vs
微策略（MSTR）与Ranpak Holdings Corp.（PACK）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Ranpak Holdings Corp.的1.3倍（$123.0M vs $93.7M），Ranpak Holdings Corp.同比增速更快（2.3% vs 1.9%），过去两年Ranpak Holdings Corp.的营收复合增速更高（13.7% 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。
Ranpak Holdings Corp.主营生产防护纸质包装设备与纸制品，可为电商及各行业货品运输提供纸质缓冲包装方案，同时也供应自动化包装解决方案。公司总部位于美国俄亥俄州康科德，在美国本土多个州、捷克、荷兰、中国上海及新加坡均设有生产基地与办公室，产品可用于包裹缠绕、缓冲填隙、冷链运输等多种场景。
MSTR vs PACK — 直观对比
营收规模更大
MSTR
是对方的1.3倍
$93.7M
营收增速更快
PACK
高出0.4%
1.9%
两年增速更快
PACK
近两年复合增速
3.3%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $123.0M | $93.7M |
| 净利润 | — | — |
| 毛利率 | 66.1% | 39.0% |
| 营业利润率 | — | -1.0% |
| 净利率 | — | — |
| 营收同比 | 1.9% | 2.3% |
| 净利润同比 | — | — |
| 每股收益（稀释后） | — | $-0.11 |
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MSTRPACK
| Q4 25 | $123.0M | $93.7M | ||
| Q3 25 | $128.7M | $83.6M | ||
| Q2 25 | $114.5M | $77.8M | ||
| Q1 25 | $111.1M | $77.6M | ||
| Q4 24 | $120.7M | $91.6M | ||
| Q3 24 | $116.1M | $78.6M | ||
| Q2 24 | $111.4M | $72.8M | ||
| Q1 24 | $115.2M | $72.5M |
净利润MSTRPACK
| Q4 25 | — | — | ||
| Q3 25 | $2.8B | $-10.4M | ||
| Q2 25 | $10.0B | $-7.5M | ||
| Q1 25 | $-4.2B | $-10.9M | ||
| Q4 24 | $-670.8M | — | ||
| Q3 24 | $-340.2M | $-8.1M | ||
| Q2 24 | $-102.6M | $5.5M | ||
| Q1 24 | $-53.1M | $-8.1M |
毛利率MSTRPACK
| Q4 25 | 66.1% | 39.0% | ||
| Q3 25 | 70.5% | 41.1% | ||
| Q2 25 | 68.8% | 37.1% | ||
| Q1 25 | 69.4% | 39.8% | ||
| Q4 24 | 71.7% | 45.2% | ||
| Q3 24 | 70.4% | 43.8% | ||
| Q2 24 | 72.2% | 43.5% | ||
| Q1 24 | 74.0% | 44.6% |
营业利润率MSTRPACK
| Q4 25 | — | -1.0% | ||
| Q3 25 | — | -6.8% | ||
| Q2 25 | — | -12.5% | ||
| Q1 25 | -5331.4% | -10.3% | ||
| Q4 24 | -842.1% | 1.5% | ||
| Q3 24 | -372.7% | -5.3% | ||
| Q2 24 | -179.7% | -7.1% | ||
| Q1 24 | -176.8% | -6.6% |
净利率MSTRPACK
| Q4 25 | — | — | ||
| Q3 25 | 2164.1% | -12.4% | ||
| Q2 25 | 8752.7% | -9.6% | ||
| Q1 25 | -3797.2% | -14.0% | ||
| Q4 24 | -555.8% | — | ||
| Q3 24 | -293.1% | -10.3% | ||
| Q2 24 | -92.0% | 7.6% | ||
| Q1 24 | -46.1% | -11.2% |
每股收益（稀释后）MSTRPACK
| Q4 25 | — | $-0.11 | ||
| Q3 25 | $8.42 | $-0.12 | ||
| Q2 25 | $32.60 | $-0.09 | ||
| Q1 25 | $-16.49 | $-0.13 | ||
| Q4 24 | $4.49 | $-0.13 | ||
| Q3 24 | $-1.72 | $-0.10 | ||
| Q2 24 | $-0.57 | $0.07 | ||
| Q1 24 | $-0.31 | $-0.10 |
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 | $63.0M |
