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ServiceNow（NOW）与SHOPIFY INC.（SHOP）财务数据对比。点击上方公司名可切换其他公司
ServiceNow的季度营收约是SHOPIFY INC.的1.0倍（$3.8B vs $3.7B），SHOPIFY INC.净利率更高（20.2% vs 12.4%，领先7.8%），SHOPIFY INC.同比增速更快（30.6% vs 2.8%），ServiceNow自由现金流更多（$1.7B vs $715.0M），过去两年SHOPIFY INC.的营收复合增速更高（40.5% vs 19.8%）
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。
Shopify是总部位于加拿大安大略省渥太华的跨国电商企业，运营零售POS系统及相关服务平台，全球客户超500万，2024年总交易处理额达2923亿美元，其中57%来自美国市场，服务客户包括特斯拉、路威酩轩、雀巢、百事、百威英博、红牛、凯悦等知名品牌。
NOW vs SHOP — 直观对比
营收规模更大
NOW
是对方的1.0倍
$3.7B
营收增速更快
SHOP
高出27.8%
2.8%
净利率更高
SHOP
高出7.8%
12.4%
自由现金流更多
NOW
多$950.0M
$715.0M
两年增速更快
SHOP
近两年复合增速
19.8%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.8B | $3.7B |
| 净利润 | $469.0M | $743.0M |
| 毛利率 | 75.1% | 46.1% |
| 营业利润率 | 13.3% | 17.2% |
| 净利率 | 12.4% | 20.2% |
| 营收同比 | 2.8% | 30.6% |
| 净利润同比 | -53.7% | -42.5% |
| 每股收益（稀释后） | $1.04 | $0.58 |
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NOWSHOP
| Q1 26 | $3.8B | — | ||
| Q4 25 | $3.6B | $3.7B | ||
| Q3 25 | $3.4B | $2.8B | ||
| Q2 25 | $3.2B | $2.7B | ||
| Q1 25 | $3.1B | $2.4B | ||
| Q4 24 | $3.0B | $2.8B | ||
| Q3 24 | $2.8B | $2.2B | ||
| Q2 24 | $2.6B | $2.0B |
净利润NOWSHOP
| Q1 26 | $469.0M | — | ||
| Q4 25 | $401.0M | $743.0M | ||
| Q3 25 | $502.0M | $264.0M | ||
| Q2 25 | $385.0M | $906.0M | ||
| Q1 25 | $460.0M | $-682.0M | ||
| Q4 24 | $384.0M | $1.3B | ||
| Q3 24 | $432.0M | $828.0M | ||
| Q2 24 | $262.0M | $171.0M |
毛利率NOWSHOP
| Q1 26 | 75.1% | — | ||
| Q4 25 | 76.6% | 46.1% | ||
| Q3 25 | 77.3% | 48.9% | ||
| Q2 25 | 77.5% | 48.6% | ||
| Q1 25 | 78.9% | 49.5% | ||
| Q4 24 | 78.7% | 48.1% | ||
| Q3 24 | 79.1% | 51.7% | ||
| Q2 24 | 79.0% | 51.1% |
营业利润率NOWSHOP
| Q1 26 | 13.3% | — | ||
| Q4 25 | 12.4% | 17.2% | ||
| Q3 25 | 16.8% | 12.1% | ||
| Q2 25 | 11.1% | 10.9% | ||
| Q1 25 | 14.6% | 8.6% | ||
| Q4 24 | 12.6% | 16.5% | ||
| Q3 24 | 14.9% | 13.1% | ||
| Q2 24 | 9.1% | 11.8% |
净利率NOWSHOP
| Q1 26 | 12.4% | — | ||
| Q4 25 | 11.2% | 20.2% | ||
| Q3 25 | 14.7% | 9.3% | ||
| Q2 25 | 12.0% | 33.8% | ||
| Q1 25 | 14.9% | -28.9% | ||
| Q4 24 | 13.0% | 46.0% | ||
| Q3 24 | 15.4% | 38.3% | ||
| Q2 24 | 10.0% | 8.4% |
每股收益（稀释后）NOWSHOP
| Q1 26 | $1.04 | — | ||
| Q4 25 | $-4.77 | $0.58 | ||
| Q3 25 | $2.40 | $0.20 | ||
| Q2 25 | $1.84 | $0.69 | ||
| Q1 25 | $2.20 | $-0.53 | ||
| Q4 24 | $1.84 | $0.99 | ||
| Q3 24 | $2.07 | $0.64 | ||
| Q2 24 | $1.26 | $0.13 |
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 | $2.7B | $5.8B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $11.7B | $13.5B |
