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FiscalNote Holdings, Inc.（NOTE）与Rumble Inc.（RUM）财务数据对比。点击上方公司名可切换其他公司
Rumble Inc.的季度营收约是FiscalNote Holdings, Inc.的1.2倍（$27.1M vs $22.2M），Rumble Inc.同比增速更快（-10.5% vs -24.7%），FiscalNote Holdings, Inc.自由现金流更多（$-1.9M vs $-31.7M），过去两年Rumble Inc.的营收复合增速更高（15.2% 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。
Rumble Inc.是一家加美跨国企业，主营在线视频平台、网络托管及云服务，总部位于加拿大多伦多，美国总部设在佛罗里达州朗博特基。公司由加拿大科技创业者克里斯·帕夫洛夫斯基于2013年创立，云服务板块为Truth Social提供托管支持，其视频平台在美国保守派及极右翼用户群体中广受欢迎，属于“另类科技”阵营。
NOTE vs RUM — 直观对比
营收规模更大
RUM
是对方的1.2倍
$22.2M
营收增速更快
RUM
高出14.2%
-24.7%
自由现金流更多
NOTE
多$29.8M
$-31.7M
两年增速更快
RUM
近两年复合增速
-16.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $22.2M | $27.1M |
| 净利润 | — | $-32.7M |
| 毛利率 | — | 5.5% |
| 营业利润率 | -83.7% | -131.1% |
| 净利率 | — | -120.8% |
| 营收同比 | -24.7% | -10.5% |
| 净利润同比 | — | 86.2% |
| 每股收益（稀释后） | $-2.81 | $-0.13 |
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NOTERUM
| Q4 25 | $22.2M | $27.1M | ||
| Q3 25 | $22.4M | $24.8M | ||
| Q2 25 | $23.3M | — | ||
| Q1 25 | $27.5M | $23.7M | ||
| Q4 24 | $29.5M | $30.2M | ||
| Q3 24 | $29.4M | $25.1M | ||
| Q2 24 | $29.2M | $22.5M | ||
| Q1 24 | $32.1M | $17.7M |
净利润NOTERUM
| Q4 25 | — | $-32.7M | ||
| Q3 25 | $-24.9M | $-16.3M | ||
| Q2 25 | $-13.3M | — | ||
| Q1 25 | $-4.3M | $-2.7M | ||
| Q4 24 | — | $-236.8M | ||
| Q3 24 | $-14.9M | $-31.5M | ||
| Q2 24 | $-12.8M | $-26.8M | ||
| Q1 24 | $50.6M | $-43.3M |
毛利率NOTERUM
| Q4 25 | — | 5.5% | ||
| Q3 25 | — | -1.8% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -26.7% | ||
| Q4 24 | — | -14.2% | ||
| Q3 24 | — | -45.4% | ||
| Q2 24 | — | -58.8% | ||
| Q1 24 | — | -79.5% |
营业利润率NOTERUM
| Q4 25 | -83.7% | -131.1% | ||
| Q3 25 | -43.4% | -113.6% | ||
| Q2 25 | -31.9% | — | ||
| Q1 25 | -50.0% | -153.5% | ||
| Q4 24 | -19.4% | -80.1% | ||
| Q3 24 | -23.1% | -131.0% | ||
| Q2 24 | -27.2% | -172.7% | ||
| Q1 24 | -35.6% | -197.4% |
净利率NOTERUM
| Q4 25 | — | -120.8% | ||
| Q3 25 | -110.8% | -65.7% | ||
| Q2 25 | -57.0% | — | ||
| Q1 25 | -15.4% | -11.2% | ||
| Q4 24 | — | -783.2% | ||
| Q3 24 | -50.7% | -125.9% | ||
| Q2 24 | -43.6% | -119.2% | ||
| Q1 24 | 157.6% | -244.1% |
每股收益（稀释后）NOTERUM
| Q4 25 | $-2.81 | $-0.13 | ||
| Q3 25 | $-1.73 | $-0.06 | ||
| Q2 25 | $-0.08 | — | ||
| Q1 25 | $-0.03 | $-0.01 | ||
| Q4 24 | $1.88 | $-1.17 | ||
| Q3 24 | $-1.33 | $-0.15 | ||
| Q2 24 | $-0.09 | $-0.13 | ||
| Q1 24 | $0.37 | $-0.21 |
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 | $237.9M |
| 总债务越低越好 | $128.4M | — |
| 股东权益账面价值 | $62.0M | $274.8M |
| 总资产 | $255.1M | $336.8M |
| 负债/权益比越低杠杆越低 | 2.07× | — |
8季度趋势，按日历期对齐
现金及短期投资NOTERUM
| Q4 25 | $26.3M | $237.9M | ||
