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冠群电脑（MANH）与ROYAL GOLD INC（RGLD）财务数据对比。点击上方公司名可切换其他公司
ROYAL GOLD INC的季度营收约是冠群电脑的1.3倍（$375.3M vs $282.2M），ROYAL GOLD INC净利率更高（24.9% vs 17.5%，领先7.5%），ROYAL GOLD INC同比增速更快（85.3% vs 6.0%），过去两年ROYAL GOLD INC的营收复合增速更高（58.8% vs 3.1%）
原冠群电脑国际有限公司，后更名为CA科技，是1976年至2018年存续的美国跨国企业软件开发商与发行商。作为全球顶尖独立软件企业之一，曾位列行业第二，旗下系统软件适配IBM大型机、分布式计算、虚拟机及云计算环境。
Royal Gold Inc.是全球领先的贵金属流权与特许权经营企业，收购并管理多元化的矿业项目流权、净熔炼收益特许权及相关权益，资产覆盖黄金、白银、铜等品类，业务遍及多地区，无需直接承担采矿运营风险。
MANH vs RGLD — 直观对比
营收规模更大
RGLD
是对方的1.3倍
$282.2M
营收增速更快
RGLD
高出79.3%
6.0%
净利率更高
RGLD
高出7.5%
17.5%
两年增速更快
RGLD
近两年复合增速
3.1%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $282.2M | $375.3M |
| 净利润 | $49.3M | $93.6M |
| 毛利率 | — | 64.6% |
| 营业利润率 | 23.0% | 56.2% |
| 净利率 | 17.5% | 24.9% |
| 营收同比 | 6.0% | 85.3% |
| 净利润同比 | -6.3% | -12.8% |
| 每股收益（稀释后） | $0.82 | $1.04 |
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MANHRGLD
| Q1 26 | $282.2M | — | ||
| Q4 25 | $270.4M | $375.3M | ||
| Q3 25 | $275.8M | $252.1M | ||
| Q2 25 | $272.4M | $209.6M | ||
| Q1 25 | $262.8M | $193.4M | ||
| Q4 24 | $255.8M | $202.6M | ||
| Q3 24 | $266.7M | $193.8M | ||
| Q2 24 | $265.3M | $174.1M |
净利润MANHRGLD
| Q1 26 | $49.3M | — | ||
| Q4 25 | $52.0M | $93.6M | ||
| Q3 25 | $58.6M | $126.8M | ||
| Q2 25 | $56.8M | $132.3M | ||
| Q1 25 | $52.6M | $113.5M | ||
| Q4 24 | $48.0M | $107.4M | ||
| Q3 24 | $63.8M | $96.2M | ||
| Q2 24 | $52.8M | $81.2M |
毛利率MANHRGLD
| Q1 26 | — | — | ||
| Q4 25 | 55.0% | 64.6% | ||
| Q3 25 | 56.6% | 73.6% | ||
| Q2 25 | 57.3% | 72.6% | ||
| Q1 25 | 56.4% | 69.4% | ||
| Q4 24 | 55.8% | 70.3% | ||
| Q3 24 | 55.5% | 66.6% | ||
| Q2 24 | 54.8% | 64.7% |
营业利润率MANHRGLD
| Q1 26 | 23.0% | — | ||
| Q4 25 | 24.8% | 56.2% | ||
| Q3 25 | 27.5% | 64.4% | ||
| Q2 25 | 27.1% | 67.7% | ||
| Q1 25 | 24.0% | 63.6% | ||
| Q4 24 | 23.7% | 65.9% | ||
| Q3 24 | 28.2% | 61.3% | ||
| Q2 24 | 25.7% | 58.6% |
净利率MANHRGLD
| Q1 26 | 17.5% | — | ||
| Q4 25 | 19.2% | 24.9% | ||
| Q3 25 | 21.3% | 50.3% | ||
| Q2 25 | 20.8% | 63.1% | ||
| Q1 25 | 20.0% | 58.7% | ||
| Q4 24 | 18.8% | 53.0% | ||
| Q3 24 | 23.9% | 49.7% | ||
| Q2 24 | 19.9% | 46.6% |
每股收益（稀释后）MANHRGLD
| Q1 26 | $0.82 | — | ||
| Q4 25 | $0.86 | $1.04 | ||
| Q3 25 | $0.96 | $1.92 | ||
| Q2 25 | $0.93 | $2.01 | ||
| Q1 25 | $0.85 | $1.72 | ||
| Q4 24 | $0.77 | $1.63 | ||
| Q3 24 | $1.03 | $1.46 | ||
| Q2 24 | $0.85 | $1.23 |
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 | $226.1M | $233.7M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $205.2M | $7.2B |
| 总资产 | $740.5M | $9.5B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资MANHRGLD
| Q1 26 | $226.1M | — | ||
| Q4 25 | $328.7M | $233.7M | ||
