vs
Elastic N.V.（ESTC）与Trade Desk (The)（TTD）财务数据对比。点击上方公司名可切换其他公司
Trade Desk (The)的季度营收约是Elastic N.V.的2.0倍（$846.8M vs $423.5M），Trade Desk (The)净利率更高（22.1% vs -12.1%，领先34.2%），Elastic N.V.同比增速更快（15.9% vs 14.3%），Trade Desk (The)自由现金流更多（$285.3M vs $26.0M），过去两年Trade Desk (The)的营收复合增速更高（31.3% vs 13.6%）
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。
The Trade Desk是来自美国的跨国科技企业，专注于实时程序化营销自动化领域的技术、产品与服务研发，可实现面向用户的个性化数字内容分发，为全球广告营销行业客户提供专业解决方案。
ESTC vs TTD — 直观对比
营收规模更大
TTD
是对方的2.0倍
$423.5M
营收增速更快
ESTC
高出1.6%
14.3%
净利率更高
TTD
高出34.2%
-12.1%
自由现金流更多
TTD
多$259.3M
$26.0M
两年增速更快
TTD
近两年复合增速
13.6%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $423.5M | $846.8M |
| 净利润 | $-51.3M | $186.9M |
| 毛利率 | 75.9% | 80.7% |
| 营业利润率 | -1.9% | 30.3% |
| 净利率 | -12.1% | 22.1% |
| 营收同比 | 15.9% | 14.3% |
| 净利润同比 | -101.5% | 2.6% |
| 每股收益（稀释后） | $-0.48 | $0.39 |
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ESTCTTD
| Q4 25 | $423.5M | $846.8M | ||
| Q3 25 | $415.3M | $739.4M | ||
| Q2 25 | $388.4M | $694.0M | ||
| Q1 25 | $382.1M | $616.0M | ||
| Q4 24 | $365.4M | $741.0M | ||
| Q3 24 | $347.4M | $628.0M | ||
| Q2 24 | $335.0M | $584.5M | ||
| Q1 24 | $328.0M | $491.3M |
净利润ESTCTTD
| Q4 25 | $-51.3M | $186.9M | ||
| Q3 25 | $-24.6M | $115.5M | ||
| Q2 25 | $-16.4M | $90.1M | ||
| Q1 25 | $-17.1M | $50.7M | ||
| Q4 24 | $-25.4M | $182.2M | ||
| Q3 24 | $-49.2M | $94.2M | ||
| Q2 24 | $-41.1M | $85.0M | ||
| Q1 24 | $176.1M | $31.7M |
毛利率ESTCTTD
| Q4 25 | 75.9% | 80.7% | ||
| Q3 25 | 76.7% | 78.1% | ||
| Q2 25 | 74.8% | 78.2% | ||
| Q1 25 | 74.6% | 76.8% | ||
| Q4 24 | 74.5% | 81.7% | ||
| Q3 24 | 73.6% | 80.5% | ||
| Q2 24 | 73.8% | 81.1% | ||
| Q1 24 | 74.2% | 78.9% |
营业利润率ESTCTTD
| Q4 25 | -1.9% | 30.3% | ||
| Q3 25 | -2.3% | 21.8% | ||
| Q2 25 | -3.1% | 16.8% | ||
| Q1 25 | -1.2% | 8.8% | ||
| Q4 24 | -1.2% | 26.4% | ||
| Q3 24 | -9.7% | 17.3% | ||
| Q2 24 | -13.6% | 16.2% | ||
| Q1 24 | -8.1% | 5.8% |
净利率ESTCTTD
| Q4 25 | -12.1% | 22.1% | ||
| Q3 25 | -5.9% | 15.6% | ||
| Q2 25 | -4.2% | 13.0% | ||
| Q1 25 | -4.5% | 8.2% | ||
| Q4 24 | -7.0% | 24.6% | ||
| Q3 24 | -14.2% | 15.0% | ||
| Q2 24 | -12.3% | 14.5% | ||
| Q1 24 | 53.7% | 6.4% |
每股收益（稀释后）ESTCTTD
| Q4 25 | $-0.48 | $0.39 | ||
| Q3 25 | $-0.23 | $0.23 | ||
| Q2 25 | $-0.15 | $0.18 | ||
| Q1 25 | $-0.16 | $0.10 | ||
| Q4 24 | $-0.25 | $0.36 | ||
| Q3 24 | $-0.48 | $0.19 | ||
| Q2 24 | $-0.35 | $0.17 | ||
| Q1 24 | $1.69 | $0.06 |
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 | $1.3B |
| 总债务越低越好 | $570.3M | — |
| 股东权益账面价值 | $891.1M | $2.5B |
| 总资产 | $2.5B | $6.2B |
| 负债/权益比越低杠杆越低 | 0.64× | — |
8季度趋势，按日历期对齐
现金及短期投资ESTCTTD
| Q4 25 | $1.4B | $1.3B | ||
| Q3 25 | $1.5B | $1.4B | ||
