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FirstCash Holdings, Inc.（FCFS）与Upstart Holdings, Inc.（UPST）财务数据对比。点击上方公司名可切换其他公司
FirstCash Holdings, Inc.的季度营收约是Upstart Holdings, Inc.的1.7倍（$501.3M vs $296.1M），FirstCash Holdings, Inc.净利率更高（20.8% vs 6.3%，领先14.5%），Upstart Holdings, Inc.同比增速更快（35.2% vs 21.2%），过去两年Upstart Holdings, Inc.的营收复合增速更高（52.2% vs 16.9%）
FirstCash Holdings, Inc.是总部位于美国得克萨斯州沃斯堡的典当企业，在美国及拉丁美洲多地运营线下典当零售门店，为纳斯达克证券交易所公开上市企业，在美洲典当服务领域拥有成熟的业务布局与完善的运营网络。
Upstart是一家AI信贷平台服务商，与银行及信用合作社合作，将教育背景、就业情况等非传统指标纳入信用评估模型，更精准地预测借款人的信用状况，为用户提供消费贷款服务，助力金融机构提升信贷效率、扩大服务覆盖范围。
FCFS vs UPST — 直观对比
营收规模更大
FCFS
是对方的1.7倍
$296.1M
营收增速更快
UPST
高出14.0%
21.2%
净利率更高
FCFS
高出14.5%
6.3%
两年增速更快
UPST
近两年复合增速
16.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $501.3M | $296.1M |
| 净利润 | $104.2M | $18.6M |
| 毛利率 | — | — |
| 营业利润率 | 28.5% | 6.4% |
| 净利率 | 20.8% | 6.3% |
| 营收同比 | 21.2% | 35.2% |
| 净利润同比 | 24.7% | 776.4% |
| 每股收益（稀释后） | $2.35 | $0.20 |
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FCFSUPST
| Q4 25 | $501.3M | $296.1M | ||
| Q3 25 | $411.0M | $277.1M | ||
| Q2 25 | $385.1M | $257.3M | ||
| Q1 25 | $371.1M | $213.4M | ||
| Q4 24 | $413.7M | $219.0M | ||
| Q3 24 | $363.1M | $162.1M | ||
| Q2 24 | $363.5M | $127.6M | ||
| Q1 24 | $366.8M | $127.8M |
净利润FCFSUPST
| Q4 25 | $104.2M | $18.6M | ||
| Q3 25 | $82.8M | $31.8M | ||
| Q2 25 | $59.8M | $5.6M | ||
| Q1 25 | $83.6M | $-2.4M | ||
| Q4 24 | $83.5M | $-2.8M | ||
| Q3 24 | $64.8M | $-6.8M | ||
| Q2 24 | $49.1M | $-54.5M | ||
| Q1 24 | $61.4M | $-64.6M |
营业利润率FCFSUPST
| Q4 25 | 28.5% | 6.4% | ||
| Q3 25 | 27.4% | 8.5% | ||
| Q2 25 | 21.1% | 1.8% | ||
| Q1 25 | 30.0% | -2.1% | ||
| Q4 24 | 26.5% | -2.2% | ||
| Q3 24 | 23.5% | -27.8% | ||
| Q2 24 | 18.2% | -43.5% | ||
| Q1 24 | 22.3% | -52.8% |
净利率FCFSUPST
| Q4 25 | 20.8% | 6.3% | ||
| Q3 25 | 20.1% | 11.5% | ||
| Q2 25 | 15.5% | 2.2% | ||
| Q1 25 | 22.5% | -1.1% | ||
| Q4 24 | 20.2% | -1.3% | ||
| Q3 24 | 17.9% | -4.2% | ||
| Q2 24 | 13.5% | -42.7% | ||
| Q1 24 | 16.7% | -50.5% |
每股收益（稀释后）FCFSUPST
| Q4 25 | $2.35 | $0.20 | ||
| Q3 25 | $1.86 | $0.23 | ||
| Q2 25 | $1.34 | $0.05 | ||
| Q1 25 | $1.87 | $-0.03 | ||
| Q4 24 | $1.86 | $-0.01 | ||
| Q3 24 | $1.44 | $-0.07 | ||
| Q2 24 | $1.08 | $-0.62 | ||
| Q1 24 | $1.35 | $-0.74 |
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 | $125.2M | $652.4M |
| 总债务越低越好 | $2.2B | — |
| 股东权益账面价值 | $2.3B | $798.8M |
| 总资产 | $5.3B | $3.0B |
| 负债/权益比越低杠杆越低 | 0.98× | — |
8季度趋势，按日历期对齐
现金及短期投资FCFSUPST
| Q4 25 | $125.2M | $652.4M | ||
| Q3 25 | $130.2M | $489.8M | ||
| Q2 25 | $101.5M | $395.9M | ||
| Q1 25 | $146.0M | $599.8M | ||
| Q4 24 | $175.1M | $788.4M | ||
| Q3 24 | $106.3M | — | ||
| Q2 24 | $113.7M | — | ||
