||
| Q2 25 | 68.6% | 88.3% | ||
| Q1 25 | 68.7% | 88.7% | ||
| Q4 24 | 68.7% | 87.6% | ||
| Q3 24 | 69.4% | 88.3% | ||
| Q2 24 | 69.6% | 88.5% | ||
| Q1 24 | 70.1% | 88.9% |
营业利润率MSFTUNH
| Q4 25 | 47.1% | 0.3% | ||
| Q3 25 | 48.9% | 3.8% | ||
| Q2 25 | 44.9% | 4.6% | ||
| Q1 25 | 45.7% | 8.3% | ||
| Q4 24 | 45.5% | 7.7% | ||
| Q3 24 | 46.6% | 8.6% | ||
| Q2 24 | 43.1% | 8.0% | ||
| Q1 24 | 44.6% | 7.9% |
净利率MSFTUNH
| Q4 25 | 47.3% | 0.0% | ||
| Q3 25 | 35.7% | 2.1% | ||
| Q2 25 | 35.6% | 3.1% | ||
| Q1 25 | 36.9% | 5.7% | ||
| Q4 24 | 34.6% | 5.5% | ||
| Q3 24 | 37.6% | 6.0% | ||
| Q2 24 | 34.0% | 4.3% | ||
| Q1 24 | 35.5% | -1.4% |
每股收益（稀释后）MSFTUNH
| Q4 25 | $5.16 | $0.05 | ||
| Q3 25 | $3.72 | $2.59 | ||
| Q2 25 | $3.65 | $3.74 | ||
| Q1 25 | $3.46 | $6.85 | ||
| Q4 24 | $3.23 | $5.99 | ||
| Q3 24 | $3.30 | $6.51 | ||
| Q2 24 | $2.94 | $4.54 | ||
| Q1 24 | $2.94 | $-1.53 |
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 | $89.5B | $28.1B |
| 总债务越低越好 | $40.3B | — |
| 股东权益账面价值 | $390.9B | $100.1B |
| 总资产 | $665.3B | $309.6B |
| 负债/权益比越低杠杆越低 | 0.10× | — |
8季度趋势，按日历期对齐
现金及短期投资MSFTUNH
| Q4 25 | $89.5B | $28.1B | ||
| Q3 25 | $102.0B | $30.6B | ||
| Q2 25 | $94.6B | $32.0B | ||
| Q1 25 | $79.6B | $34.3B | ||
| Q4 24 | $71.6B | $29.1B | ||
| Q3 24 | $78.4B | $37.1B | ||
| Q2 24 | $75.5B | $31.3B | ||
| Q1 24 | $80.0B | $32.7B |
总债务MSFTUNH
| Q4 25 | $40.3B | — | ||
| Q3 25 | $43.2B | — | ||
| Q2 25 | $43.2B | — | ||
| Q1 25 | $42.9B | — | ||
| Q4 24 | $45.0B | — | ||
| Q3 24 | $45.1B | — | ||
| Q2 24 | $44.9B | — | ||
| Q1 24 | $44.9B | — |
股东权益MSFTUNH
| Q4 25 | $390.9B | $100.1B | ||
| Q3 25 | $363.1B | $101.6B | ||
| Q2 25 | $343.5B | $100.5B | ||
| Q1 25 | $321.9B | $100.8B | ||
| Q4 24 | $302.7B | $98.3B | ||
| Q3 24 | $287.7B | $99.9B | ||
| Q2 24 | $268.5B | $94.7B | ||
| Q1 24 | $253.2B | $92.4B |
总资产MSFTUNH
| Q4 25 | $665.3B | $309.6B | ||
| Q3 25 | $636.4B | $315.3B | ||
| Q2 25 | $619.0B | $308.6B | ||
| Q1 25 | $562.6B | $309.8B | ||
| Q4 24 | $533.9B | $298.3B | ||
| Q3 24 | $523.0B | $299.3B | ||
| Q2 24 | $512.2B | $286.1B | ||
| Q1 24 | $484.3B | $284.2B |
负债/权益比MSFTUNH
| Q4 25 | 0.10× | — | ||
| Q3 25 | 0.12× | — | ||
| Q2 25 | 0.13× | — | ||
| Q1 25 | 0.13× | — | ||
| Q4 24 | 0.15× | — | ||
| Q3 24 | 0.16× | — | ||
