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标普全球（VG）与Wayfair Inc.（W）财务数据对比。点击上方公司名可切换其他公司
标普全球的季度营收约是Wayfair Inc.的1.3倍（$4.4B vs $3.3B），标普全球净利率更高（26.8% vs -3.5%，领先30.3%），标普全球同比增速更快（191.7% vs 6.9%），Wayfair Inc.自由现金流更多（$177.0M vs $-1.5B），过去两年标普全球的营收复合增速更高（77.3% vs 10.6%）
标普全球是总部位于美国纽约曼哈顿的上市企业，核心业务涵盖金融信息与数据分析、能源及大宗商品情报服务，旗下拥有标普全球评级、标普全球能源、标普全球市场财智、印度信用评级机构CRISIL等子品牌，同时是标普道琼斯指数合资公司的控股股东。
Wayfair Inc.是总部位于美国马萨诸塞州波士顿的电商企业，2002年成立，前身为CSN Stores，专注于家具及家居用品线上销售。目前平台提供来自全球11000余家供应商的1400万款商品，业务遍及北美、加拿大、德国、爱尔兰、中国、英国等国家和地区。
VG vs W — 直观对比
营收规模更大
VG
是对方的1.3倍
$3.3B
营收增速更快
VG
高出184.7%
6.9%
净利率更高
VG
高出30.3%
-3.5%
自由现金流更多
W
多$1.7B
$-1.5B
两年增速更快
VG
近两年复合增速
10.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.4B | $3.3B |
| 净利润 | $1.2B | $-116.0M |
| 毛利率 | — | 30.3% |
| 营业利润率 | 38.7% | 2.5% |
| 净利率 | 26.8% | -3.5% |
| 营收同比 | 191.7% | 6.9% |
| 净利润同比 | 20.3% | 9.4% |
| 每股收益（稀释后） | $0.41 | $-0.90 |
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VGW
| Q4 25 | $4.4B | $3.3B | ||
| Q3 25 | $3.3B | $3.1B | ||
| Q2 25 | $3.1B | $3.3B | ||
| Q1 25 | $2.9B | $2.7B | ||
| Q4 24 | $1.5B | $3.1B | ||
| Q3 24 | $926.0M | $2.9B | ||
| Q2 24 | $1.1B | $3.1B | ||
| Q1 24 | $1.4B | $2.7B |
净利润VGW
| Q4 25 | $1.2B | $-116.0M | ||
| Q3 25 | $550.0M | $-99.0M | ||
| Q2 25 | $475.0M | $15.0M | ||
| Q1 25 | $517.0M | $-113.0M | ||
| Q4 24 | $990.0M | $-128.0M | ||
| Q3 24 | $-294.0M | $-74.0M | ||
| Q2 24 | $352.0M | $-42.0M | ||
| Q1 24 | $698.0M | $-248.0M |
毛利率VGW
| Q4 25 | — | 30.3% | ||
| Q3 25 | — | 30.0% | ||
| Q2 25 | — | 30.1% | ||
| Q1 25 | — | 30.7% | ||
| Q4 24 | — | 30.2% | ||
| Q3 24 | — | 30.3% | ||
| Q2 24 | — | 30.2% | ||
| Q1 24 | — | 30.0% |
营业利润率VGW
| Q4 25 | 38.7% | 2.5% | ||
| Q3 25 | 39.7% | 1.2% | ||
| Q2 25 | 33.5% | 0.5% | ||
| Q1 25 | 37.3% | -4.5% | ||
| Q4 24 | 39.0% | -3.7% | ||
| Q3 24 | 20.4% | -2.6% | ||
| Q2 24 | 32.8% | -1.1% | ||
| Q1 24 | 43.6% | -8.6% |
净利率VGW
| Q4 25 | 26.8% | -3.5% | ||
| Q3 25 | 16.5% | -3.2% | ||
| Q2 25 | 15.3% | 0.5% | ||
| Q1 25 | 17.9% | -4.1% | ||
| Q4 24 | 65.0% | -4.1% | ||
| Q3 24 | -31.7% | -2.6% | ||
| Q2 24 | 31.8% | -1.3% | ||
| Q1 24 | 49.4% | -9.1% |
每股收益（稀释后）VGW
| Q4 25 | $0.41 | $-0.90 | ||
| Q3 25 | $0.16 | $-0.76 | ||
| Q2 25 | $0.14 | $0.11 | ||
| Q1 25 | $0.15 | $-0.89 | ||
| Q4 24 | $0.35 | $-1.01 | ||
| Q3 24 | $-0.15 | $-0.60 | ||
| Q2 24 | $0.12 | $-0.34 | ||
| Q1 24 | $0.25 | $-2.06 |
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 | $2.4B | $1.5B |
| 总债务越低越好 | $34.2B | $3.3B |
| 股东权益账面价值 | $6.7B | $-2.8B |
| 总资产 | $53.4B | $3.4B |
| 负债/权益比越低杠杆越低 | 5.07× | — |
8季度趋势，按日历期对齐
现金及短期投资VGW
| Q4 25 | $2.4B | $1.5B | ||
