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Donnelley Financial Solutions, Inc.（DFIN）与Upstart Holdings, Inc.（UPST）财务数据对比。点击上方公司名可切换其他公司
Upstart Holdings, Inc.的季度营收约是Donnelley Financial Solutions, Inc.的1.7倍（$296.1M vs $172.5M），Upstart Holdings, Inc.净利率更高（6.3% vs 3.6%，领先2.7%），Upstart Holdings, Inc.同比增速更快（35.2% vs 10.4%），Upstart Holdings, Inc.自由现金流更多（$108.4M vs $47.9M），过去两年Upstart Holdings, Inc.的营收复合增速更高（52.2% vs -7.9%）
唐nelley金融解决方案（DFIN）是一家总部位于美国伊利诺伊州芝加哥市的金融合规企业，面向资本市场与投资市场的各类企业，提供符合美国监管要求的软件即服务产品、软件赋能服务、印刷业务及合规相关服务，助力客户满足合规要求。
Upstart是一家AI信贷平台服务商，与银行及信用合作社合作，将教育背景、就业情况等非传统指标纳入信用评估模型，更精准地预测借款人的信用状况，为用户提供消费贷款服务，助力金融机构提升信贷效率、扩大服务覆盖范围。
DFIN vs UPST — 直观对比
营收规模更大
UPST
是对方的1.7倍
$172.5M
营收增速更快
UPST
高出24.9%
10.4%
净利率更高
UPST
高出2.7%
3.6%
自由现金流更多
UPST
多$60.5M
$47.9M
两年增速更快
UPST
近两年复合增速
-7.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $172.5M | $296.1M |
| 净利润 | $6.2M | $18.6M |
| 毛利率 | — | — |
| 营业利润率 | 8.3% | 6.4% |
| 净利率 | 3.6% | 6.3% |
| 营收同比 | 10.4% | 35.2% |
| 净利润同比 | -1.6% | 776.4% |
| 每股收益（稀释后） | $0.31 | $0.20 |
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DFINUPST
| Q4 25 | $172.5M | $296.1M | ||
| Q3 25 | $175.3M | $277.1M | ||
| Q2 25 | $218.1M | $257.3M | ||
| Q1 25 | $201.1M | $213.4M | ||
| Q4 24 | $156.3M | $219.0M | ||
| Q3 24 | $179.5M | $162.1M | ||
| Q2 24 | $242.7M | $127.6M | ||
| Q1 24 | $203.4M | $127.8M |
净利润DFINUPST
| Q4 25 | $6.2M | $18.6M | ||
| Q3 25 | $-40.9M | $31.8M | ||
| Q2 25 | $36.1M | $5.6M | ||
| Q1 25 | $31.0M | $-2.4M | ||
| Q4 24 | $6.3M | $-2.8M | ||
| Q3 24 | $8.7M | $-6.8M | ||
| Q2 24 | $44.1M | $-54.5M | ||
| Q1 24 | $33.3M | $-64.6M |
营业利润率DFINUPST
| Q4 25 | 8.3% | 6.4% | ||
| Q3 25 | 16.1% | 8.5% | ||
| Q2 25 | 24.2% | 1.8% | ||
| Q1 25 | 22.8% | -2.1% | ||
| Q4 24 | 6.0% | -2.2% | ||
| Q3 24 | 10.1% | -27.8% | ||
| Q2 24 | 26.6% | -43.5% | ||
| Q1 24 | 21.9% | -52.8% |
净利率DFINUPST
| Q4 25 | 3.6% | 6.3% | ||
| Q3 25 | -23.3% | 11.5% | ||
| Q2 25 | 16.6% | 2.2% | ||
| Q1 25 | 15.4% | -1.1% | ||
| Q4 24 | 4.0% | -1.3% | ||
| Q3 24 | 4.8% | -4.2% | ||
| Q2 24 | 18.2% | -42.7% | ||
| Q1 24 | 16.4% | -50.5% |
每股收益（稀释后）DFINUPST
| Q4 25 | $0.31 | $0.20 | ||
| Q3 25 | $-1.49 | $0.23 | ||
| Q2 25 | $1.28 | $0.05 | ||
| Q1 25 | $1.05 | $-0.03 | ||
| Q4 24 | $0.21 | $-0.01 | ||
| Q3 24 | $0.29 | $-0.07 | ||
| Q2 24 | $1.47 | $-0.62 | ||
| Q1 24 | $1.09 | $-0.74 |
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 | $24.5M | $652.4M |
| 总债务越低越好 | $171.3M | — |
| 股东权益账面价值 | $379.2M | $798.8M |
| 总资产 | $800.4M | $3.0B |
| 负债/权益比越低杠杆越低 | 0.45× | — |
8季度趋势，按日历期对齐
现金及短期投资DFINUPST
| Q4 25 | $24.5M | $652.4M | ||
| Q3 25 | $22.7M | $489.8M | ||
| Q2 25 | $33.8M | $395.9M | ||
| Q1 25 | $16.2M | $599.8M | ||
| Q4 24 | $57.3M | $788.4M | ||
| Q3 24 | $33.6M | — | ||
| Q2 24 | $35.0M | — | ||
| Q1 24 | $43.7M | — |
总债务DFINUPST