| Q3 25 | $263.6M | $172.8M | ||
| Q2 25 | $230.6M | $248.2M | ||
| Q1 25 | $205.9M | $240.8M | ||
| Q4 24 | $266.2M | $195.5M | ||
| Q3 24 | $215.0M | $127.9M | ||
| Q2 24 | $202.7M | $74.2M |
总债务MANHRGLD
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $0 | ||
| Q2 24 | — | $50.0M |
股东权益MANHRGLD
| Q1 26 | $205.2M | — | ||
| Q4 25 | $314.8M | $7.2B | ||
| Q3 25 | $309.2M | $3.4B | ||
| Q2 25 | $278.8M | $3.3B | ||
| Q1 25 | $245.1M | $3.2B | ||
| Q4 24 | $299.1M | $3.1B | ||
| Q3 24 | $278.0M | $3.0B | ||
| Q2 24 | $240.6M | $3.0B |
总资产MANHRGLD
| Q1 26 | $740.5M | — | ||
| Q4 25 | $839.4M | $9.5B | ||
| Q3 25 | $768.8M | $4.5B | ||
| Q2 25 | $744.7M | $3.6B | ||
| Q1 25 | $708.2M | $3.5B | ||
| Q4 24 | $757.6M | $3.4B | ||
| Q3 24 | $698.1M | $3.3B | ||
| Q2 24 | $665.3M | $3.3B |
负债/权益比MANHRGLD
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | 0.02× |
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 | $84.0M | $241.7M |
| 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 | 0.3% | — |
| 现金转化率经营现金流/净利润 | 1.70× | 2.58× |
| 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MANHRGLD
| Q1 26 | $84.0M | — | ||
| Q4 25 | $147.1M | $241.7M | ||
| Q3 25 | $93.1M | $174.0M | ||
| Q2 25 | $74.0M | $152.8M | ||
| Q1 25 | $75.3M | $136.4M | ||
| Q4 24 | $104.7M | $141.1M | ||
| Q3 24 | $62.3M | $136.7M | ||
| Q2 24 | $73.3M | $113.5M |
自由现金流MANHRGLD
| Q1 26 | — | — | ||
| Q4 25 | $142.4M | — | ||
| Q3 25 | $87.2M | — | ||
| Q2 25 | $70.1M | — | ||
| Q1 25 | $74.4M | — | ||
| Q4 24 | $101.6M | — | ||
| Q3 24 | $61.3M | — | ||
| Q2 24 | $71.0M | — |
自由现金流率MANHRGLD
| Q1 26 | — | — | ||
| Q4 25 | 52.7% | — | ||
| Q3 25 | 31.6% | — | ||
| Q2 25 | 25.7% | — | ||
| Q1 25 | 28.3% | — | ||
| Q4 24 | 39.7% | — | ||
| Q3 24 | 23.0% | — | ||
| Q2 24 | 26.8% | — |
资本支出强度MANHRGLD
| Q1 26 | 0.3% | — | ||
| Q4 25 | 1.7% | — | ||
| Q3 25 | 2.1% | — | ||
| Q2 25 | 1.5% | — | ||
| Q1 25 | 0.3% | — | ||
| Q4 24 | 1.2% | — | ||
| Q3 24 | 0.4% | — | ||
| Q2 24 | 0.8% | — |
现金转化率MANHRGLD
| Q1 26 | 1.70× | — | ||
| Q4 25 | 2.83× | 2.58× | ||
| Q3 25 | 1.59× | 1.37× | ||
| Q2 25 | 1.30× | 1.15× | ||
| Q1 25 | 1.43× | 1.20× | ||
| Q4 24 | 2.18× | 1.31× | ||
| Q3 24 | 0.98× | 1.42× | ||
| Q2 24 | 1.39× | 1.40× |
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
MANH
| Services | $125.7M | 45% |
| Cloud subscriptions | $117.1M | 42% |
| Maintenance | $30.6M | 11% |
| Hardware | $6.5M | 2% |
| Software license | $2.2M | 1% |
RGLD
| Gold | $216.9M | 58% |
| Pueblo Viejo | $47.3M | 13% |
| Andacollo | $32.6M | 9% |
| Silver | $32.1M | 9% |
| Other | $27.2M | 7% |
| Copper | $13.7M | 4% |
| Cortez Legacy Zone | $5.4M | 1% |
