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Advantage Solutions Inc.（ADV）与ETSY INC（ETSY）财务数据对比。点击上方公司名可切换其他公司
Advantage Solutions Inc.的季度营收约是ETSY INC的1.1倍（$932.1M vs $881.6M），ETSY INC净利率更高（12.6% vs -17.4%，领先29.9%），Advantage Solutions Inc.同比增速更快（4.5% vs 3.5%），ETSY INC自由现金流更多（$315.9M vs $23.4M），过去两年ETSY INC的营收复合增速更高（16.8% vs 4.0%）
该公司是一家全球数据与分析企业，为众多行业提供数据技术服务、分析工具、预测洞察与欺诈防范方案，总部位于佐治亚州阿尔法利塔，在美国全境以及澳大利亚、巴西、中国、法国、中国香港、印度、爱尔兰、以色列、菲律宾、英国均设有办公地点。
Etsy是美国电商企业，主打手工制品、复古商品及手工耗材交易，平台品类覆盖珠宝首饰、服饰、家居装饰、家具、玩具、艺术品等。平台规定复古商品需至少有20年历史，卖家可开设独立店铺，每件上架商品收取0.2美元挂牌费，2013年起平台也允许量产商品入驻销售。
ADV vs ETSY — 直观对比
营收规模更大
ADV
是对方的1.1倍
$881.6M
营收增速更快
ADV
高出1.0%
3.5%
净利率更高
ETSY
高出29.9%
-17.4%
自由现金流更多
ETSY
多$292.4M
$23.4M
两年增速更快
ETSY
近两年复合增速
4.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $932.1M | $881.6M |
| 净利润 | $-161.7M | $110.7M |
| 毛利率 | — | 73.1% |
| 营业利润率 | -17.4% | 14.7% |
| 净利率 | -17.4% | 12.6% |
| 营收同比 | 4.5% | 3.5% |
| 净利润同比 | 9.2% | -14.8% |
| 每股收益（稀释后） | — | $1.00 |
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ADVETSY
| Q4 25 | $932.1M | $881.6M | ||
| Q3 25 | $915.0M | $678.0M | ||
| Q2 25 | $873.7M | $672.7M | ||
| Q1 25 | $821.8M | $651.2M | ||
| Q4 24 | $892.3M | $852.2M | ||
| Q3 24 | $939.3M | $662.4M | ||
| Q2 24 | $873.4M | $647.8M | ||
| Q1 24 | $861.4M | $646.0M |
净利润ADVETSY
| Q4 25 | $-161.7M | $110.7M | ||
| Q3 25 | $20.6M | $75.5M | ||
| Q2 25 | $-30.4M | $28.8M | ||
| Q1 25 | $-56.1M | $-52.1M | ||
| Q4 24 | $-178.0M | $129.9M | ||
| Q3 24 | $-42.8M | $57.4M | ||
| Q2 24 | $-100.8M | $53.0M | ||
| Q1 24 | $-5.3M | $63.0M |
毛利率ADVETSY
| Q4 25 | — | 73.1% | ||
| Q3 25 | — | 71.3% | ||
| Q2 25 | — | 71.2% | ||
| Q1 25 | — | 70.5% | ||
| Q4 24 | — | 74.5% | ||
| Q3 24 | — | 72.0% | ||
| Q2 24 | — | 71.6% | ||
| Q1 24 | — | 71.0% |
营业利润率ADVETSY
| Q4 25 | -17.4% | 14.7% | ||
| Q3 25 | 4.4% | 12.2% | ||
| Q2 25 | 1.1% | 11.4% | ||
| Q1 25 | -1.8% | -3.4% | ||
| Q4 24 | -19.1% | 18.2% | ||
| Q3 24 | -0.3% | 13.1% | ||
| Q2 24 | -10.4% | 10.8% | ||
| Q1 24 | -3.5% | 10.5% |
净利率ADVETSY
| Q4 25 | -17.4% | 12.6% | ||
| Q3 25 | 2.2% | 11.1% | ||
| Q2 25 | -3.5% | 4.3% | ||
| Q1 25 | -6.8% | -8.0% | ||
| Q4 24 | -20.0% | 15.2% | ||
| Q3 24 | -4.6% | 8.7% | ||
| Q2 24 | -11.5% | 8.2% | ||
| Q1 24 | -0.6% | 9.8% |
每股收益（稀释后）ADVETSY
| Q4 25 | — | $1.00 | ||
| Q3 25 | — | $0.63 | ||
| Q2 25 | — | $0.25 | ||
| Q1 25 | — | $-0.49 | ||
| Q4 24 | — | $1.01 | ||
| Q3 24 | $-0.13 | $0.45 | ||
| Q2 24 | $-0.31 | $0.41 | ||
| Q1 24 | $-0.02 | $0.48 |
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 | $240.8M | $1.4B |
| 总债务越低越好 | $1.7B | $2.3B |
| 股东权益账面价值 | $554.0M | $-1.1B |
| 总资产 | $2.8B | $2.8B |
| 负债/权益比越低杠杆越低 | 3.05× | — |
8季度趋势，按日历期对齐
现金及短期投资ADVETSY
| Q4 25 | $240.8M | $1.4B | ||
| Q3 25 | $201.1M | $1.2B | ||
