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微策略（MSTR）与null（SWIM）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null的1.2倍（$123.0M vs $100.0M），null同比增速更快（14.5% vs 1.9%），过去两年微策略的营收复合增速更高（3.3% vs -4.9%）
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。
该企业是一家源自美国的跨国律师事务所，1934年创立于加利福尼亚州洛杉矶，在诉讼业务、公司法务以及监管合规法律领域拥有深厚的行业积累与知名度，是全球颇具影响力的综合性律所之一。
MSTR vs SWIM — 直观对比
营收规模更大
MSTR
是对方的1.2倍
$100.0M
营收增速更快
SWIM
高出12.6%
1.9%
两年增速更快
MSTR
近两年复合增速
-4.9%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $123.0M | $100.0M |
| 净利润 | — | $-7.0M |
| 毛利率 | 66.1% | 28.0% |
| 营业利润率 | — | -10.7% |
| 净利率 | — | -7.0% |
| 营收同比 | 1.9% | 14.5% |
| 净利润同比 | — | 76.0% |
| 每股收益（稀释后） | — | $-0.06 |
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MSTRSWIM
| Q4 25 | $123.0M | $100.0M | ||
| Q3 25 | $128.7M | $161.9M | ||
| Q2 25 | $114.5M | $172.6M | ||
| Q1 25 | $111.1M | $111.4M | ||
| Q4 24 | $120.7M | $87.3M | ||
| Q3 24 | $116.1M | $150.5M | ||
| Q2 24 | $111.4M | $160.1M | ||
| Q1 24 | $115.2M | $110.6M |
净利润MSTRSWIM
| Q4 25 | — | $-7.0M | ||
| Q3 25 | $2.8B | $8.1M | ||
| Q2 25 | $10.0B | $16.0M | ||
| Q1 25 | $-4.2B | $-6.0M | ||
| Q4 24 | $-670.8M | $-29.2M | ||
| Q3 24 | $-340.2M | $5.9M | ||
| Q2 24 | $-102.6M | $13.3M | ||
| Q1 24 | $-53.1M | $-7.9M |
毛利率MSTRSWIM
| Q4 25 | 66.1% | 28.0% | ||
| Q3 25 | 70.5% | 35.4% | ||
| Q2 25 | 68.8% | 37.1% | ||
| Q1 25 | 69.4% | 29.5% | ||
| Q4 24 | 71.7% | 24.6% | ||
| Q3 24 | 70.4% | 32.4% | ||
| Q2 24 | 72.2% | 33.1% | ||
| Q1 24 | 74.0% | 27.7% |
营业利润率MSTRSWIM
| Q4 25 | — | -10.7% | ||
| Q3 25 | — | 13.3% | ||
| Q2 25 | — | 14.3% | ||
| Q1 25 | -5331.4% | -4.4% | ||
| Q4 24 | -842.1% | -14.9% | ||
| Q3 24 | -372.7% | 8.9% | ||
| Q2 24 | -179.7% | 12.5% | ||
| Q1 24 | -176.8% | -1.9% |
净利率MSTRSWIM
| Q4 25 | — | -7.0% | ||
| Q3 25 | 2164.1% | 5.0% | ||
| Q2 25 | 8752.7% | 9.3% | ||
| Q1 25 | -3797.2% | -5.4% | ||
| Q4 24 | -555.8% | -33.4% | ||
| Q3 24 | -293.1% | 3.9% | ||
| Q2 24 | -92.0% | 8.3% | ||
| Q1 24 | -46.1% | -7.1% |
每股收益（稀释后）MSTRSWIM
| Q4 25 | — | $-0.06 | ||
| Q3 25 | $8.42 | $0.07 | ||
| Q2 25 | $32.60 | $0.13 | ||
| Q1 25 | $-16.49 | $-0.05 | ||
| Q4 24 | $4.49 | $-0.24 | ||
| Q3 24 | $-1.72 | $0.05 | ||
| Q2 24 | $-0.57 | $0.11 | ||
| Q1 24 | $-0.31 | $-0.07 |
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 | $279.8M |
| 股东权益账面价值 | $44.1B | $405.9M |
| 总资产 | $61.6B | $823.2M |
| 负债/权益比越低杠杆越低 | 0.19× | 0.69× |
8季度趋势，按日历期对齐
现金及短期投资MSTRSWIM
| 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MSTRSWIM
| Q4 25 | $8.2B | $279.8M | ||
