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PATHWARD FINANCIAL, INC.（CASH）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PATHWARD FINANCIAL, INC.的1.1倍（$313.9M vs $276.3M），PATHWARD FINANCIAL, INC.净利率更高（26.4% vs 13.8%，领先12.6%），过去两年PATHWARD FINANCIAL, INC.的营收复合增速更高（21.0% vs 15.7%）
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。
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。
CASH vs WAY — 直观对比
营收规模更大
WAY
是对方的1.1倍
$276.3M
净利率更高
CASH
高出12.6%
13.8%
两年增速更快
CASH
近两年复合增速
15.7%
损益表 — Q2 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $276.3M | $313.9M |
| 净利润 | $72.9M | $43.3M |
| 毛利率 | — | — |
| 营业利润率 | — | 25.6% |
| 净利率 | 26.4% | 13.8% |
| 营收同比 | — | 22.4% |
| 净利润同比 | — | 47.9% |
| 每股收益（稀释后） | $3.35 | $0.42 |
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CASHWAY
| Q1 26 | $276.3M | $313.9M | ||
| Q4 25 | $173.1M | $303.5M | ||
| Q3 25 | $186.7M | $268.7M | ||
| Q2 25 | $195.8M | $270.7M | ||
| Q1 25 | $274.8M | $256.4M | ||
| Q4 24 | $182.6M | $244.1M | ||
| Q3 24 | $179.5M | $240.1M | ||
| Q2 24 | $188.6M | $234.5M |
净利润CASHWAY
| Q1 26 | $72.9M | $43.3M | ||
| Q4 25 | $35.2M | $20.0M | ||
| Q3 25 | $38.8M | $30.6M | ||
| Q2 25 | $42.1M | $32.2M | ||
| Q1 25 | $75.0M | $29.3M | ||
| Q4 24 | $30.0M | $19.1M | ||
| Q3 24 | $33.5M | $5.4M | ||
| Q2 24 | $44.9M | $-27.7M |
营业利润率CASHWAY
| Q1 26 | — | 25.6% | ||
| Q4 25 | 24.6% | 19.4% | ||
| Q3 25 | 25.9% | 22.4% | ||
| Q2 25 | 24.1% | 24.0% | ||
| Q1 25 | 33.2% | 25.4% | ||
| Q4 24 | 19.8% | 21.8% | ||
| Q3 24 | 20.9% | 11.3% | ||
| Q2 24 | 27.1% | 3.5% |
净利率CASHWAY
| Q1 26 | 26.4% | 13.8% | ||
| Q4 25 | 20.3% | 6.6% | ||
| Q3 25 | 20.8% | 11.4% | ||
| Q2 25 | 21.5% | 11.9% | ||
| Q1 25 | 27.3% | 11.4% | ||
| Q4 24 | 16.4% | 7.8% | ||
| Q3 24 | 18.7% | 2.3% | ||
| Q2 24 | 23.8% | -11.8% |
每股收益（稀释后）CASHWAY
| Q1 26 | $3.35 | $0.42 | ||
| Q4 25 | $1.57 | $0.10 | ||
| Q3 25 | $1.69 | $0.17 | ||
| Q2 25 | $1.81 | $0.18 | ||
| Q1 25 | $3.14 | $0.16 | ||
| Q4 24 | $1.23 | $0.18 | ||
| Q3 24 | $1.34 | $0.03 | ||
| Q2 24 | $1.78 | $-0.21 |
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 | $34.3M |
| 总债务越低越好 | $59.5M | $13.5M |
| 股东权益账面价值 | $850.7M | $3.9B |
| 总资产 | $7.1B | $5.8B |
| 负债/权益比越低杠杆越低 | 0.07× | 0.00× |
8季度趋势，按日历期对齐
现金及短期投资CASHWAY
| Q1 26 | $157.6M | $34.3M | ||
| Q4 25 | $331.2M | $61.4M | ||
| Q3 25 | $120.6M | $421.1M | ||
| Q2 25 | $258.3M | $290.3M | ||
| Q1 25 | $254.2M | $224.0M | ||
| Q4 24 | $597.4M | $182.1M | ||
| Q3 24 | $158.3M | $127.1M | ||
| Q2 24 | $298.9M | $68.4M |
总债务CASHWAY
