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希悦尔（SEE）与Toast, Inc.（TOST）财务数据对比。点击上方公司名可切换其他公司
Toast, Inc.的季度营收约是希悦尔的1.2倍（$1.6B vs $1.4B），Toast, Inc.净利率更高（6.2% vs 3.1%，领先3.0%），Toast, Inc.同比增速更快（22.0% vs 2.6%），希悦尔自由现金流更多（$257.7M vs $178.0M），过去两年Toast, Inc.的营收复合增速更高（23.3% vs 2.7%）
希悦尔是全球领先的包装与防护解决方案供应商，核心产品包括缓冲防护材料、食品保鲜包装、可持续减废包装系统，服务覆盖电商、零售、食品饮料、工业制造等多个海内外领域。
Toast, Inc.是总部位于美国马萨诸塞州波士顿的云餐饮管理软件企业，主打基于安卓操作系统研发的一体化销售点（POS）系统，可为餐饮商家提供涵盖收银、订单管理等在内的全场景门店经营解决方案。
SEE vs TOST — 直观对比
营收规模更大
TOST
是对方的1.2倍
$1.4B
营收增速更快
TOST
高出19.4%
2.6%
净利率更高
TOST
高出3.0%
3.1%
自由现金流更多
SEE
多$79.7M
$178.0M
两年增速更快
TOST
近两年复合增速
2.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.4B | $1.6B |
| 净利润 | $43.8M | $101.0M |
| 毛利率 | 28.6% | 25.9% |
| 营业利润率 | 11.4% | 5.2% |
| 净利率 | 3.1% | 6.2% |
| 营收同比 | 2.6% | 22.0% |
| 净利润同比 | 700.0% | 215.6% |
| 每股收益（稀释后） | $0.30 | $0.18 |
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SEETOST
| Q4 25 | $1.4B | $1.6B | ||
| Q3 25 | $1.3B | $1.6B | ||
| Q2 25 | $1.3B | $1.6B | ||
| Q1 25 | $1.3B | $1.3B | ||
| Q4 24 | $1.4B | $1.3B | ||
| Q3 24 | $1.3B | $1.3B | ||
| Q2 24 | $1.3B | $1.2B | ||
| Q1 24 | $1.3B | $1.1B |
净利润SEETOST
| Q4 25 | $43.8M | $101.0M | ||
| Q3 25 | $255.1M | $105.0M | ||
| Q2 25 | $93.1M | $80.0M | ||
| Q1 25 | $113.5M | $56.0M | ||
| Q4 24 | $-7.3M | $32.0M | ||
| Q3 24 | $91.7M | $56.0M | ||
| Q2 24 | $98.3M | $14.0M | ||
| Q1 24 | $82.0M | $-83.0M |
毛利率SEETOST
| Q4 25 | 28.6% | 25.9% | ||
| Q3 25 | 29.8% | 26.5% | ||
| Q2 25 | 30.7% | 25.3% | ||
| Q1 25 | 30.9% | 25.9% | ||
| Q4 24 | 30.0% | 24.9% | ||
| Q3 24 | 30.1% | 24.7% | ||
| Q2 24 | 31.2% | 23.0% | ||
| Q1 24 | 30.3% | 23.2% |
营业利润率SEETOST
| Q4 25 | 11.4% | 5.2% | ||
| Q3 25 | 13.8% | 5.1% | ||
| Q2 25 | 15.0% | 5.2% | ||
| Q1 25 | 14.5% | 3.2% | ||
| Q4 24 | 11.7% | 2.5% | ||
| Q3 24 | 13.9% | 2.6% | ||
| Q2 24 | 15.4% | 0.4% | ||
| Q1 24 | 14.0% | -5.2% |
净利率SEETOST
| Q4 25 | 3.1% | 6.2% | ||
| Q3 25 | 19.0% | 6.4% | ||
| Q2 25 | 7.0% | 5.2% | ||
| Q1 25 | 9.0% | 4.2% | ||
| Q4 24 | -0.5% | 2.4% | ||
| Q3 24 | 6.9% | 4.3% | ||
| Q2 24 | 7.4% | 1.1% | ||
| Q1 24 | 6.2% | -7.7% |
每股收益（稀释后）SEETOST
| Q4 25 | $0.30 | $0.18 | ||
| Q3 25 | $1.73 | $0.16 | ||
| Q2 25 | $0.63 | $0.13 | ||
| Q1 25 | $0.77 | $0.09 | ||
| Q4 24 | $-0.05 | $0.09 | ||
| Q3 24 | $0.63 | $0.07 | ||
| Q2 24 | $0.67 | $0.02 | ||
| Q1 24 | $0.56 | $-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 | $344.0M | $1.4B |
| 总债务越低越好 | $3.3B | — |
| 股东权益账面价值 | $1.2B | $2.1B |
| 总资产 | $7.0B | $3.1B |
| 负债/权益比越低杠杆越低 | 2.65× | — |
8季度趋势，按日历期对齐
现金及短期投资SEETOST
| Q4 25 | $344.0M | $1.4B | ||
| Q3 25 | $282.5M | $1.4B | ||
| Q2 25 | $354.4M | $1.2B | ||
| Q1 25 | $335.2M | $1.0B | ||
| Q4 24 | $371.8M | $903.0M | ||
| Q3 24 | $386.0M | $761.0M | ||
