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FirstCash Holdings, Inc.（FCFS）与Waystar Holding Corp.（WAY）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Waystar Holding Corp.的1.6倍（$501.3M vs $313.9M），FirstCash Holdings, Inc.净利率更高（20.8% vs 13.8%，领先7.0%），Waystar Holding Corp.同比增速更快（22.4% vs 21.2%），过去两年FirstCash Holdings, Inc.的营收复合增速更高（16.9% vs 15.7%）
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。
Waystar Holding Corp是一家领先的医疗健康支付与营收周期管理解决方案提供商，服务覆盖美国各地的医疗机构、医疗系统和支付方，旗下工具可简化账单处理、理赔申请、患者缴费流程，帮助医疗机构降低行政负担、优化营收表现。
FCFS vs WAY — 直观对比
营收规模更大
FCFS
是对方的1.6倍
$313.9M
营收增速更快
WAY
高出1.2%
21.2%
净利率更高
FCFS
高出7.0%
13.8%
两年增速更快
FCFS
近两年复合增速
15.7%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $501.3M | $313.9M |
| 净利润 | $104.2M | $43.3M |
| 毛利率 | — | — |
| 营业利润率 | 28.5% | 25.6% |
| 净利率 | 20.8% | 13.8% |
| 营收同比 | 21.2% | 22.4% |
| 净利润同比 | 24.7% | 47.9% |
| 每股收益（稀释后） | $2.35 | $0.42 |
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FCFSWAY
| Q1 26 | — | $313.9M | ||
| Q4 25 | $501.3M | $303.5M | ||
| Q3 25 | $411.0M | $268.7M | ||
| Q2 25 | $385.1M | $270.7M | ||
| Q1 25 | $371.1M | $256.4M | ||
| Q4 24 | $413.7M | $244.1M | ||
| Q3 24 | $363.1M | $240.1M | ||
| Q2 24 | $363.5M | $234.5M |
净利润FCFSWAY
| Q1 26 | — | $43.3M | ||
| Q4 25 | $104.2M | $20.0M | ||
| Q3 25 | $82.8M | $30.6M | ||
| Q2 25 | $59.8M | $32.2M | ||
| Q1 25 | $83.6M | $29.3M | ||
| Q4 24 | $83.5M | $19.1M | ||
| Q3 24 | $64.8M | $5.4M | ||
| Q2 24 | $49.1M | $-27.7M |
营业利润率FCFSWAY
| Q1 26 | — | 25.6% | ||
| Q4 25 | 28.5% | 19.4% | ||
| Q3 25 | 27.4% | 22.4% | ||
| Q2 25 | 21.1% | 24.0% | ||
| Q1 25 | 30.0% | 25.4% | ||
| Q4 24 | 26.5% | 21.8% | ||
| Q3 24 | 23.5% | 11.3% | ||
| Q2 24 | 18.2% | 3.5% |
净利率FCFSWAY
| Q1 26 | — | 13.8% | ||
| Q4 25 | 20.8% | 6.6% | ||
| Q3 25 | 20.1% | 11.4% | ||
| Q2 25 | 15.5% | 11.9% | ||
| Q1 25 | 22.5% | 11.4% | ||
| Q4 24 | 20.2% | 7.8% | ||
| Q3 24 | 17.9% | 2.3% | ||
| Q2 24 | 13.5% | -11.8% |
每股收益（稀释后）FCFSWAY
| Q1 26 | — | $0.42 | ||
| Q4 25 | $2.35 | $0.10 | ||
| Q3 25 | $1.86 | $0.17 | ||
| Q2 25 | $1.34 | $0.18 | ||
| Q1 25 | $1.87 | $0.16 | ||
| Q4 24 | $1.86 | $0.18 | ||
| Q3 24 | $1.44 | $0.03 | ||
| Q2 24 | $1.08 | $-0.21 |
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 | $34.3M |
| 总债务越低越好 | $2.2B | $13.5M |
| 股东权益账面价值 | $2.3B | $3.9B |
| 总资产 | $5.3B | $5.8B |
| 负债/权益比越低杠杆越低 | 0.98× | 0.00× |
8季度趋势，按日历期对齐
现金及短期投资FCFSWAY
| Q1 26 | — | $34.3M | ||
| Q4 25 | $125.2M | $61.4M | ||
| Q3 25 | $130.2M | $421.1M | ||
| Q2 25 | $101.5M | $290.3M | ||
| Q1 25 | $146.0M | $224.0M | ||
