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Hut 8 Corp.（HUT）与Repay Holdings Corp（RPAY）财务数据对比。点击上方公司名可切换其他公司
Hut 8 Corp.的季度营收约是Repay Holdings Corp的1.1倍（$88.5M vs $78.6M），Repay Holdings Corp净利率更高（-178.3% vs -316.0%，领先137.8%），Hut 8 Corp.同比增速更快（179.2% vs 0.4%），过去两年Hut 8 Corp.的营收复合增速更高（30.8% vs -1.3%）
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。
Repay Holdings Corp是一家聚焦北美市场的支付技术服务商，为零售、医疗、汽车服务、电商等领域的企业提供整合支付处理方案，涵盖银行卡收单、ACH转账、POS系统集成等数字化支付工具，助力客户简化交易流程、提升运营效率。
HUT vs RPAY — 直观对比
营收规模更大
HUT
是对方的1.1倍
$78.6M
营收增速更快
HUT
高出178.8%
0.4%
净利率更高
RPAY
高出137.8%
-316.0%
两年增速更快
HUT
近两年复合增速
-1.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $88.5M | $78.6M |
| 净利润 | $-279.7M | $-140.1M |
| 毛利率 | 60.4% | 74.2% |
| 营业利润率 | -491.4% | -182.2% |
| 净利率 | -316.0% | -178.3% |
| 营收同比 | 179.2% | 0.4% |
| 净利润同比 | -283.7% | -3304.1% |
| 每股收益（稀释后） | $-2.45 | $-1.68 |
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HUTRPAY
| Q4 25 | $88.5M | $78.6M | ||
| Q3 25 | $83.5M | $77.7M | ||
| Q2 25 | $41.3M | $75.6M | ||
| Q1 25 | $21.8M | $77.3M | ||
| Q4 24 | $31.7M | $78.3M | ||
| Q3 24 | $43.7M | $79.1M | ||
| Q2 24 | $35.2M | $74.9M | ||
| Q1 24 | $51.7M | $80.7M |
净利润HUTRPAY
| Q4 25 | $-279.7M | $-140.1M | ||
| Q3 25 | $50.1M | $-6.4M | ||
| Q2 25 | $137.3M | $-102.3M | ||
| Q1 25 | $-133.9M | $-7.9M | ||
| Q4 24 | $152.2M | $-4.1M | ||
| Q3 24 | $647.0K | $3.2M | ||
| Q2 24 | $-71.9M | $-4.1M | ||
| Q1 24 | $250.9M | $-5.2M |
毛利率HUTRPAY
| Q4 25 | 60.4% | 74.2% | ||
| Q3 25 | 61.3% | 74.4% | ||
| Q2 25 | 47.3% | 75.7% | ||
| Q1 25 | 14.5% | 75.9% | ||
| Q4 24 | 35.9% | 76.3% | ||
| Q3 24 | 59.9% | 77.8% | ||
| Q2 24 | 41.4% | 78.2% | ||
| Q1 24 | 45.6% | 76.2% |
营业利润率HUTRPAY
| Q4 25 | -491.4% | -182.2% | ||
| Q3 25 | 87.0% | -3.9% | ||
| Q2 25 | — | -138.7% | ||
| Q1 25 | -676.8% | -4.7% | ||
| Q4 24 | — | -1.5% | ||
| Q3 24 | -3.6% | -0.9% | ||
| Q2 24 | -246.2% | -4.6% | ||
| Q1 24 | — | -3.1% |
净利率HUTRPAY
| Q4 25 | -316.0% | -178.3% | ||
| Q3 25 | 60.0% | -8.3% | ||
| Q2 25 | 332.5% | -135.2% | ||
| Q1 25 | -613.7% | -10.3% | ||
| Q4 24 | 480.3% | -5.3% | ||
| Q3 24 | 1.5% | 4.1% | ||
| Q2 24 | -204.1% | -5.4% | ||
| Q1 24 | 484.9% | -6.5% |
每股收益（稀释后）HUTRPAY
| Q4 25 | $-2.45 | $-1.68 | ||
| Q3 25 | $0.43 | $-0.08 | ||
| Q2 25 | $1.18 | $-1.15 | ||
| Q1 25 | $-1.30 | $-0.09 | ||
| Q4 24 | $1.41 | $-0.04 | ||
| Q3 24 | $0.01 | $0.03 | ||
| Q2 24 | $-0.78 | $-0.04 | ||
| Q1 24 | $2.76 | $-0.06 |
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 | $115.7M |
| 总债务越低越好 | — | $280.1M |
| 股东权益账面价值 | $1.4B | $484.4M |
| 总资产 | $2.8B | $1.2B |
| 负债/权益比越低杠杆越低 | — | 0.58× |
8季度趋势，按日历期对齐
现金及短期投资HUTRPAY
| Q4 25 | $44.9M | $115.7M | ||
| Q3 25 | $33.5M | $95.7M | ||