| Q3 25 | $31.2M | $269.8M | ||
| Q2 25 | $38.5M | — | ||
| Q1 25 | $46.3M | $301.3M | ||
| Q4 24 | $34.6M | $114.0M | ||
| Q3 24 | $32.7M | $132.0M | ||
| Q2 24 | $37.7M | $154.2M | ||
| Q1 24 | $43.6M | $183.8M |
总债务NOTERUM
| Q4 25 | $128.4M | — | ||
| Q3 25 | $131.5M | — | ||
| Q2 25 | $116.7M | — | ||
| Q1 25 | $118.0M | — | ||
| Q4 24 | $147.1M | — | ||
| Q3 24 | $152.2M | — | ||
| Q2 24 | $145.9M | — | ||
| Q1 24 | $153.0M | — |
股东权益NOTERUM
| Q4 25 | $62.0M | $274.8M | ||
| Q3 25 | $75.5M | $302.2M | ||
| Q2 25 | $95.1M | — | ||
| Q1 25 | $98.7M | $339.6M | ||
| Q4 24 | $97.8M | $-63.1M | ||
| Q3 24 | $98.5M | $166.1M | ||
| Q2 24 | $106.9M | $192.7M | ||
| Q1 24 | $106.1M | $210.7M |
总资产NOTERUM
| Q4 25 | $255.1M | $336.8M | ||
| Q3 25 | $273.9M | $367.2M | ||
| Q2 25 | $288.3M | — | ||
| Q1 25 | $299.7M | $391.1M | ||
| Q4 24 | $326.2M | $195.3M | ||
| Q3 24 | $337.9M | $217.2M | ||
| Q2 24 | $346.3M | $243.2M | ||
| Q1 24 | $357.8M | $263.0M |
负债/权益比NOTERUM
| Q4 25 | 2.07× | — | ||
| Q3 25 | 1.74× | — | ||
| Q2 25 | 1.23× | — | ||
| Q1 25 | 1.20× | — | ||
| Q4 24 | 1.50× | — | ||
| Q3 24 | 1.54× | — | ||
| Q2 24 | 1.36× | — | ||
| Q1 24 | 1.44× | — |
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 | $-29.4M |
| 自由现金流经营现金流 - 资本支出 | $-1.9M | $-31.7M |
| 自由现金流率自由现金流/营收 | -8.7% | -117.2% |
| 资本支出强度资本支出/营收 | 7.4% | 8.5% |
| 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 | $-18.6M | $-70.8M |
8季度趋势，按日历期对齐
经营现金流NOTERUM
| Q4 25 | $-279.0K | $-29.4M | ||
| Q3 25 | $-8.3M | $-10.6M | ||
| Q2 25 | $-6.2M | — | ||
| Q1 25 | $3.3M | $-14.5M | ||
| Q4 24 | $-1.3M | $-12.4M | ||
| Q3 24 | $-3.0M | $-19.1M | ||
| Q2 24 | $-3.7M | $-21.7M | ||
| Q1 24 | $2.7M | $-33.9M |
自由现金流NOTERUM
| Q4 25 | $-1.9M | $-31.7M | ||
| Q3 25 | $-10.4M | $-12.0M | ||
| Q2 25 | $-7.7M | — | ||
| Q1 25 | $1.3M | $-14.6M | ||
| Q4 24 | $-3.4M | $-12.4M | ||
| Q3 24 | $-5.4M | $-19.9M | ||
| Q2 24 | $-6.5M | $-23.1M | ||
| Q1 24 | $1.0M | $-34.3M |
自由现金流率NOTERUM
| Q4 25 | -8.7% | -117.2% | ||
| Q3 25 | -46.2% | -48.6% | ||
| Q2 25 | -33.0% | — | ||
| Q1 25 | 4.7% | -61.7% | ||
| Q4 24 | -11.4% | -40.9% | ||
| Q3 24 | -18.4% | -79.5% | ||
| Q2 24 | -22.1% | -102.8% | ||
| Q1 24 | 3.3% | -193.3% |
资本支出强度NOTERUM
| Q4 25 | 7.4% | 8.5% | ||
| Q3 25 | 9.3% | 5.7% | ||
| Q2 25 | 6.4% | — | ||
| Q1 25 | 7.2% | 0.6% | ||
| Q4 24 | 6.8% | 0.1% | ||
| Q3 24 | 8.3% | 3.4% | ||
| Q2 24 | 9.4% | 6.1% | ||
| Q1 24 | 5.3% | 2.4% |
现金转化率NOTERUM
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| 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% |
RUM
| Audience Monetization | $23.8M | 88% |
| Other Initiatives | $3.3M | 12% |
