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帕森斯公司（PSN）与Waystar Holding Corp.（WAY）财务数据对比。点击上方公司名可切换其他公司
帕森斯公司的季度营收约是Waystar Holding Corp.的5.3倍（$1.6B vs $303.5M）。Waystar Holding Corp.净利率更高（6.6% vs 3.5%，领先3.1%）。Waystar Holding Corp.同比增速更快（24.3% vs -7.5%）。帕森斯公司自由现金流更多（$135.6M vs $57.2M）。过去两年Waystar Holding Corp.的营收复合增速更高（16.2% vs 2.2%）
帕森斯公司是一家总部位于美国弗吉尼亚州尚蒂利的跨国企业，1944年成立，核心业务覆盖国防、情报、基础设施工程领域，深耕技术研发，在全球30多个国家为政府及私营部门客户提供专业解决方案。
Waystar Holding Corp是一家领先的医疗健康支付与营收周期管理解决方案提供商，服务覆盖美国各地的医疗机构、医疗系统和支付方，旗下工具可简化账单处理、理赔申请、患者缴费流程，帮助医疗机构降低行政负担、优化营收表现。
PSN vs WAY — 直观对比
营收规模更大
PSN
是对方的5.3倍
$303.5M
营收增速更快
WAY
高出31.9%
-7.5%
净利率更高
WAY
高出3.1%
3.5%
自由现金流更多
PSN
多$78.4M
$57.2M
两年增速更快
WAY
近两年复合增速
2.2%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $1.6B | $303.5M |
| 净利润 | $55.6M | $20.0M |
| 毛利率 | 23.0% | — |
| 营业利润率 | 6.6% | 19.4% |
| 净利率 | 3.5% | 6.6% |
| 营收同比 | -7.5% | 24.3% |
| 净利润同比 | -72.4% | 4.8% |
| 每股收益（稀释后） | $0.51 | $0.10 |
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PSNWAY
| Q4 25 | $1.6B | $303.5M | ||
| Q3 25 | $1.6B | $268.7M | ||
| Q2 25 | $1.6B | $270.7M | ||
| Q1 25 | $1.6B | $256.4M | ||
| Q4 24 | $1.7B | $244.1M | ||
| Q3 24 | $1.8B | $240.1M | ||
| Q2 24 | $1.7B | $234.5M | ||
| Q1 24 | $1.5B | $224.8M |
净利润PSNWAY
| Q4 25 | $55.6M | $20.0M | ||
| Q3 25 | $64.1M | $30.6M | ||
| Q2 25 | $55.2M | $32.2M | ||
| Q1 25 | $66.2M | $29.3M | ||
| Q4 24 | $201.3M | $19.1M | ||
| Q3 24 | $72.0M | $5.4M | ||
| Q2 24 | $69.2M | $-27.7M | ||
| Q1 24 | $-107.4M | $-15.9M |
毛利率PSNWAY
| Q4 25 | 23.0% | — | ||
| Q3 25 | 22.2% | — | ||
| Q2 25 | 22.0% | — | ||
| Q1 25 | 22.8% | — | ||
| Q4 24 | 21.3% | — | ||
| Q3 24 | 19.9% | — | ||
| Q2 24 | 21.0% | — | ||
| Q1 24 | 21.2% | — |
营业利润率PSNWAY
| Q4 25 | 6.6% | 19.4% | ||
| Q3 25 | 6.7% | 22.4% | ||
| Q2 25 | 6.0% | 24.0% | ||
| Q1 25 | 7.0% | 25.4% | ||
| Q4 24 | 5.8% | 21.8% | ||
| Q3 24 | 6.4% | 11.3% | ||
| Q2 24 | 6.7% | 3.5% | ||
| Q1 24 | 6.6% | 15.7% |
净利率PSNWAY
| Q4 25 | 3.5% | 6.6% | ||
| Q3 25 | 4.0% | 11.4% | ||
| Q2 25 | 3.5% | 11.9% | ||
| Q1 25 | 4.3% | 11.4% | ||
| Q4 24 | 11.6% | 7.8% | ||
| Q3 24 | 4.0% | 2.3% | ||
| Q2 24 | 4.1% | -11.8% | ||
| Q1 24 | -7.0% | -7.1% |
每股收益（稀释后）PSNWAY
| Q4 25 | $0.51 | $0.10 | ||
| Q3 25 | $0.59 | $0.17 | ||
| Q2 25 | $0.50 | $0.18 | ||
| Q1 25 | $0.60 | $0.16 | ||
| Q4 24 | $1.85 | $0.18 | ||
| Q3 24 | $0.65 | $0.03 | ||
| Q2 24 | $0.63 | $-0.21 | ||
| Q1 24 | $-1.01 | $-0.13 |
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 | $466.4M | $61.4M |
| 总债务越低越好 | $1.2B | $1.5B |
| 股东权益账面价值 | $2.6B | $3.9B |
| 总资产 | $5.8B | $5.8B |
| 负债/权益比越低杠杆越低 | 0.47× | 0.38× |
8季度趋势，按日历期对齐
现金及短期投资PSNWAY
| Q4 25 | $466.4M | $61.4M | ||
| Q3 25 | $422.6M | $421.1M | ||
| Q2 25 | $411.3M | $290.3M | ||
| Q1 25 | $269.7M | $224.0M | ||
| Q4 24 | $453.5M | $182.1M | ||
| Q3 24 | $558.8M | $127.1M | ||
| Q2 24 | $528.5M | $68.4M | ||
