vs
飞汇（FLYW）与Shift4 Payments, Inc.（FOUR）财务数据对比。点击上方公司名可切换其他公司
Shift4 Payments, Inc.的季度营收约是飞汇的7.5倍（$1.2B vs $157.5M），Shift4 Payments, Inc.净利率更高（3.4% vs 0.0%，领先3.4%），飞汇同比增速更快（34.0% vs 34.0%），Shift4 Payments, Inc.自由现金流更多（$222.5M vs $4.5M），过去两年Shift4 Payments, Inc.的营收复合增速更高（29.6% vs 17.5%）
Flywire Corp（飞汇）是一家全球支付解决方案提供商，核心服务覆盖教育、医疗、旅游及B2B商务领域，提供安全跨境支付处理、货币兑换及支付流程优化工具，为全球多国的机构与付款人简化交易流程。
Shift4 Payments是美国支付处理服务商，总部位于宾夕法尼亚州阿伦敦，1999年由贾里德·艾萨克曼创立。公司为零售、酒店、休闲、餐饮等行业超20万家商户提供支付处理服务，主营移动支付软硬件等商业技术，2020年于纽约证券交易所挂牌上市。
FLYW vs FOUR — 直观对比
营收规模更大
FOUR
是对方的7.5倍
$157.5M
营收增速更快
FLYW
高出0.0%
34.0%
净利率更高
FOUR
高出3.4%
0.0%
自由现金流更多
FOUR
多$218.0M
$4.5M
两年增速更快
FOUR
近两年复合增速
17.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $157.5M | $1.2B |
| 净利润 | $33.0K | $40.2M |
| 毛利率 | — | — |
| 营业利润率 | -0.6% | 10.8% |
| 净利率 | 0.0% | 3.4% |
| 营收同比 | 34.0% | 34.0% |
| 净利润同比 | 100.2% | -65.3% |
| 每股收益（稀释后） | $0.01 | — |
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FLYWFOUR
| Q4 25 | $157.5M | $1.2B | ||
| Q3 25 | $200.1M | $1.2B | ||
| Q2 25 | $131.9M | $966.2M | ||
| Q1 25 | $133.5M | $848.3M | ||
| Q4 24 | $117.5M | $887.0M | ||
| Q3 24 | $156.8M | $909.2M | ||
| Q2 24 | $103.7M | $827.0M | ||
| Q1 24 | $114.1M | $707.4M |
净利润FLYWFOUR
| Q4 25 | $33.0K | $40.2M | ||
| Q3 25 | $29.6M | $28.1M | ||
| Q2 25 | $-12.0M | $34.0M | ||
| Q1 25 | $-4.2M | $16.7M | ||
| Q4 24 | $-15.9M | $116.0M | ||
| Q3 24 | $38.9M | $53.8M | ||
| Q2 24 | $-13.9M | $39.2M | ||
| Q1 24 | $-6.2M | $20.6M |
营业利润率FLYWFOUR
| Q4 25 | -0.6% | 10.8% | ||
| Q3 25 | 16.1% | 9.7% | ||
| Q2 25 | -6.8% | 8.6% | ||
| Q1 25 | -8.2% | 3.0% | ||
| Q4 24 | -4.9% | 9.7% | ||
| Q3 24 | 12.9% | 8.8% | ||
| Q2 24 | -15.2% | 7.2% | ||
| Q1 24 | -5.2% | 3.0% |
净利率FLYWFOUR
| Q4 25 | 0.0% | 3.4% | ||
| Q3 25 | 14.8% | 2.4% | ||
| Q2 25 | -9.1% | 3.5% | ||
| Q1 25 | -3.1% | 2.0% | ||
| Q4 24 | -13.5% | 13.1% | ||
| Q3 24 | 24.8% | 5.9% | ||
| Q2 24 | -13.4% | 4.7% | ||
| Q1 24 | -5.4% | 2.9% |
每股收益（稀释后）FLYWFOUR
| Q4 25 | $0.01 | — | ||
| Q3 25 | $0.23 | — | ||
| Q2 25 | $-0.10 | — | ||
| Q1 25 | $-0.03 | — | ||
| Q4 24 | $-0.12 | — | ||
| Q3 24 | $0.30 | — | ||
| Q2 24 | $-0.11 | — | ||
| Q1 24 | $-0.05 | — |
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 | $355.0M | $964.0M |
| 总债务越低越好 | — | $4.5B |
| 股东权益账面价值 | $835.2M | $1.4B |
| 总资产 | $1.3B | $8.7B |
| 负债/权益比越低杠杆越低 | — | 3.15× |
8季度趋势，按日历期对齐
现金及短期投资FLYWFOUR
| Q4 25 | $355.0M | $964.0M | ||
| Q3 25 | $377.3M | $1.5B | ||
| Q2 25 | $274.2M | $3.0B | ||
| Q1 25 | $255.3M | $1.2B | ||
| Q4 24 | $611.1M | $1.2B | ||
| Q3 24 | $681.1M | $1.4B | ||
| Q2 24 | $571.0M | $205.0M | ||
| Q1 24 | $619.0M | $522.9M |
总债务FLYWFOUR
| Q4 25 | — | $4.5B | ||
