vs
SHOPIFY INC.（SHOP）与Unity Software Inc.（U）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Unity Software Inc.的7.3倍（$3.7B vs $503.1M）。SHOPIFY INC.净利率更高（20.2% vs -17.9%，领先38.1%）。SHOPIFY INC.同比增速更快（30.6% vs 10.1%）。SHOPIFY INC.自由现金流更多（$715.0M vs $118.7M）。过去两年SHOPIFY INC.的营收复合增速更高（40.5% vs 4.5%）
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。
Unity Software Inc.是总部位于美国旧金山的游戏软件开发企业，2004年于丹麦成立时原名为Over the Edge Entertainment，2007年更为现名。公司核心产品Unity游戏引擎全球应用广泛，可用于开发各类电子游戏及其他互动应用，商业化授权服务覆盖全球客户。
SHOP vs U — 直观对比
营收规模更大
SHOP
是对方的7.3倍
$503.1M
营收增速更快
SHOP
高出20.5%
10.1%
净利率更高
SHOP
高出38.1%
-17.9%
自由现金流更多
SHOP
多$596.3M
$118.7M
两年增速更快
SHOP
近两年复合增速
4.5%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $3.7B | $503.1M |
| 净利润 | $743.0M | $-90.0M |
| 毛利率 | 46.1% | 74.3% |
| 营业利润率 | 17.2% | -21.2% |
| 净利率 | 20.2% | -17.9% |
| 营收同比 | 30.6% | 10.1% |
| 净利润同比 | -42.5% | 26.7% |
| 每股收益（稀释后） | $0.58 | $-0.21 |
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SHOPU
| Q4 25 | $3.7B | $503.1M | ||
| Q3 25 | $2.8B | $470.6M | ||
| Q2 25 | $2.7B | $440.9M | ||
| Q1 25 | $2.4B | $435.0M | ||
| Q4 24 | $2.8B | $457.1M | ||
| Q3 24 | $2.2B | $446.5M | ||
| Q2 24 | $2.0B | $449.3M | ||
| Q1 24 | $1.9B | $460.4M |
净利润SHOPU
| Q4 25 | $743.0M | $-90.0M | ||
| Q3 25 | $264.0M | $-126.4M | ||
| Q2 25 | $906.0M | $-108.8M | ||
| Q1 25 | $-682.0M | $-77.6M | ||
| Q4 24 | $1.3B | $-122.7M | ||
| Q3 24 | $828.0M | $-124.7M | ||
| Q2 24 | $171.0M | $-125.6M | ||
| Q1 24 | $-273.0M | $-291.1M |
毛利率SHOPU
| Q4 25 | 46.1% | 74.3% | ||
| Q3 25 | 48.9% | 74.4% | ||
| Q2 25 | 48.6% | 74.1% | ||
| Q1 25 | 49.5% | 73.8% | ||
| Q4 24 | 48.1% | 74.7% | ||
| Q3 24 | 51.7% | 74.9% | ||
| Q2 24 | 51.1% | 75.8% | ||
| Q1 24 | 51.4% | 68.6% |
营业利润率SHOPU
| Q4 25 | 17.2% | -21.2% | ||
| Q3 25 | 12.1% | -26.7% | ||
| Q2 25 | 10.9% | -26.9% | ||
| Q1 25 | 8.6% | -29.4% | ||
| Q4 24 | 16.5% | -27.1% | ||
| Q3 24 | 13.1% | -28.5% | ||
| Q2 24 | 11.8% | -28.8% | ||
| Q1 24 | 4.6% | -81.4% |
净利率SHOPU
| Q4 25 | 20.2% | -17.9% | ||
| Q3 25 | 9.3% | -26.9% | ||
| Q2 25 | 33.8% | -24.7% | ||
| Q1 25 | -28.9% | -17.8% | ||
| Q4 24 | 46.0% | -26.8% | ||
| Q3 24 | 38.3% | -27.9% | ||
| Q2 24 | 8.4% | -28.0% | ||
| Q1 24 | -14.7% | -63.2% |
每股收益（稀释后）SHOPU
| Q4 25 | $0.58 | $-0.21 | ||
| Q3 25 | $0.20 | $-0.30 | ||
| Q2 25 | $0.69 | $-0.26 | ||
| Q1 25 | $-0.53 | $-0.19 | ||
| Q4 24 | $0.99 | $-0.30 | ||
