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DROPBOX, INC.（DBX）与REPUBLIC AIRWAYS HOLDINGS INC.（RJET）财务数据对比。点击上方公司名可切换其他公司
REPUBLIC AIRWAYS HOLDINGS INC.的季度营收约是DROPBOX, INC.的1.7倍（$1.1B vs $636.2M），过去两年REPUBLIC AIRWAYS HOLDINGS INC.的营收复合增速更高（3.9% 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。
共和航空控股是一家总部位于美国印第安纳州印第安纳波利斯的航空控股企业，旗下拥有梅萨航空与共和航空两家支线航空公司。两家公司合计运营的巴航工业E170与E175客机规模为全球第一，公司多数股权由与其签订合作协议的美国航空、达美航空、联合航空这几家干线航司持有。
DBX vs RJET — 直观对比
营收规模更大
RJET
是对方的1.7倍
$636.2M
两年增速更快
RJET
近两年复合增速
0.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $636.2M | $1.1B |
| 净利润 | $108.7M | — |
| 毛利率 | 79.2% | — |
| 营业利润率 | 25.5% | 22.0% |
| 净利率 | 17.1% | — |
| 营收同比 | -1.1% | — |
| 净利润同比 | 5.7% | — |
| 每股收益（稀释后） | $0.43 | $3.13 |
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DBXRJET
| Q4 25 | $636.2M | $1.1B | ||
| Q3 25 | $634.4M | $90.7M | ||
| Q2 25 | $625.7M | $92.8M | ||
| Q1 25 | $624.7M | $94.7M | ||
| Q4 24 | $643.6M | $808.3M | ||
| Q3 24 | $638.8M | — | ||
| Q2 24 | $634.5M | $110.8M | ||
| Q1 24 | $631.3M | $131.6M |
净利润DBXRJET
| Q4 25 | $108.7M | — | ||
| Q3 25 | $123.8M | $-14.1M | ||
| Q2 25 | $125.6M | $20.9M | ||
| Q1 25 | $150.3M | $-58.6M | ||
| Q4 24 | $102.8M | $97.8M | ||
| Q3 24 | $106.7M | — | ||
| Q2 24 | $110.5M | $-19.9M | ||
| Q1 24 | $132.3M | $11.7M |
毛利率DBXRJET
| 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DBXRJET
| Q4 25 | 25.5% | 22.0% | ||
| Q3 25 | 27.5% | -10.1% | ||
| Q2 25 | 26.9% | -0.2% | ||
| Q1 25 | 29.4% | -60.4% | ||
| Q4 24 | 13.7% | 18.7% | ||
| Q3 24 | 20.0% | — | ||
| Q2 24 | 20.0% | -8.1% | ||
| Q1 24 | 22.7% | 8.8% |
净利率DBXRJET
| Q4 25 | 17.1% | — | ||
| Q3 25 | 19.5% | -15.6% | ||
| Q2 25 | 20.1% | 22.5% | ||
| Q1 25 | 24.1% | -61.9% | ||
| Q4 24 | 16.0% | 12.1% | ||
| Q3 24 | 16.7% | — | ||
| Q2 24 | 17.4% | -18.0% | ||
| Q1 24 | 21.0% | 8.9% |
每股收益（稀释后）DBXRJET
| Q4 25 | $0.43 | $3.13 | ||
| Q3 25 | $0.47 | $-0.34 | ||
| Q2 25 | $0.45 | $0.50 | ||
| Q1 25 | $0.51 | $-1.42 | ||
| Q4 24 | $0.33 | $2.42 | ||
| Q3 24 | $0.34 | — | ||
| Q2 24 | $0.34 | $-0.48 | ||
| Q1 24 | $0.39 | $0.28 |
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 | $296.5M |
| 总债务越低越好 | — | $882.9M |
| 股东权益账面价值 | $-1.8B | $1.3B |
| 总资产 | $2.8B | $3.3B |
| 负债/权益比越低杠杆越低 | — | 0.66× |
8季度趋势，按日历期对齐
现金及短期投资DBXRJET
| Q4 25 | $891.3M | $296.5M | ||
| Q3 25 | $730.7M | $38.7M | ||
| Q2 25 | $736.3M | $42.5M | ||
| Q1 25 | $942.2M | $54.1M | ||
| Q4 24 | $1.3B | $302.0M | ||
| Q3 24 | $517.6M | — | ||
| Q2 24 | $515.1M | $16.3M | ||
| Q1 24 | $548.9M | $18.5M |
