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FiscalNote Holdings, Inc.（NOTE）与湘南美容医疗集团（SBC）财务数据对比。点击上方公司名可切换其他公司
湘南美容医疗集团的季度营收约是FiscalNote Holdings, Inc.的1.8倍（$39.6M vs $22.2M），湘南美容医疗集团同比增速更快（-10.9% vs -24.7%），湘南美容医疗集团自由现金流更多（$51.2M vs $-1.9M），过去两年湘南美容医疗集团的营收复合增速更高（-15.0% 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。
湘南美容医疗集团是总部位于日本的知名医疗服务提供商，核心业务覆盖美容整形、皮肤科诊疗、抗衰老健康护理等领域，在日本各地运营大量连锁诊所，同时服务本地居民及赴日就医的国际游客。
NOTE vs SBC — 直观对比
营收规模更大
SBC
是对方的1.8倍
$22.2M
营收增速更快
SBC
高出13.7%
-24.7%
自由现金流更多
SBC
多$53.1M
$-1.9M
两年增速更快
SBC
近两年复合增速
-16.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $22.2M | $39.6M |
| 净利润 | — | $14.2M |
| 毛利率 | — | 73.1% |
| 营业利润率 | -83.7% | 32.5% |
| 净利率 | — | 35.9% |
| 营收同比 | -24.7% | -10.9% |
| 净利润同比 | — | 117.2% |
| 每股收益（稀释后） | $-2.81 | $0.15 |
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NOTESBC
| Q4 25 | $22.2M | $39.6M | ||
| Q3 25 | $22.4M | $43.4M | ||
| Q2 25 | $23.3M | $43.4M | ||
| Q1 25 | $27.5M | $47.3M | ||
| Q4 24 | $29.5M | $44.4M | ||
| Q3 24 | $29.4M | $53.1M | ||
| Q2 24 | $29.2M | $53.1M | ||
| Q1 24 | $32.1M | $54.8M |
净利润NOTESBC
| Q4 25 | — | $14.2M | ||
| Q3 25 | $-24.9M | $12.8M | ||
| Q2 25 | $-13.3M | $2.5M | ||
| Q1 25 | $-4.3M | $21.5M | ||
| Q4 24 | — | $6.5M | ||
| Q3 24 | $-14.9M | $2.8M | ||
| Q2 24 | $-12.8M | $18.5M | ||
| Q1 24 | $50.6M | $18.8M |
毛利率NOTESBC
| Q4 25 | — | 73.1% | ||
| Q3 25 | — | 70.6% | ||
| Q2 25 | — | 69.2% | ||
| Q1 25 | — | 79.7% | ||
| Q4 24 | — | 76.3% | ||
| Q3 24 | — | 81.5% | ||
| Q2 24 | — | 74.2% | ||
| Q1 24 | — | 72.1% |
营业利润率NOTESBC
| Q4 25 | -83.7% | 32.5% | ||
| Q3 25 | -43.4% | 36.6% | ||
| Q2 25 | -31.9% | 33.6% | ||
| Q1 25 | -50.0% | 51.1% | ||
| Q4 24 | -19.4% | 10.6% | ||
| Q3 24 | -23.1% | 26.1% | ||
| Q2 24 | -27.2% | 51.4% | ||
| Q1 24 | -35.6% | 44.6% |
净利率NOTESBC
| Q4 25 | — | 35.9% | ||
| Q3 25 | -110.8% | 29.6% | ||
| Q2 25 | -57.0% | 5.7% | ||
| Q1 25 | -15.4% | 45.4% | ||
| Q4 24 | — | 14.7% | ||
| Q3 24 | -50.7% | 5.3% | ||
| Q2 24 | -43.6% | 34.8% | ||
| Q1 24 | 157.6% | 34.2% |
每股收益（稀释后）NOTESBC
| Q4 25 | $-2.81 | $0.15 | ||
| Q3 25 | $-1.73 | $0.12 | ||
| Q2 25 | $-0.08 | $0.02 | ||
| Q1 25 | $-0.03 | $0.21 | ||
| Q4 24 | $1.88 | $0.05 | ||
| Q3 24 | $-1.33 | $0.03 | ||
| Q2 24 | $-0.09 | $0.20 | ||
| Q1 24 | $0.37 | $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 | $26.3M | $164.1M |
| 总债务越低越好 | $128.4M | $42.8M |
| 股东权益账面价值 | $62.0M | $248.3M |
| 总资产 | $255.1M | $380.4M |
| 负债/权益比越低杠杆越低 | 2.07× | 0.17× |
8季度趋势，按日历期对齐
现金及短期投资NOTESBC
| Q4 25 | $26.3M | $164.1M | ||
| Q3 25 | $31.2M | $127.4M | ||
| Q2 25 | $38.5M | $152.7M | ||
| Q1 25 | $46.3M | $132.1M | ||
| Q4 24 | $34.6M | $125.0M | ||
| Q3 24 | $32.7M | $137.4M | ||
| Q2 24 | $37.7M | — | ||
| Q1 24 | $43.6M | — |
总债务NOTESBC
