vs
BILL Holdings, Inc.（BILL）与STARWOOD PROPERTY TRUST, INC.（STWD）财务数据对比。点击上方公司名可切换其他公司
STARWOOD PROPERTY TRUST, INC.的季度营收约是BILL Holdings, Inc.的1.2倍（$492.9M vs $414.7M），STARWOOD PROPERTY TRUST, INC.净利率更高（19.7% vs -0.6%，领先20.3%），BILL Holdings, Inc.同比增速更快（14.4% vs 8.5%），过去两年BILL Holdings, Inc.的营收复合增速更高（13.3% vs -2.9%）
BILL Holdings, Inc. 是总部位于美国加利福尼亚州圣何塞的企业，专注为美国小型企业提供自动化云原生财务运营软件。旗下Bill.com Connect是白标端到端支付自动化平台，可供金融机构接入其单点登录的线上企业银行生态中使用。
喜达屋酒店及度假村国际集团是全球规模最大的酒店企业之一，业务涵盖酒店、度假村、水疗中心、住宅及度假产权物业的持有、运营、特许经营与管理。集团前身为1969年成立的房地产投资信托基金，1995年完成收购重组，旗下共11个品牌，管理及特许经营的物业共计1297处。
BILL vs STWD — 直观对比
营收规模更大
STWD
是对方的1.2倍
$414.7M
营收增速更快
BILL
高出5.9%
8.5%
净利率更高
STWD
高出20.3%
-0.6%
两年增速更快
BILL
近两年复合增速
-2.9%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $414.7M | $492.9M |
| 净利润 | $-2.6M | $96.9M |
| 毛利率 | 79.8% | — |
| 营业利润率 | -4.4% | 26.6% |
| 净利率 | -0.6% | 19.7% |
| 营收同比 | 14.4% | 8.5% |
| 净利润同比 | -107.7% | 87.7% |
| 每股收益（稀释后） | $-0.03 | $0.25 |
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BILLSTWD
| Q4 25 | $414.7M | $492.9M | ||
| Q3 25 | $395.7M | $488.9M | ||
| Q2 25 | $383.3M | $444.3M | ||
| Q1 25 | $358.2M | $418.2M | ||
| Q4 24 | $362.6M | $454.4M | ||
| Q3 24 | $358.4M | $479.5M | ||
| Q2 24 | $343.7M | $489.8M | ||
| Q1 24 | $323.0M | $523.1M |
净利润BILLSTWD
| Q4 25 | $-2.6M | $96.9M | ||
| Q3 25 | $-3.0M | $72.6M | ||
| Q2 25 | $-7.1M | $129.8M | ||
| Q1 25 | $-11.6M | $112.3M | ||
| Q4 24 | $33.5M | $51.6M | ||
| Q3 24 | $8.9M | $76.1M | ||
| Q2 24 | $7.6M | $77.9M | ||
| Q1 24 | $31.8M | $154.3M |
毛利率BILLSTWD
| Q4 25 | 79.8% | — | ||
| Q3 25 | 80.5% | — | ||
| Q2 25 | 80.8% | — | ||
| Q1 25 | 81.2% | — | ||
| Q4 24 | 81.6% | — | ||
| Q3 24 | 82.0% | — | ||
| Q2 24 | 81.0% | — | ||
| Q1 24 | 83.0% | — |
营业利润率BILLSTWD
| Q4 25 | -4.4% | 26.6% | ||
| Q3 25 | -5.2% | 19.1% | ||
| Q2 25 | -5.8% | 30.5% | ||
| Q1 25 | -8.1% | 28.7% | ||
| Q4 24 | -6.0% | 15.1% | ||
| Q3 24 | -2.1% | 17.2% | ||
| Q2 24 | -6.5% | 19.1% | ||
| Q1 24 | -8.6% | 30.8% |
净利率BILLSTWD
| Q4 25 | -0.6% | 19.7% | ||
| Q3 25 | -0.7% | 14.8% | ||
| Q2 25 | -1.8% | 29.2% | ||
| Q1 25 | -3.2% | 26.8% | ||
| Q4 24 | 9.3% | 11.4% | ||
| Q3 24 | 2.5% | 15.9% | ||
| Q2 24 | 2.2% | 15.9% | ||
| Q1 24 | 9.8% | 29.5% |
每股收益（稀释后）BILLSTWD
| Q4 25 | $-0.03 | $0.25 | ||
| Q3 25 | $-0.03 | $0.19 | ||
| Q2 25 | $0.02 | $0.38 | ||
| Q1 25 | $-0.11 | $0.33 | ||
| Q4 24 | $-0.06 | $0.15 | ||
| Q3 24 | $0.08 | $0.23 | ||
| Q2 24 | $0.37 | $0.24 | ||
| Q1 24 | $0.00 | $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 | $1.1B | $499.5M |
| 总债务越低越好 | $1.8B | — |
| 股东权益账面价值 | $3.8B | $6.8B |
| 总资产 | $10.1B | $63.2B |
| 负债/权益比越低杠杆越低 | 0.48× | — |
8季度趋势，按日历期对齐
现金及短期投资BILLSTWD
| Q4 25 | $1.1B | $499.5M | ||
| Q3 25 | $1.1B | $301.1M | ||
| Q2 25 | $1.0B | $259.9M | ||
| Q1 25 | $1.0B | $440.6M | ||
| Q4 24 | $1.6B | $377.8M | ||
| Q3 24 | $853.5M | $357.9M | ||
