vs
微策略（MSTR）与Riot Platforms, Inc.（RIOT）财务数据对比。点击上方公司名可切换其他公司
Riot Platforms, Inc.的季度营收约是微策略的1.2倍（$152.8M vs $128.7M）。微策略净利率更高（2164.1% vs -452.0%，领先2616.1%）。微策略同比增速更快（10.9% vs 7.2%）。微策略自由现金流更多（$-11.1M vs $-188.0M）。过去两年Riot Platforms, Inc.的营收复合增速更高（38.8% vs 1.7%）
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。
Riot Platforms是美国领先的比特币挖矿企业，在北美地区运营多座大规模高能效的加密货币矿场，同时布局区块链相关基础设施业务，长期持有比特币作为核心储备资产，专注于数字资产生态相关业务的长期发展。
MSTR vs RIOT — 直观对比
营收规模更大
RIOT
是对方的1.2倍
$128.7M
营收增速更快
MSTR
高出3.7%
7.2%
净利率更高
MSTR
高出2616.1%
-452.0%
自由现金流更多
MSTR
多$176.9M
$-188.0M
两年增速更快
RIOT
近两年复合增速
1.7%
损益表 — Q1 2026 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $128.7M | $152.8M |
| 净利润 | $2.8B | $-690.7M |
| 毛利率 | 70.5% | — |
| 营业利润率 | — | -447.9% |
| 净利率 | 2164.1% | -452.0% |
| 营收同比 | 10.9% | 7.2% |
| 净利润同比 | 918.7% | -606.3% |
| 每股收益（稀释后） | $8.42 | $-1.89 |
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MSTRRIOT
| Q4 25 | — | $152.8M | ||
| Q3 25 | $128.7M | $180.2M | ||
| Q2 25 | $114.5M | $153.0M | ||
| Q1 25 | $111.1M | $161.4M | ||
| Q4 24 | $120.7M | $142.6M | ||
| Q3 24 | $116.1M | $84.8M | ||
| Q2 24 | $111.4M | $70.0M | ||
| Q1 24 | $115.2M | $79.3M |
净利润MSTRRIOT
| Q4 25 | — | $-690.7M | ||
| Q3 25 | $2.8B | $104.5M | ||
| Q2 25 | $10.0B | $219.5M | ||
| Q1 25 | $-4.2B | $-296.4M | ||
| Q4 24 | $-670.8M | $136.4M | ||
| Q3 24 | $-340.2M | $-154.4M | ||
| Q2 24 | $-102.6M | $-84.4M | ||
| Q1 24 | $-53.1M | $211.8M |
毛利率MSTRRIOT
| Q4 25 | — | — | ||
| 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MSTRRIOT
| Q4 25 | — | -447.9% | ||
| Q3 25 | — | 44.4% | ||
| Q2 25 | — | — | ||
| Q1 25 | -5331.4% | -144.9% | ||
| Q4 24 | -842.1% | — | ||
| Q3 24 | -372.7% | -143.3% | ||
| Q2 24 | -179.7% | -167.2% | ||
| Q1 24 | -176.8% | — |
净利率MSTRRIOT
| Q4 25 | — | -452.0% | ||
| Q3 25 | 2164.1% | 58.0% | ||
| Q2 25 | 8752.7% | 143.4% | ||
| Q1 25 | -3797.2% | -183.6% | ||
| Q4 24 | -555.8% | 95.7% | ||
| Q3 24 | -293.1% | -182.1% | ||
| Q2 24 | -92.0% | -120.6% | ||
| Q1 24 | -46.1% | 267.1% |
每股收益（稀释后）MSTRRIOT
| Q4 25 | — | $-1.89 | ||
| Q3 25 | $8.42 | $0.26 | ||
| Q2 25 | $32.60 | $0.58 | ||
| Q1 25 | $-16.49 | $-0.90 | ||
| Q4 24 | $4.49 | $0.39 | ||
| Q3 24 | $-1.72 | $-0.54 | ||
| Q2 24 | $-5.74 | $-0.32 | ||
| Q1 24 | $-3.09 | $0.81 |
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 | $54.3M | $233.5M |
| 总债务越低越好 | $8.2B | $840.8M |
| 股东权益账面价值 | $52.3B | $2.9B |
| 总资产 | $73.6B | $3.9B |
| 负债/权益比越低杠杆越低 | 0.16× | 0.29× |
8季度趋势，按日历期对齐
现金及短期投资MSTRRIOT
| Q4 25 | — | $233.5M | ||
| Q3 25 | $54.3M | $330.7M | ||
| Q2 25 | $50.1M | $255.4M | ||
| Q1 25 | $60.3M | $163.7M | ||
| Q4 24 | $38.1M | $277.9M | ||
| Q3 24 | $46.3M | $355.7M | ||
| Q2 24 | $66.9M | $481.2M | ||
| Q1 24 | $81.3M | $688.5M |
