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PELOTON INTERACTIVE, INC.（PTON）与环球音乐集团（ULH）财务数据对比。点击上方公司名可切换其他公司
PELOTON INTERACTIVE, INC.的季度营收约是环球音乐集团的1.7倍（$656.5M vs $385.4M），环球音乐集团净利率更高（1.0% vs -5.9%，领先6.9%），PELOTON INTERACTIVE, INC.同比增速更快（-2.6% vs -17.1%），PELOTON INTERACTIVE, INC.自由现金流更多（$71.0M vs $14.3M）
派乐腾（Peloton Interactive）是总部位于美国纽约的健身设备与媒体服务商，主打搭载联网触控屏的动感单车、跑步机、室内划船器等产品，用户付费订阅即可观看直播和录播健身课程，设备内置传感器可追踪运动功率等数据，为用户提供实时运动表现反馈，还支持排行榜功能与其他用户互动比拼。
环球音乐集团是依据荷兰法律成立的跨国音乐企业集团，企业总部设在荷兰希尔弗瑟姆，运营总部位于美国加利福尼亚州圣莫尼卡。作为全球规模最大的音乐公司，它与索尼音乐娱乐、华纳音乐集团并称为三大唱片巨头。2020年腾讯斥资30亿欧元收购了其百分之二十的股份。
PTON vs ULH — 直观对比
营收规模更大
PTON
是对方的1.7倍
$385.4M
营收增速更快
PTON
高出14.6%
-17.1%
净利率更高
ULH
高出6.9%
-5.9%
自由现金流更多
PTON
多$56.7M
$14.3M
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $656.5M | $385.4M |
| 净利润 | $-38.8M | $3.7M |
| 毛利率 | 50.5% | — |
| 营业利润率 | -2.2% | 4.5% |
| 净利率 | -5.9% | 1.0% |
| 营收同比 | -2.6% | -17.1% |
| 净利润同比 | 57.8% | -81.5% |
| 每股收益（稀释后） | $-0.09 | $0.14 |
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PTONULH
| Q4 25 | $656.5M | $385.4M | ||
| Q3 25 | $550.8M | $396.8M | ||
| Q2 25 | — | $393.8M | ||
| Q1 25 | — | $382.4M | ||
| Q4 24 | — | $465.1M | ||
| Q3 24 | — | $426.8M | ||
| Q2 24 | — | $462.2M | ||
| Q1 24 | — | $491.9M |
净利润PTONULH
| Q4 25 | $-38.8M | $3.7M | ||
| Q3 25 | $13.9M | $-117.9M | ||
| Q2 25 | — | $8.3M | ||
| Q1 25 | — | $6.0M | ||
| Q4 24 | — | $20.2M | ||
| Q3 24 | — | $26.5M | ||
| Q2 24 | — | $30.7M | ||
| Q1 24 | — | $52.5M |
毛利率PTONULH
| Q4 25 | 50.5% | — | ||
| Q3 25 | 51.5% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
营业利润率PTONULH
| Q4 25 | -2.2% | 4.5% | ||
| Q3 25 | 7.5% | -29.6% | ||
| Q2 25 | — | 5.1% | ||
| Q1 25 | — | 4.1% | ||
| Q4 24 | — | 8.2% | ||
| Q3 24 | — | 10.0% | ||
| Q2 24 | — | 10.2% | ||
| Q1 24 | — | 15.3% |
净利率PTONULH
| Q4 25 | -5.9% | 1.0% | ||
| Q3 25 | 2.5% | -29.7% | ||
| Q2 25 | — | 2.1% | ||
| Q1 25 | — | 1.6% | ||
| Q4 24 | — | 4.3% | ||
| Q3 24 | — | 6.2% | ||
| Q2 24 | — | 6.7% | ||
| Q1 24 | — | 10.7% |
每股收益（稀释后）PTONULH
| Q4 25 | $-0.09 | $0.14 | ||
| Q3 25 | $0.03 | $-4.48 | ||
| Q2 25 | — | $0.32 | ||
| Q1 25 | — | $0.23 | ||
| Q4 24 | — | $0.76 | ||
| Q3 24 | — | $1.01 | ||
| Q2 24 | — | $1.17 | ||
| Q1 24 | — | $1.99 |
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 | $1.2B | $26.8M |
| 总债务越低越好 | $1.5B | $797.6M |
| 股东权益账面价值 | $-326.7M | $540.4M |
| 总资产 | $2.2B | $1.8B |
| 负债/权益比越低杠杆越低 | — | 1.48× |
8季度趋势，按日历期对齐
现金及短期投资PTONULH
| Q4 25 | $1.2B | $26.8M | ||
| Q3 25 | $1.1B | $27.4M | ||
| Q2 25 | — | $24.3M | ||
| Q1 25 | — | $20.6M | ||
| Q4 24 | — | $19.4M | ||
| Q3 24 | — | $11.8M | ||
| Q2 24 | — | $7.5M | ||
| Q1 24 | — | $11.1M |
