vs
微策略（MSTR）与Soluna Holdings, Inc（SLNH）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Soluna Holdings, Inc的14.6倍（$123.0M vs $8.4M），Soluna Holdings, Inc同比增速更快（11.8% vs 1.9%），过去两年微策略的营收复合增速更高（3.3% vs -8.8%）
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。
MSTR vs SLNH — 直观对比
营收规模更大
MSTR
是对方的14.6倍
$8.4M
营收增速更快
SLNH
高出9.9%
1.9%
两年增速更快
MSTR
近两年复合增速
-8.8%
损益表 — Q2 FY2026 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $123.0M | $8.4M |
| 净利润 | — | $-24.0M |
| 毛利率 | 66.1% | 9.5% |
| 营业利润率 | — | -92.5% |
| 净利率 | — | -284.7% |
| 营收同比 | 1.9% | 11.8% |
| 净利润同比 | — | -233.2% |
| 每股收益（稀释后） | — | $-1.14 |
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MSTRSLNH
| Q4 25 | $123.0M | — | ||
| Q3 25 | $128.7M | $8.4M | ||
| Q2 25 | $114.5M | $6.2M | ||
| Q1 25 | $111.1M | $5.9M | ||
| Q4 24 | $120.7M | $8.3M | ||
| Q3 24 | $116.1M | $7.5M | ||
| Q2 24 | $111.4M | $9.7M | ||
| Q1 24 | $115.2M | $12.5M |
净利润MSTRSLNH
| Q4 25 | — | — | ||
| Q3 25 | $2.8B | $-24.0M | ||
| Q2 25 | $10.0B | $-7.4M | ||
| Q1 25 | $-4.2B | $-7.6M | ||
| Q4 24 | $-670.8M | $-40.0M | ||
| Q3 24 | $-340.2M | $-7.2M | ||
| Q2 24 | $-102.6M | $-10.9M | ||
| Q1 24 | $-53.1M | $-5.3M |
毛利率MSTRSLNH
| Q4 25 | 66.1% | — | ||
| Q3 25 | 70.5% | 9.5% | ||
| Q2 25 | 68.8% | 6.3% | ||
| Q1 25 | 69.4% | 5.7% | ||
| Q4 24 | 71.7% | -360.8% | ||
| Q3 24 | 70.4% | -39.1% | ||
| Q2 24 | 72.2% | 34.6% | ||
| Q1 24 | 74.0% | 45.4% |
营业利润率MSTRSLNH
| Q4 25 | — | — | ||
| Q3 25 | — | -92.5% | ||
| Q2 25 | — | -107.6% | ||
| Q1 25 | -5331.4% | -120.9% | ||
| Q4 24 | -842.1% | -426.0% | ||
| Q3 24 | -372.7% | -119.8% | ||
| Q2 24 | -179.7% | -38.0% | ||
| Q1 24 | -176.8% | 3.2% |
净利率MSTRSLNH
| Q4 25 | — | — | ||
| Q3 25 | 2164.1% | -284.7% | ||
| Q2 25 | 8752.7% | -119.9% | ||
| Q1 25 | -3797.2% | -127.3% | ||
| Q4 24 | -555.8% | -483.8% | ||
| Q3 24 | -293.1% | -95.5% | ||
| Q2 24 | -92.0% | -112.4% | ||
| Q1 24 | -46.1% | -41.9% |
每股收益（稀释后）MSTRSLNH
| Q4 25 | — | — | ||
| Q3 25 | $8.42 | $-1.14 | ||
| Q2 25 | $32.60 | $-0.93 | ||
| Q1 25 | $-16.49 | $-1.21 | ||
| Q4 24 | $4.49 | $-7.14 | ||
| Q3 24 | $-1.72 | $-1.56 | ||
| Q2 24 | $-0.57 | $-3.62 | ||
| Q1 24 | $-0.31 | $-2.62 |
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 | — |
| 总债务越低越好 | $8.2B | $13.3M |
| 股东权益账面价值 | $44.1B | $14.5M |
| 总资产 | $61.6B | $152.0M |
| 负债/权益比越低杠杆越低 | 0.19× | 0.92× |
8季度趋势，按日历期对齐
现金及短期投资MSTRSLNH
| Q4 25 | $2.3B | — | ||
| Q3 25 | $54.3M | — | ||
| Q2 25 | $50.1M | — | ||
| Q1 25 | $60.3M | — | ||
