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ExlService Holdings, Inc.（EXLS）与SBA Communications（SBAC）财务数据对比。点击上方公司名可切换其他公司
SBA Communications的季度营收约是ExlService Holdings, Inc.的1.3倍（$703.4M vs $542.6M），SBA Communications净利率更高（26.3% vs 11.1%，领先15.2%），ExlService Holdings, Inc.同比增速更快（12.7% vs -1.6%），过去两年ExlService Holdings, Inc.的营收复合增速更高（11.5% vs 3.2%）
ExlService Holdings Inc.是全球知名的分析与数字解决方案服务商，服务覆盖保险、医疗健康、银行金融服务、媒体、零售等多个行业，总部位于纽约，在美国、欧洲、亚洲、拉美、澳大利亚、南非等地拥有超过5.4万名专业从业人员。
SBA Communications是一家房地产投资信托企业，核心业务为持有、运营无线通信基础设施，市场覆盖美国、加拿大、中南美洲及南非地区。公司由Steven Bernstein于1989年创立，前身为Steven Bernstein and Associates。
EXLS vs SBAC — 直观对比
营收规模更大
SBAC
是对方的1.3倍
$542.6M
营收增速更快
EXLS
高出14.3%
-1.6%
净利率更高
SBAC
高出15.2%
11.1%
两年增速更快
EXLS
近两年复合增速
3.2%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $542.6M | $703.4M |
| 净利润 | $60.2M | $184.9M |
| 毛利率 | 38.6% | — |
| 营业利润率 | 14.4% | 48.7% |
| 净利率 | 11.1% | 26.3% |
| 营收同比 | 12.7% | -1.6% |
| 净利润同比 | 18.9% | -15.1% |
| 每股收益（稀释后） | $0.38 | $1.74 |
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EXLSSBAC
| Q1 26 | — | $703.4M | ||
| Q4 25 | $542.6M | $719.6M | ||
| Q3 25 | $529.6M | $732.3M | ||
| Q2 25 | $514.5M | $699.0M | ||
| Q1 25 | $501.0M | $664.2M | ||
| Q4 24 | $481.4M | $693.7M | ||
| Q3 24 | $472.1M | $667.6M | ||
| Q2 24 | $448.4M | $660.5M |
净利润EXLSSBAC
| Q1 26 | — | $184.9M | ||
| Q4 25 | $60.2M | $370.4M | ||
| Q3 25 | $58.2M | $236.8M | ||
| Q2 25 | $66.1M | $225.8M | ||
| Q1 25 | $66.6M | $220.7M | ||
| Q4 24 | $50.7M | $178.8M | ||
| Q3 24 | $53.0M | $258.5M | ||
| Q2 24 | $45.8M | $162.8M |
毛利率EXLSSBAC
| Q1 26 | — | — | ||
| Q4 25 | 38.6% | 75.6% | ||
| Q3 25 | 38.5% | 74.1% | ||
| Q2 25 | 37.7% | 75.4% | ||
| Q1 25 | 38.6% | 76.9% | ||
| Q4 24 | 38.1% | 78.1% | ||
| Q3 24 | 37.8% | 77.5% | ||
| Q2 24 | 37.1% | 78.6% |
营业利润率EXLSSBAC
| Q1 26 | — | 48.7% | ||
| Q4 25 | 14.4% | 41.5% | ||
| Q3 25 | 14.4% | 51.1% | ||
| Q2 25 | 15.8% | 47.9% | ||
| Q1 25 | 15.7% | 50.4% | ||
| Q4 24 | 14.8% | 55.1% | ||
| Q3 24 | 14.7% | 56.3% | ||
| Q2 24 | 13.7% | 53.7% |
净利率EXLSSBAC
| Q1 26 | — | 26.3% | ||
| Q4 25 | 11.1% | 51.5% | ||
| Q3 25 | 11.0% | 32.3% | ||
| Q2 25 | 12.8% | 32.3% | ||
| Q1 25 | 13.3% | 33.2% | ||
| Q4 24 | 10.5% | 25.8% | ||
| Q3 24 | 11.2% | 38.7% | ||
| Q2 24 | 10.2% | 24.7% |
每股收益（稀释后）EXLSSBAC
| Q1 26 | — | $1.74 | ||
| Q4 25 | $0.38 | $3.47 | ||
| Q3 25 | $0.36 | $2.20 | ||
| Q2 25 | $0.40 | $2.09 | ||
| Q1 25 | $0.40 | $2.04 | ||
| Q4 24 | $0.31 | $1.61 | ||
| Q3 24 | $0.33 | $2.40 | ||
| Q2 24 | $0.28 | $1.51 |
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 | $328.4M | $269.1M |
| 总债务越低越好 | $298.6M | $2.7B |
| 股东权益账面价值 | $912.7M | — |
| 总资产 | $1.7B | $11.7B |
| 负债/权益比越低杠杆越低 | 0.33× | — |
8季度趋势，按日历期对齐
现金及短期投资EXLSSBAC
| Q1 26 | — | $269.1M | ||
| Q4 25 | $328.4M | $271.2M | ||
| Q3 25 | $390.1M | $431.1M | ||
| Q2 25 | $353.3M | $276.8M | ||
