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FEDERAL SIGNAL CORP（FSS）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
FEDERAL SIGNAL CORP的季度营收约是Upstart Holdings, Inc.的1.9倍（$597.1M vs $308.2M），FEDERAL SIGNAL CORP净利率更高（10.2% vs -2.2%，领先12.3%），Upstart Holdings, Inc.同比增速更快（44.4% vs 26.5%），过去两年Upstart Holdings, Inc.的营收复合增速更高（55.4% vs 18.5%）
联邦信号公司是20世纪早期的美国企业，主营铁路信号设备的制造业务，总部坐落于美国纽约州奥尔巴尼市，其生产的相关信号产品在当时的美国轨道交通行业得到了广泛应用，具备一定的行业知名度。
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。
FSS vs UPST — 直观对比
营收规模更大
FSS
是对方的1.9倍
$308.2M
营收增速更快
UPST
高出17.9%
26.5%
净利率更高
FSS
高出12.3%
-2.2%
两年增速更快
UPST
近两年复合增速
18.5%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $597.1M | $308.2M |
| 净利润 | $60.8M | $-6.6M |
| 毛利率 | 28.4% | — |
| 营业利润率 | 14.0% | -2.4% |
| 净利率 | 10.2% | -2.2% |
| 营收同比 | 26.5% | 44.4% |
| 净利润同比 | 21.6% | -171.6% |
| 每股收益（稀释后） | $0.99 | $-0.07 |
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FSSUPST
| Q1 26 | — | $308.2M | ||
| Q4 25 | $597.1M | $296.1M | ||
| Q3 25 | $555.0M | $277.1M | ||
| Q2 25 | $564.6M | $257.3M | ||
| Q1 25 | $463.8M | $213.4M | ||
| Q4 24 | $472.0M | $219.0M | ||
| Q3 24 | $474.2M | $162.1M | ||
| Q2 24 | $490.4M | $127.6M |
净利润FSSUPST
| Q1 26 | — | $-6.6M | ||
| Q4 25 | $60.8M | $18.6M | ||
| Q3 25 | $68.1M | $31.8M | ||
| Q2 25 | $71.4M | $5.6M | ||
| Q1 25 | $46.3M | $-2.4M | ||
| Q4 24 | $50.0M | $-2.8M | ||
| Q3 24 | $53.9M | $-6.8M | ||
| Q2 24 | $60.8M | $-54.5M |
毛利率FSSUPST
| Q1 26 | — | — | ||
| Q4 25 | 28.4% | — | ||
| Q3 25 | 29.1% | — | ||
| Q2 25 | 30.0% | — | ||
| Q1 25 | 28.2% | — | ||
| Q4 24 | 28.1% | — | ||
| Q3 24 | 29.6% | — | ||
| Q2 24 | 29.4% | — |
营业利润率FSSUPST
| Q1 26 | — | -2.4% | ||
| Q4 25 | 14.0% | 6.4% | ||
| Q3 25 | 16.9% | 8.5% | ||
| Q2 25 | 17.3% | 1.8% | ||
| Q1 25 | 14.2% | -2.1% | ||
| Q4 24 | 14.9% | -2.2% | ||
| Q3 24 | 16.0% | -27.8% | ||
| Q2 24 | 16.5% | -43.5% |
净利率FSSUPST
| Q1 26 | — | -2.2% | ||
| Q4 25 | 10.2% | 6.3% | ||
| Q3 25 | 12.3% | 11.5% | ||
| Q2 25 | 12.6% | 2.2% | ||
| Q1 25 | 10.0% | -1.1% | ||
| Q4 24 | 10.6% | -1.3% | ||
| Q3 24 | 11.4% | -4.2% | ||
| Q2 24 | 12.4% | -42.7% |
每股收益（稀释后）FSSUPST
| Q1 26 | — | $-0.07 | ||
| Q4 25 | $0.99 | $0.20 | ||
| Q3 25 | $1.11 | $0.23 | ||
| Q2 25 | $1.16 | $0.05 | ||
| Q1 25 | $0.75 | $-0.03 | ||
| Q4 24 | $0.80 | $-0.01 | ||
| Q3 24 | $0.87 | $-0.07 | ||
| Q2 24 | $0.99 | $-0.62 |
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 | $63.7M | $472.9M |
| 总债务越低越好 | $564.6M | — |
| 股东权益账面价值 | $1.4B | $733.2M |
| 总资产 | $2.4B | $3.0B |
| 负债/权益比越低杠杆越低 | 0.41× | — |
8季度趋势，按日历期对齐
现金及短期投资FSSUPST
| Q1 26 | — | $472.9M | ||
| Q4 25 | $63.7M | $652.4M | ||
| Q3 25 | $54.4M | $489.8M | ||
| Q2 25 | $64.7M | $395.9M | ||
| Q1 25 | $57.5M | $599.8M | ||
| Q4 24 | $91.1M | $788.4M | ||
| Q3 24 | $73.7M | — | ||