| Q3 25 | $1.9B | $1.2B | ||
| Q2 25 | $2.2B | $1.4B | ||
| Q1 25 | $3.6B | $1.4B | ||
| Q4 24 | $3.6B | $1.4B | ||
| Q3 24 | — | $1.3B | ||
| Q2 24 | — | $1.3B | ||
| Q1 24 | — | $1.2B |
总债务VGW
| Q4 25 | $34.2B | $3.3B | ||
| Q3 25 | $32.6B | $2.9B | ||
| Q2 25 | $30.0B | $3.0B | ||
| Q1 25 | $29.3B | $3.2B | ||
| Q4 24 | $29.3B | $3.1B | ||
| Q3 24 | — | $3.2B | ||
| Q2 24 | — | $3.2B | ||
| Q1 24 | — | $3.2B |
股东权益VGW
| Q4 25 | $6.7B | $-2.8B | ||
| Q3 25 | $5.7B | $-2.8B | ||
| Q2 25 | $5.3B | $-2.7B | ||
| Q1 25 | $4.9B | $-2.8B | ||
| Q4 24 | $2.9B | $-2.8B | ||
| Q3 24 | — | $-2.7B | ||
| Q2 24 | — | $-2.8B | ||
| Q1 24 | — | $-2.8B |
总资产VGW
| Q4 25 | $53.4B | $3.4B | ||
| Q3 25 | $50.1B | $3.1B | ||
| Q2 25 | $46.5B | $3.3B | ||
| Q1 25 | $45.1B | $3.4B | ||
| Q4 24 | $43.5B | $3.5B | ||
| Q3 24 | — | $3.4B | ||
| Q2 24 | — | $3.4B | ||
| Q1 24 | — | $3.2B |
负债/权益比VGW
| Q4 25 | 5.07× | — | ||
| Q3 25 | 5.73× | — | ||
| Q2 25 | 5.69× | — | ||
| Q1 25 | 6.01× | — | ||
| Q4 24 | 10.11× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $2.1B | $202.0M |
| 自由现金流经营现金流 - 资本支出 | $-1.5B | $177.0M |
| 自由现金流率自由现金流/营收 | -34.1% | 5.3% |
| 资本支出强度资本支出/营收 | 81.6% | 0.7% |
| 现金转化率经营现金流/净利润 | 1.77× | — |
| 过去12个月自由现金流最近4个季度 | $-6.8B | $464.0M |
8季度趋势，按日历期对齐
经营现金流VGW
| Q4 25 | $2.1B | $202.0M | ||
| Q3 25 | $1.9B | $155.0M | ||
| Q2 25 | $1.5B | $273.0M | ||
| Q1 25 | $1.1B | $-96.0M | ||
| Q4 24 | — | $162.0M | ||
| Q3 24 | — | $49.0M | ||
| Q2 24 | — | $245.0M | ||
| Q1 24 | $638.0M | $-139.0M |
自由现金流VGW
| Q4 25 | $-1.5B | $177.0M | ||
| Q3 25 | $-1.4B | $128.0M | ||
| Q2 25 | $-1.5B | $260.0M | ||
| Q1 25 | $-2.4B | $-101.0M | ||
| Q4 24 | — | $142.0M | ||
| Q3 24 | — | $32.0M | ||
| Q2 24 | — | $222.0M | ||
| Q1 24 | $-2.4B | $-152.0M |
自由现金流率VGW
| Q4 25 | -34.1% | 5.3% | ||
| Q3 25 | -42.4% | 4.1% | ||
| Q2 25 | -49.1% | 7.9% | ||
| Q1 25 | -81.3% | -3.7% | ||
| Q4 24 | — | 4.5% | ||
| Q3 24 | — | 1.1% | ||
| Q2 24 | — | 7.1% | ||
| Q1 24 | -167.3% | -5.6% |
资本支出强度VGW
| Q4 25 | 81.6% | 0.7% | ||
| Q3 25 | 98.9% | 0.9% | ||
| Q2 25 | 96.1% | 0.4% | ||
| Q1 25 | 119.8% | 0.2% | ||
| Q4 24 | — | 0.6% | ||
| Q3 24 | — | 0.6% | ||
| Q2 24 | — | 0.7% | ||
| Q1 24 | 212.4% | 0.5% |
现金转化率VGW
| Q4 25 | 1.77× | — | ||
| Q3 25 | 3.42× | — | ||
| Q2 25 | 3.07× | 18.20× | ||
| Q1 25 | 2.15× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.91× | — |
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
VG
| Plaquemines Project Segment | $3.4B | 76% |
| Calcasieu Project Segment | $841.0M | 19% |
| Other | $208.0M | 5% |
W
| US Segment | $2.9B | 88% |
| International Segment | $395.0M | 12% |
