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虎牙（HUYA）与Turtle Beach Corp（TBCH）财务数据对比。点击上方公司名可切换其他公司
虎牙的季度营收约是Turtle Beach Corp的2.5倍（$237.1M vs $95.1M），Turtle Beach Corp净利率更高（18.5% vs 0.6%，领先18.0%），过去两年Turtle Beach Corp的营收复合增速更高（30.5% vs 2.5%）
虎牙公司是中国领先的互动直播平台，核心业务为游戏直播，同时覆盖电竞赛事、娱乐综艺、生活方式、知识科普等多元内容领域，面向国内年轻互联网用户提供高互动性的数字娱乐内容服务。
乌龟海滩公司是总部位于美国加利福尼亚州圣地亚哥的游戏外设制造商，品牌历史可追溯至20世纪70年代，最初业务为开发声卡、MIDI合成器、各类音频软件与网络音频设备，自2005年起开始生产游戏耳机，是游戏音频外设领域的资深厂商。
HUYA vs TBCH — 直观对比
营收规模更大
HUYA
是对方的2.5倍
$95.1M
净利率更高
TBCH
高出18.0%
0.6%
两年增速更快
TBCH
近两年复合增速
2.5%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $237.1M | $95.1M |
| 净利润 | $1.3M | $17.6M |
| 毛利率 | 13.4% | 50.0% |
| 营业利润率 | -0.8% | 22.0% |
| 净利率 | 0.6% | 18.5% |
| 营收同比 | — | -34.9% |
| 净利润同比 | — | -12.6% |
| 每股收益（稀释后） | — | $0.86 |
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HUYATBCH
| Q4 25 | — | $95.1M | ||
| Q3 25 | $237.1M | $80.5M | ||
| Q2 25 | $218.8M | $80.5M | ||
| Q1 25 | $207.9M | $63.9M | ||
| Q4 24 | — | $146.1M | ||
| Q3 24 | $219.1M | $94.4M | ||
| Q2 24 | $212.1M | $76.5M | ||
| Q1 24 | $208.3M | $55.8M |
净利润HUYATBCH
| Q4 25 | — | $17.6M | ||
| Q3 25 | $1.3M | $1.7M | ||
| Q2 25 | $-766.0K | $-2.9M | ||
| Q1 25 | $128.0K | $-664.0K | ||
| Q4 24 | — | $20.1M | ||
| Q3 24 | $3.4M | $3.4M | ||
| Q2 24 | $4.1M | $-7.5M | ||
| Q1 24 | $9.8M | $155.0K |
毛利率HUYATBCH
| Q4 25 | — | 50.0% | ||
| Q3 25 | 13.4% | 37.4% | ||
| Q2 25 | 13.5% | 22.7% | ||
| Q1 25 | 12.5% | 36.6% | ||
| Q4 24 | — | 37.0% | ||
| Q3 24 | 13.2% | 36.2% | ||
| Q2 24 | 13.9% | 30.2% | ||
| Q1 24 | 14.7% | 31.8% |
营业利润率HUYATBCH
| Q4 25 | — | 22.0% | ||
| Q3 25 | -0.8% | 6.7% | ||
| Q2 25 | -1.5% | -0.4% | ||
| Q1 25 | -4.0% | 2.4% | ||
| Q4 24 | — | 16.0% | ||
| Q3 24 | -2.1% | 6.8% | ||
| Q2 24 | -1.7% | -5.4% | ||
| Q1 24 | -2.6% | -10.2% |
净利率HUYATBCH
| Q4 25 | — | 18.5% | ||
| Q3 25 | 0.6% | 2.1% | ||
| Q2 25 | -0.4% | -3.6% | ||
| Q1 25 | 0.1% | -1.0% | ||
| Q4 24 | — | 13.8% | ||
| Q3 24 | 1.5% | 3.6% | ||
| Q2 24 | 1.9% | -9.8% | ||
| Q1 24 | 4.7% | 0.3% |
每股收益（稀释后）HUYATBCH
| Q4 25 | — | $0.86 | ||
| Q3 25 | — | $0.08 | ||
| Q2 25 | — | $-0.14 | ||
| Q1 25 | — | $-0.03 | ||
| Q4 24 | — | $0.96 | ||
| Q3 24 | — | $0.16 | ||
| Q2 24 | — | $-0.35 | ||
| Q1 24 | — | $0.01 |
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 | $102.0M | $17.0M |
| 总债务越低越好 | — | $55.7M |
| 股东权益账面价值 | $709.9M | $128.5M |
| 总资产 | $960.3M | $269.1M |
| 负债/权益比越低杠杆越低 | — | 0.43× |
8季度趋势，按日历期对齐
现金及短期投资HUYATBCH
| Q4 25 | — | $17.0M | ||
| Q3 25 | $102.0M | $12.3M | ||
| Q2 25 | $69.7M | $11.7M | ||
| Q1 25 | $40.9M | $11.7M | ||
| Q4 24 | — | $13.0M | ||