| Q2 25 | $1.4B | $1.7B | ||
| Q1 25 | $584.0M | $1.7B | ||
| Q4 24 | $658.5M | $1.9B | ||
| Q3 24 | $594.9M | $1.7B | ||
| Q2 24 | $1.1B | $1.5B | ||
| Q1 24 | $526.9M | $1.4B |
总债务ESTCTTD
| Q4 25 | $570.3M | — | ||
| Q3 25 | $570.0M | — | ||
| Q2 25 | $569.7M | — | ||
| Q1 25 | $569.4M | — | ||
| Q4 24 | $569.2M | — | ||
| Q3 24 | $568.9M | — | ||
| Q2 24 | $568.6M | — | ||
| Q1 24 | $568.3M | — |
股东权益ESTCTTD
| Q4 25 | $891.1M | $2.5B | ||
| Q3 25 | $971.4M | $2.6B | ||
| Q2 25 | $927.2M | $2.7B | ||
| Q1 25 | $859.1M | $2.7B | ||
| Q4 24 | $811.5M | $2.9B | ||
| Q3 24 | $759.4M | $2.6B | ||
| Q2 24 | $738.2M | $2.4B | ||
| Q1 24 | $707.8M | $2.2B |
总资产ESTCTTD
| Q4 25 | $2.5B | $6.2B | ||
| Q3 25 | $2.5B | $5.9B | ||
| Q2 25 | $2.6B | $6.0B | ||
| Q1 25 | $2.3B | $5.7B | ||
| Q4 24 | $2.2B | $6.1B | ||
| Q3 24 | $2.2B | $5.5B | ||
| Q2 24 | $2.2B | $5.2B | ||
| Q1 24 | $2.1B | $4.7B |
负债/权益比ESTCTTD
| Q4 25 | 0.64× | — | ||
| Q3 25 | 0.59× | — | ||
| Q2 25 | 0.61× | — | ||
| Q1 25 | 0.66× | — | ||
| Q4 24 | 0.70× | — | ||
| Q3 24 | 0.75× | — | ||
| Q2 24 | 0.77× | — | ||
| Q1 24 | 0.80× | — |
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 | $311.6M |
| 自由现金流经营现金流 - 资本支出 | $26.0M | $285.3M |
| 自由现金流率自由现金流/营收 | 6.1% | 33.7% |
| 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 | — | 1.67× |
| 过去12个月自由现金流最近4个季度 | $302.3M | $795.7M |
8季度趋势，按日历期对齐
经营现金流ESTCTTD
| Q4 25 | $26.6M | $311.6M | ||
| Q3 25 | $104.8M | $224.7M | ||
| Q2 25 | $87.0M | $165.0M | ||
| Q1 25 | $88.1M | $291.4M | ||
| Q4 24 | $38.4M | $199.4M | ||
| Q3 24 | $52.8M | $273.3M | ||
| Q2 24 | $60.9M | $81.3M | ||
| Q1 24 | $52.4M | $185.5M |
自由现金流ESTCTTD
| Q4 25 | $26.0M | $285.3M | ||
| Q3 25 | $104.2M | $158.3M | ||
| Q2 25 | $84.9M | $119.8M | ||
| Q1 25 | $87.3M | $232.3M | ||
| Q4 24 | $37.7M | $179.2M | ||
| Q3 24 | $52.0M | $224.6M | ||
| Q2 24 | $60.1M | $59.1M | ||
| Q1 24 | $51.3M | $178.2M |
自由现金流率ESTCTTD
| Q4 25 | 6.1% | 33.7% | ||
| Q3 25 | 25.1% | 21.4% | ||
| Q2 25 | 21.8% | 17.3% | ||
| Q1 25 | 22.8% | 37.7% | ||
| Q4 24 | 10.3% | 24.2% | ||
| Q3 24 | 15.0% | 35.8% | ||
| Q2 24 | 17.9% | 10.1% | ||
| Q1 24 | 15.6% | 36.3% |
资本支出强度ESTCTTD
| Q4 25 | 0.1% | 3.1% | ||
| Q3 25 | 0.2% | 9.0% | ||
| Q2 25 | 0.5% | 6.5% | ||
| Q1 25 | 0.2% | 9.6% | ||
| Q4 24 | 0.2% | 2.7% | ||
| Q3 24 | 0.2% | 7.8% | ||
| Q2 24 | 0.3% | 3.8% | ||
| Q1 24 | 0.3% | 1.5% |
现金转化率ESTCTTD
| Q4 25 | — | 1.67× | ||
| Q3 25 | — | 1.94× | ||
| Q2 25 | — | 1.83× | ||
| Q1 25 | — | 5.75× | ||
| Q4 24 | — | 1.09× | ||
| Q3 24 | — | 2.90× | ||
| Q2 24 | — | 0.96× | ||
| Q1 24 | 0.30× | 5.86× |
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% |
TTD
| Other | $427.2M | 50% |
| Non Us | $419.6M | 50% |
