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微策略（MSTR）与Thryv Holdings, Inc.（THRY）财务数据对比。点击上方公司名可切换其他公司
Thryv Holdings, Inc.的季度营收约是微策略的1.4倍（$167.7M vs $123.0M），微策略同比增速更快（1.9% vs -7.5%），过去两年微策略的营收复合增速更高（3.3% vs -13.5%）
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。
Thryv Holdings, Inc.是一家上市软件服务（SaaS）企业，面向中小企业提供客户关系管理与网络声誉管理软件解决方案。公司总部位于得克萨斯州达拉斯，业务覆盖美国48个州，现有员工超过2400名，其前身是多家黄页企业组成的集团。
MSTR vs THRY — 直观对比
营收规模更大
THRY
是对方的1.4倍
$123.0M
营收增速更快
MSTR
高出9.4%
-7.5%
两年增速更快
MSTR
近两年复合增速
-13.5%
损益表 — Q2 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $123.0M | $167.7M |
| 净利润 | — | $4.5M |
| 毛利率 | 66.1% | 65.2% |
| 营业利润率 | — | 37.3% |
| 净利率 | — | 2.7% |
| 营收同比 | 1.9% | -7.5% |
| 净利润同比 | — | 147.2% |
| 每股收益（稀释后） | — | $0.10 |
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MSTRTHRY
| Q1 26 | — | $167.7M | ||
| Q4 25 | $123.0M | $191.6M | ||
| Q3 25 | $128.7M | $201.6M | ||
| Q2 25 | $114.5M | $210.5M | ||
| Q1 25 | $111.1M | $181.4M | ||
| Q4 24 | $120.7M | $186.6M | ||
| Q3 24 | $116.1M | $179.9M | ||
| Q2 24 | $111.4M | $224.1M |
净利润MSTRTHRY
| Q1 26 | — | $4.5M | ||
| Q4 25 | — | $-9.7M | ||
| Q3 25 | $2.8B | $5.7M | ||
| Q2 25 | $10.0B | $13.9M | ||
| Q1 25 | $-4.2B | $-9.6M | ||
| Q4 24 | $-670.8M | $7.9M | ||
| Q3 24 | $-340.2M | $-96.1M | ||
| Q2 24 | $-102.6M | $5.5M |
毛利率MSTRTHRY
| Q1 26 | — | 65.2% | ||
| Q4 25 | 66.1% | 68.0% | ||
| Q3 25 | 70.5% | 67.7% | ||
| Q2 25 | 68.8% | 69.7% | ||
| Q1 25 | 69.4% | 65.8% | ||
| Q4 24 | 71.7% | 65.9% | ||
| Q3 24 | 70.4% | 62.3% | ||
| Q2 24 | 72.2% | 66.3% |
营业利润率MSTRTHRY
| Q1 26 | — | 37.3% | ||
| Q4 25 | — | 5.3% | ||
| Q3 25 | — | 9.9% | ||
| Q2 25 | — | 14.0% | ||
| Q1 25 | -5331.4% | -1.7% | ||
| Q4 24 | -842.1% | -3.9% | ||
| Q3 24 | -372.7% | -49.2% | ||
| Q2 24 | -179.7% | 14.0% |
净利率MSTRTHRY
| Q1 26 | — | 2.7% | ||
| Q4 25 | — | -5.0% | ||
| Q3 25 | 2164.1% | 2.8% | ||
| Q2 25 | 8752.7% | 6.6% | ||
| Q1 25 | -3797.2% | -5.3% | ||
| Q4 24 | -555.8% | 4.2% | ||
| Q3 24 | -293.1% | -53.4% | ||
| Q2 24 | -92.0% | 2.5% |
每股收益（稀释后）MSTRTHRY
| Q1 26 | — | $0.10 | ||
| Q4 25 | — | $-0.21 | ||
| Q3 25 | $8.42 | $0.13 | ||
| Q2 25 | $32.60 | $0.31 | ||
| Q1 25 | $-16.49 | $-0.22 | ||
| Q4 24 | $4.49 | $0.28 | ||
| Q3 24 | $-1.72 | $-2.65 | ||
| Q2 24 | $-0.57 | $0.15 |
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 | $8.0M |
| 总债务越低越好 | $8.2B | — |
| 股东权益账面价值 | $44.1B | $225.4M |
| 总资产 | $61.6B | $693.7M |
| 负债/权益比越低杠杆越低 | 0.19× | — |
8季度趋势，按日历期对齐
现金及短期投资MSTRTHRY
| Q1 26 | — | $8.0M | ||
| Q4 25 | $2.3B | $10.8M | ||
| Q3 25 | $54.3M | $11.6M | ||
| Q2 25 | $50.1M | $10.8M | ||
| Q1 25 | $60.3M | $11.0M | ||
