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SHOPIFY INC.（SHOP）与硕腾（ZTS）财务数据对比。点击上方公司名可切换其他公司
SHOPIFY INC.的季度营收约是硕腾的1.5倍（$3.7B vs $2.4B），硕腾净利率更高（25.3% vs 20.2%，领先5.0%），SHOPIFY INC.同比增速更快（30.6% vs 3.0%），硕腾自由现金流更多（$732.0M vs $715.0M），过去两年SHOPIFY INC.的营收复合增速更高（40.5% vs 4.4%）
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。
硕腾是全球规模最大的动物保健制药企业，专注于宠物与家畜用药品、疫苗的研发和生产，前身为制药巨头辉瑞旗下的动物保健业务板块，辉瑞剥离多数股权后成为完全独立的企业。目前公司产品直销约45个国家，在全球超过100个国家和地区销售，海外业务占总营收的50%左右。
SHOP vs ZTS — 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27.6%
3.0%
净利率更高
ZTS
高出5.0%
20.2%
自由现金流更多
ZTS
多$17.0M
$715.0M
两年增速更快
SHOP
近两年复合增速
4.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.7B | $2.4B |
| 净利润 | $743.0M | $603.0M |
| 毛利率 | 46.1% | 70.2% |
| 营业利润率 | 17.2% | 31.9% |
| 净利率 | 20.2% | 25.3% |
| 营收同比 | 30.6% | 3.0% |
| 净利润同比 | -42.5% | 3.8% |
| 每股收益（稀释后） | $0.58 | $1.37 |
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SHOPZTS
| Q4 25 | $3.7B | $2.4B | ||
| Q3 25 | $2.8B | $2.4B | ||
| Q2 25 | $2.7B | $2.5B | ||
| Q1 25 | $2.4B | $2.2B | ||
| Q4 24 | $2.8B | $2.3B | ||
| Q3 24 | $2.2B | $2.4B | ||
| Q2 24 | $2.0B | $2.4B | ||
| Q1 24 | $1.9B | $2.2B |
净利润SHOPZTS
| Q4 25 | $743.0M | $603.0M | ||
| Q3 25 | $264.0M | $721.0M | ||
| Q2 25 | $906.0M | $718.0M | ||
| Q1 25 | $-682.0M | $631.0M | ||
| Q4 24 | $1.3B | $581.0M | ||
| Q3 24 | $828.0M | $682.0M | ||
| Q2 24 | $171.0M | $624.0M | ||
| Q1 24 | $-273.0M | $599.0M |
毛利率SHOPZTS
| Q4 25 | 46.1% | 70.2% | ||
| Q3 25 | 48.9% | 71.5% | ||
| Q2 25 | 48.6% | 73.6% | ||
| Q1 25 | 49.5% | 72.0% | ||
| Q4 24 | 48.1% | 69.5% | ||
| Q3 24 | 51.7% | 70.6% | ||
| Q2 24 | 51.1% | 71.7% | ||
| Q1 24 | 51.4% | 70.6% |
营业利润率SHOPZTS
| Q4 25 | 17.2% | 31.9% | ||
| Q3 25 | 12.1% | 37.0% | ||
| Q2 25 | 10.9% | 36.7% | ||
| Q1 25 | 8.6% | 36.5% | ||
| Q4 24 | 16.5% | 31.6% | ||
| Q3 24 | 13.1% | 36.6% | ||
| Q2 24 | 11.8% | 33.0% | ||
| Q1 24 | 4.6% | 34.1% |
净利率SHOPZTS
| Q4 25 | 20.2% | 25.3% | ||
| Q3 25 | 9.3% | 30.0% | ||
| Q2 25 | 33.8% | 29.2% | ||
| Q1 25 | -28.9% | 28.4% | ||
| Q4 24 | 46.0% | 25.1% | ||
| Q3 24 | 38.3% | 28.6% | ||
| Q2 24 | 8.4% | 26.4% | ||
| Q1 24 | -14.7% | 27.4% |
每股收益（稀释后）SHOPZTS
| Q4 25 | $0.58 | $1.37 | ||
| Q3 25 | $0.20 | $1.63 | ||
| Q2 25 | $0.69 | $1.61 | ||
| Q1 25 | $-0.53 | $1.41 | ||
| Q4 24 | $0.99 | $1.29 | ||
| Q3 24 | $0.64 | $1.50 | ||
| Q2 24 | $0.13 | $1.37 | ||
| Q1 24 | $-0.21 | $1.31 |
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 | — |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $13.5B | $3.3B |
| 总资产 | $15.2B | $15.5B |
| 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SHOPZTS
