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拼多多（PDD）与贝宝（PYPL）财务数据对比。点击上方公司名可切换其他公司
拼多多的季度营收约是贝宝的1.8倍（$15.2B vs $8.7B），拼多多净利率更高（27.1% vs 16.6%，领先10.5%），过去两年拼多多的营收复合增速更高（74.6% vs 6.2%）
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。
贝宝控股（PayPal Holdings, Inc.）是美国跨国金融科技企业，在全球多数支持线上转账的国家运营在线支付系统，可作为支票、汇票等传统纸质支付方式的电子替代选项，同时为线上商户、拍卖网站及各类商业用户提供支付处理服务。
PDD vs PYPL — 直观对比
营收规模更大
PDD
是对方的1.8倍
$8.7B
净利率更高
PDD
高出10.5%
16.6%
两年增速更快
PDD
近两年复合增速
6.2%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $15.2B | $8.7B |
| 净利润 | $4.1B | $1.4B |
| 毛利率 | 56.7% | — |
| 营业利润率 | 23.1% | 17.4% |
| 净利率 | 27.1% | 16.6% |
| 营收同比 | — | 3.7% |
| 净利润同比 | — | 28.2% |
| 每股收益（稀释后） | — | $1.53 |
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PDDPYPL
| Q4 25 | — | $8.7B | ||
| Q3 25 | $15.2B | $8.4B | ||
| Q2 25 | $14.5B | $8.3B | ||
| Q1 25 | — | $7.8B | ||
| Q4 24 | — | $8.4B | ||
| Q3 24 | $14.2B | $7.8B | ||
| Q2 24 | — | $7.9B | ||
| Q1 24 | $12.0B | $7.7B |
净利润PDDPYPL
| Q4 25 | — | $1.4B | ||
| Q3 25 | $4.1B | $1.2B | ||
| Q2 25 | $4.3B | $1.3B | ||
| Q1 25 | — | $1.3B | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | $3.6B | $1.0B | ||
| Q2 24 | — | $1.1B | ||
| Q1 24 | $3.9B | $888.0M |
毛利率PDDPYPL
| Q4 25 | — | — | ||
| Q3 25 | 56.7% | — | ||
| Q2 25 | 55.9% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 60.0% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 62.3% | — |
营业利润率PDDPYPL
| Q4 25 | — | 17.4% | ||
| Q3 25 | 23.1% | 18.1% | ||
| Q2 25 | 24.8% | 18.1% | ||
| Q1 25 | — | 19.6% | ||
| Q4 24 | — | 17.2% | ||
| Q3 24 | 24.5% | 17.7% | ||
| Q2 24 | — | 16.8% | ||
| Q1 24 | 29.9% | 15.2% |
净利率PDDPYPL
| Q4 25 | — | 16.6% | ||
| Q3 25 | 27.1% | 14.8% | ||
| Q2 25 | 29.6% | 15.2% | ||
| Q1 25 | — | 16.5% | ||
| Q4 24 | — | 13.4% | ||
| Q3 24 | 25.1% | 12.9% | ||
| Q2 24 | — | 14.3% | ||
| Q1 24 | 32.3% | 11.5% |
每股收益（稀释后）PDDPYPL
| Q4 25 | — | $1.53 | ||
| Q3 25 | — | $1.30 | ||
| Q2 25 | — | $1.29 | ||
| Q1 25 | — | $1.29 | ||
| Q4 24 | — | $1.09 | ||
| Q3 24 | — | $0.99 | ||
| Q2 24 | — | $1.08 | ||
| Q1 24 | — | $0.83 |
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 | $10.4B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $55.0B | $20.3B |
| 总资产 | $86.2B | $80.2B |
| 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PDDPYPL
| Q4 25 | — | $10.4B | ||
| Q3 25 | $13.0B | $10.8B | ||
| Q2 25 | $8.8B | $10.0B | ||
| Q1 25 | — | $11.2B | ||
| Q4 24 | — | $10.8B | ||
| Q3 24 | $9.3B | $11.9B | ||
| Q2 24 | — | $13.6B | ||
| Q1 24 | $7.7B | $14.3B |
股东权益PDDPYPL
| Q4 25 | — | $20.3B | ||
| Q3 25 | $55.0B | $20.2B | ||
| Q2 25 | $50.5B | $20.2B | ||
| Q1 25 | — | $20.3B | ||
| Q4 24 | — | $20.4B | ||
| Q3 24 | $39.7B | $20.2B | ||
| Q2 24 | — | $20.6B | ||
| Q1 24 | $30.3B | $20.7B |
总资产PDDPYPL
| Q4 25 | — | $80.2B | ||
| Q3 25 | $86.2B | $79.8B | ||
| Q2 25 | $79.2B | $79.8B | ||
| Q1 25 | — | $81.3B | ||
| Q4 24 | — | $81.6B | ||
| Q3 24 | $66.5B | $83.5B | ||
| Q2 24 | — | $84.0B | ||
| Q1 24 | $52.3B | $83.3B |
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 | $6.4B | $2.4B |
| 自由现金流经营现金流 - 资本支出 | — | $2.2B |
| 自由现金流率自由现金流/营收 | — | 25.2% |
| 资本支出强度资本支出/营收 | — | 2.2% |
| 现金转化率经营现金流/净利润 | 1.56× | 1.66× |
| 过去12个月自由现金流最近4个季度 | — | $5.6B |
8季度趋势，按日历期对齐
经营现金流PDDPYPL
| Q4 25 | — | $2.4B | ||
| Q3 25 | $6.4B | $2.0B | ||
| Q2 25 | $3.0B | $898.0M | ||
| Q1 25 | — | $1.2B | ||
| Q4 24 | — | $2.4B | ||
| Q3 24 | $3.9B | $1.6B | ||
| Q2 24 | — | $1.5B | ||
| Q1 24 | $2.9B | $1.9B |
自由现金流PDDPYPL
| Q4 25 | — | $2.2B | ||
| Q3 25 | — | $1.7B | ||
| Q2 25 | — | $692.0M | ||
| Q1 25 | — | $964.0M | ||
| Q4 24 | — | $2.2B | ||
| Q3 24 | — | $1.4B | ||
| Q2 24 | — | $1.4B | ||
| Q1 24 | — | $1.8B |
自由现金流率PDDPYPL
| Q4 25 | — | 25.2% | ||
| Q3 25 | — | 20.4% | ||
| Q2 25 | — | 8.3% | ||
| Q1 25 | — | 12.4% | ||
| Q4 24 | — | 26.2% | ||
| Q3 24 | — | 18.4% | ||
| Q2 24 | — | 17.3% | ||
| Q1 24 | — | 22.9% |
资本支出强度PDDPYPL
| Q4 25 | — | 2.2% | ||
| Q3 25 | — | 3.0% | ||
| Q2 25 | — | 2.5% | ||
| Q1 25 | — | 2.5% | ||
| Q4 24 | — | 2.4% | ||
| Q3 24 | — | 2.2% | ||
| Q2 24 | — | 2.0% | ||
| Q1 24 | — | 2.0% |
现金转化率PDDPYPL
| Q4 25 | — | 1.66× | ||
| Q3 25 | 1.56× | 1.58× | ||
| Q2 25 | 0.70× | 0.71× | ||
| Q1 25 | — | 0.90× | ||
| Q4 24 | — | 2.14× | ||
| Q3 24 | 1.10× | 1.60× | ||
| Q2 24 | — | 1.35× | ||
| Q1 24 | 0.75× | 2.16× |
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
PYPL
| US | $4.9B | 57% |
| Non Us | $3.7B | 43% |
