vs
灰度母公司（DCX）与法拉第未来（FFAI）财务数据对比。点击上方公司名可切换其他公司
灰度母公司的季度营收约是法拉第未来的4.6倍（$599.0K vs $129.0K）。灰度母公司净利率更高（-6685.8% vs -26011.6%，领先19325.8%）。法拉第未来同比增速更快（-45.1% vs -82.4%）
DCG是一家专注于数字货币领域的风险投资公司，总部位于美国康涅狄格州斯坦福德，旗下拥有Foundry、灰度投资（Grayscale Investments）以及Luno等子公司，此前还曾拥有CoinDesk和Genesis两大知名行业机构。
法拉第未来是2014年成立的美国科技企业，总部位于加利福尼亚州洛杉矶，核心业务为研发电动汽车，2023年正式投入量产，产品在中美两国市场销售。截至2025年1月，该公司累计交付16辆汽车。2024年末完成两轮合计6000万美元融资后，法拉第未来宣布将转型销售贴牌中国厢式车。
DCX vs FFAI — 直观对比
营收规模更大
DCX
是对方的4.6倍
$129.0K
营收增速更快
FFAI
高出37.3%
-82.4%
净利率更高
DCX
高出19325.8%
-26011.6%
损益表 — Q2 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $599.0K | $129.0K |
| 净利润 | $-40.0M | $-33.6M |
| 毛利率 | — | -12111.6% |
| 营业利润率 | -11406.2% | -25041.9% |
| 净利率 | -6685.8% | -26011.6% |
| 营收同比 | -82.4% | -45.1% |
| 净利润同比 | -85.2% | 72.3% |
| 每股收益（稀释后） | $-1.73 | — |
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DCXFFAI
| Q4 25 | — | $129.0K | ||
| Q3 25 | — | $37.0K | ||
| Q2 25 | $599.0K | $54.0K | ||
| Q1 25 | — | $316.0K | ||
| Q4 24 | — | $235.0K | ||
| Q3 24 | — | $9.0K | ||
| Q2 24 | $3.4M | $293.0K | ||
| Q1 24 | — | $2.0K |
净利润DCXFFAI
| Q4 25 | — | $-33.6M | ||
| Q3 25 | — | $-222.2M | ||
| Q2 25 | $-40.0M | $-124.7M | ||
| Q1 25 | — | $-10.3M | ||
| Q4 24 | — | $-121.3M | ||
| Q3 24 | — | $-77.7M | ||
| Q2 24 | $-21.6M | $-108.7M | ||
| Q1 24 | — | $-48.2M |
毛利率DCXFFAI
| Q4 25 | — | -12111.6% | ||
| Q3 25 | — | -92483.8% | ||
| Q2 25 | — | -49737.0% | ||
| Q1 25 | — | -6666.1% | ||
| Q4 24 | — | -8801.7% | ||
| Q3 24 | — | -238266.7% | ||
| Q2 24 | — | -7057.0% | ||
| Q1 24 | — | -1034250.0% |
营业利润率DCXFFAI
| Q4 25 | — | -25041.9% | ||
| Q3 25 | — | -558937.8% | ||
| Q2 25 | -11406.2% | -89088.9% | ||
| Q1 25 | — | -13870.6% | ||
| Q4 24 | — | -12899.6% | ||
| Q3 24 | — | -280077.8% | ||
| Q2 24 | -792.0% | -17272.7% | ||
| Q1 24 | — | -2180400.0% |
净利率DCXFFAI
| Q4 25 | — | -26011.6% | ||
| Q3 25 | — | -600505.4% | ||
| Q2 25 | -6685.8% | -230881.5% | ||
| Q1 25 | — | -3252.5% | ||
| Q4 24 | — | -51599.6% | ||
| Q3 24 | — | -863177.8% | ||
| Q2 24 | -634.6% | -37093.9% | ||
| Q1 24 | — | -2410850.0% |
每股收益（稀释后）DCXFFAI
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $-1.73 | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $-3.99 | — | ||
| Q1 24 | — | — |
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 | $40.6M | $34.9M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $-179.6M | $-27.3M |
| 总资产 | $490.9M | $277.9M |
| 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DCXFFAI
| Q4 25 | — | $34.9M | ||
| Q3 25 | — | $62.9M | ||
| Q2 25 | $40.6M | $13.2M | ||
| Q1 25 | — | $9.5M | ||
| Q4 24 | — | $7.1M | ||
| Q3 24 | — | $7.3M | ||
| Q2 24 | $1.1M | $793.0K | ||
| Q1 24 | — | $407.0K |
股东权益DCXFFAI
| Q4 25 | — | $-27.3M | ||
| Q3 25 | — | $-77.7M | ||
| Q2 25 | $-179.6M | $59.9M | ||
| Q1 25 | — | $139.8M | ||
| Q4 24 | — | $115.0M | ||
| Q3 24 | — | $156.8M | ||
| Q2 24 | $-154.0M | $148.7M | ||
| Q1 24 | — | $201.5M |
总资产DCXFFAI
| Q4 25 | — | $277.9M | ||
| Q3 25 | — | $315.6M | ||
| Q2 25 | $490.9M | $399.7M | ||
| Q1 25 | — | $410.6M | ||
| Q4 24 | — | $425.4M | ||
| Q3 24 | — | $449.1M | ||
| Q2 24 | $500.3M | $457.9M | ||
| Q1 24 | — | $499.9M |
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 | $1.6M | $-28.4M |
| 自由现金流经营现金流 - 资本支出 | — | $-29.5M |
| 自由现金流率自由现金流/营收 | — | -22886.8% |
| 资本支出强度资本支出/营收 | — | 867.4% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | — | $-115.2M |
8季度趋势，按日历期对齐
经营现金流DCXFFAI
| Q4 25 | — | $-28.4M | ||
| Q3 25 | — | $-35.6M | ||
| Q2 25 | $1.6M | $-23.3M | ||
| Q1 25 | — | $-20.3M | ||
| Q4 24 | — | $-18.4M | ||
| Q3 24 | — | $-22.7M | ||
| Q2 24 | $-16.3M | $-14.4M | ||
| Q1 24 | — | $-14.7M |
自由现金流DCXFFAI
| Q4 25 | — | $-29.5M | ||
| Q3 25 | — | $-37.1M | ||
| Q2 25 | — | $-26.8M | ||
| Q1 25 | — | $-21.9M | ||
| Q4 24 | — | $-25.3M | ||
| Q3 24 | — | $-23.0M | ||
| Q2 24 | $-17.3M | $-14.6M | ||
| Q1 24 | — | $-14.8M |
自由现金流率DCXFFAI
| Q4 25 | — | -22886.8% | ||
| Q3 25 | — | -100218.9% | ||
| Q2 25 | — | -49540.7% | ||
| Q1 25 | — | -6918.7% | ||
| Q4 24 | — | -10770.6% | ||
| Q3 24 | — | -255622.2% | ||
| Q2 24 | -508.4% | -4993.5% | ||
| Q1 24 | — | -740900.0% |
资本支出强度DCXFFAI
| Q4 25 | — | 867.4% | ||
| Q3 25 | — | 4102.7% | ||
| Q2 25 | — | 6368.5% | ||
| Q1 25 | — | 496.2% | ||
| Q4 24 | — | 2945.1% | ||
| Q3 24 | — | 3344.4% | ||
| Q2 24 | 31.1% | 88.4% | ||
| Q1 24 | — | 4950.0% |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
