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拼多多（PDD）与维萨（V）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维萨的1.4倍（$15.2B vs $11.2B），维萨净利率更高（53.4% vs 27.1%，领先26.3%），过去两年拼多多的营收复合增速更高（74.6% vs 12.3%）
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。
维萨（Visa Inc.）是总部位于美国加利福尼亚州旧金山的跨国支付卡服务企业，业务覆盖全球电子资金转账领域，旗下拥有Visa品牌的信用卡、借记卡、预付卡等多条产品线，为全球消费者及商户提供安全便捷的电子支付解决方案。
PDD vs V — 直观对比
营收规模更大
PDD
是对方的1.4倍
$11.2B
净利率更高
V
高出26.3%
27.1%
两年增速更快
PDD
近两年复合增速
12.3%
损益表 — Q3 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $15.2B | $11.2B |
| 净利润 | $4.1B | $6.0B |
| 毛利率 | 56.7% | — |
| 营业利润率 | 23.1% | 64.4% |
| 净利率 | 27.1% | 53.4% |
| 营收同比 | — | 17.0% |
| 净利润同比 | — | 32.0% |
| 每股收益（稀释后） | — | — |
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PDDV
| Q2 26 | — | $11.2B | ||
| Q4 25 | — | $10.9B | ||
| Q3 25 | $15.2B | $10.7B | ||
| Q2 25 | $14.5B | $10.2B | ||
| Q1 25 | — | $9.6B | ||
| Q4 24 | — | $9.5B | ||
| Q3 24 | $14.2B | $9.6B | ||
| Q2 24 | — | $8.9B |
净利润PDDV
| Q2 26 | — | $6.0B | ||
| Q4 25 | — | $5.9B | ||
| Q3 25 | $4.1B | $5.1B | ||
| Q2 25 | $4.3B | $5.3B | ||
| Q1 25 | — | $4.6B | ||
| Q4 24 | — | $5.1B | ||
| Q3 24 | $3.6B | $5.3B | ||
| Q2 24 | — | $4.9B |
毛利率PDDV
| Q2 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PDDV
| Q2 26 | — | 64.4% | ||
| Q4 25 | — | 61.8% | ||
| Q3 25 | 23.1% | 57.3% | ||
| Q2 25 | 24.8% | 60.7% | ||
| Q1 25 | — | 56.6% | ||
| Q4 24 | — | 65.6% | ||
| Q3 24 | 24.5% | 66.0% | ||
| Q2 24 | — | 66.7% |
净利率PDDV
| Q2 26 | — | 53.4% | ||
| Q4 25 | — | 53.7% | ||
| Q3 25 | 27.1% | 47.5% | ||
| Q2 25 | 29.6% | 51.8% | ||
| Q1 25 | — | 47.7% | ||
| Q4 24 | — | 53.8% | ||
| Q3 24 | 25.1% | 55.3% | ||
| Q2 24 | — | 54.7% |
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 | $12.4B |
| 总债务越低越好 | — | $22.4B |
| 股东权益账面价值 | $55.0B | $35.7B |
| 总资产 | $86.2B | $95.0B |
| 负债/权益比越低杠杆越低 | — | 0.63× |
8季度趋势，按日历期对齐
现金及短期投资PDDV
| Q2 26 | — | $12.4B | ||
| Q4 25 | — | $14.8B | ||
| Q3 25 | $13.0B | $17.2B | ||
| Q2 25 | $8.8B | $17.1B | ||
| Q1 25 | — | $11.7B | ||
| Q4 24 | — | $12.4B | ||
| Q3 24 | $9.3B | $12.0B | ||
| Q2 24 | — | $12.9B |
总债务PDDV
| Q2 26 | — | $22.4B | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益PDDV
| Q2 26 | — | $35.7B | ||
| Q4 25 | — | $38.8B | ||
| Q3 25 | $55.0B | $37.9B | ||
| Q2 25 | $50.5B | $38.7B | ||
| Q1 25 | — | $38.0B | ||
| Q4 24 | — | $38.3B | ||
| Q3 24 | $39.7B | $39.1B | ||
| Q2 24 | — | $39.7B |
总资产PDDV
| Q2 26 | — | $95.0B | ||
| Q4 25 | — | $96.8B | ||
| Q3 25 | $86.2B | $99.6B | ||
| Q2 25 | $79.2B | $100.0B | ||
| Q1 25 | — | $92.9B | ||
| Q4 24 | — | $91.9B | ||
| Q3 24 | $66.5B | $94.5B | ||
| Q2 24 | — | $91.0B |
负债/权益比PDDV
| Q2 26 | — | 0.63× | ||
| 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 | — | — |
| 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× | — |
| 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PDDV
| Q2 26 | — | — | ||
| Q4 25 | — | $6.8B | ||
| Q3 25 | $6.4B | $6.2B | ||
| Q2 25 | $3.0B | $6.7B | ||
| Q1 25 | — | $4.7B | ||
| Q4 24 | — | $5.4B | ||
| Q3 24 | $3.9B | $6.7B | ||
| Q2 24 | — | $5.1B |
自由现金流PDDV
| Q2 26 | — | — | ||
| Q4 25 | — | $6.4B | ||
| Q3 25 | — | $5.8B | ||
| Q2 25 | — | $6.3B | ||
| Q1 25 | — | $4.4B | ||
| Q4 24 | — | $5.1B | ||
| Q3 24 | — | $6.4B | ||
| Q2 24 | — | $4.7B |
自由现金流率PDDV
| Q2 26 | — | — | ||
| Q4 25 | — | 58.7% | ||
| Q3 25 | — | 54.5% | ||
| Q2 25 | — | 62.0% | ||
| Q1 25 | — | 45.5% | ||
| Q4 24 | — | 53.1% | ||
| Q3 24 | — | 66.1% | ||
| Q2 24 | — | 53.2% |
资本支出强度PDDV
| Q2 26 | — | — | ||
| Q4 25 | — | 3.5% | ||
| Q3 25 | — | 3.6% | ||
| Q2 25 | — | 4.1% | ||
| Q1 25 | — | 3.4% | ||
| Q4 24 | — | 3.6% | ||
| Q3 24 | — | 3.2% | ||
| Q2 24 | — | 4.5% |
现金转化率PDDV
| Q2 26 | — | — | ||
| Q4 25 | — | 1.16× | ||
| Q3 25 | 1.56× | 1.23× | ||
| Q2 25 | 0.70× | 1.28× | ||
| Q1 25 | — | 1.03× | ||
| Q4 24 | — | 1.05× | ||
| Q3 24 | 1.10× | 1.25× | ||
| Q2 24 | — | 1.05× |
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
V
| Data processing revenue | $5.5B | 49% |
| International transaction revenue | $3.6B | 32% |
| Other revenue | $1.3B | 12% |
| Other | $736.0M | 7% |
