vs
高通（QCOM）与斑马技术（ZBRA）财务数据对比。点击上方公司名可切换其他公司
高通的季度营收约是斑马技术的8.3倍（$12.3B vs $1.5B），高通净利率更高（24.5% vs 4.7%，领先19.8%），斑马技术同比增速更快（10.6% vs 5.0%），高通自由现金流更多（$4.4B vs $327.0M），过去两年高通的营收复合增速更高（14.2% vs 12.0%）
高通是总部位于美国加利福尼亚州圣迭戈、在特拉华州注册的跨国企业，主营无线技术相关的半导体、软件及服务业务，持有5G、4G、CDMA2000、TD-SCDMA、WCDMA等移动通信标准的核心专利，是全球无线通信领域的核心供应商。
斑马技术（Zebra Technologies）是源自美国的跨国科技企业，专注于智能数据采集系统领域的研发与落地。公司总部位于芝加哥郊外的伊利诺伊州林肯郡，目前在全球57个国家和地区开展业务，雇员总数达10700名。
QCOM vs ZBRA — 直观对比
营收规模更大
QCOM
是对方的8.3倍
$1.5B
营收增速更快
ZBRA
高出5.6%
5.0%
净利率更高
QCOM
高出19.8%
4.7%
自由现金流更多
QCOM
多$4.1B
$327.0M
两年增速更快
QCOM
近两年复合增速
12.0%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $12.3B | $1.5B |
| 净利润 | $3.0B | $70.0M |
| 毛利率 | 54.6% | 47.3% |
| 营业利润率 | 27.5% | 9.4% |
| 净利率 | 24.5% | 4.7% |
| 营收同比 | 5.0% | 10.6% |
| 净利润同比 | -5.5% | -57.1% |
| 每股收益（稀释后） | $2.78 | $1.40 |
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QCOMZBRA
| Q4 25 | $12.3B | $1.5B | ||
| Q3 25 | $11.3B | $1.3B | ||
| Q2 25 | $10.4B | $1.3B | ||
| Q1 25 | $11.0B | $1.3B | ||
| Q4 24 | $11.7B | $1.3B | ||
| Q3 24 | $10.2B | $1.3B | ||
| Q2 24 | $9.4B | $1.2B | ||
| Q1 24 | $9.4B | $1.2B |
净利润QCOMZBRA
| Q4 25 | $3.0B | $70.0M | ||
| Q3 25 | $-3.1B | $101.0M | ||
| Q2 25 | $2.7B | $112.0M | ||
| Q1 25 | $2.8B | $136.0M | ||
| Q4 24 | $3.2B | $163.0M | ||
| Q3 24 | $2.9B | $137.0M | ||
| Q2 24 | $2.1B | $113.0M | ||
| Q1 24 | $2.3B | $115.0M |
毛利率QCOMZBRA
| Q4 25 | 54.6% | 47.3% | ||
| Q3 25 | 55.3% | 48.0% | ||
| Q2 25 | 55.6% | 47.6% | ||
| Q1 25 | 55.0% | 49.3% | ||
| Q4 24 | 55.8% | 48.6% | ||
| Q3 24 | 56.4% | 48.8% | ||
| Q2 24 | 55.6% | 48.4% | ||
| Q1 24 | 56.3% | 47.9% |
营业利润率QCOMZBRA
| Q4 25 | 27.5% | 9.4% | ||
| Q3 25 | 25.9% | 13.9% | ||
| Q2 25 | 26.6% | 14.2% | ||
| Q1 25 | 28.4% | 14.9% | ||
| Q4 24 | 30.5% | 16.9% | ||
| Q3 24 | 25.2% | 15.2% | ||
| Q2 24 | 23.6% | 13.7% | ||
| Q1 24 | 24.9% | 13.5% |
净利率QCOMZBRA
| Q4 25 | 24.5% | 4.7% | ||
| Q3 25 | -27.7% | 7.7% | ||
| Q2 25 | 25.7% | 8.7% | ||
| Q1 25 | 25.6% | 10.4% | ||
| Q4 24 | 27.3% | 12.2% | ||
| Q3 24 | 28.5% | 10.9% | ||
| Q2 24 | 22.7% | 9.3% | ||
| Q1 24 | 24.8% | 9.8% |
每股收益（稀释后）QCOMZBRA
| Q4 25 | $2.78 | $1.40 | ||
| Q3 25 | $-2.77 | $1.97 | ||
| Q2 25 | $2.43 | $2.19 | ||
| Q1 25 | $2.52 | $2.62 | ||
| Q4 24 | $2.83 | $3.14 | ||
| Q3 24 | $2.57 | $2.64 | ||
| Q2 24 | $1.88 | $2.17 | ||
| Q1 24 | $2.06 | $2.23 |
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 | $11.8B | $125.0M |
| 总债务越低越好 | $14.8B | — |
| 股东权益账面价值 | $23.1B | $3.6B |
| 总资产 | $53.0B | $8.5B |
| 负债/权益比越低杠杆越低 | 0.64× | — |
8季度趋势，按日历期对齐
现金及短期投资QCOMZBRA
| Q4 25 | $11.8B | $125.0M | ||
| Q3 25 | $10.2B | $1.1B | ||
| Q2 25 | $10.0B | $872.0M | ||
| Q1 25 | $13.8B | $879.0M | ||
| Q4 24 | $14.3B | $901.0M | ||
| Q3 24 | $13.3B | $676.0M | ||
| Q2 24 | $13.0B | $411.0M | ||
