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微策略（MSTR）与OPAL Fuels Inc.（OPAL）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OPAL Fuels Inc.的1.4倍（$123.0M vs $88.4M），OPAL Fuels Inc.同比增速更快（18.7% vs 1.9%），过去两年OPAL Fuels Inc.的营收复合增速更高（17.6% vs 3.3%）
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。
OPAL Fuels Inc.是一家北美能源企业，专注于生产和分销低碳可再生天然气（RNG）。公司从垃圾填埋场、奶牛场等有机废物流中收集甲烷，产出的可再生天然气主要供应给重型运输车队、商业物流运营商及公共交通实体，助力降低碳排放。
MSTR vs OPAL — 直观对比
营收规模更大
MSTR
是对方的1.4倍
$88.4M
营收增速更快
OPAL
高出16.8%
1.9%
两年增速更快
OPAL
近两年复合增速
3.3%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $123.0M | $88.4M |
| 净利润 | — | $16.2M |
| 毛利率 | 66.1% | — |
| 营业利润率 | — | 7.5% |
| 净利率 | — | 18.3% |
| 营收同比 | 1.9% | 18.7% |
| 净利润同比 | — | 401.5% |
| 每股收益（稀释后） | — | $0.08 |
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MSTROPAL
| Q4 25 | $123.0M | $88.4M | ||
| Q3 25 | $128.7M | $77.9M | ||
| Q2 25 | $114.5M | $77.4M | ||
| Q1 25 | $111.1M | $83.0M | ||
| Q4 24 | $120.7M | $74.5M | ||
| Q3 24 | $116.1M | $82.6M | ||
| Q2 24 | $111.4M | $69.8M | ||
| Q1 24 | $115.2M | $64.0M |
净利润MSTROPAL
| Q4 25 | — | $16.2M | ||
| Q3 25 | $2.8B | $11.4M | ||
| Q2 25 | $10.0B | $7.6M | ||
| Q1 25 | $-4.2B | $1.3M | ||
| Q4 24 | $-670.8M | $-5.4M | ||
| Q3 24 | $-340.2M | $17.1M | ||
| Q2 24 | $-102.6M | $1.9M | ||
| Q1 24 | $-53.1M | $677.0K |
毛利率MSTROPAL
| 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MSTROPAL
| Q4 25 | — | 7.5% | ||
| Q3 25 | — | 4.6% | ||
| Q2 25 | — | -1.1% | ||
| Q1 25 | -5331.4% | -2.3% | ||
| Q4 24 | -842.1% | -0.5% | ||
| Q3 24 | -372.7% | 14.9% | ||
| Q2 24 | -179.7% | 8.1% | ||
| Q1 24 | -176.8% | 5.6% |
净利率MSTROPAL
| Q4 25 | — | 18.3% | ||
| Q3 25 | 2164.1% | 14.6% | ||
| Q2 25 | 8752.7% | 9.8% | ||
| Q1 25 | -3797.2% | 1.5% | ||
| Q4 24 | -555.8% | -7.2% | ||
| Q3 24 | -293.1% | 20.7% | ||
| Q2 24 | -92.0% | 2.7% | ||
| Q1 24 | -46.1% | 1.1% |
每股收益（稀释后）MSTROPAL
| Q4 25 | — | $0.08 | ||
| Q3 25 | $8.42 | $0.05 | ||
| Q2 25 | $32.60 | $0.03 | ||
| Q1 25 | $-16.49 | $-0.01 | ||
| Q4 24 | $4.49 | $-0.05 | ||
| Q3 24 | $-1.72 | $0.09 | ||
| Q2 24 | $-0.57 | $-0.01 | ||
| Q1 24 | $-0.31 | $-0.01 |
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 | $2.3B | $24.4M |
| 总债务越低越好 | $8.2B | $361.3M |
| 股东权益账面价值 | $44.1B | $-12.9M |
| 总资产 | $61.6B | $959.5M |
| 负债/权益比越低杠杆越低 | 0.19× | — |
8季度趋势，按日历期对齐
现金及短期投资MSTROPAL
| Q4 25 | $2.3B | $24.4M | ||
| Q3 25 | $54.3M | $29.9M | ||
| Q2 25 | $50.1M | $29.3M | ||
| Q1 25 | $60.3M | $40.1M | ||
| Q4 24 | $38.1M | $24.3M | ||
| Q3 24 | $46.3M | $31.0M | ||
| Q2 24 | $66.9M | $27.6M | ||
| Q1 24 | $81.3M | $34.2M |
总债务MSTROPAL
