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ETSY INC（ETSY）与越洋钻探（RIG）财务数据对比。点击上方公司名可切换其他公司
越洋钻探的季度营收约是ETSY INC的1.2倍（$1.0B vs $881.6M），ETSY INC净利率更高（12.6% vs 2.4%，领先10.2%），越洋钻探同比增速更快（9.6% vs 3.5%），越洋钻探自由现金流更多（$321.0M vs $315.9M），过去两年越洋钻探的营收复合增速更高（16.9% vs 16.8%）
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。
越洋钻探（Transocean Ltd.）是按营收计全球规模最大的海上钻探承包商，总部位于瑞士施泰因豪森，起源于美国，目前在加拿大、美国、挪威、英国、印度、巴西、新加坡等20个国家设有办事机构，业务覆盖全球主要海上油气开采区域。
ETSY vs RIG — 直观对比
营收规模更大
RIG
是对方的1.2倍
$881.6M
营收增速更快
RIG
高出6.1%
3.5%
净利率更高
ETSY
高出10.2%
2.4%
自由现金流更多
RIG
多$5.1M
$315.9M
两年增速更快
RIG
近两年复合增速
16.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $881.6M | $1.0B |
| 净利润 | $110.7M | $25.0M |
| 毛利率 | 73.1% | 42.0% |
| 营业利润率 | 14.7% | 23.0% |
| 净利率 | 12.6% | 2.4% |
| 营收同比 | 3.5% | 9.6% |
| 净利润同比 | -14.8% | 257.1% |
| 每股收益（稀释后） | $1.00 | $0.13 |
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ETSYRIG
| Q4 25 | $881.6M | $1.0B | ||
| Q3 25 | $678.0M | $1.0B | ||
| Q2 25 | $672.7M | $988.0M | ||
| Q1 25 | $651.2M | $906.0M | ||
| Q4 24 | $852.2M | $952.0M | ||
| Q3 24 | $662.4M | $948.0M | ||
| Q2 24 | $647.8M | $861.0M | ||
| Q1 24 | $646.0M | $763.0M |
净利润ETSYRIG
| Q4 25 | $110.7M | $25.0M | ||
| Q3 25 | $75.5M | $-1.9B | ||
| Q2 25 | $28.8M | $-938.0M | ||
| Q1 25 | $-52.1M | $-79.0M | ||
| Q4 24 | $129.9M | $7.0M | ||
| Q3 24 | $57.4M | $-494.0M | ||
| Q2 24 | $53.0M | $-123.0M | ||
| Q1 24 | $63.0M | $98.0M |
毛利率ETSYRIG
| Q4 25 | 73.1% | 42.0% | ||
| Q3 25 | 71.3% | 43.2% | ||
| Q2 25 | 71.2% | 39.4% | ||
| Q1 25 | 70.5% | 31.8% | ||
| Q4 24 | 74.5% | 39.2% | ||
| Q3 24 | 72.0% | 40.6% | ||
| Q2 24 | 71.6% | 38.0% | ||
| Q1 24 | 71.0% | 31.5% |
营业利润率ETSYRIG
| Q4 25 | 14.7% | 23.0% | ||
| Q3 25 | 12.2% | -163.1% | ||
| Q2 25 | 11.4% | -97.6% | ||
| Q1 25 | -3.4% | 7.1% | ||
| Q4 24 | 18.2% | 13.7% | ||
| Q3 24 | 13.1% | -51.2% | ||
| Q2 24 | 10.8% | -6.9% | ||
| Q1 24 | 10.5% | -0.4% |
净利率ETSYRIG
| Q4 25 | 12.6% | 2.4% | ||
| Q3 25 | 11.1% | -187.1% | ||
| Q2 25 | 4.3% | -94.9% | ||
| Q1 25 | -8.0% | -8.7% | ||
| Q4 24 | 15.2% | 0.7% | ||
| Q3 24 | 8.7% | -52.1% | ||
| Q2 24 | 8.2% | -14.3% | ||
| Q1 24 | 9.8% | 12.8% |
每股收益（稀释后）ETSYRIG
| Q4 25 | $1.00 | $0.13 | ||
| Q3 25 | $0.63 | $-2.00 | ||
| Q2 25 | $0.25 | $-1.06 | ||
| Q1 25 | $-0.49 | $-0.11 | ||
| Q4 24 | $1.01 | $-0.14 | ||
| Q3 24 | $0.45 | $-0.58 | ||
| Q2 24 | $0.41 | $-0.15 | ||
| Q1 24 | $0.48 | $0.11 |
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 | $620.0M |
| 总债务越低越好 | $2.3B | $5.2B |
| 股东权益账面价值 | $-1.1B | $8.1B |
| 总资产 | $2.8B | $15.6B |
| 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ETSYRIG
| Q4 25 | $1.4B | $620.0M | ||
| Q3 25 | $1.2B | $833.0M | ||
| Q2 25 | $1.2B | $377.0M | ||
| Q1 25 | $649.2M | $263.0M | ||
| Q4 24 | $811.2M | $560.0M | ||
