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Elastic N.V.（ESTC）与美世（MERC）财务数据对比。点击上方公司名可切换其他公司
美世的季度营收约是Elastic N.V.的1.1倍（$449.5M vs $423.5M），Elastic N.V.净利率更高（-12.1% vs -68.7%，领先56.6%），Elastic N.V.同比增速更快（15.9% vs -8.0%），美世自由现金流更多（$32.0M vs $26.0M），过去两年Elastic N.V.的营收复合增速更高（13.6% vs -9.9%）
Elastic是荷美合资软件企业，2012年成立于荷兰阿姆斯特丹，运营总部分设于荷兰及美国加利福尼亚州旧金山市，于纽交所上市。公司提供企业级搜索、可观测性、网络安全平台，可支持用户实现大规模数据搜索分析、系统性能监测及异常检测。
美世是1945年成立的美国咨询公司，为全球专业服务集团威达信的四大运营子公司之一，总部位于纽约，在43个国家设有办事处，业务覆盖130个国家，主要为客户提供人力资源与金融咨询服务。
ESTC vs MERC — 直观对比
营收规模更大
MERC
是对方的1.1倍
$423.5M
营收增速更快
ESTC
高出23.9%
-8.0%
净利率更高
ESTC
高出56.6%
-68.7%
自由现金流更多
MERC
多$6.0M
$26.0M
两年增速更快
ESTC
近两年复合增速
-9.9%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $423.5M | $449.5M |
| 净利润 | $-51.3M | $-308.7M |
| 毛利率 | 75.9% | — |
| 营业利润率 | -1.9% | -62.0% |
| 净利率 | -12.1% | -68.7% |
| 营收同比 | 15.9% | -8.0% |
| 净利润同比 | -101.5% | -1947.7% |
| 每股收益（稀释后） | $-0.48 | $-4.61 |
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ESTCMERC
| Q4 25 | $423.5M | $449.5M | ||
| Q3 25 | $415.3M | $458.1M | ||
| Q2 25 | $388.4M | $453.5M | ||
| Q1 25 | $382.1M | $507.0M | ||
| Q4 24 | $365.4M | $488.4M | ||
| Q3 24 | $347.4M | $502.1M | ||
| Q2 24 | $335.0M | $499.4M | ||
| Q1 24 | $328.0M | $553.4M |
净利润ESTCMERC
| Q4 25 | $-51.3M | $-308.7M | ||
| Q3 25 | $-24.6M | $-80.8M | ||
| Q2 25 | $-16.4M | $-86.1M | ||
| Q1 25 | $-17.1M | $-22.3M | ||
| Q4 24 | $-25.4M | $16.7M | ||
| Q3 24 | $-49.2M | $-17.6M | ||
| Q2 24 | $-41.1M | $-67.6M | ||
| Q1 24 | $176.1M | $-16.7M |
毛利率ESTCMERC
| Q4 25 | 75.9% | — | ||
| Q3 25 | 76.7% | — | ||
| Q2 25 | 74.8% | — | ||
| Q1 25 | 74.6% | — | ||
| Q4 24 | 74.5% | — | ||
| Q3 24 | 73.6% | — | ||
| Q2 24 | 73.8% | — | ||
| Q1 24 | 74.2% | — |
营业利润率ESTCMERC
| Q4 25 | -1.9% | -62.0% | ||
| Q3 25 | -2.3% | -14.8% | ||
| Q2 25 | -3.1% | -12.9% | ||
| Q1 25 | -1.2% | 1.3% | ||
| Q4 24 | -1.2% | 10.3% | ||
| Q3 24 | -9.7% | 1.8% | ||
| Q2 24 | -13.6% | -8.8% | ||
| Q1 24 | -8.1% | -0.1% |
净利率ESTCMERC
| Q4 25 | -12.1% | -68.7% | ||
| Q3 25 | -5.9% | -17.6% | ||
| Q2 25 | -4.2% | -19.0% | ||
| Q1 25 | -4.5% | -4.4% | ||
| Q4 24 | -7.0% | 3.4% | ||
| Q3 24 | -14.2% | -3.5% | ||
| Q2 24 | -12.3% | -13.5% | ||
| Q1 24 | 53.7% | -3.0% |
每股收益（稀释后）ESTCMERC
| Q4 25 | $-0.48 | $-4.61 | ||
| Q3 25 | $-0.23 | $-1.21 | ||
| Q2 25 | $-0.15 | $-1.29 | ||
| Q1 25 | $-0.16 | $-0.33 | ||
| Q4 24 | $-0.25 | $0.25 | ||
| Q3 24 | $-0.48 | $-0.26 | ||
| Q2 24 | $-0.35 | $-1.01 | ||
| Q1 24 | $1.69 | $-0.25 |
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 | $1.4B | $186.8M |
| 总债务越低越好 | $570.3M | $1.6B |
| 股东权益账面价值 | $891.1M | $68.1M |
| 总资产 | $2.5B | $2.0B |
| 负债/权益比越低杠杆越低 | 0.64× | 23.58× |
8季度趋势，按日历期对齐
现金及短期投资ESTCMERC
| Q4 25 | $1.4B | $186.8M | ||
| Q3 25 | $1.5B | $98.1M | ||
| Q2 25 | $1.4B | $146.5M | ||
| Q1 25 | $584.0M | $181.5M | ||
| Q4 24 | $658.5M | $184.9M | ||
| Q3 24 | $594.9M | $239.0M | ||
| Q2 24 | $1.1B | $263.2M | ||
