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Progyny, Inc.（PGNY）与SPS COMMERCE INC（SPSC）财务数据对比。点击上方公司名可切换其他公司
Progyny, Inc.的季度营收约是SPS COMMERCE INC的1.7倍（$318.4M vs $192.7M），SPS COMMERCE INC净利率更高（13.4% vs 3.9%，领先9.5%），SPS COMMERCE INC同比增速更快（12.7% vs 6.7%），Progyny, Inc.自由现金流更多（$48.6M vs $38.2M），过去两年SPS COMMERCE INC的营收复合增速更高（13.5% vs 7.0%）
Progyny, Inc.是总部位于美国的领先生育与家庭构建福利服务商，主要与企业雇主合作，提供试管婴儿、生育力保存、收养协助、代孕支持等综合生育相关福利方案，覆盖多个行业的雇员群体。
SPS Commerce是美国的应用软件科技企业，主打云端供应链管理软件解决方案，总部位于明尼苏达州明尼阿波利斯。除新泽西的美国本土办公室外，公司还在阿姆斯特丹、北京、香港、墨尔本、悉尼、多伦多等全球多地设有分支机构。
PGNY vs SPSC — 直观对比
营收规模更大
PGNY
是对方的1.7倍
$192.7M
营收增速更快
SPSC
高出6.0%
6.7%
净利率更高
SPSC
高出9.5%
3.9%
自由现金流更多
PGNY
多$10.4M
$38.2M
两年增速更快
SPSC
近两年复合增速
7.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $318.4M | $192.7M |
| 净利润 | $12.5M | $25.8M |
| 毛利率 | 24.1% | 70.4% |
| 营业利润率 | 4.8% | 18.0% |
| 净利率 | 3.9% | 13.4% |
| 营收同比 | 6.7% | 12.7% |
| 净利润同比 | 18.5% | 47.2% |
| 每股收益（稀释后） | $0.14 | $0.69 |
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PGNYSPSC
| Q4 25 | $318.4M | $192.7M | ||
| Q3 25 | $313.3M | $189.9M | ||
| Q2 25 | $332.9M | $187.4M | ||
| Q1 25 | $324.0M | $181.5M | ||
| Q4 24 | $298.4M | $170.9M | ||
| Q3 24 | $286.6M | $163.7M | ||
| Q2 24 | $304.1M | $153.6M | ||
| Q1 24 | $278.1M | $149.6M |
净利润PGNYSPSC
| Q4 25 | $12.5M | $25.8M | ||
| Q3 25 | $13.9M | $25.6M | ||
| Q2 25 | $17.1M | $19.7M | ||
| Q1 25 | $15.1M | $22.2M | ||
| Q4 24 | $10.5M | $17.6M | ||
| Q3 24 | $10.4M | $23.5M | ||
| Q2 24 | $16.5M | $18.0M | ||
| Q1 24 | $16.9M | $18.0M |
毛利率PGNYSPSC
| Q4 25 | 24.1% | 70.4% | ||
| Q3 25 | 23.2% | 69.5% | ||
| Q2 25 | 23.7% | 68.1% | ||
| Q1 25 | 23.4% | 68.7% | ||
| Q4 24 | 21.3% | 67.5% | ||
| Q3 24 | 20.7% | 68.5% | ||
| Q2 24 | 22.5% | 66.1% | ||
| Q1 24 | 22.4% | 65.6% |
营业利润率PGNYSPSC
| Q4 25 | 4.8% | 18.0% | ||
| Q3 25 | 6.9% | 16.4% | ||
| Q2 25 | 7.3% | 14.1% | ||
| Q1 25 | 7.5% | 14.3% | ||
| Q4 24 | 5.3% | 14.5% | ||
| Q3 24 | 4.3% | 15.6% | ||
| Q2 24 | 6.8% | 15.1% | ||
| Q1 24 | 6.7% | 10.3% |
净利率PGNYSPSC
| Q4 25 | 3.9% | 13.4% | ||
| Q3 25 | 4.4% | 13.5% | ||
| Q2 25 | 5.1% | 10.5% | ||
| Q1 25 | 4.6% | 12.2% | ||
| Q4 24 | 3.5% | 10.3% | ||
| Q3 24 | 3.6% | 14.3% | ||
| Q2 24 | 5.4% | 11.7% | ||
| Q1 24 | 6.1% | 12.0% |
每股收益（稀释后）PGNYSPSC
| Q4 25 | $0.14 | $0.69 | ||
| Q3 25 | $0.15 | $0.67 | ||
| Q2 25 | $0.19 | $0.52 | ||
| Q1 25 | $0.17 | $0.58 | ||
| Q4 24 | $0.12 | $0.46 | ||
| Q3 24 | $0.11 | $0.62 | ||
| Q2 24 | $0.17 | $0.48 | ||
| Q1 24 | $0.17 | $0.48 |
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 | $112.2M | $151.4M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $516.0M | $973.9M |
