vs
拼多多（PDD）与塔吉特（TGT）财务数据对比。点击上方公司名可切换其他公司
塔吉特的季度营收约是拼多多的1.7倍（$25.3B vs $15.2B），拼多多净利率更高（27.1% vs 2.7%，领先24.4%），过去两年拼多多的营收复合增速更高（74.6% vs -11.0%）
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。
塔吉特公司是总部位于美国明尼苏达州明尼阿波利斯的大型零售集团，为美国第八大零售商，也是标普500指数成分股，在全美运营大量实体零售门店，主营日常消费品等品类，拥有庞大的消费客群与较高的市场知名度。
PDD vs TGT — 直观对比
营收规模更大
TGT
是对方的1.7倍
$15.2B
净利率更高
PDD
高出24.4%
2.7%
两年增速更快
PDD
近两年复合增速
-11.0%
损益表 — Q3 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $15.2B | $25.3B |
| 净利润 | $4.1B | $689.0M |
| 毛利率 | 56.7% | 28.2% |
| 营业利润率 | 23.1% | 3.8% |
| 净利率 | 27.1% | 2.7% |
| 营收同比 | — | -1.6% |
| 净利润同比 | — | -19.3% |
| 每股收益（稀释后） | — | $1.51 |
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PDDTGT
| Q4 25 | — | $25.3B | ||
| Q3 25 | $15.2B | $25.2B | ||
| Q2 25 | $14.5B | $23.8B | ||
| Q1 25 | — | $30.9B | ||
| Q4 24 | — | $25.7B | ||
| Q3 24 | $14.2B | $25.5B | ||
| Q2 24 | — | $24.5B | ||
| Q1 24 | $12.0B | $31.9B |
净利润PDDTGT
| Q4 25 | — | $689.0M | ||
| Q3 25 | $4.1B | $935.0M | ||
| Q2 25 | $4.3B | $1.0B | ||
| Q1 25 | — | $1.1B | ||
| Q4 24 | — | $854.0M | ||
| Q3 24 | $3.6B | $1.2B | ||
| Q2 24 | — | $942.0M | ||
| Q1 24 | $3.9B | $1.4B |
毛利率PDDTGT
| Q4 25 | — | 28.2% | ||
| Q3 25 | 56.7% | 29.0% | ||
| Q2 25 | 55.9% | 28.2% | ||
| Q1 25 | — | 26.0% | ||
| Q4 24 | — | 28.4% | ||
| Q3 24 | 60.0% | 30.1% | ||
| Q2 24 | — | 28.9% | ||
| Q1 24 | 62.3% | 26.7% |
营业利润率PDDTGT
| Q4 25 | — | 3.8% | ||
| Q3 25 | 23.1% | 5.2% | ||
| Q2 25 | 24.8% | 6.2% | ||
| Q1 25 | — | 4.7% | ||
| Q4 24 | — | 4.6% | ||
| Q3 24 | 24.5% | 6.4% | ||
| Q2 24 | — | 5.3% | ||
| Q1 24 | 29.9% | 5.8% |
净利率PDDTGT
| Q4 25 | — | 2.7% | ||
| Q3 25 | 27.1% | 3.7% | ||
| Q2 25 | 29.6% | 4.3% | ||
| Q1 25 | — | 3.6% | ||
| Q4 24 | — | 3.3% | ||
| Q3 24 | 25.1% | 4.7% | ||
| Q2 24 | — | 3.8% | ||
| Q1 24 | 32.3% | 4.3% |
每股收益（稀释后）PDDTGT
| Q4 25 | — | $1.51 | ||
| Q3 25 | — | $2.05 | ||
| Q2 25 | — | $2.27 | ||
| Q1 25 | — | $2.41 | ||
| Q4 24 | — | $1.85 | ||
| Q3 24 | — | $2.57 | ||
| Q2 24 | — | $2.03 | ||
| Q1 24 | — | $2.99 |
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 | $3.8B |
| 总债务越低越好 | — | $15.4B |
| 股东权益账面价值 | $55.0B | $15.5B |
| 总资产 | $86.2B | $60.0B |
| 负债/权益比越低杠杆越低 | — | 0.99× |
8季度趋势，按日历期对齐
现金及短期投资PDDTGT
| Q4 25 | — | $3.8B | ||
| Q3 25 | $13.0B | $4.3B | ||
| Q2 25 | $8.8B | $2.9B | ||
| Q1 25 | — | $8.7B | ||
| Q4 24 | — | $3.4B | ||
| Q3 24 | $9.3B | $3.5B | ||
| Q2 24 | — | $3.6B | ||
| Q1 24 | $7.7B | $6.7B |
总债务PDDTGT
| Q4 25 | — | $15.4B | ||
| Q3 25 | — | $15.3B | ||
| Q2 25 | — | $14.3B | ||
