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SHOPIFY INC.（SHOP）与施乐（XRX）财务数据对比。点击上方公司名可切换其他公司
SHOPIFY INC.的季度营收约是施乐的1.8倍（$3.7B vs $2.0B），SHOPIFY INC.同比增速更快（30.6% vs 25.7%），SHOPIFY INC.自由现金流更多（$715.0M vs $192.0M），过去两年SHOPIFY INC.的营收复合增速更高（40.5% vs 16.2%）
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。
施乐控股是源自美国的知名办公设备服务商，面向全球超160个国家提供打印机与数码文档相关产品及服务。1959年推出Xerox 914后，施乐成为静电复印市场的开创者，品牌名“xerox”甚至在英语中成为复印的代名词，公司总部现位于美国康涅狄格州诺沃克。
SHOP vs XRX — 直观对比
营收规模更大
SHOP
是对方的1.8倍
$2.0B
营收增速更快
SHOP
高出4.9%
25.7%
自由现金流更多
SHOP
多$523.0M
$192.0M
两年增速更快
SHOP
近两年复合增速
16.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.7B | $2.0B |
| 净利润 | $743.0M | — |
| 毛利率 | 46.1% | — |
| 营业利润率 | 17.2% | — |
| 净利率 | 20.2% | — |
| 营收同比 | 30.6% | 25.7% |
| 净利润同比 | -42.5% | — |
| 每股收益（稀释后） | $0.58 | $-0.62 |
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SHOPXRX
| Q4 25 | $3.7B | $2.0B | ||
| Q3 25 | $2.8B | $2.0B | ||
| Q2 25 | $2.7B | $1.6B | ||
| Q1 25 | $2.4B | $1.5B | ||
| Q4 24 | $2.8B | $1.6B | ||
| Q3 24 | $2.2B | $1.5B | ||
| Q2 24 | $2.0B | $1.6B | ||
| Q1 24 | $1.9B | $1.5B |
净利润SHOPXRX
| Q4 25 | $743.0M | — | ||
| Q3 25 | $264.0M | $-760.0M | ||
| Q2 25 | $906.0M | $-106.0M | ||
| Q1 25 | $-682.0M | $-90.0M | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $828.0M | $-1.2B | ||
| Q2 24 | $171.0M | $18.0M | ||
| Q1 24 | $-273.0M | $-113.0M |
毛利率SHOPXRX
| 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SHOPXRX
| Q4 25 | 17.2% | — | ||
| Q3 25 | 12.1% | — | ||
| Q2 25 | 10.9% | — | ||
| Q1 25 | 8.6% | — | ||
| Q4 24 | 16.5% | — | ||
| Q3 24 | 13.1% | — | ||
| Q2 24 | 11.8% | — | ||
| Q1 24 | 4.6% | — |
净利率SHOPXRX
| Q4 25 | 20.2% | — | ||
| Q3 25 | 9.3% | -38.8% | ||
| Q2 25 | 33.8% | -6.7% | ||
| Q1 25 | -28.9% | -6.2% | ||
| Q4 24 | 46.0% | — | ||
| Q3 24 | 38.3% | -78.9% | ||
| Q2 24 | 8.4% | 1.1% | ||
| Q1 24 | -14.7% | -7.5% |
每股收益（稀释后）SHOPXRX
| Q4 25 | $0.58 | $-0.62 | ||
| Q3 25 | $0.20 | $-6.01 | ||
| Q2 25 | $0.69 | $-0.87 | ||
| Q1 25 | $-0.53 | $-0.75 | ||
| Q4 24 | $0.99 | $-0.21 | ||
| Q3 24 | $0.64 | $-9.71 | ||
| Q2 24 | $0.13 | $0.11 | ||
| Q1 24 | $-0.21 | $-0.94 |
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 | $512.0M |
| 总债务越低越好 | — | $4.0B |
| 股东权益账面价值 | $13.5B | $444.0M |
| 总资产 | $15.2B | $9.8B |
| 负债/权益比越低杠杆越低 | — | 9.05× |
8季度趋势，按日历期对齐
现金及短期投资SHOPXRX
| Q4 25 | $5.8B | $512.0M | ||
| Q3 25 | $6.3B | $479.0M | ||
| Q2 25 | $5.8B | $449.0M | ||
| Q1 25 | $5.5B | $336.0M | ||
| Q4 24 | $5.5B | $576.0M | ||
| Q3 24 | — | $521.0M | ||
| Q2 24 | — | $485.0M | ||
| Q1 24 | — | $685.0M |
总债务SHOPXRX
| Q4 25 | — | $4.0B | ||
