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北极星（PII）与Snap Inc（SNAP）财务数据对比。点击上方公司名可切换其他公司
Snap Inc的季度营收约是北极星的1.0倍（$1.7B vs $1.7B），Snap Inc净利率更高（2.6% vs -2.8%，领先5.5%），Snap Inc同比增速更快（10.2% vs 8.0%），Snap Inc自由现金流更多（$205.6M vs $-342.5M），过去两年Snap Inc的营收复合增速更高（19.9% vs -8.0%）
北极星公司（Polaris Inc.）是总部位于美国明尼苏达州麦地那的机动车制造企业，创立于明尼苏达州罗索，当地目前仍保留其工程研发与生产设施。公司曾通过胜利摩托子公司生产摩托车，2011年收购印第安摩托品牌后转由该子公司运营摩托业务，此前还曾生产私人水上摩托艇产品。
Snap Inc.是一家美国科技企业，2011年9月16日由埃文·斯皮格尔、鲍比·墨菲和雷吉·布朗联合创立，总部位于加利福尼亚州圣莫尼卡。公司核心产品包括社交应用Snapchat、智能眼镜Spectacles、虚拟形象工具Bitmoji以及营销推广解决方案SnapBoost，2016年9月24日由原Snapchat Inc.更名为现名，覆盖社交、智能硬件等多元业务领域。
PII vs SNAP — 直观对比
营收规模更大
SNAP
是对方的1.0倍
$1.7B
营收增速更快
SNAP
高出2.2%
8.0%
净利率更高
SNAP
高出5.5%
-2.8%
自由现金流更多
SNAP
多$548.1M
$-342.5M
两年增速更快
SNAP
近两年复合增速
-8.0%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.7B | $1.7B |
| 净利润 | $-47.2M | $45.2M |
| 毛利率 | 20.2% | 59.1% |
| 营业利润率 | — | 2.9% |
| 净利率 | -2.8% | 2.6% |
| 营收同比 | 8.0% | 10.2% |
| 净利润同比 | 29.2% | 396.7% |
| 每股收益（稀释后） | $-0.83 | $0.03 |
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PIISNAP
| Q1 26 | $1.7B | — | ||
| Q4 25 | $1.9B | $1.7B | ||
| Q3 25 | $1.8B | $1.5B | ||
| Q2 25 | $1.9B | $1.3B | ||
| Q1 25 | $1.5B | $1.4B | ||
| Q4 24 | $1.8B | $1.6B | ||
| Q3 24 | $1.7B | $1.4B | ||
| Q2 24 | $2.0B | $1.2B |
净利润PIISNAP
| Q1 26 | $-47.2M | — | ||
| Q4 25 | $-303.6M | $45.2M | ||
| Q3 25 | $-15.8M | $-103.5M | ||
| Q2 25 | $-79.3M | $-262.6M | ||
| Q1 25 | $-66.8M | $-139.6M | ||
| Q4 24 | $10.6M | $9.1M | ||
| Q3 24 | $27.7M | $-153.2M | ||
| Q2 24 | $68.7M | $-248.6M |
毛利率PIISNAP
| Q1 26 | 20.2% | — | ||
| Q4 25 | 20.0% | 59.1% | ||
| Q3 25 | 20.7% | 55.3% | ||
| Q2 25 | 19.4% | 51.4% | ||
| Q1 25 | 16.0% | 53.1% | ||
| Q4 24 | 20.4% | 56.9% | ||
| Q3 24 | 20.6% | 53.5% | ||
| Q2 24 | 21.6% | 52.4% |
营业利润率PIISNAP
| Q1 26 | — | — | ||
| Q4 25 | -16.7% | 2.9% | ||
| Q3 25 | 1.1% | -8.5% | ||
| Q2 25 | -0.7% | -19.3% | ||
| Q1 25 | -2.4% | -14.2% | ||
| Q4 24 | 3.7% | -1.7% | ||
| Q3 24 | 3.8% | -12.6% | ||
| Q2 24 | 6.1% | -20.5% |
净利率PIISNAP
| Q1 26 | -2.8% | — | ||
| Q4 25 | -15.8% | 2.6% | ||
| Q3 25 | -0.9% | -6.9% | ||
| Q2 25 | -4.3% | -19.5% | ||
| Q1 25 | -4.3% | -10.2% | ||
| Q4 24 | 0.6% | 0.6% | ||
| Q3 24 | 1.6% | -11.2% | ||
| Q2 24 | 3.5% | -20.1% |
每股收益（稀释后）PIISNAP
| Q1 26 | $-0.83 | — | ||
| Q4 25 | $-5.34 | $0.03 | ||
| Q3 25 | $-0.28 | $-0.06 | ||
| Q2 25 | $-1.39 | $-0.16 | ||
| Q1 25 | $-1.17 | $-0.08 | ||
| Q4 24 | $0.18 | $0.01 | ||
| Q3 24 | $0.49 | $-0.09 | ||
| Q2 24 | $1.21 | $-0.15 |
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 | $282.0M | $2.9B |
| 总债务越低越好 | — | $3.5B |
| 股东权益账面价值 | $750.4M | $2.3B |
| 总资产 | $5.2B | $7.7B |
| 负债/权益比越低杠杆越低 | — | 1.55× |
8季度趋势，按日历期对齐
现金及短期投资PIISNAP
