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FiscalNote Holdings, Inc.（NOTE）与花花公子（PLBY）财务数据对比。点击上方公司名可切换其他公司
花花公子的季度营收约是FiscalNote Holdings, Inc.的1.6倍（$34.9M vs $22.2M），花花公子同比增速更快（4.2% vs -24.7%），花花公子自由现金流更多（$1.1M vs $-1.9M），过去两年花花公子的营收复合增速更高（11.0% vs -16.8%）
FiscalNote Holdings, Inc.（常称FiscalNote）是一家上市的软件数据与传媒企业，总部位于美国华盛顿特区，2013年由三位创始人创立。核心业务为通过政府关系管理服务FiscalNote GRM提供软件工具、平台、数据服务与资讯，同时依托人工智能平台分析美国待审议法案相关内容。
花花公子集团（Playboy, Inc.）起源于1953年由休·海夫纳联合合伙人在美国芝加哥创立，初始部分资金来自海夫纳母亲提供的1000美元贷款，是美国知名生活方式与娱乐内容品牌，旗下核心《花花公子》杂志同时发行电子版与纸质版。
NOTE vs PLBY — 直观对比
营收规模更大
PLBY
是对方的1.6倍
$22.2M
营收增速更快
PLBY
高出28.9%
-24.7%
自由现金流更多
PLBY
多$3.0M
$-1.9M
两年增速更快
PLBY
近两年复合增速
-16.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $22.2M | $34.9M |
| 净利润 | — | $3.6M |
| 毛利率 | — | 73.3% |
| 营业利润率 | -83.7% | 7.9% |
| 净利率 | — | 10.3% |
| 营收同比 | -24.7% | 4.2% |
| 净利润同比 | — | 128.6% |
| 每股收益（稀释后） | $-2.81 | $0.05 |
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NOTEPLBY
| Q4 25 | $22.2M | $34.9M | ||
| Q3 25 | $22.4M | $29.0M | ||
| Q2 25 | $23.3M | $28.1M | ||
| Q1 25 | $27.5M | $28.9M | ||
| Q4 24 | $29.5M | $33.5M | ||
| Q3 24 | $29.4M | $29.4M | ||
| Q2 24 | $29.2M | $24.9M | ||
| Q1 24 | $32.1M | $28.3M |
净利润NOTEPLBY
| Q4 25 | — | $3.6M | ||
| Q3 25 | $-24.9M | $460.0K | ||
| Q2 25 | $-13.3M | $-7.7M | ||
| Q1 25 | $-4.3M | $-9.0M | ||
| Q4 24 | — | $-12.5M | ||
| Q3 24 | $-14.9M | $-33.8M | ||
| Q2 24 | $-12.8M | $-16.7M | ||
| Q1 24 | $50.6M | $-16.4M |
毛利率NOTEPLBY
| Q4 25 | — | 73.3% | ||
| Q3 25 | — | 76.0% | ||
| Q2 25 | — | 65.4% | ||
| Q1 25 | — | 68.6% | ||
| Q4 24 | — | 70.8% | ||
| Q3 24 | — | 61.0% | ||
| Q2 24 | — | 67.8% | ||
| Q1 24 | — | 55.8% |
营业利润率NOTEPLBY
| Q4 25 | -83.7% | 7.9% | ||
| Q3 25 | -43.4% | 4.7% | ||
| Q2 25 | -31.9% | -20.9% | ||
| Q1 25 | -50.0% | -21.7% | ||
| Q4 24 | -19.4% | -13.3% | ||
| Q3 24 | -23.1% | -96.0% | ||
| Q2 24 | -27.2% | -37.0% | ||
| Q1 24 | -35.6% | -31.5% |
净利率NOTEPLBY
| Q4 25 | — | 10.3% | ||
| Q3 25 | -110.8% | 1.6% | ||
| Q2 25 | -57.0% | -27.3% | ||
| Q1 25 | -15.4% | -31.3% | ||
| Q4 24 | — | -37.4% | ||
| Q3 24 | -50.7% | -114.7% | ||
| Q2 24 | -43.6% | -66.9% | ||
| Q1 24 | 157.6% | -58.1% |
每股收益（稀释后）NOTEPLBY
| Q4 25 | $-2.81 | $0.05 | ||
| Q3 25 | $-1.73 | $0.00 | ||
| Q2 25 | $-0.08 | $-0.08 | ||
| Q1 25 | $-0.03 | $-0.10 | ||
| Q4 24 | $1.88 | $-0.13 | ||
| Q3 24 | $-1.33 | $-0.45 | ||
| Q2 24 | $-0.09 | $-0.23 | ||
| Q1 24 | $0.37 | $-0.23 |
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 | $26.3M | $37.8M |
| 总债务越低越好 | $128.4M | $174.2M |
| 股东权益账面价值 | $62.0M | $18.4M |
| 总资产 | $255.1M | $292.4M |
| 负债/权益比越低杠杆越低 | 2.07× | 9.48× |
8季度趋势，按日历期对齐
现金及短期投资NOTEPLBY
| Q4 25 | $26.3M | $37.8M | ||
| Q3 25 | $31.2M | $27.5M | ||
| Q2 25 | $38.5M | $19.6M | ||
| Q1 25 | $46.3M | $23.7M | ||
| Q4 24 | $34.6M | $30.9M | ||