| Q3 25 | $8.2B | $281.1M | ||
| Q2 25 | $8.2B | $281.5M | ||
| Q1 25 | $8.1B | $306.9M | ||
| Q4 24 | $7.2B | $281.5M | ||
| Q3 24 | $4.2B | $282.8M | ||
| Q2 24 | $3.8B | $282.4M | ||
| Q1 24 | $3.6B | $282.8M |
股东权益MSTRSWIM
| Q4 25 | $44.1B | $405.9M | ||
| Q3 25 | $52.3B | $408.4M | ||
| Q2 25 | $47.5B | $398.4M | ||
| Q1 25 | $32.2B | $381.1M | ||
| Q4 24 | $18.2B | $387.2M | ||
| Q3 24 | $3.8B | $416.6M | ||
| Q2 24 | $2.8B | $408.1M | ||
| Q1 24 | $2.4B | $391.8M |
总资产MSTRSWIM
| Q4 25 | $61.6B | $823.2M | ||
| Q3 25 | $73.6B | $844.4M | ||
| Q2 25 | $64.8B | $822.1M | ||
| Q1 25 | $43.9B | $824.6M | ||
| Q4 24 | $25.8B | $794.2M | ||
| Q3 24 | $8.3B | $853.4M | ||
| Q2 24 | $7.1B | $830.0M | ||
| Q1 24 | $6.4B | $808.6M |
负债/权益比MSTRSWIM
| Q4 25 | 0.19× | 0.69× | ||
| Q3 25 | 0.16× | 0.69× | ||
| Q2 25 | 0.17× | 0.71× | ||
| Q1 25 | 0.25× | 0.81× | ||
| Q4 24 | 0.39× | 0.73× | ||
| Q3 24 | 1.12× | 0.68× | ||
| Q2 24 | 1.36× | 0.69× | ||
| Q1 24 | 1.48× | 0.72× |
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 | — | $14.1M |
| 自由现金流率自由现金流/营收 | — | 14.1% |
| 资本支出强度资本支出/营收 | — | 9.2% |
| 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 | — | $38.0M |
8季度趋势，按日历期对齐
经营现金流MSTRSWIM
| Q4 25 | — | $23.3M | ||
| Q3 25 | $-8.3M | $51.0M | ||
| Q2 25 | $-34.9M | $36.0M | ||
| Q1 25 | $-2.4M | $-46.9M | ||
| Q4 24 | $-17.3M | $6.2M | ||
| Q3 24 | $-41.0M | $37.2M | ||
| Q2 24 | $-23.3M | $52.4M | ||
| Q1 24 | $28.6M | $-34.5M |
自由现金流MSTRSWIM
| Q4 25 | — | $14.1M | ||
| Q3 25 | $-11.1M | $45.2M | ||
| Q2 25 | $-37.0M | $29.1M | ||
| Q1 25 | $-5.1M | $-50.3M | ||
| Q4 24 | $-17.6M | $-98.0K | ||
| Q3 24 | $-41.4M | $33.2M | ||
| Q2 24 | $-24.1M | $47.9M | ||
| Q1 24 | $27.0M | $-39.9M |
自由现金流率MSTRSWIM
| Q4 25 | — | 14.1% | ||
| Q3 25 | -8.6% | 27.9% | ||
| Q2 25 | -32.3% | 16.8% | ||
| Q1 25 | -4.6% | -45.2% | ||
| Q4 24 | -14.6% | -0.1% | ||
| Q3 24 | -35.7% | 22.1% | ||
| Q2 24 | -21.6% | 29.9% | ||
| Q1 24 | 23.5% | -36.0% |
资本支出强度MSTRSWIM
| Q4 25 | — | 9.2% | ||
| Q3 25 | 2.2% | 3.6% | ||
| Q2 25 | 1.8% | 4.0% | ||
| Q1 25 | 2.5% | 3.1% | ||
| Q4 24 | 0.2% | 7.2% | ||
| Q3 24 | 0.4% | 2.7% | ||
| Q2 24 | 0.6% | 2.8% | ||
| Q1 24 | 1.3% | 4.8% |
现金转化率MSTRSWIM
| Q4 25 | — | — | ||
| Q3 25 | -0.00× | 6.29× | ||
| Q2 25 | -0.00× | 2.25× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 6.32× | ||
| Q2 24 | — | 3.95× | ||
| 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
SWIM
| In Ground Swimming Pools | $50.2M | 50% |
| Covers | $37.0M | 37% |
| Liners | $12.7M | 13% |
