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微策略（MSTR）与PUMA BIOTECHNOLOGY, INC.（PBYI）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PUMA BIOTECHNOLOGY, INC.的1.6倍（$123.0M vs $75.5M），PUMA BIOTECHNOLOGY, INC.同比增速更快（27.7% vs 1.9%），过去两年PUMA BIOTECHNOLOGY, INC.的营收复合增速更高（31.3% 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。
彪马生物技术是一家公开上市的生物制药企业，总部位于美国加利福尼亚州洛杉矶，专注于创新药物研发相关业务，在生物制药领域开展研发与商业化运营。
MSTR vs PBYI — 直观对比
营收规模更大
MSTR
是对方的1.6倍
$75.5M
营收增速更快
PBYI
高出25.8%
1.9%
两年增速更快
PBYI
近两年复合增速
3.3%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $123.0M | $75.5M |
| 净利润 | — | — |
| 毛利率 | 66.1% | 69.3% |
| 营业利润率 | — | 22.7% |
| 净利率 | — | — |
| 营收同比 | 1.9% | 27.7% |
| 净利润同比 | — | — |
| 每股收益（稀释后） | — | $0.26 |
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MSTRPBYI
| Q4 25 | $123.0M | $75.5M | ||
| Q3 25 | $128.7M | $54.5M | ||
| Q2 25 | $114.5M | $52.4M | ||
| Q1 25 | $111.1M | $46.0M | ||
| Q4 24 | $120.7M | $59.1M | ||
| Q3 24 | $116.1M | $80.5M | ||
| Q2 24 | $111.4M | $47.1M | ||
| Q1 24 | $115.2M | $43.8M |
净利润MSTRPBYI
| Q4 25 | — | — | ||
| Q3 25 | $2.8B | $8.8M | ||
| Q2 25 | $10.0B | $5.9M | ||
| Q1 25 | $-4.2B | $3.0M | ||
| Q4 24 | $-670.8M | — | ||
| Q3 24 | $-340.2M | $20.3M | ||
| Q2 24 | $-102.6M | $-4.5M | ||
| Q1 24 | $-53.1M | $-4.8M |
毛利率MSTRPBYI
| Q4 25 | 66.1% | 69.3% | ||
| Q3 25 | 70.5% | 77.7% | ||
| Q2 25 | 68.8% | 76.5% | ||
| Q1 25 | 69.4% | 77.1% | ||
| Q4 24 | 71.7% | 76.4% | ||
| Q3 24 | 70.4% | 63.9% | ||
| Q2 24 | 72.2% | 77.4% | ||
| Q1 24 | 74.0% | 75.5% |
营业利润率MSTRPBYI
| Q4 25 | — | 22.7% | ||
| Q3 25 | — | 17.6% | ||
| Q2 25 | — | 12.7% | ||
| Q1 25 | -5331.4% | 8.7% | ||
| Q4 24 | -842.1% | 22.6% | ||
| Q3 24 | -372.7% | 27.4% | ||
| Q2 24 | -179.7% | -4.6% | ||
| Q1 24 | -176.8% | -5.3% |
净利率MSTRPBYI
| Q4 25 | — | — | ||
| Q3 25 | 2164.1% | 16.2% | ||
| Q2 25 | 8752.7% | 11.2% | ||
| Q1 25 | -3797.2% | 6.5% | ||
| Q4 24 | -555.8% | — | ||
| Q3 24 | -293.1% | 25.2% | ||
| Q2 24 | -92.0% | -9.6% | ||
| Q1 24 | -46.1% | -11.0% |
每股收益（稀释后）MSTRPBYI
| Q4 25 | — | $0.26 | ||
| Q3 25 | $8.42 | $0.17 | ||
| Q2 25 | $32.60 | $0.12 | ||
| Q1 25 | $-16.49 | $0.06 | ||
| Q4 24 | $4.49 | $0.40 | ||
| Q3 24 | $-1.72 | $0.41 | ||
| Q2 24 | $-0.57 | $-0.09 | ||
| 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 | $97.5M |
| 总债务越低越好 | $8.2B | $22.7M |
| 股东权益账面价值 | $44.1B | $130.3M |
| 总资产 | $61.6B | $216.3M |
| 负债/权益比越低杠杆越低 | 0.19× | 0.17× |
8季度趋势，按日历期对齐
现金及短期投资MSTRPBYI
| Q4 25 | $2.3B | $97.5M | ||
| Q3 25 | $54.3M | $94.4M | ||
| Q2 25 | $50.1M | $96.0M | ||
| Q1 25 | $60.3M | $93.2M | ||
