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ServiceNow（NOW）与Toll Brothers, Inc.（TOL）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Toll Brothers, Inc.的1.1倍（$3.8B vs $3.4B），Toll Brothers, Inc.净利率更高（13.0% vs 12.4%，领先0.6%），ServiceNow同比增速更快（2.8% vs 2.7%），ServiceNow自由现金流更多（$1.7B vs $772.2M），过去两年Toll Brothers, Inc.的营收复合增速更高（32.6% 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。
Toll Brothers, Inc.是美国知名住宅建造企业，业务涵盖美国境内住宅及商业地产的开发、营销与融资服务。2020年按住宅建造营收统计，该公司为全美第五大房屋建造商，位列《财富》美国500强第411位。
NOW vs TOL — 直观对比
营收规模更大
NOW
是对方的1.1倍
$3.4B
营收增速更快
NOW
高出0.1%
2.7%
净利率更高
TOL
高出0.6%
12.4%
自由现金流更多
NOW
多$892.8M
$772.2M
两年增速更快
TOL
近两年复合增速
19.8%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.8B | $3.4B |
| 净利润 | $469.0M | $446.7M |
| 毛利率 | 75.1% | 24.8% |
| 营业利润率 | 13.3% | 16.5% |
| 净利率 | 12.4% | 13.0% |
| 营收同比 | 2.8% | 2.7% |
| 净利润同比 | -53.7% | -6.0% |
| 每股收益（稀释后） | $1.04 | $4.51 |
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NOWTOL
| Q1 26 | $3.8B | — | ||
| Q4 25 | $3.6B | $3.4B | ||
| Q3 25 | $3.4B | $2.9B | ||
| Q2 25 | $3.2B | $2.7B | ||
| Q1 25 | $3.1B | $1.9B | ||
| Q4 24 | $3.0B | $3.3B | ||
| Q3 24 | $2.8B | $2.7B | ||
| Q2 24 | $2.6B | $2.8B |
净利润NOWTOL
| Q1 26 | $469.0M | — | ||
| Q4 25 | $401.0M | $446.7M | ||
| Q3 25 | $502.0M | $369.6M | ||
| Q2 25 | $385.0M | $352.4M | ||
| Q1 25 | $460.0M | $177.7M | ||
| Q4 24 | $384.0M | $475.4M | ||
| Q3 24 | $432.0M | $374.6M | ||
| Q2 24 | $262.0M | $481.6M |
毛利率NOWTOL
| Q1 26 | 75.1% | — | ||
| Q4 25 | 76.6% | 24.8% | ||
| Q3 25 | 77.3% | 25.2% | ||
| Q2 25 | 77.5% | 25.8% | ||
| Q1 25 | 78.9% | 24.7% | ||
| Q4 24 | 78.7% | 26.4% | ||
| Q3 24 | 79.1% | 27.2% | ||
| Q2 24 | 79.0% | 30.4% |
营业利润率NOWTOL
| Q1 26 | 13.3% | — | ||
| Q4 25 | 12.4% | 16.5% | ||
| Q3 25 | 16.8% | 16.6% | ||
| Q2 25 | 11.1% | 16.4% | ||
| Q1 25 | 14.6% | 11.8% | ||
| Q4 24 | 12.6% | 18.3% | ||
| Q3 24 | 14.9% | 18.2% | ||
| Q2 24 | 9.1% | 22.0% |
净利率NOWTOL
| Q1 26 | 12.4% | — | ||
| Q4 25 | 11.2% | 13.0% | ||
| Q3 25 | 14.7% | 12.6% | ||
| Q2 25 | 12.0% | 12.9% | ||
| Q1 25 | 14.9% | 9.6% | ||
| Q4 24 | 13.0% | 14.3% | ||
| Q3 24 | 15.4% | 13.7% | ||
| Q2 24 | 10.0% | 17.0% |
每股收益（稀释后）NOWTOL
| Q1 26 | $1.04 | — | ||
| Q4 25 | $-4.77 | $4.51 | ||
| Q3 25 | $2.40 | $3.73 | ||
| Q2 25 | $1.84 | $3.50 | ||
| Q1 25 | $2.20 | $1.75 | ||
| Q4 24 | $1.84 | $4.61 | ||
| Q3 24 | $2.07 | $3.60 | ||
| Q2 24 | $1.26 | $4.55 |
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 | $1.3B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $11.7B | $8.3B |