| Q2 24 | 0.17× | — | ||
| Q1 24 | 0.18× | — |
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 | $35.8B | $1.1B |
| 自由现金流经营现金流 - 资本支出 | $5.9B | $160.0M |
| 自由现金流率自由现金流/营收 | 7.2% | 0.1% |
| 资本支出强度资本支出/营收 | 36.8% | 0.8% |
| 现金转化率经营现金流/净利润 | 0.93× | 110.80× |
| 过去12个月自由现金流最近4个季度 | $77.4B | $16.1B |
8季度趋势，按日历期对齐
经营现金流MSFTUNH
| Q4 25 | $35.8B | $1.1B | ||
| Q3 25 | $45.1B | $5.9B | ||
| Q2 25 | $42.6B | $7.2B | ||
| Q1 25 | $37.0B | $5.5B | ||
| Q4 24 | $22.3B | $2.4B | ||
| Q3 24 | $34.2B | $13.9B | ||
| Q2 24 | $37.2B | $6.7B | ||
| Q1 24 | $31.9B | $1.1B |
自由现金流MSFTUNH
| Q4 25 | $5.9B | $160.0M | ||
| Q3 25 | $25.7B | $5.1B | ||
| Q2 25 | $25.6B | $6.3B | ||
| Q1 25 | $20.3B | $4.6B | ||
| Q4 24 | $6.5B | $1.5B | ||
| Q3 24 | $19.3B | $13.0B | ||
| Q2 24 | $23.3B | $5.9B | ||
| Q1 24 | $21.0B | $401.0M |
自由现金流率MSFTUNH
| Q4 25 | 7.2% | 0.1% | ||
| Q3 25 | 33.0% | 4.5% | ||
| Q2 25 | 33.4% | 5.6% | ||
| Q1 25 | 29.0% | 4.2% | ||
| Q4 24 | 9.3% | 1.4% | ||
| Q3 24 | 29.4% | 12.8% | ||
| Q2 24 | 36.0% | 6.0% | ||
| Q1 24 | 33.9% | 0.4% |
资本支出强度MSFTUNH
| Q4 25 | 36.8% | 0.8% | ||
| Q3 25 | 25.0% | 0.8% | ||
| Q2 25 | 22.3% | 0.8% | ||
| Q1 25 | 23.9% | 0.8% | ||
| Q4 24 | 22.7% | 0.9% | ||
| Q3 24 | 22.8% | 1.0% | ||
| Q2 24 | 21.4% | 0.9% | ||
| Q1 24 | 17.7% | 0.7% |
现金转化率MSFTUNH
| Q4 25 | 0.93× | 110.80× | ||
| Q3 25 | 1.62× | 2.53× | ||
| Q2 25 | 1.57× | 2.11× | ||
| Q1 25 | 1.43× | 0.87× | ||
| Q4 24 | 0.92× | 0.43× | ||
| Q3 24 | 1.39× | 2.30× | ||
| Q2 24 | 1.69× | 1.60× | ||
| Q1 24 | 1.45× | — |
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
MSFT
| Microsoft Three Six Five Commercial Products And Cloud Services | $24.5B | 30% |
| Products | $16.5B | 20% |
| More Personal Computing | $14.3B | 18% |
| Gaming | $6.0B | 7% |
| Linked In Corporation | $5.1B | 6% |
| Windows And Devices | $4.5B | 6% |
| Search And News Advertising | $3.8B | 5% |
| Microsoft Three Six Five Consumer Products And Cloud Services | $2.3B | 3% |
| Dynamics Products And Cloud Services | $2.2B | 3% |
| Enterprise And Partner Services | $2.0B | 3% |
| Other Products And Services | $6.0M | 0% |
UNH
| Total Optum | $70.3B | 62% |
| Intersegment | $15.8B | 14% |
| Products | $13.5B | 12% |
| Services | $10.3B | 9% |
| Other | $3.3B | 3% |
