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贝宝（PYPL）与WESCO INTERNATIONAL INC（WCC）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WESCO INTERNATIONAL INC的1.4倍（$8.7B vs $6.1B），贝宝净利率更高（16.6% vs 2.6%，领先13.9%），WESCO INTERNATIONAL INC同比增速更快（10.3% vs 3.7%），贝宝自由现金流更多（$2.2B vs $27.5M），过去两年WESCO INTERNATIONAL INC的营收复合增速更高（6.5% 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。
WESCO国际是一家美国上市控股公司，旗下子公司WESCO Distribution主营电气产品分销及相关服务，总部位于宾夕法尼亚州匹兹堡市，可为工业、基建、商业等多领域客户提供一站式电气供应链解决方案与技术支持服务。
PYPL vs WCC — 直观对比
营收规模更大
PYPL
是对方的1.4倍
$6.1B
营收增速更快
WCC
高出6.6%
3.7%
净利率更高
PYPL
高出13.9%
2.6%
自由现金流更多
PYPL
多$2.2B
$27.5M
两年增速更快
WCC
近两年复合增速
6.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $8.7B | $6.1B |
| 净利润 | $1.4B | $159.8M |
| 毛利率 | — | 21.2% |
| 营业利润率 | 17.4% | 5.3% |
| 净利率 | 16.6% | 2.6% |
| 营收同比 | 3.7% | 10.3% |
| 净利润同比 | 28.2% | -3.4% |
| 每股收益（稀释后） | $1.53 | $3.33 |
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PYPLWCC
| Q4 25 | $8.7B | $6.1B | ||
| Q3 25 | $8.4B | $6.2B | ||
| Q2 25 | $8.3B | $5.9B | ||
| Q1 25 | $7.8B | $5.3B | ||
| Q4 24 | $8.4B | $5.5B | ||
| Q3 24 | $7.8B | $5.5B | ||
| Q2 24 | $7.9B | $5.5B | ||
| Q1 24 | $7.7B | $5.3B |
净利润PYPLWCC
| Q4 25 | $1.4B | $159.8M | ||
| Q3 25 | $1.2B | $187.5M | ||
| Q2 25 | $1.3B | $174.5M | ||
| Q1 25 | $1.3B | $118.4M | ||
| Q4 24 | $1.1B | $165.4M | ||
| Q3 24 | $1.0B | $204.3M | ||
| Q2 24 | $1.1B | $232.1M | ||
| Q1 24 | $888.0M | $115.8M |
毛利率PYPLWCC
| Q4 25 | — | 21.2% | ||
| Q3 25 | — | 21.3% | ||
| Q2 25 | — | 21.1% | ||
| Q1 25 | — | 21.1% | ||
| Q4 24 | — | 21.2% | ||
| Q3 24 | — | 22.1% | ||
| Q2 24 | — | 21.9% | ||
| Q1 24 | — | 21.3% |
营业利润率PYPLWCC
| Q4 25 | 17.4% | 5.3% | ||
| Q3 25 | 18.1% | 5.6% | ||
| Q2 25 | 18.1% | 5.5% | ||
| Q1 25 | 19.6% | 4.5% | ||
| Q4 24 | 17.2% | 5.5% | ||
| Q3 24 | 17.7% | 6.1% | ||
| Q2 24 | 16.8% | 5.9% | ||
| Q1 24 | 15.2% | 4.9% |
净利率PYPLWCC
| Q4 25 | 16.6% | 2.6% | ||
| Q3 25 | 14.8% | 3.0% | ||
| Q2 25 | 15.2% | 3.0% | ||
| Q1 25 | 16.5% | 2.2% | ||
| Q4 24 | 13.4% | 3.0% | ||
| Q3 24 | 12.9% | 3.7% | ||
| Q2 24 | 14.3% | 4.2% | ||
| Q1 24 | 11.5% | 2.2% |
每股收益（稀释后）PYPLWCC
| Q4 25 | $1.53 | $3.33 | ||
| Q3 25 | $1.30 | $3.79 | ||
| Q2 25 | $1.29 | $3.83 | ||
| Q1 25 | $1.29 | $2.10 | ||
| Q4 24 | $1.09 | $3.01 | ||
| Q3 24 | $0.99 | $3.81 | ||
| Q2 24 | $1.08 | $4.28 | ||
| Q1 24 | $0.83 | $1.95 |
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 | — |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $20.3B | $5.0B |