| Q3 25 | $15.0M | $4.7B | ||
| Q2 25 | $60.0M | $3.7B | ||
| Q1 25 | $60.0M | $2.8B | ||
| Q4 24 | $0 | $2.8B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益FLYWFOUR
| Q4 25 | $835.2M | $1.4B | ||
| Q3 25 | $829.1M | $1.7B | ||
| Q2 25 | $792.4M | $1.6B | ||
| Q1 25 | $784.3M | $805.2M | ||
| Q4 24 | $814.8M | $806.6M | ||
| Q3 24 | $843.2M | $811.8M | ||
| Q2 24 | $802.6M | $700.8M | ||
| Q1 24 | $-797.0M | $674.5M |
总资产FLYWFOUR
| Q4 25 | $1.3B | $8.7B | ||
| Q3 25 | $1.3B | $9.0B | ||
| Q2 25 | $1.1B | $7.0B | ||
| Q1 25 | $1.1B | $5.0B | ||
| Q4 24 | $1.1B | $5.0B | ||
| Q3 24 | $1.2B | $5.0B | ||
| Q2 24 | $998.7M | $3.5B | ||
| Q1 24 | $998.7M | $3.4B |
负债/权益比FLYWFOUR
| Q4 25 | — | 3.15× | ||
| Q3 25 | 0.02× | 2.83× | ||
| Q2 25 | 0.08× | 2.34× | ||
| Q1 25 | 0.08× | 3.53× | ||
| Q4 24 | 0.00× | 3.52× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 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 | $4.9M | $223.7M |
| 自由现金流经营现金流 - 资本支出 | $4.5M | $222.5M |
| 自由现金流率自由现金流/营收 | 2.9% | 18.7% |
| 资本支出强度资本支出/营收 | 0.2% | 0.1% |
| 现金转化率经营现金流/净利润 | 148.06× | 5.56× |
| 过去12个月自由现金流最近4个季度 | $98.8M | $624.0M |
8季度趋势，按日历期对齐
经营现金流FLYWFOUR
| Q4 25 | $4.9M | $223.7M | ||
| Q3 25 | $150.1M | $171.8M | ||
| Q2 25 | $24.1M | $141.9M | ||
| Q1 25 | $-78.9M | $96.6M | ||
| Q4 24 | $-28.6M | $145.4M | ||
| Q3 24 | $184.6M | $182.1M | ||
| Q2 24 | $-19.3M | $116.1M | ||
| Q1 24 | $-38.1M | $56.7M |
自由现金流FLYWFOUR
| Q4 25 | $4.5M | $222.5M | ||
| Q3 25 | $149.9M | $165.4M | ||
| Q2 25 | $23.5M | $141.0M | ||
| Q1 25 | $-79.1M | $95.1M | ||
| Q4 24 | $-28.7M | $143.8M | ||
| Q3 24 | $184.4M | $180.1M | ||
| Q2 24 | $-19.7M | $113.9M | ||
| Q1 24 | $-38.3M | $55.4M |
自由现金流率FLYWFOUR
| Q4 25 | 2.9% | 18.7% | ||
| Q3 25 | 74.9% | 14.1% | ||
| Q2 25 | 17.8% | 14.6% | ||
| Q1 25 | -59.3% | 11.2% | ||
| Q4 24 | -24.4% | 16.2% | ||
| Q3 24 | 117.6% | 19.8% | ||
| Q2 24 | -19.0% | 13.8% | ||
| Q1 24 | -33.6% | 7.8% |
资本支出强度FLYWFOUR
| Q4 25 | 0.2% | 0.1% | ||
| Q3 25 | 0.1% | 0.5% | ||
| Q2 25 | 0.4% | 0.1% | ||
| Q1 25 | 0.1% | 0.2% | ||
| Q4 24 | 0.1% | 0.2% | ||
| Q3 24 | 0.1% | 0.2% | ||
| Q2 24 | 0.3% | 0.3% | ||
| Q1 24 | 0.2% | 0.2% |
现金转化率FLYWFOUR
| Q4 25 | 148.06× | 5.56× | ||
| Q3 25 | 5.07× | 6.11× | ||
| Q2 25 | — | 4.17× | ||
| Q1 25 | — | 5.78× | ||
| Q4 24 | — | 1.25× | ||
| Q3 24 | 4.75× | 3.38× | ||
| Q2 24 | — | 2.96× | ||
| Q1 24 | — | 2.75× |
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
FLYW
| Transactions | $126.4M | 80% |
| Platform And Other Revenues | $31.1M | 20% |
FOUR
| Payments Based Revenue | $788.8M | 66% |
| Other | $255.0M | 21% |
| Subscription And Other Revenues | $144.8M | 12% |
