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黑鹰网络（BNAI）与Waystar Holding Corp.（WAY）财务数据对比。点击上方公司名可切换其他公司
Waystar Holding Corp.的季度营收约是黑鹰网络的5048.9倍（$303.5M vs $60.1K）。Waystar Holding Corp.净利率更高（6.6% vs -4128.4%，领先4135.0%）。Waystar Holding Corp.同比增速更快（24.3% vs 20.2%）
黑鹰网络控股是一家美国私营企业，主营预付卡、礼品卡与支付相关业务，在线上及全球零售网点渠道销售品牌实体与数字礼品、手机、预付借记卡及激励卡，业务覆盖线下门店、线上、移动端、激励方案等多个渠道，总部位于加州普莱森顿，2006年完成注册。
Waystar Holding Corp是一家领先的医疗健康支付与营收周期管理解决方案提供商，服务覆盖美国各地的医疗机构、医疗系统和支付方，旗下工具可简化账单处理、理赔申请、患者缴费流程，帮助医疗机构降低行政负担、优化营收表现。
BNAI vs WAY — 直观对比
营收规模更大
WAY
是对方的5048.9倍
$60.1K
营收增速更快
WAY
高出4.1%
20.2%
净利率更高
WAY
高出4135.0%
-4128.4%
损益表 — Q3 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $60.1K | $303.5M |
| 净利润 | $-2.5M | $20.0M |
| 毛利率 | 100.0% | — |
| 营业利润率 | -3853.3% | 19.4% |
| 净利率 | -4128.4% | 6.6% |
| 营收同比 | 20.2% | 24.3% |
| 净利润同比 | 57.4% | 4.8% |
| 每股收益（稀释后） | $-0.06 | $0.10 |
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BNAIWAY
| Q4 25 | — | $303.5M | ||
| Q3 25 | $60.1K | $268.7M | ||
| Q2 25 | $5.0K | $270.7M | ||
| Q1 25 | $10.0K | $256.4M | ||
| Q4 24 | $0 | $244.1M | ||
| Q3 24 | $50.0K | $240.1M | ||
| Q2 24 | $0 | $234.5M | ||
| Q1 24 | $49.8K | $224.8M |
净利润BNAIWAY
| Q4 25 | — | $20.0M | ||
| Q3 25 | $-2.5M | $30.6M | ||
| Q2 25 | $905.1K | $32.2M | ||
| Q1 25 | $-3.6M | $29.3M | ||
| Q4 24 | — | $19.1M | ||
| Q3 24 | $-5.8M | $5.4M | ||
| Q2 24 | $-3.0M | $-27.7M | ||
| Q1 24 | $-6.9M | $-15.9M |
毛利率BNAIWAY
| Q4 25 | — | — | ||
| Q3 25 | 100.0% | — | ||
| Q2 25 | 100.0% | — | ||
| Q1 25 | 100.0% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 100.0% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 100.0% | — |
营业利润率BNAIWAY
| Q4 25 | — | 19.4% | ||
| Q3 25 | -3853.3% | 22.4% | ||
| Q2 25 | -56506.2% | 24.0% | ||
| Q1 25 | -41540.9% | 25.4% | ||
| Q4 24 | — | 21.8% | ||
| Q3 24 | -10559.0% | 11.3% | ||
| Q2 24 | — | 3.5% | ||
| Q1 24 | -13654.9% | 15.7% |
净利率BNAIWAY
| Q4 25 | — | 6.6% | ||
| Q3 25 | -4128.4% | 11.4% | ||
| Q2 25 | 18101.6% | 11.9% | ||
| Q1 25 | -36102.3% | 11.4% | ||
| Q4 24 | — | 7.8% | ||
| Q3 24 | -11646.2% | 2.3% | ||
| Q2 24 | — | -11.8% | ||
| Q1 24 | -13826.9% | -7.1% |
每股收益（稀释后）BNAIWAY
| Q4 25 | — | $0.10 | ||
| Q3 25 | $-0.06 | $0.17 | ||
| Q2 25 | $0.02 | $0.18 | ||
| Q1 25 | $-0.09 | $0.16 | ||
| Q4 24 | — | $0.18 | ||
| Q3 24 | $-0.16 | $0.03 | ||
| Q2 24 | $-0.09 | $-0.21 | ||
| Q1 24 | $-0.27 | $-0.13 |
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 | $102.7K | $61.4M |
| 总债务越低越好 | — | $1.5B |
| 股东权益账面价值 | $3.5M | $3.9B |
| 总资产 | $16.4M | $5.8B |
