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贝宝（PYPL）与Smurfit Westrock（SW）财务数据对比。点击上方公司名可切换其他公司
贝宝的季度营收约是Smurfit Westrock的1.1倍（$8.7B vs $7.6B），贝宝净利率更高（16.6% vs 1.3%，领先15.3%），贝宝同比增速更快（3.7% vs 0.5%），贝宝自由现金流更多（$2.2B vs $612.0M），过去两年Smurfit Westrock的营收复合增速更高（60.8% vs 6.2%）
贝宝控股（PayPal Holdings, Inc.）是美国跨国金融科技企业，在全球多数支持线上转账的国家运营在线支付系统，可作为支票、汇票等传统纸质支付方式的电子替代选项，同时为线上商户、拍卖网站及各类商业用户提供支付处理服务。
Smurfit Westrock plc是总部位于爱尔兰都柏林的企业，核心业务为生产瓦楞包装及各类纸制包装产品，公司股票同时在纽约证券交易所和伦敦证券交易所挂牌上市。
PYPL vs SW — 直观对比
营收规模更大
PYPL
是对方的1.1倍
$7.6B
营收增速更快
PYPL
高出3.2%
0.5%
净利率更高
PYPL
高出15.3%
1.3%
自由现金流更多
PYPL
多$1.6B
$612.0M
两年增速更快
SW
近两年复合增速
6.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $8.7B | $7.6B |
| 净利润 | $1.4B | $97.0M |
| 毛利率 | — | 18.2% |
| 营业利润率 | 17.4% | 5.1% |
| 净利率 | 16.6% | 1.3% |
| 营收同比 | 3.7% | 0.5% |
| 净利润同比 | 28.2% | -33.6% |
| 每股收益（稀释后） | $1.53 | $0.18 |
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PYPLSW
| Q4 25 | $8.7B | $7.6B | ||
| Q3 25 | $8.4B | $8.0B | ||
| Q2 25 | $8.3B | $7.9B | ||
| Q1 25 | $7.8B | $7.7B | ||
| Q4 24 | $8.4B | $7.5B | ||
| Q3 24 | $7.8B | $7.7B | ||
| Q2 24 | $7.9B | $3.0B | ||
| Q1 24 | $7.7B | $2.9B |
净利润PYPLSW
| Q4 25 | $1.4B | $97.0M | ||
| Q3 25 | $1.2B | $246.0M | ||
| Q2 25 | $1.3B | $-28.0M | ||
| Q1 25 | $1.3B | $384.0M | ||
| Q4 24 | $1.1B | $146.0M | ||
| Q3 24 | $1.0B | $-150.0M | ||
| Q2 24 | $1.1B | $132.0M | ||
| Q1 24 | $888.0M | $191.0M |
毛利率PYPLSW
| Q4 25 | — | 18.2% | ||
| Q3 25 | — | 19.6% | ||
| Q2 25 | — | 19.1% | ||
| Q1 25 | — | 20.6% | ||
| Q4 24 | — | 19.1% | ||
| Q3 24 | — | 17.6% | ||
| Q2 24 | — | 23.3% | ||
| Q1 24 | — | 24.2% |
营业利润率PYPLSW
| Q4 25 | 17.4% | 5.1% | ||
| Q3 25 | 18.1% | 6.6% | ||
| Q2 25 | 18.1% | 3.2% | ||
| Q1 25 | 19.6% | 7.2% | ||
| Q4 24 | 17.2% | 5.3% | ||
| Q3 24 | 17.7% | 0.7% | ||
| Q2 24 | 16.8% | 8.2% | ||
| Q1 24 | 15.2% | 10.5% |
净利率PYPLSW
| Q4 25 | 16.6% | 1.3% | ||
| Q3 25 | 14.8% | 3.1% | ||
| Q2 25 | 15.2% | -0.4% | ||
| Q1 25 | 16.5% | 5.0% | ||
| Q4 24 | 13.4% | 1.9% | ||
| Q3 24 | 12.9% | -2.0% | ||
| Q2 24 | 14.3% | 4.4% | ||
| Q1 24 | 11.5% | 6.5% |
每股收益（稀释后）PYPLSW
| Q4 25 | $1.53 | $0.18 | ||
| Q3 25 | $1.30 | $0.47 | ||
| Q2 25 | $1.29 | $-0.05 | ||
| Q1 25 | $1.29 | $0.73 | ||
| Q4 24 | $1.09 | $-0.12 | ||
| Q3 24 | $0.99 | $-0.30 | ||
| Q2 24 | $1.08 | $0.51 | ||
| Q1 24 | $0.83 | $0.73 |
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 | $10.4B | $892.0M |
| 总债务越低越好 | — | $13.4B |
| 股东权益账面价值 | $20.3B | $18.3B |
| 总资产 | $80.2B | $45.2B |
| 负债/权益比越低杠杆越低 | — | 0.73× |
8季度趋势，按日历期对齐
现金及短期投资PYPLSW
| Q4 25 | $10.4B | $892.0M | ||
| Q3 25 | $10.8B | $851.0M | ||
| Q2 25 | $10.0B | $778.0M | ||
| Q1 25 | $11.2B | $797.0M | ||
