vs
DROPBOX, INC.（DBX）与FIRST HORIZON CORP（FHN）财务数据对比。点击上方公司名可切换其他公司
FIRST HORIZON CORP的季度营收约是DROPBOX, INC.的1.4倍（$888.0M vs $636.2M），FIRST HORIZON CORP净利率更高（29.4% vs 17.1%，领先12.3%），FIRST HORIZON CORP同比增速更快（21.8% vs -1.1%），FIRST HORIZON CORP自由现金流更多（$389.0M vs $224.9M），过去两年FIRST HORIZON CORP的营收复合增速更高（20.0% vs 0.4%）
Dropbox是总部位于美国加利福尼亚州旧金山的云服务企业，2007年由麻省理工学院学生德鲁·休斯顿与阿拉什·费尔多西创立，初创阶段获得创业孵化器Y Combinator的种子投资，核心业务包含云存储、文件同步、个人云及配套客户端软件等服务。
第一地平线公司（前身为第一田纳西银行）是一家成立于1864年的金融服务企业，总部位于美国田纳西州孟菲斯市。该公司通过旗下子公司第一地平线银行开展业务，网点覆盖美国东南部12个州，是该区域第四大区域性银行。
DBX vs FHN — 直观对比
营收规模更大
FHN
是对方的1.4倍
$636.2M
营收增速更快
FHN
高出23.0%
-1.1%
净利率更高
FHN
高出12.3%
17.1%
自由现金流更多
FHN
多$164.1M
$224.9M
两年增速更快
FHN
近两年复合增速
0.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $636.2M | $888.0M |
| 净利润 | $108.7M | $261.0M |
| 毛利率 | 79.2% | — |
| 营业利润率 | 25.5% | 38.5% |
| 净利率 | 17.1% | 29.4% |
| 营收同比 | -1.1% | 21.8% |
| 净利润同比 | 5.7% | 57.2% |
| 每股收益（稀释后） | $0.43 | $0.51 |
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DBXFHN
| Q4 25 | $636.2M | $888.0M | ||
| Q3 25 | $634.4M | $889.0M | ||
| Q2 25 | $625.7M | $830.0M | ||
| Q1 25 | $624.7M | $812.0M | ||
| Q4 24 | $643.6M | $729.0M | ||
| Q3 24 | $638.8M | $827.0M | ||
| Q2 24 | $634.5M | — | ||
| Q1 24 | $631.3M | $819.0M |
净利润DBXFHN
| Q4 25 | $108.7M | $261.0M | ||
| Q3 25 | $123.8M | $262.0M | ||
| Q2 25 | $125.6M | $241.0M | ||
| Q1 25 | $150.3M | $218.0M | ||
| Q4 24 | $102.8M | $166.0M | ||
| Q3 24 | $106.7M | $218.0M | ||
| Q2 24 | $110.5M | — | ||
| Q1 24 | $132.3M | $192.0M |
毛利率DBXFHN
| Q4 25 | 79.2% | — | ||
| Q3 25 | 79.8% | — | ||
| Q2 25 | 80.2% | — | ||
| Q1 25 | 81.3% | — | ||
| Q4 24 | 81.2% | — | ||
| Q3 24 | 82.5% | — | ||
| Q2 24 | 83.1% | — | ||
| Q1 24 | 83.2% | — |
营业利润率DBXFHN
| Q4 25 | 25.5% | 38.5% | ||
| Q3 25 | 27.5% | 38.7% | ||
| Q2 25 | 26.9% | 37.2% | ||
| Q1 25 | 29.4% | 35.1% | ||
| Q4 24 | 13.7% | 28.8% | ||
| Q3 24 | 20.0% | 34.0% | ||
| Q2 24 | 20.0% | — | ||
| Q1 24 | 22.7% | 31.0% |
净利率DBXFHN
| Q4 25 | 17.1% | 29.4% | ||
| Q3 25 | 19.5% | 29.5% | ||
| Q2 25 | 20.1% | 29.0% | ||
| Q1 25 | 24.1% | 26.8% | ||
| Q4 24 | 16.0% | 22.8% | ||
| Q3 24 | 16.7% | 26.4% | ||
| Q2 24 | 17.4% | — | ||
| Q1 24 | 21.0% | 23.4% |
每股收益（稀释后）DBXFHN
| Q4 25 | $0.43 | $0.51 | ||
| Q3 25 | $0.47 | $0.50 | ||
| Q2 25 | $0.45 | $0.45 | ||
| Q1 25 | $0.51 | $0.41 | ||
| Q4 24 | $0.33 | $0.29 | ||
| Q3 24 | $0.34 | $0.40 | ||
| Q2 24 | $0.34 | — | ||
| Q1 24 | $0.39 | $0.33 |
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 | $891.3M | — |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $-1.8B | $8.8B |
