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ADAMAS TRUST, INC.（ADAM）与Planet Labs PBC（PL）财务数据对比。点击上方公司名可切换其他公司
Planet Labs PBC的季度营收约是ADAMAS TRUST, INC.的1.9倍（$81.3M vs $43.2M），ADAMAS TRUST, INC.净利率更高（124.0% vs -72.8%，领先196.8%），ADAMAS TRUST, INC.同比增速更快（61.6% vs 32.6%），ADAMAS TRUST, INC.自由现金流更多（$125.9M vs $1.9M），过去两年ADAMAS TRUST, INC.的营收复合增速更高（55.5% vs 17.5%）
Planet Labs PBC（常简称为Planet）是总部位于美国加利福尼亚州旧金山的上市地球影像企业，核心目标是实现全球范围的每日成像，以此监测地表变化、精准识别相关趋势，为多行业的地理数据分析需求提供可靠的数据支持。
ADAM vs PL — 直观对比
营收规模更大
PL
是对方的1.9倍
$43.2M
营收增速更快
ADAM
高出29.0%
32.6%
净利率更高
ADAM
高出196.8%
-72.8%
自由现金流更多
ADAM
多$124.0M
$1.9M
两年增速更快
ADAM
近两年复合增速
17.5%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $43.2M | $81.3M |
| 净利润 | $53.5M | $-59.2M |
| 毛利率 | — | 57.3% |
| 营业利润率 | — | -22.6% |
| 净利率 | 124.0% | -72.8% |
| 营收同比 | 61.6% | 32.6% |
| 净利润同比 | 270.5% | -194.7% |
| 每股收益（稀释后） | $0.45 | $-0.19 |
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ADAMPL
| Q4 25 | $43.2M | $81.3M | ||
| Q3 25 | $36.6M | $73.4M | ||
| Q2 25 | $36.4M | $66.3M | ||
| Q1 25 | $33.1M | $61.6M | ||
| Q4 24 | $26.7M | $61.3M | ||
| Q3 24 | $20.2M | $61.1M | ||
| Q2 24 | $19.0M | $60.4M | ||
| Q1 24 | $17.9M | $58.9M |
净利润ADAMPL
| Q4 25 | $53.5M | $-59.2M | ||
| Q3 25 | $44.8M | $-22.6M | ||
| Q2 25 | $8.5M | $-12.6M | ||
| Q1 25 | $42.2M | $-35.2M | ||
| Q4 24 | $-31.4M | $-20.1M | ||
| Q3 24 | $42.8M | $-38.7M | ||
| Q2 24 | $-15.6M | $-29.3M | ||
| Q1 24 | $-57.9M | $-30.1M |
毛利率ADAMPL
| Q4 25 | — | 57.3% | ||
| Q3 25 | — | 57.6% | ||
| Q2 25 | — | 55.2% | ||
| Q1 25 | — | 62.1% | ||
| Q4 24 | — | 61.2% | ||
| Q3 24 | — | 52.9% | ||
| Q2 24 | — | 52.4% | ||
| Q1 24 | — | 55.2% |
营业利润率ADAMPL
| Q4 25 | — | -22.6% | ||
| Q3 25 | — | -24.5% | ||
| Q2 25 | 11.7% | -34.4% | ||
| Q1 25 | — | -31.5% | ||
| Q4 24 | -119.0% | -36.9% | ||
| Q3 24 | — | -64.8% | ||
| Q2 24 | -124.7% | -57.2% | ||
| Q1 24 | -448.8% | -57.6% |
净利率ADAMPL
| Q4 25 | 124.0% | -72.8% | ||
| Q3 25 | 122.5% | -30.8% | ||
| Q2 25 | 23.4% | -19.1% | ||
| Q1 25 | 127.4% | -57.1% | ||
| Q4 24 | -117.5% | -32.8% | ||
| Q3 24 | 211.7% | -63.3% | ||
| Q2 24 | -81.9% | -48.5% | ||
| Q1 24 | -324.1% | -51.1% |
每股收益（稀释后）ADAMPL
| Q4 25 | $0.45 | $-0.19 | ||
| Q3 25 | $0.36 | $-0.07 | ||
| Q2 25 | $-0.04 | $-0.04 | ||
| Q1 25 | $0.33 | $-0.12 | ||
| Q4 24 | $-0.46 | $-0.07 | ||
| Q3 24 | $0.36 | $-0.13 | ||
| Q2 24 | $-0.29 | $-0.10 | ||
| Q1 24 | $-0.75 | $-0.10 |
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 | $210.3M | $443.3M |
| 总债务越低越好 | $735.8M | — |
| 股东权益账面价值 | $1.4B | $349.6M |
| 总资产 | $12.6B | $1.1B |
| 负债/权益比越低杠杆越低 | 0.52× | — |
8季度趋势，按日历期对齐
现金及短期投资ADAMPL
| Q4 25 | $210.3M | $443.3M | ||
| Q3 25 | $185.3M | $181.1M | ||
| Q2 25 | $160.4M | $133.5M | ||
| Q1 25 | $177.1M | $118.0M | ||
