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Galaxy Digital Inc.（GLXY）与国际商业机器公司（IBM）财务数据对比。点击上方公司名可切换其他公司
Galaxy Digital Inc.的季度营收约是国际商业机器公司的1.5倍（$23.3B vs $15.9B），国际商业机器公司净利率更高（7.6% vs -3.3%，领先11.0%）
Digital Chocolate是总部位于美国加州圣马特奥的电子游戏开发发行商，由艺电（EA）及3DO公司创始人特里普·霍金斯于2003年创立，主打Java ME功能机、iOS、Windows平台游戏，也推出过部分非娱乐类产品，品牌口号为「把握当下」。
国际商业机器公司（IBM）是总部位于美国纽约阿蒙克的跨国科技企业，业务覆盖全球175个以上国家和地区，为道琼斯工业平均指数30只成分股之一。IBM拥有全球最大的工业研究体系，在十余个国家设有19家研究机构，1993至2021年连续29年蝉联美国年专利授权量首位。
GLXY vs IBM — 直观对比
营收规模更大
GLXY
是对方的1.5倍
$15.9B
净利率更高
IBM
高出11.0%
-3.3%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $23.3B | $15.9B |
| 净利润 | $-777.1M | $1.2B |
| 毛利率 | — | 56.2% |
| 营业利润率 | -3.7% | — |
| 净利率 | -3.3% | 7.6% |
| 营收同比 | — | 9.5% |
| 净利润同比 | — | 15.3% |
| 每股收益（稀释后） | — | $1.28 |
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GLXYIBM
| Q1 26 | — | $15.9B | ||
| Q4 25 | $23.3B | $19.7B | ||
| Q3 25 | $28.4B | $16.3B | ||
| Q2 25 | $8.6B | $17.0B | ||
| Q1 25 | $0 | $14.5B | ||
| Q4 24 | — | $17.6B | ||
| Q3 24 | $8.5B | $15.0B | ||
| Q2 24 | $8.9B | $15.8B |
净利润GLXYIBM
| Q1 26 | — | $1.2B | ||
| Q4 25 | $-777.1M | $5.6B | ||
| Q3 25 | $505.1M | $1.7B | ||
| Q2 25 | $30.7M | $2.2B | ||
| Q1 25 | $0 | $1.1B | ||
| Q4 24 | — | $2.9B | ||
| Q3 24 | $-33.3M | $-330.0M | ||
| Q2 24 | $-125.6M | $1.8B |
毛利率GLXYIBM
| Q1 26 | — | 56.2% | ||
| Q4 25 | — | 60.6% | ||
| Q3 25 | — | 57.3% | ||
| Q2 25 | — | 58.8% | ||
| Q1 25 | — | 55.2% | ||
| Q4 24 | — | 59.5% | ||
| Q3 24 | — | 56.3% | ||
| Q2 24 | — | 56.8% |
营业利润率GLXYIBM
| Q1 26 | — | — | ||
| Q4 25 | -3.7% | 21.0% | ||
| Q3 25 | 1.9% | 14.9% | ||
| Q2 25 | 0.5% | 15.3% | ||
| Q1 25 | — | 8.0% | ||
| Q4 24 | — | 18.8% | ||
| Q3 24 | -0.5% | -5.4% | ||
| Q2 24 | -1.6% | 14.1% |
净利率GLXYIBM
| Q1 26 | — | 7.6% | ||
| Q4 25 | -3.3% | 28.4% | ||
| Q3 25 | 1.8% | 10.7% | ||
| Q2 25 | 0.4% | 12.9% | ||
| Q1 25 | — | 7.3% | ||
| Q4 24 | — | 16.6% | ||
| Q3 24 | -0.4% | -2.2% | ||
| Q2 24 | -1.4% | 11.6% |
每股收益（稀释后）GLXYIBM
| Q1 26 | — | $1.28 | ||
| Q4 25 | — | $5.90 | ||
| Q3 25 | — | $1.84 | ||
| Q2 25 | — | $2.31 | ||
| Q1 25 | — | $1.12 | ||
| Q4 24 | — | $3.11 | ||
| Q3 24 | — | $-0.36 | ||
| Q2 24 | — | $1.96 |
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 | $2.0B | $10.8B |
| 总债务越低越好 | — | $66.4B |
| 股东权益账面价值 | $2.0B | $33.1B |
| 总资产 | $11.3B | $156.2B |
| 负债/权益比越低杠杆越低 | — | 2.01× |
8季度趋势，按日历期对齐
现金及短期投资GLXYIBM
| Q1 26 | — | $10.8B | ||
| Q4 25 | $2.0B | $13.6B | ||
| Q3 25 | $2.0B | $11.6B | ||
| Q2 25 | $1.4B | $11.9B | ||
| Q1 25 | $1.0K | $11.0B | ||
| Q4 24 | — | $13.9B | ||
| Q3 24 | — | $13.2B | ||
| Q2 24 | — | $12.2B |
