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CASS INFORMATION SYSTEMS INC（CASS）与TELOS CORP（TLS）财务数据对比。点击上方公司名可切换其他公司
TELOS CORP的季度营收约是CASS INFORMATION SYSTEMS INC的1.8倍（$46.8M vs $26.2M），CASS INFORMATION SYSTEMS INC净利率更高（31.3% vs -34.9%，领先66.1%），TELOS CORP同比增速更快（77.4% vs -1.3%），TELOS CORP自由现金流更多（$8.0M vs $4.1M），过去两年TELOS CORP的营收复合增速更高（25.7% vs -2.8%）
Cass信息系统公司是面向企业的专业财务自动化与信息管理解决方案提供商，核心业务包括货运付款处理、公用事业费用管理、商业支付服务及配套数据分析工具，帮助客户简化财务流程、降低运营成本、提升多品类支出透明度，助力更科学的商业决策。
泰洛斯公司（Telos Corporation）是一家信息技术与网络安全企业，总部位于美国弗吉尼亚州阿什本。公司主要服务对象为政府与企业客户，业务合同大部分来自美国国防部，核心客户涵盖美国军方、情报机构、民政部门以及北约盟友机构。
CASS vs TLS — 直观对比
营收规模更大
TLS
是对方的1.8倍
$26.2M
营收增速更快
TLS
高出78.7%
-1.3%
净利率更高
CASS
高出66.1%
-34.9%
自由现金流更多
TLS
多$3.8M
$4.1M
两年增速更快
TLS
近两年复合增速
-2.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $26.2M | $46.8M |
| 净利润 | $8.2M | $-16.3M |
| 毛利率 | — | 35.0% |
| 营业利润率 | 38.1% | -39.6% |
| 净利率 | 31.3% | -34.9% |
| 营收同比 | -1.3% | 77.4% |
| 净利润同比 | 78.3% | -74.8% |
| 每股收益（稀释后） | $0.61 | $-0.22 |
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CASSTLS
| Q4 25 | $26.2M | $46.8M | ||
| Q3 25 | $27.4M | $51.4M | ||
| Q2 25 | $27.6M | $36.0M | ||
| Q1 25 | $26.8M | $30.6M | ||
| Q4 24 | $26.5M | $26.4M | ||
| Q3 24 | $28.1M | $23.8M | ||
| Q2 24 | $27.6M | $28.5M | ||
| Q1 24 | $27.7M | $29.6M |
净利润CASSTLS
| Q4 25 | $8.2M | $-16.3M | ||
| Q3 25 | $9.1M | $-2.1M | ||
| Q2 25 | $8.9M | $-9.5M | ||
| Q1 25 | $9.0M | $-8.6M | ||
| Q4 24 | $4.6M | $-9.3M | ||
| Q3 24 | $2.9M | $-28.1M | ||
| Q2 24 | $4.5M | $-7.8M | ||
| Q1 24 | $7.2M | $-7.4M |
毛利率CASSTLS
| Q4 25 | — | 35.0% | ||
| Q3 25 | — | 39.9% | ||
| Q2 25 | — | 33.2% | ||
| Q1 25 | — | 39.8% | ||
| Q4 24 | — | 40.3% | ||
| Q3 24 | — | 13.2% | ||
| Q2 24 | — | 34.1% | ||
| Q1 24 | — | 37.0% |
营业利润率CASSTLS
| Q4 25 | 38.1% | -39.6% | ||
| Q3 25 | 42.3% | -4.8% | ||
| Q2 25 | 22.8% | -27.5% | ||
| Q1 25 | 40.6% | -29.5% | ||
| Q4 24 | 19.7% | -37.6% | ||
| Q3 24 | 13.4% | -121.4% | ||
| Q2 24 | 20.2% | -30.3% | ||
| Q1 24 | 32.1% | -28.5% |
净利率CASSTLS
| Q4 25 | 31.3% | -34.9% | ||
| Q3 25 | 33.2% | -4.1% | ||
| Q2 25 | 32.1% | -26.5% | ||
| Q1 25 | 33.5% | -28.1% | ||
| Q4 24 | 17.3% | -35.4% | ||
| Q3 24 | 10.5% | -118.0% | ||
| Q2 24 | 16.2% | -27.2% | ||
| Q1 24 | 25.8% | -24.9% |
每股收益（稀释后）CASSTLS
| Q4 25 | $0.61 | $-0.22 | ||
| Q3 25 | $0.68 | $-0.03 | ||
| Q2 25 | $0.66 | $-0.13 | ||
| Q1 25 | $0.66 | $-0.12 | ||
| Q4 24 | $0.34 | $-0.13 | ||
| Q3 24 | $0.21 | $-0.39 | ||
| Q2 24 | $0.32 | $-0.11 | ||
| Q1 24 | $0.52 | $-0.10 |
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 | $758.4M | $53.2M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $243.0M | $96.0M |
