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American Bitcoin Corp.（ABTC）与微策略（MSTR）财务数据对比。点击上方公司名可切换其他公司
微策略的季度营收约是American Bitcoin Corp.的1.1倍（$128.7M vs $118.0M）。American Bitcoin Corp.同比增速更快（151.5% vs 10.9%）。过去两年American Bitcoin Corp.的营收复合增速更高（296.9% vs 1.7%）
美国比特币公司专注于比特币相关业务领域。比特币是首个去中心化加密货币，由化名为中本聪的匿名人士于2008年发布白皮书后诞生，2009年随着开源代码上线正式投入使用，问世以来对全球金融与数字货币领域都产生了极为深远的影响。
Strategy Inc（原名为微策略）是1989年成立的美国上市企业，主营商业智能与移动软件业务，旗下产品可帮助企业分析内外部数据以支撑经营决策，还可用于移动应用开发，总部位于弗吉尼亚州泰森斯角，商业分析赛道核心竞品包括SAP等。
ABTC vs MSTR — 直观对比
营收规模更大
MSTR
是对方的1.1倍
$118.0M
营收增速更快
ABTC
高出140.6%
10.9%
两年增速更快
ABTC
近两年复合增速
1.7%
损益表 — Q4 2025 vs Q1 2026
| 指标 | | |
|---|---|---|
| 营收 | $118.0M | $128.7M |
| 净利润 | — | $2.8B |
| 毛利率 | 49.1% | 70.5% |
| 营业利润率 | -192.8% | — |
| 净利率 | — | 2164.1% |
| 营收同比 | 151.5% | 10.9% |
| 净利润同比 | — | 918.7% |
| 每股收益（稀释后） | $-0.07 | $8.42 |
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ABTCMSTR
| Q4 25 | $118.0M | — | ||
| Q3 25 | $64.2M | $128.7M | ||
| Q2 25 | $1.4M | $114.5M | ||
| Q1 25 | $1.6M | $111.1M | ||
| Q4 24 | $46.9M | $120.7M | ||
| Q3 24 | $11.6M | $116.1M | ||
| Q2 24 | $5.5M | $111.4M | ||
| Q1 24 | $7.5M | $115.2M |
净利润ABTCMSTR
| Q4 25 | — | — | ||
| Q3 25 | $3.5M | $2.8B | ||
| Q2 25 | $3.4M | $10.0B | ||
| Q1 25 | $-100.6M | $-4.2B | ||
| Q4 24 | — | $-670.8M | ||
| Q3 24 | $-576.0K | $-340.2M | ||
| Q2 24 | $-61.1M | $-102.6M | ||
| Q1 24 | $230.4M | $-53.1M |
毛利率ABTCMSTR
| Q4 25 | 49.1% | — | ||
| Q3 25 | 56.0% | 70.5% | ||
| Q2 25 | -16.8% | 68.8% | ||
| Q1 25 | -31.8% | 69.4% | ||
| Q4 24 | 57.9% | 71.7% | ||
| Q3 24 | 4.2% | 70.4% | ||
| Q2 24 | 31.0% | 72.2% | ||
| Q1 24 | 35.4% | 74.0% |
营业利润率ABTCMSTR
| Q4 25 | -192.8% | — | ||
| Q3 25 | 11.2% | — | ||
| Q2 25 | -162.1% | — | ||
| Q1 25 | -350.8% | -5331.4% | ||
| Q4 24 | — | -842.1% | ||
| Q3 24 | -87.8% | -372.7% | ||
| Q2 24 | -106.4% | -179.7% | ||
| Q1 24 | -20.8% | -176.8% |
净利率ABTCMSTR
| Q4 25 | — | — | ||
| Q3 25 | 5.4% | 2164.1% | ||
| Q2 25 | 249.2% | 8752.7% | ||
| Q1 25 | -6458.5% | -3797.2% | ||
| Q4 24 | — | -555.8% | ||
| Q3 24 | -5.0% | -293.1% | ||
| Q2 24 | -1107.2% | -92.0% | ||
| Q1 24 | 3076.2% | -46.1% |
每股收益（稀释后）ABTCMSTR
| Q4 25 | $-0.07 | — | ||
| Q3 25 | $0.06 | $8.42 | ||
| Q2 25 | $-0.07 | $32.60 | ||
| Q1 25 | $-0.09 | $-16.49 | ||
| Q4 24 | $1.10 | $4.49 | ||
| Q3 24 | $-0.15 | $-1.72 | ||
| Q2 24 | $-0.10 | $-5.74 | ||
| Q1 24 | $-0.36 | $-3.09 |
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 | — | $54.3M |
| 总债务越低越好 | — | $8.2B |
| 股东权益账面价值 | $665.8M | $52.3B |
| 总资产 | $1.2B | $73.6B |
| 负债/权益比越低杠杆越低 | — | 0.16× |
8季度趋势，按日历期对齐
现金及短期投资ABTCMSTR
| Q4 25 | — | — | ||
| Q3 25 | — | $54.3M | ||