| Q1 24 | $13.9B | $127.0M |
总债务QCOMZBRA
| Q4 25 | $14.8B | — | ||
| Q3 25 | $14.8B | $2.2B | ||
| Q2 25 | $14.8B | $2.2B | ||
| Q1 25 | $13.3B | $2.2B | ||
| Q4 24 | $13.2B | — | ||
| Q3 24 | $13.3B | $2.2B | ||
| Q2 24 | $13.2B | $2.2B | ||
| Q1 24 | $14.5B | $2.1B |
股东权益QCOMZBRA
| Q4 25 | $23.1B | $3.6B | ||
| Q3 25 | $21.2B | $3.7B | ||
| Q2 25 | $27.2B | $3.6B | ||
| Q1 25 | $27.7B | $3.6B | ||
| Q4 24 | $26.9B | $3.6B | ||
| Q3 24 | $26.3B | $3.4B | ||
| Q2 24 | $24.7B | $3.3B | ||
| Q1 24 | $24.5B | $3.2B |
总资产QCOMZBRA
| Q4 25 | $53.0B | $8.5B | ||
| Q3 25 | $50.1B | $8.1B | ||
| Q2 25 | $54.9B | $7.9B | ||
| Q1 25 | $55.4B | $7.9B | ||
| Q4 24 | $55.6B | $8.0B | ||
| Q3 24 | $55.2B | $7.7B | ||
| Q2 24 | $52.7B | $7.5B | ||
| Q1 24 | $53.2B | $7.3B |
负债/权益比QCOMZBRA
| Q4 25 | 0.64× | — | ||
| Q3 25 | 0.70× | 0.58× | ||
| Q2 25 | 0.54× | 0.60× | ||
| Q1 25 | 0.48× | 0.60× | ||
| Q4 24 | 0.49× | — | ||
| Q3 24 | 0.51× | 0.64× | ||
| Q2 24 | 0.53× | 0.66× | ||
| Q1 24 | 0.59× | 0.66× |
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 | $5.0B | $357.0M |
| 自由现金流经营现金流 - 资本支出 | $4.4B | $327.0M |
| 自由现金流率自由现金流/营收 | 36.0% | 22.2% |
| 资本支出强度资本支出/营收 | 4.5% | 2.0% |
| 现金转化率经营现金流/净利润 | 1.65× | 5.10× |
| 过去12个月自由现金流最近4个季度 | $12.9B | $831.0M |
8季度趋势，按日历期对齐
经营现金流QCOMZBRA
| Q4 25 | $5.0B | $357.0M | ||
| Q3 25 | $4.0B | $235.0M | ||
| Q2 25 | $2.9B | $147.0M | ||
| Q1 25 | $2.6B | $178.0M | ||
| Q4 24 | $4.6B | $306.0M | ||
| Q3 24 | $2.6B | $294.0M | ||
| Q2 24 | $3.1B | $288.0M | ||
| Q1 24 | $3.6B | $125.0M |
自由现金流QCOMZBRA
| Q4 25 | $4.4B | $327.0M | ||
| Q3 25 | $3.6B | $216.0M | ||
| Q2 25 | $2.6B | $130.0M | ||
| Q1 25 | $2.3B | $158.0M | ||
| Q4 24 | $4.3B | $288.0M | ||
| Q3 24 | $2.4B | $277.0M | ||
| Q2 24 | $2.7B | $278.0M | ||
| Q1 24 | $3.4B | $111.0M |
自由现金流率QCOMZBRA
| Q4 25 | 36.0% | 22.2% | ||
| Q3 25 | 31.8% | 16.4% | ||
| Q2 25 | 24.9% | 10.1% | ||
| Q1 25 | 21.3% | 12.1% | ||
| Q4 24 | 36.9% | 21.6% | ||
| Q3 24 | 23.3% | 22.1% | ||
| Q2 24 | 28.4% | 22.8% | ||
| Q1 24 | 35.9% | 9.4% |
资本支出强度QCOMZBRA
| Q4 25 | 4.5% | 2.0% | ||
| Q3 25 | 3.6% | 1.4% | ||
| Q2 25 | 2.8% | 1.3% | ||
| Q1 25 | 1.9% | 1.5% | ||
| Q4 24 | 2.4% | 1.3% | ||
| Q3 24 | 2.5% | 1.4% | ||
| Q2 24 | 4.1% | 0.8% | ||
| Q1 24 | 2.0% | 1.2% |
现金转化率QCOMZBRA
| Q4 25 | 1.65× | 5.10× | ||
| Q3 25 | — | 2.33× | ||
| Q2 25 | 1.08× | 1.31× | ||
| Q1 25 | 0.91× | 1.31× | ||
| Q4 24 | 1.44× | 1.88× | ||
| Q3 24 | 0.91× | 2.15× | ||
| Q2 24 | 1.43× | 2.55× | ||
| Q1 24 | 1.53× | 1.09× |
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
QCOM
| Handsets | $7.8B | 64% |
| Io T | $1.7B | 14% |
| Qtl | $1.6B | 13% |
| Automotive | $1.1B | 9% |
ZBRA
| Tangible Products | $1.2B | 83% |
| Service And Software | $255.0M | 17% |
