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National CineMedia, Inc.（NCMI）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National CineMedia, Inc.的3.0倍（$191.6M vs $63.4M）。National CineMedia, Inc.净利率更高（2.5% vs -5.0%，领先7.6%）。Thryv Holdings, Inc.同比增速更快（2.7% vs 1.6%）。Thryv Holdings, Inc.自由现金流更多（$12.3M vs $-2.0M）。过去两年National CineMedia, Inc.的营收复合增速更高（0.8% vs -9.4%）
国家影院传媒是一家美国影院广告企业，依托由AMC、喜满客、 regal等头部连锁影院及区域影院院线组成的影院数字化网络，面向美国消费者，在影院场地、线上渠道以及移动端开展影院广告业务，是美国影院广告领域的核心运营商。
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。
NCMI vs THRY — 直观对比
营收规模更大
THRY
是对方的3.0倍
$63.4M
营收增速更快
THRY
高出1.1%
1.6%
净利率更高
NCMI
高出7.6%
-5.0%
自由现金流更多
THRY
多$14.3M
$-2.0M
两年增速更快
NCMI
近两年复合增速
-9.4%
损益表 — Q3 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $63.4M | $191.6M |
| 净利润 | $1.6M | $-9.7M |
| 毛利率 | 95.0% | 68.0% |
| 营业利润率 | -2.8% | 5.3% |
| 净利率 | 2.5% | -5.0% |
| 营收同比 | 1.6% | 2.7% |
| 净利润同比 | 144.4% | -222.5% |
| 每股收益（稀释后） | $0.02 | $-0.21 |
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NCMITHRY
| Q4 25 | — | $191.6M | ||
| Q3 25 | $63.4M | $201.6M | ||
| Q2 25 | $51.8M | $210.5M | ||
| Q1 25 | $34.9M | $181.4M | ||
| Q4 24 | $86.3M | $186.6M | ||
| Q3 24 | $62.4M | $179.9M | ||
| Q2 24 | — | $224.1M | ||
| Q1 24 | — | $233.6M |
净利润NCMITHRY
| Q4 25 | — | $-9.7M | ||
| Q3 25 | $1.6M | $5.7M | ||
| Q2 25 | $-10.7M | $13.9M | ||
| Q1 25 | $-30.7M | $-9.6M | ||
| Q4 24 | $24.7M | $7.9M | ||
| Q3 24 | $-3.6M | $-96.1M | ||
| Q2 24 | — | $5.5M | ||
| Q1 24 | — | $8.4M |
毛利率NCMITHRY
| Q4 25 | — | 68.0% | ||
| Q3 25 | 95.0% | 67.7% | ||
| Q2 25 | 93.8% | 69.7% | ||
| Q1 25 | 91.1% | 65.8% | ||
| Q4 24 | 96.4% | 65.9% | ||
| Q3 24 | 94.7% | 62.3% | ||
| Q2 24 | — | 66.3% | ||
| Q1 24 | — | 65.8% |
营业利润率NCMITHRY
| Q4 25 | — | 5.3% | ||
| Q3 25 | -2.8% | 9.9% | ||
| Q2 25 | -23.2% | 14.0% | ||
| Q1 25 | -68.5% | -1.7% | ||
| Q4 24 | 23.2% | -3.9% | ||
| Q3 24 | -12.0% | -49.2% | ||
| Q2 24 | — | 14.0% | ||
| Q1 24 | — | 13.3% |
净利率NCMITHRY
| Q4 25 | — | -5.0% | ||
| Q3 25 | 2.5% | 2.8% | ||
| Q2 25 | -20.7% | 6.6% | ||
| Q1 25 | -88.0% | -5.3% | ||
| Q4 24 | 28.6% | 4.2% | ||
| Q3 24 | -5.8% | -53.4% | ||
| Q2 24 | — | 2.5% | ||
| Q1 24 | — | 3.6% |
每股收益（稀释后）NCMITHRY
| Q4 25 | — | $-0.21 | ||
| Q3 25 | $0.02 | $0.13 | ||
| Q2 25 | $-0.11 | $0.31 | ||
| Q1 25 | $-0.32 | $-0.22 | ||
| Q4 24 | $0.26 | $0.28 | ||
| Q3 24 | $-0.04 | $-2.65 | ||
| Q2 24 | — | $0.15 | ||
| Q1 24 | — | $0.22 |
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 | $29.9M | $10.8M |
| 总债务越低越好 | — | $253.5M |
| 股东权益账面价值 | $350.5M | $218.1M |
| 总资产 | $451.9M | $688.6M |
| 负债/权益比越低杠杆越低 | — | 1.16× |
8季度趋势，按日历期对齐
现金及短期投资NCMITHRY
| Q4 25 | — | $10.8M | ||
| Q3 25 | $29.9M | $11.6M | ||
| Q2 25 | $37.2M | $10.8M | ||
| Q1 25 | $59.8M | $11.0M | ||
| Q4 24 | $75.2M | $16.3M | ||
