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微策略（MSTR）与Repay Holdings Corp（RPAY）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Repay Holdings Corp的1.6倍（$123.0M vs $78.6M），微策略同比增速更快（1.9% vs 0.4%），过去两年微策略的营收复合增速更高（3.3% vs -1.3%）
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。
Repay Holdings Corp是一家聚焦北美市场的支付技术服务商，为零售、医疗、汽车服务、电商等领域的企业提供整合支付处理方案，涵盖银行卡收单、ACH转账、POS系统集成等数字化支付工具，助力客户简化交易流程、提升运营效率。
MSTR vs RPAY — 直观对比
营收规模更大
MSTR
是对方的1.6倍
$78.6M
营收增速更快
MSTR
高出1.5%
0.4%
两年增速更快
MSTR
近两年复合增速
-1.3%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $123.0M | $78.6M |
| 净利润 | — | $-140.1M |
| 毛利率 | 66.1% | 74.2% |
| 营业利润率 | — | -182.2% |
| 净利率 | — | -178.3% |
| 营收同比 | 1.9% | 0.4% |
| 净利润同比 | — | -3304.1% |
| 每股收益（稀释后） | — | $-1.68 |
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MSTRRPAY
| Q4 25 | $123.0M | $78.6M | ||
| Q3 25 | $128.7M | $77.7M | ||
| Q2 25 | $114.5M | $75.6M | ||
| Q1 25 | $111.1M | $77.3M | ||
| Q4 24 | $120.7M | $78.3M | ||
| Q3 24 | $116.1M | $79.1M | ||
| Q2 24 | $111.4M | $74.9M | ||
| Q1 24 | $115.2M | $80.7M |
净利润MSTRRPAY
| Q4 25 | — | $-140.1M | ||
| Q3 25 | $2.8B | $-6.4M | ||
| Q2 25 | $10.0B | $-102.3M | ||
| Q1 25 | $-4.2B | $-7.9M | ||
| Q4 24 | $-670.8M | $-4.1M | ||
| Q3 24 | $-340.2M | $3.2M | ||
| Q2 24 | $-102.6M | $-4.1M | ||
| Q1 24 | $-53.1M | $-5.2M |
毛利率MSTRRPAY
| Q4 25 | 66.1% | 74.2% | ||
| Q3 25 | 70.5% | 74.4% | ||
| Q2 25 | 68.8% | 75.7% | ||
| Q1 25 | 69.4% | 75.9% | ||
| Q4 24 | 71.7% | 76.3% | ||
| Q3 24 | 70.4% | 77.8% | ||
| Q2 24 | 72.2% | 78.2% | ||
| Q1 24 | 74.0% | 76.2% |
营业利润率MSTRRPAY
| Q4 25 | — | -182.2% | ||
| Q3 25 | — | -3.9% | ||
| Q2 25 | — | -138.7% | ||
| Q1 25 | -5331.4% | -4.7% | ||
| Q4 24 | -842.1% | -1.5% | ||
| Q3 24 | -372.7% | -0.9% | ||
| Q2 24 | -179.7% | -4.6% | ||
| Q1 24 | -176.8% | -3.1% |
净利率MSTRRPAY
| Q4 25 | — | -178.3% | ||
| Q3 25 | 2164.1% | -8.3% | ||
| Q2 25 | 8752.7% | -135.2% | ||
| Q1 25 | -3797.2% | -10.3% | ||
| Q4 24 | -555.8% | -5.3% | ||
| Q3 24 | -293.1% | 4.1% | ||
| Q2 24 | -92.0% | -5.4% | ||
| Q1 24 | -46.1% | -6.5% |
每股收益（稀释后）MSTRRPAY
| Q4 25 | — | $-1.68 | ||
| Q3 25 | $8.42 | $-0.08 | ||
| Q2 25 | $32.60 | $-1.15 | ||
| Q1 25 | $-16.49 | $-0.09 | ||
| Q4 24 | $4.49 | $-0.04 | ||
| Q3 24 | $-1.72 | $0.03 | ||
| Q2 24 | $-0.57 | $-0.04 | ||
| Q1 24 | $-0.31 | $-0.06 |
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 | $115.7M |
| 总债务越低越好 | $8.2B | $280.1M |
| 股东权益账面价值 | $44.1B | $484.4M |
| 总资产 | $61.6B | $1.2B |
| 负债/权益比越低杠杆越低 | 0.19× | 0.58× |
8季度趋势，按日历期对齐
现金及短期投资MSTRRPAY
| Q4 25 | $2.3B | $115.7M | ||
| Q3 25 | $54.3M | $95.7M | ||
| Q2 25 | $50.1M | $162.6M | ||
| Q1 25 | $60.3M | $165.5M | ||
| Q4 24 | $38.1M | $189.5M | ||
