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微策略（MSTR）与SoFi Technologies, Inc.（SOFI）财务数据对比。点击上方公司名可切换其他公司
SoFi Technologies, Inc.的季度营收约是微策略的1.3倍（$170.3M vs $128.7M）。微策略净利率更高（2164.1% vs 101.9%，领先2062.2%）。SoFi Technologies, Inc.同比增速更快（25.7% vs 10.9%）。微策略自由现金流更多（$-11.1M vs $-1.1B）。过去两年SoFi Technologies, Inc.的营收复合增速更高（21.4% 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。
SoFi Technologies是美国金融科技企业，2011年由斯坦福大学学生创立，持有全国性特许牌照运营线上银行，同时为其他金融机构提供技术解决方案，是美国规模最大的线上贷款机构，截至2025年累计服务客户达1370万。
MSTR vs SOFI — 直观对比
营收规模更大
SOFI
是对方的1.3倍
$128.7M
营收增速更快
SOFI
高出14.8%
10.9%
净利率更高
MSTR
高出2062.2%
101.9%
自由现金流更多
MSTR
多$1.0B
$-1.1B
两年增速更快
SOFI
近两年复合增速
1.7%
损益表 — Q1 2026 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $128.7M | $170.3M |
| 净利润 | $2.8B | $173.5M |
| 毛利率 | 70.5% | 5.1% |
| 营业利润率 | — | — |
| 净利率 | 2164.1% | 101.9% |
| 营收同比 | 10.9% | 25.7% |
| 净利润同比 | 918.7% | -47.8% |
| 每股收益（稀释后） | $8.42 | $0.14 |
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MSTRSOFI
| Q4 25 | — | $170.3M | ||
| Q3 25 | $128.7M | $156.8M | ||
| Q2 25 | $114.5M | $151.9M | ||
| Q1 25 | $111.1M | $140.4M | ||
| Q4 24 | $120.7M | $135.5M | ||
| Q3 24 | $116.1M | $131.2M | ||
| Q2 24 | $111.4M | $120.8M | ||
| Q1 24 | $115.2M | $115.6M |
净利润MSTRSOFI
| Q4 25 | — | $173.5M | ||
| Q3 25 | $2.8B | $139.4M | ||
| Q2 25 | $10.0B | $97.3M | ||
| Q1 25 | $-4.2B | $71.1M | ||
| Q4 24 | $-670.8M | $332.5M | ||
| Q3 24 | $-340.2M | $60.7M | ||
| Q2 24 | $-102.6M | $17.4M | ||
| Q1 24 | $-53.1M | $88.0M |
毛利率MSTRSOFI
| Q4 25 | — | 5.1% | ||
| Q3 25 | 70.5% | -3.0% | ||
| Q2 25 | 68.8% | 1.0% | ||
| Q1 25 | 69.4% | 3.5% | ||
| Q4 24 | 71.7% | 5.4% | ||
| Q3 24 | 70.4% | 5.7% | ||
| Q2 24 | 72.2% | 9.2% | ||
| Q1 24 | 74.0% | 13.4% |
营业利润率MSTRSOFI
| Q4 25 | — | — | ||
| Q3 25 | — | 94.7% | ||
| Q2 25 | — | 73.9% | ||
| Q1 25 | -5331.4% | 56.8% | ||
| Q4 24 | -842.1% | 44.2% | ||
| Q3 24 | -372.7% | 48.7% | ||
| Q2 24 | -179.7% | 12.7% | ||
| Q1 24 | -176.8% | 81.5% |
净利率MSTRSOFI
| Q4 25 | — | 101.9% | ||
| Q3 25 | 2164.1% | 88.9% | ||
| Q2 25 | 8752.7% | 64.0% | ||
| Q1 25 | -3797.2% | 50.7% | ||
| Q4 24 | -555.8% | 245.4% | ||
| Q3 24 | -293.1% | 46.3% | ||
| Q2 24 | -92.0% | 14.4% | ||
| Q1 24 | -46.1% | 76.2% |
每股收益（稀释后）MSTRSOFI
| Q4 25 | — | $0.14 | ||
| Q3 25 | $8.42 | $0.11 | ||
| Q2 25 | $32.60 | $0.08 | ||
| Q1 25 | $-16.49 | $0.06 | ||
| Q4 24 | $4.49 | $0.31 | ||
| Q3 24 | $-1.72 | $0.05 | ||
| Q2 24 | $-5.74 | $0.01 | ||
| Q1 24 | $-3.09 | $0.02 |
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 | $4.9B |
| 总债务越低越好 | $8.2B | — |
| 股东权益账面价值 | $52.3B | $10.5B |
| 总资产 | $73.6B | $50.7B |
| 负债/权益比越低杠杆越低 | 0.16× | — |
8季度趋势，按日历期对齐