| Q4 24 | $10.8B | $855.0M | ||
| Q3 24 | $11.9B | — | ||
| Q2 24 | $13.6B | $26.8K | ||
| Q1 24 | $14.3B | $108 |
总债务PYPLSW
| Q4 25 | — | $13.4B | ||
| Q3 25 | — | $13.3B | ||
| Q2 25 | — | $13.3B | ||
| Q1 25 | — | $12.9B | ||
| Q4 24 | — | $12.5B | ||
| Q3 24 | — | $13.2B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益PYPLSW
| Q4 25 | $20.3B | $18.3B | ||
| Q3 25 | $20.2B | $18.4B | ||
| Q2 25 | $20.2B | $18.3B | ||
| Q1 25 | $20.3B | $17.9B | ||
| Q4 24 | $20.4B | $17.4B | ||
| Q3 24 | $20.2B | $18.0B | ||
| Q2 24 | $20.6B | $14.5K | ||
| Q1 24 | $20.7B | $108 |
总资产PYPLSW
| Q4 25 | $80.2B | $45.2B | ||
| Q3 25 | $79.8B | $45.6B | ||
| Q2 25 | $79.8B | $45.7B | ||
| Q1 25 | $81.3B | $44.6B | ||
| Q4 24 | $81.6B | $43.8B | ||
| Q3 24 | $83.5B | $45.0B | ||
| Q2 24 | $84.0B | $26.8K | ||
| Q1 24 | $83.3B | $108 |
负债/权益比PYPLSW
| Q4 25 | — | 0.73× | ||
| Q3 25 | — | 0.72× | ||
| Q2 25 | — | 0.73× | ||
| Q1 25 | — | 0.72× | ||
| Q4 24 | — | 0.72× | ||
| Q3 24 | — | 0.73× | ||
| 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 | $2.4B | $1.2B |
| 自由现金流经营现金流 - 资本支出 | $2.2B | $612.0M |
| 自由现金流率自由现金流/营收 | 25.2% | 8.1% |
| 资本支出强度资本支出/营收 | 2.2% | 7.7% |
| 现金转化率经营现金流/净利润 | 1.66× | 12.32× |
| 过去12个月自由现金流最近4个季度 | $5.6B | $1.2B |
8季度趋势，按日历期对齐
经营现金流PYPLSW
| Q4 25 | $2.4B | $1.2B | ||
| Q3 25 | $2.0B | $1.1B | ||
| Q2 25 | $898.0M | $829.0M | ||
| Q1 25 | $1.2B | $235.0M | ||
| Q4 24 | $2.4B | $781.0M | ||
| Q3 24 | $1.6B | $320.0M | ||
| Q2 24 | $1.5B | $340.0M | ||
| Q1 24 | $1.9B | $42.0M |
自由现金流PYPLSW
| Q4 25 | $2.2B | $612.0M | ||
| Q3 25 | $1.7B | $523.0M | ||
| Q2 25 | $692.0M | $307.0M | ||
| Q1 25 | $964.0M | $-242.0M | ||
| Q4 24 | $2.2B | $212.0M | ||
| Q3 24 | $1.4B | $-192.0M | ||
| Q2 24 | $1.4B | $163.0M | ||
| Q1 24 | $1.8B | $-166.0M |
自由现金流率PYPLSW
| Q4 25 | 25.2% | 8.1% | ||
| Q3 25 | 20.4% | 6.5% | ||
| Q2 25 | 8.3% | 3.9% | ||
| Q1 25 | 12.4% | -3.2% | ||
| Q4 24 | 26.2% | 2.8% | ||
| Q3 24 | 18.4% | -2.5% | ||
| Q2 24 | 17.3% | 5.5% | ||
| Q1 24 | 22.9% | -5.7% |
资本支出强度PYPLSW
| Q4 25 | 2.2% | 7.7% | ||
| Q3 25 | 3.0% | 7.6% | ||
| Q2 25 | 2.5% | 6.6% | ||
| Q1 25 | 2.5% | 6.2% | ||
| Q4 24 | 2.4% | 7.5% | ||
| Q3 24 | 2.2% | 6.7% | ||
| Q2 24 | 2.0% | 6.0% | ||
| Q1 24 | 2.0% | 7.1% |
现金转化率PYPLSW
| Q4 25 | 1.66× | 12.32× | ||
| Q3 25 | 1.58× | 4.61× | ||
| Q2 25 | 0.71× | — | ||
| Q1 25 | 0.90× | 0.61× | ||
| Q4 24 | 2.14× | 5.35× | ||
| Q3 24 | 1.60× | — | ||
| Q2 24 | 1.35× | 2.58× | ||
| Q1 24 | 2.16× | 0.22× |
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
PYPL
| US | $4.9B | 57% |
| Non Us | $3.7B | 43% |
SW
| Packaging | $3.3B | 43% |
| Other | $3.2B | 43% |
| Paper | $1.1B | 14% |