| Q3 24 | $32.7M | $9.5M | ||
| Q2 24 | $37.7M | $16.9M | ||
| Q1 24 | $43.6M | $19.0M |
总债务NOTEPLBY
| Q4 25 | $128.4M | $174.2M | ||
| Q3 25 | $131.5M | $176.8M | ||
| Q2 25 | $116.7M | $177.5M | ||
| Q1 25 | $118.0M | $176.3M | ||
| Q4 24 | $147.1M | $176.6M | ||
| Q3 24 | $152.2M | $200.0M | ||
| Q2 24 | $145.9M | $196.3M | ||
| Q1 24 | $153.0M | $193.4M |
股东权益NOTEPLBY
| Q4 25 | $62.0M | $18.4M | ||
| Q3 25 | $75.5M | $3.8M | ||
| Q2 25 | $95.1M | $-17.5M | ||
| Q1 25 | $98.7M | $-11.4M | ||
| Q4 24 | $97.8M | $-7.7M | ||
| Q3 24 | $98.5M | $-15.7M | ||
| Q2 24 | $106.9M | $15.7M | ||
| Q1 24 | $106.1M | $29.5M |
总资产NOTEPLBY
| Q4 25 | $255.1M | $292.4M | ||
| Q3 25 | $273.9M | $278.3M | ||
| Q2 25 | $288.3M | $264.1M | ||
| Q1 25 | $299.7M | $270.6M | ||
| Q4 24 | $326.2M | $284.7M | ||
| Q3 24 | $337.9M | $271.5M | ||
| Q2 24 | $346.3M | $301.8M | ||
| Q1 24 | $357.8M | $309.1M |
负债/权益比NOTEPLBY
| Q4 25 | 2.07× | 9.48× | ||
| Q3 25 | 1.74× | 46.86× | ||
| Q2 25 | 1.23× | — | ||
| Q1 25 | 1.20× | — | ||
| Q4 24 | 1.50× | — | ||
| Q3 24 | 1.54× | — | ||
| Q2 24 | 1.36× | 12.51× | ||
| Q1 24 | 1.44× | 6.54× |
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 | $-279.0K | $1.4M |
| 自由现金流经营现金流 - 资本支出 | $-1.9M | $1.1M |
| 自由现金流率自由现金流/营收 | -8.7% | 3.2% |
| 资本支出强度资本支出/营收 | 7.4% | 0.8% |
| 现金转化率经营现金流/净利润 | — | 0.39× |
| 过去12个月自由现金流最近4个季度 | $-18.6M | $-1.0M |
8季度趋势，按日历期对齐
经营现金流NOTEPLBY
| Q4 25 | $-279.0K | $1.4M | ||
| Q3 25 | $-8.3M | $10.1M | ||
| Q2 25 | $-6.2M | $-3.9M | ||
| Q1 25 | $3.3M | $-7.6M | ||
| Q4 24 | $-1.3M | $161.0K | ||
| Q3 24 | $-3.0M | $-6.5M | ||
| Q2 24 | $-3.7M | $-3.0M | ||
| Q1 24 | $2.7M | $-9.8M |
自由现金流NOTEPLBY
| Q4 25 | $-1.9M | $1.1M | ||
| Q3 25 | $-10.4M | $9.8M | ||
| Q2 25 | $-7.7M | $-4.3M | ||
| Q1 25 | $1.3M | $-7.7M | ||
| Q4 24 | $-3.4M | $-401.0K | ||
| Q3 24 | $-5.4M | $-7.0M | ||
| Q2 24 | $-6.5M | $-3.7M | ||
| Q1 24 | $1.0M | $-10.3M |
自由现金流率NOTEPLBY
| Q4 25 | -8.7% | 3.2% | ||
| Q3 25 | -46.2% | 33.8% | ||
| Q2 25 | -33.0% | -15.2% | ||
| Q1 25 | 4.7% | -26.5% | ||
| Q4 24 | -11.4% | -1.2% | ||
| Q3 24 | -18.4% | -23.7% | ||
| Q2 24 | -22.1% | -14.8% | ||
| Q1 24 | 3.3% | -36.5% |
资本支出强度NOTEPLBY
| Q4 25 | 7.4% | 0.8% | ||
| Q3 25 | 9.3% | 1.1% | ||
| Q2 25 | 6.4% | 1.4% | ||
| Q1 25 | 7.2% | 0.1% | ||
| Q4 24 | 6.8% | 1.7% | ||
| Q3 24 | 8.3% | 1.5% | ||
| Q2 24 | 9.4% | 2.6% | ||
| Q1 24 | 5.3% | 2.1% |
现金转化率NOTEPLBY
| Q4 25 | — | 0.39× | ||
| Q3 25 | — | 22.02× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.05× | — |
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
NOTE
| Subscription | $21.2M | 95% |
| Advisory Advertising And Other | $1.0M | 5% |
PLBY
| Transferred At Point In Time | $22.2M | 64% |
| Trademark Licensing | $6.5M | 19% |
| Related Party | $5.0M | 14% |
| Other | $1.1M | 3% |
