vs
PATHWARD FINANCIAL, INC.（CASH）与INNOVATE Corp.（VATE）财务数据对比。点击上方公司名可切换其他公司
INNOVATE Corp.的季度营收约是PATHWARD FINANCIAL, INC.的1.4倍（$382.7M vs $276.3M），PATHWARD FINANCIAL, INC.净利率更高（26.4% vs -1.9%，领先28.3%），过去两年PATHWARD FINANCIAL, INC.的营收复合增速更高（21.0% vs 10.2%）
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。
创新公司（Innovate Corp.）是一家美国上市金融服务企业，创立于1994年，深耕金融服务领域，面向市场提供多元专业金融相关服务，是美国本土具备多年运营经验的公众金融服务机构。
CASH vs VATE — 直观对比
营收规模更大
VATE
是对方的1.4倍
$276.3M
净利率更高
CASH
高出28.3%
-1.9%
两年增速更快
CASH
近两年复合增速
10.2%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $276.3M | $382.7M |
| 净利润 | $72.9M | $-7.4M |
| 毛利率 | — | 15.4% |
| 营业利润率 | — | 3.7% |
| 净利率 | 26.4% | -1.9% |
| 营收同比 | — | 61.7% |
| 净利润同比 | — | 55.4% |
| 每股收益（稀释后） | $3.35 | $-0.57 |
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CASHVATE
| Q1 26 | $276.3M | — | ||
| Q4 25 | $173.1M | $382.7M | ||
| Q3 25 | $186.7M | $347.1M | ||
| Q2 25 | $195.8M | $242.0M | ||
| Q1 25 | $274.8M | $274.2M | ||
| Q4 24 | $182.6M | $236.6M | ||
| Q3 24 | $179.5M | $242.2M | ||
| Q2 24 | $188.6M | $313.1M |
净利润CASHVATE
| Q1 26 | $72.9M | — | ||
| Q4 25 | $35.2M | $-7.4M | ||
| Q3 25 | $38.8M | $-8.9M | ||
| Q2 25 | $42.1M | $-19.8M | ||
| Q1 25 | $75.0M | $-24.5M | ||
| Q4 24 | $30.0M | $-16.6M | ||
| Q3 24 | $33.5M | $-15.0M | ||
| Q2 24 | $44.9M | $14.4M |
毛利率CASHVATE
| Q1 26 | — | — | ||
| Q4 25 | — | 15.4% | ||
| Q3 25 | — | 14.3% | ||
| Q2 25 | — | 18.8% | ||
| Q1 25 | — | 16.6% | ||
| Q4 24 | — | 19.6% | ||
| Q3 24 | — | 19.9% | ||
| Q2 24 | — | 21.0% |
营业利润率CASHVATE
| Q1 26 | — | — | ||
| Q4 25 | 24.6% | 3.7% | ||
| Q3 25 | 25.9% | 1.8% | ||
| Q2 25 | 24.1% | 2.0% | ||
| Q1 25 | 33.2% | 1.2% | ||
| Q4 24 | 19.8% | 1.1% | ||
| Q3 24 | 20.9% | 2.4% | ||
| Q2 24 | 27.1% | 9.2% |
净利率CASHVATE
| Q1 26 | 26.4% | — | ||
| Q4 25 | 20.3% | -1.9% | ||
| Q3 25 | 20.8% | -2.6% | ||
| Q2 25 | 21.5% | -8.2% | ||
| Q1 25 | 27.3% | -8.9% | ||
| Q4 24 | 16.4% | -7.0% | ||
| Q3 24 | 18.7% | -6.2% | ||
| Q2 24 | 23.8% | 4.6% |
每股收益（稀释后）CASHVATE
| Q1 26 | $3.35 | — | ||
| Q4 25 | $1.57 | $-0.57 | ||
| Q3 25 | $1.69 | $-0.71 | ||
| Q2 25 | $1.81 | $-1.67 | ||
| Q1 25 | $3.14 | $-1.89 | ||
| Q4 24 | $1.23 | $-0.72 | ||
| Q3 24 | $1.34 | $-1.18 | ||
| Q2 24 | $1.78 | $1.03 |
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 | $157.6M | $112.1M |
| 总债务越低越好 | $59.5M | $80.3M |
| 股东权益账面价值 | $850.7M | $-240.1M |
| 总资产 | $7.1B | $950.1M |
| 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CASHVATE
| Q1 26 | $157.6M | — | ||
| Q4 25 | $331.2M | $112.1M | ||
| Q3 25 | $120.6M | $35.5M | ||
| Q2 25 | $258.3M | $33.4M | ||
| Q1 25 | $254.2M | $33.3M | ||
| Q4 24 | $597.4M | $48.8M | ||
| Q3 24 | $158.3M | $51.0M | ||
