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拼多多（PDD）与百事公司（PEP）财务数据对比。点击上方公司名可切换其他公司
百事公司的季度营收约是拼多多的1.9倍（$29.3B vs $15.2B），拼多多净利率更高（27.1% vs 8.7%，领先18.4%），过去两年拼多多的营收复合增速更高（74.6% vs 26.8%）
PDD控股是总部位于爱尔兰的跨国企业，旗下拥有中国头部线上零售平台拼多多和跨境电商平台Temu。拼多多主打农业供应链数字化升级，助力农产品直接对接广大消费者需求。
百事公司是总部位于美国纽约州珀彻斯的跨国食品饮料巨头，1965年由百事可乐公司与菲多利公司合并组建。其业务覆盖食品饮料全品类，负责旗下产品的生产、分销及营销推广，产品线已从最初的百事可乐拓展为丰富多元的品牌矩阵。
PDD vs PEP — 直观对比
营收规模更大
PEP
是对方的1.9倍
$15.2B
净利率更高
PDD
高出18.4%
8.7%
两年增速更快
PDD
近两年复合增速
26.8%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $15.2B | $29.3B |
| 净利润 | $4.1B | $2.5B |
| 毛利率 | 56.7% | 53.2% |
| 营业利润率 | 23.1% | 12.1% |
| 净利率 | 27.1% | 8.7% |
| 营收同比 | — | 5.6% |
| 净利润同比 | — | 66.8% |
| 每股收益（稀释后） | — | $1.85 |
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PDDPEP
| Q4 25 | — | $29.3B | ||
| Q3 25 | $15.2B | $23.9B | ||
| Q2 25 | $14.5B | $22.7B | ||
| Q1 25 | — | $17.9B | ||
| Q4 24 | — | $27.8B | ||
| Q3 24 | $14.2B | $23.3B | ||
| Q2 24 | — | $22.5B | ||
| Q1 24 | $12.0B | $18.3B |
净利润PDDPEP
| Q4 25 | — | $2.5B | ||
| Q3 25 | $4.1B | $2.6B | ||
| Q2 25 | $4.3B | $1.3B | ||
| Q1 25 | — | $1.8B | ||
| Q4 24 | — | $1.5B | ||
| Q3 24 | $3.6B | $2.9B | ||
| Q2 24 | — | $3.1B | ||
| Q1 24 | $3.9B | $2.0B |
毛利率PDDPEP
| Q4 25 | — | 53.2% | ||
| Q3 25 | 56.7% | 53.6% | ||
| Q2 25 | 55.9% | 54.7% | ||
| Q1 25 | — | 55.8% | ||
| Q4 24 | — | 52.6% | ||
| Q3 24 | 60.0% | 55.4% | ||
| Q2 24 | — | 55.9% | ||
| Q1 24 | 62.3% | 54.8% |
营业利润率PDDPEP
| Q4 25 | — | 12.1% | ||
| Q3 25 | 23.1% | 14.9% | ||
| Q2 25 | 24.8% | 7.9% | ||
| Q1 25 | — | 14.4% | ||
| Q4 24 | — | 8.1% | ||
| Q3 24 | 24.5% | 16.6% | ||
| Q2 24 | — | 18.0% | ||
| Q1 24 | 29.9% | 14.9% |
净利率PDDPEP
| Q4 25 | — | 8.7% | ||
| Q3 25 | 27.1% | 10.9% | ||
| Q2 25 | 29.6% | 5.6% | ||
| Q1 25 | — | 10.2% | ||
| Q4 24 | — | 5.5% | ||
| Q3 24 | 25.1% | 12.6% | ||
| Q2 24 | — | 13.7% | ||
| Q1 24 | 32.3% | 11.2% |
每股收益（稀释后）PDDPEP
| Q4 25 | — | $1.85 | ||
| Q3 25 | — | $1.90 | ||
| Q2 25 | — | $0.92 | ||
| Q1 25 | — | $1.33 | ||
| Q4 24 | — | $1.11 | ||
| Q3 24 | — | $2.13 | ||
| Q2 24 | — | $2.23 | ||
| Q1 24 | — | $1.48 |
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 | $13.0B | $9.5B |
| 总债务越低越好 | — | $42.3B |
| 股东权益账面价值 | $55.0B | $20.4B |
| 总资产 | $86.2B | $107.4B |
| 负债/权益比越低杠杆越低 | — | 2.07× |
8季度趋势，按日历期对齐
现金及短期投资PDDPEP
| Q4 25 | — | $9.5B | ||
| Q3 25 | $13.0B | $8.7B | ||
| Q2 25 | $8.8B | $8.0B | ||
| Q1 25 | — | $8.6B | ||
| Q4 24 | — | $9.3B | ||
| Q3 24 | $9.3B | $8.1B | ||
| Q2 24 | — | $6.7B | ||
| Q1 24 | $7.7B | $8.3B |
总债务PDDPEP
| Q4 25 | — | $42.3B | ||
