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i3 Verticals, Inc.（IIIV）与微宏控股（MVST）财务数据对比。点击上方公司名可切换其他公司
微宏控股的季度营收约是i3 Verticals, Inc.的1.8倍（$96.4M vs $52.7M），微宏控股净利率更高（17.2% vs 0.9%，领先16.2%），i3 Verticals, Inc.同比增速更快（-14.6% vs -15.0%），微宏控股自由现金流更多（$15.8M vs $13.8M），过去两年微宏控股的营收复合增速更高（8.9% vs -4.7%）
Prusa i3是捷克Prusa Research公司生产的熔融沉积成型3D打印机系列，以Original Prusa i3为注册商标推出，同时也是RepRap项目的组成部分。2016年该系列就被评为全球使用率最高的3D打印机，最早由Josef Průša在2012年完成设计，2015年正式推出商用套件版本，目前最新型号同时提供散件套件和原厂组装版本，具备性价比高、易操作的优势。
微宏控股是一家电池科技企业，总部位于美国得克萨斯州斯塔福德，在纳斯达克上市。公司主要面向商用电动汽车与并网储能系统，设计、研发并生产电池组件及电池系统，目前在美国、中国、德国均设有生产基地。
IIIV vs MVST — 直观对比
营收规模更大
MVST
是对方的1.8倍
$52.7M
营收增速更快
IIIV
高出0.4%
-15.0%
净利率更高
MVST
高出16.2%
0.9%
自由现金流更多
MVST
多$2.0M
$13.8M
两年增速更快
MVST
近两年复合增速
-4.7%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $52.7M | $96.4M |
| 净利润 | $484.0K | $16.5M |
| 毛利率 | — | 1.0% |
| 营业利润率 | 3.1% | -42.7% |
| 净利率 | 0.9% | 17.2% |
| 营收同比 | -14.6% | -15.0% |
| 净利润同比 | -76.5% | 120.1% |
| 每股收益（稀释后） | $0.02 | $0.19 |
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IIIVMVST
| Q4 25 | $52.7M | $96.4M | ||
| Q3 25 | $46.0M | $123.3M | ||
| Q2 25 | $51.9M | $91.3M | ||
| Q1 25 | $63.1M | $116.5M | ||
| Q4 24 | $52.2M | $113.4M | ||
| Q3 24 | $32.0M | $101.4M | ||
| Q2 24 | $46.2M | $83.7M | ||
| Q1 24 | $58.0M | $81.4M |
净利润IIIVMVST
| Q4 25 | $484.0K | $16.5M | ||
| Q3 25 | $3.1M | $-1.5M | ||
| Q2 25 | $12.9M | $-106.1M | ||
| Q1 25 | $-154.0K | $61.8M | ||
| Q4 24 | $2.1M | $-82.3M | ||
| Q3 24 | $117.9M | $13.2M | ||
| Q2 24 | $-7.5M | $-101.6M | ||
| Q1 24 | $1.9M | $-24.8M |
毛利率IIIVMVST
| Q4 25 | — | 1.0% | ||
| Q3 25 | — | 37.6% | ||
| Q2 25 | — | 34.7% | ||
| Q1 25 | — | 36.9% | ||
| Q4 24 | — | 36.6% | ||
| Q3 24 | — | 33.2% | ||
| Q2 24 | — | 32.5% | ||
| Q1 24 | — | 21.2% |
营业利润率IIIVMVST
| Q4 25 | 3.1% | -42.7% | ||
| Q3 25 | 3.2% | 10.5% | ||
| Q2 25 | -9.3% | 17.8% | ||
| Q1 25 | 8.0% | 16.3% | ||
| Q4 24 | 3.9% | -1.2% | ||
| Q3 24 | 10.6% | 7.1% | ||
| Q2 24 | -2.8% | -118.0% | ||
| Q1 24 | 3.4% | -28.4% |
净利率IIIVMVST
| Q4 25 | 0.9% | 17.2% | ||
| Q3 25 | 6.7% | -1.2% | ||
| Q2 25 | 24.8% | -116.1% | ||
| Q1 25 | -0.2% | 53.0% | ||
| Q4 24 | 3.9% | -72.6% | ||
| Q3 24 | 368.2% | 13.1% | ||
| Q2 24 | -16.3% | -121.4% | ||
| Q1 24 | 3.2% | -30.5% |
每股收益（稀释后）IIIVMVST
| Q4 25 | $0.02 | $0.19 | ||
| Q3 25 | $0.14 | $0.00 | ||
| Q2 25 | $0.50 | $-0.33 | ||
| Q1 25 | $0.00 | $0.05 | ||
| Q4 24 | $0.08 | $-0.24 | ||
| Q3 24 | $4.93 | $0.03 | ||
| Q2 24 | $-0.32 | $-0.32 | ||
| Q1 24 | $0.08 | $-0.08 |
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 | $37.5M | $105.0M |
| 总债务越低越好 | — | $13.2M |
| 股东权益账面价值 | $358.5M | $410.5M |
| 总资产 | $595.9M | $1.0B |
| 负债/权益比越低杠杆越低 | — | 0.03× |
8季度趋势，按日历期对齐
现金及短期投资IIIVMVST
| Q4 25 | $37.5M | $105.0M | ||
| Q3 25 | $66.7M | $90.7M | ||
| Q2 25 | $55.5M | $99.7M | ||
| Q1 25 | $7.7M | $90.9M | ||
| Q4 24 | $85.6M | $73.0M | ||
