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微策略（MSTR）与REPLIGEN CORP（RGEN）财务数据对比。点击上方公司名可切换其他公司
REPLIGEN CORP的季度营收约是微策略的1.6倍（$197.9M vs $123.0M），REPLIGEN CORP同比增速更快（13.6% vs 1.9%），过去两年REPLIGEN CORP的营收复合增速更高（14.4% 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。
Repligen是一家全球生命科学企业，专注于创新生物工艺技术与系统的研发及商业化，助力提升生物药生产效率。公司1981年成立，总部位于美国马萨诸塞州沃尔瑟姆，于纳斯达克挂牌上市，股票代码RGEN，截至2025年全球员工超1900人，主要服务生物制药领域客户。
MSTR vs RGEN — 直观对比
营收规模更大
RGEN
是对方的1.6倍
$123.0M
营收增速更快
RGEN
高出11.7%
1.9%
两年增速更快
RGEN
近两年复合增速
3.3%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $123.0M | $197.9M |
| 净利润 | — | $13.3M |
| 毛利率 | 66.1% | 52.5% |
| 营业利润率 | — | 9.0% |
| 净利率 | — | 6.7% |
| 营收同比 | 1.9% | 13.6% |
| 净利润同比 | — | 143.9% |
| 每股收益（稀释后） | — | $0.24 |
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MSTRRGEN
| Q4 25 | $123.0M | $197.9M | ||
| Q3 25 | $128.7M | $188.8M | ||
| Q2 25 | $114.5M | $182.4M | ||
| Q1 25 | $111.1M | $169.2M | ||
| Q4 24 | $120.7M | $174.1M | ||
| Q3 24 | $116.1M | $154.9M | ||
| Q2 24 | $111.4M | $154.1M | ||
| Q1 24 | $115.2M | $151.3M |
净利润MSTRRGEN
| Q4 25 | — | $13.3M | ||
| Q3 25 | $2.8B | $14.9M | ||
| Q2 25 | $10.0B | $14.9M | ||
| Q1 25 | $-4.2B | $5.8M | ||
| Q4 24 | $-670.8M | $-30.3M | ||
| Q3 24 | $-340.2M | $-654.0K | ||
| Q2 24 | $-102.6M | $3.3M | ||
| Q1 24 | $-53.1M | $2.1M |
毛利率MSTRRGEN
| Q4 25 | 66.1% | 52.5% | ||
| Q3 25 | 70.5% | 53.2% | ||
| Q2 25 | 68.8% | 50.0% | ||
| Q1 25 | 69.4% | 53.6% | ||
| Q4 24 | 71.7% | 26.1% | ||
| Q3 24 | 70.4% | 50.0% | ||
| Q2 24 | 72.2% | 49.8% | ||
| Q1 24 | 74.0% | 49.5% |
营业利润率MSTRRGEN
| Q4 25 | — | 9.0% | ||
| Q3 25 | — | 8.9% | ||
| Q2 25 | — | 7.6% | ||
| Q1 25 | -5331.4% | 3.9% | ||
| Q4 24 | -842.1% | -17.7% | ||
| Q3 24 | -372.7% | -5.1% | ||
| Q2 24 | -179.7% | 1.0% | ||
| Q1 24 | -176.8% | 1.3% |
净利率MSTRRGEN
| Q4 25 | — | 6.7% | ||
| Q3 25 | 2164.1% | 7.9% | ||
| Q2 25 | 8752.7% | 8.2% | ||
| Q1 25 | -3797.2% | 3.4% | ||
| Q4 24 | -555.8% | -17.4% | ||
| Q3 24 | -293.1% | -0.4% | ||
| Q2 24 | -92.0% | 2.2% | ||
| Q1 24 | -46.1% | 1.4% |
每股收益（稀释后）MSTRRGEN
| Q4 25 | — | $0.24 | ||
| Q3 25 | $8.42 | $0.26 | ||
| Q2 25 | $32.60 | $0.26 | ||
| Q1 25 | $-16.49 | $0.10 | ||
| Q4 24 | $4.49 | $-0.55 | ||
| Q3 24 | $-1.72 | $-0.01 | ||
| Q2 24 | $-0.57 | $0.06 | ||
| Q1 24 | $-0.31 | $0.04 |
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 | $767.6M |
| 总债务越低越好 | $8.2B | $542.2M |
| 股东权益账面价值 | $44.1B | $2.1B |
| 总资产 | $61.6B | $2.9B |
| 负债/权益比越低杠杆越低 | 0.19× | 0.26× |
8季度趋势，按日历期对齐
现金及短期投资MSTRRGEN
| Q4 25 | $2.3B | $767.6M | ||
| Q3 25 | $54.3M | $748.7M | ||
