vs
牛津地产（IIPR）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牛津地产的1.8倍（$123.0M vs $66.7M），微策略同比增速更快（1.9% vs -13.1%），过去两年微策略的营收复合增速更高（3.3% vs -6.0%）
牛津地产是一家加拿大跨国企业，业务涵盖房地产投资、开发与物业管理。其投资组合包含写字楼、零售、工业、多户住宅、生命科学及酒店类资产。该公司1960年以私营企业形式创立，自2003年起成为安大略省市政雇员退休系统（OMERS）的全资子公司，总部设于多伦多，在纽约、伦敦、澳大利亚、新加坡及卢森堡均设有区域总部。
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。
IIPR vs MSTR — 直观对比
营收规模更大
MSTR
是对方的1.8倍
$66.7M
营收增速更快
MSTR
高出15.0%
-13.1%
两年增速更快
MSTR
近两年复合增速
-6.0%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $66.7M | $123.0M |
| 净利润 | $31.8M | — |
| 毛利率 | — | 66.1% |
| 营业利润率 | 47.8% | — |
| 净利率 | 47.8% | — |
| 营收同比 | -13.1% | 1.9% |
| 净利润同比 | -20.4% | — |
| 每股收益（稀释后） | $1.07 | — |
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IIPRMSTR
| Q4 25 | $66.7M | $123.0M | ||
| Q3 25 | $64.7M | $128.7M | ||
| Q2 25 | $62.9M | $114.5M | ||
| Q1 25 | $71.7M | $111.1M | ||
| Q4 24 | $76.7M | $120.7M | ||
| Q3 24 | $76.5M | $116.1M | ||
| Q2 24 | $79.8M | $111.4M | ||
| Q1 24 | $75.5M | $115.2M |
净利润IIPRMSTR
| Q4 25 | $31.8M | — | ||
| Q3 25 | $29.3M | $2.8B | ||
| Q2 25 | $26.0M | $10.0B | ||
| Q1 25 | $31.1M | $-4.2B | ||
| Q4 24 | $40.0M | $-670.8M | ||
| Q3 24 | $40.2M | $-340.2M | ||
| Q2 24 | $42.0M | $-102.6M | ||
| Q1 24 | $39.4M | $-53.1M |
毛利率IIPRMSTR
| Q4 25 | — | 66.1% | ||
| Q3 25 | — | 70.5% | ||
| Q2 25 | — | 68.8% | ||
| Q1 25 | — | 69.4% | ||
| Q4 24 | — | 71.7% | ||
| Q3 24 | — | 70.4% | ||
| Q2 24 | — | 72.2% | ||
| Q1 24 | — | 74.0% |
营业利润率IIPRMSTR
| Q4 25 | 47.8% | — | ||
| Q3 25 | 45.5% | — | ||
| Q2 25 | 45.9% | — | ||
| Q1 25 | 47.4% | -5331.4% | ||
| Q4 24 | 54.7% | -842.1% | ||
| Q3 24 | 54.8% | -372.7% | ||
| Q2 24 | 53.1% | -179.7% | ||
| Q1 24 | 55.7% | -176.8% |
净利率IIPRMSTR
| Q4 25 | 47.8% | — | ||
| Q3 25 | 45.3% | 2164.1% | ||
| Q2 25 | 41.4% | 8752.7% | ||
| Q1 25 | 43.3% | -3797.2% | ||
| Q4 24 | 52.2% | -555.8% | ||
| Q3 24 | 52.6% | -293.1% | ||
| Q2 24 | 52.6% | -92.0% | ||
| Q1 24 | 52.3% | -46.1% |
每股收益（稀释后）IIPRMSTR
| Q4 25 | $1.07 | — | ||
| Q3 25 | $0.97 | $8.42 | ||
| Q2 25 | $0.86 | $32.60 | ||
| Q1 25 | $1.03 | $-16.49 | ||
| Q4 24 | $1.35 | $4.49 | ||
| Q3 24 | $1.37 | $-1.72 | ||
| Q2 24 | $1.44 | $-0.57 | ||
| Q1 24 | $1.36 | $-0.31 |