| Q3 24 | $0.64 | $-0.31 | ||
| Q2 24 | $0.13 | $-0.32 | ||
| Q1 24 | $-0.21 | $-0.75 |
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 | $2.1B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $13.5B | $3.2B |
| 总资产 | $15.2B | $6.8B |
| 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SHOPU
| Q4 25 | $5.8B | $2.1B | ||
| Q3 25 | $6.3B | $1.9B | ||
| Q2 25 | $5.8B | $1.7B | ||
| Q1 25 | $5.5B | $1.5B | ||
| Q4 24 | $5.5B | $1.5B | ||
| Q3 24 | — | $1.4B | ||
| Q2 24 | — | $1.3B | ||
| Q1 24 | — | $1.2B |
股东权益SHOPU
| Q4 25 | $13.5B | $3.2B | ||
| Q3 25 | $12.5B | $3.2B | ||
| Q2 25 | $12.1B | $3.2B | ||
| Q1 25 | $11.1B | $3.2B | ||
| Q4 24 | $11.6B | $3.2B | ||
| Q3 24 | $10.1B | $3.2B | ||
| Q2 24 | $9.2B | $3.2B | ||
| Q1 24 | $8.9B | $3.2B |
总资产SHOPU
| Q4 25 | $15.2B | $6.8B | ||
| Q3 25 | $15.0B | $6.8B | ||
| Q2 25 | $14.6B | $6.7B | ||
| Q1 25 | $13.4B | $6.6B | ||
| Q4 24 | $13.9B | $6.7B | ||
| Q3 24 | — | $6.7B | ||
| Q2 24 | — | $6.7B | ||
| Q1 24 | — | $6.8B |
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 | $121.4M |
| 自由现金流经营现金流 - 资本支出 | $715.0M | $118.7M |
| 自由现金流率自由现金流/营收 | 19.5% | 23.6% |
| 资本支出强度资本支出/营收 | 0.3% | 0.5% |
| 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 | $403.9M |
8季度趋势，按日历期对齐
经营现金流SHOPU
| Q4 25 | $725.0M | $121.4M | ||
| Q3 25 | $513.0M | $155.4M | ||
| Q2 25 | $428.0M | $133.1M | ||
| Q1 25 | $367.0M | $13.0M | ||
| Q4 24 | $615.0M | $112.2M | ||
| Q3 24 | $423.0M | $122.4M | ||
| Q2 24 | $340.0M | $88.4M | ||
| Q1 24 | $238.0M | $-7.4M |
自由现金流SHOPU
| Q4 25 | $715.0M | $118.7M | ||
| Q3 25 | $507.0M | $151.3M | ||
| Q2 25 | $422.0M | $126.7M | ||
| Q1 25 | $363.0M | $7.3M | ||
| Q4 24 | $611.0M | $105.8M | ||
| Q3 24 | $421.0M | $115.2M | ||
| Q2 24 | $333.0M | $79.6M | ||
| Q1 24 | $232.0M | $-14.6M |
自由现金流率SHOPU
| Q4 25 | 19.5% | 23.6% | ||
| Q3 25 | 17.8% | 32.1% | ||
| Q2 25 | 15.7% | 28.7% | ||
| Q1 25 | 15.4% | 1.7% | ||
| Q4 24 | 21.7% | 23.1% | ||
| Q3 24 | 19.5% | 25.8% | ||
| Q2 24 | 16.3% | 17.7% | ||
| Q1 24 | 12.5% | -3.2% |
资本支出强度SHOPU
| Q4 25 | 0.3% | 0.5% | ||
| Q3 25 | 0.2% | 0.9% | ||
| Q2 25 | 0.2% | 1.5% | ||
| Q1 25 | 0.2% | 1.3% | ||
| Q4 24 | 0.1% | 1.4% | ||
| Q3 24 | 0.1% | 1.6% | ||
| Q2 24 | 0.3% | 2.0% | ||
| Q1 24 | 0.3% | 1.6% |
现金转化率SHOPU
| 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% |
U
| Grow Solutions | $338.2M | 67% |
| Create Solutions | $164.9M | 33% |
