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美商海盗船（CRSR）与GENESIS ENERGY LP（GEL）财务数据对比。点击上方公司名可切换其他公司
GENESIS ENERGY LP的季度营收约是美商海盗船的1.0倍（$440.8M vs $436.9M），美商海盗船净利率更高（5.9% vs 4.5%，领先1.4%），GENESIS ENERGY LP同比增速更快（10.5% vs 5.6%），GENESIS ENERGY LP自由现金流更多（$87.0M vs $32.9M），过去两年美商海盗船的营收复合增速更高（13.8% vs 0.7%）
美商海盗船是源自美国的电脑外设与电竞硬件品牌，总部位于加利福尼亚州米尔皮塔斯。公司创立于1994年，原名海盗船微系统，后更名为海盗船组件、海盗船内存，2007年重新在特拉华州注册。主打产品涵盖高速内存模块、电源、闪存、CPU显卡与机箱散热、电竞外设、电脑机箱等各类电脑相关产品。
Genesis Energy LP是一家总部位于美国的中游能源合伙企业，主营原油、天然气、成品油及特种工业原料的基础设施运营与物流服务，旗下资产涵盖管道、仓储码头、海运设施及铁路物流枢纽，为北美地区的炼油厂、工业客户及能源分销商提供服务。
CRSR vs GEL — 直观对比
营收规模更大
GEL
是对方的1.0倍
$436.9M
营收增速更快
GEL
高出4.9%
5.6%
净利率更高
CRSR
高出1.4%
4.5%
自由现金流更多
GEL
多$54.1M
$32.9M
两年增速更快
CRSR
近两年复合增速
0.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $436.9M | $440.8M |
| 净利润 | $25.8M | $19.9M |
| 毛利率 | 33.1% | — |
| 营业利润率 | 6.2% | 20.4% |
| 净利率 | 5.9% | 4.5% |
| 营收同比 | 5.6% | 10.5% |
| 净利润同比 | 1028.2% | 140.2% |
| 每股收益（稀释后） | $0.23 | $0.04 |
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CRSRGEL
| Q4 25 | $436.9M | $440.8M | ||
| Q3 25 | $345.8M | $414.0M | ||
| Q2 25 | $320.1M | $377.3M | ||
| Q1 25 | $369.8M | $398.3M | ||
| Q4 24 | $413.6M | $398.9M | ||
| Q3 24 | $304.2M | $397.3M | ||
| Q2 24 | $261.3M | $430.2M | ||
| Q1 24 | $337.3M | $434.4M |
净利润CRSRGEL
| Q4 25 | $25.8M | $19.9M | ||
| Q3 25 | $-10.6M | $9.2M | ||
| Q2 25 | $-20.9M | $-406.0K | ||
| Q1 25 | $-10.5M | $-469.1M | ||
| Q4 24 | $2.3M | $-49.4M | ||
| Q3 24 | $-51.7M | $-17.2M | ||
| Q2 24 | $-24.2M | $-8.7M | ||
| Q1 24 | $-11.6M | $11.4M |
毛利率CRSRGEL
| Q4 25 | 33.1% | — | ||
| Q3 25 | 26.9% | — | ||
| Q2 25 | 26.8% | — | ||
| Q1 25 | 27.7% | — | ||
| Q4 24 | 26.2% | — | ||
| Q3 24 | 22.9% | — | ||
| Q2 24 | 24.1% | — | ||
| Q1 24 | 25.7% | — |
营业利润率CRSRGEL
| Q4 25 | 6.2% | 20.4% | ||
| Q3 25 | -1.6% | 19.0% | ||
| Q2 25 | -5.3% | 17.9% | ||
| Q1 25 | -0.6% | 5.5% | ||
| Q4 24 | 1.4% | 3.4% | ||
| Q3 24 | -6.9% | 12.2% | ||
| Q2 24 | -9.5% | 11.6% | ||
| Q1 24 | -3.0% | 13.4% |
净利率CRSRGEL
| Q4 25 | 5.9% | 4.5% | ||
| Q3 25 | -3.1% | 2.2% | ||
| Q2 25 | -6.5% | -0.1% | ||
| Q1 25 | -2.8% | -117.8% | ||
| Q4 24 | 0.6% | -12.4% | ||
| Q3 24 | -17.0% | -4.3% | ||
| Q2 24 | -9.3% | -2.0% | ||
| Q1 24 | -3.4% | 2.6% |
每股收益（稀释后）CRSRGEL
| Q4 25 | $0.23 | $0.04 | ||
| Q3 25 | $-0.09 | $-0.05 | ||
| Q2 25 | $-0.16 | $-0.12 | ||
| Q1 25 | $-0.10 | $-4.06 | ||
| Q4 24 | $0.01 | $-0.58 | ||
| Q3 24 | $-0.56 | $-0.32 | ||
| Q2 24 | $-0.28 | $-0.25 | ||
| Q1 24 | $-0.12 | $-0.09 |
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 | — | $6.4M |
| 总债务越低越好 | $121.3M | $3.0B |
| 股东权益账面价值 | $633.6M | — |
| 总资产 | $1.3B | $4.9B |
| 负债/权益比越低杠杆越低 | 0.19× | — |
8季度趋势，按日历期对齐
现金及短期投资CRSRGEL
| Q4 25 | — | $6.4M | ||
| Q3 25 | — | $4.9M | ||
| Q2 25 | — | $4.5M | ||
| Q1 25 | — | $377.4M | ||
| Q4 24 | — | $7.4M | ||
| Q3 24 | — | $13.0M | ||
