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美商海盗船（CRSR）与施乐（XRX）财务数据对比。点击上方公司名可切换其他公司
施乐的季度营收约是美商海盗船的4.6倍（$2.0B vs $436.9M）。施乐同比增速更快（25.7% vs 5.6%）。施乐自由现金流更多（$192.0M vs $32.9M）。过去两年施乐的营收复合增速更高（16.2% vs 13.8%）
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。
施乐控股是源自美国的知名办公设备服务商，面向全球超160个国家提供打印机与数码文档相关产品及服务。1959年推出Xerox 914后，施乐成为静电复印市场的开创者，品牌名“xerox”甚至在英语中成为复印的代名词，公司总部现位于美国康涅狄格州诺沃克。
CRSR vs XRX — 直观对比
营收规模更大
XRX
是对方的4.6倍
$436.9M
营收增速更快
XRX
高出20.1%
5.6%
自由现金流更多
XRX
多$159.1M
$32.9M
两年增速更快
XRX
近两年复合增速
13.8%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $436.9M | $2.0B |
| 净利润 | $25.8M | — |
| 毛利率 | 33.1% | — |
| 营业利润率 | 6.2% | — |
| 净利率 | 5.9% | — |
| 营收同比 | 5.6% | 25.7% |
| 净利润同比 | 1028.2% | — |
| 每股收益（稀释后） | $0.23 | $-0.62 |
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CRSRXRX
| Q4 25 | $436.9M | $2.0B | ||
| Q3 25 | $345.8M | $2.0B | ||
| Q2 25 | $320.1M | $1.6B | ||
| Q1 25 | $369.8M | $1.5B | ||
| Q4 24 | $413.6M | $1.6B | ||
| Q3 24 | $304.2M | $1.5B | ||
| Q2 24 | $261.3M | $1.6B | ||
| Q1 24 | $337.3M | $1.5B |
净利润CRSRXRX
| Q4 25 | $25.8M | — | ||
| Q3 25 | $-10.6M | $-760.0M | ||
| Q2 25 | $-20.9M | $-106.0M | ||
| Q1 25 | $-10.5M | $-90.0M | ||
| Q4 24 | $2.3M | — | ||
| Q3 24 | $-51.7M | $-1.2B | ||
| Q2 24 | $-24.2M | $18.0M | ||
| Q1 24 | $-11.6M | $-113.0M |
毛利率CRSRXRX
| 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CRSRXRX
| Q4 25 | 6.2% | — | ||
| Q3 25 | -1.6% | — | ||
| Q2 25 | -5.3% | — | ||
| Q1 25 | -0.6% | — | ||
| Q4 24 | 1.4% | — | ||
| Q3 24 | -6.9% | — | ||
| Q2 24 | -9.5% | — | ||
| Q1 24 | -3.0% | — |
净利率CRSRXRX
| Q4 25 | 5.9% | — | ||
| Q3 25 | -3.1% | -38.8% | ||
| Q2 25 | -6.5% | -6.7% | ||
| Q1 25 | -2.8% | -6.2% | ||
| Q4 24 | 0.6% | — | ||
| Q3 24 | -17.0% | -78.9% | ||
| Q2 24 | -9.3% | 1.1% | ||
| Q1 24 | -3.4% | -7.5% |
每股收益（稀释后）CRSRXRX
| Q4 25 | $0.23 | $-0.62 | ||
| Q3 25 | $-0.09 | $-6.01 | ||
| Q2 25 | $-0.16 | $-0.87 | ||
| Q1 25 | $-0.10 | $-0.75 | ||
| Q4 24 | $0.01 | $-0.21 | ||
| Q3 24 | $-0.56 | $-9.71 | ||
| Q2 24 | $-0.28 | $0.11 | ||
| Q1 24 | $-0.12 | $-0.94 |
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 | — | $512.0M |
| 总债务越低越好 | $121.3M | $4.0B |
| 股东权益账面价值 | $633.6M | $444.0M |
| 总资产 | $1.3B | $9.8B |
| 负债/权益比越低杠杆越低 | 0.19× | 9.05× |
8季度趋势，按日历期对齐
现金及短期投资CRSRXRX
| Q4 25 | — | $512.0M | ||
| Q3 25 | — | $479.0M | ||
| Q2 25 | — | $449.0M | ||
| Q1 25 | — | $336.0M | ||
| Q4 24 | — | $576.0M | ||
| Q3 24 | — | $521.0M | ||
| Q2 24 | — | $485.0M | ||
| Q1 24 | — | $685.0M |
总债务CRSRXRX
| Q4 25 | $121.3M | $4.0B | ||
| Q3 25 | $122.9M | $4.1B | ||
| Q2 25 | $124.4M | $3.5B | ||
| Q1 25 | $148.7M | $2.7B | ||
| Q4 24 | $173.5M | $2.8B | ||