| Q1 26 | $282.0M | — | ||
| Q4 25 | $138.0M | $2.9B | ||
| Q3 25 | $335.5M | $3.0B | ||
| Q2 25 | $324.3M | $2.9B | ||
| Q1 25 | $291.7M | $3.2B | ||
| Q4 24 | $287.8M | $3.4B | ||
| Q3 24 | $291.3M | $3.2B | ||
| Q2 24 | $322.7M | $3.1B |
总债务PIISNAP
| Q1 26 | — | — | ||
| Q4 25 | $1.5B | $3.5B | ||
| Q3 25 | $1.3B | $3.5B | ||
| Q2 25 | $1.4B | $3.6B | ||
| Q1 25 | $1.6B | $3.6B | ||
| Q4 24 | $1.6B | $3.6B | ||
| Q3 24 | $1.7B | $3.6B | ||
| Q2 24 | $2.1B | $3.6B |
股东权益PIISNAP
| Q1 26 | $750.4M | — | ||
| Q4 25 | $828.4M | $2.3B | ||
| Q3 25 | $1.1B | $2.2B | ||
| Q2 25 | $1.2B | $2.1B | ||
| Q1 25 | $1.2B | $2.3B | ||
| Q4 24 | $1.3B | $2.5B | ||
| Q3 24 | $1.3B | $2.2B | ||
| Q2 24 | $1.3B | $2.1B |
总资产PIISNAP
| Q1 26 | $5.2B | — | ||
| Q4 25 | $4.9B | $7.7B | ||
| Q3 25 | $5.3B | $7.6B | ||
| Q2 25 | $5.4B | $7.4B | ||
| Q1 25 | $5.5B | $7.6B | ||
| Q4 24 | $5.5B | $7.9B | ||
| Q3 24 | $5.6B | $7.6B | ||
| Q2 24 | $5.7B | $7.4B |
负债/权益比PIISNAP
| Q1 26 | — | — | ||
| Q4 25 | 1.82× | 1.55× | ||
| Q3 25 | 1.13× | 1.59× | ||
| Q2 25 | 1.17× | 1.73× | ||
| Q1 25 | 1.32× | 1.56× | ||
| Q4 24 | 1.27× | 1.49× | ||
| Q3 24 | 1.29× | 1.65× | ||
| Q2 24 | 1.56× | 1.76× |
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 | — | $269.6M |
| 自由现金流经营现金流 - 资本支出 | $-342.5M | $205.6M |
| 自由现金流率自由现金流/营收 | -20.6% | 12.0% |
| 资本支出强度资本支出/营收 | — | 3.7% |
| 现金转化率经营现金流/净利润 | — | 5.96× |
| 过去12个月自由现金流最近4个季度 | $168.0M | $437.2M |
8季度趋势，按日历期对齐
经营现金流PIISNAP
| Q1 26 | — | — | ||
| Q4 25 | $178.7M | $269.6M | ||
| Q3 25 | $158.8M | $146.5M | ||
| Q2 25 | $320.3M | $88.5M | ||
| Q1 25 | $83.2M | $151.6M | ||
| Q4 24 | $206.3M | $230.6M | ||
| Q3 24 | $21.0M | $115.9M | ||
| Q2 24 | $146.3M | $-21.4M |
自由现金流PIISNAP
| Q1 26 | $-342.5M | — | ||
| Q4 25 | $114.0M | $205.6M | ||
| Q3 25 | $116.7M | $93.4M | ||
| Q2 25 | $279.8M | $23.8M | ||
| Q1 25 | $47.6M | $114.4M | ||
| Q4 24 | $137.3M | $182.4M | ||
| Q3 24 | $-32.4M | $71.8M | ||
| Q2 24 | $79.1M | $-73.4M |
自由现金流率PIISNAP
| Q1 26 | -20.6% | — | ||
| Q4 25 | 5.9% | 12.0% | ||
| Q3 25 | 6.3% | 6.2% | ||
| Q2 25 | 15.1% | 1.8% | ||
| Q1 25 | 3.1% | 8.4% | ||
| Q4 24 | 7.8% | 11.7% | ||
| Q3 24 | -1.9% | 5.2% | ||
| Q2 24 | 4.0% | -5.9% |
资本支出强度PIISNAP
| Q1 26 | — | — | ||
| Q4 25 | 3.4% | 3.7% | ||
| Q3 25 | 2.3% | 3.5% | ||
| Q2 25 | 2.2% | 4.8% | ||
| Q1 25 | 2.3% | 2.7% | ||
| Q4 24 | 3.9% | 3.1% | ||
| Q3 24 | 3.1% | 3.2% | ||
| Q2 24 | 3.4% | 4.2% |
现金转化率PIISNAP
| Q1 26 | — | — | ||
| Q4 25 | — | 5.96× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 19.46× | 25.34× | ||
| Q3 24 | 0.76× | — | ||
| Q2 24 | 2.13× | — |
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
PII
暂无分部数据
SNAP
| Advertising Revenue | $1.5B | 86% |
| Other Revenue | $231.9M | 14% |
