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SHOPIFY INC.（SHOP）与Snowflake Inc.（SNOW）财务数据对比。点击上方公司名可切换其他公司
SHOPIFY INC.的季度营收约是Snowflake Inc.的3.0倍（$3.7B vs $1.2B）。SHOPIFY INC.净利率更高（20.2% vs -24.2%，领先44.5%）。SHOPIFY INC.同比增速更快（30.6% vs 28.7%）。SHOPIFY INC.自由现金流更多（$715.0M vs $113.6M）。过去两年SHOPIFY INC.的营收复合增速更高（40.5% vs 25.1%）
Shopify是总部位于加拿大安大略省渥太华的跨国电商企业，运营零售POS系统及相关服务平台，全球客户超500万，2024年总交易处理额达2923亿美元，其中57%来自美国市场，服务客户包括特斯拉、路威酩轩、雀巢、百事、百威英博、红牛、凯悦等知名品牌。
Snowflake Inc.是美国云数据平台服务商，创立于加利福尼亚州圣马特奥，总部位于蒙大拿州博兹曼。旗下平台支持数据分析功能，可实现数据集的低延迟并发访问，服务运行在亚马逊云科技、微软Azure、谷歌云三大公有云平台上。
SHOP vs SNOW — 直观对比
营收规模更大
SHOP
是对方的3.0倍
$1.2B
营收增速更快
SHOP
高出1.8%
28.7%
净利率更高
SHOP
高出44.5%
-24.2%
自由现金流更多
SHOP
多$601.4M
$113.6M
两年增速更快
SHOP
近两年复合增速
25.1%
损益表 — Q4 2025 vs Q3 2026
| 指标 | | |
|---|---|---|
| 营收 | $3.7B | $1.2B |
| 净利润 | $743.0M | $-294.0M |
| 毛利率 | 46.1% | 67.8% |
| 营业利润率 | 17.2% | -27.2% |
| 净利率 | 20.2% | -24.2% |
| 营收同比 | 30.6% | 28.7% |
| 净利润同比 | -42.5% | 9.4% |
| 每股收益（稀释后） | $0.58 | $-0.87 |
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SHOPSNOW
| Q4 25 | $3.7B | $1.2B | ||
| Q3 25 | $2.8B | $1.1B | ||
| Q2 25 | $2.7B | $1.0B | ||
| Q1 25 | $2.4B | $986.8M | ||
| Q4 24 | $2.8B | $942.1M | ||
| Q3 24 | $2.2B | $868.8M | ||
| Q2 24 | $2.0B | $828.7M | ||
| Q1 24 | $1.9B | $774.7M |
净利润SHOPSNOW
| Q4 25 | $743.0M | $-294.0M | ||
| Q3 25 | $264.0M | $-298.0M | ||
| Q2 25 | $906.0M | $-430.1M | ||
| Q1 25 | $-682.0M | $-327.5M | ||
| Q4 24 | $1.3B | $-324.3M | ||
| Q3 24 | $828.0M | $-316.9M | ||
| Q2 24 | $171.0M | $-317.0M | ||
| Q1 24 | $-273.0M | $-169.4M |
毛利率SHOPSNOW
| Q4 25 | 46.1% | 67.8% | ||
| Q3 25 | 48.9% | 67.5% | ||
| Q2 25 | 48.6% | 66.5% | ||
| Q1 25 | 49.5% | 66.2% | ||
| Q4 24 | 48.1% | 65.9% | ||
| Q3 24 | 51.7% | 66.8% | ||
| Q2 24 | 51.1% | 67.1% | ||
| Q1 24 | 51.4% | 68.8% |
营业利润率SHOPSNOW
| Q4 25 | 17.2% | -27.2% | ||
| Q3 25 | 12.1% | -29.7% | ||
| Q2 25 | 10.9% | -42.9% | ||
| Q1 25 | 8.6% | -39.2% | ||
| Q4 24 | 16.5% | -38.8% | ||
| Q3 24 | 13.1% | -40.9% | ||
| Q2 24 | 11.8% | -42.1% | ||
| Q1 24 | 4.6% | -35.6% |
净利率SHOPSNOW
| Q4 25 | 20.2% | -24.2% | ||
| Q3 25 | 9.3% | -26.0% | ||
| Q2 25 | 33.8% | -41.3% | ||
| Q1 25 | -28.9% | -33.2% | ||
| Q4 24 | 46.0% | -34.4% | ||
| Q3 24 | 38.3% | -36.5% | ||
| Q2 24 | 8.4% | -38.3% | ||
| Q1 24 | -14.7% | -21.9% |
每股收益（稀释后）SHOPSNOW
| Q4 25 | $0.58 | $-0.87 | ||
| Q3 25 | $0.20 | $-0.89 | ||
| Q2 25 | $0.69 | $-1.29 | ||
| Q1 25 | $-0.53 | $-0.98 | ||
| Q4 24 | $0.99 | $-0.98 | ||
| Q3 24 | $0.64 | $-0.95 | ||
| Q2 24 | $0.13 | $-0.95 | ||
| Q1 24 | $-0.21 | $-0.51 |
