vs
Digimarc CORP（DMRC）与EXAGEN INC.（XGN）财务数据对比。点击上方公司名可切换其他公司
EXAGEN INC.的季度营收约是Digimarc CORP的1.9倍（$16.6M vs $8.9M），EXAGEN INC.净利率更高（-28.1% vs -47.2%，领先19.1%），EXAGEN INC.同比增速更快（21.8% vs 2.9%），Digimarc CORP自由现金流更多（$895.0K vs $-3.1M），过去两年EXAGEN INC.的营收复合增速更高（7.4% vs -5.3%）
迪吉马克公司是一家企业软件与服务提供商，其主打产品包含带数字标识符的软件，主要用于解决防伪问题、验证产品真伪、提升回收准确性以及实现供应链可追溯，产品可广泛应用于服装、快消品、美妆健康、汽车等多个行业领域。
Exagen Inc.是一家专注于自身免疫病、风湿性疾病及相关慢性病领域的临床诊断企业，主要面向美国市场，开发、生产及销售专有检测解决方案，为医疗机构与患者提供疾病诊断及治疗监测支持。
DMRC vs XGN — 直观对比
营收规模更大
XGN
是对方的1.9倍
$8.9M
营收增速更快
XGN
高出18.9%
2.9%
净利率更高
XGN
高出19.1%
-47.2%
自由现金流更多
DMRC
多$4.0M
$-3.1M
两年增速更快
XGN
近两年复合增速
-5.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $8.9M | $16.6M |
| 净利润 | $-4.2M | $-4.7M |
| 毛利率 | 63.5% | 55.4% |
| 营业利润率 | -48.2% | -29.9% |
| 净利率 | -47.2% | -28.1% |
| 营收同比 | 2.9% | 21.8% |
| 净利润同比 | 51.4% | -24.2% |
| 每股收益（稀释后） | $-0.18 | $-0.21 |
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DMRCXGN
| Q4 25 | $8.9M | $16.6M | ||
| Q3 25 | $7.6M | $17.2M | ||
| Q2 25 | $8.0M | $17.2M | ||
| Q1 25 | $9.4M | $15.5M | ||
| Q4 24 | $8.7M | $13.7M | ||
| Q3 24 | $9.4M | $12.5M | ||
| Q2 24 | $10.4M | $15.1M | ||
| Q1 24 | $9.9M | $14.4M |
净利润DMRCXGN
| Q4 25 | $-4.2M | $-4.7M | ||
| Q3 25 | $-8.2M | $-7.1M | ||
| Q2 25 | $-8.2M | $-4.4M | ||
| Q1 25 | $-11.7M | $-3.8M | ||
| Q4 24 | $-8.6M | $-3.8M | ||
| Q3 24 | $-10.8M | $-5.0M | ||
| Q2 24 | $-9.3M | $-3.0M | ||
| Q1 24 | $-10.3M | $-3.4M |
毛利率DMRCXGN
| Q4 25 | 63.5% | 55.4% | ||
| Q3 25 | 58.3% | 58.4% | ||
| Q2 25 | 58.8% | 60.4% | ||
| Q1 25 | 65.0% | 58.9% | ||
| Q4 24 | 60.8% | 62.1% | ||
| Q3 24 | 62.4% | 55.8% | ||
| Q2 24 | 66.1% | 60.1% | ||
| Q1 24 | 62.5% | 59.6% |
营业利润率DMRCXGN
| Q4 25 | -48.2% | -29.9% | ||
| Q3 25 | -109.7% | -18.0% | ||
| Q2 25 | -105.2% | -15.3% | ||
| Q1 25 | -128.9% | -21.7% | ||
| Q4 24 | -105.1% | -24.8% | ||
| Q3 24 | -120.4% | -37.3% | ||
| Q2 24 | -96.2% | -17.2% | ||
| Q1 24 | -109.2% | -20.8% |
净利率DMRCXGN
| Q4 25 | -47.2% | -28.1% | ||
| Q3 25 | -106.9% | -41.1% | ||
| Q2 25 | -102.6% | -25.8% | ||
| Q1 25 | -125.2% | -24.2% | ||
| Q4 24 | -99.9% | -27.5% | ||
| Q3 24 | -113.9% | -40.2% | ||
| Q2 24 | -89.3% | -19.7% | ||
| Q1 24 | -104.0% | -23.3% |
每股收益（稀释后）DMRCXGN
| Q4 25 | $-0.18 | $-0.21 | ||
| Q3 25 | $-0.38 | $-0.31 | ||
| Q2 25 | $-0.38 | $-0.21 | ||
| Q1 25 | $-0.55 | $-0.20 | ||
| Q4 24 | $-0.40 | $-0.20 | ||
| Q3 24 | $-0.50 | $-0.28 | ||
| Q2 24 | $-0.43 | $-0.16 | ||
| Q1 24 | $-0.50 | $-0.19 |
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 | $12.9M | $32.2M |
| 总债务越低越好 | — | $22.9M |
| 股东权益账面价值 | $40.2M | $17.4M |
| 总资产 | $53.0M | $58.0M |
| 负债/权益比越低杠杆越低 | — | 1.31× |
8季度趋势，按日历期对齐
现金及短期投资DMRCXGN
