vs
Hut 8 Corp.（HUT）与微策略（MSTR）财务数据对比。点击上方公司名可切换其他公司
微策略的季度营收约是Hut 8 Corp.的1.5倍（$128.7M vs $88.5M）。微策略净利率更高（2164.1% vs -316.0%，领先2480.2%）。Hut 8 Corp.同比增速更快（179.2% vs 10.9%）。过去两年Hut 8 Corp.的营收复合增速更高（30.8% vs 1.7%）
Tropical Hut是菲律宾水星集团旗下的快餐连锁品牌，是菲律宾历史第七悠久的餐饮连锁品牌，创立时间早于1978年成立的快乐蜂及1981年进入菲律宾市场的麦当劳。
Strategy Inc（原名为微策略）是1989年成立的美国上市企业，主营商业智能与移动软件业务，旗下产品可帮助企业分析内外部数据以支撑经营决策，还可用于移动应用开发，总部位于弗吉尼亚州泰森斯角，商业分析赛道核心竞品包括SAP等。
HUT vs MSTR — 直观对比
营收规模更大
MSTR
是对方的1.5倍
$88.5M
营收增速更快
HUT
高出168.3%
10.9%
净利率更高
MSTR
高出2480.2%
-316.0%
两年增速更快
HUT
近两年复合增速
1.7%
损益表 — Q4 2025 vs Q1 2026
| 指标 | | |
|---|---|---|
| 营收 | $88.5M | $128.7M |
| 净利润 | $-279.7M | $2.8B |
| 毛利率 | 60.4% | 70.5% |
| 营业利润率 | -491.4% | — |
| 净利率 | -316.0% | 2164.1% |
| 营收同比 | 179.2% | 10.9% |
| 净利润同比 | -283.7% | 918.7% |
| 每股收益（稀释后） | $-2.45 | $8.42 |
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HUTMSTR
| Q4 25 | $88.5M | — | ||
| Q3 25 | $83.5M | $128.7M | ||
| Q2 25 | $41.3M | $114.5M | ||
| Q1 25 | $21.8M | $111.1M | ||
| Q4 24 | $31.7M | $120.7M | ||
| Q3 24 | $43.7M | $116.1M | ||
| Q2 24 | $35.2M | $111.4M | ||
| Q1 24 | $51.7M | $115.2M |
净利润HUTMSTR
| Q4 25 | $-279.7M | — | ||
| Q3 25 | $50.1M | $2.8B | ||
| Q2 25 | $137.3M | $10.0B | ||
| Q1 25 | $-133.9M | $-4.2B | ||
| Q4 24 | $152.2M | $-670.8M | ||
| Q3 24 | $647.0K | $-340.2M | ||
| Q2 24 | $-71.9M | $-102.6M | ||
| Q1 24 | $250.9M | $-53.1M |
毛利率HUTMSTR
| Q4 25 | 60.4% | — | ||
| Q3 25 | 61.3% | 70.5% | ||
| Q2 25 | 47.3% | 68.8% | ||
| Q1 25 | 14.5% | 69.4% | ||
| Q4 24 | 35.9% | 71.7% | ||
| Q3 24 | 59.9% | 70.4% | ||
| Q2 24 | 41.4% | 72.2% | ||
| Q1 24 | 45.6% | 74.0% |
营业利润率HUTMSTR
| Q4 25 | -491.4% | — | ||
| Q3 25 | 87.0% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -676.8% | -5331.4% | ||
| Q4 24 | — | -842.1% | ||
| Q3 24 | -3.6% | -372.7% | ||
| Q2 24 | -246.2% | -179.7% | ||
| Q1 24 | — | -176.8% |
净利率HUTMSTR
| Q4 25 | -316.0% | — | ||
| Q3 25 | 60.0% | 2164.1% | ||
| Q2 25 | 332.5% | 8752.7% | ||
| Q1 25 | -613.7% | -3797.2% | ||
| Q4 24 | 480.3% | -555.8% | ||
| Q3 24 | 1.5% | -293.1% | ||
| Q2 24 | -204.1% | -92.0% | ||
| Q1 24 | 484.9% | -46.1% |
每股收益（稀释后）HUTMSTR
| Q4 25 | $-2.45 | — | ||
| Q3 25 | $0.43 | $8.42 | ||
| Q2 25 | $1.18 | $32.60 | ||
| Q1 25 | $-1.30 | $-16.49 | ||
| Q4 24 | $1.41 | $4.49 | ||
| Q3 24 | $0.01 | $-1.72 | ||
| Q2 24 | $-0.78 | $-5.74 | ||
| Q1 24 | $2.76 | $-3.09 |
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 | $44.9M | $54.3M |
| 总债务越低越好 | — | $8.2B |
| 股东权益账面价值 | $1.4B | $52.3B |
| 总资产 | $2.8B | $73.6B |
| 负债/权益比越低杠杆越低 | — | 0.16× |
8季度趋势，按日历期对齐
现金及短期投资HUTMSTR
| Q4 25 | $44.9M | — | ||
| Q3 25 | $33.5M | $54.3M | ||
| Q2 25 | $216.3M | $50.1M | ||
| Q1 25 | $108.4M | $60.3M | ||
| Q4 24 | $85.0M | $38.1M | ||
| Q3 24 | — | $46.3M | ||
