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LifeStance Health Group, Inc.（LFST）与Waystar Holding Corp.（WAY）财务数据对比。点击上方公司名可切换其他公司
LifeStance Health Group, Inc.的季度营收约是Waystar Holding Corp.的1.2倍（$382.2M vs $313.9M），Waystar Holding Corp.净利率更高（13.8% vs 3.1%，领先10.7%），Waystar Holding Corp.同比增速更快（22.4% vs 17.4%），Waystar Holding Corp.自由现金流更多（$90.3M vs $46.6M），过去两年Waystar Holding Corp.的营收复合增速更高（15.7% vs 12.8%）
LifeStance Health Group是美国的门诊行为健康服务提供商，支持线下面诊与远程诊疗两种服务模式，业务涵盖心理咨询、精神科诊疗、经颅磁刺激（TMS）以及氯胺酮治疗等。该公司曾多次因劳动违规、客户信息泄露及误导投资者相关问题遭遇诉讼。
Waystar Holding Corp是一家领先的医疗健康支付与营收周期管理解决方案提供商，服务覆盖美国各地的医疗机构、医疗系统和支付方，旗下工具可简化账单处理、理赔申请、患者缴费流程，帮助医疗机构降低行政负担、优化营收表现。
LFST vs WAY — 直观对比
营收规模更大
LFST
是对方的1.2倍
$313.9M
营收增速更快
WAY
高出5.0%
17.4%
净利率更高
WAY
高出10.7%
3.1%
自由现金流更多
WAY
多$43.6M
$46.6M
两年增速更快
WAY
近两年复合增速
12.8%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $382.2M | $313.9M |
| 净利润 | $11.7M | $43.3M |
| 毛利率 | — | — |
| 营业利润率 | 4.7% | 25.6% |
| 净利率 | 3.1% | 13.8% |
| 营收同比 | 17.4% | 22.4% |
| 净利润同比 | 264.1% | 47.9% |
| 每股收益（稀释后） | — | $0.42 |
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LFSTWAY
| Q1 26 | — | $313.9M | ||
| Q4 25 | $382.2M | $303.5M | ||
| Q3 25 | $363.8M | $268.7M | ||
| Q2 25 | $345.3M | $270.7M | ||
| Q1 25 | $333.0M | $256.4M | ||
| Q4 24 | $325.5M | $244.1M | ||
| Q3 24 | $312.7M | $240.1M | ||
| Q2 24 | $312.3M | $234.5M |
净利润LFSTWAY
| Q1 26 | — | $43.3M | ||
| Q4 25 | $11.7M | $20.0M | ||
| Q3 25 | $1.1M | $30.6M | ||
| Q2 25 | $-3.8M | $32.2M | ||
| Q1 25 | $709.0K | $29.3M | ||
| Q4 24 | $-7.1M | $19.1M | ||
| Q3 24 | $-6.0M | $5.4M | ||
| Q2 24 | $-23.3M | $-27.7M |
营业利润率LFSTWAY
| Q1 26 | — | 25.6% | ||
| Q4 25 | 4.7% | 19.4% | ||
| Q3 25 | 2.0% | 22.4% | ||
| Q2 25 | -0.9% | 24.0% | ||
| Q1 25 | 0.5% | 25.4% | ||
| Q4 24 | 0.3% | 21.8% | ||
| Q3 24 | 0.0% | 11.3% | ||
| Q2 24 | -5.1% | 3.5% |
净利率LFSTWAY
| Q1 26 | — | 13.8% | ||
| Q4 25 | 3.1% | 6.6% | ||
| Q3 25 | 0.3% | 11.4% | ||
| Q2 25 | -1.1% | 11.9% | ||
| Q1 25 | 0.2% | 11.4% | ||
| Q4 24 | -2.2% | 7.8% | ||
| Q3 24 | -1.9% | 2.3% | ||
| Q2 24 | -7.5% | -11.8% |
每股收益（稀释后）LFSTWAY
| Q1 26 | — | $0.42 | ||
| Q4 25 | — | $0.10 | ||
| Q3 25 | — | $0.17 | ||
| Q2 25 | — | $0.18 | ||
| Q1 25 | — | $0.16 | ||
| Q4 24 | — | $0.18 | ||
| Q3 24 | — | $0.03 | ||
| Q2 24 | — | $-0.21 |
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 | $248.6M | $34.3M |
| 总债务越低越好 | $282.8M | $13.5M |
| 股东权益账面价值 | $1.5B | $3.9B |
| 总资产 | $2.2B | $5.8B |
| 负债/权益比越低杠杆越低 | 0.19× | 0.00× |
8季度趋势，按日历期对齐
现金及短期投资LFSTWAY
| Q1 26 | — | $34.3M | ||
| Q4 25 | $248.6M | $61.4M | ||
| Q3 25 | $203.9M | $421.1M | ||
| Q2 25 | $188.9M | $290.3M | ||
