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Shift4 Payments, Inc.（FOUR）与Vici Properties（VICI）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Vici Properties的1.2倍（$1.2B vs $1.0B），Vici Properties净利率更高（59.7% vs 3.4%，领先56.3%），Shift4 Payments, Inc.同比增速更快（34.0% vs 3.8%），过去两年Shift4 Payments, Inc.的营收复合增速更高（29.6% vs 3.2%）
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。
Vici Properties是总部位于美国纽约的房地产投资信托（REIT），专注于博彩及娱乐类物业。公司成立于2017年，由凯撒娱乐集团破产重组时分拆而来，目前在美加两国持有54家赌场、酒店、赛马场，4座高尔夫球场及38个保龄球馆。
FOUR vs VICI — 直观对比
营收规模更大
FOUR
是对方的1.2倍
$1.0B
营收增速更快
FOUR
高出30.2%
3.8%
净利率更高
VICI
高出56.3%
3.4%
两年增速更快
FOUR
近两年复合增速
3.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.0B |
| 净利润 | $40.2M | $604.8M |
| 毛利率 | — | 99.3% |
| 营业利润率 | 10.8% | 60.2% |
| 净利率 | 3.4% | 59.7% |
| 营收同比 | 34.0% | 3.8% |
| 净利润同比 | -65.3% | -1.6% |
| 每股收益（稀释后） | — | $0.57 |
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FOURVICI
| Q4 25 | $1.2B | $1.0B | ||
| Q3 25 | $1.2B | $1.0B | ||
| Q2 25 | $966.2M | $1.0B | ||
| Q1 25 | $848.3M | $984.2M | ||
| Q4 24 | $887.0M | $976.1M | ||
| Q3 24 | $909.2M | $964.7M | ||
| Q2 24 | $827.0M | $957.0M | ||
| Q1 24 | $707.4M | $951.5M |
净利润FOURVICI
| Q4 25 | $40.2M | $604.8M | ||
| Q3 25 | $28.1M | $762.0M | ||
| Q2 25 | $34.0M | $865.1M | ||
| Q1 25 | $16.7M | $543.6M | ||
| Q4 24 | $116.0M | $614.6M | ||
| Q3 24 | $53.8M | $732.9M | ||
| Q2 24 | $39.2M | $741.3M | ||
| Q1 24 | $20.6M | $590.0M |
毛利率FOURVICI
| Q4 25 | — | 99.3% | ||
| Q3 25 | — | 99.3% | ||
| Q2 25 | — | 99.3% | ||
| Q1 25 | — | 99.4% | ||
| Q4 24 | — | 99.3% | ||
| Q3 24 | — | 99.3% | ||
| Q2 24 | — | 99.3% | ||
| Q1 24 | — | 99.3% |
营业利润率FOURVICI
| Q4 25 | 10.8% | 60.2% | ||
| Q3 25 | 9.7% | 77.2% | ||
| Q2 25 | 8.6% | 88.3% | ||
| Q1 25 | 3.0% | 55.9% | ||
| Q4 24 | 9.7% | 64.2% | ||
| Q3 24 | 8.8% | 77.4% | ||
| Q2 24 | 7.2% | 79.0% | ||
| Q1 24 | 3.0% | 63.2% |
净利率FOURVICI
| Q4 25 | 3.4% | 59.7% | ||
| Q3 25 | 2.4% | 75.6% | ||
| Q2 25 | 3.5% | 86.4% | ||
| Q1 25 | 2.0% | 55.2% | ||
| Q4 24 | 13.1% | 63.0% | ||
| Q3 24 | 5.9% | 76.0% | ||
| Q2 24 | 4.7% | 77.5% | ||
| Q1 24 | 2.9% | 62.0% |
每股收益（稀释后）FOURVICI
| Q4 25 | — | $0.57 | ||
| Q3 25 | — | $0.71 | ||
| Q2 25 | — | $0.82 | ||
| Q1 25 | — | $0.51 | ||
| Q4 24 | — | $0.58 | ||
| Q3 24 | — | $0.70 | ||
| Q2 24 | — | $0.71 | ||
| Q1 24 | — | $0.57 |
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 | $964.0M | $608.0M |
| 总债务越低越好 | $4.5B | $16.8B |
| 股东权益账面价值 | $1.4B | $27.8B |
| 总资产 | $8.7B | $46.7B |
| 负债/权益比越低杠杆越低 | 3.15× | 0.60× |
8季度趋势，按日历期对齐
现金及短期投资FOURVICI
| Q4 25 | $964.0M | $608.0M | ||
| Q3 25 | $1.5B | $507.5M | ||
| Q2 25 | $3.0B | $233.0M | ||
| Q1 25 | $1.2B | $334.3M | ||
| Q4 24 | $1.2B | $524.6M | ||
| Q3 24 | $1.4B | $355.7M | ||
