vs
PIPER SANDLER COMPANIES（PIPR）与VinFast Auto Ltd.（VFS）财务数据对比。点击上方公司名可切换其他公司
VinFast Auto Ltd.的季度营收约是PIPER SANDLER COMPANIES的1.1倍（$718.6M vs $667.0M），PIPER SANDLER COMPANIES净利率更高（17.1% vs -2.8%，领先19.9%）
Piper Sandler是一家美国跨国投资银行及金融服务提供商，核心业务覆盖并购重组、财务重整、公开募股、公共财政、机构经纪、投资管理、证券研究等领域，通过旗下核心子公司Piper Sandler & Co.为企业、机构投资者及公共组织提供专业金融服务。
VinFast Auto Ltd.是越南跨国汽车企业，由越南最大私营综合企业集团之一Vingroup创立。Vingroup由越南知名企业家潘日旺创办，业务覆盖地产、零售、医疗、科技等多个领域，是越南本土头部企业集团。
PIPR vs VFS — 直观对比
营收规模更大
VFS
是对方的1.1倍
$667.0M
净利率更高
PIPR
高出19.9%
-2.8%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $667.0M | $718.6M |
| 净利润 | $114.0M | $-20.0M |
| 毛利率 | — | — |
| 营业利润率 | 28.3% | -96.1% |
| 净利率 | 17.1% | -2.8% |
| 营收同比 | 37.4% | — |
| 净利润同比 | 65.0% | — |
| 每股收益（稀释后） | $6.41 | — |
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PIPRVFS
| Q4 25 | $667.0M | — | ||
| Q3 25 | $480.1M | $718.6M | ||
| Q2 25 | $398.6M | $663.0M | ||
| Q1 25 | $358.6M | $656.5M | ||
| Q4 24 | $485.4M | — | ||
| Q3 24 | $360.9M | $511.6M | ||
| Q2 24 | $340.8M | — | ||
| Q1 24 | $344.4M | $302.6M |
净利润PIPRVFS
| Q4 25 | $114.0M | — | ||
| Q3 25 | $60.3M | $-20.0M | ||
| Q2 25 | $42.2M | $-51.8M | ||
| Q1 25 | $64.9M | $-26.1M | ||
| Q4 24 | $69.1M | — | ||
| Q3 24 | $34.8M | $-10.4M | ||
| Q2 24 | $34.8M | — | ||
| Q1 24 | $42.5M | $-618.3M |
营业利润率PIPRVFS
| Q4 25 | 28.3% | — | ||
| Q3 25 | 22.4% | -96.1% | ||
| Q2 25 | 12.3% | -79.0% | ||
| Q1 25 | 8.2% | -74.0% | ||
| Q4 24 | 16.9% | — | ||
| Q3 24 | 15.4% | -65.9% | ||
| Q2 24 | 8.3% | — | ||
| Q1 24 | 15.2% | -139.4% |
净利率PIPRVFS
| Q4 25 | 17.1% | — | ||
| Q3 25 | 12.6% | -2.8% | ||
| Q2 25 | 10.6% | -7.8% | ||
| Q1 25 | 18.1% | -4.0% | ||
| Q4 24 | 14.2% | — | ||
| Q3 24 | 9.6% | -2.0% | ||
| Q2 24 | 10.2% | — | ||
| Q1 24 | 12.3% | -204.3% |
每股收益（稀释后）PIPRVFS
| Q4 25 | $6.41 | — | ||
| Q3 25 | $3.38 | — | ||
| Q2 25 | $2.38 | — | ||
| Q1 25 | $3.65 | — | ||
| Q4 24 | $3.88 | — | ||
| Q3 24 | $1.96 | — | ||
| Q2 24 | $1.97 | — | ||
| Q1 24 | $2.43 | — |
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 | — | $8.8M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.4B | — |
| 总资产 | $2.6B | $183.2M |
| 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PIPRVFS
| Q4 25 | — | — | ||
| Q3 25 | — | $8.8M | ||
| Q2 25 | — | $650.0M | ||
| Q1 25 | — | $2.4M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $1.9M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $3.0M |
股东权益PIPRVFS
| Q4 25 | $1.4B | — | ||
| Q3 25 | $1.3B | — | ||
| Q2 25 | $1.2B | $-7.2B | ||
| Q1 25 | $1.2B | — | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | $1.1B | — | ||
| Q1 24 | $1.1B | — |
总资产PIPRVFS
| Q4 25 | $2.6B | — | ||
| Q3 25 | $2.2B | $183.2M | ||
| Q2 25 | $2.0B | $7.2B | ||
| Q1 25 | $1.8B | $158.2M | ||
| Q4 24 | $2.3B | — | ||
| Q3 24 | $2.0B | $151.8M | ||
| Q2 24 | $1.9B | — | ||
| Q1 24 | $1.8B | $145.6M |
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 | $729.8M | — |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | 6.40× | — |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流PIPRVFS
| Q4 25 | $729.8M | — | ||
| Q3 25 | $31.9M | — | ||
| Q2 25 | $32.1M | — | ||
| Q1 25 | $-207.2M | — | ||
| Q4 24 | $163.8M | — | ||
| Q3 24 | $80.1M | — | ||
| Q2 24 | $266.5M | — | ||
| Q1 24 | $-197.2M | — |
现金转化率PIPRVFS
| Q4 25 | 6.40× | — | ||
| Q3 25 | 0.53× | — | ||
| Q2 25 | 0.76× | — | ||
| Q1 25 | -3.19× | — | ||
| Q4 24 | 2.37× | — | ||
| Q3 24 | 2.30× | — | ||
| Q2 24 | 7.66× | — | ||
| Q1 24 | -4.64× | — |
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
PIPR
| Advisory Services | $402.6M | 60% |
| Equities Financing | $66.7M | 10% |
| Equity Salesand Trading | $64.2M | 10% |
| Fixed Income Salesand Trading | $47.9M | 7% |
| Other | $46.7M | 7% |
| Debt Financing | $38.9M | 6% |
VFS
| Sales of vehicles | $662.9M | 92% |
| Sales of spare parts and components | $41.3M | 6% |
| Revenue from leasing activities | $12.3M | 2% |
| Finance income | $2.4M | 0% |
| Rendering of services | $1.2M | 0% |
