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微策略（MSTR）与Planet Labs PBC（PL）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Planet Labs PBC的1.5倍（$123.0M vs $81.3M），Planet Labs PBC同比增速更快（32.6% vs 1.9%），过去两年Planet Labs PBC的营收复合增速更高（17.5% 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。
Planet Labs PBC（常简称为Planet）是总部位于美国加利福尼亚州旧金山的上市地球影像企业，核心目标是实现全球范围的每日成像，以此监测地表变化、精准识别相关趋势，为多行业的地理数据分析需求提供可靠的数据支持。
MSTR vs PL — 直观对比
营收规模更大
MSTR
是对方的1.5倍
$81.3M
营收增速更快
PL
高出30.7%
1.9%
两年增速更快
PL
近两年复合增速
3.3%
损益表 — Q2 FY2026 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $123.0M | $81.3M |
| 净利润 | — | $-59.2M |
| 毛利率 | 66.1% | 57.3% |
| 营业利润率 | — | -22.6% |
| 净利率 | — | -72.8% |
| 营收同比 | 1.9% | 32.6% |
| 净利润同比 | — | -194.7% |
| 每股收益（稀释后） | — | $-0.19 |
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MSTRPL
| Q4 25 | $123.0M | $81.3M | ||
| Q3 25 | $128.7M | $73.4M | ||
| Q2 25 | $114.5M | $66.3M | ||
| Q1 25 | $111.1M | $61.6M | ||
| Q4 24 | $120.7M | $61.3M | ||
| Q3 24 | $116.1M | $61.1M | ||
| Q2 24 | $111.4M | $60.4M | ||
| Q1 24 | $115.2M | $58.9M |
净利润MSTRPL
| Q4 25 | — | $-59.2M | ||
| Q3 25 | $2.8B | $-22.6M | ||
| Q2 25 | $10.0B | $-12.6M | ||
| Q1 25 | $-4.2B | $-35.2M | ||
| Q4 24 | $-670.8M | $-20.1M | ||
| Q3 24 | $-340.2M | $-38.7M | ||
| Q2 24 | $-102.6M | $-29.3M | ||
| Q1 24 | $-53.1M | $-30.1M |
毛利率MSTRPL
| Q4 25 | 66.1% | 57.3% | ||
| Q3 25 | 70.5% | 57.6% | ||
| Q2 25 | 68.8% | 55.2% | ||
| Q1 25 | 69.4% | 62.1% | ||
| Q4 24 | 71.7% | 61.2% | ||
| Q3 24 | 70.4% | 52.9% | ||
| Q2 24 | 72.2% | 52.4% | ||
| Q1 24 | 74.0% | 55.2% |
营业利润率MSTRPL
| Q4 25 | — | -22.6% | ||
| Q3 25 | — | -24.5% | ||
| Q2 25 | — | -34.4% | ||
| Q1 25 | -5331.4% | -31.5% | ||
| Q4 24 | -842.1% | -36.9% | ||
| Q3 24 | -372.7% | -64.8% | ||
| Q2 24 | -179.7% | -57.2% | ||
| Q1 24 | -176.8% | -57.6% |
净利率MSTRPL
| Q4 25 | — | -72.8% | ||
| Q3 25 | 2164.1% | -30.8% | ||
| Q2 25 | 8752.7% | -19.1% | ||
| Q1 25 | -3797.2% | -57.1% | ||
| Q4 24 | -555.8% | -32.8% | ||
| Q3 24 | -293.1% | -63.3% | ||
| Q2 24 | -92.0% | -48.5% | ||
| Q1 24 | -46.1% | -51.1% |
每股收益（稀释后）MSTRPL
| Q4 25 | — | $-0.19 | ||
| Q3 25 | $8.42 | $-0.07 | ||
| Q2 25 | $32.60 | $-0.04 | ||
| Q1 25 | $-16.49 | $-0.12 | ||
| Q4 24 | $4.49 | $-0.07 | ||
| Q3 24 | $-1.72 | $-0.13 | ||
| Q2 24 | $-0.57 | $-0.10 | ||
| 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 | $443.3M |
| 总债务越低越好 | $8.2B | — |
| 股东权益账面价值 | $44.1B | $349.6M |
| 总资产 | $61.6B | $1.1B |
| 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MSTRPL
| Q4 25 | $2.3B | $443.3M | ||
| Q3 25 | $54.3M | $181.1M | ||