| Q4 25 | $128.4M | $42.8M | ||
| Q3 25 | $131.5M | $21.1M | ||
| Q2 25 | $116.7M | $7.1M | ||
| Q1 25 | $118.0M | $6.9M | ||
| Q4 24 | $147.1M | $6.6M | ||
| Q3 24 | $152.2M | $823.2K | ||
| Q2 24 | $145.9M | — | ||
| Q1 24 | $153.0M | — |
股东权益NOTESBC
| Q4 25 | $62.0M | $248.3M | ||
| Q3 25 | $75.5M | $248.0M | ||
| Q2 25 | $95.1M | $244.6M | ||
| Q1 25 | $98.7M | $226.4M | ||
| Q4 24 | $97.8M | $195.1M | ||
| Q3 24 | $98.5M | $205.0M | ||
| Q2 24 | $106.9M | $8.8M | ||
| Q1 24 | $106.1M | $9.0M |
总资产NOTESBC
| Q4 25 | $255.1M | $380.4M | ||
| Q3 25 | $273.9M | $321.4M | ||
| Q2 25 | $288.3M | $315.3M | ||
| Q1 25 | $299.7M | $284.6M | ||
| Q4 24 | $326.2M | $266.1M | ||
| Q3 24 | $337.9M | $296.5M | ||
| Q2 24 | $346.3M | $19.5M | ||
| Q1 24 | $357.8M | $19.8M |
负债/权益比NOTESBC
| Q4 25 | 2.07× | 0.17× | ||
| Q3 25 | 1.74× | 0.09× | ||
| Q2 25 | 1.23× | 0.03× | ||
| Q1 25 | 1.20× | 0.03× | ||
| Q4 24 | 1.50× | 0.03× | ||
| Q3 24 | 1.54× | 0.00× | ||
| 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 | $52.0M |
| 自由现金流经营现金流 - 资本支出 | $-1.9M | $51.2M |
| 自由现金流率自由现金流/营收 | -8.7% | 129.3% |
| 资本支出强度资本支出/营收 | 7.4% | 2.0% |
| 现金转化率经营现金流/净利润 | — | 3.66× |
| 过去12个月自由现金流最近4个季度 | $-18.6M | $23.3M |
8季度趋势，按日历期对齐
经营现金流NOTESBC
| Q4 25 | $-279.0K | $52.0M | ||
| Q3 25 | $-8.3M | $-20.9M | ||
| Q2 25 | $-6.2M | $-8.3M | ||
| Q1 25 | $3.3M | $1.9M | ||
| Q4 24 | $-1.3M | $-7.3M | ||
| Q3 24 | $-3.0M | $5.0M | ||
| Q2 24 | $-3.7M | $19.2M | ||
| Q1 24 | $2.7M | $3.7M |
自由现金流NOTESBC
| Q4 25 | $-1.9M | $51.2M | ||
| Q3 25 | $-10.4M | $-20.9M | ||
| Q2 25 | $-7.7M | $-8.6M | ||
| Q1 25 | $1.3M | $1.7M | ||
| Q4 24 | $-3.4M | $-7.9M | ||
| Q3 24 | $-5.4M | $4.6M | ||
| Q2 24 | $-6.5M | $18.3M | ||
| Q1 24 | $1.0M | $3.0M |
自由现金流率NOTESBC
| Q4 25 | -8.7% | 129.3% | ||
| Q3 25 | -46.2% | -48.3% | ||
| Q2 25 | -33.0% | -19.9% | ||
| Q1 25 | 4.7% | 3.5% | ||
| Q4 24 | -11.4% | -17.8% | ||
| Q3 24 | -18.4% | 8.7% | ||
| Q2 24 | -22.1% | 34.5% | ||
| Q1 24 | 3.3% | 5.4% |
资本支出强度NOTESBC
| Q4 25 | 7.4% | 2.0% | ||
| Q3 25 | 9.3% | 0.1% | ||
| Q2 25 | 6.4% | 0.7% | ||
| Q1 25 | 7.2% | 0.5% | ||
| Q4 24 | 6.8% | 1.3% | ||
| Q3 24 | 8.3% | 0.8% | ||
| Q2 24 | 9.4% | 1.6% | ||
| Q1 24 | 5.3% | 1.3% |
现金转化率NOTESBC
| Q4 25 | — | 3.66× | ||
| Q3 25 | — | -1.63× | ||
| Q2 25 | — | -3.39× | ||
| Q1 25 | — | 0.09× | ||
| Q4 24 | — | -1.12× | ||
| Q3 24 | — | 1.77× | ||
| Q2 24 | — | 1.04× | ||
| Q1 24 | 0.05× | 0.20× |
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% |
SBC
| Franchising | $10.3M | 26% |
| Medical Corporation Shobikai | $8.1M | 21% |
| Medical Corporation Nasukai | $7.2M | 18% |
| Management Services | $6.3M | 16% |
| Rental Services | $4.3M | 11% |
| Medical Corporation Association Furinkai | $3.0M | 8% |
| Japan Medical And Beauty Inc | $656.5K | 2% |
