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Cronos Group Inc.（CRON）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
Repay Holdings Corp的季度营收约是Cronos Group Inc.的1.8倍（$78.6M vs $44.5M），Cronos Group Inc.净利率更高（-4.1% vs -178.3%，领先174.2%），Cronos Group Inc.同比增速更快（47.0% vs 0.4%），Repay Holdings Corp自由现金流更多（$23.2M vs $9.7M），过去两年Cronos Group Inc.的营收复合增速更高（32.7% vs -1.3%）
Cronos集团是全球性大麻素企业，主营大麻种植、加工及相关衍生产品的分销业务，产品线覆盖健康补充剂、快消品及医用大麻品类，主要服务北美、欧洲、亚太地区的合规娱乐与医用消费市场，严格遵循各地监管要求保障产品品质。
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。
CRON vs RPAY — 直观对比
营收规模更大
RPAY
是对方的1.8倍
$44.5M
营收增速更快
CRON
高出46.6%
0.4%
净利率更高
CRON
高出174.2%
-178.3%
自由现金流更多
RPAY
多$13.5M
$9.7M
两年增速更快
CRON
近两年复合增速
-1.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $44.5M | $78.6M |
| 净利润 | $-1.8M | $-140.1M |
| 毛利率 | 36.4% | 74.2% |
| 营业利润率 | -16.8% | -182.2% |
| 净利率 | -4.1% | -178.3% |
| 营收同比 | 47.0% | 0.4% |
| 净利润同比 | -104.2% | -3304.1% |
| 每股收益（稀释后） | $-0.01 | $-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CRONRPAY
| Q4 25 | $44.5M | $78.6M | ||
| Q3 25 | $36.3M | $77.7M | ||
| Q2 25 | $33.5M | $75.6M | ||
| Q1 25 | $32.3M | $77.3M | ||
| Q4 24 | $30.3M | $78.3M | ||
| Q3 24 | $34.3M | $79.1M | ||
| Q2 24 | $27.8M | $74.9M | ||
| Q1 24 | $25.3M | $80.7M |
净利润CRONRPAY
| Q4 25 | $-1.8M | $-140.1M | ||
| Q3 25 | $26.0M | $-6.4M | ||
| Q2 25 | $-39.7M | $-102.3M | ||
| Q1 25 | $6.1M | $-7.9M | ||
| Q4 24 | $43.7M | $-4.1M | ||
| Q3 24 | $8.3M | $3.2M | ||
| Q2 24 | $-8.8M | $-4.1M | ||
| Q1 24 | $-2.2M | $-5.2M |
毛利率CRONRPAY
| Q4 25 | 36.4% | 74.2% | ||
| Q3 25 | 50.4% | 74.4% | ||
| Q2 25 | 43.4% | 75.7% | ||
| Q1 25 | 42.6% | 75.9% | ||
| Q4 24 | 35.7% | 76.3% | ||
| Q3 24 | 10.5% | 77.8% | ||
| Q2 24 | 22.7% | 78.2% | ||
| Q1 24 | 17.7% | 76.2% |
营业利润率CRONRPAY
| Q4 25 | -16.8% | -182.2% | ||
| Q3 25 | -1.4% | -3.9% | ||
| Q2 25 | -15.9% | -138.7% | ||
| Q1 25 | -12.6% | -4.7% | ||
| Q4 24 | -37.5% | -1.5% | ||
| Q3 24 | -98.2% | -0.9% | ||
| Q2 24 | -56.1% | -4.6% | ||
| Q1 24 | -63.1% | -3.1% |
净利率CRONRPAY
| Q4 25 | -4.1% | -178.3% | ||
| Q3 25 | 71.4% | -8.3% | ||
| Q2 25 | -118.7% | -135.2% | ||
| Q1 25 | 19.0% | -10.3% | ||
| Q4 24 | 144.3% | -5.3% | ||
| Q3 24 | 24.4% | 4.1% | ||
| Q2 24 | -31.5% | -5.4% | ||
| Q1 24 | -8.9% | -6.5% |
每股收益（稀释后）CRONRPAY
| Q4 25 | $-0.01 | $-1.68 | ||
| Q3 25 | $0.07 | $-0.08 | ||
| Q2 25 | $-0.10 | $-1.15 | ||
| Q1 25 | $0.02 | $-0.09 | ||
| Q4 24 | $0.12 | $-0.04 | ||
| Q3 24 | $0.02 | $0.03 | ||
| Q2 24 | $-0.02 | $-0.04 | ||
| Q1 24 | $-0.01 | $-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 | $831.8M | $115.7M |
| 总债务越低越好 | — | $280.1M |
| 股东权益账面价值 | $1.1B | $484.4M |
