vs
BLACKLINE, INC.（BL）与PATHWARD FINANCIAL, INC.（CASH）财务数据对比。点击上方公司名可切换其他公司
PATHWARD FINANCIAL, INC.的季度营收约是BLACKLINE, INC.的1.5倍（$276.3M vs $183.2M），PATHWARD FINANCIAL, INC.净利率更高（26.4% vs 2.7%，领先23.7%），过去两年PATHWARD FINANCIAL, INC.的营收复合增速更高（21.0% vs 7.9%）
BlackLine是一家美国企业级软件公司，总部位于洛杉矶，在全球设有17个办事处，专注于开发云服务，可实现财务结账全流程自动化与管理，同时覆盖财务合并、发票到回款流程及公司间会计核算等业务场景。
Pathward Financial, Inc.是一家总部位于美国的银行及金融服务企业，其前身为Meta金融集团旗下相关业务主体，2022年母公司将“Meta”商标出售给Meta Platforms后，正式启用现有名称。
BL vs CASH — 直观对比
营收规模更大
CASH
是对方的1.5倍
$183.2M
净利率更高
CASH
高出23.7%
2.7%
两年增速更快
CASH
近两年复合增速
7.9%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $183.2M | $276.3M |
| 净利润 | $4.9M | $72.9M |
| 毛利率 | 75.2% | — |
| 营业利润率 | 3.7% | — |
| 净利率 | 2.7% | 26.4% |
| 营收同比 | 8.1% | — |
| 净利润同比 | -91.3% | — |
| 每股收益（稀释后） | $0.07 | $3.35 |
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BLCASH
| Q1 26 | — | $276.3M | ||
| Q4 25 | $183.2M | $173.1M | ||
| Q3 25 | $178.3M | $186.7M | ||
| Q2 25 | $172.0M | $195.8M | ||
| Q1 25 | $166.9M | $274.8M | ||
| Q4 24 | $169.5M | $182.6M | ||
| Q3 24 | $165.9M | $179.5M | ||
| Q2 24 | $160.5M | $188.6M |
净利润BLCASH
| Q1 26 | — | $72.9M | ||
| Q4 25 | $4.9M | $35.2M | ||
| Q3 25 | $5.3M | $38.8M | ||
| Q2 25 | $8.3M | $42.1M | ||
| Q1 25 | $6.1M | $75.0M | ||
| Q4 24 | $56.4M | $30.0M | ||
| Q3 24 | $17.2M | $33.5M | ||
| Q2 24 | $76.7M | $44.9M |
毛利率BLCASH
| Q1 26 | — | — | ||
| Q4 25 | 75.2% | — | ||
| Q3 25 | 75.1% | — | ||
| Q2 25 | 75.2% | — | ||
| Q1 25 | 75.5% | — | ||
| Q4 24 | 75.6% | — | ||
| Q3 24 | 75.2% | — | ||
| Q2 24 | 74.9% | — |
营业利润率BLCASH
| Q1 26 | — | — | ||
| Q4 25 | 3.7% | 24.6% | ||
| Q3 25 | 4.3% | 25.9% | ||
| Q2 25 | 4.4% | 24.1% | ||
| Q1 25 | 2.1% | 33.2% | ||
| Q4 24 | 3.7% | 19.8% | ||
| Q3 24 | 5.0% | 20.9% | ||
| Q2 24 | 1.4% | 27.1% |
净利率BLCASH
| Q1 26 | — | 26.4% | ||
| Q4 25 | 2.7% | 20.3% | ||
| Q3 25 | 3.0% | 20.8% | ||
| Q2 25 | 4.8% | 21.5% | ||
| Q1 25 | 3.6% | 27.3% | ||
| Q4 24 | 33.3% | 16.4% | ||
| Q3 24 | 10.4% | 18.7% | ||
| Q2 24 | 47.8% | 23.8% |
每股收益（稀释后）BLCASH
| Q1 26 | — | $3.35 | ||
| Q4 25 | $0.07 | $1.57 | ||
| Q3 25 | $0.09 | $1.69 | ||
| Q2 25 | $0.13 | $1.81 | ||
| Q1 25 | $0.10 | $3.14 | ||
| Q4 24 | $0.79 | $1.23 | ||
| Q3 24 | $0.27 | $1.34 | ||
| Q2 24 | $0.22 | $1.78 |
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 | $390.0M | $157.6M |
| 总债务越低越好 | — | $59.5M |
| 股东权益账面价值 | $332.3M | $850.7M |
| 总资产 | $1.8B | $7.1B |
| 负债/权益比越低杠杆越低 | — | 0.07× |
8季度趋势，按日历期对齐
现金及短期投资BLCASH
| Q1 26 | — | $157.6M | ||
| Q4 25 | $390.0M | $331.2M | ||
| Q3 25 | $419.9M | $120.6M | ||
| Q2 25 | $459.1M | $258.3M | ||
| Q1 25 | $479.5M | $254.2M | ||
| Q4 24 | $885.9M | $597.4M | ||