总债务DBXRJET
| Q4 25 | — | $882.9M | ||
| Q3 25 | — | $27.0M | ||
| Q2 25 | — | $28.2M | ||
| Q1 25 | — | $31.7M | ||
| Q4 24 | — | $752.2M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $287.7M | ||
| Q1 24 | — | $299.0M |
股东权益DBXRJET
| Q4 25 | $-1.8B | $1.3B | ||
| Q3 25 | $-1.5B | $-52.6M | ||
| Q2 25 | $-1.3B | $-38.7M | ||
| Q1 25 | $-1.1B | $-59.8M | ||
| Q4 24 | $-752.4M | $1.1B | ||
| Q3 24 | $-546.1M | — | ||
| Q2 24 | $-371.3M | $134.9M | ||
| Q1 24 | $-277.2M | $154.7M |
总资产DBXRJET
| Q4 25 | $2.8B | $3.3B | ||
| Q3 25 | $2.8B | $158.9M | ||
| Q2 25 | $2.8B | $178.6M | ||
| Q1 25 | $3.0B | $215.0M | ||
| Q4 24 | $3.3B | $2.8B | ||
| Q3 24 | $2.6B | — | ||
| Q2 24 | $2.7B | $664.4M | ||
| Q1 24 | $2.8B | $706.3M |
负债/权益比DBXRJET
| Q4 25 | — | 0.66× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.68× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 2.13× | ||
| Q1 24 | — | 1.93× |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $224.9M | — |
| 自由现金流率自由现金流/营收 | 35.4% | — |
| 资本支出强度资本支出/营收 | 1.7% | — |
| 现金转化率经营现金流/净利润 | 2.17× | — |
| 过去12个月自由现金流最近4个季度 | $930.8M | — |
8季度趋势，按日历期对齐
经营现金流DBXRJET
| Q4 25 | $235.4M | — | ||
| Q3 25 | $302.1M | — | ||
| Q2 25 | $260.5M | $-9.4M | ||
| Q1 25 | $153.8M | — | ||
| Q4 24 | $213.8M | $184.0M | ||
| Q3 24 | $274.2M | — | ||
| Q2 24 | $230.6M | $11.2M | ||
| Q1 24 | $175.5M | — |
自由现金流DBXRJET
| Q4 25 | $224.9M | — | ||
| Q3 25 | $293.7M | — | ||
| Q2 25 | $258.5M | $-10.5M | ||
| Q1 25 | $153.7M | — | ||
| Q4 24 | $210.5M | $-42.7M | ||
| Q3 24 | $270.1M | — | ||
| Q2 24 | $224.7M | $7.5M | ||
| Q1 24 | $166.3M | — |
自由现金流率DBXRJET
| Q4 25 | 35.4% | — | ||
| Q3 25 | 46.3% | — | ||
| Q2 25 | 41.3% | -11.3% | ||
| Q1 25 | 24.6% | — | ||
| Q4 24 | 32.7% | -5.3% | ||
| Q3 24 | 42.3% | — | ||
| Q2 24 | 35.4% | 6.8% | ||
| Q1 24 | 26.3% | — |
资本支出强度DBXRJET
| Q4 25 | 1.7% | — | ||
| Q3 25 | 1.3% | — | ||
| Q2 25 | 0.3% | 1.2% | ||
| Q1 25 | 0.0% | — | ||
| Q4 24 | 0.5% | 28.0% | ||
| Q3 24 | 0.6% | — | ||
| Q2 24 | 0.9% | 3.4% | ||
| Q1 24 | 1.5% | — |
现金转化率DBXRJET
| Q4 25 | 2.17× | — | ||
| Q3 25 | 2.44× | — | ||
| Q2 25 | 2.07× | -0.45× | ||
| Q1 25 | 1.02× | — | ||
| Q4 24 | 2.08× | 1.88× | ||
| Q3 24 | 2.57× | — | ||
| Q2 24 | 2.09× | — | ||
| Q1 24 | 1.33× | — |
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% |
RJET
| United Airlines | $517.5M | 48% |
| Delta Air Lines | $409.7M | 38% |
| Other | $49.9M | 5% |
| Republic Airways Holdings Inc. | $42.2M | 4% |
| Other Airlines | $25.7M | 2% |
| LIFT Academy | $23.2M | 2% |