| Q2 25 | $750.0K | $50.1M | ||
| Q1 25 | $367.0K | $60.3M | ||
| Q4 24 | $850.0K | $38.1M | ||
| Q3 24 | $478.0K | $46.3M | ||
| Q2 24 | $1.4M | $66.9M | ||
| Q1 24 | $1.9M | $81.3M |
总债务ABTCMSTR
| Q4 25 | — | — | ||
| Q3 25 | — | $8.2B | ||
| Q2 25 | — | $8.2B | ||
| Q1 25 | — | $8.1B | ||
| Q4 24 | — | $7.2B | ||
| Q3 24 | — | $4.2B | ||
| Q2 24 | — | $3.8B | ||
| Q1 24 | — | $3.6B |
股东权益ABTCMSTR
| Q4 25 | $665.8M | — | ||
| Q3 25 | $575.5M | $52.3B | ||
| Q2 25 | $339.7M | $47.5B | ||
| Q1 25 | $115.8M | $32.2B | ||
| Q4 24 | $1.0B | $18.2B | ||
| Q3 24 | $697.5M | $3.8B | ||
| Q2 24 | $614.3M | $2.8B | ||
| Q1 24 | $696.8M | $2.4B |
总资产ABTCMSTR
| Q4 25 | $1.2B | — | ||
| Q3 25 | $1.2B | $73.6B | ||
| Q2 25 | $6.2M | $64.8B | ||
| Q1 25 | $9.0M | $43.9B | ||
| Q4 24 | $1.1B | $25.8B | ||
| Q3 24 | $7.5M | $8.3B | ||
| Q2 24 | $11.4M | $7.1B | ||
| Q1 24 | $17.8M | $6.4B |
负债/权益比ABTCMSTR
| Q4 25 | — | — | ||
| Q3 25 | — | 0.16× | ||
| Q2 25 | — | 0.17× | ||
| Q1 25 | — | 0.25× | ||
| Q4 24 | — | 0.39× | ||
| Q3 24 | — | 1.12× | ||
| Q2 24 | — | 1.36× | ||
| Q1 24 | — | 1.48× |
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 | $-36.5M | $-8.3M |
| 自由现金流经营现金流 - 资本支出 | — | $-11.1M |
| 自由现金流率自由现金流/营收 | — | -8.6% |
| 资本支出强度资本支出/营收 | — | 2.2% |
| 现金转化率经营现金流/净利润 | — | -0.00× |
| 过去12个月自由现金流最近4个季度 | — | $-70.8M |
8季度趋势，按日历期对齐
经营现金流ABTCMSTR
| Q4 25 | $-36.5M | — | ||
| Q3 25 | $-39.0M | $-8.3M | ||
| Q2 25 | $-879.0K | $-34.9M | ||
| Q1 25 | $-3.2M | $-2.4M | ||
| Q4 24 | $23.6M | $-17.3M | ||
| Q3 24 | $-76.8M | $-41.0M | ||
| Q2 24 | $201.0K | $-23.3M | ||
| Q1 24 | $-983.0K | $28.6M |
自由现金流ABTCMSTR
| Q4 25 | — | — | ||
| Q3 25 | — | $-11.1M | ||
| Q2 25 | — | $-37.0M | ||
| Q1 25 | — | $-5.1M | ||
| Q4 24 | — | $-17.6M | ||
| Q3 24 | $-79.3M | $-41.4M | ||
| Q2 24 | — | $-24.1M | ||
| Q1 24 | — | $27.0M |
自由现金流率ABTCMSTR
| Q4 25 | — | — | ||
| Q3 25 | — | -8.6% | ||
| Q2 25 | — | -32.3% | ||
| Q1 25 | — | -4.6% | ||
| Q4 24 | — | -14.6% | ||
| Q3 24 | -683.2% | -35.7% | ||
| Q2 24 | — | -21.6% | ||
| Q1 24 | — | 23.5% |
资本支出强度ABTCMSTR
| Q4 25 | — | — | ||
| Q3 25 | — | 2.2% | ||
| Q2 25 | — | 1.8% | ||
| Q1 25 | — | 2.5% | ||
| Q4 24 | — | 0.2% | ||
| Q3 24 | 21.6% | 0.4% | ||
| Q2 24 | — | 0.6% | ||
| Q1 24 | — | 1.3% |
现金转化率ABTCMSTR
| Q4 25 | — | — | ||
| Q3 25 | -11.21× | -0.00× | ||
| Q2 25 | -0.26× | -0.00× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -0.00× | — |
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
ABTC
暂无分部数据
MSTR
| Current Deferred Revenue And Advanced Payments | $52.2M | 41% |
| Subscription And Circulation | $46.0M | 36% |
| License | $17.4M | 13% |
| Technology Service | $14.2M | 11% |
