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蔚来（NIO）与ServiceNow（NOW）财务数据对比。点击上方公司名可切换其他公司
蔚来的季度营收约是ServiceNow的1.3倍（$4.7B vs $3.8B），ServiceNow净利率更高（12.4% vs 0.8%，领先11.6%），ServiceNow自由现金流更多（$1.7B vs $-439.4M）
蔚来是中国本土新能源汽车制造商，总部位于上海，2014年成立，2016年正式启用现有品牌名称。公司专注于智能电动汽车的研发、设计与销售，产品覆盖轿车、SUV等多个品类，近年已将业务拓展至智能手机研发领域。
ServiceNow是2003年由弗雷德·卢迪在美国加利福尼亚州圣克拉拉创立的软件企业，主打云计算平台产品，可支持企业搭建及管理自动化业务工作流。公司于纽交所上市，现为标普100及标普500指数成分股。
NIO vs NOW — 直观对比
营收规模更大
NIO
是对方的1.3倍
$3.8B
净利率更高
NOW
高出11.6%
0.8%
自由现金流更多
NOW
多$2.1B
$-439.4M
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $4.7B | $3.8B |
| 净利润 | $38.7M | $469.0M |
| 毛利率 | 17.5% | 75.1% |
| 营业利润率 | 1.5% | 13.3% |
| 净利率 | 0.8% | 12.4% |
| 营收同比 | — | 2.8% |
| 净利润同比 | — | -53.7% |
| 每股收益（稀释后） | $0.05 | $1.04 |
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NIONOW
| Q1 26 | $4.7B | $3.8B | ||
| Q4 25 | — | $3.6B | ||
| Q3 25 | $3.0B | $3.4B | ||
| Q2 25 | $2.6B | $3.2B | ||
| Q1 25 | $2.7B | $3.1B | ||
| Q4 24 | — | $3.0B | ||
| Q3 24 | — | $2.8B | ||
| Q2 24 | — | $2.6B |
净利润NIONOW
| Q1 26 | $38.7M | $469.0M | ||
| Q4 25 | — | $401.0M | ||
| Q3 25 | $-505.2M | $502.0M | ||
| Q2 25 | $-709.5M | $385.0M | ||
| Q1 25 | $-984.2M | $460.0M | ||
| Q4 24 | — | $384.0M | ||
| Q3 24 | — | $432.0M | ||
| Q2 24 | — | $262.0M |
毛利率NIONOW
| Q1 26 | 17.5% | 75.1% | ||
| Q4 25 | — | 76.6% | ||
| Q3 25 | 13.9% | 77.3% | ||
| Q2 25 | 10.0% | 77.5% | ||
| Q1 25 | 11.7% | 78.9% | ||
| Q4 24 | — | 78.7% | ||
| Q3 24 | — | 79.1% | ||
| Q2 24 | — | 79.0% |
营业利润率NIONOW
| Q1 26 | 1.5% | 13.3% | ||
| Q4 25 | — | 12.4% | ||
| Q3 25 | -16.2% | 16.8% | ||
| Q2 25 | -25.8% | 11.1% | ||
| Q1 25 | -30.6% | 14.6% | ||
| Q4 24 | — | 12.6% | ||
| Q3 24 | — | 14.9% | ||
| Q2 24 | — | 9.1% |
净利率NIONOW
| Q1 26 | 0.8% | 12.4% | ||
| Q4 25 | — | 11.2% | ||
| Q3 25 | -16.8% | 14.7% | ||
| Q2 25 | -27.0% | 12.0% | ||
| Q1 25 | -36.2% | 14.9% | ||
| Q4 24 | — | 13.0% | ||
| Q3 24 | — | 15.4% | ||
| Q2 24 | — | 10.0% |
每股收益（稀释后）NIONOW
| Q1 26 | $0.05 | $1.04 | ||
| Q4 25 | — | $-4.77 | ||
| Q3 25 | $-1.51 | $2.40 | ||
| Q2 25 | $-2.31 | $1.84 | ||
| Q1 25 | $-3.47 | $2.20 | ||
| Q4 24 | — | $1.84 | ||
| Q3 24 | — | $2.07 | ||
| Q2 24 | — | $1.26 |
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 | $4.4B | $2.7B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $594.8M | $11.7B |
