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American Well Corp（AMWL）与Repay Holdings Corp（RPAY）财务数据对比。点击上方公司名可切换其他公司
Repay Holdings Corp的季度营收约是American Well Corp的1.4倍（$78.6M vs $55.3M），American Well Corp净利率更高（-45.1% vs -178.3%，领先133.2%），Repay Holdings Corp同比增速更快（0.4% vs -22.1%），Repay Holdings Corp自由现金流更多（$23.2M vs $-17.4M），过去两年Repay Holdings Corp的营收复合增速更高（-1.3% vs -3.6%）
美国烟草公司由J.B.杜克于1890年整合多家美国烟草制造商合并创立，1896年成为道琼斯工业平均指数最初的12支成分股之一。该公司收购了好彩公司及超过200家竞争对手，一度垄断美国烟草行业。1907年美国联邦政府发起反垄断诉讼，最终将该公司分拆为多家企业。
Repay Holdings Corp是一家聚焦北美市场的支付技术服务商，为零售、医疗、汽车服务、电商等领域的企业提供整合支付处理方案，涵盖银行卡收单、ACH转账、POS系统集成等数字化支付工具，助力客户简化交易流程、提升运营效率。
AMWL vs RPAY — 直观对比
营收规模更大
RPAY
是对方的1.4倍
$55.3M
营收增速更快
RPAY
高出22.5%
-22.1%
净利率更高
AMWL
高出133.2%
-178.3%
自由现金流更多
RPAY
多$40.6M
$-17.4M
两年增速更快
RPAY
近两年复合增速
-3.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $55.3M | $78.6M |
| 净利润 | $-24.9M | $-140.1M |
| 毛利率 | — | 74.2% |
| 营业利润率 | -45.5% | -182.2% |
| 净利率 | -45.1% | -178.3% |
| 营收同比 | -22.1% | 0.4% |
| 净利润同比 | 41.6% | -3304.1% |
| 每股收益（稀释后） | $-1.53 | $-1.68 |
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AMWLRPAY
| Q4 25 | $55.3M | $78.6M | ||
| Q3 25 | $56.3M | $77.7M | ||
| Q2 25 | $70.9M | $75.6M | ||
| Q1 25 | $66.8M | $77.3M | ||
| Q4 24 | $71.0M | $78.3M | ||
| Q3 24 | $61.0M | $79.1M | ||
| Q2 24 | $62.8M | $74.9M | ||
| Q1 24 | $59.5M | $80.7M |
净利润AMWLRPAY
| Q4 25 | $-24.9M | $-140.1M | ||
| Q3 25 | $-32.4M | $-6.4M | ||
| Q2 25 | $-19.7M | $-102.3M | ||
| Q1 25 | $-18.7M | $-7.9M | ||
| Q4 24 | $-42.7M | $-4.1M | ||
| Q3 24 | $-43.5M | $3.2M | ||
| Q2 24 | $-49.9M | $-4.1M | ||
| Q1 24 | $-72.1M | $-5.2M |
毛利率AMWLRPAY
| Q4 25 | — | 74.2% | ||
| Q3 25 | — | 74.4% | ||
| Q2 25 | — | 75.7% | ||
| Q1 25 | — | 75.9% | ||
| Q4 24 | — | 76.3% | ||
| Q3 24 | — | 77.8% | ||
| Q2 24 | — | 78.2% | ||
| Q1 24 | — | 76.2% |
营业利润率AMWLRPAY
| Q4 25 | -45.5% | -182.2% | ||
| Q3 25 | -52.1% | -3.9% | ||
| Q2 25 | -28.7% | -138.7% | ||
| Q1 25 | -45.5% | -4.7% | ||
| Q4 24 | -60.2% | -1.5% | ||
| Q3 24 | -77.6% | -0.9% | ||
| Q2 24 | -83.4% | -4.6% | ||
| Q1 24 | -126.1% | -3.1% |
净利率AMWLRPAY
| Q4 25 | -45.1% | -178.3% | ||
| Q3 25 | -57.5% | -8.3% | ||
| Q2 25 | -27.8% | -135.2% | ||
| Q1 25 | -28.0% | -10.3% | ||
| Q4 24 | -60.1% | -5.3% | ||
| Q3 24 | -71.2% | 4.1% | ||
| Q2 24 | -79.5% | -5.4% | ||
| Q1 24 | -121.1% | -6.5% |
每股收益（稀释后）AMWLRPAY
| Q4 25 | $-1.53 | $-1.68 | ||
| Q3 25 | $-2.00 | $-0.08 | ||
| Q2 25 | $-1.24 | $-1.15 | ||
| Q1 25 | $-1.19 | $-0.09 | ||
| Q4 24 | $-2.71 | $-0.04 | ||
| Q3 24 | $-2.87 | $0.03 | ||
| Q2 24 | $-3.36 | $-0.04 | ||
| Q1 24 | $-4.94 | $-0.06 |
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 | $182.3M | $115.7M |
| 总债务越低越好 | — | $280.1M |
| 股东权益账面价值 | $235.6M | $484.4M |
| 总资产 | $323.8M | $1.2B |
| 负债/权益比越低杠杆越低 | — | 0.58× |
8季度趋势，按日历期对齐
现金及短期投资AMWLRPAY