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 | $5.8B | $1.9B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $13.5B | $2.1B |
| 总资产 | $15.2B | $8.2B |
| 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SHOPSNOW
| Q4 25 | $5.8B | $1.9B | ||
| Q3 25 | $6.3B | $1.9B | ||
| Q2 25 | $5.8B | $2.2B | ||
| Q1 25 | $5.5B | $2.6B | ||
| Q4 24 | $5.5B | $2.1B | ||
| Q3 24 | — | $1.3B | ||
| Q2 24 | — | $1.3B | ||
| Q1 24 | — | $1.8B |
股东权益SHOPSNOW
| Q4 25 | $13.5B | $2.1B | ||
| Q3 25 | $12.5B | $2.4B | ||
| Q2 25 | $12.1B | $2.4B | ||
| Q1 25 | $11.1B | $3.0B | ||
| Q4 24 | $11.6B | $2.9B | ||
| Q3 24 | $10.1B | $4.1B | ||
| Q2 24 | $9.2B | $4.6B | ||
| Q1 24 | $8.9B | $5.2B |
总资产SHOPSNOW
| Q4 25 | $15.2B | $8.2B | ||
| Q3 25 | $15.0B | $8.2B | ||
| Q2 25 | $14.6B | $8.2B | ||
| Q1 25 | $13.4B | $9.0B | ||
| Q4 24 | $13.9B | $8.2B | ||
| Q3 24 | — | $6.9B | ||
| Q2 24 | — | $7.3B | ||
| Q1 24 | — | $8.2B |
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 | $725.0M | $137.5M |
| 自由现金流经营现金流 - 资本支出 | $715.0M | $113.6M |
| 自由现金流率自由现金流/营收 | 19.5% | 9.4% |
| 资本支出强度资本支出/营收 | 0.3% | 2.0% |
| 现金转化率经营现金流/净利润 | 0.98× | — |
| 过去12个月自由现金流最近4个季度 | $2.0B | $776.7M |
8季度趋势，按日历期对齐
经营现金流SHOPSNOW
| Q4 25 | $725.0M | $137.5M | ||
| Q3 25 | $513.0M | $74.9M | ||
| Q2 25 | $428.0M | $228.4M | ||
| Q1 25 | $367.0M | $432.7M | ||
| Q4 24 | $615.0M | $101.7M | ||
| Q3 24 | $423.0M | $69.9M | ||
| Q2 24 | $340.0M | $355.5M | ||
| Q1 24 | $238.0M | $344.6M |
自由现金流SHOPSNOW
| Q4 25 | $715.0M | $113.6M | ||
| Q3 25 | $507.0M | $58.2M | ||
| Q2 25 | $422.0M | $183.4M | ||
| Q1 25 | $363.0M | $421.4M | ||
| Q4 24 | $611.0M | $88.3M | ||
| Q3 24 | $421.0M | $64.8M | ||
| Q2 24 | $333.0M | $338.9M | ||
| Q1 24 | $232.0M | $331.5M |
自由现金流率SHOPSNOW
| Q4 25 | 19.5% | 9.4% | ||
| Q3 25 | 17.8% | 5.1% | ||
| Q2 25 | 15.7% | 17.6% | ||
| Q1 25 | 15.4% | 42.7% | ||
| Q4 24 | 21.7% | 9.4% | ||
| Q3 24 | 19.5% | 7.5% | ||
| Q2 24 | 16.3% | 40.9% | ||
| Q1 24 | 12.5% | 42.8% |
资本支出强度SHOPSNOW
| Q4 25 | 0.3% | 2.0% | ||
| Q3 25 | 0.2% | 1.5% | ||
| Q2 25 | 0.2% | 4.3% | ||
| Q1 25 | 0.2% | 1.1% | ||
| Q4 24 | 0.1% | 1.4% | ||
| Q3 24 | 0.1% | 0.6% | ||
| Q2 24 | 0.3% | 2.0% | ||
| Q1 24 | 0.3% | 1.7% |
现金转化率SHOPSNOW
| Q4 25 | 0.98× | — | ||
| Q3 25 | 1.94× | — | ||
| Q2 25 | 0.47× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.48× | — | ||
| Q3 24 | 0.51× | — | ||
| Q2 24 | 1.99× | — | ||
| Q1 24 | — | — |
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
SHOP
| Services | $2.9B | 79% |
| Subscription And Circulation | $777.0M | 21% |
SNOW
| Products | $1.2B | 96% |
| Professional Services And Other | $54.5M | 4% |
| Related Party | $6.7M | 1% |
