vs
冠群电脑（MANH）与STARWOOD PROPERTY TRUST, INC.（STWD）财务数据对比。点击上方公司名可切换其他公司
STARWOOD PROPERTY TRUST, INC.的季度营收约是冠群电脑的1.8倍（$492.9M vs $270.4M），STARWOOD PROPERTY TRUST, INC.净利率更高（19.7% vs 19.2%，领先0.4%），STARWOOD PROPERTY TRUST, INC.同比增速更快（8.5% vs 5.7%），过去两年冠群电脑的营收复合增速更高（3.1% vs -2.9%）
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。
喜达屋酒店及度假村国际集团是全球规模最大的酒店企业之一，业务涵盖酒店、度假村、水疗中心、住宅及度假产权物业的持有、运营、特许经营与管理。集团前身为1969年成立的房地产投资信托基金，1995年完成收购重组，旗下共11个品牌，管理及特许经营的物业共计1297处。
MANH vs STWD — 直观对比
营收规模更大
STWD
是对方的1.8倍
$270.4M
营收增速更快
STWD
高出2.8%
5.7%
净利率更高
STWD
高出0.4%
19.2%
两年增速更快
MANH
近两年复合增速
-2.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $270.4M | $492.9M |
| 净利润 | $52.0M | $96.9M |
| 毛利率 | 55.0% | — |
| 营业利润率 | 24.8% | 26.6% |
| 净利率 | 19.2% | 19.7% |
| 营收同比 | 5.7% | 8.5% |
| 净利润同比 | 8.2% | 87.7% |
| 每股收益（稀释后） | $0.86 | $0.25 |
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MANHSTWD
| Q4 25 | $270.4M | $492.9M | ||
| Q3 25 | $275.8M | $488.9M | ||
| Q2 25 | $272.4M | $444.3M | ||
| Q1 25 | $262.8M | $418.2M | ||
| Q4 24 | $255.8M | $454.4M | ||
| Q3 24 | $266.7M | $479.5M | ||
| Q2 24 | $265.3M | $489.8M | ||
| Q1 24 | $254.6M | $523.1M |
净利润MANHSTWD
| Q4 25 | $52.0M | $96.9M | ||
| Q3 25 | $58.6M | $72.6M | ||
| Q2 25 | $56.8M | $129.8M | ||
| Q1 25 | $52.6M | $112.3M | ||
| Q4 24 | $48.0M | $51.6M | ||
| Q3 24 | $63.8M | $76.1M | ||
| Q2 24 | $52.8M | $77.9M | ||
| Q1 24 | $53.8M | $154.3M |
毛利率MANHSTWD
| Q4 25 | 55.0% | — | ||
| Q3 25 | 56.6% | — | ||
| Q2 25 | 57.3% | — | ||
| Q1 25 | 56.4% | — | ||
| Q4 24 | 55.8% | — | ||
| Q3 24 | 55.5% | — | ||
| Q2 24 | 54.8% | — | ||
| Q1 24 | 53.1% | — |
营业利润率MANHSTWD
| Q4 25 | 24.8% | 26.6% | ||
| Q3 25 | 27.5% | 19.1% | ||
| Q2 25 | 27.1% | 30.5% | ||
| Q1 25 | 24.0% | 28.7% | ||
| Q4 24 | 23.7% | 15.1% | ||
| Q3 24 | 28.2% | 17.2% | ||
| Q2 24 | 25.7% | 19.1% | ||
| Q1 24 | 22.6% | 30.8% |
净利率MANHSTWD
| Q4 25 | 19.2% | 19.7% | ||
| Q3 25 | 21.3% | 14.8% | ||
| Q2 25 | 20.8% | 29.2% | ||
| Q1 25 | 20.0% | 26.8% | ||
| Q4 24 | 18.8% | 11.4% | ||
| Q3 24 | 23.9% | 15.9% | ||
| Q2 24 | 19.9% | 15.9% | ||
| Q1 24 | 21.1% | 29.5% |
每股收益（稀释后）MANHSTWD
| Q4 25 | $0.86 | $0.25 | ||
| Q3 25 | $0.96 | $0.19 | ||
| Q2 25 | $0.93 | $0.38 | ||
| Q1 25 | $0.85 | $0.33 | ||
| Q4 24 | $0.77 | $0.15 | ||
| Q3 24 | $1.03 | $0.23 | ||
| Q2 24 | $0.85 | $0.24 | ||
| Q1 24 | $0.86 | $0.48 |