| Q1 25 | $331.4M | $702.2M | ||
| Q4 24 | $340.6M | $444.4M | ||
| Q3 24 | $325.8M | $202.6M | ||
| Q2 24 | $276.1M | $250.9M |
总债务EXLSSBAC
| Q1 26 | — | $2.7B | ||
| Q4 25 | $298.6M | $12.9B | ||
| Q3 25 | $354.8M | $12.7B | ||
| Q2 25 | $260.0M | $12.5B | ||
| Q1 25 | $307.3M | $12.4B | ||
| Q4 24 | $288.5M | $13.6B | ||
| Q3 24 | $344.7M | $12.3B | ||
| Q2 24 | — | $12.3B |
股东权益EXLSSBAC
| Q1 26 | — | — | ||
| Q4 25 | $912.7M | $-4.9B | ||
| Q3 25 | $952.4M | $-4.9B | ||
| Q2 25 | $1.1B | $-4.9B | ||
| Q1 25 | $1.0B | $-5.0B | ||
| Q4 24 | $929.9M | $-5.1B | ||
| Q3 24 | $907.6M | $-5.2B | ||
| Q2 24 | $852.6M | $-5.3B |
总资产EXLSSBAC
| Q1 26 | — | $11.7B | ||
| Q4 25 | $1.7B | $11.6B | ||
| Q3 25 | $1.7B | $11.3B | ||
| Q2 25 | $1.7B | $10.8B | ||
| Q1 25 | $1.7B | $10.4B | ||
| Q4 24 | $1.6B | $11.4B | ||
| Q3 24 | $1.6B | $10.2B | ||
| Q2 24 | $1.5B | $9.8B |
负债/权益比EXLSSBAC
| Q1 26 | — | — | ||
| Q4 25 | 0.33× | — | ||
| Q3 25 | 0.37× | — | ||
| Q2 25 | 0.25× | — | ||
| Q1 25 | 0.30× | — | ||
| Q4 24 | 0.31× | — | ||
| Q3 24 | 0.38× | — | ||
| Q2 24 | — | — |
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 | $117.4M | $255.1M |
| 自由现金流经营现金流 - 资本支出 | $106.5M | — |
| 自由现金流率自由现金流/营收 | 19.6% | — |
| 资本支出强度资本支出/营收 | 2.0% | 9.5% |
| 现金转化率经营现金流/净利润 | 1.95× | 1.38× |
| 过去12个月自由现金流最近4个季度 | $298.1M | — |
8季度趋势，按日历期对齐
经营现金流EXLSSBAC
| Q1 26 | — | $255.1M | ||
| Q4 25 | $117.4M | $1.3B | ||
| Q3 25 | $120.7M | $318.0M | ||
| Q2 25 | $109.4M | $368.1M | ||
| Q1 25 | $3.2M | $301.2M | ||
| Q4 24 | $105.3M | $1.3B | ||
| Q3 24 | $110.1M | $304.7M | ||
| Q2 24 | $74.9M | $425.6M |
自由现金流EXLSSBAC
| Q1 26 | — | — | ||
| Q4 25 | $106.5M | $833.3M | ||
| Q3 25 | $106.4M | $258.0M | ||
| Q2 25 | $95.0M | $312.2M | ||
| Q1 25 | $-9.7M | $255.0M | ||
| Q4 24 | $95.3M | $1.2B | ||
| Q3 24 | $97.3M | $239.9M | ||
| Q2 24 | $62.8M | $375.6M |
自由现金流率EXLSSBAC
| Q1 26 | — | — | ||
| Q4 25 | 19.6% | 115.8% | ||
| Q3 25 | 20.1% | 35.2% | ||
| Q2 25 | 18.5% | 44.7% | ||
| Q1 25 | -1.9% | 38.4% | ||
| Q4 24 | 19.8% | 179.9% | ||
| Q3 24 | 20.6% | 35.9% | ||
| Q2 24 | 14.0% | 56.9% |
资本支出强度EXLSSBAC
| Q1 26 | — | 9.5% | ||
| Q4 25 | 2.0% | 63.7% | ||
| Q3 25 | 2.7% | 8.2% | ||
| Q2 25 | 2.8% | 8.0% | ||
| Q1 25 | 2.6% | 7.0% | ||
| Q4 24 | 2.1% | 12.6% | ||
| Q3 24 | 2.7% | 9.7% | ||
| Q2 24 | 2.7% | 7.6% |
现金转化率EXLSSBAC
| Q1 26 | — | 1.38× | ||
| Q4 25 | 1.95× | 3.49× | ||
| Q3 25 | 2.08× | 1.34× | ||
| Q2 25 | 1.66× | 1.63× | ||
| Q1 25 | 0.05× | 1.36× | ||
| Q4 24 | 2.08× | 7.47× | ||
| Q3 24 | 2.08× | 1.18× | ||
| Q2 24 | 1.63× | 2.61× |
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
EXLS
| Insurance | $185.8M | 34% |
| Healthcare And Life Sciences | $142.2M | 26% |
| Banking Capital Markets And Diversified Industries | $122.6M | 23% |
| International Growth Markets | $92.0M | 17% |
SBAC
| Site leasing | $656.1M | 93% |
| Site development | $47.3M | 7% |