| Q1 25 | — | $14.3B | ||
| Q4 24 | — | $14.3B | ||
| Q3 24 | — | $13.7B | ||
| Q2 24 | — | $13.5B | ||
| Q1 24 | — | $14.9B |
股东权益PDDTGT
| Q4 25 | — | $15.5B | ||
| Q3 25 | $55.0B | $15.4B | ||
| Q2 25 | $50.5B | $14.9B | ||
| Q1 25 | — | $14.7B | ||
| Q4 24 | — | $14.5B | ||
| Q3 24 | $39.7B | $14.4B | ||
| Q2 24 | — | $13.8B | ||
| Q1 24 | $30.3B | $13.4B |
总资产PDDTGT
| Q4 25 | — | $60.0B | ||
| Q3 25 | $86.2B | $57.9B | ||
| Q2 25 | $79.2B | $56.2B | ||
| Q1 25 | — | $57.8B | ||
| Q4 24 | — | $58.5B | ||
| Q3 24 | $66.5B | $56.0B | ||
| Q2 24 | — | $55.1B | ||
| Q1 24 | $52.3B | $55.4B |
负债/权益比PDDTGT
| Q4 25 | — | 0.99× | ||
| Q3 25 | — | 0.99× | ||
| Q2 25 | — | 0.96× | ||
| Q1 25 | — | 0.98× | ||
| Q4 24 | — | 0.99× | ||
| Q3 24 | — | 0.95× | ||
| Q2 24 | — | 0.97× | ||
| Q1 24 | — | 1.11× |
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 | $1.1B |
| 自由现金流经营现金流 - 资本支出 | — | $149.0M |
| 自由现金流率自由现金流/营收 | — | 0.6% |
| 资本支出强度资本支出/营收 | — | 3.9% |
| 现金转化率经营现金流/净利润 | 1.56× | 1.64× |
| 过去12个月自由现金流最近4个季度 | — | $3.0B |
8季度趋势，按日历期对齐
经营现金流PDDTGT
| Q4 25 | — | $1.1B | ||
| Q3 25 | $6.4B | $2.1B | ||
| Q2 25 | $3.0B | $275.0M | ||
| Q1 25 | — | $3.3B | ||
| Q4 24 | — | $739.0M | ||
| Q3 24 | $3.9B | $2.2B | ||
| Q2 24 | — | $1.1B | ||
| Q1 24 | $2.9B | $3.3B |
自由现金流PDDTGT
| Q4 25 | — | $149.0M | ||
| Q3 25 | — | $1.0B | ||
| Q2 25 | — | $-515.0M | ||
| Q1 25 | — | $2.4B | ||
| Q4 24 | — | $84.0M | ||
| Q3 24 | — | $1.6B | ||
| Q2 24 | — | $427.0M | ||
| Q1 24 | — | $2.4B |
自由现金流率PDDTGT
| Q4 25 | — | 0.6% | ||
| Q3 25 | — | 4.0% | ||
| Q2 25 | — | -2.2% | ||
| Q1 25 | — | 7.7% | ||
| Q4 24 | — | 0.3% | ||
| Q3 24 | — | 6.3% | ||
| Q2 24 | — | 1.7% | ||
| Q1 24 | — | 7.6% |
资本支出强度PDDTGT
| Q4 25 | — | 3.9% | ||
| Q3 25 | — | 4.3% | ||
| Q2 25 | — | 3.3% | ||
| Q1 25 | — | 3.0% | ||
| Q4 24 | — | 2.6% | ||
| Q3 24 | — | 2.5% | ||
| Q2 24 | — | 2.7% | ||
| Q1 24 | — | 2.7% |
现金转化率PDDTGT
| Q4 25 | — | 1.64× | ||
| Q3 25 | 1.56× | 2.23× | ||
| Q2 25 | 0.70× | 0.27× | ||
| Q1 25 | — | 2.98× | ||
| Q4 24 | — | 0.87× | ||
| Q3 24 | 1.10× | 1.88× | ||
| Q2 24 | — | 1.17× | ||
| Q1 24 | 0.75× | 2.38× |
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
TGT
| Food And Beverage | $6.0B | 24% |
| Household Essentials | $4.5B | 18% |
| Home Furnishings And Decor | $3.9B | 15% |
| Apparel And Accessories | $3.8B | 15% |
| Beauty | $3.2B | 13% |
| Hardlines | $3.2B | 13% |
| Advertising Revenue | $241.0M | 1% |
| Other Other Revenue | $158.0M | 1% |
| Credit Card Profit Sharing | $119.0M | 0% |
| Other Product | $34.0M | 0% |