| Q3 24 | $177.2M | $2.8B | ||
| Q2 24 | $180.3M | $3.2B | ||
| Q1 24 | $183.3M | $3.2B |
股东权益CRSRXRX
| Q4 25 | $633.6M | $444.0M | ||
| Q3 25 | $600.2M | $365.0M | ||
| Q2 25 | $603.9M | $1.1B | ||
| Q1 25 | $608.8M | $1.1B | ||
| Q4 24 | $604.3M | $1.1B | ||
| Q3 24 | $598.5M | $1.3B | ||
| Q2 24 | $642.7M | $2.4B | ||
| Q1 24 | $663.5M | $2.4B |
总资产CRSRXRX
| Q4 25 | $1.3B | $9.8B | ||
| Q3 25 | $1.2B | $10.1B | ||
| Q2 25 | $1.2B | $8.9B | ||
| Q1 25 | $1.2B | $8.2B | ||
| Q4 24 | $1.2B | $8.4B | ||
| Q3 24 | $1.2B | $8.3B | ||
| Q2 24 | $1.2B | $9.5B | ||
| Q1 24 | $1.3B | $9.9B |
负债/权益比CRSRXRX
| Q4 25 | 0.19× | 9.05× | ||
| Q3 25 | 0.20× | 11.10× | ||
| Q2 25 | 0.21× | 3.11× | ||
| Q1 25 | 0.24× | 2.56× | ||
| Q4 24 | 0.29× | 2.62× | ||
| Q3 24 | 0.30× | 2.11× | ||
| Q2 24 | 0.28× | 1.34× | ||
| Q1 24 | 0.28× | 1.35× |
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 | $208.0M |
| 自由现金流经营现金流 - 资本支出 | $32.9M | $192.0M |
| 自由现金流率自由现金流/营收 | 7.5% | 9.5% |
| 资本支出强度资本支出/营收 | 1.2% | 0.8% |
| 现金转化率经营现金流/净利润 | 1.48× | — |
| 过去12个月自由现金流最近4个季度 | $34.7M | $187.0M |
8季度趋势，按日历期对齐
经营现金流CRSRXRX
| Q4 25 | $38.2M | $208.0M | ||
| Q3 25 | $-37.0M | $116.0M | ||
| Q2 25 | $30.2M | $-11.0M | ||
| Q1 25 | $18.8M | $-89.0M | ||
| Q4 24 | $55.6M | $351.0M | ||
| Q3 24 | $25.1M | $116.0M | ||
| Q2 24 | $-18.5M | $123.0M | ||
| Q1 24 | $-26.3M | $-79.0M |
自由现金流CRSRXRX
| Q4 25 | $32.9M | $192.0M | ||
| Q3 25 | $-41.3M | $104.0M | ||
| Q2 25 | $27.5M | $-15.0M | ||
| Q1 25 | $15.7M | $-94.0M | ||
| Q4 24 | $54.1M | $346.0M | ||
| Q3 24 | $21.8M | $108.0M | ||
| Q2 24 | $-21.0M | $117.0M | ||
| Q1 24 | $-28.8M | $-87.0M |
自由现金流率CRSRXRX
| Q4 25 | 7.5% | 9.5% | ||
| Q3 25 | -12.0% | 5.3% | ||
| Q2 25 | 8.6% | -1.0% | ||
| Q1 25 | 4.2% | -6.5% | ||
| Q4 24 | 13.1% | 21.5% | ||
| Q3 24 | 7.2% | 7.1% | ||
| Q2 24 | -8.0% | 7.4% | ||
| Q1 24 | -8.6% | -5.8% |
资本支出强度CRSRXRX
| Q4 25 | 1.2% | 0.8% | ||
| Q3 25 | 1.3% | 0.6% | ||
| Q2 25 | 0.8% | 0.3% | ||
| Q1 25 | 0.8% | 0.3% | ||
| Q4 24 | 0.4% | 0.3% | ||
| Q3 24 | 1.1% | 0.5% | ||
| Q2 24 | 1.0% | 0.4% | ||
| Q1 24 | 0.7% | 0.5% |
现金转化率CRSRXRX
| Q4 25 | 1.48× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 24.30× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 6.83× | ||
| 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
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% |
XRX
| Other | $596.0M | 29% |
| Manufactured Product Other | $485.0M | 24% |
| Supplies Paper And Other Sales | $483.0M | 24% |
| IT Solutions Segment | $155.0M | 8% |
| CA | $128.0M | 6% |
| IT Products | $100.0M | 5% |
| Rental And Other | $52.0M | 3% |
| Financial Service | $29.0M | 1% |