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 | $328.7M | $499.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $314.8M | $6.8B |
| 总资产 | $839.4M | $63.2B |
| 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MANHSTWD
| Q4 25 | $328.7M | $499.5M | ||
| Q3 25 | $263.6M | $301.1M | ||
| Q2 25 | $230.6M | $259.9M | ||
| Q1 25 | $205.9M | $440.6M | ||
| Q4 24 | $266.2M | $377.8M | ||
| Q3 24 | $215.0M | $357.9M | ||
| Q2 24 | $202.7M | $259.3M | ||
| Q1 24 | $207.5M | $327.4M |
股东权益MANHSTWD
| Q4 25 | $314.8M | $6.8B | ||
| Q3 25 | $309.2M | $6.9B | ||
| Q2 25 | $278.8M | $6.4B | ||
| Q1 25 | $245.1M | $6.4B | ||
| Q4 24 | $299.1M | $6.4B | ||
| Q3 24 | $278.0M | $6.5B | ||
| Q2 24 | $240.6M | $6.2B | ||
| Q1 24 | $239.6M | $6.3B |
总资产MANHSTWD
| Q4 25 | $839.4M | $63.2B | ||
| Q3 25 | $768.8M | $62.4B | ||
| Q2 25 | $744.7M | $62.4B | ||
| Q1 25 | $708.2M | $62.2B | ||
| Q4 24 | $757.6M | $62.6B | ||
| Q3 24 | $698.1M | $64.2B | ||
| Q2 24 | $665.3M | $64.1B | ||
| Q1 24 | $674.8M | $66.2B |
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 | $147.1M | $488.8M |
| 自由现金流经营现金流 - 资本支出 | $142.4M | — |
| 自由现金流率自由现金流/营收 | 52.7% | — |
| 资本支出强度资本支出/营收 | 1.7% | — |
| 现金转化率经营现金流/净利润 | 2.83× | 5.04× |
| 过去12个月自由现金流最近4个季度 | $374.0M | — |
8季度趋势，按日历期对齐
经营现金流MANHSTWD
| Q4 25 | $147.1M | $488.8M | ||
| Q3 25 | $93.1M | $337.6M | ||
| Q2 25 | $74.0M | $-87.4M | ||
| Q1 25 | $75.3M | $238.9M | ||
| Q4 24 | $104.7M | $295.6M | ||
| Q3 24 | $62.3M | $241.8M | ||
| Q2 24 | $73.3M | $53.3M | ||
| Q1 24 | $54.7M | $55.9M |
自由现金流MANHSTWD
| 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 | — | ||
| Q1 24 | $52.4M | — |
自由现金流率MANHSTWD
| 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% | — | ||
| Q1 24 | 20.6% | — |
资本支出强度MANHSTWD
| 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% | — | ||
| Q1 24 | 0.9% | — |
现金转化率MANHSTWD
| Q4 25 | 2.83× | 5.04× | ||
| Q3 25 | 1.59× | 4.65× | ||
| Q2 25 | 1.30× | -0.67× | ||
| Q1 25 | 1.43× | 2.13× | ||
| Q4 24 | 2.18× | 5.72× | ||
| Q3 24 | 0.98× | 3.18× | ||
| Q2 24 | 1.39× | 0.68× | ||
| Q1 24 | 1.02× | 0.36× |
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
| Service Other | $120.0M | 44% |
| Cloud Subscriptions | $108.6M | 40% |
| Maintenance | $32.3M | 12% |
| Hardware | $6.9M | 3% |
| License And Maintenance | $2.6M | 1% |
STWD
| Commercial And Residential Lending Segment | $335.2M | 68% |
| Infrastructure Lending Segment | $70.3M | 14% |
| Property Segment | $57.8M | 12% |
| Other | $29.7M | 6% |