| Q1 24 | $526.9M | $274.3M |
总债务ESTCMERC
| Q4 25 | $570.3M | $1.6B | ||
| Q3 25 | $570.0M | $1.5B | ||
| Q2 25 | $569.7M | $1.5B | ||
| Q1 25 | $569.4M | $1.5B | ||
| Q4 24 | $569.2M | $1.5B | ||
| Q3 24 | $568.9M | $1.6B | ||
| Q2 24 | $568.6M | $1.6B | ||
| Q1 24 | $568.3M | $1.6B |
股东权益ESTCMERC
| Q4 25 | $891.1M | $68.1M | ||
| Q3 25 | $971.4M | $359.5M | ||
| Q2 25 | $927.2M | $446.5M | ||
| Q1 25 | $859.1M | $437.4M | ||
| Q4 24 | $811.5M | $429.8M | ||
| Q3 24 | $759.4M | $516.8M | ||
| Q2 24 | $738.2M | $487.7M | ||
| Q1 24 | $707.8M | $573.6M |
总资产ESTCMERC
| Q4 25 | $2.5B | $2.0B | ||
| Q3 25 | $2.5B | $2.3B | ||
| Q2 25 | $2.6B | $2.4B | ||
| Q1 25 | $2.3B | $2.3B | ||
| Q4 24 | $2.2B | $2.3B | ||
| Q3 24 | $2.2B | $2.5B | ||
| Q2 24 | $2.2B | $2.5B | ||
| Q1 24 | $2.1B | $2.6B |
负债/权益比ESTCMERC
| Q4 25 | 0.64× | 23.58× | ||
| Q3 25 | 0.59× | 4.30× | ||
| Q2 25 | 0.61× | 3.42× | ||
| Q1 25 | 0.66× | 3.44× | ||
| Q4 24 | 0.70× | 3.43× | ||
| Q3 24 | 0.75× | 3.09× | ||
| Q2 24 | 0.77× | 3.22× | ||
| Q1 24 | 0.80× | 2.82× |
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 | $26.6M | $46.2M |
| 自由现金流经营现金流 - 资本支出 | $26.0M | $32.0M |
| 自由现金流率自由现金流/营收 | 6.1% | 7.1% |
| 资本支出强度资本支出/营收 | 0.1% | 3.1% |
| 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 | $302.3M | $-80.0M |
8季度趋势，按日历期对齐
经营现金流ESTCMERC
| Q4 25 | $26.6M | $46.2M | ||
| Q3 25 | $104.8M | $-30.1M | ||
| Q2 25 | $87.0M | $-4.5M | ||
| Q1 25 | $88.1M | $-3.0M | ||
| Q4 24 | $38.4M | $71.2M | ||
| Q3 24 | $52.8M | $-13.9M | ||
| Q2 24 | $60.9M | $62.2M | ||
| Q1 24 | $52.4M | $-29.2M |
自由现金流ESTCMERC
| Q4 25 | $26.0M | $32.0M | ||
| Q3 25 | $104.2M | $-60.1M | ||
| Q2 25 | $84.9M | $-28.9M | ||
| Q1 25 | $87.3M | $-23.1M | ||
| Q4 24 | $37.7M | $50.4M | ||
| Q3 24 | $52.0M | $-41.2M | ||
| Q2 24 | $60.1M | $44.3M | ||
| Q1 24 | $51.3M | $-47.7M |
自由现金流率ESTCMERC
| Q4 25 | 6.1% | 7.1% | ||
| Q3 25 | 25.1% | -13.1% | ||
| Q2 25 | 21.8% | -6.4% | ||
| Q1 25 | 22.8% | -4.6% | ||
| Q4 24 | 10.3% | 10.3% | ||
| Q3 24 | 15.0% | -8.2% | ||
| Q2 24 | 17.9% | 8.9% | ||
| Q1 24 | 15.6% | -8.6% |
资本支出强度ESTCMERC
| Q4 25 | 0.1% | 3.1% | ||
| Q3 25 | 0.2% | 6.6% | ||
| Q2 25 | 0.5% | 5.4% | ||
| Q1 25 | 0.2% | 4.0% | ||
| Q4 24 | 0.2% | 4.2% | ||
| Q3 24 | 0.2% | 5.4% | ||
| Q2 24 | 0.3% | 3.6% | ||
| Q1 24 | 0.3% | 3.3% |
现金转化率ESTCMERC
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 4.26× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.30× | — |
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
ESTC
| Self Managed Subscription | $192.0M | 45% |
| Saa S Self Managed Annual | $156.9M | 37% |
| Saa S Self Managed Monthly | $48.8M | 12% |
| Professional Services | $25.8M | 6% |
MERC
| Other | $215.3M | 48% |
| Solid Wood | $110.2M | 25% |
| Lumber | $54.9M | 12% |
| Pallets | $23.7M | 5% |
| Energyandchemicals | $18.7M | 4% |
| Manufactured Products | $14.1M | 3% |
| Biofuels | $10.0M | 2% |
| Wood Residuals | $2.6M | 1% |