| Q1 26 | $59.5M | $13.5M | ||
| Q4 25 | $33.5M | $1.5B | ||
| Q3 25 | $33.5M | — | ||
| Q2 25 | $33.4M | — | ||
| Q1 25 | $33.4M | — | ||
| Q4 24 | $33.4M | $1.2B | ||
| Q3 24 | $33.4M | — | ||
| Q2 24 | $33.3M | — |
股东权益CASHWAY
| Q1 26 | $850.7M | $3.9B | ||
| Q4 25 | $854.5M | $3.9B | ||
| Q3 25 | $858.0M | $3.2B | ||
| Q2 25 | $819.0M | $3.2B | ||
| Q1 25 | $814.7M | $3.1B | ||
| Q4 24 | $758.3M | $3.1B | ||
| Q3 24 | $822.5M | $3.1B | ||
| Q2 24 | $748.4M | $2.9B |
总资产CASHWAY
| Q1 26 | $7.1B | $5.8B | ||
| Q4 25 | $7.6B | $5.8B | ||
| Q3 25 | $7.2B | $4.7B | ||
| Q2 25 | $7.2B | $4.7B | ||
| Q1 25 | $7.0B | $4.6B | ||
| Q4 24 | $7.6B | $4.6B | ||
| Q3 24 | $7.5B | $4.5B | ||
| Q2 24 | $7.5B | $4.6B |
负债/权益比CASHWAY
| Q1 26 | 0.07× | 0.00× | ||
| Q4 25 | 0.04× | 0.38× | ||
| Q3 25 | 0.04× | — | ||
| Q2 25 | 0.04× | — | ||
| Q1 25 | 0.04× | — | ||
| Q4 24 | 0.04× | 0.40× | ||
| 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 | — | $84.9M |
| 自由现金流经营现金流 - 资本支出 | — | $90.3M |
| 自由现金流率自由现金流/营收 | — | 28.8% |
| 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 | — | 1.96× |
| 过去12个月自由现金流最近4个季度 | — | $314.6M |
8季度趋势，按日历期对齐
经营现金流CASHWAY
| Q1 26 | — | $84.9M | ||
| Q4 25 | $108.3M | $66.6M | ||
| Q3 25 | $303.7M | $82.0M | ||
| Q2 25 | $30.4M | $96.8M | ||
| Q1 25 | $188.3M | $64.2M | ||
| Q4 24 | $-71.7M | — | ||
| Q3 24 | $143.1M | $78.8M | ||
| Q2 24 | $113.2M | $15.4M |
自由现金流CASHWAY
| Q1 26 | — | $90.3M | ||
| Q4 25 | $104.1M | $57.2M | ||
| Q3 25 | $300.3M | $76.2M | ||
| Q2 25 | $27.7M | $91.0M | ||
| Q1 25 | $184.7M | $58.8M | ||
| Q4 24 | $-73.8M | — | ||
| Q3 24 | $138.8M | $70.2M | ||
| Q2 24 | $111.0M | $8.6M |
自由现金流率CASHWAY
| Q1 26 | — | 28.8% | ||
| Q4 25 | 60.1% | 18.9% | ||
| Q3 25 | 160.9% | 28.3% | ||
| Q2 25 | 14.1% | 33.6% | ||
| Q1 25 | 67.2% | 22.9% | ||
| Q4 24 | -40.4% | — | ||
| Q3 24 | 77.3% | 29.2% | ||
| Q2 24 | 58.8% | 3.7% |
资本支出强度CASHWAY
| Q1 26 | — | — | ||
| Q4 25 | 2.4% | 3.1% | ||
| Q3 25 | 1.8% | 2.2% | ||
| Q2 25 | 1.4% | 2.1% | ||
| Q1 25 | 1.3% | 2.1% | ||
| Q4 24 | 1.1% | — | ||
| Q3 24 | 2.4% | 3.6% | ||
| Q2 24 | 1.2% | 2.9% |
现金转化率CASHWAY
| Q1 26 | — | 1.96× | ||
| Q4 25 | 3.08× | 3.33× | ||
| Q3 25 | 7.83× | 2.68× | ||
| Q2 25 | 0.72× | 3.01× | ||
| Q1 25 | 2.51× | 2.20× | ||
| Q4 24 | -2.39× | — | ||
| Q3 24 | 4.27× | 14.56× | ||
| Q2 24 | 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
CASH
| Noninterest Income | $151.2M | 55% |
| Net Interest Income | $125.1M | 45% |
WAY
| Subscription | $172.2M | 55% |
| Volume-based | $139.5M | 44% |