| Q2 24 | $48.6M | — |
总债务FSSUPST
| Q1 26 | — | — | ||
| Q4 25 | $564.6M | — | ||
| Q3 25 | $201.2M | — | ||
| Q2 25 | $258.3M | — | ||
| Q1 25 | $266.9M | — | ||
| Q4 24 | $204.4M | — | ||
| Q3 24 | $223.3M | — | ||
| Q2 24 | $248.8M | — |
股东权益FSSUPST
| Q1 26 | — | $733.2M | ||
| Q4 25 | $1.4B | $798.8M | ||
| Q3 25 | $1.3B | $743.7M | ||
| Q2 25 | $1.3B | $722.0M | ||
| Q1 25 | $1.2B | $676.6M | ||
| Q4 24 | $1.2B | $633.2M | ||
| Q3 24 | $1.1B | $595.5M | ||
| Q2 24 | $1.1B | $594.7M |
总资产FSSUPST
| Q1 26 | — | $3.0B | ||
| Q4 25 | $2.4B | $3.0B | ||
| Q3 25 | $1.9B | $2.9B | ||
| Q2 25 | $1.9B | $2.5B | ||
| Q1 25 | $1.9B | $2.3B | ||
| Q4 24 | $1.8B | $2.4B | ||
| Q3 24 | $1.7B | $1.8B | ||
| Q2 24 | $1.7B | $1.8B |
负债/权益比FSSUPST
| Q1 26 | — | — | ||
| Q4 25 | 0.41× | — | ||
| Q3 25 | 0.15× | — | ||
| Q2 25 | 0.20× | — | ||
| Q1 25 | 0.22× | — | ||
| Q4 24 | 0.17× | — | ||
| Q3 24 | 0.19× | — | ||
| Q2 24 | 0.23× | — |
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 | $97.2M | $-133.3M |
| 自由现金流经营现金流 - 资本支出 | $89.5M | — |
| 自由现金流率自由现金流/营收 | 15.0% | — |
| 资本支出强度资本支出/营收 | 1.3% | — |
| 现金转化率经营现金流/净利润 | 1.60× | — |
| 过去12个月自由现金流最近4个季度 | $227.1M | — |
8季度趋势，按日历期对齐
经营现金流FSSUPST
| Q1 26 | — | $-133.3M | ||
| Q4 25 | $97.2M | $108.6M | ||
| Q3 25 | $61.1M | $-122.6M | ||
| Q2 25 | $59.7M | $-120.2M | ||
| Q1 25 | $36.7M | $-13.5M | ||
| Q4 24 | $90.6M | $-110.9M | ||
| Q3 24 | $68.8M | $179.3M | ||
| Q2 24 | $40.6M | $65.3M |
自由现金流FSSUPST
| Q1 26 | — | — | ||
| Q4 25 | $89.5M | $108.4M | ||
| Q3 25 | $54.1M | $-122.7M | ||
| Q2 25 | $52.4M | $-120.3M | ||
| Q1 25 | $31.1M | — | ||
| Q4 24 | $82.1M | — | ||
| Q3 24 | $60.9M | $179.2M | ||
| Q2 24 | $24.8M | $65.3M |
自由现金流率FSSUPST
| Q1 26 | — | — | ||
| Q4 25 | 15.0% | 36.6% | ||
| Q3 25 | 9.7% | -44.3% | ||
| Q2 25 | 9.3% | -46.7% | ||
| Q1 25 | 6.7% | — | ||
| Q4 24 | 17.4% | — | ||
| Q3 24 | 12.8% | 110.5% | ||
| Q2 24 | 5.1% | 51.1% |
资本支出强度FSSUPST
| Q1 26 | — | — | ||
| Q4 25 | 1.3% | 0.1% | ||
| Q3 25 | 1.3% | 0.0% | ||
| Q2 25 | 1.3% | 0.0% | ||
| Q1 25 | 1.2% | 0.0% | ||
| Q4 24 | 1.8% | 0.0% | ||
| Q3 24 | 1.7% | 0.1% | ||
| Q2 24 | 3.2% | 0.0% |
现金转化率FSSUPST
| Q1 26 | — | — | ||
| Q4 25 | 1.60× | 5.82× | ||
| Q3 25 | 0.90× | -3.86× | ||
| Q2 25 | 0.84× | -21.43× | ||
| Q1 25 | 0.79× | — | ||
| Q4 24 | 1.81× | — | ||
| Q3 24 | 1.28× | — | ||
| Q2 24 | 0.67× | — |
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
FSS
| Vehiclesandequipment | $403.4M | 68% |
| Parts | $66.8M | 11% |
| Publicsafetyandsecurityequipment | $62.2M | 10% |
| Rentalincome | $19.0M | 3% |
| Industrialsignalingequipment | $18.2M | 3% |
| Other | $14.9M | 2% |
| Warningsystems | $12.6M | 2% |
UPST
| Platform and referral fees, net | $224.6M | 73% |
| Servicing and other fees, net | $52.4M | 17% |
| Other | $31.2M | 10% |