| 总资产 | $17.8B | $24.4B |
| 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NIONOW
| Q1 26 | $4.4B | $2.7B | ||
| Q4 25 | — | $3.7B | ||
| Q3 25 | — | $2.7B | ||
| Q2 25 | $2.5B | $3.1B | ||
| Q1 25 | $4.6B | $3.4B | ||
| Q4 24 | — | $2.3B | ||
| Q3 24 | — | $1.9B | ||
| Q2 24 | — | $2.2B |
股东权益NIONOW
| Q1 26 | $594.8M | $11.7B | ||
| Q4 25 | — | $13.0B | ||
| Q3 25 | — | $11.3B | ||
| Q2 25 | $-168.3M | $10.9B | ||
| Q1 25 | $817.5M | $10.1B | ||
| Q4 24 | — | $9.6B | ||
| Q3 24 | — | $9.3B | ||
| Q2 24 | — | $8.7B |
总资产NIONOW
| Q1 26 | $17.8B | $24.4B | ||
| Q4 25 | — | $26.0B | ||
| Q3 25 | — | $21.8B | ||
| Q2 25 | $14.0B | $22.1B | ||
| Q1 25 | $14.7B | $21.0B | ||
| Q4 24 | — | $20.4B | ||
| Q3 24 | — | $18.4B | ||
| Q2 24 | — | $18.2B |
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 | $427.9M | $1.7B |
| 自由现金流经营现金流 - 资本支出 | $-439.4M | $1.7B |
| 自由现金流率自由现金流/营收 | -9.3% | 44.2% |
| 资本支出强度资本支出/营收 | 18.4% | — |
| 现金转化率经营现金流/净利润 | 11.07× | 3.56× |
| 过去12个月自由现金流最近4个季度 | — | $4.8B |
8季度趋势，按日历期对齐
经营现金流NIONOW
| Q1 26 | $427.9M | $1.7B | ||
| Q4 25 | — | $2.2B | ||
| Q3 25 | — | $813.0M | ||
| Q2 25 | — | $716.0M | ||
| Q1 25 | $-1.1B | $1.7B | ||
| Q4 24 | — | $1.6B | ||
| Q3 24 | — | $671.0M | ||
| Q2 24 | — | $620.0M |
自由现金流NIONOW
| Q1 26 | $-439.4M | $1.7B | ||
| Q4 25 | — | $2.0B | ||
| Q3 25 | — | $578.0M | ||
| Q2 25 | — | $526.0M | ||
| Q1 25 | $-2.3B | $1.5B | ||
| Q4 24 | — | $1.4B | ||
| Q3 24 | — | $469.0M | ||
| Q2 24 | — | $358.0M |
自由现金流率NIONOW
| Q1 26 | -9.3% | 44.2% | ||
| Q4 25 | — | 56.1% | ||
| Q3 25 | — | 17.0% | ||
| Q2 25 | — | 16.4% | ||
| Q1 25 | -85.6% | 47.7% | ||
| Q4 24 | — | 46.7% | ||
| Q3 24 | — | 16.8% | ||
| Q2 24 | — | 13.6% |
资本支出强度NIONOW
| Q1 26 | 18.4% | — | ||
| Q4 25 | — | 6.7% | ||
| Q3 25 | — | 6.9% | ||
| Q2 25 | — | 5.9% | ||
| Q1 25 | 46.1% | 6.6% | ||
| Q4 24 | — | 8.6% | ||
| Q3 24 | — | 7.2% | ||
| Q2 24 | — | 10.0% |
现金转化率NIONOW
| Q1 26 | 11.07× | 3.56× | ||
| Q4 25 | — | 5.58× | ||
| Q3 25 | — | 1.62× | ||
| Q2 25 | — | 1.86× | ||
| Q1 25 | — | 3.65× | ||
| Q4 24 | — | 4.26× | ||
| Q3 24 | — | 1.55× | ||
| Q2 24 | — | 2.37× |
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
NIO
暂无分部数据
NOW
| Subscription revenues | $3.7B | 97% |
| Other | $80.5M | 2% |
| Professional services and other revenues | $18.5M | 0% |
