vs
拼多多（PDD）与优步（UBER）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优步的1.1倍（$15.2B vs $14.4B），拼多多净利率更高（27.1% vs 2.1%，领先25.0%），过去两年拼多多的营收复合增速更高（74.6% vs 19.1%）
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。
优步是总部位于美国加利福尼亚州旧金山的跨国出行科技企业，核心业务涵盖网约车、快递、食品配送及货运服务，业务覆盖全球约70个国家和15000座城市，是全球规模最大的共享出行平台，月活用户超1.8亿，活跃司机及配送员超600万。
PDD vs UBER — 直观对比
营收规模更大
PDD
是对方的1.1倍
$14.4B
净利率更高
PDD
高出25.0%
2.1%
两年增速更快
PDD
近两年复合增速
19.1%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $15.2B | $14.4B |
| 净利润 | $4.1B | $296.0M |
| 毛利率 | 56.7% | — |
| 营业利润率 | 23.1% | 12.3% |
| 净利率 | 27.1% | 2.1% |
| 营收同比 | — | 20.1% |
| 净利润同比 | — | -95.7% |
| 每股收益（稀释后） | — | $0.16 |
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PDDUBER
| Q4 25 | — | $14.4B | ||
| Q3 25 | $15.2B | $13.5B | ||
| Q2 25 | $14.5B | $12.7B | ||
| Q1 25 | — | $11.5B | ||
| Q4 24 | — | $12.0B | ||
| Q3 24 | $14.2B | $11.2B | ||
| Q2 24 | — | $10.7B | ||
| Q1 24 | $12.0B | $10.1B |
净利润PDDUBER
| Q4 25 | — | $296.0M | ||
| Q3 25 | $4.1B | $6.6B | ||
| Q2 25 | $4.3B | $1.4B | ||
| Q1 25 | — | $1.8B | ||
| Q4 24 | — | $6.9B | ||
| Q3 24 | $3.6B | $2.6B | ||
| Q2 24 | — | $1.0B | ||
| Q1 24 | $3.9B | $-654.0M |
毛利率PDDUBER
| 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PDDUBER
| Q4 25 | — | 12.3% | ||
| Q3 25 | 23.1% | 8.3% | ||
| Q2 25 | 24.8% | 11.5% | ||
| Q1 25 | — | 10.6% | ||
| Q4 24 | — | 6.4% | ||
| Q3 24 | 24.5% | 9.5% | ||
| Q2 24 | — | 7.4% | ||
| Q1 24 | 29.9% | 1.7% |
净利率PDDUBER
| Q4 25 | — | 2.1% | ||
| Q3 25 | 27.1% | 49.2% | ||
| Q2 25 | 29.6% | 10.7% | ||
| Q1 25 | — | 15.4% | ||
| Q4 24 | — | 57.6% | ||
| Q3 24 | 25.1% | 23.3% | ||
| Q2 24 | — | 9.5% | ||
| Q1 24 | 32.3% | -6.5% |
每股收益（稀释后）PDDUBER
| Q4 25 | — | $0.16 | ||
| Q3 25 | — | $3.11 | ||
| Q2 25 | — | $0.63 | ||
| Q1 25 | — | $0.83 | ||
| Q4 24 | — | $3.21 | ||
| Q3 24 | — | $1.20 | ||
| Q2 24 | — | $0.47 | ||
| Q1 24 | — | $-0.32 |
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 | $7.6B |
| 总债务越低越好 | — | $10.6B |
| 股东权益账面价值 | $55.0B | $27.0B |
| 总资产 | $86.2B | $61.8B |
| 负债/权益比越低杠杆越低 | — | 0.39× |
8季度趋势，按日历期对齐
现金及短期投资PDDUBER
| Q4 25 | — | $7.6B | ||
| Q3 25 | $13.0B | $9.1B | ||
| Q2 25 | $8.8B | $7.4B | ||
| Q1 25 | — | $6.0B | ||
| Q4 24 | — | $7.0B | ||
| Q3 24 | $9.3B | $9.1B | ||
