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拼多多（PDD）与Smurfit Westrock（SW）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Smurfit Westrock的2.0倍（$15.2B vs $7.7B），拼多多净利率更高（27.1% vs 0.8%，领先26.3%），过去两年拼多多的营收复合增速更高（74.6% vs 61.2%）
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。
Smurfit Westrock plc是总部位于爱尔兰都柏林的企业，核心业务为生产瓦楞包装及各类纸制包装产品，公司股票同时在纽约证券交易所和伦敦证券交易所挂牌上市。
PDD vs SW — 直观对比
营收规模更大
PDD
是对方的2.0倍
$7.7B
净利率更高
PDD
高出26.3%
0.8%
两年增速更快
PDD
近两年复合增速
61.2%
损益表 — Q3 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $15.2B | $7.7B |
| 净利润 | $4.1B | $63.0M |
| 毛利率 | 56.7% | 16.4% |
| 营业利润率 | 23.1% | 3.3% |
| 净利率 | 27.1% | 0.8% |
| 营收同比 | — | 0.7% |
| 净利润同比 | — | 0.0% |
| 每股收益（稀释后） | — | $0.12 |
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PDDSW
| Q1 26 | — | $7.7B | ||
| Q4 25 | — | $7.6B | ||
| Q3 25 | $15.2B | $8.0B | ||
| Q2 25 | $14.5B | $7.9B | ||
| Q1 25 | — | $7.7B | ||
| Q4 24 | — | $7.5B | ||
| Q3 24 | $14.2B | $7.7B | ||
| Q2 24 | — | $3.0B |
净利润PDDSW
| Q1 26 | — | $63.0M | ||
| Q4 25 | — | $97.0M | ||
| Q3 25 | $4.1B | $246.0M | ||
| Q2 25 | $4.3B | $-28.0M | ||
| Q1 25 | — | $384.0M | ||
| Q4 24 | — | $146.0M | ||
| Q3 24 | $3.6B | $-150.0M | ||
| Q2 24 | — | $132.0M |
毛利率PDDSW
| Q1 26 | — | 16.4% | ||
| Q4 25 | — | 18.2% | ||
| Q3 25 | 56.7% | 19.6% | ||
| Q2 25 | 55.9% | 19.1% | ||
| Q1 25 | — | 20.6% | ||
| Q4 24 | — | 19.1% | ||
| Q3 24 | 60.0% | 17.6% | ||
| Q2 24 | — | 23.3% |
营业利润率PDDSW
| Q1 26 | — | 3.3% | ||
| Q4 25 | — | 5.1% | ||
| Q3 25 | 23.1% | 6.6% | ||
| Q2 25 | 24.8% | 3.2% | ||
| Q1 25 | — | 7.2% | ||
| Q4 24 | — | 5.3% | ||
| Q3 24 | 24.5% | 0.7% | ||
| Q2 24 | — | 8.2% |
净利率PDDSW
| Q1 26 | — | 0.8% | ||
| Q4 25 | — | 1.3% | ||
| Q3 25 | 27.1% | 3.1% | ||
| Q2 25 | 29.6% | -0.4% | ||
| Q1 25 | — | 5.0% | ||
| Q4 24 | — | 1.9% | ||
| Q3 24 | 25.1% | -2.0% | ||
| Q2 24 | — | 4.4% |
每股收益（稀释后）PDDSW
| Q1 26 | — | $0.12 | ||
| Q4 25 | — | $0.18 | ||
| Q3 25 | — | $0.47 | ||
| Q2 25 | — | $-0.05 | ||
| Q1 25 | — | $0.73 | ||
| Q4 24 | — | $-0.12 | ||
| Q3 24 | — | $-0.30 | ||
| Q2 24 | — | $0.51 |
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 | — |
| 总债务越低越好 | — | $980.0M |
| 股东权益账面价值 | $55.0B | $18.1B |
| 总资产 | $86.2B | $45.2B |
| 负债/权益比越低杠杆越低 | — | 0.05× |
8季度趋势，按日历期对齐
现金及短期投资PDDSW
| Q1 26 | — | — | ||
| Q4 25 | — | $892.0M | ||
| Q3 25 | $13.0B | $851.0M | ||