| Q3 25 | — | $4.1B | ||
| Q2 25 | — | $3.5B | ||
| Q1 25 | — | $2.7B | ||
| Q4 24 | — | $2.8B | ||
| Q3 24 | — | $2.8B | ||
| Q2 24 | — | $3.2B | ||
| Q1 24 | — | $3.2B |
股东权益SHOPXRX
| Q4 25 | $13.5B | $444.0M | ||
| Q3 25 | $12.5B | $365.0M | ||
| Q2 25 | $12.1B | $1.1B | ||
| Q1 25 | $11.1B | $1.1B | ||
| Q4 24 | $11.6B | $1.1B | ||
| Q3 24 | $10.1B | $1.3B | ||
| Q2 24 | $9.2B | $2.4B | ||
| Q1 24 | $8.9B | $2.4B |
总资产SHOPXRX
| Q4 25 | $15.2B | $9.8B | ||
| Q3 25 | $15.0B | $10.1B | ||
| Q2 25 | $14.6B | $8.9B | ||
| Q1 25 | $13.4B | $8.2B | ||
| Q4 24 | $13.9B | $8.4B | ||
| Q3 24 | — | $8.3B | ||
| Q2 24 | — | $9.5B | ||
| Q1 24 | — | $9.9B |
负债/权益比SHOPXRX
| Q4 25 | — | 9.05× | ||
| Q3 25 | — | 11.10× | ||
| Q2 25 | — | 3.11× | ||
| Q1 25 | — | 2.56× | ||
| Q4 24 | — | 2.62× | ||
| Q3 24 | — | 2.11× | ||
| Q2 24 | — | 1.34× | ||
| Q1 24 | — | 1.35× |
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 | $208.0M |
| 自由现金流经营现金流 - 资本支出 | $715.0M | $192.0M |
| 自由现金流率自由现金流/营收 | 19.5% | 9.5% |
| 资本支出强度资本支出/营收 | 0.3% | 0.8% |
| 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 | $187.0M |
8季度趋势，按日历期对齐
经营现金流SHOPXRX
| Q4 25 | $725.0M | $208.0M | ||
| Q3 25 | $513.0M | $116.0M | ||
| Q2 25 | $428.0M | $-11.0M | ||
| Q1 25 | $367.0M | $-89.0M | ||
| Q4 24 | $615.0M | $351.0M | ||
| Q3 24 | $423.0M | $116.0M | ||
| Q2 24 | $340.0M | $123.0M | ||
| Q1 24 | $238.0M | $-79.0M |
自由现金流SHOPXRX
| Q4 25 | $715.0M | $192.0M | ||
| Q3 25 | $507.0M | $104.0M | ||
| Q2 25 | $422.0M | $-15.0M | ||
| Q1 25 | $363.0M | $-94.0M | ||
| Q4 24 | $611.0M | $346.0M | ||
| Q3 24 | $421.0M | $108.0M | ||
| Q2 24 | $333.0M | $117.0M | ||
| Q1 24 | $232.0M | $-87.0M |
自由现金流率SHOPXRX
| Q4 25 | 19.5% | 9.5% | ||
| Q3 25 | 17.8% | 5.3% | ||
| Q2 25 | 15.7% | -1.0% | ||
| Q1 25 | 15.4% | -6.5% | ||
| Q4 24 | 21.7% | 21.5% | ||
| Q3 24 | 19.5% | 7.1% | ||
| Q2 24 | 16.3% | 7.4% | ||
| Q1 24 | 12.5% | -5.8% |
资本支出强度SHOPXRX
| Q4 25 | 0.3% | 0.8% | ||
| Q3 25 | 0.2% | 0.6% | ||
| Q2 25 | 0.2% | 0.3% | ||
| Q1 25 | 0.2% | 0.3% | ||
| Q4 24 | 0.1% | 0.3% | ||
| Q3 24 | 0.1% | 0.5% | ||
| Q2 24 | 0.3% | 0.4% | ||
| Q1 24 | 0.3% | 0.5% |
现金转化率SHOPXRX
| 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× | 6.83× | ||
| 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% |
XRX
| Other | $596.0M | 29% |
| Manufactured Product Other | $485.0M | 24% |
| Supplies Paper And Other Sales | $483.0M | 24% |
| IT Solutions Segment | $155.0M | 8% |
| CA | $128.0M | 6% |
| IT Products | $100.0M | 5% |
| Rental And Other | $52.0M | 3% |
| Financial Service | $29.0M | 1% |