| Q2 24 | — | $6.3B | ||
| Q1 24 | $7.7B | $5.8B |
总债务PDDUBER
| Q4 25 | — | $10.6B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $9.6B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益PDDUBER
| Q4 25 | — | $27.0B | ||
| Q3 25 | $55.0B | $28.1B | ||
| Q2 25 | $50.5B | $22.6B | ||
| Q1 25 | — | $22.0B | ||
| Q4 24 | — | $21.6B | ||
| Q3 24 | $39.7B | $14.8B | ||
| Q2 24 | — | $12.3B | ||
| Q1 24 | $30.3B | $11.1B |
总资产PDDUBER
| Q4 25 | — | $61.8B | ||
| Q3 25 | $86.2B | $63.3B | ||
| Q2 25 | $79.2B | $56.0B | ||
| Q1 25 | — | $52.8B | ||
| Q4 24 | — | $51.2B | ||
| Q3 24 | $66.5B | $47.1B | ||
| Q2 24 | — | $41.5B | ||
| Q1 24 | $52.3B | $39.6B |
负债/权益比PDDUBER
| Q4 25 | — | 0.39× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.44× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 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 | $2.9B |
| 自由现金流经营现金流 - 资本支出 | — | $2.8B |
| 自由现金流率自由现金流/营收 | — | 19.5% |
| 资本支出强度资本支出/营收 | — | 0.5% |
| 现金转化率经营现金流/净利润 | 1.56× | 9.74× |
| 过去12个月自由现金流最近4个季度 | — | $9.8B |
8季度趋势，按日历期对齐
经营现金流PDDUBER
| Q4 25 | — | $2.9B | ||
| Q3 25 | $6.4B | $2.3B | ||
| Q2 25 | $3.0B | $2.6B | ||
| Q1 25 | — | $2.3B | ||
| Q4 24 | — | $1.8B | ||
| Q3 24 | $3.9B | $2.2B | ||
| Q2 24 | — | $1.8B | ||
| Q1 24 | $2.9B | $1.4B |
自由现金流PDDUBER
| Q4 25 | — | $2.8B | ||
| Q3 25 | — | $2.2B | ||
| Q2 25 | — | $2.5B | ||
| Q1 25 | — | $2.3B | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | — | $2.1B | ||
| Q2 24 | — | $1.7B | ||
| Q1 24 | — | $1.4B |
自由现金流率PDDUBER
| Q4 25 | — | 19.5% | ||
| Q3 25 | — | 16.6% | ||
| Q2 25 | — | 19.6% | ||
| Q1 25 | — | 19.5% | ||
| Q4 24 | — | 14.3% | ||
| Q3 24 | — | 18.9% | ||
| Q2 24 | — | 16.1% | ||
| Q1 24 | — | 13.4% |
资本支出强度PDDUBER
| Q4 25 | — | 0.5% | ||
| Q3 25 | — | 0.7% | ||
| Q2 25 | — | 0.7% | ||
| Q1 25 | — | 0.6% | ||
| Q4 24 | — | 0.4% | ||
| Q3 24 | — | 0.4% | ||
| Q2 24 | — | 0.9% | ||
| Q1 24 | — | 0.6% |
现金转化率PDDUBER
| Q4 25 | — | 9.74× | ||
| Q3 25 | 1.56× | 0.35× | ||
| Q2 25 | 0.70× | 1.89× | ||
| Q1 25 | — | 1.31× | ||
| Q4 24 | — | 0.25× | ||
| Q3 24 | 1.10× | 0.82× | ||
| Q2 24 | — | 1.79× | ||
| Q1 24 | 0.75× | — |
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
UBER
| Mobility | $8.2B | 57% |
| Delivery | $4.9B | 34% |
| Freight | $1.3B | 9% |
