vs
Circle Internet Group, Inc.（CRCL）与RH（RH）财务数据对比。点击上方公司名可切换其他公司
RH的季度营收约是Circle Internet Group, Inc.的1.2倍（$883.8M vs $739.8M），Circle Internet Group, Inc.净利率更高（29.0% vs 4.1%，领先24.9%），Circle Internet Group, Inc.同比增速更快（5113.5% vs 8.9%），RH自由现金流更多（$83.0M vs $-14.7M）
Circle是2013年由杰里米·阿莱尔与肖恩·内维尔联合创立的支付科技企业，目前总部位于美国纽约，核心业务覆盖稳定币发行，推出了锚定美元的USDC、锚定欧元的EURC两款稳定币，同时还发行有代币化货币市场基金产品USYC。
RH是美国高端家居品牌，总部位于加利福尼亚州科尔特马德拉。品牌通过线下零售门店、产品目录和线上渠道发售家居商品，截至2018年8月，在美国和加拿大共运营70家展示馆、18家全系列设计展示馆、3家婴童家居展示馆，另有36家奥莱门店。
CRCL vs RH — 直观对比
营收规模更大
RH
是对方的1.2倍
$739.8M
营收增速更快
CRCL
高出5104.6%
8.9%
净利率更高
CRCL
高出24.9%
4.1%
自由现金流更多
RH
多$97.8M
$-14.7M
损益表 — Q3 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $739.8M | $883.8M |
| 净利润 | $214.4M | $36.3M |
| 毛利率 | — | 44.1% |
| 营业利润率 | 11.0% | 12.0% |
| 净利率 | 29.0% | 4.1% |
| 营收同比 | 5113.5% | 8.9% |
| 净利润同比 | 202.0% | 9.3% |
| 每股收益（稀释后） | $0.64 | $1.83 |
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CRCLRH
| Q4 25 | — | $883.8M | ||
| Q3 25 | $739.8M | $899.2M | ||
| Q2 25 | $658.1M | $814.0M | ||
| Q1 25 | — | $812.4M | ||
| Q4 24 | — | $811.7M | ||
| Q3 24 | — | $829.7M | ||
| Q2 24 | $6.8M | $727.0M | ||
| Q1 24 | — | $738.3M |
净利润CRCLRH
| Q4 25 | — | $36.3M | ||
| Q3 25 | $214.4M | $51.7M | ||
| Q2 25 | $-482.1M | $8.0M | ||
| Q1 25 | — | $13.9M | ||
| Q4 24 | — | $33.2M | ||
| Q3 24 | — | $29.0M | ||
| Q2 24 | $32.9M | $-3.6M | ||
| Q1 24 | — | $11.4M |
毛利率CRCLRH
| Q4 25 | — | 44.1% | ||
| Q3 25 | — | 45.5% | ||
| Q2 25 | — | 43.7% | ||
| Q1 25 | — | 44.7% | ||
| Q4 24 | — | 44.5% | ||
| Q3 24 | — | 45.2% | ||
| Q2 24 | — | 43.5% | ||
| Q1 24 | — | 43.5% |
营业利润率CRCLRH
| Q4 25 | — | 12.0% | ||
| Q3 25 | 11.0% | 14.3% | ||
| Q2 25 | -49.5% | 6.9% | ||
| Q1 25 | — | 8.7% | ||
| Q4 24 | — | 12.5% | ||
| Q3 24 | — | 11.6% | ||
| Q2 24 | — | 7.5% | ||
| Q1 24 | — | 8.7% |
净利率CRCLRH
| Q4 25 | — | 4.1% | ||
| Q3 25 | 29.0% | 5.8% | ||
| Q2 25 | -73.3% | 1.0% | ||
| Q1 25 | — | 1.7% | ||
| Q4 24 | — | 4.1% | ||
| Q3 24 | — | 3.5% | ||
| Q2 24 | 486.5% | -0.5% | ||
| Q1 24 | — | 1.5% |
每股收益（稀释后）CRCLRH
| Q4 25 | — | $1.83 | ||
| Q3 25 | $0.64 | $2.62 | ||
| Q2 25 | $-4.48 | $0.40 | ||
| Q1 25 | — | $0.71 | ||
| Q4 24 | — | $1.66 | ||
| Q3 24 | — | $1.45 | ||
| Q2 24 | $0.00 | $-0.20 | ||
| Q1 24 | — | $0.91 |
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 | $1.3B | $43.1M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $3.0B | $3.3M |
