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NVR, Inc.（NVR）与SHOPIFY INC.（SHOP）财务数据对比。点击上方公司名可切换其他公司
SHOPIFY INC.的季度营收约是NVR, Inc.的1.4倍（$3.7B vs $2.7B），SHOPIFY INC.净利率更高（20.2% vs 13.4%，领先6.8%），SHOPIFY INC.同比增速更快（30.6% vs -4.7%），SHOPIFY INC.自由现金流更多（$715.0M vs $436.0M），过去两年SHOPIFY INC.的营收复合增速更高（40.5% vs 7.8%）
NVR, Inc.是总部位于美国弗吉尼亚州雷斯顿的知名住宅建造企业，同时运营抵押贷款银行及产权服务相关业务。公司业务主要布局美国东海岸，覆盖14个州及华盛顿特区，2021年有22%的营收来自华盛顿大都会区。
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。
NVR vs SHOP — 直观对比
营收规模更大
SHOP
是对方的1.4倍
$2.7B
营收增速更快
SHOP
高出35.3%
-4.7%
净利率更高
SHOP
高出6.8%
13.4%
自由现金流更多
SHOP
多$279.0M
$436.0M
两年增速更快
SHOP
近两年复合增速
7.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.7B | $3.7B |
| 净利润 | $363.8M | $743.0M |
| 毛利率 | — | 46.1% |
| 营业利润率 | — | 17.2% |
| 净利率 | 13.4% | 20.2% |
| 营收同比 | -4.7% | 30.6% |
| 净利润同比 | -20.5% | -42.5% |
| 每股收益（稀释后） | $120.85 | $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NVRSHOP
| Q4 25 | $2.7B | $3.7B | ||
| Q3 25 | $2.6B | $2.8B | ||
| Q2 25 | $2.6B | $2.7B | ||
| Q1 25 | $2.4B | $2.4B | ||
| Q4 24 | $2.8B | $2.8B | ||
| Q3 24 | $2.7B | $2.2B | ||
| Q2 24 | $2.6B | $2.0B | ||
| Q1 24 | $2.3B | $1.9B |
净利润NVRSHOP
| Q4 25 | $363.8M | $743.0M | ||
| Q3 25 | $342.7M | $264.0M | ||
| Q2 25 | $333.7M | $906.0M | ||
| Q1 25 | $299.6M | $-682.0M | ||
| Q4 24 | $457.4M | $1.3B | ||
| Q3 24 | $429.3M | $828.0M | ||
| Q2 24 | $400.9M | $171.0M | ||
| Q1 24 | $394.3M | $-273.0M |
毛利率NVRSHOP
| Q4 25 | — | 46.1% | ||
| Q3 25 | — | 48.9% | ||
| Q2 25 | — | 48.6% | ||
| Q1 25 | — | 49.5% | ||
| Q4 24 | — | 48.1% | ||
| Q3 24 | — | 51.7% | ||
| Q2 24 | — | 51.1% | ||
| Q1 24 | — | 51.4% |
营业利润率NVRSHOP
| Q4 25 | — | 17.2% | ||
| Q3 25 | — | 12.1% | ||
| Q2 25 | — | 10.9% | ||
| Q1 25 | — | 8.6% | ||
| Q4 24 | — | 16.5% | ||
| Q3 24 | — | 13.1% | ||
| Q2 24 | — | 11.8% | ||
| Q1 24 | — | 4.6% |
净利率NVRSHOP
| Q4 25 | 13.4% | 20.2% | ||
| Q3 25 | 13.1% | 9.3% | ||
| Q2 25 | 12.8% | 33.8% | ||
| Q1 25 | 12.5% | -28.9% | ||
| Q4 24 | 16.1% | 46.0% | ||
| Q3 24 | 15.7% | 38.3% | ||
| Q2 24 | 15.3% | 8.4% | ||
| Q1 24 | 16.9% | -14.7% |
每股收益（稀释后）NVRSHOP
| Q4 25 | $120.85 | $0.58 | ||
| Q3 25 | $112.33 | $0.20 | ||
| Q2 25 | $108.54 | $0.69 | ||
| Q1 25 | $94.83 | $-0.53 | ||
| Q4 24 | $139.09 | $0.99 | ||
| Q3 24 | $130.50 | $0.64 | ||
| Q2 24 | $120.69 | $0.13 | ||
| Q1 24 | $116.41 | $-0.21 |
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 | — | $5.8B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $3.9B | $13.5B |