| Q1 25 | $134.3M | $224.0M | ||
| Q4 24 | $154.6M | $182.1M | ||
| Q3 24 | $102.6M | $127.1M | ||
| Q2 24 | $87.0M | $68.4M |
总债务LFSTWAY
| Q1 26 | — | $13.5M | ||
| Q4 25 | $282.8M | $1.5B | ||
| Q3 25 | $284.6M | — | ||
| Q2 25 | $286.4M | — | ||
| Q1 25 | $288.2M | — | ||
| Q4 24 | $290.0M | $1.2B | ||
| Q3 24 | $287.3M | — | ||
| Q2 24 | $288.0M | — |
股东权益LFSTWAY
| Q1 26 | — | $3.9B | ||
| Q4 25 | $1.5B | $3.9B | ||
| Q3 25 | $1.5B | $3.2B | ||
| Q2 25 | $1.5B | $3.2B | ||
| Q1 25 | $1.5B | $3.1B | ||
| Q4 24 | $1.4B | $3.1B | ||
| Q3 24 | $1.4B | $3.1B | ||
| Q2 24 | $1.4B | $2.9B |
总资产LFSTWAY
| Q1 26 | — | $5.8B | ||
| Q4 25 | $2.2B | $5.8B | ||
| Q3 25 | $2.1B | $4.7B | ||
| Q2 25 | $2.1B | $4.7B | ||
| Q1 25 | $2.1B | $4.6B | ||
| Q4 24 | $2.1B | $4.6B | ||
| Q3 24 | $2.1B | $4.5B | ||
| Q2 24 | $2.1B | $4.6B |
负债/权益比LFSTWAY
| Q1 26 | — | 0.00× | ||
| Q4 25 | 0.19× | 0.38× | ||
| Q3 25 | 0.19× | — | ||
| Q2 25 | 0.19× | — | ||
| Q1 25 | 0.20× | — | ||
| Q4 24 | 0.20× | 0.40× | ||
| Q3 24 | 0.20× | — | ||
| Q2 24 | 0.20× | — |
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 | $57.6M | $84.9M |
| 自由现金流经营现金流 - 资本支出 | $46.6M | $90.3M |
| 自由现金流率自由现金流/营收 | 12.2% | 28.8% |
| 资本支出强度资本支出/营收 | 2.9% | — |
| 现金转化率经营现金流/净利润 | 4.93× | 1.96× |
| 过去12个月自由现金流最近4个季度 | $110.0M | $314.6M |
8季度趋势，按日历期对齐
经营现金流LFSTWAY
| Q1 26 | — | $84.9M | ||
| Q4 25 | $57.6M | $66.6M | ||
| Q3 25 | $27.3M | $82.0M | ||
| Q2 25 | $64.4M | $96.8M | ||
| Q1 25 | $-3.1M | $64.2M | ||
| Q4 24 | $62.3M | — | ||
| Q3 24 | $22.7M | $78.8M | ||
| Q2 24 | $44.1M | $15.4M |
自由现金流LFSTWAY
| Q1 26 | — | $90.3M | ||
| Q4 25 | $46.6M | $57.2M | ||
| Q3 25 | $17.0M | $76.2M | ||
| Q2 25 | $56.6M | $91.0M | ||
| Q1 25 | $-10.3M | $58.8M | ||
| Q4 24 | $56.0M | — | ||
| Q3 24 | $17.7M | $70.2M | ||
| Q2 24 | $39.0M | $8.6M |
自由现金流率LFSTWAY
| Q1 26 | — | 28.8% | ||
| Q4 25 | 12.2% | 18.9% | ||
| Q3 25 | 4.7% | 28.3% | ||
| Q2 25 | 16.4% | 33.6% | ||
| Q1 25 | -3.1% | 22.9% | ||
| Q4 24 | 17.2% | — | ||
| Q3 24 | 5.7% | 29.2% | ||
| Q2 24 | 12.5% | 3.7% |
资本支出强度LFSTWAY
| Q1 26 | — | — | ||
| Q4 25 | 2.9% | 3.1% | ||
| Q3 25 | 2.8% | 2.2% | ||
| Q2 25 | 2.2% | 2.1% | ||
| Q1 25 | 2.2% | 2.1% | ||
| Q4 24 | 1.9% | — | ||
| Q3 24 | 1.6% | 3.6% | ||
| Q2 24 | 1.6% | 2.9% |
现金转化率LFSTWAY
| Q1 26 | — | 1.96× | ||
| Q4 25 | 4.93× | 3.33× | ||
| Q3 25 | 25.34× | 2.68× | ||
| Q2 25 | — | 3.01× | ||
| Q1 25 | -4.36× | 2.20× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 14.56× | ||
| Q2 24 | — | — |
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
LFST
暂无分部数据
WAY
| Subscription | $172.2M | 55% |
| Volume-based | $139.5M | 44% |