| Q2 25 | $50.1M | $133.5M | ||
| Q1 25 | $60.3M | $118.0M | ||
| Q4 24 | $38.1M | $139.0M | ||
| Q3 24 | $46.3M | $148.3M | ||
| Q2 24 | $66.9M | $107.4M | ||
| Q1 24 | $81.3M | $83.9M |
总债务MSTRPL
| Q4 25 | $8.2B | — | ||
| Q3 25 | $8.2B | — | ||
| Q2 25 | $8.2B | — | ||
| Q1 25 | $8.1B | — | ||
| Q4 24 | $7.2B | — | ||
| Q3 24 | $4.2B | — | ||
| Q2 24 | $3.8B | — | ||
| Q1 24 | $3.6B | — |
股东权益MSTRPL
| Q4 25 | $44.1B | $349.6M | ||
| Q3 25 | $52.3B | $435.7M | ||
| Q2 25 | $47.5B | $444.8M | ||
| Q1 25 | $32.2B | $441.3M | ||
| Q4 24 | $18.2B | $464.6M | ||
| Q3 24 | $3.8B | $473.2M | ||
| Q2 24 | $2.8B | $500.3M | ||
| Q1 24 | $2.4B | $518.0M |
总资产MSTRPL
| Q4 25 | $61.6B | $1.1B | ||
| Q3 25 | $73.6B | $696.4M | ||
| Q2 25 | $64.8B | $658.4M | ||
| Q1 25 | $43.9B | $633.8M | ||
| Q4 24 | $25.8B | $630.8M | ||
| Q3 24 | $8.3B | $658.4M | ||
| Q2 24 | $7.1B | $674.6M | ||
| Q1 24 | $6.4B | $702.0M |
负债/权益比MSTRPL
| Q4 25 | 0.19× | — | ||
| Q3 25 | 0.16× | — | ||
| Q2 25 | 0.17× | — | ||
| Q1 25 | 0.25× | — | ||
| 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 | — | $28.6M |
| 自由现金流经营现金流 - 资本支出 | — | $1.9M |
| 自由现金流率自由现金流/营收 | — | 2.3% |
| 资本支出强度资本支出/营收 | — | 32.9% |
| 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 | — | $40.7M |
8季度趋势，按日历期对齐
经营现金流MSTRPL
| Q4 25 | — | $28.6M | ||
| Q3 25 | $-8.3M | $67.8M | ||
| Q2 25 | $-34.9M | $17.3M | ||
| Q1 25 | $-2.4M | $-6.3M | ||
| Q4 24 | $-17.3M | $4.1M | ||
| Q3 24 | $-41.0M | $-7.9M | ||
| Q2 24 | $-23.3M | $-4.3M | ||
| Q1 24 | $28.6M | $-6.8M |
自由现金流MSTRPL
| Q4 25 | — | $1.9M | ||
| Q3 25 | $-11.1M | $47.5M | ||
| Q2 25 | $-37.0M | $9.2M | ||
| Q1 25 | $-5.1M | $-17.9M | ||
| Q4 24 | $-17.6M | $-3.6M | ||
| Q3 24 | $-41.4M | $-23.0M | ||
| Q2 24 | $-24.1M | $-14.2M | ||
| Q1 24 | $27.0M | $-15.7M |
自由现金流率MSTRPL
| Q4 25 | — | 2.3% | ||
| Q3 25 | -8.6% | 64.7% | ||
| Q2 25 | -32.3% | 13.9% | ||
| Q1 25 | -4.6% | -29.1% | ||
| Q4 24 | -14.6% | -5.8% | ||
| Q3 24 | -35.7% | -37.6% | ||
| Q2 24 | -21.6% | -23.6% | ||
| Q1 24 | 23.5% | -26.7% |
资本支出强度MSTRPL
| Q4 25 | — | 32.9% | ||
| Q3 25 | 2.2% | 27.6% | ||
| Q2 25 | 1.8% | 12.3% | ||
| Q1 25 | 2.5% | 18.9% | ||
| Q4 24 | 0.2% | 12.5% | ||
| Q3 24 | 0.4% | 24.8% | ||
| Q2 24 | 0.6% | 16.4% | ||
| Q1 24 | 1.3% | 15.1% |
现金转化率MSTRPL
| Q4 25 | — | — | ||
| Q3 25 | -0.00× | — | ||
| Q2 25 | -0.00× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| 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
业务分部营收拆解
MSTR
暂无分部数据
PL
| Defense And Intelligence | $49.4M | 61% |
| Civil Government | $18.8M | 23% |
| Commercial | $13.1M | 16% |
