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Burford Capital Ltd（BUR）与FiscalNote Holdings, Inc.（NOTE）财务数据对比。点击上方公司名可切换其他公司
Burford Capital Ltd的季度营收约是FiscalNote Holdings, Inc.的1.5倍（$33.4M vs $22.2M），FiscalNote Holdings, Inc.自由现金流更多（$-1.9M vs $-29.3M）
伯福德资本成立于2009年，是一家面向法律市场的专业金融服务提供商，总部位于根西岛，业务覆盖全球。该公司为企业法务部门、律师事务所的诉讼、仲裁、资产追回等相关法律活动提供资金支持，同时也提供配套的法律金融咨询服务。
FiscalNote Holdings, Inc.（常称FiscalNote）是一家上市的软件数据与传媒企业，总部位于美国华盛顿特区，2013年由三位创始人创立。核心业务为通过政府关系管理服务FiscalNote GRM提供软件工具、平台、数据服务与资讯，同时依托人工智能平台分析美国待审议法案相关内容。
BUR vs NOTE — 直观对比
营收规模更大
BUR
是对方的1.5倍
$22.2M
自由现金流更多
NOTE
多$27.4M
$-29.3M
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $33.4M | $22.2M |
| 净利润 | $-37.5M | — |
| 毛利率 | — | — |
| 营业利润率 | -37.9% | -83.7% |
| 净利率 | -112.2% | — |
| 营收同比 | — | -24.7% |
| 净利润同比 | — | — |
| 每股收益（稀释后） | $-0.16 | $-2.81 |
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BURNOTE
| Q4 25 | $33.4M | $22.2M | ||
| Q3 25 | $69.8M | $22.4M | ||
| Q2 25 | $191.3M | $23.3M | ||
| Q1 25 | $118.9M | $27.5M | ||
| Q4 24 | — | $29.5M | ||
| Q3 24 | $159.7M | $29.4M | ||
| Q2 24 | $44.3M | $29.2M | ||
| Q1 24 | — | $32.1M |
净利润BURNOTE
| Q4 25 | $-37.5M | — | ||
| Q3 25 | $-19.2M | $-24.9M | ||
| Q2 25 | $88.3M | $-13.3M | ||
| Q1 25 | $30.9M | $-4.3M | ||
| Q4 24 | — | — | ||
| Q3 24 | $53.7M | $-14.9M | ||
| Q2 24 | $-29.9M | $-12.8M | ||
| Q1 24 | — | $50.6M |
营业利润率BURNOTE
| Q4 25 | -37.9% | -83.7% | ||
| Q3 25 | 35.5% | -43.4% | ||
| Q2 25 | 74.3% | -31.9% | ||
| Q1 25 | 65.4% | -50.0% | ||
| Q4 24 | — | -19.4% | ||
| Q3 24 | 76.1% | -23.1% | ||
| Q2 24 | 32.0% | -27.2% | ||
| Q1 24 | — | -35.6% |
净利率BURNOTE
| Q4 25 | -112.2% | — | ||
| Q3 25 | -27.4% | -110.8% | ||
| Q2 25 | 46.2% | -57.0% | ||
| Q1 25 | 26.0% | -15.4% | ||
| Q4 24 | — | — | ||
| Q3 24 | 33.7% | -50.7% | ||
| Q2 24 | -67.6% | -43.6% | ||
| Q1 24 | — | 157.6% |
每股收益（稀释后）BURNOTE
| Q4 25 | $-0.16 | $-2.81 | ||
| Q3 25 | $-0.09 | $-1.73 | ||
| Q2 25 | $0.39 | $-0.08 | ||
| Q1 25 | $0.14 | $-0.03 | ||
| Q4 24 | — | $1.88 | ||
| Q3 24 | $0.24 | $-1.33 | ||
| Q2 24 | $-0.14 | $-0.09 | ||
| Q1 24 | — | $0.37 |
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 | $943.5M | $26.3M |
| 总债务越低越好 | $2.1B | $128.4M |
| 股东权益账面价值 | $2.4B | $62.0M |
| 总资产 | $6.6B | $255.1M |
| 负债/权益比越低杠杆越低 | 0.87× | 2.07× |
8季度趋势，按日历期对齐
现金及短期投资BURNOTE
| Q4 25 | $943.5M | $26.3M | ||
| Q3 25 | $677.7M | $31.2M | ||
| Q2 25 | $372.2M | $38.5M | ||
| Q1 25 | $486.6M | $46.3M | ||
| Q4 24 | — | $34.6M | ||
| Q3 24 | — | $32.7M | ||
| Q2 24 | — | $37.7M | ||
| Q1 24 | — | $43.6M |
总债务BURNOTE
| Q4 25 | $2.1B | $128.4M | ||
| Q3 25 | $2.1B | $131.5M | ||