| Q4 24 | $175.1M | $182.1M | ||
| Q3 24 | $106.3M | $127.1M | ||
| Q2 24 | $113.7M | $68.4M |
总债务FCFSWAY
| Q1 26 | — | $13.5M | ||
| Q4 25 | $2.2B | $1.5B | ||
| Q3 25 | $2.2B | — | ||
| Q2 25 | $1.7B | — | ||
| Q1 25 | $1.7B | — | ||
| Q4 24 | $1.7B | $1.2B | ||
| Q3 24 | $1.7B | — | ||
| Q2 24 | $1.7B | — |
股东权益FCFSWAY
| Q1 26 | — | $3.9B | ||
| Q4 25 | $2.3B | $3.9B | ||
| Q3 25 | $2.2B | $3.2B | ||
| Q2 25 | $2.1B | $3.2B | ||
| Q1 25 | $2.1B | $3.1B | ||
| Q4 24 | $2.1B | $3.1B | ||
| Q3 24 | $2.0B | $3.1B | ||
| Q2 24 | $2.0B | $2.9B |
总资产FCFSWAY
| Q1 26 | — | $5.8B | ||
| Q4 25 | $5.3B | $5.8B | ||
| Q3 25 | $5.2B | $4.7B | ||
| Q2 25 | $4.5B | $4.7B | ||
| Q1 25 | $4.4B | $4.6B | ||
| Q4 24 | $4.5B | $4.6B | ||
| Q3 24 | $4.4B | $4.5B | ||
| Q2 24 | $4.3B | $4.6B |
负债/权益比FCFSWAY
| Q1 26 | — | 0.00× | ||
| Q4 25 | 0.98× | 0.38× | ||
| Q3 25 | 1.01× | — | ||
| Q2 25 | 0.79× | — | ||
| Q1 25 | 0.83× | — | ||
| Q4 24 | 0.85× | 0.40× | ||
| Q3 24 | 0.87× | — | ||
| Q2 24 | 0.85× | — |
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 | $84.9M |
| 自由现金流经营现金流 - 资本支出 | — | $90.3M |
| 自由现金流率自由现金流/营收 | — | 28.8% |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | 1.98× | 1.96× |
| 过去12个月自由现金流最近4个季度 | — | $314.6M |
8季度趋势，按日历期对齐
经营现金流FCFSWAY
| Q1 26 | — | $84.9M | ||
| Q4 25 | $206.6M | $66.6M | ||
| Q3 25 | $135.8M | $82.0M | ||
| Q2 25 | $116.9M | $96.8M | ||
| Q1 25 | $126.6M | $64.2M | ||
| Q4 24 | $198.1M | — | ||
| Q3 24 | $113.1M | $78.8M | ||
| Q2 24 | $106.2M | $15.4M |
自由现金流FCFSWAY
| Q1 26 | — | $90.3M | ||
| Q4 25 | — | $57.2M | ||
| Q3 25 | — | $76.2M | ||
| Q2 25 | — | $91.0M | ||
| Q1 25 | — | $58.8M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $70.2M | ||
| Q2 24 | — | $8.6M |
自由现金流率FCFSWAY
| Q1 26 | — | 28.8% | ||
| Q4 25 | — | 18.9% | ||
| Q3 25 | — | 28.3% | ||
| Q2 25 | — | 33.6% | ||
| Q1 25 | — | 22.9% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 29.2% | ||
| Q2 24 | — | 3.7% |
资本支出强度FCFSWAY
| Q1 26 | — | — | ||
| Q4 25 | — | 3.1% | ||
| Q3 25 | — | 2.2% | ||
| Q2 25 | — | 2.1% | ||
| Q1 25 | — | 2.1% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 3.6% | ||
| Q2 24 | — | 2.9% |
现金转化率FCFSWAY
| Q1 26 | — | 1.96× | ||
| Q4 25 | 1.98× | 3.33× | ||
| Q3 25 | 1.64× | 2.68× | ||
| Q2 25 | 1.95× | 3.01× | ||
| Q1 25 | 1.51× | 2.20× | ||
| Q4 24 | 2.37× | — | ||
| Q3 24 | 1.74× | 14.56× | ||
| Q2 24 | 2.16× | — |
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% |
WAY
| Subscription | $172.2M | 55% |
| Volume-based | $139.5M | 44% |
