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银河数字（GLXY）与维萨（V）财务数据对比。点击上方公司名可切换其他公司
维萨的季度营收约是银河数字的1.1倍（$11.2B vs $10.4B），维萨净利率更高（53.4% vs -4.6%，领先58.1%）
Galaxy Digital 是一家专注于数字资产与区块链的金融服务公司，总部位于美国纽约，由 Michael Novogratz 于 2018 年创立。公司面向机构客户提供资产管理、交易、投资银行业务，以及涵盖数据中心和高性能算力的数字基础设施服务，业务覆盖加密货币与更广义的数字经济领域，股票在纳斯达克以代码 GLXY 交易。
维萨（Visa Inc.）是总部位于美国加利福尼亚州旧金山的跨国支付卡服务企业，业务覆盖全球电子资金转账领域，旗下拥有Visa品牌的信用卡、借记卡、预付卡等多条产品线，为全球消费者及商户提供安全便捷的电子支付解决方案。
GLXY vs V — 直观对比
营收规模更大
V
是对方的1.1倍
$10.4B
净利率更高
V
高出58.1%
-4.6%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $10.4B | $11.2B |
| 净利润 | $-481.7M | $6.0B |
| 毛利率 | — | — |
| 营业利润率 | -5.4% | 64.4% |
| 净利率 | -4.6% | 53.4% |
| 营收同比 | — | 17.0% |
| 净利润同比 | — | 32.0% |
| 每股收益（稀释后） | — | — |
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GLXYV
| Q2 26 | — | $11.2B | ||
| Q4 25 | $10.4B | $10.9B | ||
| Q3 25 | $28.4B | $10.7B | ||
| Q2 25 | $8.7B | $10.2B | ||
| Q1 25 | $0 | $9.6B | ||
| Q4 24 | — | $9.5B | ||
| Q3 24 | $8.5B | $9.6B | ||
| Q2 24 | $8.9B | $8.9B |
净利润GLXYV
| Q2 26 | — | $6.0B | ||
| Q4 25 | $-481.7M | $5.9B | ||
| Q3 25 | $505.1M | $5.1B | ||
| Q2 25 | $30.7M | $5.3B | ||
| Q1 25 | $0 | $4.6B | ||
| Q4 24 | — | $5.1B | ||
| Q3 24 | $-33.3M | $5.3B | ||
| Q2 24 | $-125.6M | $4.9B |
营业利润率GLXYV
| Q2 26 | — | 64.4% | ||
| Q4 25 | -5.4% | 61.8% | ||
| Q3 25 | 1.9% | 57.3% | ||
| Q2 25 | 0.5% | 60.7% | ||
| Q1 25 | — | 56.6% | ||
| Q4 24 | — | 65.6% | ||
| Q3 24 | -0.5% | 66.0% | ||
| Q2 24 | -1.6% | 66.7% |
净利率GLXYV
| Q2 26 | — | 53.4% | ||
| Q4 25 | -4.6% | 53.7% | ||
| Q3 25 | 1.8% | 47.5% | ||
| Q2 25 | 0.4% | 51.8% | ||
| Q1 25 | — | 47.7% | ||
| Q4 24 | — | 53.8% | ||
| Q3 24 | -0.4% | 55.3% | ||
| Q2 24 | -1.4% | 54.7% |
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 | $12.4B |
| 总债务越低越好 | — | $22.4B |
| 股东权益账面价值 | $2.0B | $35.7B |
| 总资产 | $11.3B | $95.0B |
| 负债/权益比越低杠杆越低 | — | 0.63× |
8季度趋势，按日历期对齐
现金及短期投资GLXYV
| Q2 26 | — | $12.4B | ||
| Q4 25 | $2.0B | $14.8B | ||
| Q3 25 | $2.0B | $17.2B | ||
| Q2 25 | $1.4B | $17.1B | ||
| Q1 25 | $1.0K | $11.7B | ||
| Q4 24 | — | $12.4B | ||
| Q3 24 | — | $12.0B | ||
| Q2 24 | — | $12.9B |
总债务GLXYV
| Q2 26 | — | $22.4B | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益GLXYV