| Q2 25 | $1.8B | $116.7M | ||
| Q1 25 | $1.8B | $118.0M | ||
| Q4 24 | — | $147.1M | ||
| Q3 24 | — | $152.2M | ||
| Q2 24 | — | $145.9M | ||
| Q1 24 | — | $153.0M |
股东权益BURNOTE
| Q4 25 | $2.4B | $62.0M | ||
| Q3 25 | $2.5B | $75.5M | ||
| Q2 25 | $2.5B | $95.1M | ||
| Q1 25 | $2.4B | $98.7M | ||
| Q4 24 | — | $97.8M | ||
| Q3 24 | $3.2B | $98.5M | ||
| Q2 24 | $3.1B | $106.9M | ||
| Q1 24 | — | $106.1M |
总资产BURNOTE
| Q4 25 | $6.6B | $255.1M | ||
| Q3 25 | $6.7B | $273.9M | ||
| Q2 25 | $6.3B | $288.3M | ||
| Q1 25 | $6.2B | $299.7M | ||
| Q4 24 | — | $326.2M | ||
| Q3 24 | — | $337.9M | ||
| Q2 24 | — | $346.3M | ||
| Q1 24 | — | $357.8M |
负债/权益比BURNOTE
| Q4 25 | 0.87× | 2.07× | ||
| Q3 25 | 0.86× | 1.74× | ||
| Q2 25 | 0.71× | 1.23× | ||
| Q1 25 | 0.72× | 1.20× | ||
| Q4 24 | — | 1.50× | ||
| Q3 24 | — | 1.54× | ||
| Q2 24 | — | 1.36× | ||
| Q1 24 | — | 1.44× |
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 | $-29.0M | $-279.0K |
| 自由现金流经营现金流 - 资本支出 | $-29.3M | $-1.9M |
| 自由现金流率自由现金流/营收 | -87.7% | -8.7% |
| 资本支出强度资本支出/营收 | 0.8% | 7.4% |
| 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 | $21.4M | $-18.6M |
8季度趋势，按日历期对齐
经营现金流BURNOTE
| Q4 25 | $-29.0M | $-279.0K | ||
| Q3 25 | $-20.1M | $-8.3M | ||
| Q2 25 | $-84.2M | $-6.2M | ||
| Q1 25 | $155.2M | $3.3M | ||
| Q4 24 | — | $-1.3M | ||
| Q3 24 | $-97.4M | $-3.0M | ||
| Q2 24 | $53.0M | $-3.7M | ||
| Q1 24 | — | $2.7M |
自由现金流BURNOTE
| Q4 25 | $-29.3M | $-1.9M | ||
| Q3 25 | $-20.1M | $-10.4M | ||
| Q2 25 | $-84.3M | $-7.7M | ||
| Q1 25 | $155.1M | $1.3M | ||
| Q4 24 | — | $-3.4M | ||
| Q3 24 | $-97.4M | $-5.4M | ||
| Q2 24 | $52.9M | $-6.5M | ||
| Q1 24 | — | $1.0M |
自由现金流率BURNOTE
| Q4 25 | -87.7% | -8.7% | ||
| Q3 25 | -28.8% | -46.2% | ||
| Q2 25 | -44.1% | -33.0% | ||
| Q1 25 | 130.5% | 4.7% | ||
| Q4 24 | — | -11.4% | ||
| Q3 24 | -61.0% | -18.4% | ||
| Q2 24 | 119.5% | -22.1% | ||
| Q1 24 | — | 3.3% |
资本支出强度BURNOTE
| Q4 25 | 0.8% | 7.4% | ||
| Q3 25 | 0.1% | 9.3% | ||
| Q2 25 | 0.1% | 6.4% | ||
| Q1 25 | 0.0% | 7.2% | ||
| Q4 24 | — | 6.8% | ||
| Q3 24 | 0.0% | 8.3% | ||
| Q2 24 | 0.1% | 9.4% | ||
| Q1 24 | — | 5.3% |
现金转化率BURNOTE
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | -0.95× | — | ||
| Q1 25 | 5.02× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | -1.81× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.05× |
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
BUR
| Principal Finance Segment | $29.1M | 87% |
| Other | $3.5M | 10% |
| Management Fee Income | $878.0K | 3% |
NOTE
| Subscription | $21.2M | 95% |
| Advisory Advertising And Other | $1.0M | 5% |