| Q3 25 | — | $44.1B | ||
| Q2 25 | — | $39.3B | ||
| Q1 25 | — | $39.4B | ||
| Q4 24 | — | $37.2B | ||
| Q3 24 | — | $38.5B | ||
| Q2 24 | — | $36.6B | ||
| Q1 24 | — | $37.7B |
股东权益PDDPEP
| Q4 25 | — | $20.4B | ||
| Q3 25 | $55.0B | $19.4B | ||
| Q2 25 | $50.5B | $18.4B | ||
| Q1 25 | — | $18.4B | ||
| Q4 24 | — | $18.0B | ||
| Q3 24 | $39.7B | $19.5B | ||
| Q2 24 | — | $19.4B | ||
| Q1 24 | $30.3B | $19.0B |
总资产PDDPEP
| Q4 25 | — | $107.4B | ||
| Q3 25 | $86.2B | $106.6B | ||
| Q2 25 | $79.2B | $105.3B | ||
| Q1 25 | — | $101.7B | ||
| Q4 24 | — | $99.5B | ||
| Q3 24 | $66.5B | $100.5B | ||
| Q2 24 | — | $99.5B | ||
| Q1 24 | $52.3B | $100.0B |
负债/权益比PDDPEP
| Q4 25 | — | 2.07× | ||
| Q3 25 | — | 2.28× | ||
| Q2 25 | — | 2.14× | ||
| Q1 25 | — | 2.14× | ||
| Q4 24 | — | 2.06× | ||
| Q3 24 | — | 1.98× | ||
| Q2 24 | — | 1.88× | ||
| Q1 24 | — | 1.98× |
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 | $6.4B | $6.6B |
| 自由现金流经营现金流 - 资本支出 | — | $4.7B |
| 自由现金流率自由现金流/营收 | — | 16.0% |
| 资本支出强度资本支出/营收 | — | 6.5% |
| 现金转化率经营现金流/净利润 | 1.56× | 2.61× |
| 过去12个月自由现金流最近4个季度 | — | $7.7B |
8季度趋势，按日历期对齐
经营现金流PDDPEP
| Q4 25 | — | $6.6B | ||
| Q3 25 | $6.4B | $4.5B | ||
| Q2 25 | $3.0B | $2.0B | ||
| Q1 25 | — | $-973.0M | ||
| Q4 24 | — | $6.3B | ||
| Q3 24 | $3.9B | $4.9B | ||
| Q2 24 | — | $2.4B | ||
| Q1 24 | $2.9B | $-1.0B |
自由现金流PDDPEP
| Q4 25 | — | $4.7B | ||
| Q3 25 | — | $3.5B | ||
| Q2 25 | — | $1.1B | ||
| Q1 25 | — | $-1.6B | ||
| Q4 24 | — | $3.8B | ||
| Q3 24 | — | $3.8B | ||
| Q2 24 | — | $1.3B | ||
| Q1 24 | — | $-1.7B |
自由现金流率PDDPEP
| Q4 25 | — | 16.0% | ||
| Q3 25 | — | 14.5% | ||
| Q2 25 | — | 4.7% | ||
| Q1 25 | — | -8.8% | ||
| Q4 24 | — | 13.7% | ||
| Q3 24 | — | 16.1% | ||
| Q2 24 | — | 5.6% | ||
| Q1 24 | — | -9.1% |
资本支出强度PDDPEP
| Q4 25 | — | 6.5% | ||
| Q3 25 | — | 4.1% | ||
| Q2 25 | — | 4.0% | ||
| Q1 25 | — | 3.4% | ||
| Q4 24 | — | 8.9% | ||
| Q3 24 | — | 4.9% | ||
| Q2 24 | — | 4.8% | ||
| Q1 24 | — | 3.4% |
现金转化率PDDPEP
| Q4 25 | — | 2.61× | ||
| Q3 25 | 1.56× | 1.72× | ||
| Q2 25 | 0.70× | 1.56× | ||
| Q1 25 | — | -0.53× | ||
| Q4 24 | — | 4.13× | ||
| Q3 24 | 1.10× | 1.67× | ||
| Q2 24 | — | 0.76× | ||
| Q1 24 | 0.75× | -0.51× |
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
PDD
暂无分部数据
PEP
| Pepsi Co Foods North America | $8.3B | 28% |
| Pepsi Co Beverages North America | $8.2B | 28% |
| Europe Middle East Africa Segment | $6.1B | 21% |
| Latin America Foods Segment | $3.7B | 13% |
| International Beverage Franchise | $1.6B | 5% |
| Asia Pacific Foods Segment | $1.5B | 5% |