| Q2 26 | — | $35.7B | ||
| Q4 25 | $2.0B | $38.8B | ||
| Q3 25 | $1.8B | $37.9B | ||
| Q2 25 | $1.5B | $38.7B | ||
| Q1 25 | $1.0K | $38.0B | ||
| Q4 24 | — | $38.3B | ||
| Q3 24 | $2.1B | $39.1B | ||
| Q2 24 | $2.1B | $39.7B |
总资产GLXYV
| Q2 26 | — | $95.0B | ||
| Q4 25 | $11.3B | $96.8B | ||
| Q3 25 | $11.5B | $99.6B | ||
| Q2 25 | $9.1B | $100.0B | ||
| Q1 25 | $1.0K | $92.9B | ||
| Q4 24 | — | $91.9B | ||
| Q3 24 | — | $94.5B | ||
| Q2 24 | — | $91.0B |
负债/权益比GLXYV
| Q2 26 | — | 0.63× | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 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 | $-1.1B | — |
| 自由现金流经营现金流 - 资本支出 | $-1.6B | — |
| 自由现金流率自由现金流/营收 | -15.7% | — |
| 资本支出强度资本支出/营收 | 5.4% | — |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流GLXYV
| Q2 26 | — | — | ||
| Q4 25 | $-1.1B | $6.8B | ||
| Q3 25 | $427.7M | $6.2B | ||
| Q2 25 | $329.3M | $6.7B | ||
| Q1 25 | $0 | $4.7B | ||
| Q4 24 | — | $5.4B | ||
| Q3 24 | — | $6.7B | ||
| Q2 24 | — | $5.1B |
自由现金流GLXYV
| Q2 26 | — | — | ||
| Q4 25 | $-1.6B | $6.4B | ||
| Q3 25 | $189.6M | $5.8B | ||
| Q2 25 | $-67.2M | $6.3B | ||
| Q1 25 | — | $4.4B | ||
| Q4 24 | — | $5.1B | ||
| Q3 24 | — | $6.4B | ||
| Q2 24 | — | $4.7B |
自由现金流率GLXYV
| Q2 26 | — | — | ||
| Q4 25 | -15.7% | 58.7% | ||
| Q3 25 | 0.7% | 54.5% | ||
| Q2 25 | -0.8% | 62.0% | ||
| Q1 25 | — | 45.5% | ||
| Q4 24 | — | 53.1% | ||
| Q3 24 | — | 66.1% | ||
| Q2 24 | — | 53.2% |
资本支出强度GLXYV
| Q2 26 | — | — | ||
| Q4 25 | 5.4% | 3.5% | ||
| Q3 25 | 0.8% | 3.6% | ||
| Q2 25 | 4.6% | 4.1% | ||
| Q1 25 | — | 3.4% | ||
| Q4 24 | — | 3.6% | ||
| Q3 24 | — | 3.2% | ||
| Q2 24 | — | 4.5% |
现金转化率GLXYV
| Q2 26 | — | — | ||
| Q4 25 | — | 1.16× | ||
| Q3 25 | 0.85× | 1.23× | ||
| Q2 25 | 10.73× | 1.28× | ||
| Q1 25 | — | 1.03× | ||
| Q4 24 | — | 1.05× | ||
| Q3 24 | — | 1.25× | ||
| Q2 24 | — | 1.05× |
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
| Digital Assets Sales | $10.2B | 99% |
| Blockchain Rewards | $57.0M | 1% |
| Fee | $27.4M | 0% |
| Blockchain Rewards From Non Customers | $1.7M | 0% |
V
| Data processing revenue | $5.5B | 49% |
| International transaction revenue | $3.6B | 32% |
| Other revenue | $1.3B | 12% |
| Other | $736.0M | 7% |
