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微策略（MSTR）与Perella Weinberg Partners（PWP）财务数据对比。点击上方公司名可切换其他公司
Perella Weinberg Partners的季度营收约是微策略的1.8倍（$219.2M vs $123.0M），微策略同比增速更快（1.9% vs -2.9%），过去两年Perella Weinberg Partners的营收复合增速更高（46.5% 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。
佩雷拉温伯格合伙公司是一家聚焦咨询业务的全球投资银行，核心为客户提供战略与财务领域的专业咨询服务，凭借深厚的行业经验和全球化资源网络，为各类企业的重要商业决策提供专业支持。
MSTR vs PWP — 直观对比
营收规模更大
PWP
是对方的1.8倍
$123.0M
营收增速更快
MSTR
高出4.8%
-2.9%
两年增速更快
PWP
近两年复合增速
3.3%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $123.0M | $219.2M |
| 净利润 | — | $13.8M |
| 毛利率 | 66.1% | — |
| 营业利润率 | — | 8.5% |
| 净利率 | — | 6.3% |
| 营收同比 | 1.9% | -2.9% |
| 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MSTRPWP
| Q4 25 | $123.0M | $219.2M | ||
| Q3 25 | $128.7M | $164.6M | ||
| Q2 25 | $114.5M | $155.3M | ||
| Q1 25 | $111.1M | $211.8M | ||
| Q4 24 | $120.7M | $225.7M | ||
| Q3 24 | $116.1M | $278.2M | ||
| Q2 24 | $111.4M | $272.0M | ||
| Q1 24 | $115.2M | $102.1M |
净利润MSTRPWP
| Q4 25 | — | $13.8M | ||
| Q3 25 | $2.8B | $6.0M | ||
| Q2 25 | $10.0B | $2.7M | ||
| Q1 25 | $-4.2B | $17.3M | ||
| Q4 24 | $-670.8M | — | ||
| Q3 24 | $-340.2M | $16.4M | ||
| Q2 24 | $-102.6M | $-66.0M | ||
| Q1 24 | $-53.1M | $-35.8M |
毛利率MSTRPWP
| 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MSTRPWP
| Q4 25 | — | 8.5% | ||
| Q3 25 | — | 5.4% | ||
| Q2 25 | — | 5.8% | ||
| Q1 25 | -5331.4% | 5.5% | ||
| Q4 24 | -842.1% | — | ||
| Q3 24 | -372.7% | 12.9% | ||
| Q2 24 | -179.7% | -30.2% | ||
| Q1 24 | -176.8% | -52.4% |
净利率MSTRPWP
| Q4 25 | — | 6.3% | ||
| Q3 25 | 2164.1% | 3.6% | ||
| Q2 25 | 8752.7% | 1.8% | ||
| Q1 25 | -3797.2% | 8.2% | ||
| Q4 24 | -555.8% | — | ||
| Q3 24 | -293.1% | 5.9% | ||
| Q2 24 | -92.0% | -24.3% | ||
| Q1 24 | -46.1% | -35.1% |
每股收益（稀释后）MSTRPWP
| Q4 25 | — | $0.11 | ||
| Q3 25 | $8.42 | $0.08 | ||
| Q2 25 | $32.60 | $0.04 | ||
| Q1 25 | $-16.49 | $0.24 | ||
| Q4 24 | $4.49 | — | ||
| Q3 24 | $-1.72 | $0.24 | ||
| Q2 24 | $-0.57 | $-1.21 | ||
| Q1 24 | $-0.31 | $-0.91 |
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 | $255.9M |
| 总债务越低越好 | $8.2B | — |
| 股东权益账面价值 | $44.1B | $-127.4M |
| 总资产 | $61.6B | $797.6M |
| 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MSTRPWP
| Q4 25 | $2.3B | $255.9M | ||
| Q3 25 | $54.3M | $185.5M | ||