| Q4 25 | $5.8B | — | ||
| Q3 25 | $6.3B | $2.1B | ||
| Q2 25 | $5.8B | $1.4B | ||
| Q1 25 | $5.5B | $1.7B | ||
| Q4 24 | $5.5B | $2.0B | ||
| Q3 24 | — | $1.7B | ||
| Q2 24 | — | $1.6B | ||
| Q1 24 | — | $2.0B |
股东权益SHOPZTS
| Q4 25 | $13.5B | $3.3B | ||
| Q3 25 | $12.5B | $5.4B | ||
| Q2 25 | $12.1B | $5.0B | ||
| Q1 25 | $11.1B | $4.7B | ||
| Q4 24 | $11.6B | $4.8B | ||
| Q3 24 | $10.1B | $5.2B | ||
| Q2 24 | $9.2B | $5.0B | ||
| Q1 24 | $8.9B | $5.1B |
总资产SHOPZTS
| Q4 25 | $15.2B | $15.5B | ||
| Q3 25 | $15.0B | $15.2B | ||
| Q2 25 | $14.6B | $14.5B | ||
| Q1 25 | $13.4B | $14.1B | ||
| Q4 24 | $13.9B | $14.2B | ||
| Q3 24 | — | $14.4B | ||
| Q2 24 | — | $14.2B | ||
| Q1 24 | — | $14.3B |
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 | $893.0M |
| 自由现金流经营现金流 - 资本支出 | $715.0M | $732.0M |
| 自由现金流率自由现金流/营收 | 19.5% | 30.7% |
| 资本支出强度资本支出/营收 | 0.3% | 6.7% |
| 现金转化率经营现金流/净利润 | 0.98× | 1.48× |
| 过去12个月自由现金流最近4个季度 | $2.0B | $2.3B |
8季度趋势，按日历期对齐
经营现金流SHOPZTS
| Q4 25 | $725.0M | $893.0M | ||
| Q3 25 | $513.0M | $938.0M | ||
| Q2 25 | $428.0M | $486.0M | ||
| Q1 25 | $367.0M | $587.0M | ||
| Q4 24 | $615.0M | $905.0M | ||
| Q3 24 | $423.0M | $951.0M | ||
| Q2 24 | $340.0M | $502.0M | ||
| Q1 24 | $238.0M | $595.0M |
自由现金流SHOPZTS
| Q4 25 | $715.0M | $732.0M | ||
| Q3 25 | $507.0M | $805.0M | ||
| Q2 25 | $422.0M | $308.0M | ||
| Q1 25 | $363.0M | $438.0M | ||
| Q4 24 | $611.0M | $689.0M | ||
| Q3 24 | $421.0M | $784.0M | ||
| Q2 24 | $333.0M | $370.0M | ||
| Q1 24 | $232.0M | $455.0M |
自由现金流率SHOPZTS
| Q4 25 | 19.5% | 30.7% | ||
| Q3 25 | 17.8% | 33.5% | ||
| Q2 25 | 15.7% | 12.5% | ||
| Q1 25 | 15.4% | 19.7% | ||
| Q4 24 | 21.7% | 29.7% | ||
| Q3 24 | 19.5% | 32.8% | ||
| Q2 24 | 16.3% | 15.7% | ||
| Q1 24 | 12.5% | 20.8% |
资本支出强度SHOPZTS
| Q4 25 | 0.3% | 6.7% | ||
| Q3 25 | 0.2% | 5.5% | ||
| Q2 25 | 0.2% | 7.2% | ||
| Q1 25 | 0.2% | 6.7% | ||
| Q4 24 | 0.1% | 9.3% | ||
| Q3 24 | 0.1% | 7.0% | ||
| Q2 24 | 0.3% | 5.6% | ||
| Q1 24 | 0.3% | 6.4% |
现金转化率SHOPZTS
| Q4 25 | 0.98× | 1.48× | ||
| Q3 25 | 1.94× | 1.30× | ||
| Q2 25 | 0.47× | 0.68× | ||
| Q1 25 | — | 0.93× | ||
| Q4 24 | 0.48× | 1.56× | ||
| Q3 24 | 0.51× | 1.39× | ||
| Q2 24 | 1.99× | 0.80× | ||
| Q1 24 | — | 0.99× |
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% |
ZTS
| Other | $1.3B | 56% |
| Livestock | $234.0M | 10% |
| Pain Sedation | $209.0M | 9% |
| Other Pharmaceuticals | $188.0M | 8% |
| Swine | $125.0M | 5% |
| Poultry | $117.0M | 5% |
| Fish | $81.0M | 3% |
| Other Non Pharmaceuticals | $70.0M | 3% |
| Manufactured Product Other | $18.0M | 1% |
| Medicated Feed Additives | $12.0M | 1% |
