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SHOPIFY INC.（SHOP）与Workday, Inc.（WDAY）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Workday, Inc.的1.5倍（$3.7B vs $2.4B），SHOPIFY INC.净利率更高（20.2% vs 10.4%，领先9.9%），SHOPIFY INC.同比增速更快（30.6% vs 12.6%），SHOPIFY INC.自由现金流更多（$715.0M vs $550.0M），过去两年SHOPIFY INC.的营收复合增速更高（40.5% vs 12.5%）
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。
Workday是全球领先的企业级云软件供应商，核心产品覆盖人力资本管理、财务管理及企业资源规划解决方案，主要服务教育、医疗、金融、科技等行业的中大型机构，业务遍布北美、欧洲、亚太等全球主要市场。
SHOP vs WDAY — 直观对比
营收规模更大
SHOP
是对方的1.5倍
$2.4B
营收增速更快
SHOP
高出18.0%
12.6%
净利率更高
SHOP
高出9.9%
10.4%
自由现金流更多
SHOP
多$165.0M
$550.0M
两年增速更快
SHOP
近两年复合增速
12.5%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $3.7B | $2.4B |
| 净利润 | $743.0M | $252.0M |
| 毛利率 | 46.1% | — |
| 营业利润率 | 17.2% | 10.6% |
| 净利率 | 20.2% | 10.4% |
| 营收同比 | 30.6% | 12.6% |
| 净利润同比 | -42.5% | 30.6% |
| 每股收益（稀释后） | $0.58 | $0.94 |
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SHOPWDAY
| Q4 25 | $3.7B | $2.4B | ||
| Q3 25 | $2.8B | $2.3B | ||
| Q2 25 | $2.7B | $2.2B | ||
| Q1 25 | $2.4B | $2.2B | ||
| Q4 24 | $2.8B | $2.2B | ||
| Q3 24 | $2.2B | $2.1B | ||
| Q2 24 | $2.0B | $2.0B | ||
| Q1 24 | $1.9B | $1.9B |
净利润SHOPWDAY
| Q4 25 | $743.0M | $252.0M | ||
| Q3 25 | $264.0M | $228.0M | ||
| Q2 25 | $906.0M | $68.0M | ||
| Q1 25 | $-682.0M | $94.0M | ||
| Q4 24 | $1.3B | $193.0M | ||
| Q3 24 | $828.0M | $132.0M | ||
| Q2 24 | $171.0M | $107.0M | ||
| Q1 24 | $-273.0M | $1.2B |
毛利率SHOPWDAY
| Q4 25 | 46.1% | — | ||
| Q3 25 | 48.9% | — | ||
| Q2 25 | 48.6% | — | ||
| Q1 25 | 49.5% | — | ||
| Q4 24 | 48.1% | — | ||
| Q3 24 | 51.7% | — | ||
| Q2 24 | 51.1% | — | ||
| Q1 24 | 51.4% | — |
营业利润率SHOPWDAY
| Q4 25 | 17.2% | 10.6% | ||
| Q3 25 | 12.1% | 10.6% | ||
| Q2 25 | 10.9% | 1.7% | ||
| Q1 25 | 8.6% | 3.4% | ||
| Q4 24 | 16.5% | 7.6% | ||
| Q3 24 | 13.1% | 5.3% | ||
| Q2 24 | 11.8% | 3.2% | ||
| Q1 24 | 4.6% | 4.1% |
净利率SHOPWDAY
| Q4 25 | 20.2% | 10.4% | ||
| Q3 25 | 9.3% | 9.7% | ||
| Q2 25 | 33.8% | 3.0% | ||
| Q1 25 | -28.9% | 4.3% | ||
| Q4 24 | 46.0% | 8.9% | ||
| Q3 24 | 38.3% | 6.3% | ||
| Q2 24 | 8.4% | 5.4% | ||
| Q1 24 | -14.7% | 61.8% |
每股收益（稀释后）SHOPWDAY
| Q4 25 | $0.58 | $0.94 | ||
| Q3 25 | $0.20 | $0.84 | ||
| Q2 25 | $0.69 | $0.25 | ||
| Q1 25 | $-0.53 | $0.34 | ||
| Q4 24 | $0.99 | $0.72 | ||
| Q3 24 | $0.64 | $0.49 | ||
| Q2 24 | $0.13 | $0.40 | ||
| Q1 24 | $-0.21 | $4.48 |
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 | $6.8B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $13.5B | $8.9B |
| 总资产 | $15.2B | $17.8B |
| 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SHOPWDAY