| Q2 24 | $205.0M | $347.2M | ||
| Q1 24 | $522.9M | $514.9M |
总债务FOURVICI
| Q4 25 | $4.5B | $16.8B | ||
| Q3 25 | $4.7B | $16.8B | ||
| Q2 25 | $3.7B | $16.9B | ||
| Q1 25 | $2.8B | $16.8B | ||
| Q4 24 | $2.8B | $16.7B | ||
| Q3 24 | — | $16.7B | ||
| Q2 24 | — | $16.7B | ||
| Q1 24 | — | $16.7B |
股东权益FOURVICI
| Q4 25 | $1.4B | $27.8B | ||
| Q3 25 | $1.7B | $27.7B | ||
| Q2 25 | $1.6B | $27.0B | ||
| Q1 25 | $805.2M | $26.6B | ||
| Q4 24 | $806.6M | $26.5B | ||
| Q3 24 | $811.8M | $26.1B | ||
| Q2 24 | $700.8M | $25.7B | ||
| Q1 24 | $674.5M | $25.4B |
总资产FOURVICI
| Q4 25 | $8.7B | $46.7B | ||
| Q3 25 | $9.0B | $46.5B | ||
| Q2 25 | $7.0B | $46.1B | ||
| Q1 25 | $5.0B | $45.5B | ||
| Q4 24 | $5.0B | $45.4B | ||
| Q3 24 | $5.0B | $44.9B | ||
| Q2 24 | $3.5B | $44.5B | ||
| Q1 24 | $3.4B | $44.2B |
负债/权益比FOURVICI
| Q4 25 | 3.15× | 0.60× | ||
| Q3 25 | 2.83× | 0.61× | ||
| Q2 25 | 2.34× | 0.63× | ||
| Q1 25 | 3.53× | 0.63× | ||
| Q4 24 | 3.52× | 0.63× | ||
| Q3 24 | — | 0.64× | ||
| Q2 24 | — | 0.65× | ||
| Q1 24 | — | 0.66× |
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 | $223.7M | $691.9M |
| 自由现金流经营现金流 - 资本支出 | $222.5M | — |
| 自由现金流率自由现金流/营收 | 18.7% | — |
| 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 | 5.56× | 1.14× |
| 过去12个月自由现金流最近4个季度 | $624.0M | — |
8季度趋势，按日历期对齐
经营现金流FOURVICI
| Q4 25 | $223.7M | $691.9M | ||
| Q3 25 | $171.8M | $586.3M | ||
| Q2 25 | $141.9M | $639.9M | ||
| Q1 25 | $96.6M | $591.9M | ||
| Q4 24 | $145.4M | $644.1M | ||
| Q3 24 | $182.1M | $579.1M | ||
| Q2 24 | $116.1M | $614.6M | ||
| Q1 24 | $56.7M | $543.7M |
自由现金流FOURVICI
| Q4 25 | $222.5M | — | ||
| Q3 25 | $165.4M | — | ||
| Q2 25 | $141.0M | — | ||
| Q1 25 | $95.1M | — | ||
| Q4 24 | $143.8M | — | ||
| Q3 24 | $180.1M | — | ||
| Q2 24 | $113.9M | — | ||
| Q1 24 | $55.4M | — |
自由现金流率FOURVICI
| Q4 25 | 18.7% | — | ||
| Q3 25 | 14.1% | — | ||
| Q2 25 | 14.6% | — | ||
| Q1 25 | 11.2% | — | ||
| Q4 24 | 16.2% | — | ||
| Q3 24 | 19.8% | — | ||
| Q2 24 | 13.8% | — | ||
| Q1 24 | 7.8% | — |
资本支出强度FOURVICI
| Q4 25 | 0.1% | — | ||
| Q3 25 | 0.5% | — | ||
| Q2 25 | 0.1% | — | ||
| Q1 25 | 0.2% | — | ||
| Q4 24 | 0.2% | — | ||
| Q3 24 | 0.2% | — | ||
| Q2 24 | 0.3% | — | ||
| Q1 24 | 0.2% | — |
现金转化率FOURVICI
| Q4 25 | 5.56× | 1.14× | ||
| Q3 25 | 6.11× | 0.77× | ||
| Q2 25 | 4.17× | 0.74× | ||
| Q1 25 | 5.78× | 1.09× | ||
| Q4 24 | 1.25× | 1.05× | ||
| Q3 24 | 3.38× | 0.79× | ||
| Q2 24 | 2.96× | 0.83× | ||
| Q1 24 | 2.75× | 0.92× |
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
FOUR
| Payments Based Revenue | $788.8M | 66% |
| Other | $255.0M | 21% |
| Subscription And Other Revenues | $144.8M | 12% |
VICI
| Fixed Rent | $504.3M | 50% |
| Other | $478.4M | 47% |
| Contingent Rent | $30.4M | 3% |