| Q2 24 | — | $66.9M | ||
| Q1 24 | $11.5M | $81.3M |
总债务HUTMSTR
| Q4 25 | — | — | ||
| Q3 25 | — | $8.2B | ||
| Q2 25 | — | $8.2B | ||
| Q1 25 | — | $8.1B | ||
| Q4 24 | $300.6M | $7.2B | ||
| Q3 24 | $297.3M | $4.2B | ||
| Q2 24 | $328.8M | $3.8B | ||
| Q1 24 | $177.6M | $3.6B |
股东权益HUTMSTR
| Q4 25 | $1.4B | — | ||
| Q3 25 | $1.4B | $52.3B | ||
| Q2 25 | $1.3B | $47.5B | ||
| Q1 25 | $960.0M | $32.2B | ||
| Q4 24 | $976.7M | $18.2B | ||
| Q3 24 | $703.9M | $3.8B | ||
| Q2 24 | $660.1M | $2.8B | ||
| Q1 24 | $732.0M | $2.4B |
总资产HUTMSTR
| Q4 25 | $2.8B | — | ||
| Q3 25 | $2.7B | $73.6B | ||
| Q2 25 | $2.0B | $64.8B | ||
| Q1 25 | $1.6B | $43.9B | ||
| Q4 24 | $1.5B | $25.8B | ||
| Q3 24 | $1.1B | $8.3B | ||
| Q2 24 | $1.1B | $7.1B | ||
| Q1 24 | $999.0M | $6.4B |
负债/权益比HUTMSTR
| Q4 25 | — | — | ||
| Q3 25 | — | 0.16× | ||
| Q2 25 | — | 0.17× | ||
| Q1 25 | — | 0.25× | ||
| Q4 24 | 0.31× | 0.39× | ||
| Q3 24 | 0.42× | 1.12× | ||
| Q2 24 | 0.50× | 1.36× | ||
| Q1 24 | 0.24× | 1.48× |
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 | $-57.4M | $-8.3M |
| 自由现金流经营现金流 - 资本支出 | — | $-11.1M |
| 自由现金流率自由现金流/营收 | — | -8.6% |
| 资本支出强度资本支出/营收 | — | 2.2% |
| 现金转化率经营现金流/净利润 | — | -0.00× |
| 过去12个月自由现金流最近4个季度 | — | $-70.8M |
8季度趋势，按日历期对齐
经营现金流HUTMSTR
| Q4 25 | $-57.4M | — | ||
| Q3 25 | $770.0K | $-8.3M | ||
| Q2 25 | $-48.8M | $-34.9M | ||
| Q1 25 | $-33.8M | $-2.4M | ||
| Q4 24 | $-21.6M | $-17.3M | ||
| Q3 24 | $-4.2M | $-41.0M | ||
| Q2 24 | $-16.4M | $-23.3M | ||
| Q1 24 | $-26.3M | $28.6M |
自由现金流HUTMSTR
| Q4 25 | — | — | ||
| Q3 25 | — | $-11.1M | ||
| Q2 25 | — | $-37.0M | ||
| Q1 25 | — | $-5.1M | ||
| Q4 24 | — | $-17.6M | ||
| Q3 24 | — | $-41.4M | ||
| Q2 24 | — | $-24.1M | ||
| Q1 24 | — | $27.0M |
自由现金流率HUTMSTR
| Q4 25 | — | — | ||
| Q3 25 | — | -8.6% | ||
| Q2 25 | — | -32.3% | ||
| Q1 25 | — | -4.6% | ||
| Q4 24 | — | -14.6% | ||
| Q3 24 | — | -35.7% | ||
| Q2 24 | — | -21.6% | ||
| Q1 24 | — | 23.5% |
资本支出强度HUTMSTR
| Q4 25 | — | — | ||
| Q3 25 | — | 2.2% | ||
| Q2 25 | — | 1.8% | ||
| Q1 25 | — | 2.5% | ||
| Q4 24 | — | 0.2% | ||
| Q3 24 | — | 0.4% | ||
| Q2 24 | — | 0.6% | ||
| Q1 24 | — | 1.3% |
现金转化率HUTMSTR
| Q4 25 | — | — | ||
| Q3 25 | 0.02× | -0.00× | ||
| Q2 25 | -0.36× | -0.00× | ||
| Q1 25 | — | — | ||
| Q4 24 | -0.14× | — | ||
| Q3 24 | -6.49× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -0.11× | — |
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
HUT
| High Performance Computing Colocation And Cloud | $81.9M | 93% |
| Power | $5.0M | 6% |
| Digital Infrastructure | $1.6M | 2% |
MSTR
| Current Deferred Revenue And Advanced Payments | $52.2M | 41% |
| Subscription And Circulation | $46.0M | 36% |
| License | $17.4M | 13% |
| Technology Service | $14.2M | 11% |