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 | $47.6M | $2.3B |
| 总债务越低越好 | $393.7M | $8.2B |
| 股东权益账面价值 | $1.8B | $44.1B |
| 总资产 | $2.4B | $61.6B |
| 负债/权益比越低杠杆越低 | 0.21× | 0.19× |
8季度趋势，按日历期对齐
现金及短期投资IIPRMSTR
| Q4 25 | $47.6M | $2.3B | ||
| Q3 25 | $41.9M | $54.3M | ||
| Q2 25 | $104.9M | $50.1M | ||
| Q1 25 | $133.3M | $60.3M | ||
| Q4 24 | $151.2M | $38.1M | ||
| Q3 24 | $172.4M | $46.3M | ||
| Q2 24 | $160.9M | $66.9M | ||
| Q1 24 | $173.5M | $81.3M |
总债务IIPRMSTR
| Q4 25 | $393.7M | $8.2B | ||
| Q3 25 | — | $8.2B | ||
| Q2 25 | — | $8.2B | ||
| Q1 25 | — | $8.1B | ||
| Q4 24 | — | $7.2B | ||
| Q3 24 | — | $4.2B | ||
| Q2 24 | — | $3.8B | ||
| Q1 24 | — | $3.6B |
股东权益IIPRMSTR
| Q4 25 | $1.8B | $44.1B | ||
| Q3 25 | $1.9B | $52.3B | ||
| Q2 25 | $1.9B | $47.5B | ||
| Q1 25 | $1.9B | $32.2B | ||
| Q4 24 | $1.9B | $18.2B | ||
| Q3 24 | $1.9B | $3.8B | ||
| Q2 24 | $1.9B | $2.8B | ||
| Q1 24 | $2.0B | $2.4B |
总资产IIPRMSTR
| Q4 25 | $2.4B | $61.6B | ||
| Q3 25 | $2.3B | $73.6B | ||
| Q2 25 | $2.3B | $64.8B | ||
| Q1 25 | $2.4B | $43.9B | ||
| Q4 24 | $2.4B | $25.8B | ||
| Q3 24 | $2.4B | $8.3B | ||
| Q2 24 | $2.4B | $7.1B | ||
| Q1 24 | $2.4B | $6.4B |
负债/权益比IIPRMSTR
| Q4 25 | 0.21× | 0.19× | ||
| Q3 25 | — | 0.16× | ||
| Q2 25 | — | 0.17× | ||
| Q1 25 | — | 0.25× | ||
| Q4 24 | — | 0.39× | ||
| Q3 24 | — | 1.12× | ||
| Q2 24 | — | 1.36× | ||
| Q1 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 | $198.2M | — |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | 6.22× | — |
| 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IIPRMSTR
| Q4 25 | $198.2M | — | ||
| Q3 25 | $45.6M | $-8.3M | ||
| Q2 25 | $48.4M | $-34.9M | ||
| Q1 25 | $54.2M | $-2.4M | ||
| Q4 24 | $258.4M | $-17.3M | ||
| Q3 24 | $64.9M | $-41.0M | ||
| Q2 24 | $64.2M | $-23.3M | ||
| Q1 24 | $71.6M | $28.6M |
自由现金流IIPRMSTR
| 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IIPRMSTR
| 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IIPRMSTR
| 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IIPRMSTR
| Q4 25 | 6.22× | — | ||
| Q3 25 | 1.56× | -0.00× | ||
| Q2 25 | 1.86× | -0.00× | ||
| Q1 25 | 1.75× | — | ||
| Q4 24 | 6.46× | — | ||
| Q3 24 | 1.61× | — | ||
| Q2 24 | 1.53× | — | ||
| Q1 24 | 1.82× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