| 负债/权益比越低杠杆越低 | — | 0.38× |
8季度趋势，按日历期对齐
现金及短期投资BNAIWAY
| Q4 25 | — | $61.4M | ||
| Q3 25 | $102.7K | $421.1M | ||
| Q2 25 | $20.4K | $290.3M | ||
| Q1 25 | $236.2K | $224.0M | ||
| Q4 24 | $149.3K | $182.1M | ||
| Q3 24 | $72.9K | $127.1M | ||
| Q2 24 | $1.4M | $68.4M | ||
| Q1 24 | $3.3M | $57.3M |
总债务BNAIWAY
| Q4 25 | — | $1.5B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益BNAIWAY
| Q4 25 | — | $3.9B | ||
| Q3 25 | $3.5M | $3.2B | ||
| Q2 25 | $5.7M | $3.2B | ||
| Q1 25 | $3.3M | $3.1B | ||
| Q4 24 | $2.6M | $3.1B | ||
| Q3 24 | $17.8M | $3.1B | ||
| Q2 24 | $20.6M | $2.9B | ||
| Q1 24 | $20.6M | $2.0B |
总资产BNAIWAY
| Q4 25 | — | $5.8B | ||
| Q3 25 | $16.4M | $4.7B | ||
| Q2 25 | $17.0M | $4.7B | ||
| Q1 25 | $17.9M | $4.6B | ||
| Q4 24 | $18.1M | $4.6B | ||
| Q3 24 | $31.9M | $4.5B | ||
| Q2 24 | $34.1M | $4.6B | ||
| Q1 24 | $36.9M | — |
负债/权益比BNAIWAY
| Q4 25 | — | 0.38× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.40× | ||
| 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 | $-107.3K | $66.6M |
| 自由现金流经营现金流 - 资本支出 | — | $57.2M |
| 自由现金流率自由现金流/营收 | — | 18.9% |
| 资本支出强度资本支出/营收 | — | 3.1% |
| 现金转化率经营现金流/净利润 | — | 3.33× |
| 过去12个月自由现金流最近4个季度 | — | $283.2M |
8季度趋势，按日历期对齐
经营现金流BNAIWAY
| Q4 25 | — | $66.6M | ||
| Q3 25 | $-107.3K | $82.0M | ||
| Q2 25 | $-2.6M | $96.8M | ||
| Q1 25 | $-2.6M | $64.2M | ||
| Q4 24 | $-14.0M | — | ||
| Q3 24 | $-3.1M | $78.8M | ||
| Q2 24 | $-4.1M | $15.4M | ||
| Q1 24 | $-4.5M | $10.7M |
自由现金流BNAIWAY
| Q4 25 | — | $57.2M | ||
| Q3 25 | — | $76.2M | ||
| Q2 25 | — | $91.0M | ||
| Q1 25 | — | $58.8M | ||
| Q4 24 | $-14.1M | — | ||
| Q3 24 | $-3.1M | $70.2M | ||
| Q2 24 | $-4.1M | $8.6M | ||
| Q1 24 | $-4.6M | $5.2M |
自由现金流率BNAIWAY
| Q4 25 | — | 18.9% | ||
| Q3 25 | — | 28.3% | ||
| Q2 25 | — | 33.6% | ||
| Q1 25 | — | 22.9% | ||
| Q4 24 | — | — | ||
| Q3 24 | -6159.9% | 29.2% | ||
| Q2 24 | — | 3.7% | ||
| Q1 24 | -9164.4% | 2.3% |
资本支出强度BNAIWAY
| Q4 25 | — | 3.1% | ||
| Q3 25 | — | 2.2% | ||
| Q2 25 | — | 2.1% | ||
| Q1 25 | 0.0% | 2.1% | ||
| Q4 24 | — | — | ||
| Q3 24 | 53.4% | 3.6% | ||
| Q2 24 | — | 2.9% | ||
| Q1 24 | 26.2% | 2.5% |
现金转化率BNAIWAY
| Q4 25 | — | 3.33× | ||
| Q3 25 | — | 2.68× | ||
| Q2 25 | -2.88× | 3.01× | ||
| Q1 25 | — | 2.20× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 14.56× | ||
| 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
BNAI
暂无分部数据
WAY
| Subscription And Circulation | $167.8M | 55% |
| Volume Based Revenue | $134.2M | 44% |
| Implementation Services And Other Revenue | $1.5M | 1% |