| 总资产 | $80.2B | $16.5B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资PYPLWCC
| Q4 25 | $10.4B | — | ||
| Q3 25 | $10.8B | — | ||
| Q2 25 | $10.0B | — | ||
| Q1 25 | $11.2B | — | ||
| Q4 24 | $10.8B | — | ||
| Q3 24 | $11.9B | — | ||
| Q2 24 | $13.6B | — | ||
| Q1 24 | $14.3B | — |
股东权益PYPLWCC
| Q4 25 | $20.3B | $5.0B | ||
| Q3 25 | $20.2B | $4.8B | ||
| Q2 25 | $20.2B | $4.8B | ||
| Q1 25 | $20.3B | $5.0B | ||
| Q4 24 | $20.4B | $5.0B | ||
| Q3 24 | $20.2B | $5.0B | ||
| Q2 24 | $20.6B | $4.9B | ||
| Q1 24 | $20.7B | $5.0B |
总资产PYPLWCC
| Q4 25 | $80.2B | $16.5B | ||
| Q3 25 | $79.8B | $16.6B | ||
| Q2 25 | $79.8B | $16.2B | ||
| Q1 25 | $81.3B | $15.5B | ||
| Q4 24 | $81.6B | $15.1B | ||
| Q3 24 | $83.5B | $15.3B | ||
| Q2 24 | $84.0B | $15.1B | ||
| Q1 24 | $83.3B | $15.5B |
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 | $71.9M |
| 自由现金流经营现金流 - 资本支出 | $2.2B | $27.5M |
| 自由现金流率自由现金流/营收 | 25.2% | 0.5% |
| 资本支出强度资本支出/营收 | 2.2% | 0.7% |
| 现金转化率经营现金流/净利润 | 1.66× | 0.45× |
| 过去12个月自由现金流最近4个季度 | $5.6B | $25.2M |
8季度趋势，按日历期对齐
经营现金流PYPLWCC
| Q4 25 | $2.4B | $71.9M | ||
| Q3 25 | $2.0B | $-82.7M | ||
| Q2 25 | $898.0M | $107.8M | ||
| Q1 25 | $1.2B | $28.0M | ||
| Q4 24 | $2.4B | $276.6M | ||
| Q3 24 | $1.6B | $302.1M | ||
| Q2 24 | $1.5B | $-223.8M | ||
| Q1 24 | $1.9B | $746.3M |
自由现金流PYPLWCC
| Q4 25 | $2.2B | $27.5M | ||
| Q3 25 | $1.7B | $-95.9M | ||
| Q2 25 | $692.0M | $86.0M | ||
| Q1 25 | $964.0M | $7.6M | ||
| Q4 24 | $2.2B | $252.3M | ||
| Q3 24 | $1.4B | $272.9M | ||
| Q2 24 | $1.4B | $-244.6M | ||
| Q1 24 | $1.8B | $725.9M |
自由现金流率PYPLWCC
| Q4 25 | 25.2% | 0.5% | ||
| Q3 25 | 20.4% | -1.5% | ||
| Q2 25 | 8.3% | 1.5% | ||
| Q1 25 | 12.4% | 0.1% | ||
| Q4 24 | 26.2% | 4.6% | ||
| Q3 24 | 18.4% | 5.0% | ||
| Q2 24 | 17.3% | -4.5% | ||
| Q1 24 | 22.9% | 13.6% |
资本支出强度PYPLWCC
| Q4 25 | 2.2% | 0.7% | ||
| Q3 25 | 3.0% | 0.2% | ||
| Q2 25 | 2.5% | 0.4% | ||
| Q1 25 | 2.5% | 0.4% | ||
| Q4 24 | 2.4% | 0.4% | ||
| Q3 24 | 2.2% | 0.5% | ||
| Q2 24 | 2.0% | 0.4% | ||
| Q1 24 | 2.0% | 0.4% |
现金转化率PYPLWCC
| Q4 25 | 1.66× | 0.45× | ||
| Q3 25 | 1.58× | -0.44× | ||
| Q2 25 | 0.71× | 0.62× | ||
| Q1 25 | 0.90× | 0.24× | ||
| Q4 24 | 2.14× | 1.67× | ||
| Q3 24 | 1.60× | 1.48× | ||
| Q2 24 | 1.35× | -0.96× | ||
| Q1 24 | 2.16× | 6.44× |
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% |
WCC
| CSS | $2.4B | 40% |
| EES | $2.3B | 37% |
| UBS | $1.4B | 23% |