总债务PTONULH
| Q4 25 | $1.5B | $797.6M | ||
| Q3 25 | $1.5B | $824.2M | ||
| Q2 25 | — | $795.5M | ||
| Q1 25 | — | $736.7M | ||
| Q4 24 | — | $759.1M | ||
| Q3 24 | — | $557.4M | ||
| Q2 24 | — | $483.8M | ||
| Q1 24 | — | $414.1M |
股东权益PTONULH
| Q4 25 | $-326.7M | $540.4M | ||
| Q3 25 | $-347.0M | $534.9M | ||
| Q2 25 | — | $653.7M | ||
| Q1 25 | — | $646.4M | ||
| Q4 24 | — | $647.0M | ||
| Q3 24 | — | $631.0M | ||
| Q2 24 | — | $608.9M | ||
| Q1 24 | — | $583.9M |
总资产PTONULH
| Q4 25 | $2.2B | $1.8B | ||
| Q3 25 | $2.2B | $1.8B | ||
| Q2 25 | — | $1.9B | ||
| Q1 25 | — | $1.8B | ||
| Q4 24 | — | $1.8B | ||
| Q3 24 | — | $1.6B | ||
| Q2 24 | — | $1.5B | ||
| Q1 24 | — | $1.4B |
负债/权益比PTONULH
| Q4 25 | — | 1.48× | ||
| Q3 25 | — | 1.54× | ||
| Q2 25 | — | 1.22× | ||
| Q1 25 | — | 1.14× | ||
| Q4 24 | — | 1.17× | ||
| Q3 24 | — | 0.88× | ||
| Q2 24 | — | 0.79× | ||
| Q1 24 | — | 0.71× |
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 | $71.9M | $47.1M |
| 自由现金流经营现金流 - 资本支出 | $71.0M | $14.3M |
| 自由现金流率自由现金流/营收 | 10.8% | 3.7% |
| 资本支出强度资本支出/营收 | 0.1% | 8.5% |
| 现金转化率经营现金流/净利润 | — | 12.62× |
| 过去12个月自由现金流最近4个季度 | — | $-41.1M |
8季度趋势，按日历期对齐
经营现金流PTONULH
| Q4 25 | $71.9M | $47.1M | ||
| Q3 25 | $71.9M | $25.9M | ||
| Q2 25 | — | $25.7M | ||
| Q1 25 | — | $84.3M | ||
| Q4 24 | — | $59.7M | ||
| Q3 24 | — | $6.2M | ||
| Q2 24 | — | $9.6M | ||
| Q1 24 | — | $36.9M |
自由现金流PTONULH
| Q4 25 | $71.0M | $14.3M | ||
| Q3 25 | $67.4M | $-28.6M | ||
| Q2 25 | — | $-58.5M | ||
| Q1 25 | — | $31.7M | ||
| Q4 24 | — | $18.9M | ||
| Q3 24 | — | $-58.9M | ||
| Q2 24 | — | $-67.6M | ||
| Q1 24 | — | $-31.7M |
自由现金流率PTONULH
| Q4 25 | 10.8% | 3.7% | ||
| Q3 25 | 12.2% | -7.2% | ||
| Q2 25 | — | -14.9% | ||
| Q1 25 | — | 8.3% | ||
| Q4 24 | — | 4.1% | ||
| Q3 24 | — | -13.8% | ||
| Q2 24 | — | -14.6% | ||
| Q1 24 | — | -6.4% |
资本支出强度PTONULH
| Q4 25 | 0.1% | 8.5% | ||
| Q3 25 | 0.8% | 13.7% | ||
| Q2 25 | — | 21.4% | ||
| Q1 25 | — | 13.7% | ||
| Q4 24 | — | 8.8% | ||
| Q3 24 | — | 15.3% | ||
| Q2 24 | — | 16.7% | ||
| Q1 24 | — | 13.9% |
现金转化率PTONULH
| Q4 25 | — | 12.62× | ||
| Q3 25 | 5.17× | — | ||
| Q2 25 | — | 3.09× | ||
| Q1 25 | — | 14.02× | ||
| Q4 24 | — | 2.96× | ||
| Q3 24 | — | 0.23× | ||
| Q2 24 | — | 0.31× | ||
| Q1 24 | — | 0.70× |
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
PTON
| Subscription And Circulation | $412.6M | 63% |
| Connected Fitness Products Segment | $243.9M | 37% |
| Product Warranty | $4.0M | 1% |
ULH
| Value Added Services | $183.7M | 48% |
| Dedicated Services | $84.9M | 22% |
| Intermodal | $52.7M | 14% |
| Truckload Services | $48.8M | 13% |
| Brokerage Services | $16.1M | 4% |
