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ETSY INC（ETSY）与Jack Henry & Associates（JKHY）财务数据对比。点击上方公司名可切换其他公司
ETSY INC的季度营收约是Jack Henry & Associates的1.4倍（$881.6M vs $619.3M），Jack Henry & Associates净利率更高（20.1% vs 12.6%，领先7.6%），Jack Henry & Associates同比增速更快（7.9% vs 3.5%），ETSY INC自由现金流更多（$315.9M vs $131.4M），过去两年ETSY INC的营收复合增速更高（16.8% vs 7.2%）
Etsy是美国电商企业，主打手工制品、复古商品及手工耗材交易，平台品类覆盖珠宝首饰、服饰、家居装饰、家具、玩具、艺术品等。平台规定复古商品需至少有20年历史，卖家可开设独立店铺，每件上架商品收取0.2美元挂牌费，2013年起平台也允许量产商品入驻销售。
Jack Henry & Associates是1976年成立的美国专业金融科技企业，主要面向社区银行、信用合作社等中小型金融机构提供金融科技及支付处理解决方案，同时帮助区域银行与信用合作社管控风险、完成合规申报，优化升级线上银行业务相关服务。
ETSY vs JKHY — 直观对比
营收规模更大
ETSY
是对方的1.4倍
$619.3M
营收增速更快
JKHY
高出4.5%
3.5%
净利率更高
JKHY
高出7.6%
12.6%
自由现金流更多
ETSY
多$184.4M
$131.4M
两年增速更快
ETSY
近两年复合增速
7.2%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $881.6M | $619.3M |
| 净利润 | $110.7M | $124.7M |
| 毛利率 | 73.1% | 43.3% |
| 营业利润率 | 14.7% | 25.7% |
| 净利率 | 12.6% | 20.1% |
| 营收同比 | 3.5% | 7.9% |
| 净利润同比 | -14.8% | 27.4% |
| 每股收益（稀释后） | $1.00 | $1.72 |
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ETSYJKHY
| Q4 25 | $881.6M | $619.3M | ||
| Q3 25 | $678.0M | $644.7M | ||
| Q2 25 | $672.7M | $615.4M | ||
| Q1 25 | $651.2M | $585.1M | ||
| Q4 24 | $852.2M | $573.8M | ||
| Q3 24 | $662.4M | $601.0M | ||
| Q2 24 | $647.8M | $559.9M | ||
| Q1 24 | $646.0M | $538.6M |
净利润ETSYJKHY
| Q4 25 | $110.7M | $124.7M | ||
| Q3 25 | $75.5M | $144.0M | ||
| Q2 25 | $28.8M | $127.6M | ||
| Q1 25 | $-52.1M | $111.1M | ||
| Q4 24 | $129.9M | $97.8M | ||
| Q3 24 | $57.4M | $119.2M | ||
| Q2 24 | $53.0M | $101.1M | ||
| Q1 24 | $63.0M | $87.1M |
毛利率ETSYJKHY
| Q4 25 | 73.1% | 43.3% | ||
| Q3 25 | 71.3% | 45.9% | ||
| Q2 25 | 71.2% | 44.1% | ||
| Q1 25 | 70.5% | 41.8% | ||
| Q4 24 | 74.5% | 42.0% | ||
| Q3 24 | 72.0% | 42.9% | ||
| Q2 24 | 71.6% | 41.5% | ||
| Q1 24 | 71.0% | 39.1% |
营业利润率ETSYJKHY
| Q4 25 | 14.7% | 25.7% | ||
| Q3 25 | 12.2% | 28.5% | ||
| Q2 25 | 11.4% | 25.3% | ||
| Q1 25 | -3.4% | 23.7% | ||
| Q4 24 | 18.2% | 21.4% | ||
| Q3 24 | 13.1% | 25.2% | ||
| Q2 24 | 10.8% | 22.4% | ||
| Q1 24 | 10.5% | 20.8% |
净利率ETSYJKHY
| Q4 25 | 12.6% | 20.1% | ||
| Q3 25 | 11.1% | 22.3% | ||
| Q2 25 | 4.3% | 20.7% | ||
| Q1 25 | -8.0% | 19.0% | ||
| Q4 24 | 15.2% | 17.1% | ||
| Q3 24 | 8.7% | 19.8% | ||
| Q2 24 | 8.2% | 18.1% | ||
| Q1 24 | 9.8% | 16.2% |
每股收益（稀释后）ETSYJKHY
| Q4 25 | $1.00 | $1.72 | ||
| Q3 25 | $0.63 | $1.97 | ||
| Q2 25 | $0.25 | $1.75 | ||
| Q1 25 | $-0.49 | $1.52 | ||
| Q4 24 | $1.01 | $1.34 | ||
| Q3 24 | $0.45 | $1.63 | ||
| Q2 24 | $0.41 | $1.39 | ||
| Q1 24 | $0.48 | $1.19 |
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 | $1.4B | $28.2M |
| 总债务越低越好 | $2.3B | — |
| 股东权益账面价值 | $-1.1B | $2.2B |
| 总资产 | $2.8B | $3.1B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资ETSYJKHY
| Q4 25 | $1.4B | $28.2M | ||
| Q3 25 | $1.2B | $36.2M | ||
| Q2 25 | $1.2B | $102.0M | ||
