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微策略（MSTR）与IMPINJ INC（PI）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IMPINJ INC的1.7倍（$123.0M vs $74.3M），微策略同比增速更快（1.9% vs -0.0%），过去两年微策略的营收复合增速更高（3.3% vs -14.9%）
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。
Impinj Inc.是一家美国射频识别（RFID）设备及软件提供商，成立于2000年，总部位于华盛顿州西雅图，源自加州理工学院Carver Mead与Chris Diorio的研究成果。公司主营EPC Class 1 Gen 2无源超高频RFID芯片、读写器、读写器芯片、天线，以及芯片编码、业务数据采集相关的软件应用，为各行业RFID应用提供全链路产品支持。
MSTR vs PI — 直观对比
营收规模更大
MSTR
是对方的1.7倍
$74.3M
营收增速更快
MSTR
高出1.9%
-0.0%
两年增速更快
MSTR
近两年复合增速
-14.9%
损益表 — Q2 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $123.0M | $74.3M |
| 净利润 | — | $8.3M |
| 毛利率 | 66.1% | 49.1% |
| 营业利润率 | — | 30.5% |
| 净利率 | — | 11.2% |
| 营收同比 | 1.9% | -0.0% |
| 净利润同比 | — | — |
| 每股收益（稀释后） | — | $0.14 |
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MSTRPI
| Q1 26 | — | $74.3M | ||
| Q4 25 | $123.0M | $92.8M | ||
| Q3 25 | $128.7M | $96.1M | ||
| Q2 25 | $114.5M | $97.9M | ||
| Q1 25 | $111.1M | $74.3M | ||
| Q4 24 | $120.7M | $91.6M | ||
| Q3 24 | $116.1M | $95.2M | ||
| Q2 24 | $111.4M | $102.5M |
净利润MSTRPI
| Q1 26 | — | $8.3M | ||
| Q4 25 | — | $-1.1M | ||
| Q3 25 | $2.8B | $-12.8M | ||
| Q2 25 | $10.0B | $11.6M | ||
| Q1 25 | $-4.2B | $-8.5M | ||
| Q4 24 | $-670.8M | $-2.7M | ||
| Q3 24 | $-340.2M | $221.0K | ||
| Q2 24 | $-102.6M | $10.0M |
毛利率MSTRPI
| Q1 26 | — | 49.1% | ||
| Q4 25 | 66.1% | 51.8% | ||
| Q3 25 | 70.5% | 50.3% | ||
| Q2 25 | 68.8% | 57.8% | ||
| Q1 25 | 69.4% | 49.4% | ||
| Q4 24 | 71.7% | 50.5% | ||
| Q3 24 | 70.4% | 50.0% | ||
| Q2 24 | 72.2% | 56.1% |
营业利润率MSTRPI
| Q1 26 | — | 30.5% | ||
| Q4 25 | — | -2.9% | ||
| Q3 25 | — | 0.7% | ||
| Q2 25 | — | 11.1% | ||
| Q1 25 | -5331.4% | -12.9% | ||
| Q4 24 | -842.1% | -3.9% | ||
| Q3 24 | -372.7% | -0.8% | ||
| Q2 24 | -179.7% | 8.8% |
净利率MSTRPI
| Q1 26 | — | 11.2% | ||
| Q4 25 | — | -1.2% | ||
| Q3 25 | 2164.1% | -13.3% | ||
| Q2 25 | 8752.7% | 11.8% | ||
| Q1 25 | -3797.2% | -11.4% | ||
| Q4 24 | -555.8% | -2.9% | ||
| Q3 24 | -293.1% | 0.2% | ||
| Q2 24 | -92.0% | 9.7% |
每股收益（稀释后）MSTRPI
| Q1 26 | — | $0.14 | ||
| Q4 25 | — | $-0.02 | ||
| Q3 25 | $8.42 | $-0.44 | ||
| Q2 25 | $32.60 | $0.39 | ||
| Q1 25 | $-16.49 | $-0.30 | ||
| Q4 24 | $4.49 | $-0.06 | ||
| Q3 24 | $-1.72 | $0.01 | ||
| Q2 24 | $-0.57 | $0.34 |
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 | $131.8M |
| 总债务越低越好 | $8.2B | $241.5M |
| 股东权益账面价值 | $44.1B | — |
| 总资产 | $61.6B | $502.5M |
| 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MSTRPI
| Q1 26 | — | $131.8M | ||
| Q4 25 | $2.3B | $175.3M | ||