| Q4 25 | $182.3M | $115.7M | ||
| Q3 25 | $200.9M | $95.7M | ||
| Q2 25 | $219.1M | $162.6M | ||
| Q1 25 | $222.4M | $165.5M | ||
| Q4 24 | $228.3M | $189.5M | ||
| Q3 24 | $244.6M | $168.7M | ||
| Q2 24 | $276.9M | $147.1M | ||
| Q1 24 | $308.6M | $128.3M |
总债务AMWLRPAY
| Q4 25 | — | $280.1M | ||
| Q3 25 | — | $279.5M | ||
| Q2 25 | — | $279.0M | ||
| Q1 25 | — | $497.6M | ||
| Q4 24 | — | $496.8M | ||
| Q3 24 | — | $496.2M | ||
| Q2 24 | — | $435.6M | ||
| Q1 24 | — | $434.9M |
股东权益AMWLRPAY
| Q4 25 | $235.6M | $484.4M | ||
| Q3 25 | $254.9M | $616.9M | ||
| Q2 25 | $282.6M | $633.7M | ||
| Q1 25 | $294.0M | $755.7M | ||
| Q4 24 | $304.8M | $761.3M | ||
| Q3 24 | $336.7M | $754.7M | ||
| Q2 24 | $363.9M | $815.4M | ||
| Q1 24 | $408.7M | $813.8M |
总资产AMWLRPAY
| Q4 25 | $323.8M | $1.2B | ||
| Q3 25 | $359.4M | $1.3B | ||
| Q2 25 | $388.7M | $1.4B | ||
| Q1 25 | $419.5M | $1.5B | ||
| Q4 24 | $436.0M | $1.6B | ||
| Q3 24 | $483.0M | $1.6B | ||
| Q2 24 | $507.8M | $1.5B | ||
| Q1 24 | $548.4M | $1.5B |
负债/权益比AMWLRPAY
| Q4 25 | — | 0.58× | ||
| Q3 25 | — | 0.45× | ||
| Q2 25 | — | 0.44× | ||
| Q1 25 | — | 0.66× | ||
| Q4 24 | — | 0.65× | ||
| Q3 24 | — | 0.66× | ||
| Q2 24 | — | 0.53× | ||
| Q1 24 | — | 0.53× |
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 | $-17.4M | $23.3M |
| 自由现金流经营现金流 - 资本支出 | $-17.4M | $23.2M |
| 自由现金流率自由现金流/营收 | -31.4% | 29.6% |
| 资本支出强度资本支出/营收 | 0.0% | 0.1% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | — | $90.7M |
8季度趋势，按日历期对齐
经营现金流AMWLRPAY
| Q4 25 | $-17.4M | $23.3M | ||
| Q3 25 | $-18.8M | $32.2M | ||
| Q2 25 | $-4.7M | $33.1M | ||
| Q1 25 | $-25.1M | $2.5M | ||
| Q4 24 | $-13.4M | $34.3M | ||
| Q3 24 | $-32.4M | $60.1M | ||
| Q2 24 | $-21.8M | $31.0M | ||
| Q1 24 | $-59.8M | $24.8M |
自由现金流AMWLRPAY
| Q4 25 | $-17.4M | $23.2M | ||
| Q3 25 | — | $32.1M | ||
| Q2 25 | — | $33.0M | ||
| Q1 25 | $-25.1M | $2.4M | ||
| Q4 24 | $-13.4M | $34.0M | ||
| Q3 24 | $-32.4M | $59.8M | ||
| Q2 24 | $-21.8M | $30.5M | ||
| Q1 24 | $-59.8M | $24.7M |
自由现金流率AMWLRPAY
| Q4 25 | -31.4% | 29.6% | ||
| Q3 25 | — | 41.3% | ||
| Q2 25 | — | 43.6% | ||
| Q1 25 | -37.6% | 3.0% | ||
| Q4 24 | -18.9% | 43.5% | ||
| Q3 24 | -53.0% | 75.6% | ||
| Q2 24 | -34.7% | 40.7% | ||
| Q1 24 | -100.5% | 30.6% |
资本支出强度AMWLRPAY
| Q4 25 | 0.0% | 0.1% | ||
| Q3 25 | 0.0% | 0.2% | ||
| Q2 25 | 0.0% | 0.1% | ||
| Q1 25 | 0.0% | 0.2% | ||
| Q4 24 | 0.0% | 0.3% | ||
| Q3 24 | 0.0% | 0.3% | ||
| Q2 24 | 0.0% | 0.6% | ||
| Q1 24 | 0.1% | 0.1% |
现金转化率AMWLRPAY
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 18.52× | ||
| 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
AMWL
| Platform Subscription | $28.8M | 52% |
| Visits | $23.7M | 43% |
| Others | $2.8M | 5% |
RPAY
| Sales Channel Directly To Consumer | $69.4M | 88% |
| Other | $6.8M | 9% |
| Sales Channel Through Intermediary | $2.3M | 3% |
