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拼多多（PDD）与高通（QCOM）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高通的1.2倍（$15.2B vs $12.3B），拼多多净利率更高（27.1% vs 24.5%，领先2.6%），过去两年拼多多的营收复合增速更高（74.6% vs 14.2%）
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。
高通是总部位于美国加利福尼亚州圣迭戈、在特拉华州注册的跨国企业，主营无线技术相关的半导体、软件及服务业务，持有5G、4G、CDMA2000、TD-SCDMA、WCDMA等移动通信标准的核心专利，是全球无线通信领域的核心供应商。
PDD vs QCOM — 直观对比
营收规模更大
PDD
是对方的1.2倍
$12.3B
净利率更高
PDD
高出2.6%
24.5%
两年增速更快
PDD
近两年复合增速
14.2%
损益表 — Q3 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $15.2B | $12.3B |
| 净利润 | $4.1B | $3.0B |
| 毛利率 | 56.7% | 54.6% |
| 营业利润率 | 23.1% | 27.5% |
| 净利率 | 27.1% | 24.5% |
| 营收同比 | — | 5.0% |
| 净利润同比 | — | -5.5% |
| 每股收益（稀释后） | — | $2.78 |
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PDDQCOM
| Q4 25 | — | $12.3B | ||
| Q3 25 | $15.2B | $11.3B | ||
| Q2 25 | $14.5B | $10.4B | ||
| Q1 25 | — | $11.0B | ||
| Q4 24 | — | $11.7B | ||
| Q3 24 | $14.2B | $10.2B | ||
| Q2 24 | — | $9.4B | ||
| Q1 24 | $12.0B | $9.4B |
净利润PDDQCOM
| Q4 25 | — | $3.0B | ||
| Q3 25 | $4.1B | $-3.1B | ||
| Q2 25 | $4.3B | $2.7B | ||
| Q1 25 | — | $2.8B | ||
| Q4 24 | — | $3.2B | ||
| Q3 24 | $3.6B | $2.9B | ||
| Q2 24 | — | $2.1B | ||
| Q1 24 | $3.9B | $2.3B |
毛利率PDDQCOM
| Q4 25 | — | 54.6% | ||
| Q3 25 | 56.7% | 55.3% | ||
| Q2 25 | 55.9% | 55.6% | ||
| Q1 25 | — | 55.0% | ||
| Q4 24 | — | 55.8% | ||
| Q3 24 | 60.0% | 56.4% | ||
| Q2 24 | — | 55.6% | ||
| Q1 24 | 62.3% | 56.3% |
营业利润率PDDQCOM
| Q4 25 | — | 27.5% | ||
| Q3 25 | 23.1% | 25.9% | ||
| Q2 25 | 24.8% | 26.6% | ||
| Q1 25 | — | 28.4% | ||
| Q4 24 | — | 30.5% | ||
| Q3 24 | 24.5% | 25.2% | ||
| Q2 24 | — | 23.6% | ||
| Q1 24 | 29.9% | 24.9% |
净利率PDDQCOM
| Q4 25 | — | 24.5% | ||
| Q3 25 | 27.1% | -27.7% | ||
| Q2 25 | 29.6% | 25.7% | ||
| Q1 25 | — | 25.6% | ||
| Q4 24 | — | 27.3% | ||
| Q3 24 | 25.1% | 28.5% | ||
| Q2 24 | — | 22.7% | ||
| Q1 24 | 32.3% | 24.8% |
每股收益（稀释后）PDDQCOM
| Q4 25 | — | $2.78 | ||
| Q3 25 | — | $-2.77 | ||
| Q2 25 | — | $2.43 | ||
| Q1 25 | — | $2.52 | ||
| Q4 24 | — | $2.83 | ||
| Q3 24 | — | $2.57 | ||
| Q2 24 | — | $1.88 | ||
| Q1 24 | — | $2.06 |
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 | $11.8B |
| 总债务越低越好 | — | $14.8B |
| 股东权益账面价值 | $55.0B | $23.1B |
| 总资产 | $86.2B | $53.0B |
| 负债/权益比越低杠杆越低 | — | 0.64× |
8季度趋势，按日历期对齐
现金及短期投资PDDQCOM
| Q4 25 | — | $11.8B | ||
| Q3 25 | $13.0B | $10.2B | ||
| Q2 25 | $8.8B | $10.0B | ||
| Q1 25 | — | $13.8B | ||
| Q4 24 | — | $14.3B | ||
