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飞汇（FLYW）与Toast, Inc.（TOST）财务数据对比。点击上方公司名可切换其他公司
Toast, Inc.的季度营收约是飞汇的10.4倍（$1.6B vs $157.5M），Toast, Inc.净利率更高（6.2% vs 0.0%，领先6.2%），飞汇同比增速更快（34.0% vs 22.0%），Toast, Inc.自由现金流更多（$178.0M vs $4.5M），过去两年Toast, Inc.的营收复合增速更高（23.3% 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。
Toast, Inc.是总部位于美国马萨诸塞州波士顿的云餐饮管理软件企业，主打基于安卓操作系统研发的一体化销售点（POS）系统，可为餐饮商家提供涵盖收银、订单管理等在内的全场景门店经营解决方案。
FLYW vs TOST — 直观对比
营收规模更大
TOST
是对方的10.4倍
$157.5M
营收增速更快
FLYW
高出12.0%
22.0%
净利率更高
TOST
高出6.2%
0.0%
自由现金流更多
TOST
多$173.5M
$4.5M
两年增速更快
TOST
近两年复合增速
17.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $157.5M | $1.6B |
| 净利润 | $33.0K | $101.0M |
| 毛利率 | — | 25.9% |
| 营业利润率 | -0.6% | 5.2% |
| 净利率 | 0.0% | 6.2% |
| 营收同比 | 34.0% | 22.0% |
| 净利润同比 | 100.2% | 215.6% |
| 每股收益（稀释后） | $0.01 | $0.18 |
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FLYWTOST
| Q4 25 | $157.5M | $1.6B | ||
| Q3 25 | $200.1M | $1.6B | ||
| Q2 25 | $131.9M | $1.6B | ||
| Q1 25 | $133.5M | $1.3B | ||
| Q4 24 | $117.5M | $1.3B | ||
| Q3 24 | $156.8M | $1.3B | ||
| Q2 24 | $103.7M | $1.2B | ||
| Q1 24 | $114.1M | $1.1B |
净利润FLYWTOST
| Q4 25 | $33.0K | $101.0M | ||
| Q3 25 | $29.6M | $105.0M | ||
| Q2 25 | $-12.0M | $80.0M | ||
| Q1 25 | $-4.2M | $56.0M | ||
| Q4 24 | $-15.9M | $32.0M | ||
| Q3 24 | $38.9M | $56.0M | ||
| Q2 24 | $-13.9M | $14.0M | ||
| Q1 24 | $-6.2M | $-83.0M |
毛利率FLYWTOST
| Q4 25 | — | 25.9% | ||
| Q3 25 | — | 26.5% | ||
| Q2 25 | — | 25.3% | ||
| Q1 25 | — | 25.9% | ||
| Q4 24 | — | 24.9% | ||
| Q3 24 | — | 24.7% | ||
| Q2 24 | — | 23.0% | ||
| Q1 24 | — | 23.2% |
营业利润率FLYWTOST
| Q4 25 | -0.6% | 5.2% | ||
| Q3 25 | 16.1% | 5.1% | ||
| Q2 25 | -6.8% | 5.2% | ||
| Q1 25 | -8.2% | 3.2% | ||
| Q4 24 | -4.9% | 2.5% | ||
| Q3 24 | 12.9% | 2.6% | ||
| Q2 24 | -15.2% | 0.4% | ||
| Q1 24 | -5.2% | -5.2% |
净利率FLYWTOST
| Q4 25 | 0.0% | 6.2% | ||
| Q3 25 | 14.8% | 6.4% | ||
| Q2 25 | -9.1% | 5.2% | ||
| Q1 25 | -3.1% | 4.2% | ||
| Q4 24 | -13.5% | 2.4% | ||
| Q3 24 | 24.8% | 4.3% | ||
| Q2 24 | -13.4% | 1.1% | ||
| Q1 24 | -5.4% | -7.7% |
每股收益（稀释后）FLYWTOST
| Q4 25 | $0.01 | $0.18 | ||
| Q3 25 | $0.23 | $0.16 | ||
| Q2 25 | $-0.10 | $0.13 | ||
| Q1 25 | $-0.03 | $0.09 | ||
| Q4 24 | $-0.12 | $0.09 | ||
| Q3 24 | $0.30 | $0.07 | ||
| Q2 24 | $-0.11 | $0.02 | ||
| Q1 24 | $-0.05 | $-0.15 |
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 | $1.4B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $835.2M | $2.1B |
| 总资产 | $1.3B | $3.1B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资FLYWTOST
| Q4 25 | $355.0M | $1.4B | ||
| Q3 25 | $377.3M | $1.4B | ||
| Q2 25 | $274.2M | $1.2B | ||