| Q4 24 | $38.1M | — | ||
| Q3 24 | $46.3M | — | ||
| Q2 24 | $66.9M | — | ||
| Q1 24 | $81.3M | — |
总债务MSTRSLNH
| Q4 25 | $8.2B | — | ||
| Q3 25 | $8.2B | $13.3M | ||
| Q2 25 | $8.2B | $10.0M | ||
| Q1 25 | $8.1B | $10.2M | ||
| Q4 24 | $7.2B | $7.1M | ||
| Q3 24 | $4.2B | $8.1M | ||
| Q2 24 | $3.8B | $9.0M | ||
| Q1 24 | $3.6B | — |
股东权益MSTRSLNH
| Q4 25 | $44.1B | — | ||
| Q3 25 | $52.3B | $14.5M | ||
| Q2 25 | $47.5B | $-19.5M | ||
| Q1 25 | $32.2B | $-16.1M | ||
| Q4 24 | $18.2B | $-12.5M | ||
| Q3 24 | $3.8B | $20.9M | ||
| Q2 24 | $2.8B | $24.4M | ||
| Q1 24 | $2.4B | $21.5M |
总资产MSTRSLNH
| Q4 25 | $61.6B | — | ||
| Q3 25 | $73.6B | $152.0M | ||
| Q2 25 | $64.8B | $92.0M | ||
| Q1 25 | $43.9B | $90.0M | ||
| Q4 24 | $25.8B | $88.0M | ||
| Q3 24 | $8.3B | $97.3M | ||
| Q2 24 | $7.1B | $98.7M | ||
| Q1 24 | $6.4B | $90.6M |
负债/权益比MSTRSLNH
| Q4 25 | 0.19× | — | ||
| Q3 25 | 0.16× | 0.92× | ||
| Q2 25 | 0.17× | — | ||
| Q1 25 | 0.25× | — | ||
| Q4 24 | 0.39× | — | ||
| Q3 24 | 1.12× | 0.39× | ||
| Q2 24 | 1.36× | 0.37× | ||
| 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 | — | $-2.2M |
| 自由现金流经营现金流 - 资本支出 | — | $-6.8M |
| 自由现金流率自由现金流/营收 | — | -81.4% |
| 资本支出强度资本支出/营收 | — | 55.2% |
| 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 | — | $-34.4M |
8季度趋势，按日历期对齐
经营现金流MSTRSLNH
| Q4 25 | — | — | ||
| Q3 25 | $-8.3M | $-2.2M | ||
| Q2 25 | $-34.9M | $-1.1M | ||
| Q1 25 | $-2.4M | $-177.0K | ||
| Q4 24 | $-17.3M | $-5.1M | ||
| Q3 24 | $-41.0M | $61.0K | ||
| Q2 24 | $-23.3M | $-7.3M | ||
| Q1 24 | $28.6M | $3.9M |
自由现金流MSTRSLNH
| Q4 25 | — | — | ||
| Q3 25 | $-11.1M | $-6.8M | ||
| Q2 25 | $-37.0M | $-9.7M | ||
| Q1 25 | $-5.1M | $-4.0M | ||
| Q4 24 | $-17.6M | $-13.9M | ||
| Q3 24 | $-41.4M | $-3.4M | ||
| Q2 24 | $-24.1M | $-7.6M | ||
| Q1 24 | $27.0M | $3.3M |
自由现金流率MSTRSLNH
| Q4 25 | — | — | ||
| Q3 25 | -8.6% | -81.4% | ||
| Q2 25 | -32.3% | -156.8% | ||
| Q1 25 | -4.6% | -67.1% | ||
| Q4 24 | -14.6% | -168.3% | ||
| Q3 24 | -35.7% | -44.8% | ||
| Q2 24 | -21.6% | -78.2% | ||
| Q1 24 | 23.5% | 26.5% |
资本支出强度MSTRSLNH
| Q4 25 | — | — | ||
| Q3 25 | 2.2% | 55.2% | ||
| Q2 25 | 1.8% | 139.0% | ||
| Q1 25 | 2.5% | 64.2% | ||
| Q4 24 | 0.2% | 107.0% | ||
| Q3 24 | 0.4% | 45.6% | ||
| Q2 24 | 0.6% | 2.5% | ||
| Q1 24 | 1.3% | 4.2% |
现金转化率MSTRSLNH
| 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
SLNH
| Data Hosting Revenue | $5.3M | 62% |
| Cryptocurrency Mining Revenue | $2.8M | 33% |
| Other | $389.0K | 5% |