| Q2 24 | $298.9M | $80.2M |
总债务CASHVATE
| Q1 26 | $59.5M | — | ||
| Q4 25 | $33.5M | $80.3M | ||
| Q3 25 | $33.5M | $97.3M | ||
| Q2 25 | $33.4M | $160.1M | ||
| Q1 25 | $33.4M | $139.9M | ||
| Q4 24 | $33.4M | $500.6M | ||
| Q3 24 | $33.4M | $502.4M | ||
| Q2 24 | $33.3M | $638.3M |
股东权益CASHVATE
| Q1 26 | $850.7M | — | ||
| Q4 25 | $854.5M | $-240.1M | ||
| Q3 25 | $858.0M | $-233.3M | ||
| Q2 25 | $819.0M | $-224.8M | ||
| Q1 25 | $814.7M | $-204.2M | ||
| Q4 24 | $758.3M | $-180.4M | ||
| Q3 24 | $822.5M | $-163.1M | ||
| Q2 24 | $748.4M | $-149.0M |
总资产CASHVATE
| Q1 26 | $7.1B | — | ||
| Q4 25 | $7.6B | $950.1M | ||
| Q3 25 | $7.2B | $913.2M | ||
| Q2 25 | $7.2B | $890.9M | ||
| Q1 25 | $7.0B | $868.0M | ||
| Q4 24 | $7.6B | $891.1M | ||
| Q3 24 | $7.5B | $897.2M | ||
| Q2 24 | $7.5B | $898.9M |
负债/权益比CASHVATE
| 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 | — | $101.1M |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | — |
| 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 | — | — |
8季度趋势，按日历期对齐
经营现金流CASHVATE
| Q1 26 | — | — | ||
| Q4 25 | $108.3M | $101.1M | ||
| Q3 25 | $303.7M | $19.2M | ||
| Q2 25 | $30.4M | $40.4M | ||
| Q1 25 | $188.3M | $-14.1M | ||
| Q4 24 | $-71.7M | $41.4M | ||
| Q3 24 | $143.1M | $-28.4M | ||
| Q2 24 | $113.2M | $21.5M |
自由现金流CASHVATE
| Q1 26 | — | — | ||
| Q4 25 | $104.1M | — | ||
| Q3 25 | $300.3M | $19.0M | ||
| Q2 25 | $27.7M | — | ||
| Q1 25 | $184.7M | $-18.8M | ||
| Q4 24 | $-73.8M | $34.2M | ||
| Q3 24 | $138.8M | $-31.5M | ||
| Q2 24 | $111.0M | $18.4M |
自由现金流率CASHVATE
| Q1 26 | — | — | ||
| Q4 25 | 60.1% | — | ||
| Q3 25 | 160.9% | 5.5% | ||
| Q2 25 | 14.1% | — | ||
| Q1 25 | 67.2% | -6.9% | ||
| Q4 24 | -40.4% | 14.5% | ||
| Q3 24 | 77.3% | -13.0% | ||
| Q2 24 | 58.8% | 5.9% |
资本支出强度CASHVATE
| Q1 26 | — | — | ||
| Q4 25 | 2.4% | — | ||
| Q3 25 | 1.8% | 0.1% | ||
| Q2 25 | 1.4% | — | ||
| Q1 25 | 1.3% | 1.7% | ||
| Q4 24 | 1.1% | 3.0% | ||
| Q3 24 | 2.4% | 1.3% | ||
| Q2 24 | 1.2% | 1.0% |
现金转化率CASHVATE
| Q1 26 | — | — | ||
| Q4 25 | 3.08× | — | ||
| Q3 25 | 7.83× | — | ||
| Q2 25 | 0.72× | — | ||
| Q1 25 | 2.51× | — | ||
| Q4 24 | -2.39× | — | ||
| Q3 24 | 4.27× | — | ||
| Q2 24 | 2.52× | 1.49× |
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
CASH
| Noninterest Income | $151.2M | 55% |
| Net Interest Income | $125.1M | 45% |
VATE
| Commercial Revenue | $126.1M | 33% |
| Industrial Revenue | $87.5M | 23% |
| Transportation Revenue | $58.4M | 15% |
| Healthcare Revenue | $48.4M | 13% |
| Government Revenue | $44.3M | 12% |
| Energy Revenue | $8.0M | 2% |
| Broadcast Station Revenue | $5.7M | 1% |
| Systems And Consumables Revenue | $3.1M | 1% |
| Leisure Revenue | $200.0K | 0% |