| Q2 24 | — | $13.7M | ||
| Q1 24 | — | $7.0M |
总债务CRSRGEL
| Q4 25 | $121.3M | $3.0B | ||
| Q3 25 | $122.9M | $3.1B | ||
| Q2 25 | $124.4M | $3.1B | ||
| Q1 25 | $148.7M | $3.4B | ||
| Q4 24 | $173.5M | $3.7B | ||
| Q3 24 | $177.2M | $4.0B | ||
| Q2 24 | $180.3M | $3.9B | ||
| Q1 24 | $183.3M | $3.8B |
股东权益CRSRGEL
| Q4 25 | $633.6M | — | ||
| Q3 25 | $600.2M | — | ||
| Q2 25 | $603.9M | — | ||
| Q1 25 | $608.8M | — | ||
| Q4 24 | $604.3M | — | ||
| Q3 24 | $598.5M | — | ||
| Q2 24 | $642.7M | — | ||
| Q1 24 | $663.5M | — |
总资产CRSRGEL
| Q4 25 | $1.3B | $4.9B | ||
| Q3 25 | $1.2B | $4.9B | ||
| Q2 25 | $1.2B | $4.8B | ||
| Q1 25 | $1.2B | $5.2B | ||
| Q4 24 | $1.2B | $7.0B | ||
| Q3 24 | $1.2B | $7.1B | ||
| Q2 24 | $1.2B | $7.0B | ||
| Q1 24 | $1.3B | $6.9B |
负债/权益比CRSRGEL
| Q4 25 | 0.19× | — | ||
| Q3 25 | 0.20× | — | ||
| Q2 25 | 0.21× | — | ||
| Q1 25 | 0.24× | — | ||
| Q4 24 | 0.29× | — | ||
| Q3 24 | 0.30× | — | ||
| Q2 24 | 0.28× | — | ||
| Q1 24 | 0.28× | — |
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 | $38.2M | $110.8M |
| 自由现金流经营现金流 - 资本支出 | $32.9M | $87.0M |
| 自由现金流率自由现金流/营收 | 7.5% | 19.7% |
| 资本支出强度资本支出/营收 | 1.2% | 5.4% |
| 现金转化率经营现金流/净利润 | 1.48× | 5.58× |
| 过去12个月自由现金流最近4个季度 | $34.7M | $65.9M |
8季度趋势，按日历期对齐
经营现金流CRSRGEL
| Q4 25 | $38.2M | $110.8M | ||
| Q3 25 | $-37.0M | $70.3M | ||
| Q2 25 | $30.2M | $47.0M | ||
| Q1 25 | $18.8M | $24.8M | ||
| Q4 24 | $55.6M | $74.0M | ||
| Q3 24 | $25.1M | $87.3M | ||
| Q2 24 | $-18.5M | $104.7M | ||
| Q1 24 | $-26.3M | $125.9M |
自由现金流CRSRGEL
| Q4 25 | $32.9M | $87.0M | ||
| Q3 25 | $-41.3M | $43.3M | ||
| Q2 25 | $27.5M | $-7.6M | ||
| Q1 25 | $15.7M | $-56.8M | ||
| Q4 24 | $54.1M | $-47.1M | ||
| Q3 24 | $21.8M | $-32.3M | ||
| Q2 24 | $-21.0M | $-67.5M | ||
| Q1 24 | $-28.8M | $-48.3M |
自由现金流率CRSRGEL
| Q4 25 | 7.5% | 19.7% | ||
| Q3 25 | -12.0% | 10.5% | ||
| Q2 25 | 8.6% | -2.0% | ||
| Q1 25 | 4.2% | -14.3% | ||
| Q4 24 | 13.1% | -11.8% | ||
| Q3 24 | 7.2% | -8.1% | ||
| Q2 24 | -8.0% | -15.7% | ||
| Q1 24 | -8.6% | -11.1% |
资本支出强度CRSRGEL
| Q4 25 | 1.2% | 5.4% | ||
| Q3 25 | 1.3% | 6.5% | ||
| Q2 25 | 0.8% | 14.5% | ||
| Q1 25 | 0.8% | 20.5% | ||
| Q4 24 | 0.4% | 30.3% | ||
| Q3 24 | 1.1% | 30.1% | ||
| Q2 24 | 1.0% | 40.0% | ||
| Q1 24 | 0.7% | 40.1% |
现金转化率CRSRGEL
| Q4 25 | 1.48× | 5.58× | ||
| Q3 25 | — | 7.63× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 24.30× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 11.09× |
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
CRSR
| Gamer And Creator Peripherals | $164.9M | 38% |
| Memory Products | $156.1M | 36% |
| Inventory Costs | $85.6M | 20% |
| Other Segment Items | $16.9M | 4% |
| Other | $13.3M | 3% |
GEL
| Onshore Facilities And Transportation Revenue | $204.2M | 46% |
| Offshore Pipeline Transportation Revenue | $154.3M | 35% |
| Marine Transportation Revenue | $82.2M | 19% |