| Q4 24 | $167.4M | $139.0M | ||
| Q3 24 | $195.1M | $148.3M | ||
| Q2 24 | $235.5M | $107.4M | ||
| Q1 24 | $226.9M | $83.9M |
总债务ADAMPL
| Q4 25 | $735.8M | — | ||
| Q3 25 | $766.6M | — | ||
| Q2 25 | $653.0M | — | ||
| Q1 25 | $654.4M | — | ||
| Q4 24 | $573.2M | — | ||
| Q3 24 | $699.4M | — | ||
| Q2 24 | $800.7M | — | ||
| Q1 24 | $1.0B | — |
股东权益ADAMPL
| Q4 25 | $1.4B | $349.6M | ||
| Q3 25 | $1.4B | $435.7M | ||
| Q2 25 | $1.4B | $444.8M | ||
| Q1 25 | $1.4B | $441.3M | ||
| Q4 24 | $1.4B | $464.6M | ||
| Q3 24 | $1.4B | $473.2M | ||
| Q2 24 | $1.4B | $500.3M | ||
| Q1 24 | $1.5B | $518.0M |
总资产ADAMPL
| Q4 25 | $12.6B | $1.1B | ||
| Q3 25 | $12.4B | $696.4M | ||
| Q2 25 | $10.6B | $658.4M | ||
| Q1 25 | $10.0B | $633.8M | ||
| Q4 24 | $9.2B | $630.8M | ||
| Q3 24 | $8.9B | $658.4M | ||
| Q2 24 | $8.2B | $674.6M | ||
| Q1 24 | $7.4B | $702.0M |
负债/权益比ADAMPL
| Q4 25 | 0.52× | — | ||
| Q3 25 | 0.55× | — | ||
| Q2 25 | 0.47× | — | ||
| Q1 25 | 0.47× | — | ||
| Q4 24 | 0.41× | — | ||
| Q3 24 | 0.48× | — | ||
| Q2 24 | 0.56× | — | ||
| Q1 24 | 0.67× | — |
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 | $134.0M | $28.6M |
| 自由现金流经营现金流 - 资本支出 | $125.9M | $1.9M |
| 自由现金流率自由现金流/营收 | 291.6% | 2.3% |
| 资本支出强度资本支出/营收 | 18.9% | 32.9% |
| 现金转化率经营现金流/净利润 | 2.50× | — |
| 过去12个月自由现金流最近4个季度 | — | $40.7M |
8季度趋势，按日历期对齐
经营现金流ADAMPL
| Q4 25 | $134.0M | $28.6M | ||
| Q3 25 | $6.9M | $67.8M | ||
| Q2 25 | $39.2M | $17.3M | ||
| Q1 25 | $25.8M | $-6.3M | ||
| Q4 24 | $14.1M | $4.1M | ||
| Q3 24 | $-922.0K | $-7.9M | ||
| Q2 24 | $-993.0K | $-4.3M | ||
| Q1 24 | $-13.1M | $-6.8M |
自由现金流ADAMPL
| Q4 25 | $125.9M | $1.9M | ||
| Q3 25 | — | $47.5M | ||
| Q2 25 | — | $9.2M | ||
| Q1 25 | — | $-17.9M | ||
| Q4 24 | $-10.6M | $-3.6M | ||
| Q3 24 | $-8.6M | $-23.0M | ||
| Q2 24 | $-8.6M | $-14.2M | ||
| Q1 24 | $-19.1M | $-15.7M |
自由现金流率ADAMPL
| Q4 25 | 291.6% | 2.3% | ||
| Q3 25 | — | 64.7% | ||
| Q2 25 | — | 13.9% | ||
| Q1 25 | — | -29.1% | ||
| Q4 24 | -39.6% | -5.8% | ||
| Q3 24 | -42.3% | -37.6% | ||
| Q2 24 | -44.9% | -23.6% | ||
| Q1 24 | -107.0% | -26.7% |
资本支出强度ADAMPL
| Q4 25 | 18.9% | 32.9% | ||
| Q3 25 | — | 27.6% | ||
| Q2 25 | — | 12.3% | ||
| Q1 25 | — | 18.9% | ||
| Q4 24 | 92.3% | 12.5% | ||
| Q3 24 | 37.7% | 24.8% | ||
| Q2 24 | 39.7% | 16.4% | ||
| Q1 24 | 33.5% | 15.1% |
现金转化率ADAMPL
| Q4 25 | 2.50× | — | ||
| Q3 25 | 0.15× | — | ||
| Q2 25 | 4.59× | — | ||
| Q1 25 | 0.61× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | -0.02× | — | ||
| Q2 24 | — | — | ||
| 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
ADAM
| Other | $19.6M | 45% |
| Constructive Loans LLC | $14.4M | 33% |
| Multifamily | $9.1M | 21% |
PL
| Defense And Intelligence | $49.4M | 61% |
| Civil Government | $18.8M | 23% |
| Commercial | $13.1M | 16% |