| Q4 25 | $5.8B | $6.8B | ||
| Q3 25 | $6.3B | $8.2B | ||
| Q2 25 | $5.8B | $8.0B | ||
| Q1 25 | $5.5B | $8.0B | ||
| Q4 24 | $5.5B | $7.2B | ||
| Q3 24 | — | $7.4B | ||
| Q2 24 | — | $7.2B | ||
| Q1 24 | — | $7.8B |
总债务SHOPWDAY
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $3.0B | ||
| Q1 24 | — | $3.0B |
股东权益SHOPWDAY
| Q4 25 | $13.5B | $8.9B | ||
| Q3 25 | $12.5B | $9.2B | ||
| Q2 25 | $12.1B | $8.9B | ||
| Q1 25 | $11.1B | $9.0B | ||
| Q4 24 | $11.6B | $8.6B | ||
| Q3 24 | $10.1B | $8.3B | ||
| Q2 24 | $9.2B | $8.2B | ||
| Q1 24 | $8.9B | $8.1B |
总资产SHOPWDAY
| Q4 25 | $15.2B | $17.8B | ||
| Q3 25 | $15.0B | $18.0B | ||
| Q2 25 | $14.6B | $17.2B | ||
| Q1 25 | $13.4B | $18.0B | ||
| Q4 24 | $13.9B | $16.4B | ||
| Q3 24 | — | $16.2B | ||
| Q2 24 | — | $15.9B | ||
| Q1 24 | — | $16.5B |
负债/权益比SHOPWDAY
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 0.37× | ||
| Q1 24 | — | 0.37× |
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 | $588.0M |
| 自由现金流经营现金流 - 资本支出 | $715.0M | $550.0M |
| 自由现金流率自由现金流/营收 | 19.5% | 22.6% |
| 资本支出强度资本支出/营收 | 0.3% | 1.6% |
| 现金转化率经营现金流/净利润 | 0.98× | 2.33× |
| 过去12个月自由现金流最近4个季度 | $2.0B | $2.6B |
8季度趋势，按日历期对齐
经营现金流SHOPWDAY
| Q4 25 | $725.0M | $588.0M | ||
| Q3 25 | $513.0M | $616.0M | ||
| Q2 25 | $428.0M | $457.0M | ||
| Q1 25 | $367.0M | $1.1B | ||
| Q4 24 | $615.0M | $406.0M | ||
| Q3 24 | $423.0M | $571.0M | ||
| Q2 24 | $340.0M | $372.0M | ||
| Q1 24 | $238.0M | $995.6M |
自由现金流SHOPWDAY
| Q4 25 | $715.0M | $550.0M | ||
| Q3 25 | $507.0M | $588.0M | ||
| Q2 25 | $422.0M | $421.0M | ||
| Q1 25 | $363.0M | $1.0B | ||
| Q4 24 | $611.0M | $359.0M | ||
| Q3 24 | $421.0M | $516.0M | ||
| Q2 24 | $333.0M | $291.0M | ||
| Q1 24 | $232.0M | $947.6M |
自由现金流率SHOPWDAY
| Q4 25 | 19.5% | 22.6% | ||
| Q3 25 | 17.8% | 25.0% | ||
| Q2 25 | 15.7% | 18.8% | ||
| Q1 25 | 15.4% | 46.4% | ||
| Q4 24 | 21.7% | 16.6% | ||
| Q3 24 | 19.5% | 24.7% | ||
| Q2 24 | 16.3% | 14.6% | ||
| Q1 24 | 12.5% | 49.3% |
资本支出强度SHOPWDAY
| Q4 25 | 0.3% | 1.6% | ||
| Q3 25 | 0.2% | 1.2% | ||
| Q2 25 | 0.2% | 1.6% | ||
| Q1 25 | 0.2% | 3.9% | ||
| Q4 24 | 0.1% | 2.2% | ||
| Q3 24 | 0.1% | 2.6% | ||
| Q2 24 | 0.3% | 4.1% | ||
| Q1 24 | 0.3% | 2.5% |
现金转化率SHOPWDAY
| Q4 25 | 0.98× | 2.33× | ||
| Q3 25 | 1.94× | 2.70× | ||
| Q2 25 | 0.47× | 6.72× | ||
| Q1 25 | — | 11.83× | ||
| Q4 24 | 0.48× | 2.10× | ||
| Q3 24 | 0.51× | 4.33× | ||
| Q2 24 | 1.99× | 3.48× | ||
| Q1 24 | — | 0.84× |
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% |
WDAY
| Subscription Services | $2.2B | 92% |
| Professional Services | $188.0M | 8% |