| 总资产 | $24.4B | $14.5B |
| 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NOWTOL
| Q1 26 | $2.7B | — | ||
| Q4 25 | $3.7B | $1.3B | ||
| Q3 25 | $2.7B | $852.3M | ||
| Q2 25 | $3.1B | $686.5M | ||
| Q1 25 | $3.4B | $574.8M | ||
| Q4 24 | $2.3B | $1.3B | ||
| Q3 24 | $1.9B | $893.4M | ||
| Q2 24 | $2.2B | $1.0B |
股东权益NOWTOL
| Q1 26 | $11.7B | — | ||
| Q4 25 | $13.0B | $8.3B | ||
| Q3 25 | $11.3B | $8.1B | ||
| Q2 25 | $10.9B | $7.9B | ||
| Q1 25 | $10.1B | $7.8B | ||
| Q4 24 | $9.6B | $7.7B | ||
| Q3 24 | $9.3B | $7.4B | ||
| Q2 24 | $8.7B | $7.3B |
总资产NOWTOL
| Q1 26 | $24.4B | — | ||
| Q4 25 | $26.0B | $14.5B | ||
| Q3 25 | $21.8B | $14.4B | ||
| Q2 25 | $22.1B | $14.2B | ||
| Q1 25 | $21.0B | $13.6B | ||
| Q4 24 | $20.4B | $13.4B | ||
| Q3 24 | $18.4B | $13.4B | ||
| Q2 24 | $18.2B | $13.3B |
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 | $800.0M |
| 自由现金流经营现金流 - 资本支出 | $1.7B | $772.2M |
| 自由现金流率自由现金流/营收 | 44.2% | 22.6% |
| 资本支出强度资本支出/营收 | — | 0.8% |
| 现金转化率经营现金流/净利润 | 3.56× | 1.79× |
| 过去12个月自由现金流最近4个季度 | $4.8B | $1.0B |
8季度趋势，按日历期对齐
经营现金流NOWTOL
| Q1 26 | $1.7B | — | ||
| Q4 25 | $2.2B | $800.0M | ||
| Q3 25 | $813.0M | $370.3M | ||
| Q2 25 | $716.0M | $362.8M | ||
| Q1 25 | $1.7B | $-420.8M | ||
| Q4 24 | $1.6B | $682.5M | ||
| Q3 24 | $671.0M | $175.6M | ||
| Q2 24 | $620.0M | $459.0M |
自由现金流NOWTOL
| Q1 26 | $1.7B | — | ||
| Q4 25 | $2.0B | $772.2M | ||
| Q3 25 | $578.0M | $344.9M | ||
| Q2 25 | $526.0M | $347.3M | ||
| Q1 25 | $1.5B | $-438.1M | ||
| Q4 24 | $1.4B | $664.3M | ||
| Q3 24 | $469.0M | $149.9M | ||
| Q2 24 | $358.0M | $442.9M |
自由现金流率NOWTOL
| Q1 26 | 44.2% | — | ||
| Q4 25 | 56.1% | 22.6% | ||
| Q3 25 | 17.0% | 11.7% | ||
| Q2 25 | 16.4% | 12.7% | ||
| Q1 25 | 47.7% | -23.6% | ||
| Q4 24 | 46.7% | 19.9% | ||
| Q3 24 | 16.8% | 5.5% | ||
| Q2 24 | 13.6% | 15.6% |
资本支出强度NOWTOL
| Q1 26 | — | — | ||
| Q4 25 | 6.7% | 0.8% | ||
| Q3 25 | 6.9% | 0.9% | ||
| Q2 25 | 5.9% | 0.6% | ||
| Q1 25 | 6.6% | 0.9% | ||
| Q4 24 | 8.6% | 0.5% | ||
| Q3 24 | 7.2% | 0.9% | ||
| Q2 24 | 10.0% | 0.6% |
现金转化率NOWTOL
| Q1 26 | 3.56× | — | ||
| Q4 25 | 5.58× | 1.79× | ||
| Q3 25 | 1.62× | 1.00× | ||
| Q2 25 | 1.86× | 1.03× | ||
| Q1 25 | 3.65× | -2.37× | ||
| Q4 24 | 4.26× | 1.44× | ||
| Q3 24 | 1.55× | 0.47× | ||
| Q2 24 | 2.37× | 0.95× |
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% |
TOL
| Home Building | $3.4B | 100% |
| Land | $9.4M | 0% |