| Q3 24 | $818.9M | $435.0M | ||
| Q2 24 | $759.2M | $475.0M | ||
| Q1 24 | $788.8M | $446.0M |
总债务ETSYRIG
| Q4 25 | $2.3B | $5.2B | ||
| Q3 25 | $3.0B | $4.8B | ||
| Q2 25 | $3.0B | $5.9B | ||
| Q1 25 | $2.3B | $5.9B | ||
| Q4 24 | $2.3B | $6.2B | ||
| Q3 24 | $2.3B | $6.5B | ||
| Q2 24 | $2.3B | $6.8B | ||
| Q1 24 | $2.3B | $6.8B |
股东权益ETSYRIG
| Q4 25 | $-1.1B | $8.1B | ||
| Q3 25 | $-1.1B | $8.1B | ||
| Q2 25 | $-1.1B | $9.4B | ||
| Q1 25 | $-910.3M | $10.2B | ||
| Q4 24 | $-758.9M | $10.3B | ||
| Q3 24 | $-624.3M | $10.2B | ||
| Q2 24 | $-635.0M | $10.7B | ||
| Q1 24 | $-583.8M | $10.5B |
总资产ETSYRIG
| Q4 25 | $2.8B | $15.6B | ||
| Q3 25 | $2.7B | $16.2B | ||
| Q2 25 | $2.6B | $17.8B | ||
| Q1 25 | $2.1B | $19.0B | ||
| Q4 24 | $2.4B | $19.4B | ||
| Q3 24 | $2.4B | $19.5B | ||
| Q2 24 | $2.4B | $20.3B | ||
| Q1 24 | $2.5B | $19.9B |
负债/权益比ETSYRIG
| Q4 25 | — | 0.64× | ||
| Q3 25 | — | 0.60× | ||
| Q2 25 | — | 0.63× | ||
| Q1 25 | — | 0.58× | ||
| Q4 24 | — | 0.60× | ||
| Q3 24 | — | 0.64× | ||
| Q2 24 | — | 0.63× | ||
| Q1 24 | — | 0.65× |
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 | $349.0M |
| 自由现金流经营现金流 - 资本支出 | $315.9M | $321.0M |
| 自由现金流率自由现金流/营收 | 35.8% | 30.8% |
| 资本支出强度资本支出/营收 | 0.1% | 2.7% |
| 现金转化率经营现金流/净利润 | 2.86× | 13.96× |
| 过去12个月自由现金流最近4个季度 | $678.0M | $626.0M |
8季度趋势，按日历期对齐
经营现金流ETSYRIG
| Q4 25 | $317.1M | $349.0M | ||
| Q3 25 | $219.0M | $246.0M | ||
| Q2 25 | $108.1M | $128.0M | ||
| Q1 25 | $49.2M | $26.0M | ||
| Q4 24 | $315.0M | $206.0M | ||
| Q3 24 | $217.4M | $194.0M | ||
| Q2 24 | $151.1M | $133.0M | ||
| Q1 24 | $69.0M | $-86.0M |
自由现金流ETSYRIG
| Q4 25 | $315.9M | $321.0M | ||
| Q3 25 | $215.0M | $235.0M | ||
| Q2 25 | $101.3M | $104.0M | ||
| Q1 25 | $45.9M | $-34.0M | ||
| Q4 24 | $310.9M | $177.0M | ||
| Q3 24 | $213.2M | $136.0M | ||
| Q2 24 | $147.4M | $49.0M | ||
| Q1 24 | $66.8M | $-169.0M |
自由现金流率ETSYRIG
| Q4 25 | 35.8% | 30.8% | ||
| Q3 25 | 31.7% | 22.9% | ||
| Q2 25 | 15.1% | 10.5% | ||
| Q1 25 | 7.1% | -3.8% | ||
| Q4 24 | 36.5% | 18.6% | ||
| Q3 24 | 32.2% | 14.3% | ||
| Q2 24 | 22.8% | 5.7% | ||
| Q1 24 | 10.3% | -22.1% |
资本支出强度ETSYRIG
| Q4 25 | 0.1% | 2.7% | ||
| Q3 25 | 0.6% | 1.1% | ||
| Q2 25 | 1.0% | 2.4% | ||
| Q1 25 | 0.5% | 6.6% | ||
| Q4 24 | 0.5% | 3.0% | ||
| Q3 24 | 0.6% | 6.1% | ||
| Q2 24 | 0.6% | 9.8% | ||
| Q1 24 | 0.3% | 10.9% |
现金转化率ETSYRIG
| Q4 25 | 2.86× | 13.96× | ||
| Q3 25 | 2.90× | — | ||
| Q2 25 | 3.75× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 2.42× | 29.43× | ||
| Q3 24 | 3.79× | — | ||
| Q2 24 | 2.85× | — | ||
| Q1 24 | 1.10× | -0.88× |
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% |
RIG
| Ultra Deepwater Floaters | $433.0M | 42% |
| BR | $236.0M | 23% |
| Other Geographical | $211.0M | 20% |
| Harsh Environment Floaters | $163.0M | 16% |