| 总资产 | $1.2B | $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CRONRPAY
| Q4 25 | $831.8M | $115.7M | ||
| Q3 25 | $824.2M | $95.7M | ||
| Q2 25 | $834.4M | $162.6M | ||
| Q1 25 | $837.8M | $165.5M | ||
| Q4 24 | $858.8M | $189.5M | ||
| Q3 24 | $862.0M | $168.7M | ||
| Q2 24 | $848.2M | $147.1M | ||
| Q1 24 | $855.1M | $128.3M |
总债务CRONRPAY
| 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CRONRPAY
| Q4 25 | $1.1B | $484.4M | ||
| Q3 25 | $1.1B | $616.9M | ||
| Q2 25 | $1.1B | $633.7M | ||
| Q1 25 | $1.1B | $755.7M | ||
| Q4 24 | $1.1B | $761.3M | ||
| Q3 24 | $1.1B | $754.7M | ||
| Q2 24 | $1.1B | $815.4M | ||
| Q1 24 | $1.1B | $813.8M |
总资产CRONRPAY
| Q4 25 | $1.2B | $1.2B | ||
| Q3 25 | $1.2B | $1.3B | ||
| Q2 25 | $1.2B | $1.4B | ||
| Q1 25 | $1.2B | $1.5B | ||
| Q4 24 | $1.2B | $1.6B | ||
| Q3 24 | $1.2B | $1.6B | ||
| Q2 24 | $1.1B | $1.5B | ||
| Q1 24 | $1.1B | $1.5B |
负债/权益比CRONRPAY
| 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 | $11.8M | $23.3M |
| 自由现金流经营现金流 - 资本支出 | $9.7M | $23.2M |
| 自由现金流率自由现金流/营收 | 21.8% | 29.6% |
| 资本支出强度资本支出/营收 | 4.8% | 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 | $149.0K | $90.7M |
8季度趋势，按日历期对齐
经营现金流CRONRPAY
| Q4 25 | $11.8M | $23.3M | ||
| Q3 25 | $13.3M | $32.2M | ||
| Q2 25 | $2.8M | $33.1M | ||
| Q1 25 | $-2.1M | $2.5M | ||
| Q4 24 | $7.7M | $34.3M | ||
| Q3 24 | $11.6M | $60.1M | ||
| Q2 24 | $1.7M | $31.0M | ||
| Q1 24 | $-2.2M | $24.8M |
自由现金流CRONRPAY
| Q4 25 | $9.7M | $23.2M | ||
| Q3 25 | $8.8M | $32.1M | ||
| Q2 25 | $-1.0M | $33.0M | ||
| Q1 25 | $-17.4M | $2.4M | ||
| Q4 24 | $4.2M | $34.0M | ||
| Q3 24 | $5.2M | $59.8M | ||
| Q2 24 | $1.0M | $30.5M | ||
| Q1 24 | $-3.9M | $24.7M |
自由现金流率CRONRPAY
| Q4 25 | 21.8% | 29.6% | ||
| Q3 25 | 24.3% | 41.3% | ||
| Q2 25 | -3.0% | 43.6% | ||
| Q1 25 | -53.8% | 3.0% | ||
| Q4 24 | 13.8% | 43.5% | ||
| Q3 24 | 15.1% | 75.6% | ||
| Q2 24 | 3.7% | 40.7% | ||
| Q1 24 | -15.5% | 30.6% |
资本支出强度CRONRPAY
| Q4 25 | 4.8% | 0.1% | ||
| Q3 25 | 12.3% | 0.2% | ||
| Q2 25 | 11.5% | 0.1% | ||
| Q1 25 | 47.3% | 0.2% | ||
| Q4 24 | 11.7% | 0.3% | ||
| Q3 24 | 18.7% | 0.3% | ||
| Q2 24 | 2.6% | 0.6% | ||
| Q1 24 | 6.8% | 0.1% |
现金转化率CRONRPAY
| Q4 25 | — | — | ||
| Q3 25 | 0.51× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -0.34× | — | ||
| Q4 24 | 0.18× | — | ||
| Q3 24 | 1.39× | 18.52× | ||
| Q2 24 | — | — | ||
| 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
CRON
| Cannabis Flower | $33.7M | 76% |
| Cannabis Extracts | $10.8M | 24% |
RPAY
| Sales Channel Directly To Consumer | $69.4M | 88% |
| Other | $6.8M | 9% |
| Sales Channel Through Intermediary | $2.3M | 3% |
