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微策略（MSTR）与Target Hospitality Corp.（TH）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Target Hospitality Corp.的1.7倍（$123.0M vs $73.5M），Target Hospitality Corp.同比增速更快（22.0% vs 1.9%），过去两年微策略的营收复合增速更高（3.3% vs 0.7%）
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。
Target Hospitality是一家专业住宿服务提供商，主营石油、天然气及矿业项目用工住宿，也提供大型活动、灾后救援所需的临时模块化住宿，总部位于得克萨斯州伍德兰兹，同时在北达科他州威利斯顿、科罗拉多州丹佛以及阿尔伯塔省卡尔加里设有办事处。
MSTR vs TH — 直观对比
营收规模更大
MSTR
是对方的1.7倍
$73.5M
营收增速更快
TH
高出20.1%
1.9%
两年增速更快
MSTR
近两年复合增速
0.7%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $123.0M | $73.5M |
| 净利润 | — | $-14.9M |
| 毛利率 | 66.1% | 9.6% |
| 营业利润率 | — | -22.9% |
| 净利率 | — | -20.3% |
| 营收同比 | 1.9% | 22.0% |
| 净利润同比 | — | -219.1% |
| 每股收益（稀释后） | — | $-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MSTRTH
| Q4 25 | $123.0M | $73.5M | ||
| Q3 25 | $128.7M | $91.6M | ||
| Q2 25 | $114.5M | $54.9M | ||
| Q1 25 | $111.1M | $54.9M | ||
| Q4 24 | $120.7M | $60.2M | ||
| Q3 24 | $116.1M | $65.8M | ||
| Q2 24 | $111.4M | $67.5M | ||
| Q1 24 | $115.2M | $72.4M |
净利润MSTRTH
| Q4 25 | — | $-14.9M | ||
| Q3 25 | $2.8B | $-795.0K | ||
| Q2 25 | $10.0B | $-14.9M | ||
| Q1 25 | $-4.2B | $-6.5M | ||
| Q4 24 | $-670.8M | $12.5M | ||
| Q3 24 | $-340.2M | $20.0M | ||
| Q2 24 | $-102.6M | $18.4M | ||
| Q1 24 | $-53.1M | $20.4M |
毛利率MSTRTH
| Q4 25 | 66.1% | 9.6% | ||
| Q3 25 | 70.5% | 19.6% | ||
| Q2 25 | 68.8% | -0.6% | ||
| Q1 25 | 69.4% | 32.7% | ||
| Q4 24 | 71.7% | 61.5% | ||
| Q3 24 | 70.4% | 68.7% | ||
| Q2 24 | 72.2% | 69.4% | ||
| Q1 24 | 74.0% | 67.8% |
营业利润率MSTRTH
| Q4 25 | — | -22.9% | ||
| Q3 25 | — | 0.1% | ||
| Q2 25 | — | -30.8% | ||
| Q1 25 | -5331.4% | -2.0% | ||
| Q4 24 | -842.1% | 34.5% | ||
| Q3 24 | -372.7% | 42.5% | ||
| Q2 24 | -179.7% | 43.8% | ||
| Q1 24 | -176.8% | 42.0% |
净利率MSTRTH
| Q4 25 | — | -20.3% | ||
| Q3 25 | 2164.1% | -0.9% | ||
| Q2 25 | 8752.7% | -27.2% | ||
| Q1 25 | -3797.2% | -11.8% | ||
| Q4 24 | -555.8% | 20.8% | ||
| Q3 24 | -293.1% | 30.4% | ||
| Q2 24 | -92.0% | 27.2% | ||
| Q1 24 | -46.1% | 28.2% |
每股收益（稀释后）MSTRTH
| Q4 25 | — | $-0.14 | ||
| Q3 25 | $8.42 | $-0.01 | ||
| Q2 25 | $32.60 | $-0.15 | ||
| Q1 25 | $-16.49 | $-0.07 | ||
| Q4 24 | $4.49 | $0.12 | ||
| Q3 24 | $-1.72 | $0.20 | ||
| Q2 24 | $-0.57 | $0.18 | ||
| Q1 24 | $-0.31 | $0.20 |
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 | $8.3M |
| 总债务越低越好 | $8.2B | $1.7M |
| 股东权益账面价值 | $44.1B | $389.3M |
| 总资产 | $61.6B | $530.2M |
| 负债/权益比越低杠杆越低 | 0.19× | 0.00× |
8季度趋势，按日历期对齐
现金及短期投资MSTRTH
| Q4 25 | $2.3B | $8.3M | ||
| Q3 25 | $54.3M | $30.4M | ||
| Q2 25 | $50.1M | $19.2M | ||