| Q4 25 | $171.3M | — | ||
| Q3 25 | $154.7M | — | ||
| Q2 25 | $190.1M | — | ||
| Q1 25 | $189.5M | — | ||
| Q4 24 | $124.7M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益DFINUPST
| Q4 25 | $379.2M | $798.8M | ||
| Q3 25 | $423.1M | $743.7M | ||
| Q2 25 | $432.1M | $722.0M | ||
| Q1 25 | $419.9M | $676.6M | ||
| Q4 24 | $436.1M | $633.2M | ||
| Q3 24 | $444.5M | $595.5M | ||
| Q2 24 | $441.5M | $594.7M | ||
| Q1 24 | $408.9M | $612.8M |
总资产DFINUPST
| Q4 25 | $800.4M | $3.0B | ||
| Q3 25 | $816.3M | $2.9B | ||
| Q2 25 | $874.7M | $2.5B | ||
| Q1 25 | $852.8M | $2.3B | ||
| Q4 24 | $841.6M | $2.4B | ||
| Q3 24 | $843.6M | $1.8B | ||
| Q2 24 | $882.9M | $1.8B | ||
| Q1 24 | $867.8M | $1.9B |
负债/权益比DFINUPST
| Q4 25 | 0.45× | — | ||
| Q3 25 | 0.37× | — | ||
| Q2 25 | 0.44× | — | ||
| Q1 25 | 0.45× | — | ||
| Q4 24 | 0.29× | — | ||
| 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 | $59.8M | $108.6M |
| 自由现金流经营现金流 - 资本支出 | $47.9M | $108.4M |
| 自由现金流率自由现金流/营收 | 27.8% | 36.6% |
| 资本支出强度资本支出/营收 | 6.9% | 0.1% |
| 现金转化率经营现金流/净利润 | 9.65× | 5.82× |
| 过去12个月自由现金流最近4个季度 | $107.8M | — |
8季度趋势，按日历期对齐
经营现金流DFINUPST
| Q4 25 | $59.8M | $108.6M | ||
| Q3 25 | $74.4M | $-122.6M | ||
| Q2 25 | $68.4M | $-120.2M | ||
| Q1 25 | $-37.7M | $-13.5M | ||
| Q4 24 | $56.4M | $-110.9M | ||
| Q3 24 | $86.4M | $179.3M | ||
| Q2 24 | $56.2M | $65.3M | ||
| Q1 24 | $-27.9M | $52.6M |
自由现金流DFINUPST
| Q4 25 | $47.9M | $108.4M | ||
| Q3 25 | $59.2M | $-122.7M | ||
| Q2 25 | $51.7M | $-120.3M | ||
| Q1 25 | $-51.0M | — | ||
| Q4 24 | $41.3M | — | ||
| Q3 24 | $67.3M | $179.2M | ||
| Q2 24 | $36.8M | $65.3M | ||
| Q1 24 | $-40.2M | $51.9M |
自由现金流率DFINUPST
| Q4 25 | 27.8% | 36.6% | ||
| Q3 25 | 33.8% | -44.3% | ||
| Q2 25 | 23.7% | -46.7% | ||
| Q1 25 | -25.4% | — | ||
| Q4 24 | 26.4% | — | ||
| Q3 24 | 37.5% | 110.5% | ||
| Q2 24 | 15.2% | 51.1% | ||
| Q1 24 | -19.8% | 40.6% |
资本支出强度DFINUPST
| Q4 25 | 6.9% | 0.1% | ||
| Q3 25 | 8.7% | 0.0% | ||
| Q2 25 | 7.7% | 0.0% | ||
| Q1 25 | 6.6% | 0.0% | ||
| Q4 24 | 9.7% | 0.0% | ||
| Q3 24 | 10.6% | 0.1% | ||
| Q2 24 | 8.0% | 0.0% | ||
| Q1 24 | 6.0% | 0.5% |
现金转化率DFINUPST
| Q4 25 | 9.65× | 5.82× | ||
| Q3 25 | — | -3.86× | ||
| Q2 25 | 1.89× | -21.43× | ||
| Q1 25 | -1.22× | — | ||
| Q4 24 | 8.95× | — | ||
| Q3 24 | 9.93× | — | ||
| Q2 24 | 1.27× | — | ||
| Q1 24 | -0.84× | — |
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
DFIN
| Technology Service | $68.0M | 39% |
| Capital Markets Compliance And Communications Management | $61.6M | 36% |
| Investment Companies Software Solutions | $30.9M | 18% |
| Print And Distribution Service | $13.6M | 8% |
UPST
| Personal Lending Segment | $201.4M | 68% |
| Servicing Fees Net | $39.5M | 13% |
| Servicing Fees | $27.5M | 9% |
| Other | $15.7M | 5% |
| Borrower Fees | $8.4M | 3% |
| Collection Agency Fees | $3.5M | 1% |