| Q4 25 | $8.2B | $361.3M | ||
| Q3 25 | $8.2B | $351.2M | ||
| Q2 25 | $8.2B | $331.6M | ||
| Q1 25 | $8.1B | $307.0M | ||
| Q4 24 | $7.2B | $307.5M | ||
| Q3 24 | $4.2B | $252.9M | ||
| Q2 24 | $3.8B | $233.3M | ||
| Q1 24 | $3.6B | $208.7M |
股东权益MSTROPAL
| Q4 25 | $44.1B | $-12.9M | ||
| Q3 25 | $52.3B | $7.5M | ||
| Q2 25 | $47.5B | $-25.0M | ||
| Q1 25 | $32.2B | $57.1M | ||
| Q4 24 | $18.2B | $-148.4M | ||
| Q3 24 | $3.8B | $-180.1M | ||
| Q2 24 | $2.8B | $-273.0M | ||
| Q1 24 | $2.4B | $-382.4M |
总资产MSTROPAL
| Q4 25 | $61.6B | $959.5M | ||
| Q3 25 | $73.6B | $916.7M | ||
| Q2 25 | $64.8B | $905.5M | ||
| Q1 25 | $43.9B | $884.9M | ||
| Q4 24 | $25.8B | $881.1M | ||
| Q3 24 | $8.3B | $831.1M | ||
| Q2 24 | $7.1B | $782.3M | ||
| Q1 24 | $6.4B | $750.5M |
负债/权益比MSTROPAL
| Q4 25 | 0.19× | — | ||
| Q3 25 | 0.16× | 46.95× | ||
| Q2 25 | 0.17× | — | ||
| Q1 25 | 0.25× | 5.38× | ||
| 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 | — | $-3.5M |
| 自由现金流经营现金流 - 资本支出 | — | $-13.4M |
| 自由现金流率自由现金流/营收 | — | -15.1% |
| 资本支出强度资本支出/营收 | — | 11.1% |
| 现金转化率经营现金流/净利润 | — | -0.22× |
| 过去12个月自由现金流最近4个季度 | — | $-34.2M |
8季度趋势，按日历期对齐
经营现金流MSTROPAL
| Q4 25 | — | $-3.5M | ||
| Q3 25 | $-8.3M | $18.2M | ||
| Q2 25 | $-34.9M | $-7.9M | ||
| Q1 25 | $-2.4M | $29.7M | ||
| Q4 24 | $-17.3M | $-532.0K | ||
| Q3 24 | $-41.0M | $17.7M | ||
| Q2 24 | $-23.3M | $533.0K | ||
| Q1 24 | $28.6M | $13.7M |
自由现金流MSTROPAL
| Q4 25 | — | $-13.4M | ||
| Q3 25 | $-11.1M | $-9.3M | ||
| Q2 25 | $-37.0M | $-29.7M | ||
| Q1 25 | $-5.1M | $18.1M | ||
| Q4 24 | $-17.6M | $-55.0M | ||
| Q3 24 | $-41.4M | $-5.4M | ||
| Q2 24 | $-24.1M | $-22.5M | ||
| Q1 24 | $27.0M | $-13.0M |
自由现金流率MSTROPAL
| Q4 25 | — | -15.1% | ||
| Q3 25 | -8.6% | -11.9% | ||
| Q2 25 | -32.3% | -38.4% | ||
| Q1 25 | -4.6% | 21.8% | ||
| Q4 24 | -14.6% | -73.8% | ||
| Q3 24 | -35.7% | -6.5% | ||
| Q2 24 | -21.6% | -32.2% | ||
| Q1 24 | 23.5% | -20.4% |
资本支出强度MSTROPAL
| Q4 25 | — | 11.1% | ||
| Q3 25 | 2.2% | 35.3% | ||
| Q2 25 | 1.8% | 28.2% | ||
| Q1 25 | 2.5% | 13.9% | ||
| Q4 24 | 0.2% | 73.1% | ||
| Q3 24 | 0.4% | 27.9% | ||
| Q2 24 | 0.6% | 32.9% | ||
| Q1 24 | 1.3% | 41.8% |
现金转化率MSTROPAL
| Q4 25 | — | -0.22× | ||
| Q3 25 | -0.00× | 1.60× | ||
| Q2 25 | -0.00× | -1.04× | ||
| Q1 25 | — | 23.11× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.03× | ||
| Q2 24 | — | 0.28× | ||
| Q1 24 | — | 20.26× |
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
MSTR
暂无分部数据
OPAL
| Fuel Station Services Segment | $65.1M | 74% |
| Related Party | $12.1M | 14% |
| Renewable Power Segment | $8.6M | 10% |
| Other | $2.6M | 3% |
