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蔚来（NIO）与RYDER SYSTEM INC（R）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RYDER SYSTEM INC的1.5倍（$4.7B vs $3.1B），RYDER SYSTEM INC净利率更高（3.0% vs 0.8%，领先2.2%），RYDER SYSTEM INC自由现金流更多（$273.0M 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。
Ryder System Inc.是美国专业运输物流服务商，总部位于佛罗里达州科勒尔盖布尔斯，业务覆盖美国及英国，核心业务包含卡车租赁、车队管理、供应链及运输管理，同时提供车辆维保、二手车销售、专业司机派遣、电商履约与最后一公里配送等多元服务。
NIO vs R — 直观对比
营收规模更大
NIO
是对方的1.5倍
$3.1B
净利率更高
R
高出2.2%
0.8%
自由现金流更多
R
多$712.4M
$-439.4M
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $4.7B | $3.1B |
| 净利润 | $38.7M | $93.0M |
| 毛利率 | 17.5% | — |
| 营业利润率 | 1.5% | — |
| 净利率 | 0.8% | 3.0% |
| 营收同比 | — | 1.0% |
| 净利润同比 | — | -5.1% |
| 每股收益（稀释后） | $0.05 | $2.34 |
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NIOR
| Q1 26 | $4.7B | $3.1B | ||
| Q4 25 | — | $3.2B | ||
| Q3 25 | $3.0B | $3.2B | ||
| Q2 25 | $2.6B | $3.2B | ||
| Q1 25 | $2.7B | $3.1B | ||
| Q4 24 | — | $3.2B | ||
| Q3 24 | — | $3.2B | ||
| Q2 24 | — | $3.2B |
净利润NIOR
| Q1 26 | $38.7M | $93.0M | ||
| Q4 25 | — | $132.0M | ||
| Q3 25 | $-505.2M | $138.0M | ||
| Q2 25 | $-709.5M | $131.0M | ||
| Q1 25 | $-984.2M | $98.0M | ||
| Q4 24 | — | $135.0M | ||
| Q3 24 | — | $142.0M | ||
| Q2 24 | — | $127.0M |
毛利率NIOR
| Q1 26 | 17.5% | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 13.9% | — | ||
| Q2 25 | 10.0% | — | ||
| Q1 25 | 11.7% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
营业利润率NIOR
| Q1 26 | 1.5% | — | ||
| Q4 25 | — | 5.6% | ||
| Q3 25 | -16.2% | 6.0% | ||
| Q2 25 | -25.8% | 5.8% | ||
| Q1 25 | -30.6% | 4.3% | ||
| Q4 24 | — | 5.7% | ||
| Q3 24 | — | 5.9% | ||
| Q2 24 | — | 5.6% |
净利率NIOR
| Q1 26 | 0.8% | 3.0% | ||
| Q4 25 | — | 4.2% | ||
| Q3 25 | -16.8% | 4.4% | ||
| Q2 25 | -27.0% | 4.1% | ||
| Q1 25 | -36.2% | 3.1% | ||
| Q4 24 | — | 4.2% | ||
| Q3 24 | — | 4.5% | ||
| Q2 24 | — | 4.0% |
每股收益（稀释后）NIOR
| Q1 26 | $0.05 | $2.34 | ||
| Q4 25 | — | $3.22 | ||
| Q3 25 | $-1.51 | $3.32 | ||
| Q2 25 | $-2.31 | $3.13 | ||
| Q1 25 | $-3.47 | $2.27 | ||
| Q4 24 | — | $3.09 | ||
| Q3 24 | — | $3.24 | ||
| Q2 24 | — | $2.84 |
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 | $182.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $594.8M | $2.9B |
| 总资产 | $17.8B | — |
| 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NIOR
| Q1 26 | $4.4B | $182.0M | ||
| Q4 25 | — | $198.0M | ||
| Q3 25 | — | $189.0M | ||
| Q2 25 | $2.5B | $180.0M | ||
| Q1 25 | $4.6B | $151.0M | ||
| Q4 24 | — | $154.0M | ||