| Q3 24 | $49.5M | $12.5M | ||
| Q2 24 | — | $15.5M | ||
| Q1 24 | — | $14.4M |
总债务NCMITHRY
| Q4 25 | — | $253.5M | ||
| Q3 25 | — | $268.2M | ||
| Q2 25 | — | $275.6M | ||
| Q1 25 | — | $299.0M | ||
| Q4 24 | — | $284.3M | ||
| Q3 24 | — | $307.8M | ||
| Q2 24 | — | $342.1M | ||
| Q1 24 | — | $347.6M |
股东权益NCMITHRY
| Q4 25 | — | $218.1M | ||
| Q3 25 | $350.5M | $221.1M | ||
| Q2 25 | $350.0M | $214.9M | ||
| Q1 25 | $370.8M | $193.2M | ||
| Q4 24 | $411.2M | $196.9M | ||
| Q3 24 | $385.5M | $94.5M | ||
| Q2 24 | — | $183.1M | ||
| Q1 24 | — | $167.1M |
总资产NCMITHRY
| Q4 25 | — | $688.6M | ||
| Q3 25 | $451.9M | $701.8M | ||
| Q2 25 | $462.0M | $687.7M | ||
| Q1 25 | $503.8M | $703.7M | ||
| Q4 24 | $568.6M | $712.2M | ||
| Q3 24 | $526.1M | $654.8M | ||
| Q2 24 | — | $785.5M | ||
| Q1 24 | — | $786.8M |
负债/权益比NCMITHRY
| Q4 25 | — | 1.16× | ||
| Q3 25 | — | 1.21× | ||
| Q2 25 | — | 1.28× | ||
| Q1 25 | — | 1.55× | ||
| Q4 24 | — | 1.44× | ||
| Q3 24 | — | 3.26× | ||
| Q2 24 | — | 1.87× | ||
| Q1 24 | — | 2.08× |
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 | $-1.0M | $22.2M |
| 自由现金流经营现金流 - 资本支出 | $-2.0M | $12.3M |
| 自由现金流率自由现金流/营收 | -3.2% | 6.4% |
| 资本支出强度资本支出/营收 | 1.6% | 5.2% |
| 现金转化率经营现金流/净利润 | -0.63× | — |
| 过去12个月自由现金流最近4个季度 | $-5.3M | $31.1M |
8季度趋势，按日历期对齐
经营现金流NCMITHRY
| Q4 25 | — | $22.2M | ||
| Q3 25 | $-1.0M | $22.2M | ||
| Q2 25 | $-4.9M | $29.6M | ||
| Q1 25 | $6.0M | $-10.5M | ||
| Q4 24 | $30.5M | $26.1M | ||
| Q3 24 | $-2.0M | $36.0M | ||
| Q2 24 | — | $22.2M | ||
| Q1 24 | — | $5.4M |
自由现金流NCMITHRY
| Q4 25 | — | $12.3M | ||
| Q3 25 | $-2.0M | $14.6M | ||
| Q2 25 | $-6.6M | $21.8M | ||
| Q1 25 | $5.3M | $-17.6M | ||
| Q4 24 | $28.1M | $17.3M | ||
| Q3 24 | $-2.6M | $27.5M | ||
| Q2 24 | — | $13.3M | ||
| Q1 24 | — | $-1.8M |
自由现金流率NCMITHRY
| Q4 25 | — | 6.4% | ||
| Q3 25 | -3.2% | 7.2% | ||
| Q2 25 | -12.7% | 10.4% | ||
| Q1 25 | 15.2% | -9.7% | ||
| Q4 24 | 32.6% | 9.3% | ||
| Q3 24 | -4.2% | 15.3% | ||
| Q2 24 | — | 5.9% | ||
| Q1 24 | — | -0.8% |
资本支出强度NCMITHRY
| Q4 25 | — | 5.2% | ||
| Q3 25 | 1.6% | 3.8% | ||
| Q2 25 | 3.3% | 3.7% | ||
| Q1 25 | 2.0% | 3.9% | ||
| Q4 24 | 2.8% | 4.7% | ||
| Q3 24 | 1.0% | 4.7% | ||
| Q2 24 | — | 4.0% | ||
| Q1 24 | — | 3.1% |
现金转化率NCMITHRY
| Q4 25 | — | — | ||
| Q3 25 | -0.63× | 3.93× | ||
| Q2 25 | — | 2.12× | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.23× | 3.32× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 4.01× | ||
| Q1 24 | — | 0.65× |
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
NCMI
| National Advertising Revenue | $49.9M | 79% |
| Local Advertising Revenue | $9.6M | 15% |
| Founding Member Advertising Revenue From Beverage Concessionaire Agreements | $3.9M | 6% |
THRY
| Software As A Service | $119.0M | 62% |
| $56.2M | 29% | |
| Digital | $16.4M | 9% |