| Q2 25 | $8.8B | $778.0M | ||
| Q1 25 | — | $797.0M | ||
| Q4 24 | — | $855.0M | ||
| Q3 24 | $9.3B | — | ||
| Q2 24 | — | $26.8K |
总债务PDDSW
| Q1 26 | — | $980.0M | ||
| Q4 25 | — | $13.4B | ||
| Q3 25 | — | $13.3B | ||
| Q2 25 | — | $13.3B | ||
| Q1 25 | — | $12.9B | ||
| Q4 24 | — | $12.5B | ||
| Q3 24 | — | $13.2B | ||
| Q2 24 | — | — |
股东权益PDDSW
| Q1 26 | — | $18.1B | ||
| Q4 25 | — | $18.3B | ||
| Q3 25 | $55.0B | $18.4B | ||
| Q2 25 | $50.5B | $18.3B | ||
| Q1 25 | — | $17.9B | ||
| Q4 24 | — | $17.4B | ||
| Q3 24 | $39.7B | $18.0B | ||
| Q2 24 | — | $14.5K |
总资产PDDSW
| Q1 26 | — | $45.2B | ||
| Q4 25 | — | $45.2B | ||
| Q3 25 | $86.2B | $45.6B | ||
| Q2 25 | $79.2B | $45.7B | ||
| Q1 25 | — | $44.6B | ||
| Q4 24 | — | $43.8B | ||
| Q3 24 | $66.5B | $45.0B | ||
| Q2 24 | — | $26.8K |
负债/权益比PDDSW
| Q1 26 | — | 0.05× | ||
| Q4 25 | — | 0.73× | ||
| Q3 25 | — | 0.72× | ||
| Q2 25 | — | 0.73× | ||
| Q1 25 | — | 0.72× | ||
| Q4 24 | — | 0.72× | ||
| Q3 24 | — | 0.73× | ||
| 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 | $204.0M |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 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× | 3.24× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流PDDSW
| Q1 26 | — | $204.0M | ||
| Q4 25 | — | $1.2B | ||
| Q3 25 | $6.4B | $1.1B | ||
| Q2 25 | $3.0B | $829.0M | ||
| Q1 25 | — | $235.0M | ||
| Q4 24 | — | $781.0M | ||
| Q3 24 | $3.9B | $320.0M | ||
| Q2 24 | — | $340.0M |
自由现金流PDDSW
| Q1 26 | — | — | ||
| Q4 25 | — | $612.0M | ||
| Q3 25 | — | $523.0M | ||
| Q2 25 | — | $307.0M | ||
| Q1 25 | — | $-242.0M | ||
| Q4 24 | — | $212.0M | ||
| Q3 24 | — | $-192.0M | ||
| Q2 24 | — | $163.0M |
自由现金流率PDDSW
| Q1 26 | — | — | ||
| Q4 25 | — | 8.1% | ||
| Q3 25 | — | 6.5% | ||
| Q2 25 | — | 3.9% | ||
| Q1 25 | — | -3.2% | ||
| Q4 24 | — | 2.8% | ||
| Q3 24 | — | -2.5% | ||
| Q2 24 | — | 5.5% |
资本支出强度PDDSW
| Q1 26 | — | — | ||
| Q4 25 | — | 7.7% | ||
| Q3 25 | — | 7.6% | ||
| Q2 25 | — | 6.6% | ||
| Q1 25 | — | 6.2% | ||
| Q4 24 | — | 7.5% | ||
| Q3 24 | — | 6.7% | ||
| Q2 24 | — | 6.0% |
现金转化率PDDSW
| Q1 26 | — | 3.24× | ||
| Q4 25 | — | 12.32× | ||
| Q3 25 | 1.56× | 4.61× | ||
| Q2 25 | 0.70× | — | ||
| Q1 25 | — | 0.61× | ||
| Q4 24 | — | 5.35× | ||
| Q3 24 | 1.10× | — | ||
| Q2 24 | — | 2.58× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