| Q1 25 | $60.3M | $34.5M | ||
| Q4 24 | $38.1M | $190.7M | ||
| Q3 24 | $46.3M | $177.7M | ||
| Q2 24 | $66.9M | $154.3M | ||
| Q1 24 | $81.3M | $124.3M |
总债务MSTRTH
| Q4 25 | $8.2B | $1.7M | ||
| Q3 25 | $8.2B | $2.0M | ||
| Q2 25 | $8.2B | $26.3M | ||
| Q1 25 | $8.1B | $42.9M | ||
| Q4 24 | $7.2B | $1.5M | ||
| Q3 24 | $4.2B | $994.0K | ||
| Q2 24 | $3.8B | $1.1M | ||
| Q1 24 | $3.6B | $179.9M |
股东权益MSTRTH
| Q4 25 | $44.1B | $389.3M | ||
| Q3 25 | $52.3B | $402.4M | ||
| Q2 25 | $47.5B | $401.3M | ||
| Q1 25 | $32.2B | $415.3M | ||
| Q4 24 | $18.2B | $421.1M | ||
| Q3 24 | $3.8B | $417.6M | ||
| Q2 24 | $2.8B | $397.2M | ||
| Q1 24 | $2.4B | $375.5M |
总资产MSTRTH
| Q4 25 | $61.6B | $530.2M | ||
| Q3 25 | $73.6B | $541.2M | ||
| Q2 25 | $64.8B | $533.7M | ||
| Q1 25 | $43.9B | $562.5M | ||
| Q4 24 | $25.8B | $725.8M | ||
| Q3 24 | $8.3B | $709.8M | ||
| Q2 24 | $7.1B | $697.0M | ||
| Q1 24 | $6.4B | $687.2M |
负债/权益比MSTRTH
| Q4 25 | 0.19× | 0.00× | ||
| Q3 25 | 0.16× | 0.01× | ||
| Q2 25 | 0.17× | 0.07× | ||
| Q1 25 | 0.25× | 0.10× | ||
| Q4 24 | 0.39× | 0.00× | ||
| Q3 24 | 1.12× | 0.00× | ||
| Q2 24 | 1.36× | 0.00× | ||
| Q1 24 | 1.48× | 0.48× |
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 | — | $5.7M |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | — |
| 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 | — | — |
8季度趋势，按日历期对齐
经营现金流MSTRTH
| Q4 25 | — | $5.7M | ||
| Q3 25 | $-8.3M | $53.4M | ||
| Q2 25 | $-34.9M | $11.1M | ||
| Q1 25 | $-2.4M | $3.9M | ||
| Q4 24 | $-17.3M | $30.6M | ||
| Q3 24 | $-41.0M | $31.4M | ||
| Q2 24 | $-23.3M | $39.1M | ||
| Q1 24 | $28.6M | $50.6M |
自由现金流MSTRTH
| Q4 25 | — | — | ||
| Q3 25 | $-11.1M | — | ||
| Q2 25 | $-37.0M | — | ||
| Q1 25 | $-5.1M | $-11.6M | ||
| Q4 24 | $-17.6M | — | ||
| Q3 24 | $-41.4M | — | ||
| Q2 24 | $-24.1M | — | ||
| Q1 24 | $27.0M | — |
自由现金流率MSTRTH
| Q4 25 | — | — | ||
| Q3 25 | -8.6% | — | ||
| Q2 25 | -32.3% | — | ||
| Q1 25 | -4.6% | -21.1% | ||
| Q4 24 | -14.6% | — | ||
| Q3 24 | -35.7% | — | ||
| Q2 24 | -21.6% | — | ||
| Q1 24 | 23.5% | — |
资本支出强度MSTRTH
| Q4 25 | — | — | ||
| Q3 25 | 2.2% | — | ||
| Q2 25 | 1.8% | — | ||
| Q1 25 | 2.5% | 28.2% | ||
| Q4 24 | 0.2% | — | ||
| Q3 24 | 0.4% | — | ||
| Q2 24 | 0.6% | — | ||
| Q1 24 | 1.3% | — |
现金转化率MSTRTH
| Q4 25 | — | — | ||
| Q3 25 | -0.00× | — | ||
| Q2 25 | -0.00× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 2.44× | ||
| Q3 24 | — | 1.57× | ||
| Q2 24 | — | 2.13× | ||
| Q1 24 | — | 2.48× |
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
TH
| Services | $40.9M | 56% |
| Hospitality And Facilities Services South | $32.6M | 44% |