| Q1 24 | $423.1M | $57.3M |
总债务PSNWAY
| Q4 25 | $1.2B | $1.5B | ||
| Q3 25 | $1.2B | — | ||
| Q2 25 | $1.2B | — | ||
| Q1 25 | $785.2M | — | ||
| Q4 24 | $784.1M | $1.2B | ||
| Q3 24 | $1.1B | — | ||
| Q2 24 | $1.2B | — | ||
| Q1 24 | $1.2B | — |
股东权益PSNWAY
| Q4 25 | $2.6B | $3.9B | ||
| Q3 25 | $2.6B | $3.2B | ||
| Q2 25 | $2.5B | $3.2B | ||
| Q1 25 | $2.5B | $3.1B | ||
| Q4 24 | $2.4B | $3.1B | ||
| Q3 24 | $2.3B | $3.1B | ||
| Q2 24 | $2.2B | $2.9B | ||
| Q1 24 | $2.1B | $2.0B |
总资产PSNWAY
| Q4 25 | $5.8B | $5.8B | ||
| Q3 25 | $5.7B | $4.7B | ||
| Q2 25 | $5.7B | $4.7B | ||
| Q1 25 | $5.4B | $4.6B | ||
| Q4 24 | $5.5B | $4.6B | ||
| Q3 24 | $5.4B | $4.5B | ||
| Q2 24 | $5.2B | $4.6B | ||
| Q1 24 | $5.1B | — |
负债/权益比PSNWAY
| Q4 25 | 0.47× | 0.38× | ||
| Q3 25 | 0.48× | — | ||
| Q2 25 | 0.49× | — | ||
| Q1 25 | 0.32× | — | ||
| Q4 24 | 0.32× | 0.40× | ||
| Q3 24 | 0.49× | — | ||
| Q2 24 | 0.56× | — | ||
| Q1 24 | 0.58× | — |
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 | $167.5M | $66.6M |
| 自由现金流经营现金流 - 资本支出 | $135.6M | $57.2M |
| 自由现金流率自由现金流/营收 | 8.5% | 18.9% |
| 资本支出强度资本支出/营收 | 2.0% | 3.1% |
| 现金转化率经营现金流/净利润 | 3.01× | 3.33× |
| 过去12个月自由现金流最近4个季度 | $410.4M | $283.2M |
8季度趋势，按日历期对齐
经营现金流PSNWAY
| Q4 25 | $167.5M | $66.6M | ||
| Q3 25 | $162.8M | $82.0M | ||
| Q2 25 | $159.8M | $96.8M | ||
| Q1 25 | $-11.8M | $64.2M | ||
| Q4 24 | $126.8M | — | ||
| Q3 24 | $299.0M | $78.8M | ||
| Q2 24 | $161.2M | $15.4M | ||
| Q1 24 | $-63.4M | $10.7M |
自由现金流PSNWAY
| Q4 25 | $135.6M | $57.2M | ||
| Q3 25 | $149.7M | $76.2M | ||
| Q2 25 | $150.4M | $91.0M | ||
| Q1 25 | $-25.3M | $58.8M | ||
| Q4 24 | $108.0M | — | ||
| Q3 24 | $287.3M | $70.2M | ||
| Q2 24 | $152.0M | $8.6M | ||
| Q1 24 | $-72.9M | $5.2M |
自由现金流率PSNWAY
| Q4 25 | 8.5% | 18.9% | ||
| Q3 25 | 9.2% | 28.3% | ||
| Q2 25 | 9.5% | 33.6% | ||
| Q1 25 | -1.6% | 22.9% | ||
| Q4 24 | 6.2% | — | ||
| Q3 24 | 15.9% | 29.2% | ||
| Q2 24 | 9.1% | 3.7% | ||
| Q1 24 | -4.7% | 2.3% |
资本支出强度PSNWAY
| Q4 25 | 2.0% | 3.1% | ||
| Q3 25 | 0.8% | 2.2% | ||
| Q2 25 | 0.6% | 2.1% | ||
| Q1 25 | 0.9% | 2.1% | ||
| Q4 24 | 1.1% | — | ||
| Q3 24 | 0.6% | 3.6% | ||
| Q2 24 | 0.6% | 2.9% | ||
| Q1 24 | 0.6% | 2.5% |
现金转化率PSNWAY
| Q4 25 | 3.01× | 3.33× | ||
| Q3 25 | 2.54× | 2.68× | ||
| Q2 25 | 2.89× | 3.01× | ||
| Q1 25 | -0.18× | 2.20× | ||
| Q4 24 | 0.63× | — | ||
| Q3 24 | 4.16× | 14.56× | ||
| Q2 24 | 2.33× | — | ||
| Q1 24 | — | — |
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
PSN
| Unconsolidated Joint Ventures | $582.1M | 36% |
| Defense And Intelligence | $502.8M | 31% |
| Engineered Systems | $281.4M | 18% |
| Consolidated Joint Ventures | $216.7M | 14% |
| TRS Group Inc | $9.4M | 1% |
WAY
| Subscription And Circulation | $167.8M | 55% |
| Volume Based Revenue | $134.2M | 44% |
| Implementation Services And Other Revenue | $1.5M | 1% |
