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EPAM Systems（EPAM）与托尔工业（THO）财务数据对比。点击上方公司名可切换其他公司
托尔工业的季度营收约是EPAM Systems的1.7倍（$2.4B vs $1.4B），EPAM Systems净利率更高（7.8% vs 0.9%，领先6.9%），EPAM Systems同比增速更快（12.8% vs 11.5%），EPAM Systems自由现金流更多（$268.1M vs $-74.8M），过去两年EPAM Systems的营收复合增速更高（9.9% vs 4.0%）
EPAM Systems是总部位于美国宾夕法尼亚州纽敦的企业，核心业务涵盖软件工程服务、数字平台研发、数字产品设计三大板块，同时是MACH联盟的创始成员，在全球数字化服务赛道拥有深厚的技术积累与行业认可度。
托尔工业是美国知名休闲房车（RV）生产商，旗下拥有Airstream、Heartland RV、Jayco等多个子品牌，主营拖挂式及自行式休闲房车的生产销售，总部位于印第安纳州埃尔克哈特，在密歇根、俄亥俄、爱达荷、俄勒冈等多个州设有生产基地。
EPAM vs THO — 直观对比
营收规模更大
THO
是对方的1.7倍
$1.4B
营收增速更快
EPAM
高出1.3%
11.5%
净利率更高
EPAM
高出6.9%
0.9%
自由现金流更多
EPAM
多$342.9M
$-74.8M
两年增速更快
EPAM
近两年复合增速
4.0%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.4B | $2.4B |
| 净利润 | $109.4M | $21.7M |
| 毛利率 | 30.1% | 13.4% |
| 营业利润率 | 10.6% | 1.4% |
| 净利率 | 7.8% | 0.9% |
| 营收同比 | 12.8% | 11.5% |
| 净利润同比 | 5.9% | 1282.8% |
| 每股收益（稀释后） | $1.97 | $0.41 |
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EPAMTHO
| Q4 25 | $1.4B | $2.4B | ||
| Q3 25 | $1.4B | $2.5B | ||
| Q2 25 | $1.4B | $2.9B | ||
| Q1 25 | $1.3B | $2.0B | ||
| Q4 24 | $1.2B | $2.1B | ||
| Q3 24 | $1.2B | $2.5B | ||
| Q2 24 | $1.1B | $2.8B | ||
| Q1 24 | $1.2B | $2.2B |
净利润EPAMTHO
| Q4 25 | $109.4M | $21.7M | ||
| Q3 25 | $106.8M | $125.8M | ||
| Q2 25 | $88.0M | $135.2M | ||
| Q1 25 | $73.5M | $-551.0K | ||
| Q4 24 | $103.3M | $-1.8M | ||
| Q3 24 | $136.3M | $90.0M | ||
| Q2 24 | $98.6M | $114.5M | ||
| Q1 24 | $116.2M | $7.2M |
毛利率EPAMTHO
| Q4 25 | 30.1% | 13.4% | ||
| Q3 25 | 29.5% | 14.7% | ||
| Q2 25 | 28.8% | 15.3% | ||
| Q1 25 | 26.9% | 12.1% | ||
| Q4 24 | 30.4% | 13.1% | ||
| Q3 24 | 34.6% | 15.8% | ||
| Q2 24 | 29.3% | 15.1% | ||
| Q1 24 | 28.4% | 12.3% |
营业利润率EPAMTHO
| Q4 25 | 10.6% | 1.4% | ||
| Q3 25 | 10.4% | 5.7% | ||
| Q2 25 | 9.3% | 5.4% | ||
| Q1 25 | 7.6% | -0.1% | ||
| Q4 24 | 10.9% | -0.1% | ||
| Q3 24 | 15.2% | 5.0% | ||
| Q2 24 | 10.5% | 5.1% | ||
| Q1 24 | 9.5% | 0.3% |
净利率EPAMTHO
| Q4 25 | 7.8% | 0.9% | ||
| Q3 25 | 7.7% | 5.0% | ||
| Q2 25 | 6.5% | 4.7% | ||
| Q1 25 | 5.6% | -0.0% | ||
| Q4 24 | 8.3% | -0.1% | ||
| Q3 24 | 11.7% | 3.6% | ||
| Q2 24 | 8.6% | 4.1% | ||
| Q1 24 | 10.0% | 0.3% |
每股收益（稀释后）EPAMTHO
| Q4 25 | $1.97 | $0.41 | ||
| Q3 25 | $1.91 | $2.35 | ||
| Q2 25 | $1.56 | $2.53 | ||
| Q1 25 | $1.28 | $-0.01 | ||
| Q4 24 | $1.80 | $-0.03 | ||
| Q3 24 | $2.37 | $1.69 | ||
| Q2 24 | $1.70 | $2.13 | ||
| Q1 24 | $1.97 | $0.13 |
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 | $1.3B | $509.9M |
| 总债务越低越好 | — | $916.0M |
| 股东权益账面价值 | $3.7B | $4.3B |
| 总资产 | $4.9B | $7.0B |
| 负债/权益比越低杠杆越低 | — | 0.21× |
8季度趋势，按日历期对齐
现金及短期投资EPAMTHO
| Q4 25 | $1.3B | $509.9M | ||
| Q3 25 | $1.2B | $586.6M | ||
| Q2 25 | $1.0B | $508.3M | ||
| Q1 25 | $1.2B | $373.8M | ||
| Q4 24 | $1.3B | $445.2M | ||
| Q3 24 | $2.1B | $501.3M | ||
| Q2 24 | $1.8B | $371.8M | ||
