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拼多多（PDD）与US Foods Holding Corp.（USFD）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US Foods Holding Corp.的1.6倍（$15.2B vs $9.6B），拼多多净利率更高（27.1% vs 1.2%，领先25.9%），过去两年拼多多的营收复合增速更高（74.6% vs -0.5%）
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。
US Foods Holding Corp.是美国第二大食品服务分销商，规模仅次于Sysco。公司服务覆盖独立餐厅、连锁餐饮、医疗保健、酒店、教育机构等共计25万个场点，为各类客户提供食品配送及相关供应链服务，业务覆盖场景十分多元。
PDD vs USFD — 直观对比
营收规模更大
PDD
是对方的1.6倍
$9.6B
净利率更高
PDD
高出25.9%
1.2%
两年增速更快
PDD
近两年复合增速
-0.5%
损益表 — Q3 FY2025 vs Q1 FY2027
| 指标 | | |
|---|---|---|
| 营收 | $15.2B | $9.6B |
| 净利润 | $4.1B | $116.0M |
| 毛利率 | 56.7% | 17.2% |
| 营业利润率 | 23.1% | 2.2% |
| 净利率 | 27.1% | 1.2% |
| 营收同比 | — | 2.8% |
| 净利润同比 | — | 0.9% |
| 每股收益（稀释后） | — | $0.52 |
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PDDUSFD
| Q1 26 | — | $9.6B | ||
| Q4 25 | — | $9.8B | ||
| Q3 25 | $15.2B | $10.2B | ||
| Q2 25 | $14.5B | $10.1B | ||
| Q1 25 | — | $9.4B | ||
| Q4 24 | — | $9.5B | ||
| Q3 24 | $14.2B | $9.7B | ||
| Q2 24 | — | $9.7B |
净利润PDDUSFD
| Q1 26 | — | $116.0M | ||
| Q4 25 | — | $184.0M | ||
| Q3 25 | $4.1B | $153.0M | ||
| Q2 25 | $4.3B | $224.0M | ||
| Q1 25 | — | $115.0M | ||
| Q4 24 | — | $66.0M | ||
| Q3 24 | $3.6B | $148.0M | ||
| Q2 24 | — | $198.0M |
毛利率PDDUSFD
| Q1 26 | — | 17.2% | ||
| Q4 25 | — | 17.6% | ||
| Q3 25 | 56.7% | 17.2% | ||
| Q2 25 | 55.9% | 17.6% | ||
| Q1 25 | — | 17.3% | ||
| Q4 24 | — | 17.6% | ||
| Q3 24 | 60.0% | 17.1% | ||
| Q2 24 | — | 17.6% |
营业利润率PDDUSFD
| Q1 26 | — | 2.2% | ||
| Q4 25 | — | 3.3% | ||
| Q3 25 | 23.1% | 2.8% | ||
| Q2 25 | 24.8% | 3.7% | ||
| Q1 25 | — | 2.4% | ||
| Q4 24 | — | 3.2% | ||
| Q3 24 | 24.5% | 2.9% | ||
| Q2 24 | — | 3.6% |
净利率PDDUSFD
| Q1 26 | — | 1.2% | ||
| Q4 25 | — | 1.9% | ||
| Q3 25 | 27.1% | 1.5% | ||
| Q2 25 | 29.6% | 2.2% | ||
| Q1 25 | — | 1.2% | ||
| Q4 24 | — | 0.7% | ||
| Q3 24 | 25.1% | 1.5% | ||
| Q2 24 | — | 2.0% |
每股收益（稀释后）PDDUSFD
| Q1 26 | — | $0.52 | ||
| Q4 25 | — | $0.82 | ||
| Q3 25 | — | $0.67 | ||
| Q2 25 | — | $0.96 | ||
| Q1 25 | — | $0.49 | ||
| Q4 24 | — | $0.28 | ||
| Q3 24 | — | $0.61 | ||
| Q2 24 | — | $0.80 |
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 | $49.0M |
| 总债务越低越好 | — | $5.2B |
| 股东权益账面价值 | $55.0B | $4.3B |
| 总资产 | $86.2B | $14.2B |
| 负债/权益比越低杠杆越低 | — | 1.19× |
8季度趋势，按日历期对齐
现金及短期投资PDDUSFD
| Q1 26 | — | $49.0M | ||