| 总资产 | $2.6B | $139.9M |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资CASSTLS
| Q4 25 | $758.4M | $53.2M | ||
| Q3 25 | $486.6M | $59.0M | ||
| Q2 25 | $431.2M | $57.0M | ||
| Q1 25 | $428.9M | $57.8M | ||
| Q4 24 | $680.1M | $54.6M | ||
| Q3 24 | $432.0M | $69.8M | ||
| Q2 24 | $441.7M | $80.1M | ||
| Q1 24 | $368.3M | $93.9M |
股东权益CASSTLS
| Q4 25 | $243.0M | $96.0M | ||
| Q3 25 | $243.4M | $119.7M | ||
| Q2 25 | $240.8M | $118.4M | ||
| Q1 25 | $234.2M | $126.1M | ||
| Q4 24 | $229.0M | $127.1M | ||
| Q3 24 | $237.6M | $129.5M | ||
| Q2 24 | $229.9M | $149.1M | ||
| Q1 24 | $229.5M | $154.4M |
总资产CASSTLS
| Q4 25 | $2.6B | $139.9M | ||
| Q3 25 | $2.5B | $164.3M | ||
| Q2 25 | $2.3B | $165.0M | ||
| Q1 25 | $2.3B | $158.1M | ||
| Q4 24 | $2.4B | $158.2M | ||
| Q3 24 | $2.3B | $166.3M | ||
| Q2 24 | $2.3B | $182.4M | ||
| Q1 24 | $2.3B | $195.4M |
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 | $4.8M | $8.0M |
| 自由现金流经营现金流 - 资本支出 | $4.1M | $8.0M |
| 自由现金流率自由现金流/营收 | 15.8% | 17.0% |
| 资本支出强度资本支出/营收 | 2.7% | 0.1% |
| 现金转化率经营现金流/净利润 | 0.59× | — |
| 过去12个月自由现金流最近4个季度 | $31.8M | $29.4M |
8季度趋势，按日历期对齐
经营现金流CASSTLS
| Q4 25 | $4.8M | $8.0M | ||
| Q3 25 | $12.3M | $9.1M | ||
| Q2 25 | $-1.3M | $7.0M | ||
| Q1 25 | $21.6M | $6.1M | ||
| Q4 24 | $18.6M | $-10.5M | ||
| Q3 24 | $-198.0K | $-7.1M | ||
| Q2 24 | $10.7M | $-8.0M | ||
| Q1 24 | $9.8M | $-350.0K |
自由现金流CASSTLS
| Q4 25 | $4.1M | $8.0M | ||
| Q3 25 | $11.3M | $8.7M | ||
| Q2 25 | $-2.6M | $6.8M | ||
| Q1 25 | $19.0M | $6.0M | ||
| Q4 24 | $18.4M | $-12.4M | ||
| Q3 24 | $-2.2M | $-7.1M | ||
| Q2 24 | $7.9M | $-8.2M | ||
| Q1 24 | $6.3M | $-447.0K |
自由现金流率CASSTLS
| Q4 25 | 15.8% | 17.0% | ||
| Q3 25 | 41.1% | 16.9% | ||
| Q2 25 | -9.5% | 19.0% | ||
| Q1 25 | 71.0% | 19.5% | ||
| Q4 24 | 69.5% | -47.0% | ||
| Q3 24 | -8.0% | -30.0% | ||
| Q2 24 | 28.6% | -28.9% | ||
| Q1 24 | 22.9% | -1.5% |
资本支出强度CASSTLS
| Q4 25 | 2.7% | 0.1% | ||
| Q3 25 | 3.8% | 0.9% | ||
| Q2 25 | 4.9% | 0.4% | ||
| Q1 25 | 9.6% | 0.4% | ||
| Q4 24 | 0.7% | 7.1% | ||
| Q3 24 | 7.2% | 0.2% | ||
| Q2 24 | 10.1% | 0.8% | ||
| Q1 24 | 12.6% | 0.3% |
现金转化率CASSTLS
| Q4 25 | 0.59× | — | ||
| Q3 25 | 1.35× | — | ||
| Q2 25 | -0.15× | — | ||
| Q1 25 | 2.41× | — | ||
| Q4 24 | 4.06× | — | ||
| Q3 24 | -0.07× | — | ||
| Q2 24 | 2.38× | — | ||
| Q1 24 | 1.37× | — |
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
CASS
| Processing Fees | $15.9M | 61% |
| Financial Fees | $9.9M | 38% |
TLS
| Security Solutions Segment | $44.8M | 96% |
| Secure Networks Segment | $1.9M | 4% |