| Q1 24 | $2.0B | $340.2M |
总债务EPAMTHO
| Q4 25 | — | $916.0M | ||
| Q3 25 | — | $923.0M | ||
| Q2 25 | — | $1.0B | ||
| Q1 25 | — | $1.0B | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | — | $1.1B | ||
| Q2 24 | — | $1.2B | ||
| Q1 24 | — | $1.4B |
股东权益EPAMTHO
| Q4 25 | $3.7B | $4.3B | ||
| Q3 25 | $3.7B | $4.3B | ||
| Q2 25 | $3.7B | $4.2B | ||
| Q1 25 | $3.6B | $4.0B | ||
| Q4 24 | $3.6B | $4.1B | ||
| Q3 24 | $3.6B | $4.1B | ||
| Q2 24 | $3.4B | $4.0B | ||
| Q1 24 | $3.5B | $3.9B |
总资产EPAMTHO
| Q4 25 | $4.9B | $7.0B | ||
| Q3 25 | $4.8B | $7.1B | ||
| Q2 25 | $4.7B | $7.2B | ||
| Q1 25 | $4.7B | $6.7B | ||
| Q4 24 | $4.8B | $6.9B | ||
| Q3 24 | $4.5B | $7.0B | ||
| Q2 24 | $4.2B | $7.2B | ||
| Q1 24 | $4.4B | $7.2B |
负债/权益比EPAMTHO
| Q4 25 | — | 0.21× | ||
| Q3 25 | — | 0.22× | ||
| Q2 25 | — | 0.24× | ||
| Q1 25 | — | 0.26× | ||
| Q4 24 | — | 0.27× | ||
| Q3 24 | — | 0.28× | ||
| Q2 24 | — | 0.31× | ||
| Q1 24 | — | 0.36× |
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 | $282.9M | $-44.9M |
| 自由现金流经营现金流 - 资本支出 | $268.1M | $-74.8M |
| 自由现金流率自由现金流/营收 | 19.0% | -3.1% |
| 资本支出强度资本支出/营收 | 1.1% | 1.3% |
| 现金转化率经营现金流/净利润 | 2.59× | -2.07× |
| 过去12个月自由现金流最近4个季度 | $612.7M | $375.1M |
8季度趋势，按日历期对齐
经营现金流EPAMTHO
| Q4 25 | $282.9M | $-44.9M | ||
| Q3 25 | $294.7M | $258.7M | ||
| Q2 25 | $53.2M | $257.7M | ||
| Q1 25 | $24.2M | $30.8M | ||
| Q4 24 | $130.3M | $30.7M | ||
| Q3 24 | $242.0M | $338.0M | ||
| Q2 24 | $57.0M | $251.7M | ||
| Q1 24 | $129.9M | $-103.9M |
自由现金流EPAMTHO
| Q4 25 | $268.1M | $-74.8M | ||
| Q3 25 | $286.4M | $221.6M | ||
| Q2 25 | $43.4M | $222.5M | ||
| Q1 25 | $14.8M | $5.8M | ||
| Q4 24 | $114.5M | $6.4M | ||
| Q3 24 | $237.0M | $301.3M | ||
| Q2 24 | $52.3M | $225.4M | ||
| Q1 24 | $123.2M | $-140.2M |
自由现金流率EPAMTHO
| Q4 25 | 19.0% | -3.1% | ||
| Q3 25 | 20.5% | 8.8% | ||
| Q2 25 | 3.2% | 7.7% | ||
| Q1 25 | 1.1% | 0.3% | ||
| Q4 24 | 9.2% | 0.3% | ||
| Q3 24 | 20.3% | 11.9% | ||
| Q2 24 | 4.6% | 8.0% | ||
| Q1 24 | 10.6% | -6.4% |
资本支出强度EPAMTHO
| Q4 25 | 1.1% | 1.3% | ||
| Q3 25 | 0.6% | 1.5% | ||
| Q2 25 | 0.7% | 1.2% | ||
| Q1 25 | 0.7% | 1.2% | ||
| Q4 24 | 1.3% | 1.1% | ||
| Q3 24 | 0.4% | 1.4% | ||
| Q2 24 | 0.4% | 0.9% | ||
| Q1 24 | 0.6% | 1.6% |
现金转化率EPAMTHO
| Q4 25 | 2.59× | -2.07× | ||
| Q3 25 | 2.76× | 2.06× | ||
| Q2 25 | 0.60× | 1.91× | ||
| Q1 25 | 0.33× | — | ||
| Q4 24 | 1.26× | — | ||
| Q3 24 | 1.77× | 3.76× | ||
| Q2 24 | 0.58× | 2.20× | ||
| Q1 24 | 1.12× | -14.39× |
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
EPAM
暂无分部数据
THO
| Other | $417.1M | 17% |
| Travel Trailers | $403.6M | 17% |
| Motorcaravan | $391.9M | 16% |
| Fifth Wheels Towables | $306.9M | 13% |
| Classc Motorized | $297.2M | 12% |
| Campervan | $188.3M | 8% |
| Classa Motorized | $169.9M | 7% |
| Classb Motorized | $110.0M | 5% |
| Other Rv Related | $70.0M | 3% |
| Caravan | $34.3M | 1% |
