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Riot Platforms, Inc.（RIOT）与Repay Holdings Corp（RPAY）财务数据对比。点击上方公司名可切换其他公司
Riot Platforms, Inc.的季度营收约是Repay Holdings Corp的1.9倍（$152.8M vs $78.6M），Repay Holdings Corp净利率更高（-178.3% vs -452.0%，领先273.7%），Riot Platforms, Inc.同比增速更快（7.2% vs 0.4%），Repay Holdings Corp自由现金流更多（$23.2M vs $-774.3M），过去两年Riot Platforms, Inc.的营收复合增速更高（38.8% vs -1.3%）
Riot Platforms是美国领先的比特币挖矿企业，在北美地区运营多座大规模高能效的加密货币矿场，同时布局区块链相关基础设施业务，长期持有比特币作为核心储备资产，专注于数字资产生态相关业务的长期发展。
Repay Holdings Corp是一家聚焦北美市场的支付技术服务商，为零售、医疗、汽车服务、电商等领域的企业提供整合支付处理方案，涵盖银行卡收单、ACH转账、POS系统集成等数字化支付工具，助力客户简化交易流程、提升运营效率。
RIOT vs RPAY — 直观对比
营收规模更大
RIOT
是对方的1.9倍
$78.6M
营收增速更快
RIOT
高出6.8%
0.4%
净利率更高
RPAY
高出273.7%
-452.0%
自由现金流更多
RPAY
多$797.5M
$-774.3M
两年增速更快
RIOT
近两年复合增速
-1.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $152.8M | $78.6M |
| 净利润 | $-690.7M | $-140.1M |
| 毛利率 | — | 74.2% |
| 营业利润率 | -447.9% | -182.2% |
| 净利率 | -452.0% | -178.3% |
| 营收同比 | 7.2% | 0.4% |
| 净利润同比 | -606.3% | -3304.1% |
| 每股收益（稀释后） | $-1.89 | $-1.68 |
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RIOTRPAY
| Q4 25 | $152.8M | $78.6M | ||
| Q3 25 | $180.2M | $77.7M | ||
| Q2 25 | $153.0M | $75.6M | ||
| Q1 25 | $161.4M | $77.3M | ||
| Q4 24 | $142.6M | $78.3M | ||
| Q3 24 | $84.8M | $79.1M | ||
| Q2 24 | $70.0M | $74.9M | ||
| Q1 24 | $79.3M | $80.7M |
净利润RIOTRPAY
| Q4 25 | $-690.7M | $-140.1M | ||
| Q3 25 | $104.5M | $-6.4M | ||
| Q2 25 | $219.5M | $-102.3M | ||
| Q1 25 | $-296.4M | $-7.9M | ||
| Q4 24 | $136.4M | $-4.1M | ||
| Q3 24 | $-154.4M | $3.2M | ||
| Q2 24 | $-84.4M | $-4.1M | ||
| Q1 24 | $211.8M | $-5.2M |
毛利率RIOTRPAY
| Q4 25 | — | 74.2% | ||
| Q3 25 | — | 74.4% | ||
| Q2 25 | — | 75.7% | ||
| Q1 25 | — | 75.9% | ||
| Q4 24 | — | 76.3% | ||
| Q3 24 | — | 77.8% | ||
| Q2 24 | — | 78.2% | ||
| Q1 24 | — | 76.2% |
营业利润率RIOTRPAY
| Q4 25 | -447.9% | -182.2% | ||
| Q3 25 | 44.4% | -3.9% | ||
| Q2 25 | — | -138.7% | ||
| Q1 25 | -144.9% | -4.7% | ||
| Q4 24 | — | -1.5% | ||
| Q3 24 | -143.3% | -0.9% | ||
| Q2 24 | -167.2% | -4.6% | ||
| Q1 24 | — | -3.1% |
净利率RIOTRPAY
| Q4 25 | -452.0% | -178.3% | ||
| Q3 25 | 58.0% | -8.3% | ||
| Q2 25 | 143.4% | -135.2% | ||
| Q1 25 | -183.6% | -10.3% | ||
| Q4 24 | 95.7% | -5.3% | ||
| Q3 24 | -182.1% | 4.1% | ||
| Q2 24 | -120.6% | -5.4% | ||
| Q1 24 | 267.1% | -6.5% |
每股收益（稀释后）RIOTRPAY
| Q4 25 | $-1.89 | $-1.68 | ||
| Q3 25 | $0.26 | $-0.08 | ||
| Q2 25 | $0.58 | $-1.15 | ||
| Q1 25 | $-0.90 | $-0.09 | ||
| Q4 24 | $0.39 | $-0.04 | ||
| Q3 24 | $-0.54 | $0.03 | ||
| Q2 24 | $-0.32 | $-0.04 | ||
| Q1 24 | $0.51 | $-0.06 |
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 | $233.5M | $115.7M |
| 总债务越低越好 | $840.8M | $280.1M |
| 股东权益账面价值 | $2.9B | $484.4M |
| 总资产 | $3.9B | $1.2B |
| 负债/权益比越低杠杆越低 | 0.29× | 0.58× |
8季度趋势，按日历期对齐
现金及短期投资RIOTRPAY
| Q4 25 | $233.5M | $115.7M | ||
| Q3 25 | $330.7M | $95.7M | ||
| Q2 25 | $255.4M | $162.6M | ||
| Q1 25 | $163.7M | $165.5M | ||