总债务GLXYIBM
| Q1 26 | — | $66.4B | ||
| Q4 25 | — | $54.8B | ||
| Q3 25 | — | $55.2B | ||
| Q2 25 | — | $55.2B | ||
| Q1 25 | — | $56.4B | ||
| Q4 24 | — | $49.9B | ||
| Q3 24 | — | $53.0B | ||
| Q2 24 | — | $52.9B |
股东权益GLXYIBM
| Q1 26 | — | $33.1B | ||
| Q4 25 | $2.0B | $32.6B | ||
| Q3 25 | $1.8B | $27.9B | ||
| Q2 25 | $1.5B | $27.5B | ||
| Q1 25 | $1.0K | $26.9B | ||
| Q4 24 | — | $27.3B | ||
| Q3 24 | $2.1B | $24.4B | ||
| Q2 24 | $2.1B | $24.0B |
总资产GLXYIBM
| Q1 26 | — | $156.2B | ||
| Q4 25 | $11.3B | $151.9B | ||
| Q3 25 | $11.5B | $146.3B | ||
| Q2 25 | $9.1B | $148.6B | ||
| Q1 25 | $1.0K | $145.7B | ||
| Q4 24 | — | $137.2B | ||
| Q3 24 | — | $134.3B | ||
| Q2 24 | — | $133.8B |
负债/权益比GLXYIBM
| Q1 26 | — | 2.01× | ||
| Q4 25 | — | 1.68× | ||
| Q3 25 | — | 1.98× | ||
| Q2 25 | — | 2.01× | ||
| Q1 25 | — | 2.10× | ||
| Q4 24 | — | 1.83× | ||
| Q3 24 | — | 2.17× | ||
| Q2 24 | — | 2.20× |
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 | $-1.1B | $5.2B |
| 自由现金流经营现金流 - 资本支出 | — | $2.2B |
| 自由现金流率自由现金流/营收 | — | 13.9% |
| 资本支出强度资本支出/营收 | — | 2.4% |
| 现金转化率经营现金流/净利润 | — | 4.25× |
| 过去12个月自由现金流最近4个季度 | — | $10.2B |
8季度趋势，按日历期对齐
经营现金流GLXYIBM
| Q1 26 | — | $5.2B | ||
| Q4 25 | $-1.1B | $4.0B | ||
| Q3 25 | $427.7M | $3.1B | ||
| Q2 25 | $329.3M | $1.7B | ||
| Q1 25 | $0 | $4.4B | ||
| Q4 24 | — | $4.3B | ||
| Q3 24 | — | $2.9B | ||
| Q2 24 | — | $2.1B |
自由现金流GLXYIBM
| Q1 26 | — | $2.2B | ||
| Q4 25 | — | $3.7B | ||
| Q3 25 | $189.6M | $2.8B | ||
| Q2 25 | — | $1.5B | ||
| Q1 25 | — | $4.1B | ||
| Q4 24 | — | $4.0B | ||
| Q3 24 | — | $2.6B | ||
| Q2 24 | — | $1.8B |
自由现金流率GLXYIBM
| Q1 26 | — | 13.9% | ||
| Q4 25 | — | 18.6% | ||
| Q3 25 | 0.7% | 17.3% | ||
| Q2 25 | — | 8.8% | ||
| Q1 25 | — | 28.4% | ||
| Q4 24 | — | 22.9% | ||
| Q3 24 | — | 17.3% | ||
| Q2 24 | — | 11.7% |
资本支出强度GLXYIBM
| Q1 26 | — | 2.4% | ||
| Q4 25 | — | 1.9% | ||
| Q3 25 | 0.8% | 1.6% | ||
| Q2 25 | — | 1.2% | ||
| Q1 25 | — | 1.7% | ||
| Q4 24 | — | 1.7% | ||
| Q3 24 | — | 1.9% | ||
| Q2 24 | — | 1.4% |
现金转化率GLXYIBM
| Q1 26 | — | 4.25× | ||
| Q4 25 | — | 0.72× | ||
| Q3 25 | 0.85× | 1.77× | ||
| Q2 25 | 10.73× | 0.78× | ||
| Q1 25 | — | 4.14× | ||
| Q4 24 | — | 1.49× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 1.13× |
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
GLXY
| Other | $13.0B | 56% |
| Digital Assets Sales | $10.2B | 44% |
| Blockchain Rewards | $57.0M | 0% |
| Fee | $27.4M | 0% |
| Blockchain Rewards From Non Customers | $1.7M | 0% |
IBM
| Software | $7.1B | 44% |
| Consulting | $5.3B | 33% |
| Infrastructure | $3.3B | 21% |
| Financing | $220.0M | 1% |
