vs
蔚来（NIO）与美国合众银行（USB）财务数据对比。点击上方公司名可切换其他公司
美国合众银行的季度营收约是蔚来的1.6倍（$7.4B vs $4.7B），美国合众银行净利率更高（27.8% vs 0.8%，领先26.9%）
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。
美国合众银行是美国跨国银行机构，总部位于明尼苏达州明尼阿波利斯，在特拉华州注册成立。截至2025年为美国第五大银行，也是美国中西部规模最大的银行，被金融稳定委员会认定为系统重要性机构，旗下核心运营主体提供银行、投资、按揭等多元金融服务。
NIO vs USB — 直观对比
营收规模更大
USB
是对方的1.6倍
$4.7B
净利率更高
USB
高出26.9%
0.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.7B | $7.4B |
| 净利润 | $38.7M | $2.0B |
| 毛利率 | 17.5% | — |
| 营业利润率 | 1.5% | 34.4% |
| 净利率 | 0.8% | 27.8% |
| 营收同比 | — | 5.1% |
| 净利润同比 | — | 23.0% |
| 每股收益（稀释后） | $0.05 | $1.26 |
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NIOUSB
| Q1 26 | $4.7B | — | ||
| Q4 25 | — | $7.4B | ||
| Q3 25 | $3.0B | $7.3B | ||
| Q2 25 | $2.6B | $7.0B | ||
| Q1 25 | $2.7B | $7.0B | ||
| Q4 24 | — | $7.0B | ||
| Q3 24 | — | $6.9B | ||
| Q2 24 | — | $6.9B |
净利润NIOUSB
| Q1 26 | $38.7M | — | ||
| Q4 25 | — | $2.0B | ||
| Q3 25 | $-505.2M | $2.0B | ||
| Q2 25 | $-709.5M | $1.8B | ||
| Q1 25 | $-984.2M | $1.7B | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | — | $1.7B | ||
| Q2 24 | — | $1.6B |
毛利率NIOUSB
| 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NIOUSB
| Q1 26 | 1.5% | — | ||
| Q4 25 | — | 34.4% | ||
| Q3 25 | -16.2% | 34.5% | ||
| Q2 25 | -25.8% | 32.7% | ||
| Q1 25 | -30.6% | 31.0% | ||
| Q4 24 | — | 30.1% | ||
| Q3 24 | — | 30.2% | ||
| Q2 24 | — | 29.9% |
净利率NIOUSB
| Q1 26 | 0.8% | — | ||
| Q4 25 | — | 27.8% | ||
| Q3 25 | -16.8% | 27.3% | ||
| Q2 25 | -27.0% | 25.9% | ||
| Q1 25 | -36.2% | 24.6% | ||
| Q4 24 | — | 23.7% | ||
| Q3 24 | — | 25.0% | ||
| Q2 24 | — | 23.3% |
每股收益（稀释后）NIOUSB
| Q1 26 | $0.05 | — | ||
| Q4 25 | — | $1.26 | ||
| Q3 25 | $-1.51 | $1.22 | ||
| Q2 25 | $-2.31 | $1.11 | ||
| Q1 25 | $-3.47 | $1.03 | ||
| Q4 24 | — | $1.01 | ||
| Q3 24 | — | $1.03 | ||
| Q2 24 | — | $0.97 |
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 | — |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $594.8M | $65.2B |
| 总资产 | $17.8B | $692.3B |
| 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NIOUSB
| Q1 26 | $4.4B | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $2.5B | — | ||
| Q1 25 | $4.6B | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益NIOUSB
| Q1 26 | $594.8M | — | ||
| Q4 25 | — | $65.2B | ||
| Q3 25 | — | $63.3B | ||
| Q2 25 | $-168.3M | $61.4B | ||
| Q1 25 | $817.5M | $60.1B | ||
| Q4 24 | — | $58.6B | ||
| Q3 24 | — | $58.9B | ||
| Q2 24 | — | $56.4B |
总资产NIOUSB
| Q1 26 | $17.8B | — | ||
| Q4 25 | — | $692.3B | ||
| Q3 25 | — | $695.4B | ||
| Q2 25 | $14.0B | $686.4B | ||
| Q1 25 | $14.7B | $676.5B | ||
| Q4 24 | — | $678.3B | ||
| Q3 24 | — | $686.5B | ||
| Q2 24 | — | $680.1B |
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 | $2.8B |
| 自由现金流经营现金流 - 资本支出 | $-439.4M | — |
| 自由现金流率自由现金流/营收 | -9.3% | — |
| 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× | 1.39× |
| 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NIOUSB
| Q1 26 | $427.9M | — | ||
| Q4 25 | — | $2.8B | ||
| Q3 25 | — | $3.4B | ||
| Q2 25 | — | $2.0B | ||
| Q1 25 | $-1.1B | $-285.0M | ||
| Q4 24 | — | $4.8B | ||
| Q3 24 | — | $972.0M | ||
| Q2 24 | — | $2.9B |
自由现金流NIOUSB
| Q1 26 | $-439.4M | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $-2.3B | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
自由现金流率NIOUSB
| Q1 26 | -9.3% | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -85.6% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
资本支出强度NIOUSB
| Q1 26 | 18.4% | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 46.1% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
现金转化率NIOUSB
| Q1 26 | 11.07× | — | ||
| Q4 25 | — | 1.39× | ||
| Q3 25 | — | 1.69× | ||
| Q2 25 | — | 1.12× | ||
| Q1 25 | — | -0.17× | ||
| Q4 24 | — | 2.87× | ||
| Q3 24 | — | 0.57× | ||
| Q2 24 | — | 1.79× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