| Q4 25 | — | $41.0M | ||
| Q3 25 | $13.0B | $56.0M | ||
| Q2 25 | $8.8B | $61.0M | ||
| Q1 25 | — | $101.0M | ||
| Q4 24 | — | $59.0M | ||
| Q3 24 | $9.3B | $81.0M | ||
| Q2 24 | — | $405.0M |
总债务PDDUSFD
| Q1 26 | — | $5.2B | ||
| Q4 25 | — | $5.1B | ||
| Q3 25 | — | $4.8B | ||
| Q2 25 | — | $4.7B | ||
| Q1 25 | — | $4.7B | ||
| Q4 24 | — | $4.8B | ||
| Q3 24 | — | $4.7B | ||
| Q2 24 | — | $4.6B |
股东权益PDDUSFD
| Q1 26 | — | $4.3B | ||
| Q4 25 | — | $4.3B | ||
| Q3 25 | $55.0B | $4.5B | ||
| Q2 25 | $50.5B | $4.6B | ||
| Q1 25 | — | $4.6B | ||
| Q4 24 | — | $4.5B | ||
| Q3 24 | $39.7B | $4.6B | ||
| Q2 24 | — | $5.0B |
总资产PDDUSFD
| Q1 26 | — | $14.2B | ||
| Q4 25 | — | $13.9B | ||
| Q3 25 | $86.2B | $14.0B | ||
| Q2 25 | $79.2B | $13.8B | ||
| Q1 25 | — | $13.7B | ||
| Q4 24 | — | $13.4B | ||
| Q3 24 | $66.5B | $13.5B | ||
| Q2 24 | — | $13.7B |
负债/权益比PDDUSFD
| Q1 26 | — | 1.19× | ||
| Q4 25 | — | 1.18× | ||
| Q3 25 | — | 1.08× | ||
| Q2 25 | — | 1.02× | ||
| Q1 25 | — | 1.02× | ||
| Q4 24 | — | 1.06× | ||
| Q3 24 | — | 1.01× | ||
| Q2 24 | — | 0.92× |
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 | $294.0M |
| 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× | 2.53× |
| 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PDDUSFD
| Q1 26 | — | $294.0M | ||
| Q4 25 | — | $293.0M | ||
| Q3 25 | $6.4B | $351.0M | ||
| Q2 25 | $3.0B | $334.0M | ||
| Q1 25 | — | $391.0M | ||
| Q4 24 | — | $283.0M | ||
| Q3 24 | $3.9B | $270.0M | ||
| Q2 24 | — | $482.0M |
自由现金流PDDUSFD
| Q1 26 | — | — | ||
| Q4 25 | — | $159.0M | ||
| Q3 25 | — | $236.0M | ||
| Q2 25 | — | $257.0M | ||
| Q1 25 | — | $307.0M | ||
| Q4 24 | — | $178.0M | ||
| Q3 24 | — | $190.0M | ||
| Q2 24 | — | $413.0M |
自由现金流率PDDUSFD
| Q1 26 | — | — | ||
| Q4 25 | — | 1.6% | ||
| Q3 25 | — | 2.3% | ||
| Q2 25 | — | 2.5% | ||
| Q1 25 | — | 3.3% | ||
| Q4 24 | — | 1.9% | ||
| Q3 24 | — | 2.0% | ||
| Q2 24 | — | 4.3% |
资本支出强度PDDUSFD
| Q1 26 | — | — | ||
| Q4 25 | — | 1.4% | ||
| Q3 25 | — | 1.1% | ||
| Q2 25 | — | 0.8% | ||
| Q1 25 | — | 0.9% | ||
| Q4 24 | — | 1.1% | ||
| Q3 24 | — | 0.8% | ||
| Q2 24 | — | 0.7% |
现金转化率PDDUSFD
| Q1 26 | — | 2.53× | ||
| Q4 25 | — | 1.59× | ||
| Q3 25 | 1.56× | 2.29× | ||
| Q2 25 | 0.70× | 1.49× | ||
| Q1 25 | — | 3.40× | ||
| Q4 24 | — | 4.29× | ||
| Q3 24 | 1.10× | 1.82× | ||
| Q2 24 | — | 2.43× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