| 总资产 | $742.4M | $1.2B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资PGNYSPSC
| Q4 25 | $112.2M | $151.4M | ||
| Q3 25 | $134.0M | $133.7M | ||
| Q2 25 | $132.5M | $107.6M | ||
| Q1 25 | $109.2M | $94.9M | ||
| Q4 24 | $162.3M | $241.0M | ||
| Q3 24 | $91.5M | $205.8M | ||
| Q2 24 | $95.0M | $271.8M | ||
| Q1 24 | $115.0M | $290.8M |
股东权益PGNYSPSC
| Q4 25 | $516.0M | $973.9M | ||
| Q3 25 | $560.0M | $958.9M | ||
| Q2 25 | $515.0M | $949.8M | ||
| Q1 25 | $467.2M | $920.9M | ||
| Q4 24 | $422.1M | $854.7M | ||
| Q3 24 | $434.9M | $829.4M | ||
| Q2 24 | $456.2M | $703.4M | ||
| Q1 24 | $571.6M | $683.0M |
总资产PGNYSPSC
| Q4 25 | $742.4M | $1.2B | ||
| Q3 25 | $795.2M | $1.2B | ||
| Q2 25 | $761.0M | $1.1B | ||
| Q1 25 | $730.3M | $1.1B | ||
| Q4 24 | $607.1M | $1.0B | ||
| Q3 24 | $660.0M | $1.0B | ||
| Q2 24 | $698.6M | $854.5M | ||
| Q1 24 | $794.3M | $839.8M |
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 | $54.2M | $45.9M |
| 自由现金流经营现金流 - 资本支出 | $48.6M | $38.2M |
| 自由现金流率自由现金流/营收 | 15.3% | 19.8% |
| 资本支出强度资本支出/营收 | 1.8% | 4.0% |
| 现金转化率经营现金流/净利润 | 4.34× | 1.78× |
| 过去12个月自由现金流最近4个季度 | $191.8M | $152.3M |
8季度趋势，按日历期对齐
经营现金流PGNYSPSC
| Q4 25 | $54.2M | $45.9M | ||
| Q3 25 | $50.7M | $60.6M | ||
| Q2 25 | $55.5M | $32.3M | ||
| Q1 25 | $49.8M | $40.0M | ||
| Q4 24 | $52.2M | $40.6M | ||
| Q3 24 | $44.5M | $53.3M | ||
| Q2 24 | $56.7M | $29.4M | ||
| Q1 24 | $25.7M | $34.1M |
自由现金流PGNYSPSC
| Q4 25 | $48.6M | $38.2M | ||
| Q3 25 | $46.0M | $54.6M | ||
| Q2 25 | $50.2M | $25.7M | ||
| Q1 25 | $47.0M | $33.8M | ||
| Q4 24 | $50.3M | $34.3M | ||
| Q3 24 | $42.7M | $48.1M | ||
| Q2 24 | $55.8M | $24.4M | ||
| Q1 24 | $24.9M | $30.5M |
自由现金流率PGNYSPSC
| Q4 25 | 15.3% | 19.8% | ||
| Q3 25 | 14.7% | 28.7% | ||
| Q2 25 | 15.1% | 13.7% | ||
| Q1 25 | 14.5% | 18.6% | ||
| Q4 24 | 16.8% | 20.1% | ||
| Q3 24 | 14.9% | 29.4% | ||
| Q2 24 | 18.4% | 15.9% | ||
| Q1 24 | 8.9% | 20.4% |
资本支出强度PGNYSPSC
| Q4 25 | 1.8% | 4.0% | ||
| Q3 25 | 1.5% | 3.2% | ||
| Q2 25 | 1.6% | 3.6% | ||
| Q1 25 | 0.9% | 3.4% | ||
| Q4 24 | 0.6% | 3.6% | ||
| Q3 24 | 0.6% | 3.2% | ||
| Q2 24 | 0.3% | 3.3% | ||
| Q1 24 | 0.3% | 2.4% |
现金转化率PGNYSPSC
| Q4 25 | 4.34× | 1.78× | ||
| Q3 25 | 3.65× | 2.37× | ||
| Q2 25 | 3.24× | 1.64× | ||
| Q1 25 | 3.31× | 1.80× | ||
| Q4 24 | 4.95× | 2.31× | ||
| Q3 24 | 4.27× | 2.27× | ||
| Q2 24 | 3.44× | 1.63× | ||
| Q1 24 | 1.52× | 1.89× |
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
PGNY
| Fertility Benefit Services | $208.6M | 66% |
| Pharmacy Benefit Services | $109.8M | 34% |
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