| Q4 24 | $38.1M | $101.0M | ||
| Q3 24 | $46.3M | $96.7M | ||
| Q2 24 | $66.9M | $96.8M | ||
| Q1 24 | $81.3M | $107.2M |
总债务MSTRPBYI
| Q4 25 | $8.2B | $22.7M | ||
| Q3 25 | $8.2B | $34.0M | ||
| Q2 25 | $8.2B | $45.3M | ||
| Q1 25 | $8.1B | $56.7M | ||
| Q4 24 | $7.2B | $68.0M | ||
| Q3 24 | $4.2B | $79.3M | ||
| Q2 24 | $3.8B | $90.7M | ||
| Q1 24 | $3.6B | $102.0M |
股东权益MSTRPBYI
| Q4 25 | $44.1B | $130.3M | ||
| Q3 25 | $52.3B | $115.3M | ||
| Q2 25 | $47.5B | $104.7M | ||
| Q1 25 | $32.2B | $97.1M | ||
| Q4 24 | $18.2B | $92.1M | ||
| Q3 24 | $3.8B | $71.1M | ||
| Q2 24 | $2.8B | $48.5M | ||
| Q1 24 | $2.4B | $51.0M |
总资产MSTRPBYI
| Q4 25 | $61.6B | $216.3M | ||
| Q3 25 | $73.6B | $202.9M | ||
| Q2 25 | $64.8B | $194.9M | ||
| Q1 25 | $43.9B | $196.2M | ||
| Q4 24 | $25.8B | $213.3M | ||
| Q3 24 | $8.3B | $220.7M | ||
| Q2 24 | $7.1B | $205.0M | ||
| Q1 24 | $6.4B | $214.1M |
负债/权益比MSTRPBYI
| Q4 25 | 0.19× | 0.17× | ||
| Q3 25 | 0.16× | 0.30× | ||
| Q2 25 | 0.17× | 0.43× | ||
| Q1 25 | 0.25× | 0.58× | ||
| Q4 24 | 0.39× | 0.74× | ||
| Q3 24 | 1.12× | 1.12× | ||
| Q2 24 | 1.36× | 1.87× | ||
| Q1 24 | 1.48× | 2.00× |
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 | — | $14.4M |
| 自由现金流经营现金流 - 资本支出 | — | $14.4M |
| 自由现金流率自由现金流/营收 | — | 19.1% |
| 资本支出强度资本支出/营收 | — | 0.0% |
| 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 | — | $41.7M |
8季度趋势，按日历期对齐
经营现金流MSTRPBYI
| Q4 25 | — | $14.4M | ||
| Q3 25 | $-8.3M | $9.7M | ||
| Q2 25 | $-34.9M | $14.1M | ||
| Q1 25 | $-2.4M | $3.6M | ||
| Q4 24 | $-17.3M | $15.6M | ||
| Q3 24 | $-41.0M | $11.0M | ||
| Q2 24 | $-23.3M | $1.0M | ||
| Q1 24 | $28.6M | $11.2M |
自由现金流MSTRPBYI
| Q4 25 | — | $14.4M | ||
| Q3 25 | $-11.1M | $9.7M | ||
| Q2 25 | $-37.0M | $14.1M | ||
| Q1 25 | $-5.1M | $3.6M | ||
| Q4 24 | $-17.6M | $15.6M | ||
| Q3 24 | $-41.4M | $11.0M | ||
| Q2 24 | $-24.1M | $1.0M | ||
| Q1 24 | $27.0M | — |
自由现金流率MSTRPBYI
| Q4 25 | — | 19.1% | ||
| Q3 25 | -8.6% | 17.7% | ||
| Q2 25 | -32.3% | 26.8% | ||
| Q1 25 | -4.6% | 7.7% | ||
| Q4 24 | -14.6% | 26.4% | ||
| Q3 24 | -35.7% | 13.7% | ||
| Q2 24 | -21.6% | 2.1% | ||
| Q1 24 | 23.5% | — |
资本支出强度MSTRPBYI
| Q4 25 | — | 0.0% | ||
| Q3 25 | 2.2% | 0.0% | ||
| Q2 25 | 1.8% | 0.0% | ||
| Q1 25 | 2.5% | 0.1% | ||
| Q4 24 | 0.2% | 0.0% | ||
| Q3 24 | 0.4% | 0.0% | ||
| Q2 24 | 0.6% | 0.0% | ||
| Q1 24 | 1.3% | 0.0% |
现金转化率MSTRPBYI
| Q4 25 | — | — | ||
| Q3 25 | -0.00× | 1.10× | ||
| Q2 25 | -0.00× | 2.41× | ||
| Q1 25 | — | 1.21× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.54× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