| Q1 25 | $255.3M | $1.0B | ||
| Q4 24 | $611.1M | $903.0M | ||
| Q3 24 | $681.1M | $761.0M | ||
| Q2 24 | $571.0M | $691.0M | ||
| Q1 24 | $619.0M | $578.0M |
总债务FLYWTOST
| Q4 25 | — | — | ||
| Q3 25 | $15.0M | — | ||
| Q2 25 | $60.0M | — | ||
| Q1 25 | $60.0M | — | ||
| Q4 24 | $0 | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益FLYWTOST
| Q4 25 | $835.2M | $2.1B | ||
| Q3 25 | $829.1M | $2.0B | ||
| Q2 25 | $792.4M | $1.8B | ||
| Q1 25 | $784.3M | $1.7B | ||
| Q4 24 | $814.8M | $1.5B | ||
| Q3 24 | $843.2M | $1.4B | ||
| Q2 24 | $802.6M | $1.3B | ||
| Q1 24 | $-797.0M | $1.2B |
总资产FLYWTOST
| Q4 25 | $1.3B | $3.1B | ||
| Q3 25 | $1.3B | $3.0B | ||
| Q2 25 | $1.1B | $2.8B | ||
| Q1 25 | $1.1B | $2.6B | ||
| Q4 24 | $1.1B | $2.4B | ||
| Q3 24 | $1.2B | $2.2B | ||
| Q2 24 | $998.7M | $2.2B | ||
| Q1 24 | $998.7M | $2.1B |
负债/权益比FLYWTOST
| Q4 25 | — | — | ||
| Q3 25 | 0.02× | — | ||
| Q2 25 | 0.08× | — | ||
| Q1 25 | 0.08× | — | ||
| Q4 24 | 0.00× | — | ||
| 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 | $194.0M |
| 自由现金流经营现金流 - 资本支出 | $4.5M | $178.0M |
| 自由现金流率自由现金流/营收 | 2.9% | 10.9% |
| 资本支出强度资本支出/营收 | 0.2% | 1.0% |
| 现金转化率经营现金流/净利润 | 148.06× | 1.92× |
| 过去12个月自由现金流最近4个季度 | $98.8M | $608.0M |
8季度趋势，按日历期对齐
经营现金流FLYWTOST
| Q4 25 | $4.9M | $194.0M | ||
| Q3 25 | $150.1M | $165.0M | ||
| Q2 25 | $24.1M | $223.0M | ||
| Q1 25 | $-78.9M | $79.0M | ||
| Q4 24 | $-28.6M | $147.0M | ||
| Q3 24 | $184.6M | $109.0M | ||
| Q2 24 | $-19.3M | $124.0M | ||
| Q1 24 | $-38.1M | $-20.0M |
自由现金流FLYWTOST
| Q4 25 | $4.5M | $178.0M | ||
| Q3 25 | $149.9M | $153.0M | ||
| Q2 25 | $23.5M | $208.0M | ||
| Q1 25 | $-79.1M | $69.0M | ||
| Q4 24 | $-28.7M | $134.0M | ||
| Q3 24 | $184.4M | $97.0M | ||
| Q2 24 | $-19.7M | $108.0M | ||
| Q1 24 | $-38.3M | $-33.0M |
自由现金流率FLYWTOST
| Q4 25 | 2.9% | 10.9% | ||
| Q3 25 | 74.9% | 9.4% | ||
| Q2 25 | 17.8% | 13.4% | ||
| Q1 25 | -59.3% | 5.2% | ||
| Q4 24 | -24.4% | 10.0% | ||
| Q3 24 | 117.6% | 7.4% | ||
| Q2 24 | -19.0% | 8.7% | ||
| Q1 24 | -33.6% | -3.1% |
资本支出强度FLYWTOST
| Q4 25 | 0.2% | 1.0% | ||
| Q3 25 | 0.1% | 0.7% | ||
| Q2 25 | 0.4% | 1.0% | ||
| Q1 25 | 0.1% | 0.7% | ||
| Q4 24 | 0.1% | 1.0% | ||
| Q3 24 | 0.1% | 0.9% | ||
| Q2 24 | 0.3% | 1.3% | ||
| Q1 24 | 0.2% | 1.2% |
现金转化率FLYWTOST
| Q4 25 | 148.06× | 1.92× | ||
| Q3 25 | 5.07× | 1.57× | ||
| Q2 25 | — | 2.79× | ||
| Q1 25 | — | 1.41× | ||
| Q4 24 | — | 4.59× | ||
| Q3 24 | 4.75× | 1.95× | ||
| Q2 24 | — | 8.86× | ||
| Q1 24 | — | — |
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% |
TOST
| Technology Service | $1.3B | 82% |
| License | $256.0M | 16% |
| Product And Professional Services | $43.0M | 3% |