| Q4 24 | $277.9M | $189.5M | ||
| Q3 24 | $355.7M | $168.7M | ||
| Q2 24 | $481.2M | $147.1M | ||
| Q1 24 | $688.5M | $128.3M |
总债务RIOTRPAY
| Q4 25 | $840.8M | $280.1M | ||
| Q3 25 | $5.3M | $279.5M | ||
| Q2 25 | $5.3M | $279.0M | ||
| Q1 25 | $5.3M | $497.6M | ||
| Q4 24 | $584.6M | $496.8M | ||
| Q3 24 | $5.7M | $496.2M | ||
| Q2 24 | — | $435.6M | ||
| Q1 24 | — | $434.9M |
股东权益RIOTRPAY
| Q4 25 | $2.9B | $484.4M | ||
| Q3 25 | $3.5B | $616.9M | ||
| Q2 25 | $3.3B | $633.7M | ||
| Q1 25 | $2.9B | $755.7M | ||
| Q4 24 | $3.1B | $761.3M | ||
| Q3 24 | $2.7B | $754.7M | ||
| Q2 24 | $2.6B | $815.4M | ||
| Q1 24 | $2.5B | $813.8M |
总资产RIOTRPAY
| Q4 25 | $3.9B | $1.2B | ||
| Q3 25 | $4.5B | $1.3B | ||
| Q2 25 | $4.3B | $1.4B | ||
| Q1 25 | $3.7B | $1.5B | ||
| Q4 24 | $3.9B | $1.6B | ||
| Q3 24 | $2.9B | $1.6B | ||
| Q2 24 | $2.7B | $1.5B | ||
| Q1 24 | $2.6B | $1.5B |
负债/权益比RIOTRPAY
| Q4 25 | 0.29× | 0.58× | ||
| Q3 25 | 0.00× | 0.45× | ||
| Q2 25 | 0.00× | 0.44× | ||
| Q1 25 | 0.00× | 0.66× | ||
| Q4 24 | 0.19× | 0.65× | ||
| Q3 24 | 0.00× | 0.66× | ||
| Q2 24 | — | 0.53× | ||
| Q1 24 | — | 0.53× |
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 | $-572.9M | $23.3M |
| 自由现金流经营现金流 - 资本支出 | $-774.3M | $23.2M |
| 自由现金流率自由现金流/营收 | -506.6% | 29.6% |
| 资本支出强度资本支出/营收 | 131.8% | 0.1% |
| 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 | $-1.4B | $90.7M |
8季度趋势，按日历期对齐
经营现金流RIOTRPAY
| Q4 25 | $-572.9M | $23.3M | ||
| Q3 25 | $-114.0M | $32.2M | ||
| Q2 25 | $-231.3M | $33.1M | ||
| Q1 25 | $-122.1M | $2.5M | ||
| Q4 24 | $-255.1M | $34.3M | ||
| Q3 24 | $-56.3M | $60.1M | ||
| Q2 24 | $-42.5M | $31.0M | ||
| Q1 24 | $-57.9M | $24.8M |
自由现金流RIOTRPAY
| Q4 25 | $-774.3M | $23.2M | ||
| Q3 25 | $-139.7M | $32.1M | ||
| Q2 25 | $-291.7M | $33.0M | ||
| Q1 25 | $-154.9M | $2.4M | ||
| Q4 24 | $-495.4M | $34.0M | ||
| Q3 24 | $-127.6M | $59.8M | ||
| Q2 24 | $-96.1M | $30.5M | ||
| Q1 24 | $-115.2M | $24.7M |
自由现金流率RIOTRPAY
| Q4 25 | -506.6% | 29.6% | ||
| Q3 25 | -77.5% | 41.3% | ||
| Q2 25 | -190.7% | 43.6% | ||
| Q1 25 | -96.0% | 3.0% | ||
| Q4 24 | -347.5% | 43.5% | ||
| Q3 24 | -150.5% | 75.6% | ||
| Q2 24 | -137.2% | 40.7% | ||
| Q1 24 | -145.2% | 30.6% |
资本支出强度RIOTRPAY
| Q4 25 | 131.8% | 0.1% | ||
| Q3 25 | 14.3% | 0.2% | ||
| Q2 25 | 39.5% | 0.1% | ||
| Q1 25 | 20.4% | 0.2% | ||
| Q4 24 | 168.6% | 0.3% | ||
| Q3 24 | 84.1% | 0.3% | ||
| Q2 24 | 76.5% | 0.6% | ||
| Q1 24 | 72.3% | 0.1% |
现金转化率RIOTRPAY
| Q4 25 | — | — | ||
| Q3 25 | -1.09× | — | ||
| Q2 25 | -1.05× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -1.87× | — | ||
| Q3 24 | — | 18.52× | ||
| Q2 24 | — | — | ||
| Q1 24 | -0.27× | — |
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
RIOT
| Bitcoin Mining Segment | $131.7M | 86% |
| Engineering Segment | $21.1M | 14% |
RPAY
| Sales Channel Directly To Consumer | $69.4M | 88% |
| Other | $6.8M | 9% |
| Sales Channel Through Intermediary | $2.3M | 3% |