| 总资产 | $5.9B | $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NVRSHOP
| Q4 25 | — | $5.8B | ||
| Q3 25 | — | $6.3B | ||
| Q2 25 | — | $5.8B | ||
| Q1 25 | — | $5.5B | ||
| Q4 24 | — | $5.5B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益NVRSHOP
| Q4 25 | $3.9B | $13.5B | ||
| Q3 25 | $4.0B | $12.5B | ||
| Q2 25 | $3.8B | $12.1B | ||
| Q1 25 | $4.0B | $11.1B | ||
| Q4 24 | $4.2B | $11.6B | ||
| Q3 24 | $4.3B | $10.1B | ||
| Q2 24 | $4.1B | $9.2B | ||
| Q1 24 | $4.3B | $8.9B |
总资产NVRSHOP
| Q4 25 | $5.9B | $15.2B | ||
| Q3 25 | $6.0B | $15.0B | ||
| Q2 25 | $5.9B | $14.6B | ||
| Q1 25 | $6.2B | $13.4B | ||
| Q4 24 | $6.4B | $13.9B | ||
| Q3 24 | $6.5B | — | ||
| Q2 24 | $6.4B | — | ||
| Q1 24 | $6.5B | — |
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 | $439.7M | $725.0M |
| 自由现金流经营现金流 - 资本支出 | $436.0M | $715.0M |
| 自由现金流率自由现金流/营收 | 16.1% | 19.5% |
| 资本支出强度资本支出/营收 | 0.1% | 0.3% |
| 现金转化率经营现金流/净利润 | 1.21× | 0.98× |
| 过去12个月自由现金流最近4个季度 | $1.1B | $2.0B |
8季度趋势，按日历期对齐
经营现金流NVRSHOP
| Q4 25 | $439.7M | $725.0M | ||
| Q3 25 | $438.7M | $513.0M | ||
| Q2 25 | $35.1M | $428.0M | ||
| Q1 25 | $207.8M | $367.0M | ||
| Q4 24 | $637.0M | $615.0M | ||
| Q3 24 | $358.3M | $423.0M | ||
| Q2 24 | $232.7M | $340.0M | ||
| Q1 24 | $146.5M | $238.0M |
自由现金流NVRSHOP
| Q4 25 | $436.0M | $715.0M | ||
| Q3 25 | $433.3M | $507.0M | ||
| Q2 25 | $26.8M | $422.0M | ||
| Q1 25 | $200.7M | $363.0M | ||
| Q4 24 | $631.5M | $611.0M | ||
| Q3 24 | $350.1M | $421.0M | ||
| Q2 24 | $226.3M | $333.0M | ||
| Q1 24 | $137.5M | $232.0M |
自由现金流率NVRSHOP
| Q4 25 | 16.1% | 19.5% | ||
| Q3 25 | 16.6% | 17.8% | ||
| Q2 25 | 1.0% | 15.7% | ||
| Q1 25 | 8.4% | 15.4% | ||
| Q4 24 | 22.2% | 21.7% | ||
| Q3 24 | 12.8% | 19.5% | ||
| Q2 24 | 8.7% | 16.3% | ||
| Q1 24 | 5.9% | 12.5% |
资本支出强度NVRSHOP
| Q4 25 | 0.1% | 0.3% | ||
| Q3 25 | 0.2% | 0.2% | ||
| Q2 25 | 0.3% | 0.2% | ||
| Q1 25 | 0.3% | 0.2% | ||
| Q4 24 | 0.2% | 0.1% | ||
| Q3 24 | 0.3% | 0.1% | ||
| Q2 24 | 0.2% | 0.3% | ||
| Q1 24 | 0.4% | 0.3% |
现金转化率NVRSHOP
| Q4 25 | 1.21× | 0.98× | ||
| Q3 25 | 1.28× | 1.94× | ||
| Q2 25 | 0.11× | 0.47× | ||
| Q1 25 | 0.69× | — | ||
| Q4 24 | 1.39× | 0.48× | ||
| Q3 24 | 0.83× | 0.51× | ||
| Q2 24 | 0.58× | 1.99× | ||
| Q1 24 | 0.37× | — |
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
NVR
| Home Building Segment | $2.6B | 97% |
| Mortgage Banking Segment | $77.4M | 3% |
SHOP
| Services | $2.9B | 79% |
| Subscription And Circulation | $777.0M | 21% |