| Q3 24 | $9.3B | $13.3B | ||
| Q2 24 | — | $13.0B | ||
| Q1 24 | $7.7B | $13.9B |
总债务PDDQCOM
| Q4 25 | — | $14.8B | ||
| Q3 25 | — | $14.8B | ||
| Q2 25 | — | $14.8B | ||
| Q1 25 | — | $13.3B | ||
| Q4 24 | — | $13.2B | ||
| Q3 24 | — | $13.3B | ||
| Q2 24 | — | $13.2B | ||
| Q1 24 | — | $14.5B |
股东权益PDDQCOM
| Q4 25 | — | $23.1B | ||
| Q3 25 | $55.0B | $21.2B | ||
| Q2 25 | $50.5B | $27.2B | ||
| Q1 25 | — | $27.7B | ||
| Q4 24 | — | $26.9B | ||
| Q3 24 | $39.7B | $26.3B | ||
| Q2 24 | — | $24.7B | ||
| Q1 24 | $30.3B | $24.5B |
总资产PDDQCOM
| Q4 25 | — | $53.0B | ||
| Q3 25 | $86.2B | $50.1B | ||
| Q2 25 | $79.2B | $54.9B | ||
| Q1 25 | — | $55.4B | ||
| Q4 24 | — | $55.6B | ||
| Q3 24 | $66.5B | $55.2B | ||
| Q2 24 | — | $52.7B | ||
| Q1 24 | $52.3B | $53.2B |
负债/权益比PDDQCOM
| Q4 25 | — | 0.64× | ||
| Q3 25 | — | 0.70× | ||
| Q2 25 | — | 0.54× | ||
| Q1 25 | — | 0.48× | ||
| Q4 24 | — | 0.49× | ||
| Q3 24 | — | 0.51× | ||
| Q2 24 | — | 0.53× | ||
| Q1 24 | — | 0.59× |
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 | $5.0B |
| 自由现金流经营现金流 - 资本支出 | — | $4.4B |
| 自由现金流率自由现金流/营收 | — | 36.0% |
| 资本支出强度资本支出/营收 | — | 4.5% |
| 现金转化率经营现金流/净利润 | 1.56× | 1.65× |
| 过去12个月自由现金流最近4个季度 | — | $12.9B |
8季度趋势，按日历期对齐
经营现金流PDDQCOM
| Q4 25 | — | $5.0B | ||
| Q3 25 | $6.4B | $4.0B | ||
| Q2 25 | $3.0B | $2.9B | ||
| Q1 25 | — | $2.6B | ||
| Q4 24 | — | $4.6B | ||
| Q3 24 | $3.9B | $2.6B | ||
| Q2 24 | — | $3.1B | ||
| Q1 24 | $2.9B | $3.6B |
自由现金流PDDQCOM
| Q4 25 | — | $4.4B | ||
| Q3 25 | — | $3.6B | ||
| Q2 25 | — | $2.6B | ||
| Q1 25 | — | $2.3B | ||
| Q4 24 | — | $4.3B | ||
| Q3 24 | — | $2.4B | ||
| Q2 24 | — | $2.7B | ||
| Q1 24 | — | $3.4B |
自由现金流率PDDQCOM
| Q4 25 | — | 36.0% | ||
| Q3 25 | — | 31.8% | ||
| Q2 25 | — | 24.9% | ||
| Q1 25 | — | 21.3% | ||
| Q4 24 | — | 36.9% | ||
| Q3 24 | — | 23.3% | ||
| Q2 24 | — | 28.4% | ||
| Q1 24 | — | 35.9% |
资本支出强度PDDQCOM
| Q4 25 | — | 4.5% | ||
| Q3 25 | — | 3.6% | ||
| Q2 25 | — | 2.8% | ||
| Q1 25 | — | 1.9% | ||
| Q4 24 | — | 2.4% | ||
| Q3 24 | — | 2.5% | ||
| Q2 24 | — | 4.1% | ||
| Q1 24 | — | 2.0% |
现金转化率PDDQCOM
| Q4 25 | — | 1.65× | ||
| Q3 25 | 1.56× | — | ||
| Q2 25 | 0.70× | 1.08× | ||
| Q1 25 | — | 0.91× | ||
| Q4 24 | — | 1.44× | ||
| Q3 24 | 1.10× | 0.91× | ||
| Q2 24 | — | 1.43× | ||
| Q1 24 | 0.75× | 1.53× |
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
QCOM
| Handsets | $7.8B | 64% |
| Io T | $1.7B | 14% |
| Qtl | $1.6B | 13% |
| Automotive | $1.1B | 9% |