| Q3 24 | $46.3M | $168.7M | ||
| Q2 24 | $66.9M | $147.1M | ||
| Q1 24 | $81.3M | $128.3M |
总债务MSTRRPAY
| Q4 25 | $8.2B | $280.1M | ||
| Q3 25 | $8.2B | $279.5M | ||
| Q2 25 | $8.2B | $279.0M | ||
| Q1 25 | $8.1B | $497.6M | ||
| Q4 24 | $7.2B | $496.8M | ||
| Q3 24 | $4.2B | $496.2M | ||
| Q2 24 | $3.8B | $435.6M | ||
| Q1 24 | $3.6B | $434.9M |
股东权益MSTRRPAY
| Q4 25 | $44.1B | $484.4M | ||
| Q3 25 | $52.3B | $616.9M | ||
| Q2 25 | $47.5B | $633.7M | ||
| Q1 25 | $32.2B | $755.7M | ||
| Q4 24 | $18.2B | $761.3M | ||
| Q3 24 | $3.8B | $754.7M | ||
| Q2 24 | $2.8B | $815.4M | ||
| Q1 24 | $2.4B | $813.8M |
总资产MSTRRPAY
| Q4 25 | $61.6B | $1.2B | ||
| Q3 25 | $73.6B | $1.3B | ||
| Q2 25 | $64.8B | $1.4B | ||
| Q1 25 | $43.9B | $1.5B | ||
| Q4 24 | $25.8B | $1.6B | ||
| Q3 24 | $8.3B | $1.6B | ||
| Q2 24 | $7.1B | $1.5B | ||
| Q1 24 | $6.4B | $1.5B |
负债/权益比MSTRRPAY
| Q4 25 | 0.19× | 0.58× | ||
| Q3 25 | 0.16× | 0.45× | ||
| Q2 25 | 0.17× | 0.44× | ||
| Q1 25 | 0.25× | 0.66× | ||
| Q4 24 | 0.39× | 0.65× | ||
| Q3 24 | 1.12× | 0.66× | ||
| Q2 24 | 1.36× | 0.53× | ||
| Q1 24 | 1.48× | 0.53× |
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 | — | $23.3M |
| 自由现金流经营现金流 - 资本支出 | — | $23.2M |
| 自由现金流率自由现金流/营收 | — | 29.6% |
| 资本支出强度资本支出/营收 | — | 0.1% |
| 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 | — | $90.7M |
8季度趋势，按日历期对齐
经营现金流MSTRRPAY
| Q4 25 | — | $23.3M | ||
| Q3 25 | $-8.3M | $32.2M | ||
| Q2 25 | $-34.9M | $33.1M | ||
| Q1 25 | $-2.4M | $2.5M | ||
| Q4 24 | $-17.3M | $34.3M | ||
| Q3 24 | $-41.0M | $60.1M | ||
| Q2 24 | $-23.3M | $31.0M | ||
| Q1 24 | $28.6M | $24.8M |
自由现金流MSTRRPAY
| Q4 25 | — | $23.2M | ||
| Q3 25 | $-11.1M | $32.1M | ||
| Q2 25 | $-37.0M | $33.0M | ||
| Q1 25 | $-5.1M | $2.4M | ||
| Q4 24 | $-17.6M | $34.0M | ||
| Q3 24 | $-41.4M | $59.8M | ||
| Q2 24 | $-24.1M | $30.5M | ||
| Q1 24 | $27.0M | $24.7M |
自由现金流率MSTRRPAY
| Q4 25 | — | 29.6% | ||
| Q3 25 | -8.6% | 41.3% | ||
| Q2 25 | -32.3% | 43.6% | ||
| Q1 25 | -4.6% | 3.0% | ||
| Q4 24 | -14.6% | 43.5% | ||
| Q3 24 | -35.7% | 75.6% | ||
| Q2 24 | -21.6% | 40.7% | ||
| Q1 24 | 23.5% | 30.6% |
资本支出强度MSTRRPAY
| Q4 25 | — | 0.1% | ||
| Q3 25 | 2.2% | 0.2% | ||
| Q2 25 | 1.8% | 0.1% | ||
| Q1 25 | 2.5% | 0.2% | ||
| Q4 24 | 0.2% | 0.3% | ||
| Q3 24 | 0.4% | 0.3% | ||
| Q2 24 | 0.6% | 0.6% | ||
| Q1 24 | 1.3% | 0.1% |
现金转化率MSTRRPAY
| Q4 25 | — | — | ||
| Q3 25 | -0.00× | — | ||
| Q2 25 | -0.00× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 18.52× | ||
| 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
RPAY
| Sales Channel Directly To Consumer | $69.4M | 88% |
| Other | $6.8M | 9% |
| Sales Channel Through Intermediary | $2.3M | 3% |