| Q3 24 | $725.3M | $158.3M | ||
| Q2 24 | $616.6M | $298.9M |
总债务BLCASH
| Q1 26 | — | $59.5M | ||
| Q4 25 | — | $33.5M | ||
| Q3 25 | — | $33.5M | ||
| Q2 25 | — | $33.4M | ||
| Q1 25 | — | $33.4M | ||
| Q4 24 | — | $33.4M | ||
| Q3 24 | — | $33.4M | ||
| Q2 24 | — | $33.3M |
股东权益BLCASH
| Q1 26 | — | $850.7M | ||
| Q4 25 | $332.3M | $854.5M | ||
| Q3 25 | $328.3M | $858.0M | ||
| Q2 25 | $414.0M | $819.0M | ||
| Q1 25 | $417.9M | $814.7M | ||
| Q4 24 | $446.7M | $758.3M | ||
| Q3 24 | $367.9M | $822.5M | ||
| Q2 24 | $325.8M | $748.4M |
总资产BLCASH
| Q1 26 | — | $7.1B | ||
| Q4 25 | $1.8B | $7.6B | ||
| Q3 25 | $1.7B | $7.2B | ||
| Q2 25 | $1.8B | $7.2B | ||
| Q1 25 | $1.8B | $7.0B | ||
| Q4 24 | $1.8B | $7.6B | ||
| Q3 24 | $1.7B | $7.5B | ||
| Q2 24 | $1.9B | $7.5B |
负债/权益比BLCASH
| Q1 26 | — | 0.07× | ||
| Q4 25 | — | 0.04× | ||
| Q3 25 | — | 0.04× | ||
| Q2 25 | — | 0.04× | ||
| Q1 25 | — | 0.04× | ||
| Q4 24 | — | 0.04× | ||
| Q3 24 | — | 0.04× | ||
| Q2 24 | — | 0.04× |
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 | $26.7M | — |
| 自由现金流经营现金流 - 资本支出 | $26.1M | — |
| 自由现金流率自由现金流/营收 | 14.2% | — |
| 资本支出强度资本支出/营收 | 0.3% | — |
| 现金转化率经营现金流/净利润 | 5.46× | — |
| 过去12个月自由现金流最近4个季度 | $161.5M | — |
8季度趋势，按日历期对齐
经营现金流BLCASH
| Q1 26 | — | — | ||
| Q4 25 | $26.7M | $108.3M | ||
| Q3 25 | $63.8M | $303.7M | ||
| Q2 25 | $32.3M | $30.4M | ||
| Q1 25 | $46.7M | $188.3M | ||
| Q4 24 | $43.8M | $-71.7M | ||
| Q3 24 | $55.9M | $143.1M | ||
| Q2 24 | $40.7M | $113.2M |
自由现金流BLCASH
| Q1 26 | — | — | ||
| Q4 25 | $26.1M | $104.1M | ||
| Q3 25 | $63.3M | $300.3M | ||
| Q2 25 | $31.4M | $27.7M | ||
| Q1 25 | $40.8M | $184.7M | ||
| Q4 24 | $43.0M | $-73.8M | ||
| Q3 24 | $55.5M | $138.8M | ||
| Q2 24 | $40.0M | $111.0M |
自由现金流率BLCASH
| Q1 26 | — | — | ||
| Q4 25 | 14.2% | 60.1% | ||
| Q3 25 | 35.5% | 160.9% | ||
| Q2 25 | 18.2% | 14.1% | ||
| Q1 25 | 24.4% | 67.2% | ||
| Q4 24 | 25.4% | -40.4% | ||
| Q3 24 | 33.5% | 77.3% | ||
| Q2 24 | 24.9% | 58.8% |
资本支出强度BLCASH
| Q1 26 | — | — | ||
| Q4 25 | 0.3% | 2.4% | ||
| Q3 25 | 0.3% | 1.8% | ||
| Q2 25 | 0.6% | 1.4% | ||
| Q1 25 | 3.6% | 1.3% | ||
| Q4 24 | 0.4% | 1.1% | ||
| Q3 24 | 0.2% | 2.4% | ||
| Q2 24 | 0.4% | 1.2% |
现金转化率BLCASH
| Q1 26 | — | — | ||
| Q4 25 | 5.46× | 3.08× | ||
| Q3 25 | 12.07× | 7.83× | ||
| Q2 25 | 3.90× | 0.72× | ||
| Q1 25 | 7.72× | 2.51× | ||
| Q4 24 | 0.78× | -2.39× | ||
| Q3 24 | 3.24× | 4.27× | ||
| Q2 24 | 0.53× | 2.52× |
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
BL
| Subscription And Circulation | $173.2M | 95% |
| Technology Service | $10.0M | 5% |
CASH
| Noninterest Income | $151.2M | 55% |
| Net Interest Income | $125.1M | 45% |
