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拼多多（PDD）与斯伦贝谢（SLB）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斯伦贝谢的1.7倍（$15.2B vs $8.7B），拼多多净利率更高（27.1% vs 8.6%，领先18.5%），过去两年拼多多的营收复合增速更高（74.6% vs -2.3%）
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。
SLB前身为斯伦贝谢，是全球知名的跨国油田服务企业。1926年创立于法国，现注册地为库拉索威廉斯塔德，在巴黎、休斯敦、伦敦、海牙四地设有核心行政办公室，截至2022年按营收计算是全球最大的海上钻井企业及海上钻井承包商。
PDD vs SLB — 直观对比
营收规模更大
PDD
是对方的1.7倍
$8.7B
净利率更高
PDD
高出18.5%
8.6%
两年增速更快
PDD
近两年复合增速
-2.3%
损益表 — Q3 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $15.2B | $8.7B |
| 净利润 | $4.1B | $752.0M |
| 毛利率 | 56.7% | — |
| 营业利润率 | 23.1% | — |
| 净利率 | 27.1% | 8.6% |
| 营收同比 | — | 2.7% |
| 净利润同比 | — | -5.6% |
| 每股收益（稀释后） | — | $0.50 |
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PDDSLB
| Q1 26 | — | $8.7B | ||
| Q4 25 | — | $9.7B | ||
| Q3 25 | $15.2B | $8.9B | ||
| Q2 25 | $14.5B | $8.5B | ||
| Q1 25 | — | $8.5B | ||
| Q4 24 | — | $9.3B | ||
| Q3 24 | $14.2B | $9.2B | ||
| Q2 24 | — | $9.1B |
净利润PDDSLB
| Q1 26 | — | $752.0M | ||
| Q4 25 | — | $824.0M | ||
| Q3 25 | $4.1B | $739.0M | ||
| Q2 25 | $4.3B | $1.0B | ||
| Q1 25 | — | $797.0M | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | $3.6B | $1.2B | ||
| Q2 24 | — | $1.1B |
毛利率PDDSLB
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 56.7% | — | ||
| Q2 25 | 55.9% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 60.0% | — | ||
| Q2 24 | — | — |
营业利润率PDDSLB
| Q1 26 | — | — | ||
| Q4 25 | — | 9.7% | ||
| Q3 25 | 23.1% | 11.2% | ||
| Q2 25 | 24.8% | 15.0% | ||
| Q1 25 | — | 12.5% | ||
| Q4 24 | — | 14.9% | ||
| Q3 24 | 24.5% | 16.5% | ||
| Q2 24 | — | 15.5% |
净利率PDDSLB
| Q1 26 | — | 8.6% | ||
| Q4 25 | — | 8.5% | ||
| Q3 25 | 27.1% | 8.3% | ||
| Q2 25 | 29.6% | 11.9% | ||
| Q1 25 | — | 9.4% | ||
| Q4 24 | — | 11.8% | ||
| Q3 24 | 25.1% | 12.9% | ||
| Q2 24 | — | 12.2% |
每股收益（稀释后）PDDSLB
| Q1 26 | — | $0.50 | ||
| Q4 25 | — | $0.53 | ||
| Q3 25 | — | $0.50 | ||
| Q2 25 | — | $0.74 | ||
| Q1 25 | — | $0.58 | ||
| Q4 24 | — | $0.77 | ||
| Q3 24 | — | $0.83 | ||
| Q2 24 | — | $0.77 |
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 | $3.4B |
| 总债务越低越好 | — | $9.7B |
| 股东权益账面价值 | $55.0B | $27.4B |
| 总资产 | $86.2B | $19.3B |
| 负债/权益比越低杠杆越低 | — | 0.35× |
8季度趋势，按日历期对齐
现金及短期投资PDDSLB
| Q1 26 | — | $3.4B | ||
| Q4 25 | — | $1.2B | ||
| Q3 25 | $13.0B | $571.0M | ||
| Q2 25 | $8.8B | $511.0M | ||
| Q1 25 | — | $961.0M | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | $9.3B | $1.4B | ||
| Q2 24 | — | $1.1B |
总债务PDDSLB
| Q1 26 | — | $9.7B | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益PDDSLB
| Q1 26 | — | $27.4B | ||
| Q4 25 | — | $26.1B | ||
| Q3 25 | $55.0B | $25.6B | ||
| Q2 25 | $50.5B | $20.3B | ||
| Q1 25 | — | $19.5B | ||
| Q4 24 | — | $21.1B | ||
| Q3 24 | $39.7B | $21.5B | ||
| Q2 24 | — | $21.1B |
总资产PDDSLB
| Q1 26 | — | $19.3B | ||
| Q4 25 | — | $54.9B | ||
| Q3 25 | $86.2B | $55.1B | ||
| Q2 25 | $79.2B | $48.8B | ||
| Q1 25 | — | $49.0B | ||
| Q4 24 | — | $48.9B | ||
| Q3 24 | $66.5B | $49.8B | ||
| Q2 24 | — | $49.4B |
负债/权益比PDDSLB
| Q1 26 | — | 0.35× | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | — |
| 自由现金流经营现金流 - 资本支出 | — | $103.0M |
| 自由现金流率自由现金流/营收 | — | 1.2% |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | 1.56× | — |
| 过去12个月自由现金流最近4个季度 | — | $4.6B |
8季度趋势，按日历期对齐
经营现金流PDDSLB
| Q1 26 | — | — | ||
| Q4 25 | — | $3.0B | ||
| Q3 25 | $6.4B | $1.7B | ||
| Q2 25 | $3.0B | $1.1B | ||
| Q1 25 | — | $660.0M | ||
| Q4 24 | — | $2.4B | ||
| Q3 24 | $3.9B | $2.4B | ||
| Q2 24 | — | $1.4B |
自由现金流PDDSLB
| Q1 26 | — | $103.0M | ||
| Q4 25 | — | $2.5B | ||
| Q3 25 | — | $1.3B | ||
| Q2 25 | — | $771.0M | ||
| Q1 25 | — | $262.0M | ||
| Q4 24 | — | $1.8B | ||
| Q3 24 | — | $2.0B | ||
| Q2 24 | — | $973.0M |
自由现金流率PDDSLB
| Q1 26 | — | 1.2% | ||
| Q4 25 | — | 25.5% | ||
| Q3 25 | — | 14.3% | ||
| Q2 25 | — | 9.0% | ||
| Q1 25 | — | 3.1% | ||
| Q4 24 | — | 19.2% | ||
| Q3 24 | — | 21.7% | ||
| Q2 24 | — | 10.6% |
资本支出强度PDDSLB
| Q1 26 | — | — | ||
| Q4 25 | — | 5.3% | ||
| Q3 25 | — | 4.6% | ||
| Q2 25 | — | 4.3% | ||
| Q1 25 | — | 4.7% | ||
| Q4 24 | — | 6.6% | ||
| Q3 24 | — | 5.0% | ||
| Q2 24 | — | 5.1% |
现金转化率PDDSLB
| Q1 26 | — | — | ||
| Q4 25 | — | 3.65× | ||
| Q3 25 | 1.56× | 2.28× | ||
| Q2 25 | 0.70× | 1.13× | ||
| Q1 25 | — | 0.83× | ||
| Q4 24 | — | 2.18× | ||
| Q3 24 | 1.10× | 2.06× | ||
| Q2 24 | — | 1.29× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