| Q3 24 | $86.5M | $63.6M | ||
| Q2 24 | $9.7M | $68.2M | ||
| Q1 24 | $3.1M | $39.5M |
总债务IIIVMVST
| Q4 25 | — | $13.2M | ||
| Q3 25 | $0 | $34.4M | ||
| Q2 25 | $0 | $34.2M | ||
| Q1 25 | $12.0M | $41.3M | ||
| Q4 24 | $26.2M | $41.1M | ||
| Q3 24 | $26.2M | $53.4M | ||
| Q2 24 | $374.1M | $34.2M | ||
| Q1 24 | $369.6M | $43.0M |
股东权益IIIVMVST
| Q4 25 | $358.5M | $410.5M | ||
| Q3 25 | $389.6M | $358.1M | ||
| Q2 25 | $383.3M | $356.1M | ||
| Q1 25 | $385.2M | $454.2M | ||
| Q4 24 | $375.0M | $387.9M | ||
| Q3 24 | $379.7M | $486.1M | ||
| Q2 24 | $249.7M | $455.0M | ||
| Q1 24 | $249.3M | $546.1M |
总资产IIIVMVST
| Q4 25 | $595.9M | $1.0B | ||
| Q3 25 | $638.4M | $1.0B | ||
| Q2 25 | $623.3M | $1.0B | ||
| Q1 25 | $646.4M | $982.9M | ||
| Q4 24 | $726.2M | $951.9M | ||
| Q3 24 | $730.7M | $997.9M | ||
| Q2 24 | $861.7M | $961.4M | ||
| Q1 24 | $625.8M | $1.0B |
负债/权益比IIIVMVST
| Q4 25 | — | 0.03× | ||
| Q3 25 | 0.00× | 0.10× | ||
| Q2 25 | 0.00× | 0.10× | ||
| Q1 25 | 0.03× | 0.09× | ||
| Q4 24 | 0.07× | 0.11× | ||
| Q3 24 | 0.07× | 0.11× | ||
| Q2 24 | 1.50× | 0.08× | ||
| Q1 24 | 1.48× | 0.08× |
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 | $14.1M | $16.4M |
| 自由现金流经营现金流 - 资本支出 | $13.8M | $15.8M |
| 自由现金流率自由现金流/营收 | 26.2% | 16.4% |
| 资本支出强度资本支出/营收 | 0.6% | 0.7% |
| 现金转化率经营现金流/净利润 | 29.18× | 0.99× |
| 过去12个月自由现金流最近4个季度 | $6.5M | $56.1M |
8季度趋势，按日历期对齐
经营现金流IIIVMVST
| Q4 25 | $14.1M | $16.4M | ||
| Q3 25 | $14.0M | $15.2M | ||
| Q2 25 | $7.4M | $37.2M | ||
| Q1 25 | $-27.1M | $7.2M | ||
| Q4 24 | $11.5M | $6.1M | ||
| Q3 24 | $15.1M | $-5.4M | ||
| Q2 24 | $8.1M | $111.0K | ||
| Q1 24 | $10.7M | $2.0M |
自由现金流IIIVMVST
| Q4 25 | $13.8M | $15.8M | ||
| Q3 25 | $13.5M | $1.2M | ||
| Q2 25 | $6.8M | $34.3M | ||
| Q1 25 | $-27.6M | $4.8M | ||
| Q4 24 | $11.0M | $5.7M | ||
| Q3 24 | $14.6M | $-19.6M | ||
| Q2 24 | $7.2M | $-2.8M | ||
| Q1 24 | $9.9M | $-8.2M |
自由现金流率IIIVMVST
| Q4 25 | 26.2% | 16.4% | ||
| Q3 25 | 29.5% | 1.0% | ||
| Q2 25 | 13.1% | 37.5% | ||
| Q1 25 | -43.8% | 4.1% | ||
| Q4 24 | 21.1% | 5.1% | ||
| Q3 24 | 45.6% | -19.3% | ||
| Q2 24 | 15.6% | -3.4% | ||
| Q1 24 | 17.1% | -10.1% |
资本支出强度IIIVMVST
| Q4 25 | 0.6% | 0.7% | ||
| Q3 25 | 0.9% | 11.3% | ||
| Q2 25 | 1.0% | 3.1% | ||
| Q1 25 | 0.8% | 2.0% | ||
| Q4 24 | 0.9% | 0.3% | ||
| Q3 24 | 1.7% | 14.0% | ||
| Q2 24 | 1.9% | 3.5% | ||
| Q1 24 | 1.4% | 12.6% |
现金转化率IIIVMVST
| Q4 25 | 29.18× | 0.99× | ||
| Q3 25 | 4.52× | — | ||
| Q2 25 | 0.57× | — | ||
| Q1 25 | — | 0.12× | ||
| Q4 24 | 5.59× | — | ||
| Q3 24 | 0.13× | -0.41× | ||
| Q2 24 | — | — | ||
| Q1 24 | 5.72× | — |
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
IIIV
| License And Service | $35.7M | 68% |
| Proprietary Payments Revenue | $14.5M | 27% |
| Other Revenue | $2.5M | 5% |
MVST
| Europe | $35.1M | 36% |
| CN | $32.5M | 34% |
| US | $21.5M | 22% |
| Other | $7.2M | 8% |
