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FiscalNote Holdings, Inc.（NOTE）与蜗牛（SNAL）财务数据对比。点击上方公司名可切换其他公司
蜗牛的季度营收约是FiscalNote Holdings, Inc.的1.1倍（$25.1M vs $22.2M），蜗牛同比增速更快（-4.2% vs -24.7%），过去两年蜗牛的营收复合增速更高（33.4% 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。
苏州蜗牛数字科技股份有限公司，简称蜗牛，是总部位于苏州的中国游戏企业，同时持有虚拟运营商牌照，旗下拥有蜗牛游戏、蜗牛移动两大业务板块，北美分部负责在美洲及欧洲地区推广旗下游戏产品。蜗牛主营大型多人在线、即时战略与休闲类游戏，全球累计注册用户已超7000万。
NOTE vs SNAL — 直观对比
营收规模更大
SNAL
是对方的1.1倍
$22.2M
营收增速更快
SNAL
高出20.4%
-24.7%
两年增速更快
SNAL
近两年复合增速
-16.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $22.2M | $25.1M |
| 净利润 | — | $-862.2K |
| 毛利率 | — | 38.3% |
| 营业利润率 | -83.7% | -6.0% |
| 净利率 | — | -3.4% |
| 营收同比 | -24.7% | -4.2% |
| 净利润同比 | — | -177.0% |
| 每股收益（稀释后） | $-2.81 | — |
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NOTESNAL
| Q4 25 | $22.2M | $25.1M | ||
| Q3 25 | $22.4M | $13.8M | ||
| Q2 25 | $23.3M | $22.2M | ||
| Q1 25 | $27.5M | $20.1M | ||
| Q4 24 | $29.5M | $26.2M | ||
| Q3 24 | $29.4M | $22.5M | ||
| Q2 24 | $29.2M | $21.6M | ||
| Q1 24 | $32.1M | $14.1M |
净利润NOTESNAL
| Q4 25 | — | $-862.2K | ||
| Q3 25 | $-24.9M | $-7.9M | ||
| Q2 25 | $-13.3M | $-16.6M | ||
| Q1 25 | $-4.3M | $-1.9M | ||
| Q4 24 | — | $1.1M | ||
| Q3 24 | $-14.9M | $235.1K | ||
| Q2 24 | $-12.8M | $2.3M | ||
| Q1 24 | $50.6M | $-1.8M |
毛利率NOTESNAL
| Q4 25 | — | 38.3% | ||
| Q3 25 | — | 0.1% | ||
| Q2 25 | — | 31.3% | ||
| Q1 25 | — | 29.1% | ||
| Q4 24 | — | 43.3% | ||
| Q3 24 | — | 38.6% | ||
| Q2 24 | — | 37.5% | ||
| Q1 24 | — | 14.7% |
营业利润率NOTESNAL
| Q4 25 | -83.7% | -6.0% | ||
| Q3 25 | -43.4% | -71.3% | ||
| Q2 25 | -31.9% | -8.2% | ||
| Q1 25 | -50.0% | -20.4% | ||
| Q4 24 | -19.4% | 11.5% | ||
| Q3 24 | -23.1% | 1.8% | ||
| Q2 24 | -27.2% | 12.4% | ||
| Q1 24 | -35.6% | -15.6% |
净利率NOTESNAL
| Q4 25 | — | -3.4% | ||
| Q3 25 | -110.8% | -56.9% | ||
| Q2 25 | -57.0% | -74.7% | ||
| Q1 25 | -15.4% | -9.7% | ||
| Q4 24 | — | 4.3% | ||
| Q3 24 | -50.7% | 1.0% | ||
| Q2 24 | -43.6% | 10.4% | ||
| Q1 24 | 157.6% | -12.6% |
每股收益（稀释后）NOTESNAL
| Q4 25 | $-2.81 | — | ||
| Q3 25 | $-1.73 | — | ||
| Q2 25 | $-0.08 | $-0.44 | ||
| Q1 25 | $-0.03 | $-0.06 | ||
| Q4 24 | $1.88 | $0.03 | ||
| Q3 24 | $-1.33 | $0.01 | ||
| Q2 24 | $-0.09 | $0.06 | ||
| Q1 24 | $0.37 | $-0.05 |
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 | $8.6M |
| 总债务越低越好 | $128.4M | $14.6M |
| 股东权益账面价值 | $62.0M | $-16.4M |
| 总资产 | $255.1M | $59.3M |
| 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NOTESNAL
| Q4 25 | $26.3M | $8.6M | ||
| Q3 25 | $31.2M | $12.3M | ||
| Q2 25 | $38.5M | $7.9M | ||
| Q1 25 | $46.3M | $9.4M | ||