| Q2 25 | $102.9M | $1.2B | ||
| Q1 25 | $121.1M | $649.2M | ||
| Q4 24 | $205.2M | $811.2M | ||
| Q3 24 | $196.1M | $818.9M | ||
| Q2 24 | $154.0M | $759.2M | ||
| Q1 24 | $112.3M | $788.8M |
总债务ADVETSY
| Q4 25 | $1.7B | $2.3B | ||
| Q3 25 | — | $3.0B | ||
| Q2 25 | — | $3.0B | ||
| Q1 25 | — | $2.3B | ||
| Q4 24 | $1.7B | $2.3B | ||
| Q3 24 | — | $2.3B | ||
| Q2 24 | — | $2.3B | ||
| Q1 24 | — | $2.3B |
股东权益ADVETSY
| Q4 25 | $554.0M | $-1.1B | ||
| Q3 25 | $708.5M | $-1.1B | ||
| Q2 25 | $683.6M | $-1.1B | ||
| Q1 25 | $695.6M | $-910.3M | ||
| Q4 24 | $748.7M | $-758.9M | ||
| Q3 24 | $932.5M | $-624.3M | ||
| Q2 24 | $973.7M | $-635.0M | ||
| Q1 24 | $1.1B | $-583.8M |
总资产ADVETSY
| Q4 25 | $2.8B | $2.8B | ||
| Q3 25 | $3.0B | $2.7B | ||
| Q2 25 | $3.0B | $2.6B | ||
| Q1 25 | $3.0B | $2.1B | ||
| Q4 24 | $3.1B | $2.4B | ||
| Q3 24 | $3.4B | $2.4B | ||
| Q2 24 | $3.5B | $2.4B | ||
| Q1 24 | $3.6B | $2.5B |
负债/权益比ADVETSY
| Q4 25 | 3.05× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 2.30× | — | ||
| 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 | $45.6M | $317.1M |
| 自由现金流经营现金流 - 资本支出 | $23.4M | $315.9M |
| 自由现金流率自由现金流/营收 | 2.5% | 35.8% |
| 资本支出强度资本支出/营收 | 2.4% | 0.1% |
| 现金转化率经营现金流/净利润 | — | 2.86× |
| 过去12个月自由现金流最近4个季度 | $10.7M | $678.0M |
8季度趋势，按日历期对齐
经营现金流ADVETSY
| Q4 25 | $45.6M | $317.1M | ||
| Q3 25 | $63.6M | $219.0M | ||
| Q2 25 | $-8.1M | $108.1M | ||
| Q1 25 | $-39.6M | $49.2M | ||
| Q4 24 | $15.1M | $315.0M | ||
| Q3 24 | $34.0M | $217.4M | ||
| Q2 24 | $53.4M | $151.1M | ||
| Q1 24 | $-9.4M | $69.0M |
自由现金流ADVETSY
| Q4 25 | $23.4M | $315.9M | ||
| Q3 25 | $52.2M | $215.0M | ||
| Q2 25 | $-10.2M | $101.3M | ||
| Q1 25 | $-54.7M | $45.9M | ||
| Q4 24 | $-27.4M | $310.9M | ||
| Q3 24 | $8.6M | $213.2M | ||
| Q2 24 | $43.8M | $147.4M | ||
| Q1 24 | $-24.8M | $66.8M |
自由现金流率ADVETSY
| Q4 25 | 2.5% | 35.8% | ||
| Q3 25 | 5.7% | 31.7% | ||
| Q2 25 | -1.2% | 15.1% | ||
| Q1 25 | -6.7% | 7.1% | ||
| Q4 24 | -3.1% | 36.5% | ||
| Q3 24 | 0.9% | 32.2% | ||
| Q2 24 | 5.0% | 22.8% | ||
| Q1 24 | -2.9% | 10.3% |
资本支出强度ADVETSY
| Q4 25 | 2.4% | 0.1% | ||
| Q3 25 | 1.3% | 0.6% | ||
| Q2 25 | 0.2% | 1.0% | ||
| Q1 25 | 1.8% | 0.5% | ||
| Q4 24 | 4.8% | 0.5% | ||
| Q3 24 | 2.7% | 0.6% | ||
| Q2 24 | 1.1% | 0.6% | ||
| Q1 24 | 1.8% | 0.3% |
现金转化率ADVETSY
| Q4 25 | — | 2.86× | ||
| Q3 25 | 3.09× | 2.90× | ||
| Q2 25 | — | 3.75× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 2.42× | ||
| Q3 24 | — | 3.79× | ||
| Q2 24 | — | 2.85× | ||
| Q1 24 | — | 1.10× |
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
ADV
| Experiential Services | $395.9M | 42% |
| Branded Services | $289.8M | 31% |
| Retailer Services | $246.5M | 26% |
ETSY
| Marketplace Revenue | $612.4M | 69% |
| Services Revenue | $269.2M | 31% |