| Q2 25 | $50.1M | $708.9M | ||
| Q1 25 | $60.3M | $697.2M | ||
| Q4 24 | $38.1M | $757.4M | ||
| Q3 24 | $46.3M | $784.0M | ||
| Q2 24 | $66.9M | $809.1M | ||
| Q1 24 | $81.3M | $780.6M |
总债务MSTRRGEN
| Q4 25 | $8.2B | $542.2M | ||
| Q3 25 | $8.2B | $537.9M | ||
| Q2 25 | $8.2B | — | ||
| Q1 25 | $8.1B | — | ||
| Q4 24 | $7.2B | $525.6M | ||
| Q3 24 | $4.2B | — | ||
| Q2 24 | $3.8B | — | ||
| Q1 24 | $3.6B | — |
股东权益MSTRRGEN
| Q4 25 | $44.1B | $2.1B | ||
| Q3 25 | $52.3B | $2.1B | ||
| Q2 25 | $47.5B | $2.1B | ||
| Q1 25 | $32.2B | $2.0B | ||
| Q4 24 | $18.2B | $2.0B | ||
| Q3 24 | $3.8B | $2.0B | ||
| Q2 24 | $2.8B | $2.0B | ||
| Q1 24 | $2.4B | $2.0B |
总资产MSTRRGEN
| Q4 25 | $61.6B | $2.9B | ||
| Q3 25 | $73.6B | $2.9B | ||
| Q2 25 | $64.8B | $2.9B | ||
| Q1 25 | $43.9B | $2.9B | ||
| Q4 24 | $25.8B | $2.8B | ||
| Q3 24 | $8.3B | $2.8B | ||
| Q2 24 | $7.1B | $2.9B | ||
| Q1 24 | $6.4B | $2.8B |
负债/权益比MSTRRGEN
| Q4 25 | 0.19× | 0.26× | ||
| Q3 25 | 0.16× | 0.26× | ||
| Q2 25 | 0.17× | — | ||
| Q1 25 | 0.25× | — | ||
| Q4 24 | 0.39× | 0.27× | ||
| 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 | — | $25.7M |
| 自由现金流经营现金流 - 资本支出 | — | $17.6M |
| 自由现金流率自由现金流/营收 | — | 8.9% |
| 资本支出强度资本支出/营收 | — | 4.1% |
| 现金转化率经营现金流/净利润 | — | 1.93× |
| 过去12个月自由现金流最近4个季度 | — | $93.9M |
8季度趋势，按日历期对齐
经营现金流MSTRRGEN
| Q4 25 | — | $25.7M | ||
| Q3 25 | $-8.3M | $48.1M | ||
| Q2 25 | $-34.9M | $28.6M | ||
| Q1 25 | $-2.4M | $15.0M | ||
| Q4 24 | $-17.3M | $39.2M | ||
| Q3 24 | $-41.0M | $49.3M | ||
| Q2 24 | $-23.3M | $42.2M | ||
| Q1 24 | $28.6M | $44.7M |
自由现金流MSTRRGEN
| Q4 25 | — | $17.6M | ||
| Q3 25 | $-11.1M | $43.4M | ||
| Q2 25 | $-37.0M | $21.5M | ||
| Q1 25 | $-5.1M | $11.4M | ||
| Q4 24 | $-17.6M | $33.6M | ||
| Q3 24 | $-41.4M | $42.3M | ||
| Q2 24 | $-24.1M | $37.4M | ||
| Q1 24 | $27.0M | $36.4M |
自由现金流率MSTRRGEN
| Q4 25 | — | 8.9% | ||
| Q3 25 | -8.6% | 23.0% | ||
| Q2 25 | -32.3% | 11.8% | ||
| Q1 25 | -4.6% | 6.8% | ||
| Q4 24 | -14.6% | 19.3% | ||
| Q3 24 | -35.7% | 27.3% | ||
| Q2 24 | -21.6% | 24.3% | ||
| Q1 24 | 23.5% | 24.0% |
资本支出强度MSTRRGEN
| Q4 25 | — | 4.1% | ||
| Q3 25 | 2.2% | 2.5% | ||
| Q2 25 | 1.8% | 3.9% | ||
| Q1 25 | 2.5% | 2.1% | ||
| Q4 24 | 0.2% | 3.2% | ||
| Q3 24 | 0.4% | 4.5% | ||
| Q2 24 | 0.6% | 3.1% | ||
| Q1 24 | 1.3% | 5.5% |
现金转化率MSTRRGEN
| Q4 25 | — | 1.93× | ||
| Q3 25 | -0.00× | 3.23× | ||
| Q2 25 | -0.00× | 1.92× | ||
| Q1 25 | — | 2.57× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 12.70× | ||
| Q1 24 | — | 21.35× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