| 总资产 | $76.8B | $4.8B |
| 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CRCLRH
| Q4 25 | — | $43.1M | ||
| Q3 25 | $1.3B | $34.6M | ||
| Q2 25 | $1.1B | $46.1M | ||
| Q1 25 | — | $30.4M | ||
| Q4 24 | — | $87.0M | ||
| Q3 24 | — | $78.3M | ||
| Q2 24 | $457.5M | $101.8M | ||
| Q1 24 | — | $123.7M |
股东权益CRCLRH
| Q4 25 | — | $3.3M | ||
| Q3 25 | $3.0B | $-40.9M | ||
| Q2 25 | $2.4B | $-110.8M | ||
| Q1 25 | — | $-163.6M | ||
| Q4 24 | — | $-183.0M | ||
| Q3 24 | — | $-234.7M | ||
| Q2 24 | $460.9M | $-289.9M | ||
| Q1 24 | — | $-297.4M |
总资产CRCLRH
| Q4 25 | — | $4.8B | ||
| Q3 25 | $76.8B | $4.7B | ||
| Q2 25 | $64.2B | $4.7B | ||
| Q1 25 | — | $4.6B | ||
| Q4 24 | — | $4.5B | ||
| Q3 24 | — | $4.4B | ||
| Q2 24 | — | $4.2B | ||
| Q1 24 | — | $4.1B |
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 | $-10.7M | $131.9M |
| 自由现金流经营现金流 - 资本支出 | $-14.7M | $83.0M |
| 自由现金流率自由现金流/营收 | -2.0% | 9.4% |
| 资本支出强度资本支出/营收 | 0.5% | 5.5% |
| 现金转化率经营现金流/净利润 | -0.05× | 3.64× |
| 过去12个月自由现金流最近4个季度 | — | $128.1M |
8季度趋势，按日历期对齐
经营现金流CRCLRH
| Q4 25 | — | $131.9M | ||
| Q3 25 | $-10.7M | $137.7M | ||
| Q2 25 | $303.7M | $86.6M | ||
| Q1 25 | — | $-18.8M | ||
| Q4 24 | — | $-31.4M | ||
| Q3 24 | — | $11.2M | ||
| Q2 24 | — | $56.1M | ||
| Q1 24 | — | $-114.0M |
自由现金流CRCLRH
| Q4 25 | — | $83.0M | ||
| Q3 25 | $-14.7M | $80.7M | ||
| Q2 25 | $296.3M | $34.1M | ||
| Q1 25 | — | $-69.7M | ||
| Q4 24 | — | $-96.0M | ||
| Q3 24 | — | $-37.9M | ||
| Q2 24 | — | $-10.1M | ||
| Q1 24 | — | $-251.5M |
自由现金流率CRCLRH
| Q4 25 | — | 9.4% | ||
| Q3 25 | -2.0% | 9.0% | ||
| Q2 25 | 45.0% | 4.2% | ||
| Q1 25 | — | -8.6% | ||
| Q4 24 | — | -11.8% | ||
| Q3 24 | — | -4.6% | ||
| Q2 24 | — | -1.4% | ||
| Q1 24 | — | -34.1% |
资本支出强度CRCLRH
| Q4 25 | — | 5.5% | ||
| Q3 25 | 0.5% | 6.3% | ||
| Q2 25 | 1.1% | 6.5% | ||
| Q1 25 | — | 6.3% | ||
| Q4 24 | — | 8.0% | ||
| Q3 24 | — | 5.9% | ||
| Q2 24 | — | 9.1% | ||
| Q1 24 | — | 18.6% |
现金转化率CRCLRH
| Q4 25 | — | 3.64× | ||
| Q3 25 | -0.05× | 2.66× | ||
| Q2 25 | — | 10.78× | ||
| Q1 25 | — | -1.35× | ||
| Q4 24 | — | -0.95× | ||
| Q3 24 | — | 0.39× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | -10.01× |
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
CRCL
暂无分部数据
RH
| RH Segment | $835.8M | 95% |
| Waterworks Segment | $48.0M | 5% |
| Gift Card And Merchandise Credit | $4.5M | 1% |