| Q4 25 | $12.9M | $32.2M | ||
| Q3 25 | $12.6M | $35.7M | ||
| Q2 25 | $16.1M | $30.0M | ||
| Q1 25 | $21.6M | $11.2M | ||
| Q4 24 | $28.7M | $22.0M | ||
| Q3 24 | $33.7M | $22.0M | ||
| Q2 24 | $41.5M | $24.5M | ||
| Q1 24 | $48.9M | $27.3M |
总债务DMRCXGN
| Q4 25 | — | $22.9M | ||
| Q3 25 | — | $22.9M | ||
| Q2 25 | — | $23.0M | ||
| Q1 25 | — | $20.9M | ||
| Q4 24 | — | $20.2M | ||
| Q3 24 | — | $20.3M | ||
| Q2 24 | — | $20.3M | ||
| Q1 24 | — | $19.5M |
股东权益DMRCXGN
| Q4 25 | $40.2M | $17.4M | ||
| Q3 25 | $41.4M | $18.1M | ||
| Q2 25 | $46.5M | $21.0M | ||
| Q1 25 | $50.0M | $6.4M | ||
| Q4 24 | $61.4M | $9.5M | ||
| Q3 24 | $70.2M | $12.9M | ||
| Q2 24 | $77.2M | $17.6M | ||
| Q1 24 | $84.5M | $20.0M |
总资产DMRCXGN
| Q4 25 | $53.0M | $58.0M | ||
| Q3 25 | $55.4M | $62.8M | ||
| Q2 25 | $60.7M | $58.8M | ||
| Q1 25 | $66.5M | $40.3M | ||
| Q4 24 | $75.8M | $44.7M | ||
| Q3 24 | $85.0M | $43.6M | ||
| Q2 24 | $93.4M | $49.3M | ||
| Q1 24 | $99.7M | $50.8M |
负债/权益比DMRCXGN
| Q4 25 | — | 1.31× | ||
| Q3 25 | — | 1.26× | ||
| Q2 25 | — | 1.09× | ||
| Q1 25 | — | 3.27× | ||
| Q4 24 | — | 2.12× | ||
| Q3 24 | — | 1.57× | ||
| Q2 24 | — | 1.15× | ||
| Q1 24 | — | 0.98× |
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 | $991.0K | $-3.0M |
| 自由现金流经营现金流 - 资本支出 | $895.0K | $-3.1M |
| 自由现金流率自由现金流/营收 | 10.0% | -18.4% |
| 资本支出强度资本支出/营收 | 1.1% | 0.3% |
| 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 | $-12.3M | $-14.3M |
8季度趋势，按日历期对齐
经营现金流DMRCXGN
| Q4 25 | $991.0K | $-3.0M | ||
| Q3 25 | $-2.6M | $2.9M | ||
| Q2 25 | $-4.7M | $-2.9M | ||
| Q1 25 | $-5.5M | $-10.7M | ||
| Q4 24 | $-4.2M | $363.0K | ||
| Q3 24 | $-7.1M | $-2.2M | ||
| Q2 24 | $-6.8M | $-2.4M | ||
| Q1 24 | $-8.4M | $-9.0M |
自由现金流DMRCXGN
| Q4 25 | $895.0K | $-3.1M | ||
| Q3 25 | $-2.8M | $2.7M | ||
| Q2 25 | $-4.9M | $-3.1M | ||
| Q1 25 | $-5.5M | $-10.8M | ||
| Q4 24 | $-4.2M | $217.0K | ||
| Q3 24 | $-7.2M | $-2.3M | ||
| Q2 24 | $-6.9M | $-2.6M | ||
| Q1 24 | $-8.5M | $-9.1M |
自由现金流率DMRCXGN
| Q4 25 | 10.0% | -18.4% | ||
| Q3 25 | -36.9% | 15.5% | ||
| Q2 25 | -61.0% | -18.0% | ||
| Q1 25 | -59.1% | -69.6% | ||
| Q4 24 | -49.1% | 1.6% | ||
| Q3 24 | -75.7% | -18.6% | ||
| Q2 24 | -66.1% | -17.0% | ||
| Q1 24 | -85.8% | -63.3% |
资本支出强度DMRCXGN
| Q4 25 | 1.1% | 0.3% | ||
| Q3 25 | 2.9% | 1.6% | ||
| Q2 25 | 2.5% | 1.2% | ||
| Q1 25 | 0.6% | 0.7% | ||
| Q4 24 | 0.2% | 1.1% | ||
| Q3 24 | 0.7% | 1.2% | ||
| Q2 24 | 0.3% | 0.9% | ||
| Q1 24 | 1.1% | 0.6% |
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
DMRC
| Subscription | $5.3M | 60% |
| The Government | $3.6M | 41% |
XGN
| Commercial | $9.3M | 56% |
| Government1 | $4.3M | 26% |
| Client Direct Bill | $2.9M | 18% |