| Q2 24 | $388.6M | $691.0M | ||
| Q1 24 | $352.8M | $578.0M |
总债务SEETOST
| Q4 25 | $3.3B | — | ||
| Q3 25 | $4.0B | — | ||
| Q2 25 | $4.0B | — | ||
| Q1 25 | $4.2B | — | ||
| Q4 24 | $4.2B | — | ||
| Q3 24 | $4.3B | — | ||
| Q2 24 | $4.4B | — | ||
| Q1 24 | $4.5B | — |
股东权益SEETOST
| Q4 25 | $1.2B | $2.1B | ||
| Q3 25 | $1.2B | $2.0B | ||
| Q2 25 | $953.1M | $1.8B | ||
| Q1 25 | $797.9M | $1.7B | ||
| Q4 24 | $624.5M | $1.5B | ||
| Q3 24 | $771.2M | $1.4B | ||
| Q2 24 | $650.1M | $1.3B | ||
| Q1 24 | $598.3M | $1.2B |
总资产SEETOST
| Q4 25 | $7.0B | $3.1B | ||
| Q3 25 | $7.1B | $3.0B | ||
| Q2 25 | $7.2B | $2.8B | ||
| Q1 25 | $7.0B | $2.6B | ||
| Q4 24 | $7.0B | $2.4B | ||
| Q3 24 | $7.3B | $2.2B | ||
| Q2 24 | $7.3B | $2.2B | ||
| Q1 24 | $7.2B | $2.1B |
负债/权益比SEETOST
| Q4 25 | 2.65× | — | ||
| Q3 25 | 3.34× | — | ||
| Q2 25 | 4.18× | — | ||
| Q1 25 | 5.26× | — | ||
| Q4 24 | 6.72× | — | ||
| Q3 24 | 5.62× | — | ||
| Q2 24 | 6.81× | — | ||
| Q1 24 | 7.49× | — |
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 | $293.6M | $194.0M |
| 自由现金流经营现金流 - 资本支出 | $257.7M | $178.0M |
| 自由现金流率自由现金流/营收 | 18.5% | 10.9% |
| 资本支出强度资本支出/营收 | 2.6% | 1.0% |
| 现金转化率经营现金流/净利润 | 6.70× | 1.92× |
| 过去12个月自由现金流最近4个季度 | $458.5M | $608.0M |
8季度趋势，按日历期对齐
经营现金流SEETOST
| Q4 25 | $293.6M | $194.0M | ||
| Q3 25 | $165.9M | $165.0M | ||
| Q2 25 | $136.6M | $223.0M | ||
| Q1 25 | $31.9M | $79.0M | ||
| Q4 24 | $244.2M | $147.0M | ||
| Q3 24 | $170.5M | $109.0M | ||
| Q2 24 | $188.2M | $124.0M | ||
| Q1 24 | $125.1M | $-20.0M |
自由现金流SEETOST
| Q4 25 | $257.7M | $178.0M | ||
| Q3 25 | $119.6M | $153.0M | ||
| Q2 25 | $93.2M | $208.0M | ||
| Q1 25 | $-12.0M | $69.0M | ||
| Q4 24 | $185.1M | $134.0M | ||
| Q3 24 | $115.2M | $97.0M | ||
| Q2 24 | $129.5M | $108.0M | ||
| Q1 24 | $78.0M | $-33.0M |
自由现金流率SEETOST
| Q4 25 | 18.5% | 10.9% | ||
| Q3 25 | 8.9% | 9.4% | ||
| Q2 25 | 7.0% | 13.4% | ||
| Q1 25 | -0.9% | 5.2% | ||
| Q4 24 | 13.6% | 10.0% | ||
| Q3 24 | 8.6% | 7.4% | ||
| Q2 24 | 9.7% | 8.7% | ||
| Q1 24 | 5.9% | -3.1% |
资本支出强度SEETOST
| Q4 25 | 2.6% | 1.0% | ||
| Q3 25 | 3.4% | 0.7% | ||
| Q2 25 | 3.3% | 1.0% | ||
| Q1 25 | 3.5% | 0.7% | ||
| Q4 24 | 4.4% | 1.0% | ||
| Q3 24 | 4.1% | 0.9% | ||
| Q2 24 | 4.4% | 1.3% | ||
| Q1 24 | 3.6% | 1.2% |
现金转化率SEETOST
| Q4 25 | 6.70× | 1.92× | ||
| Q3 25 | 0.65× | 1.57× | ||
| Q2 25 | 1.47× | 2.79× | ||
| Q1 25 | 0.28× | 1.41× | ||
| Q4 24 | — | 4.59× | ||
| Q3 24 | 1.86× | 1.95× | ||
| Q2 24 | 1.91× | 8.86× | ||
| Q1 24 | 1.53× | — |
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
SEE
| Protective Segment | $1.1B | 78% |
| Other | $292.0M | 21% |
| Pension Plans Defined Benefit | $7.9M | 1% |
TOST
| Technology Service | $1.3B | 82% |
| License | $256.0M | 16% |
| Product And Professional Services | $43.0M | 3% |