| 总资产 | $2.8B | $83.9B |
| 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DBXFHN
| Q4 25 | $891.3M | — | ||
| Q3 25 | $730.7M | — | ||
| Q2 25 | $736.3M | — | ||
| Q1 25 | $942.2M | — | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $517.6M | — | ||
| Q2 24 | $515.1M | — | ||
| Q1 24 | $548.9M | — |
股东权益DBXFHN
| Q4 25 | $-1.8B | $8.8B | ||
| Q3 25 | $-1.5B | $8.9B | ||
| Q2 25 | $-1.3B | $9.0B | ||
| Q1 25 | $-1.1B | $8.7B | ||
| Q4 24 | $-752.4M | $8.8B | ||
| Q3 24 | $-546.1M | $9.0B | ||
| Q2 24 | $-371.3M | — | ||
| Q1 24 | $-277.2M | $8.9B |
总资产DBXFHN
| Q4 25 | $2.8B | $83.9B | ||
| Q3 25 | $2.8B | $83.2B | ||
| Q2 25 | $2.8B | $82.1B | ||
| Q1 25 | $3.0B | $81.5B | ||
| Q4 24 | $3.3B | $82.2B | ||
| Q3 24 | $2.6B | $82.6B | ||
| Q2 24 | $2.7B | — | ||
| Q1 24 | $2.8B | $81.8B |
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 | $235.4M | $396.0M |
| 自由现金流经营现金流 - 资本支出 | $224.9M | $389.0M |
| 自由现金流率自由现金流/营收 | 35.4% | 43.8% |
| 资本支出强度资本支出/营收 | 1.7% | 0.8% |
| 现金转化率经营现金流/净利润 | 2.17× | 1.52× |
| 过去12个月自由现金流最近4个季度 | $930.8M | $595.0M |
8季度趋势，按日历期对齐
经营现金流DBXFHN
| Q4 25 | $235.4M | $396.0M | ||
| Q3 25 | $302.1M | $-200.0M | ||
| Q2 25 | $260.5M | $83.0M | ||
| Q1 25 | $153.8M | $349.0M | ||
| Q4 24 | $213.8M | $191.0M | ||
| Q3 24 | $274.2M | $389.0M | ||
| Q2 24 | $230.6M | — | ||
| Q1 24 | $175.5M | $838.0M |
自由现金流DBXFHN
| Q4 25 | $224.9M | $389.0M | ||
| Q3 25 | $293.7M | $-208.0M | ||
| Q2 25 | $258.5M | $74.0M | ||
| Q1 25 | $153.7M | $340.0M | ||
| Q4 24 | $210.5M | $174.0M | ||
| Q3 24 | $270.1M | $383.0M | ||
| Q2 24 | $224.7M | — | ||
| Q1 24 | $166.3M | $828.0M |
自由现金流率DBXFHN
| Q4 25 | 35.4% | 43.8% | ||
| Q3 25 | 46.3% | -23.4% | ||
| Q2 25 | 41.3% | 8.9% | ||
| Q1 25 | 24.6% | 41.9% | ||
| Q4 24 | 32.7% | 23.9% | ||
| Q3 24 | 42.3% | 46.3% | ||
| Q2 24 | 35.4% | — | ||
| Q1 24 | 26.3% | 101.1% |
资本支出强度DBXFHN
| Q4 25 | 1.7% | 0.8% | ||
| Q3 25 | 1.3% | 0.9% | ||
| Q2 25 | 0.3% | 1.1% | ||
| Q1 25 | 0.0% | 1.1% | ||
| Q4 24 | 0.5% | 2.3% | ||
| Q3 24 | 0.6% | 0.7% | ||
| Q2 24 | 0.9% | — | ||
| Q1 24 | 1.5% | 1.2% |
现金转化率DBXFHN
| Q4 25 | 2.17× | 1.52× | ||
| Q3 25 | 2.44× | -0.76× | ||
| Q2 25 | 2.07× | 0.34× | ||
| Q1 25 | 1.02× | 1.60× | ||
| Q4 24 | 2.08× | 1.15× | ||
| Q3 24 | 2.57× | 1.78× | ||
| Q2 24 | 2.09× | — | ||
| Q1 24 | 1.33× | 4.36× |
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
DBX
| US | $355.3M | 56% |
| Non Us | $280.9M | 44% |
FHN
| Commercial Consumer And Wealth Segment | $776.0M | 87% |
| Other | $88.0M | 10% |
| Corporate | $24.0M | 3% |