| Q2 24 | $985.9M | $259.3M | ||
| Q1 24 | $952.5M | $327.4M |
总债务BILLSTWD
| Q4 25 | $1.8B | — | ||
| Q3 25 | $1.9B | — | ||
| Q2 25 | $1.7B | — | ||
| Q1 25 | $1.7B | — | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | $914.8M | — | ||
| Q2 24 | $914.0M | — | ||
| Q1 24 | $1.1B | — |
股东权益BILLSTWD
| Q4 25 | $3.8B | $6.8B | ||
| Q3 25 | $3.9B | $6.9B | ||
| Q2 25 | $3.9B | $6.4B | ||
| Q1 25 | $3.9B | $6.4B | ||
| Q4 24 | $3.8B | $6.4B | ||
| Q3 24 | $4.0B | $6.5B | ||
| Q2 24 | $4.1B | $6.2B | ||
| Q1 24 | $4.1B | $6.3B |
总资产BILLSTWD
| Q4 25 | $10.1B | $63.2B | ||
| Q3 25 | $10.2B | $62.4B | ||
| Q2 25 | $10.1B | $62.4B | ||
| Q1 25 | $9.6B | $62.2B | ||
| Q4 24 | $9.7B | $62.6B | ||
| Q3 24 | $9.0B | $64.2B | ||
| Q2 24 | $9.2B | $64.1B | ||
| Q1 24 | $9.1B | $66.2B |
负债/权益比BILLSTWD
| Q4 25 | 0.48× | — | ||
| Q3 25 | 0.48× | — | ||
| Q2 25 | 0.44× | — | ||
| Q1 25 | 0.43× | — | ||
| Q4 24 | 0.44× | — | ||
| Q3 24 | 0.23× | — | ||
| Q2 24 | 0.22× | — | ||
| Q1 24 | 0.28× | — |
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 | $105.3M | $488.8M |
| 自由现金流经营现金流 - 资本支出 | $103.8M | — |
| 自由现金流率自由现金流/营收 | 25.0% | — |
| 资本支出强度资本支出/营收 | 0.4% | — |
| 现金转化率经营现金流/净利润 | — | 5.04× |
| 过去12个月自由现金流最近4个季度 | $378.8M | — |
8季度趋势，按日历期对齐
经营现金流BILLSTWD
| Q4 25 | $105.3M | $488.8M | ||
| Q3 25 | $96.9M | $337.6M | ||
| Q2 25 | $83.8M | $-87.4M | ||
| Q1 25 | $99.5M | $238.9M | ||
| Q4 24 | $78.7M | $295.6M | ||
| Q3 24 | $88.6M | $241.8M | ||
| Q2 24 | $78.6M | $53.3M | ||
| Q1 24 | $66.8M | $55.9M |
自由现金流BILLSTWD
| Q4 25 | $103.8M | — | ||
| Q3 25 | $95.6M | — | ||
| Q2 25 | $81.0M | — | ||
| Q1 25 | $98.4M | — | ||
| Q4 24 | $78.3M | — | ||
| Q3 24 | $88.6M | — | ||
| Q2 24 | $78.4M | — | ||
| Q1 24 | $66.8M | — |
自由现金流率BILLSTWD
| Q4 25 | 25.0% | — | ||
| Q3 25 | 24.1% | — | ||
| Q2 25 | 21.1% | — | ||
| Q1 25 | 27.5% | — | ||
| Q4 24 | 21.6% | — | ||
| Q3 24 | 24.7% | — | ||
| Q2 24 | 22.8% | — | ||
| Q1 24 | 20.7% | — |
资本支出强度BILLSTWD
| Q4 25 | 0.4% | — | ||
| Q3 25 | 0.3% | — | ||
| Q2 25 | 0.7% | — | ||
| Q1 25 | 0.3% | — | ||
| Q4 24 | 0.1% | — | ||
| Q3 24 | 0.0% | — | ||
| Q2 24 | 0.1% | — | ||
| Q1 24 | 0.0% | — |
现金转化率BILLSTWD
| Q4 25 | — | 5.04× | ||
| Q3 25 | — | 4.65× | ||
| Q2 25 | — | -0.67× | ||
| Q1 25 | — | 2.13× | ||
| Q4 24 | 2.35× | 5.72× | ||
| Q3 24 | 9.94× | 3.18× | ||
| Q2 24 | 10.35× | 0.68× | ||
| Q1 24 | 2.10× | 0.36× |
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
BILL
| Accounts Payable And Accounts Receivable Solutions | $185.9M | 45% |
| Spend And Expense Interchange Revenue | $166.5M | 40% |
| Interest On Funds Held For Customers | $39.5M | 10% |
| Embedded And Other Solutions | $22.8M | 5% |
STWD
| Commercial And Residential Lending Segment | $335.2M | 68% |
| Infrastructure Lending Segment | $70.3M | 14% |
| Property Segment | $57.8M | 12% |
| Other | $29.7M | 6% |