| Q1 24 | $135.1M | — |
总债务FCFSUPST
| Q4 25 | $2.2B | — | ||
| Q3 25 | $2.2B | — | ||
| Q2 25 | $1.7B | — | ||
| Q1 25 | $1.7B | — | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | $1.7B | — | ||
| Q2 24 | $1.7B | — | ||
| Q1 24 | $1.5B | — |
股东权益FCFSUPST
| Q4 25 | $2.3B | $798.8M | ||
| Q3 25 | $2.2B | $743.7M | ||
| Q2 25 | $2.1B | $722.0M | ||
| Q1 25 | $2.1B | $676.6M | ||
| Q4 24 | $2.1B | $633.2M | ||
| Q3 24 | $2.0B | $595.5M | ||
| Q2 24 | $2.0B | $594.7M | ||
| Q1 24 | $2.0B | $612.8M |
总资产FCFSUPST
| Q4 25 | $5.3B | $3.0B | ||
| Q3 25 | $5.2B | $2.9B | ||
| Q2 25 | $4.5B | $2.5B | ||
| Q1 25 | $4.4B | $2.3B | ||
| Q4 24 | $4.5B | $2.4B | ||
| Q3 24 | $4.4B | $1.8B | ||
| Q2 24 | $4.3B | $1.8B | ||
| Q1 24 | $4.2B | $1.9B |
负债/权益比FCFSUPST
| Q4 25 | 0.98× | — | ||
| Q3 25 | 1.01× | — | ||
| Q2 25 | 0.79× | — | ||
| Q1 25 | 0.83× | — | ||
| Q4 24 | 0.85× | — | ||
| Q3 24 | 0.87× | — | ||
| Q2 24 | 0.85× | — | ||
| Q1 24 | 0.75× | — |
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 | $206.6M | $108.6M |
| 自由现金流经营现金流 - 资本支出 | — | $108.4M |
| 自由现金流率自由现金流/营收 | — | 36.6% |
| 资本支出强度资本支出/营收 | — | 0.1% |
| 现金转化率经营现金流/净利润 | 1.98× | 5.82× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流FCFSUPST
| Q4 25 | $206.6M | $108.6M | ||
| Q3 25 | $135.8M | $-122.6M | ||
| Q2 25 | $116.9M | $-120.2M | ||
| Q1 25 | $126.6M | $-13.5M | ||
| Q4 24 | $198.1M | $-110.9M | ||
| Q3 24 | $113.1M | $179.3M | ||
| Q2 24 | $106.2M | $65.3M | ||
| Q1 24 | $122.5M | $52.6M |
自由现金流FCFSUPST
| Q4 25 | — | $108.4M | ||
| Q3 25 | — | $-122.7M | ||
| Q2 25 | — | $-120.3M | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $179.2M | ||
| Q2 24 | — | $65.3M | ||
| Q1 24 | — | $51.9M |
自由现金流率FCFSUPST
| Q4 25 | — | 36.6% | ||
| Q3 25 | — | -44.3% | ||
| Q2 25 | — | -46.7% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 110.5% | ||
| Q2 24 | — | 51.1% | ||
| Q1 24 | — | 40.6% |
资本支出强度FCFSUPST
| Q4 25 | — | 0.1% | ||
| Q3 25 | — | 0.0% | ||
| Q2 25 | — | 0.0% | ||
| Q1 25 | — | 0.0% | ||
| Q4 24 | — | 0.0% | ||
| Q3 24 | — | 0.1% | ||
| Q2 24 | — | 0.0% | ||
| Q1 24 | — | 0.5% |
现金转化率FCFSUPST
| Q4 25 | 1.98× | 5.82× | ||
| Q3 25 | 1.64× | -3.86× | ||
| Q2 25 | 1.95× | -21.43× | ||
| Q1 25 | 1.51× | — | ||
| Q4 24 | 2.37× | — | ||
| Q3 24 | 1.74× | — | ||
| Q2 24 | 2.16× | — | ||
| Q1 24 | 2.00× | — |
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
FCFS
| US Pawn Segment | $292.2M | 58% |
| Retail POS Payment Solutions | $209.8M | 42% |
UPST
| Personal Lending Segment | $201.4M | 68% |
| Servicing Fees Net | $39.5M | 13% |
| Servicing Fees | $27.5M | 9% |
| Other | $15.7M | 5% |
| Borrower Fees | $8.4M | 3% |
| Collection Agency Fees | $3.5M | 1% |