| 总资产 | $24.4B | $15.2B |
| 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NOWSHOP
| Q1 26 | $2.7B | — | ||
| Q4 25 | $3.7B | $5.8B | ||
| Q3 25 | $2.7B | $6.3B | ||
| Q2 25 | $3.1B | $5.8B | ||
| Q1 25 | $3.4B | $5.5B | ||
| Q4 24 | $2.3B | $5.5B | ||
| Q3 24 | $1.9B | — | ||
| Q2 24 | $2.2B | — |
股东权益NOWSHOP
| Q1 26 | $11.7B | — | ||
| Q4 25 | $13.0B | $13.5B | ||
| Q3 25 | $11.3B | $12.5B | ||
| Q2 25 | $10.9B | $12.1B | ||
| Q1 25 | $10.1B | $11.1B | ||
| Q4 24 | $9.6B | $11.6B | ||
| Q3 24 | $9.3B | $10.1B | ||
| Q2 24 | $8.7B | $9.2B |
总资产NOWSHOP
| Q1 26 | $24.4B | — | ||
| Q4 25 | $26.0B | $15.2B | ||
| Q3 25 | $21.8B | $15.0B | ||
| Q2 25 | $22.1B | $14.6B | ||
| Q1 25 | $21.0B | $13.4B | ||
| Q4 24 | $20.4B | $13.9B | ||
| 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 | $1.7B | $725.0M |
| 自由现金流经营现金流 - 资本支出 | $1.7B | $715.0M |
| 自由现金流率自由现金流/营收 | 44.2% | 19.5% |
| 资本支出强度资本支出/营收 | — | 0.3% |
| 现金转化率经营现金流/净利润 | 3.56× | 0.98× |
| 过去12个月自由现金流最近4个季度 | $4.8B | $2.0B |
8季度趋势，按日历期对齐
经营现金流NOWSHOP
| Q1 26 | $1.7B | — | ||
| Q4 25 | $2.2B | $725.0M | ||
| Q3 25 | $813.0M | $513.0M | ||
| Q2 25 | $716.0M | $428.0M | ||
| Q1 25 | $1.7B | $367.0M | ||
| Q4 24 | $1.6B | $615.0M | ||
| Q3 24 | $671.0M | $423.0M | ||
| Q2 24 | $620.0M | $340.0M |
自由现金流NOWSHOP
| Q1 26 | $1.7B | — | ||
| Q4 25 | $2.0B | $715.0M | ||
| Q3 25 | $578.0M | $507.0M | ||
| Q2 25 | $526.0M | $422.0M | ||
| Q1 25 | $1.5B | $363.0M | ||
| Q4 24 | $1.4B | $611.0M | ||
| Q3 24 | $469.0M | $421.0M | ||
| Q2 24 | $358.0M | $333.0M |
自由现金流率NOWSHOP
| Q1 26 | 44.2% | — | ||
| Q4 25 | 56.1% | 19.5% | ||
| Q3 25 | 17.0% | 17.8% | ||
| Q2 25 | 16.4% | 15.7% | ||
| Q1 25 | 47.7% | 15.4% | ||
| Q4 24 | 46.7% | 21.7% | ||
| Q3 24 | 16.8% | 19.5% | ||
| Q2 24 | 13.6% | 16.3% |
资本支出强度NOWSHOP
| Q1 26 | — | — | ||
| Q4 25 | 6.7% | 0.3% | ||
| Q3 25 | 6.9% | 0.2% | ||
| Q2 25 | 5.9% | 0.2% | ||
| Q1 25 | 6.6% | 0.2% | ||
| Q4 24 | 8.6% | 0.1% | ||
| Q3 24 | 7.2% | 0.1% | ||
| Q2 24 | 10.0% | 0.3% |
现金转化率NOWSHOP
| Q1 26 | 3.56× | — | ||
| Q4 25 | 5.58× | 0.98× | ||
| Q3 25 | 1.62× | 1.94× | ||
| Q2 25 | 1.86× | 0.47× | ||
| Q1 25 | 3.65× | — | ||
| Q4 24 | 4.26× | 0.48× | ||
| Q3 24 | 1.55× | 0.51× | ||
| Q2 24 | 2.37× | 1.99× |
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
NOW
| Subscription revenues | $3.7B | 97% |
| Other | $80.5M | 2% |
| Professional services and other revenues | $18.5M | 0% |
SHOP
| Services | $2.9B | 79% |
| Subscription And Circulation | $777.0M | 21% |