| Q4 24 | $34.6M | $7.3M | ||
| Q3 24 | $32.7M | $10.6M | ||
| Q2 24 | $37.7M | $15.5M | ||
| Q1 24 | $43.6M | $16.1M |
总债务NOTESNAL
| Q4 25 | $128.4M | $14.6M | ||
| Q3 25 | $131.5M | $10.5M | ||
| Q2 25 | $116.7M | $11.8M | ||
| Q1 25 | $118.0M | $9.0M | ||
| Q4 24 | $147.1M | $5.7M | ||
| Q3 24 | $152.2M | $5.7M | ||
| Q2 24 | $145.9M | $5.8M | ||
| Q1 24 | $153.0M | $6.5M |
股东权益NOTESNAL
| Q4 25 | $62.0M | $-16.4M | ||
| Q3 25 | $75.5M | $-15.6M | ||
| Q2 25 | $95.1M | $-8.0M | ||
| Q1 25 | $98.7M | $9.1M | ||
| Q4 24 | $97.8M | $9.7M | ||
| Q3 24 | $98.5M | $8.2M | ||
| Q2 24 | $106.9M | $7.9M | ||
| Q1 24 | $106.1M | $5.6M |
总资产NOTESNAL
| Q4 25 | $255.1M | $59.3M | ||
| Q3 25 | $273.9M | $51.1M | ||
| Q2 25 | $288.3M | $58.0M | ||
| Q1 25 | $299.7M | $64.5M | ||
| Q4 24 | $326.2M | $62.2M | ||
| Q3 24 | $337.9M | $66.8M | ||
| Q2 24 | $346.3M | $75.4M | ||
| Q1 24 | $357.8M | $78.3M |
负债/权益比NOTESNAL
| Q4 25 | 2.07× | — | ||
| Q3 25 | 1.74× | — | ||
| Q2 25 | 1.23× | — | ||
| Q1 25 | 1.20× | 0.99× | ||
| Q4 24 | 1.50× | 0.59× | ||
| Q3 24 | 1.54× | 0.70× | ||
| Q2 24 | 1.36× | 0.73× | ||
| Q1 24 | 1.44× | 1.16× |
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 | $-5.3M |
| 自由现金流经营现金流 - 资本支出 | $-1.9M | — |
| 自由现金流率自由现金流/营收 | -8.7% | — |
| 资本支出强度资本支出/营收 | 7.4% | — |
| 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 | — |
8季度趋势，按日历期对齐
经营现金流NOTESNAL
| Q4 25 | $-279.0K | $-5.3M | ||
| Q3 25 | $-8.3M | $6.6M | ||
| Q2 25 | $-6.2M | $-3.2M | ||
| Q1 25 | $3.3M | $764.5K | ||
| Q4 24 | $-1.3M | $-3.6M | ||
| Q3 24 | $-3.0M | $-5.0M | ||
| Q2 24 | $-3.7M | $206.6K | ||
| Q1 24 | $2.7M | $6.8M |
自由现金流NOTESNAL
| Q4 25 | $-1.9M | — | ||
| Q3 25 | $-10.4M | — | ||
| Q2 25 | $-7.7M | — | ||
| Q1 25 | $1.3M | — | ||
| Q4 24 | $-3.4M | — | ||
| Q3 24 | $-5.4M | — | ||
| Q2 24 | $-6.5M | — | ||
| Q1 24 | $1.0M | — |
自由现金流率NOTESNAL
| Q4 25 | -8.7% | — | ||
| Q3 25 | -46.2% | — | ||
| Q2 25 | -33.0% | — | ||
| Q1 25 | 4.7% | — | ||
| Q4 24 | -11.4% | — | ||
| Q3 24 | -18.4% | — | ||
| Q2 24 | -22.1% | — | ||
| Q1 24 | 3.3% | — |
资本支出强度NOTESNAL
| Q4 25 | 7.4% | — | ||
| Q3 25 | 9.3% | — | ||
| Q2 25 | 6.4% | — | ||
| Q1 25 | 7.2% | — | ||
| Q4 24 | 6.8% | — | ||
| Q3 24 | 8.3% | — | ||
| Q2 24 | 9.4% | — | ||
| Q1 24 | 5.3% | — |
现金转化率NOTESNAL
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -3.21× | ||
| Q3 24 | — | -21.05× | ||
| Q2 24 | — | 0.09× | ||
| 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% |
SNAL
| Pc | $14.7M | 59% |
| Platform Three | $5.2M | 21% |
| Platform Two | $3.3M | 13% |
| Sales Channel Directly To Consumer Mobile Sale | $1.6M | 6% |