| Q2 25 | $216.3M | $162.6M | ||
| Q1 25 | $108.4M | $165.5M | ||
| Q4 24 | $85.0M | $189.5M | ||
| Q3 24 | — | $168.7M | ||
| Q2 24 | — | $147.1M | ||
| Q1 24 | $11.5M | $128.3M |
总债务HUTRPAY
| Q4 25 | — | $280.1M | ||
| Q3 25 | — | $279.5M | ||
| Q2 25 | — | $279.0M | ||
| Q1 25 | — | $497.6M | ||
| Q4 24 | $300.6M | $496.8M | ||
| Q3 24 | $297.3M | $496.2M | ||
| Q2 24 | $328.8M | $435.6M | ||
| Q1 24 | $177.6M | $434.9M |
股东权益HUTRPAY
| Q4 25 | $1.4B | $484.4M | ||
| Q3 25 | $1.4B | $616.9M | ||
| Q2 25 | $1.3B | $633.7M | ||
| Q1 25 | $960.0M | $755.7M | ||
| Q4 24 | $976.7M | $761.3M | ||
| Q3 24 | $703.9M | $754.7M | ||
| Q2 24 | $660.1M | $815.4M | ||
| Q1 24 | $732.0M | $813.8M |
总资产HUTRPAY
| Q4 25 | $2.8B | $1.2B | ||
| Q3 25 | $2.7B | $1.3B | ||
| Q2 25 | $2.0B | $1.4B | ||
| Q1 25 | $1.6B | $1.5B | ||
| Q4 24 | $1.5B | $1.6B | ||
| Q3 24 | $1.1B | $1.6B | ||
| Q2 24 | $1.1B | $1.5B | ||
| Q1 24 | $999.0M | $1.5B |
负债/权益比HUTRPAY
| Q4 25 | — | 0.58× | ||
| Q3 25 | — | 0.45× | ||
| Q2 25 | — | 0.44× | ||
| Q1 25 | — | 0.66× | ||
| Q4 24 | 0.31× | 0.65× | ||
| Q3 24 | 0.42× | 0.66× | ||
| Q2 24 | 0.50× | 0.53× | ||
| Q1 24 | 0.24× | 0.53× |
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 | $-139.2M | $23.3M |
| 自由现金流经营现金流 - 资本支出 | — | $23.2M |
| 自由现金流率自由现金流/营收 | — | 29.6% |
| 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 | — | — |
| 过去12个月自由现金流最近4个季度 | — | $90.7M |
8季度趋势，按日历期对齐
经营现金流HUTRPAY
| Q4 25 | $-139.2M | $23.3M | ||
| Q3 25 | $770.0K | $32.2M | ||
| Q2 25 | $-48.8M | $33.1M | ||
| Q1 25 | $-33.8M | $2.5M | ||
| Q4 24 | $-68.5M | $34.3M | ||
| Q3 24 | $-4.2M | $60.1M | ||
| Q2 24 | $-16.4M | $31.0M | ||
| Q1 24 | $-26.3M | $24.8M |
自由现金流HUTRPAY
| Q4 25 | — | $23.2M | ||
| Q3 25 | — | $32.1M | ||
| Q2 25 | — | $33.0M | ||
| Q1 25 | — | $2.4M | ||
| Q4 24 | — | $34.0M | ||
| Q3 24 | — | $59.8M | ||
| Q2 24 | — | $30.5M | ||
| Q1 24 | — | $24.7M |
自由现金流率HUTRPAY
| Q4 25 | — | 29.6% | ||
| Q3 25 | — | 41.3% | ||
| Q2 25 | — | 43.6% | ||
| Q1 25 | — | 3.0% | ||
| Q4 24 | — | 43.5% | ||
| Q3 24 | — | 75.6% | ||
| Q2 24 | — | 40.7% | ||
| Q1 24 | — | 30.6% |
资本支出强度HUTRPAY
| Q4 25 | — | 0.1% | ||
| Q3 25 | — | 0.2% | ||
| Q2 25 | — | 0.1% | ||
| Q1 25 | — | 0.2% | ||
| Q4 24 | — | 0.3% | ||
| Q3 24 | — | 0.3% | ||
| Q2 24 | — | 0.6% | ||
| Q1 24 | — | 0.1% |
现金转化率HUTRPAY
| Q4 25 | — | — | ||
| Q3 25 | 0.02× | — | ||
| Q2 25 | -0.36× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -0.45× | — | ||
| Q3 24 | -6.49× | 18.52× | ||
| 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% |
RPAY
| Sales Channel Directly To Consumer | $69.4M | 88% |
| Other | $6.8M | 9% |
| Sales Channel Through Intermediary | $2.3M | 3% |