现金及短期投资MSTRSOFI
| Q4 25 | — | $4.9B | ||
| Q3 25 | $54.3M | $3.2B | ||
| Q2 25 | $50.1M | $2.1B | ||
| Q1 25 | $60.3M | $2.1B | ||
| Q4 24 | $38.1M | $2.5B | ||
| Q3 24 | $46.3M | $2.4B | ||
| Q2 24 | $66.9M | $2.3B | ||
| Q1 24 | $81.3M | $3.7B |
总债务MSTRSOFI
| Q4 25 | — | — | ||
| 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MSTRSOFI
| Q4 25 | — | $10.5B | ||
| Q3 25 | $52.3B | $8.8B | ||
| Q2 25 | $47.5B | $6.9B | ||
| Q1 25 | $32.2B | $6.7B | ||
| Q4 24 | $18.2B | $6.5B | ||
| Q3 24 | $3.8B | $6.1B | ||
| Q2 24 | $2.8B | $5.9B | ||
| Q1 24 | $2.4B | $5.8B |
总资产MSTRSOFI
| Q4 25 | — | $50.7B | ||
| Q3 25 | $73.6B | $45.3B | ||
| Q2 25 | $64.8B | $41.1B | ||
| Q1 25 | $43.9B | $37.7B | ||
| Q4 24 | $25.8B | $36.3B | ||
| Q3 24 | $8.3B | $34.4B | ||
| Q2 24 | $7.1B | $32.6B | ||
| Q1 24 | $6.4B | $31.3B |
负债/权益比MSTRSOFI
| Q4 25 | — | — | ||
| 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 | $-8.3M | $-991.2M |
| 自由现金流经营现金流 - 资本支出 | $-11.1M | $-1.1B |
| 自由现金流率自由现金流/营收 | -8.6% | -621.0% |
| 资本支出强度资本支出/营收 | 2.2% | 39.0% |
| 现金转化率经营现金流/净利润 | -0.00× | -5.71× |
| 过去12个月自由现金流最近4个季度 | $-70.8M | $-4.0B |
8季度趋势，按日历期对齐
经营现金流MSTRSOFI
| Q4 25 | — | $-991.2M | ||
| Q3 25 | $-8.3M | $-1.3B | ||
| Q2 25 | $-34.9M | $-1.5B | ||
| Q1 25 | $-2.4M | $21.5M | ||
| Q4 24 | $-17.3M | $-200.1M | ||
| Q3 24 | $-41.0M | $-1.2B | ||
| Q2 24 | $-23.3M | $-484.4M | ||
| Q1 24 | $28.6M | $738.2M |
自由现金流MSTRSOFI
| Q4 25 | — | $-1.1B | ||
| Q3 25 | $-11.1M | $-1.4B | ||
| Q2 25 | $-37.0M | $-1.5B | ||
| Q1 25 | $-5.1M | $-31.1M | ||
| Q4 24 | $-17.6M | $-242.4M | ||
| Q3 24 | $-41.4M | $-1.2B | ||
| Q2 24 | $-24.1M | $-521.1M | ||
| Q1 24 | $27.0M | $706.3M |
自由现金流率MSTRSOFI
| Q4 25 | — | -621.0% | ||
| Q3 25 | -8.6% | -871.1% | ||
| Q2 25 | -32.3% | -1007.6% | ||
| Q1 25 | -4.6% | -22.2% | ||
| Q4 24 | -14.6% | -178.9% | ||
| Q3 24 | -35.7% | -927.3% | ||
| Q2 24 | -21.6% | -431.4% | ||
| Q1 24 | 23.5% | 610.9% |
资本支出强度MSTRSOFI
| Q4 25 | — | 39.0% | ||
| Q3 25 | 2.2% | 38.3% | ||
| Q2 25 | 1.8% | 41.8% | ||
| Q1 25 | 2.5% | 37.5% | ||
| Q4 24 | 0.2% | 31.2% | ||
| Q3 24 | 0.4% | 33.0% | ||
| Q2 24 | 0.6% | 30.4% | ||
| Q1 24 | 1.3% | 27.7% |
现金转化率MSTRSOFI
| Q4 25 | — | -5.71× | ||
| Q3 25 | -0.00× | -9.37× | ||
| Q2 25 | -0.00× | -15.08× | ||
| Q1 25 | — | 0.30× | ||
| Q4 24 | — | -0.60× | ||
| Q3 24 | — | -19.32× | ||
| Q2 24 | — | -27.83× | ||
| Q1 24 | — | 8.39× |
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% |
SOFI
| Technology Platform Segment | $94.0M | 55% |
| Interchange | $35.9M | 21% |
| Referrals Loan Platform | $19.7M | 12% |
| Brokerage | $12.9M | 8% |
| Financial Service Other | $4.1M | 2% |
| Other | $3.6M | 2% |