| Q1 25 | $649.2M | $39.9M | ||
| Q4 24 | $811.2M | $25.7M | ||
| Q3 24 | $818.9M | $43.2M | ||
| Q2 24 | $759.2M | $38.3M | ||
| Q1 24 | $788.8M | $27.3M |
总债务ETSYJKHY
| Q4 25 | $2.3B | — | ||
| Q3 25 | $3.0B | — | ||
| Q2 25 | $3.0B | $0 | ||
| Q1 25 | $2.3B | — | ||
| Q4 24 | $2.3B | — | ||
| Q3 24 | $2.3B | — | ||
| Q2 24 | $2.3B | $60.0M | ||
| Q1 24 | $2.3B | $250.0M |
股东权益ETSYJKHY
| Q4 25 | $-1.1B | $2.2B | ||
| Q3 25 | $-1.1B | $2.2B | ||
| Q2 25 | $-1.1B | $2.1B | ||
| Q1 25 | $-910.3M | $2.0B | ||
| Q4 24 | $-758.9M | $2.0B | ||
| Q3 24 | $-624.3M | $1.9B | ||
| Q2 24 | $-635.0M | $1.8B | ||
| Q1 24 | $-583.8M | $1.8B |
总资产ETSYJKHY
| Q4 25 | $2.8B | $3.1B | ||
| Q3 25 | $2.7B | $3.0B | ||
| Q2 25 | $2.6B | $3.0B | ||
| Q1 25 | $2.1B | $2.9B | ||
| Q4 24 | $2.4B | $2.9B | ||
| Q3 24 | $2.4B | $2.9B | ||
| Q2 24 | $2.4B | $2.9B | ||
| Q1 24 | $2.5B | $2.8B |
负债/权益比ETSYJKHY
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 0.00× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 0.03× | ||
| Q1 24 | — | 0.14× |
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 | $317.1M | $152.7M |
| 自由现金流经营现金流 - 资本支出 | $315.9M | $131.4M |
| 自由现金流率自由现金流/营收 | 35.8% | 21.2% |
| 资本支出强度资本支出/营收 | 0.1% | 3.4% |
| 现金转化率经营现金流/净利润 | 2.86× | 1.22× |
| 过去12个月自由现金流最近4个季度 | $678.0M | $654.2M |
8季度趋势，按日历期对齐
经营现金流ETSYJKHY
| Q4 25 | $317.1M | $152.7M | ||
| Q3 25 | $219.0M | $120.6M | ||
| Q2 25 | $108.1M | $327.1M | ||
| Q1 25 | $49.2M | $107.8M | ||
| Q4 24 | $315.0M | $89.6M | ||
| Q3 24 | $217.4M | $116.9M | ||
| Q2 24 | $151.1M | $231.8M | ||
| Q1 24 | $69.0M | $97.6M |
自由现金流ETSYJKHY
| Q4 25 | $315.9M | $131.4M | ||
| Q3 25 | $215.0M | $111.7M | ||
| Q2 25 | $101.3M | $314.9M | ||
| Q1 25 | $45.9M | $96.1M | ||
| Q4 24 | $310.9M | $73.0M | ||
| Q3 24 | $213.2M | $104.1M | ||
| Q2 24 | $147.4M | $208.0M | ||
| Q1 24 | $66.8M | $87.7M |
自由现金流率ETSYJKHY
| Q4 25 | 35.8% | 21.2% | ||
| Q3 25 | 31.7% | 17.3% | ||
| Q2 25 | 15.1% | 51.2% | ||
| Q1 25 | 7.1% | 16.4% | ||
| Q4 24 | 36.5% | 12.7% | ||
| Q3 24 | 32.2% | 17.3% | ||
| Q2 24 | 22.8% | 37.2% | ||
| Q1 24 | 10.3% | 16.3% |
资本支出强度ETSYJKHY
| Q4 25 | 0.1% | 3.4% | ||
| Q3 25 | 0.6% | 1.4% | ||
| Q2 25 | 1.0% | 2.0% | ||
| Q1 25 | 0.5% | 2.0% | ||
| Q4 24 | 0.5% | 2.9% | ||
| Q3 24 | 0.6% | 2.1% | ||
| Q2 24 | 0.6% | 4.2% | ||
| Q1 24 | 0.3% | 1.8% |
现金转化率ETSYJKHY
| Q4 25 | 2.86× | 1.22× | ||
| Q3 25 | 2.90× | 0.84× | ||
| Q2 25 | 3.75× | 2.56× | ||
| Q1 25 | — | 0.97× | ||
| Q4 24 | 2.42× | 0.92× | ||
| Q3 24 | 3.79× | 0.98× | ||
| Q2 24 | 2.85× | 2.29× | ||
| Q1 24 | 1.10× | 1.12× |
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
ETSY
| Marketplace Revenue | $612.4M | 69% |
| Services Revenue | $269.2M | 31% |
JKHY
| Processing | $273.5M | 44% |
| Private Public Cloud | $202.7M | 33% |
| On Premise Support | $79.0M | 13% |
| Product Deliveryand Service | $64.1M | 10% |