| Q3 25 | $54.3M | $190.1M | ||
| Q2 25 | $50.1M | $193.2M | ||
| Q1 25 | $60.3M | $147.9M | ||
| Q4 24 | $38.1M | $164.7M | ||
| Q3 24 | $46.3M | $170.3M | ||
| Q2 24 | $66.9M | $220.2M |
总债务MSTRPI
| Q1 26 | — | $241.5M | ||
| Q4 25 | $8.2B | $280.9M | ||
| Q3 25 | $8.2B | $280.4M | ||
| Q2 25 | $8.2B | — | ||
| Q1 25 | $8.1B | — | ||
| Q4 24 | $7.2B | $283.5M | ||
| Q3 24 | $4.2B | — | ||
| Q2 24 | $3.8B | — |
股东权益MSTRPI
| Q1 26 | — | — | ||
| Q4 25 | $44.1B | $209.2M | ||
| Q3 25 | $52.3B | $195.0M | ||
| Q2 25 | $47.5B | $187.7M | ||
| Q1 25 | $32.2B | $160.6M | ||
| Q4 24 | $18.2B | $149.9M | ||
| Q3 24 | $3.8B | $136.1M | ||
| Q2 24 | $2.8B | $117.0M |
总资产MSTRPI
| Q1 26 | — | $502.5M | ||
| Q4 25 | $61.6B | $545.2M | ||
| Q3 25 | $73.6B | $516.5M | ||
| Q2 25 | $64.8B | $508.8M | ||
| Q1 25 | $43.9B | $479.8M | ||
| Q4 24 | $25.8B | $489.1M | ||
| Q3 24 | $8.3B | $476.4M | ||
| Q2 24 | $7.1B | $446.1M |
负债/权益比MSTRPI
| Q1 26 | — | — | ||
| Q4 25 | 0.19× | 1.34× | ||
| Q3 25 | 0.16× | 1.44× | ||
| Q2 25 | 0.17× | — | ||
| Q1 25 | 0.25× | — | ||
| Q4 24 | 0.39× | 1.89× | ||
| Q3 24 | 1.12× | — | ||
| Q2 24 | 1.36× | — |
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 | — | — |
| 自由现金流经营现金流 - 资本支出 | — | $2.2M |
| 自由现金流率自由现金流/营收 | — | 3.0% |
| 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 | — | $61.1M |
8季度趋势，按日历期对齐
经营现金流MSTRPI
| Q1 26 | — | — | ||
| Q4 25 | — | $15.1M | ||
| Q3 25 | $-8.3M | $20.9M | ||
| Q2 25 | $-34.9M | $33.9M | ||
| Q1 25 | $-2.4M | $-11.1M | ||
| Q4 24 | $-17.3M | $12.6M | ||
| Q3 24 | $-41.0M | $10.1M | ||
| Q2 24 | $-23.3M | $45.5M |
自由现金流MSTRPI
| Q1 26 | — | $2.2M | ||
| Q4 25 | — | $13.6M | ||
| Q3 25 | $-11.1M | $18.0M | ||
| Q2 25 | $-37.0M | $27.3M | ||
| Q1 25 | $-5.1M | $-13.0M | ||
| Q4 24 | $-17.6M | $8.5M | ||
| Q3 24 | $-41.4M | $4.7M | ||
| Q2 24 | $-24.1M | $44.1M |
自由现金流率MSTRPI
| Q1 26 | — | 3.0% | ||
| Q4 25 | — | 14.7% | ||
| Q3 25 | -8.6% | 18.7% | ||
| Q2 25 | -32.3% | 27.9% | ||
| Q1 25 | -4.6% | -17.5% | ||
| Q4 24 | -14.6% | 9.3% | ||
| Q3 24 | -35.7% | 4.9% | ||
| Q2 24 | -21.6% | 43.0% |
资本支出强度MSTRPI
| Q1 26 | — | — | ||
| Q4 25 | — | 1.6% | ||
| Q3 25 | 2.2% | 3.1% | ||
| Q2 25 | 1.8% | 6.7% | ||
| Q1 25 | 2.5% | 2.5% | ||
| Q4 24 | 0.2% | 4.5% | ||
| Q3 24 | 0.4% | 5.7% | ||
| Q2 24 | 0.6% | 1.3% |
现金转化率MSTRPI
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | -0.00× | — | ||
| Q2 25 | -0.00× | 2.93× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 45.56× | ||
| Q2 24 | — | 4.56× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