| Q2 25 | $50.1M | $145.0M | ||
| Q1 25 | $60.3M | $111.2M | ||
| Q4 24 | $38.1M | $407.4M | ||
| Q3 24 | $46.3M | $335.1M | ||
| Q2 24 | $66.9M | $185.3M | ||
| Q1 24 | $81.3M | $156.7M |
总债务MSTRPWP
| 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MSTRPWP
| Q4 25 | $44.1B | $-127.4M | ||
| Q3 25 | $52.3B | $-302.4M | ||
| Q2 25 | $47.5B | $-318.4M | ||
| Q1 25 | $32.2B | $-323.1M | ||
| Q4 24 | $18.2B | $-421.4M | ||
| Q3 24 | $3.8B | $-360.8M | ||
| Q2 24 | $2.8B | $-283.0M | ||
| Q1 24 | $2.4B | $161.9M |
总资产MSTRPWP
| Q4 25 | $61.6B | $797.6M | ||
| Q3 25 | $73.6B | $650.2M | ||
| Q2 25 | $64.8B | $606.7M | ||
| Q1 25 | $43.9B | $570.5M | ||
| Q4 24 | $25.8B | $876.8M | ||
| Q3 24 | $8.3B | $810.9M | ||
| Q2 24 | $7.1B | $645.5M | ||
| Q1 24 | $6.4B | $583.6M |
负债/权益比MSTRPWP
| 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 | — | $34.8M |
| 自由现金流经营现金流 - 资本支出 | — | $30.5M |
| 自由现金流率自由现金流/营收 | — | 13.9% |
| 资本支出强度资本支出/营收 | — | 2.0% |
| 现金转化率经营现金流/净利润 | — | 2.52× |
| 过去12个月自由现金流最近4个季度 | — | $-34.1M |
8季度趋势，按日历期对齐
经营现金流MSTRPWP
| Q4 25 | — | $34.8M | ||
| Q3 25 | $-8.3M | $59.2M | ||
| Q2 25 | $-34.9M | $56.1M | ||
| Q1 25 | $-2.4M | $-176.5M | ||
| Q4 24 | $-17.3M | $223.4M | ||
| Q3 24 | $-41.0M | $200.3M | ||
| Q2 24 | $-23.3M | $90.0M | ||
| Q1 24 | $28.6M | $-206.3M |
自由现金流MSTRPWP
| Q4 25 | — | $30.5M | ||
| Q3 25 | $-11.1M | $57.6M | ||
| Q2 25 | $-37.0M | $55.3M | ||
| Q1 25 | $-5.1M | $-177.6M | ||
| Q4 24 | $-17.6M | $207.0M | ||
| Q3 24 | $-41.4M | $199.3M | ||
| Q2 24 | $-24.1M | $83.7M | ||
| Q1 24 | $27.0M | $-214.8M |
自由现金流率MSTRPWP
| Q4 25 | — | 13.9% | ||
| Q3 25 | -8.6% | 35.0% | ||
| Q2 25 | -32.3% | 35.6% | ||
| Q1 25 | -4.6% | -83.8% | ||
| Q4 24 | -14.6% | 91.7% | ||
| Q3 24 | -35.7% | 71.6% | ||
| Q2 24 | -21.6% | 30.8% | ||
| Q1 24 | 23.5% | -210.3% |
资本支出强度MSTRPWP
| Q4 25 | — | 2.0% | ||
| Q3 25 | 2.2% | 0.9% | ||
| Q2 25 | 1.8% | 0.5% | ||
| Q1 25 | 2.5% | 0.5% | ||
| Q4 24 | 0.2% | 7.3% | ||
| Q3 24 | 0.4% | 0.4% | ||
| Q2 24 | 0.6% | 2.3% | ||
| Q1 24 | 1.3% | 8.3% |
现金转化率MSTRPWP
| Q4 25 | — | 2.52× | ||
| Q3 25 | -0.00× | 9.85× | ||
| Q2 25 | -0.00× | 20.50× | ||
| Q1 25 | — | -10.18× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 12.23× | ||
| 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