总债务MSTRRIOT
| Q4 25 | — | $840.8M | ||
| Q3 25 | $8.2B | $5.3M | ||
| Q2 25 | $8.2B | $5.3M | ||
| Q1 25 | $8.1B | $5.3M | ||
| Q4 24 | $7.2B | $5.3M | ||
| Q3 24 | $4.2B | $5.7M | ||
| Q2 24 | $3.8B | — | ||
| Q1 24 | $3.6B | — |
股东权益MSTRRIOT
| Q4 25 | — | $2.9B | ||
| Q3 25 | $52.3B | $3.5B | ||
| Q2 25 | $47.5B | $3.3B | ||
| Q1 25 | $32.2B | $2.9B | ||
| Q4 24 | $18.2B | $3.1B | ||
| Q3 24 | $3.8B | $2.7B | ||
| Q2 24 | $2.8B | $2.6B | ||
| Q1 24 | $2.4B | $2.5B |
总资产MSTRRIOT
| Q4 25 | — | $3.9B | ||
| Q3 25 | $73.6B | $4.5B | ||
| Q2 25 | $64.8B | $4.3B | ||
| Q1 25 | $43.9B | $3.7B | ||
| Q4 24 | $25.8B | $3.9B | ||
| Q3 24 | $8.3B | $2.9B | ||
| Q2 24 | $7.1B | $2.7B | ||
| Q1 24 | $6.4B | $2.6B |
负债/权益比MSTRRIOT
| Q4 25 | — | 0.29× | ||
| Q3 25 | 0.16× | 0.00× | ||
| Q2 25 | 0.17× | 0.00× | ||
| Q1 25 | 0.25× | 0.00× | ||
| Q4 24 | 0.39× | 0.00× | ||
| Q3 24 | 1.12× | 0.00× | ||
| 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 | $-8.3M | $-105.5M |
| 自由现金流经营现金流 - 资本支出 | $-11.1M | $-188.0M |
| 自由现金流率自由现金流/营收 | -8.6% | -123.0% |
| 资本支出强度资本支出/营收 | 2.2% | 54.0% |
| 现金转化率经营现金流/净利润 | -0.00× | — |
| 过去12个月自由现金流最近4个季度 | $-70.8M | $-774.3M |
8季度趋势，按日历期对齐
经营现金流MSTRRIOT
| Q4 25 | — | $-105.5M | ||
| Q3 25 | $-8.3M | $-114.0M | ||
| Q2 25 | $-34.9M | $-231.3M | ||
| Q1 25 | $-2.4M | $-122.1M | ||
| Q4 24 | $-17.3M | $-98.4M | ||
| Q3 24 | $-41.0M | $-56.3M | ||
| Q2 24 | $-23.3M | $-42.5M | ||
| Q1 24 | $28.6M | $-57.9M |
自由现金流MSTRRIOT
| Q4 25 | — | $-188.0M | ||
| Q3 25 | $-11.1M | $-139.7M | ||
| Q2 25 | $-37.0M | $-291.7M | ||
| Q1 25 | $-5.1M | $-154.9M | ||
| Q4 24 | $-17.6M | $-156.6M | ||
| Q3 24 | $-41.4M | $-127.6M | ||
| Q2 24 | $-24.1M | $-96.1M | ||
| Q1 24 | $27.0M | $-115.2M |
自由现金流率MSTRRIOT
| Q4 25 | — | -123.0% | ||
| Q3 25 | -8.6% | -77.5% | ||
| Q2 25 | -32.3% | -190.7% | ||
| Q1 25 | -4.6% | -96.0% | ||
| Q4 24 | -14.6% | -109.8% | ||
| Q3 24 | -35.7% | -150.5% | ||
| Q2 24 | -21.6% | -137.2% | ||
| Q1 24 | 23.5% | -145.2% |
资本支出强度MSTRRIOT
| Q4 25 | — | 54.0% | ||
| Q3 25 | 2.2% | 14.3% | ||
| Q2 25 | 1.8% | 39.5% | ||
| Q1 25 | 2.5% | 20.4% | ||
| Q4 24 | 0.2% | 40.8% | ||
| Q3 24 | 0.4% | 84.1% | ||
| Q2 24 | 0.6% | 76.5% | ||
| Q1 24 | 1.3% | 72.3% |
现金转化率MSTRRIOT
| Q4 25 | — | — | ||
| Q3 25 | -0.00× | -1.09× | ||
| Q2 25 | -0.00× | -1.05× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -0.72× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | -0.27× |
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
| Current Deferred Revenue And Advanced Payments | $52.2M | 41% |
| Subscription And Circulation | $46.0M | 36% |
| License | $17.4M | 13% |
| Technology Service | $14.2M | 11% |
RIOT
| Bitcoin Mining Segment | $131.7M | 86% |
| Engineering Segment | $21.1M | 14% |
