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CSP INC（CSPI）与Waystar Holding Corp.（WAY）财务数据对比。点击上方公司名可切换其他公司
Waystar Holding Corp.的季度营收约是CSP INC的25.2倍（$303.5M vs $12.0M）。Waystar Holding Corp.净利率更高（6.6% vs 0.8%，领先5.8%）。Waystar Holding Corp.同比增速更快（24.3% vs -23.2%）。Waystar Holding Corp.自由现金流更多（$57.2M vs $-3.0M）。过去两年Waystar Holding Corp.的营收复合增速更高（16.2% vs -6.3%）
CSP Inc.是一家总部位于美国的科技企业，主营网络安全解决方案、托管IT服务、高性能计算系统及专业IT咨询服务，核心客户覆盖北美及部分国际市场的医疗、金融、制造、公共部门等领域的企业。
Waystar Holding Corp是一家领先的医疗健康支付与营收周期管理解决方案提供商，服务覆盖美国各地的医疗机构、医疗系统和支付方，旗下工具可简化账单处理、理赔申请、患者缴费流程，帮助医疗机构降低行政负担、优化营收表现。
CSPI vs WAY — 直观对比
营收规模更大
WAY
是对方的25.2倍
$12.0M
营收增速更快
WAY
高出47.5%
-23.2%
净利率更高
WAY
高出5.8%
0.8%
自由现金流更多
WAY
多$60.2M
$-3.0M
两年增速更快
WAY
近两年复合增速
-6.3%
损益表 — Q1 2026 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $12.0M | $303.5M |
| 净利润 | $91.0K | $20.0M |
| 毛利率 | 39.3% | — |
| 营业利润率 | -0.9% | 19.4% |
| 净利率 | 0.8% | 6.6% |
| 营收同比 | -23.2% | 24.3% |
| 净利润同比 | -80.7% | 4.8% |
| 每股收益（稀释后） | $0.01 | $0.10 |
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CSPIWAY
| Q4 25 | $12.0M | $303.5M | ||
| Q3 25 | $14.5M | $268.7M | ||
| Q2 25 | $15.4M | $270.7M | ||
| Q1 25 | $13.1M | $256.4M | ||
| Q4 24 | $15.7M | $244.1M | ||
| Q3 24 | $13.0M | $240.1M | ||
| Q2 24 | $13.1M | $234.5M | ||
| Q1 24 | $13.7M | $224.8M |
净利润CSPIWAY
| Q4 25 | $91.0K | $20.0M | ||
| Q3 25 | $-191.0K | $30.6M | ||
| Q2 25 | $-264.0K | $32.2M | ||
| Q1 25 | $-108.0K | $29.3M | ||
| Q4 24 | $472.0K | $19.1M | ||
| Q3 24 | $-1.7M | $5.4M | ||
| Q2 24 | $-185.0K | $-27.7M | ||
| Q1 24 | $1.6M | $-15.9M |
毛利率CSPIWAY
| Q4 25 | 39.3% | — | ||
| Q3 25 | 36.6% | — | ||
| Q2 25 | 28.8% | — | ||
| Q1 25 | 32.0% | — | ||
| Q4 24 | 29.1% | — | ||
| Q3 24 | 28.4% | — | ||
| Q2 24 | 35.0% | — | ||
| Q1 24 | 47.3% | — |
营业利润率CSPIWAY
| Q4 25 | -0.9% | 19.4% | ||
| Q3 25 | -3.7% | 22.4% | ||
| Q2 25 | -7.9% | 24.0% | ||
| Q1 25 | -7.6% | 25.4% | ||
| Q4 24 | -2.3% | 21.8% | ||
| Q3 24 | -15.7% | 11.3% | ||
| Q2 24 | -5.5% | 3.5% | ||
| Q1 24 | 9.0% | 15.7% |
净利率CSPIWAY
| Q4 25 | 0.8% | 6.6% | ||
| Q3 25 | -1.3% | 11.4% | ||
| Q2 25 | -1.7% | 11.9% | ||
| Q1 25 | -0.8% | 11.4% | ||
| Q4 24 | 3.0% | 7.8% | ||
| Q3 24 | -12.7% | 2.3% | ||
| Q2 24 | -1.4% | -11.8% | ||
| Q1 24 | 11.6% | -7.1% |
每股收益（稀释后）CSPIWAY
| Q4 25 | $0.01 | $0.10 | ||
| Q3 25 | $-0.02 | $0.17 | ||
| Q2 25 | $-0.03 | $0.18 | ||
| Q1 25 | $-0.01 | $0.16 | ||
| Q4 24 | $0.05 | $0.18 | ||
| Q3 24 | $-0.17 | $0.03 | ||
| Q2 24 | $-0.02 | $-0.21 | ||
| Q1 24 | $0.16 | $-0.13 |
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 | $24.9M | $61.4M |
| 总债务越低越好 | — | $1.5B |
| 股东权益账面价值 | $44.8M | $3.9B |
| 总资产 | $69.2M | $5.8B |