| Q4 24 | $38.1M | $16.3M | ||
| Q3 24 | $46.3M | $12.5M | ||
| Q2 24 | $66.9M | $15.5M |
总债务MSTRTHRY
| Q1 26 | — | — | ||
| Q4 25 | $8.2B | $253.5M | ||
| Q3 25 | $8.2B | $268.2M | ||
| Q2 25 | $8.2B | $275.6M | ||
| Q1 25 | $8.1B | $299.0M | ||
| Q4 24 | $7.2B | $284.3M | ||
| Q3 24 | $4.2B | $307.8M | ||
| Q2 24 | $3.8B | $342.1M |
股东权益MSTRTHRY
| Q1 26 | — | $225.4M | ||
| Q4 25 | $44.1B | $218.1M | ||
| Q3 25 | $52.3B | $221.1M | ||
| Q2 25 | $47.5B | $214.9M | ||
| Q1 25 | $32.2B | $193.2M | ||
| Q4 24 | $18.2B | $196.9M | ||
| Q3 24 | $3.8B | $94.5M | ||
| Q2 24 | $2.8B | $183.1M |
总资产MSTRTHRY
| Q1 26 | — | $693.7M | ||
| Q4 25 | $61.6B | $688.6M | ||
| Q3 25 | $73.6B | $701.8M | ||
| Q2 25 | $64.8B | $687.7M | ||
| Q1 25 | $43.9B | $703.7M | ||
| Q4 24 | $25.8B | $712.2M | ||
| Q3 24 | $8.3B | $654.8M | ||
| Q2 24 | $7.1B | $785.5M |
负债/权益比MSTRTHRY
| Q1 26 | — | — | ||
| Q4 25 | 0.19× | 1.16× | ||
| Q3 25 | 0.16× | 1.21× | ||
| Q2 25 | 0.17× | 1.28× | ||
| Q1 25 | 0.25× | 1.55× | ||
| Q4 24 | 0.39× | 1.44× | ||
| Q3 24 | 1.12× | 3.26× | ||
| Q2 24 | 1.36× | 1.87× |
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 | — | — |
| 自由现金流经营现金流 - 资本支出 | — | $-5.5M |
| 自由现金流率自由现金流/营收 | — | -3.3% |
| 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 | — | $43.3M |
8季度趋势，按日历期对齐
经营现金流MSTRTHRY
| Q1 26 | — | — | ||
| Q4 25 | — | $22.2M | ||
| Q3 25 | $-8.3M | $22.2M | ||
| Q2 25 | $-34.9M | $29.6M | ||
| Q1 25 | $-2.4M | $-10.5M | ||
| Q4 24 | $-17.3M | $26.1M | ||
| Q3 24 | $-41.0M | $36.0M | ||
| Q2 24 | $-23.3M | $22.2M |
自由现金流MSTRTHRY
| Q1 26 | — | $-5.5M | ||
| Q4 25 | — | $12.3M | ||
| Q3 25 | $-11.1M | $14.6M | ||
| Q2 25 | $-37.0M | $21.8M | ||
| Q1 25 | $-5.1M | $-17.6M | ||
| Q4 24 | $-17.6M | $17.3M | ||
| Q3 24 | $-41.4M | $27.5M | ||
| Q2 24 | $-24.1M | $13.3M |
自由现金流率MSTRTHRY
| Q1 26 | — | -3.3% | ||
| Q4 25 | — | 6.4% | ||
| Q3 25 | -8.6% | 7.2% | ||
| Q2 25 | -32.3% | 10.4% | ||
| Q1 25 | -4.6% | -9.7% | ||
| Q4 24 | -14.6% | 9.3% | ||
| Q3 24 | -35.7% | 15.3% | ||
| Q2 24 | -21.6% | 5.9% |
资本支出强度MSTRTHRY
| Q1 26 | — | — | ||
| Q4 25 | — | 5.2% | ||
| Q3 25 | 2.2% | 3.8% | ||
| Q2 25 | 1.8% | 3.7% | ||
| Q1 25 | 2.5% | 3.9% | ||
| Q4 24 | 0.2% | 4.7% | ||
| Q3 24 | 0.4% | 4.7% | ||
| Q2 24 | 0.6% | 4.0% |
现金转化率MSTRTHRY
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | -0.00× | 3.93× | ||
| Q2 25 | -0.00× | 2.12× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 3.32× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 4.01× |
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
THRY
| SaaS | $116.7M | 70% |
| Other | $50.9M | 30% |