| 总债务越低越好 | $8.2B | $401.9M |
| 股东权益账面价值 | $44.1B | $534.9M |
| 总资产 | $61.6B | $1.1B |
| 负债/权益比越低杠杆越低 | 0.19× | 0.75× |
8季度趋势，按日历期对齐
现金及短期投资MSTRPACK
| Q4 25 | $2.3B | $63.0M | ||
| Q3 25 | $54.3M | $49.9M | ||
| Q2 25 | $50.1M | $49.2M | ||
| Q1 25 | $60.3M | $65.5M | ||
| Q4 24 | $38.1M | $76.1M | ||
| Q3 24 | $46.3M | $69.5M | ||
| Q2 24 | $66.9M | $65.1M | ||
| Q1 24 | $81.3M | $55.1M |
总债务MSTRPACK
| Q4 25 | $8.2B | $401.9M | ||
| Q3 25 | $8.2B | $403.1M | ||
| Q2 25 | $8.2B | $403.1M | ||
| Q1 25 | $8.1B | $405.2M | ||
| Q4 24 | $7.2B | $406.4M | ||
| Q3 24 | $4.2B | $403.2M | ||
| Q2 24 | $3.8B | $396.1M | ||
| Q1 24 | $3.6B | $396.7M |
股东权益MSTRPACK
| Q4 25 | $44.1B | $534.9M | ||
| Q3 25 | $52.3B | $537.8M | ||
| Q2 25 | $47.5B | $539.0M | ||
| Q1 25 | $32.2B | $544.1M | ||
| Q4 24 | $18.2B | $548.1M | ||
| Q3 24 | $3.8B | $564.3M | ||
| Q2 24 | $2.8B | $566.2M | ||
| Q1 24 | $2.4B | $560.0M |
总资产MSTRPACK
| Q4 25 | $61.6B | $1.1B | ||
| Q3 25 | $73.6B | $1.1B | ||
| Q2 25 | $64.8B | $1.1B | ||
| Q1 25 | $43.9B | $1.1B | ||
| Q4 24 | $25.8B | $1.1B | ||
| Q3 24 | $8.3B | $1.1B | ||
| Q2 24 | $7.1B | $1.1B | ||
| Q1 24 | $6.4B | $1.1B |
负债/权益比MSTRPACK
| Q4 25 | 0.19× | 0.75× | ||
| Q3 25 | 0.16× | 0.75× | ||
| Q2 25 | 0.17× | 0.75× | ||
| Q1 25 | 0.25× | 0.74× | ||
| Q4 24 | 0.39× | 0.74× | ||
| Q3 24 | 1.12× | 0.71× | ||
| Q2 24 | 1.36× | 0.70× | ||
| Q1 24 | 1.48× | 0.71× |
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 | — | $19.5M |
| 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 | — | — |
| 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MSTRPACK
| Q4 25 | — | $19.5M | ||
| Q3 25 | $-8.3M | $8.5M | ||
| Q2 25 | $-34.9M | $-3.6M | ||
| Q1 25 | $-2.4M | $-1.3M | ||
| Q4 24 | $-17.3M | $6.5M | ||
| Q3 24 | $-41.0M | $10.1M | ||
| Q2 24 | $-23.3M | $19.6M | ||
| Q1 24 | $28.6M | $5.2M |
自由现金流MSTRPACK
| 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MSTRPACK
| 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MSTRPACK
| 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MSTRPACK
| Q4 25 | — | — | ||
| Q3 25 | -0.00× | — | ||
| Q2 25 | -0.00× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 3.56× | ||
| Q1 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
MSTR
暂无分部数据
PACK
| Other | $47.9M | 51% |
| Europe And Asia Segment | $45.8M | 49% |