| 负债/权益比越低杠杆越低 | — | 0.38× |
8季度趋势，按日历期对齐
现金及短期投资CSPIWAY
| Q4 25 | $24.9M | $61.4M | ||
| Q3 25 | $27.4M | $421.1M | ||
| Q2 25 | $26.3M | $290.3M | ||
| Q1 25 | $29.5M | $224.0M | ||
| Q4 24 | $30.7M | $182.1M | ||
| Q3 24 | $30.6M | $127.1M | ||
| Q2 24 | $28.9M | $68.4M | ||
| Q1 24 | $27.1M | $57.3M |
总债务CSPIWAY
| Q4 25 | — | $1.5B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益CSPIWAY
| Q4 25 | $44.8M | $3.9B | ||
| Q3 25 | $44.6M | $3.2B | ||
| Q2 25 | $47.5M | $3.2B | ||
| Q1 25 | $47.5M | $3.1B | ||
| Q4 24 | $47.5M | $3.1B | ||
| Q3 24 | $47.3M | $3.1B | ||
| Q2 24 | $48.1M | $2.9B | ||
| Q1 24 | $48.2M | $2.0B |
总资产CSPIWAY
| Q4 25 | $69.2M | $5.8B | ||
| Q3 25 | $71.2M | $4.7B | ||
| Q2 25 | $66.8M | $4.7B | ||
| Q1 25 | $67.1M | $4.6B | ||
| Q4 24 | $67.5M | $4.6B | ||
| Q3 24 | $69.4M | $4.5B | ||
| Q2 24 | $66.8M | $4.6B | ||
| Q1 24 | $64.2M | — |
负债/权益比CSPIWAY
| Q4 25 | — | 0.38× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.40× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $-2.9M | $66.6M |
| 自由现金流经营现金流 - 资本支出 | $-3.0M | $57.2M |
| 自由现金流率自由现金流/营收 | -25.1% | 18.9% |
| 资本支出强度资本支出/营收 | 0.9% | 3.1% |
| 现金转化率经营现金流/净利润 | -32.04× | 3.33× |
| 过去12个月自由现金流最近4个季度 | $-2.8M | $283.2M |
8季度趋势，按日历期对齐
经营现金流CSPIWAY
| Q4 25 | $-2.9M | $66.6M | ||
| Q3 25 | $1.9M | $82.0M | ||
| Q2 25 | $-3.3M | $96.8M | ||
| Q1 25 | $1.9M | $64.2M | ||
| Q4 24 | $1.7M | — | ||
| Q3 24 | $-1.5M | $78.8M | ||
| Q2 24 | $2.4M | $15.4M | ||
| Q1 24 | $1.7M | $10.7M |
自由现金流CSPIWAY
| Q4 25 | $-3.0M | $57.2M | ||
| Q3 25 | $1.7M | $76.2M | ||
| Q2 25 | $-3.3M | $91.0M | ||
| Q1 25 | $1.9M | $58.8M | ||
| Q4 24 | $1.7M | — | ||
| Q3 24 | $-1.5M | $70.2M | ||
| Q2 24 | $2.4M | $8.6M | ||
| Q1 24 | $1.6M | $5.2M |
自由现金流率CSPIWAY
| Q4 25 | -25.1% | 18.9% | ||
| Q3 25 | 11.5% | 28.3% | ||
| Q2 25 | -21.7% | 33.6% | ||
| Q1 25 | 14.5% | 22.9% | ||
| Q4 24 | 10.8% | — | ||
| Q3 24 | -11.7% | 29.2% | ||
| Q2 24 | 17.9% | 3.7% | ||
| Q1 24 | 11.9% | 2.3% |
资本支出强度CSPIWAY
| Q4 25 | 0.9% | 3.1% | ||
| Q3 25 | 1.6% | 2.2% | ||
| Q2 25 | 0.4% | 2.1% | ||
| Q1 25 | 0.1% | 2.1% | ||
| Q4 24 | 0.3% | — | ||
| Q3 24 | 0.1% | 3.6% | ||
| Q2 24 | 0.3% | 2.9% | ||
| Q1 24 | 0.1% | 2.5% |
现金转化率CSPIWAY
| Q4 25 | -32.04× | 3.33× | ||
| Q3 25 | — | 2.68× | ||
| Q2 25 | — | 3.01× | ||
| Q1 25 | — | 2.20× | ||
| Q4 24 | 3.69× | — | ||
| Q3 24 | — | 14.56× | ||
| Q2 24 | — | — | ||
| Q1 24 | 1.04× | — |
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
CSPI
| Products | $6.7M | 56% |
| Services | $5.3M | 44% |
WAY
| Subscription And Circulation | $167.8M | 55% |
| Volume Based Revenue | $134.2M | 44% |
| Implementation Services And Other Revenue | $1.5M | 1% |