| Q3 24 | $156.1M | $13.8M | ||
| Q2 24 | $138.4M | $12.5M | ||
| Q1 24 | $75.1M | $17.8M |
总债务HUYATBCH
| Q4 25 | — | $55.7M | ||
| Q3 25 | — | $57.9M | ||
| Q2 25 | — | $43.3M | ||
| Q1 25 | — | $48.6M | ||
| Q4 24 | — | $49.0M | ||
| Q3 24 | — | $49.3M | ||
| Q2 24 | — | $49.6M | ||
| Q1 24 | — | $49.9M |
股东权益HUYATBCH
| Q4 25 | — | $128.5M | ||
| Q3 25 | $709.9M | $110.7M | ||
| Q2 25 | $704.3M | $116.8M | ||
| Q1 25 | $711.2M | $120.9M | ||
| Q4 24 | — | $120.6M | ||
| Q3 24 | $1.1B | $101.8M | ||
| Q2 24 | $1.3B | $105.3M | ||
| Q1 24 | $1.3B | $125.2M |
总资产HUYATBCH
| Q4 25 | — | $269.1M | ||
| Q3 25 | $960.3M | $278.2M | ||
| Q2 25 | $928.0M | $240.2M | ||
| Q1 25 | $1.3B | $247.0M | ||
| Q4 24 | — | $298.9M | ||
| Q3 24 | $1.6B | $313.2M | ||
| Q2 24 | $1.6B | $264.4M | ||
| Q1 24 | $1.7B | $258.4M |
负债/权益比HUYATBCH
| Q4 25 | — | 0.43× | ||
| Q3 25 | — | 0.52× | ||
| Q2 25 | — | 0.37× | ||
| Q1 25 | — | 0.40× | ||
| Q4 24 | — | 0.41× | ||
| Q3 24 | — | 0.48× | ||
| Q2 24 | — | 0.47× | ||
| Q1 24 | — | 0.40× |
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 | — | $13.3M |
| 自由现金流经营现金流 - 资本支出 | — | $13.1M |
| 自由现金流率自由现金流/营收 | — | 13.8% |
| 资本支出强度资本支出/营收 | — | 0.3% |
| 现金转化率经营现金流/净利润 | — | 0.76× |
| 过去12个月自由现金流最近4个季度 | — | $34.0M |
8季度趋势，按日历期对齐
经营现金流HUYATBCH
| Q4 25 | — | $13.3M | ||
| Q3 25 | — | $-15.2M | ||
| Q2 25 | — | $-3.1M | ||
| Q1 25 | — | $40.5M | ||
| Q4 24 | — | $14.3M | ||
| Q3 24 | — | $-23.2M | ||
| Q2 24 | — | $-12.6M | ||
| Q1 24 | — | $27.3M |
自由现金流HUYATBCH
| Q4 25 | — | $13.1M | ||
| Q3 25 | — | $-15.9M | ||
| Q2 25 | — | $-3.5M | ||
| Q1 25 | — | $40.3M | ||
| Q4 24 | — | $12.8M | ||
| Q3 24 | — | $-24.6M | ||
| Q2 24 | — | $-13.9M | ||
| Q1 24 | — | $26.5M |
自由现金流率HUYATBCH
| Q4 25 | — | 13.8% | ||
| Q3 25 | — | -19.7% | ||
| Q2 25 | — | -4.3% | ||
| Q1 25 | — | 63.0% | ||
| Q4 24 | — | 8.8% | ||
| Q3 24 | — | -26.1% | ||
| Q2 24 | — | -18.1% | ||
| Q1 24 | — | 47.5% |
资本支出强度HUYATBCH
| Q4 25 | — | 0.3% | ||
| Q3 25 | — | 0.8% | ||
| Q2 25 | — | 0.4% | ||
| Q1 25 | — | 0.3% | ||
| Q4 24 | — | 1.0% | ||
| Q3 24 | — | 1.5% | ||
| Q2 24 | — | 1.6% | ||
| Q1 24 | — | 1.3% |
现金转化率HUYATBCH
| Q4 25 | — | 0.76× | ||
| Q3 25 | — | -8.84× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.71× | ||
| Q3 24 | — | -6.79× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 175.85× |
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
HUYA
| Live streaming | $162.5M | 69% |
| Game-related services, advertising and others | $74.7M | 31% |
TBCH
| Europe And Middle East | $71.0M | 75% |
| Asia Pacific | $13.3M | 14% |
| Other | $10.8M | 11% |