| Q3 24 | — | $162.0M | ||
| Q2 24 | — | $164.0M |
总债务NIOR
| Q1 26 | — | — | ||
| Q4 25 | — | $6.8B | ||
| Q3 25 | — | $7.3B | ||
| Q2 25 | — | $7.0B | ||
| Q1 25 | — | $6.7B | ||
| Q4 24 | — | $6.7B | ||
| Q3 24 | — | $6.6B | ||
| Q2 24 | — | $6.5B |
股东权益NIOR
| Q1 26 | $594.8M | $2.9B | ||
| Q4 25 | — | $3.1B | ||
| Q3 25 | — | $3.1B | ||
| Q2 25 | $-168.3M | $3.1B | ||
| Q1 25 | $817.5M | $3.0B | ||
| Q4 24 | — | $3.1B | ||
| Q3 24 | — | $3.1B | ||
| Q2 24 | — | $3.1B |
总资产NIOR
| Q1 26 | $17.8B | — | ||
| Q4 25 | — | $16.4B | ||
| Q3 25 | — | $16.5B | ||
| Q2 25 | $14.0B | $16.5B | ||
| Q1 25 | $14.7B | $16.4B | ||
| Q4 24 | — | $16.7B | ||
| Q3 24 | — | $16.5B | ||
| Q2 24 | — | $16.4B |
负债/权益比NIOR
| Q1 26 | — | — | ||
| Q4 25 | — | 2.24× | ||
| Q3 25 | — | 2.35× | ||
| Q2 25 | — | 2.27× | ||
| Q1 25 | — | 2.21× | ||
| Q4 24 | — | 2.14× | ||
| Q3 24 | — | 2.17× | ||
| Q2 24 | — | 2.09× |
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 | $583.0M |
| 自由现金流经营现金流 - 资本支出 | $-439.4M | $273.0M |
| 自由现金流率自由现金流/营收 | -9.3% | 8.7% |
| 资本支出强度资本支出/营收 | 18.4% | 13.7% |
| 现金转化率经营现金流/净利润 | 11.07× | 6.27× |
| 过去12个月自由现金流最近4个季度 | — | $595.0M |
8季度趋势，按日历期对齐
经营现金流NIOR
| Q1 26 | $427.9M | $583.0M | ||
| Q4 25 | — | $749.0M | ||
| Q3 25 | — | $442.0M | ||
| Q2 25 | — | $752.0M | ||
| Q1 25 | $-1.1B | $651.0M | ||
| Q4 24 | — | $558.0M | ||
| Q3 24 | — | $629.0M | ||
| Q2 24 | — | $552.0M |
自由现金流NIOR
| Q1 26 | $-439.4M | $273.0M | ||
| Q4 25 | — | $344.0M | ||
| Q3 25 | — | $-85.0M | ||
| Q2 25 | — | $63.0M | ||
| Q1 25 | $-2.3B | $137.0M | ||
| Q4 24 | — | $-201.0M | ||
| Q3 24 | — | $30.0M | ||
| Q2 24 | — | $-87.0M |
自由现金流率NIOR
| Q1 26 | -9.3% | 8.7% | ||
| Q4 25 | — | 10.8% | ||
| Q3 25 | — | -2.7% | ||
| Q2 25 | — | 2.0% | ||
| Q1 25 | -85.6% | 4.4% | ||
| Q4 24 | — | -6.3% | ||
| Q3 24 | — | 0.9% | ||
| Q2 24 | — | -2.7% |
资本支出强度NIOR
| Q1 26 | 18.4% | 13.7% | ||
| Q4 25 | — | 12.8% | ||
| Q3 25 | — | 16.6% | ||
| Q2 25 | — | 21.6% | ||
| Q1 25 | 46.1% | 16.4% | ||
| Q4 24 | — | 23.8% | ||
| Q3 24 | — | 18.9% | ||
| Q2 24 | — | 20.1% |
现金转化率NIOR
| Q1 26 | 11.07× | 6.27× | ||
| Q4 25 | — | 5.67× | ||
| Q3 25 | — | 3.20× | ||
| Q2 25 | — | 5.74× | ||
| Q1 25 | — | 6.64× | ||
| Q4 24 | — | 4.13× | ||
| Q3 24 | — | 4.43× | ||
| Q2 24 | — | 4.35× |
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
R
| Fleet Management Solutions | $1.5B | 47% |
| ChoiceLease | $878.0M | 28% |
| Dedicated Transportation Solutions | $553.0M | 18% |
| Commercial rental | $211.0M | 7% |
