vs
COMTECH TELECOMMUNICATIONS CORP（CMTL）与Repay Holdings Corp（RPAY）财务数据对比。点击上方公司名可切换其他公司
COMTECH TELECOMMUNICATIONS CORP的季度营收约是Repay Holdings Corp的1.4倍（$111.0M vs $78.6M），COMTECH TELECOMMUNICATIONS CORP净利率更高（-14.3% vs -178.3%，领先164.0%），Repay Holdings Corp同比增速更快（0.4% vs -4.1%），Repay Holdings Corp自由现金流更多（$23.2M vs $4.8M），过去两年Repay Holdings Corp的营收复合增速更高（-1.3% vs -9.0%）
Comtech Telecommunications是一家总部位于美国的全球通信技术提供商，主营卫星通信系统、地面网络基础设施及定位服务，客户覆盖政府、国防、移动运营商和企业领域，为各类关键应用场景提供安全可靠的连接解决方案。
Repay Holdings Corp是一家聚焦北美市场的支付技术服务商，为零售、医疗、汽车服务、电商等领域的企业提供整合支付处理方案，涵盖银行卡收单、ACH转账、POS系统集成等数字化支付工具，助力客户简化交易流程、提升运营效率。
CMTL vs RPAY — 直观对比
营收规模更大
CMTL
是对方的1.4倍
$78.6M
营收增速更快
RPAY
高出4.5%
-4.1%
净利率更高
CMTL
高出164.0%
-178.3%
自由现金流更多
RPAY
多$18.4M
$4.8M
两年增速更快
RPAY
近两年复合增速
-9.0%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $111.0M | $78.6M |
| 净利润 | $-15.9M | $-140.1M |
| 毛利率 | 33.1% | 74.2% |
| 营业利润率 | -2.5% | -182.2% |
| 净利率 | -14.3% | -178.3% |
| 营收同比 | -4.1% | 0.4% |
| 净利润同比 | 89.3% | -3304.1% |
| 每股收益（稀释后） | $-0.67 | $-1.68 |
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CMTLRPAY
| Q4 25 | $111.0M | $78.6M | ||
| Q3 25 | $130.4M | $77.7M | ||
| Q2 25 | $126.8M | $75.6M | ||
| Q1 25 | $126.6M | $77.3M | ||
| Q4 24 | $115.8M | $78.3M | ||
| Q3 24 | $126.2M | $79.1M | ||
| Q2 24 | $128.1M | $74.9M | ||
| Q1 24 | $134.2M | $80.7M |
净利润CMTLRPAY
| Q4 25 | $-15.9M | $-140.1M | ||
| Q3 25 | $7.9M | $-6.4M | ||
| Q2 25 | $33.9M | $-102.3M | ||
| Q1 25 | $-48.7M | $-7.9M | ||
| Q4 24 | $-148.4M | $-4.1M | ||
| Q3 24 | $-90.8M | $3.2M | ||
| Q2 24 | $2.8M | $-4.1M | ||
| Q1 24 | $-10.6M | $-5.2M |
毛利率CMTLRPAY
| Q4 25 | 33.1% | 74.2% | ||
| Q3 25 | 31.2% | 74.4% | ||
| Q2 25 | 30.7% | 75.7% | ||
| Q1 25 | 26.7% | 75.9% | ||
| Q4 24 | 12.5% | 76.3% | ||
| Q3 24 | 21.5% | 77.8% | ||
| Q2 24 | 30.4% | 78.2% | ||
| Q1 24 | 32.2% | 76.2% |
营业利润率CMTLRPAY
| Q4 25 | -2.5% | -182.2% | ||
| Q3 25 | 1.4% | -3.9% | ||
| Q2 25 | -1.2% | -138.7% | ||
| Q1 25 | -8.1% | -4.7% | ||
| Q4 24 | -111.5% | -1.5% | ||
| Q3 24 | -64.6% | -0.9% | ||
| Q2 24 | -2.7% | -4.6% | ||
| Q1 24 | 2.2% | -3.1% |
净利率CMTLRPAY
| Q4 25 | -14.3% | -178.3% | ||
| Q3 25 | 6.1% | -8.3% | ||
| Q2 25 | 26.8% | -135.2% | ||
| Q1 25 | -38.5% | -10.3% | ||
| Q4 24 | -128.2% | -5.3% | ||
| Q3 24 | -71.9% | 4.1% | ||
| Q2 24 | 2.2% | -5.4% | ||
| Q1 24 | -7.9% | -6.5% |
每股收益（稀释后）CMTLRPAY
| Q4 25 | $-0.67 | $-1.68 | ||
| Q3 25 | $-0.41 | $-0.08 | ||
| Q2 25 | $-0.49 | $-1.15 | ||
| Q1 25 | $-0.76 | $-0.09 | ||
| Q4 24 | $-5.29 | $-0.04 | ||
| Q3 24 | $-3.48 | $0.03 | ||
| Q2 24 | $-0.04 | $-0.04 | ||
| Q1 24 | $-1.07 | $-0.06 |
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 | $43.6M | $115.7M |
| 总债务越低越好 | — | $280.1M |
| 股东权益账面价值 | $85.6M | $484.4M |
| 总资产 | $734.1M | $1.2B |
| 负债/权益比越低杠杆越低 | — | 0.58× |
8季度趋势，按日历期对齐
现金及短期投资CMTLRPAY
| Q4 25 | $43.6M | $115.7M | ||
| Q3 25 | $40.0M | $95.7M | ||
| Q2 25 | $28.4M | $162.6M | ||
| Q1 25 | $26.7M | $165.5M | ||
| Q4 24 | $29.6M | $189.5M | ||
| Q3 24 | $32.4M | $168.7M | ||
| Q2 24 | $27.2M | $147.1M | ||
| Q1 24 | $40.0M | $128.3M |
总债务CMTLRPAY
| Q4 25 | — | $280.1M | ||
| Q3 25 | — | $279.5M | ||
| Q2 25 | — | $279.0M | ||
| Q1 25 | — | $497.6M | ||
| Q4 24 | — | $496.8M | ||
| Q3 24 | — | $496.2M | ||
| Q2 24 | — | $435.6M | ||
| Q1 24 | — | $434.9M |
股东权益CMTLRPAY
| Q4 25 | $85.6M | $484.4M | ||
| Q3 25 | $104.4M | $616.9M | ||
| Q2 25 | $115.4M | $633.7M | ||
| Q1 25 | $128.7M | $755.7M | ||
| Q4 24 | $150.4M | $761.3M | ||
| Q3 24 | $306.3M | $754.7M | ||
| Q2 24 | $406.4M | $815.4M | ||
| Q1 24 | $407.0M | $813.8M |
总资产CMTLRPAY
| Q4 25 | $734.1M | $1.2B | ||
| Q3 25 | $740.8M | $1.3B | ||
| Q2 25 | $751.1M | $1.4B | ||
| Q1 25 | $770.6M | $1.5B | ||
| Q4 24 | $793.2M | $1.6B | ||
| Q3 24 | $793.2M | $1.6B | ||
| Q2 24 | $991.0M | $1.5B | ||
| Q1 24 | $996.8M | $1.5B |
负债/权益比CMTLRPAY
| Q4 25 | — | 0.58× | ||
| Q3 25 | — | 0.45× | ||
| Q2 25 | — | 0.44× | ||
| Q1 25 | — | 0.66× | ||
| Q4 24 | — | 0.65× | ||
| Q3 24 | — | 0.66× | ||
| Q2 24 | — | 0.53× | ||
| Q1 24 | — | 0.53× |
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 | $8.1M | $23.3M |
| 自由现金流经营现金流 - 资本支出 | $4.8M | $23.2M |
| 自由现金流率自由现金流/营收 | 4.3% | 29.6% |
| 资本支出强度资本支出/营收 | 2.9% | 0.1% |
| 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 | $12.2M | $90.7M |
8季度趋势，按日历期对齐
经营现金流CMTLRPAY
| Q4 25 | $8.1M | $23.3M | ||
| Q3 25 | $11.4M | $32.2M | ||
| Q2 25 | $2.3M | $33.1M | ||
| Q1 25 | $-234.0K | $2.5M | ||
| Q4 24 | $-21.8M | $34.3M | ||
| Q3 24 | $-9.5M | $60.1M | ||
| Q2 24 | $-3.8M | $31.0M | ||
| Q1 24 | $-26.7M | $24.8M |
自由现金流CMTLRPAY
| Q4 25 | $4.8M | $23.2M | ||
| Q3 25 | $9.4M | $32.1M | ||
| Q2 25 | $-160.0K | $33.0M | ||
| Q1 25 | $-1.9M | $2.4M | ||
| Q4 24 | $-24.2M | $34.0M | ||
| Q3 24 | $-12.4M | $59.8M | ||
| Q2 24 | $-6.5M | $30.5M | ||
| Q1 24 | $-30.9M | $24.7M |
自由现金流率CMTLRPAY
| Q4 25 | 4.3% | 29.6% | ||
| Q3 25 | 7.2% | 41.3% | ||
| Q2 25 | -0.1% | 43.6% | ||
| Q1 25 | -1.5% | 3.0% | ||
| Q4 24 | -20.9% | 43.5% | ||
| Q3 24 | -9.8% | 75.6% | ||
| Q2 24 | -5.0% | 40.7% | ||
| Q1 24 | -23.0% | 30.6% |
资本支出强度CMTLRPAY
| Q4 25 | 2.9% | 0.1% | ||
| Q3 25 | 1.6% | 0.2% | ||
| Q2 25 | 1.9% | 0.1% | ||
| Q1 25 | 1.3% | 0.2% | ||
| Q4 24 | 2.1% | 0.3% | ||
| Q3 24 | 2.3% | 0.3% | ||
| Q2 24 | 2.1% | 0.6% | ||
| Q1 24 | 3.2% | 0.1% |
现金转化率CMTLRPAY
| Q4 25 | — | — | ||
| Q3 25 | 1.45× | — | ||
| Q2 25 | 0.07× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 18.52× | ||
| Q2 24 | -1.36× | — | ||
| 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
CMTL
| Satellite And Space Communications Segment | $55.1M | 50% |
| Transferred At Point In Time | $39.4M | 36% |
| Satellite And Space Communications | $16.3M | 15% |
| Terrestrial And Wireless Networks | $1.1M | 1% |
RPAY
| Sales Channel Directly To Consumer | $69.4M | 88% |
| Other | $6.8M | 9% |
| Sales Channel Through Intermediary | $2.3M | 3% |
