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SHOPIFY INC.（SHOP）与Toast, Inc.（TOST）财务数据对比。点击上方公司名可切换其他公司
SHOPIFY INC.的季度营收约是Toast, Inc.的2.2倍（$3.7B vs $1.6B），SHOPIFY INC.净利率更高（20.2% vs 6.2%，领先14.0%），SHOPIFY INC.同比增速更快（30.6% vs 22.0%），SHOPIFY INC.自由现金流更多（$715.0M vs $178.0M），过去两年SHOPIFY INC.的营收复合增速更高（40.5% vs 23.3%）
Shopify是总部位于加拿大安大略省渥太华的跨国电商企业，运营零售POS系统及相关服务平台，全球客户超500万，2024年总交易处理额达2923亿美元，其中57%来自美国市场，服务客户包括特斯拉、路威酩轩、雀巢、百事、百威英博、红牛、凯悦等知名品牌。
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。
SHOP vs TOST — 直观对比
营收规模更大
SHOP
是对方的2.2倍
$1.6B
营收增速更快
SHOP
高出8.5%
22.0%
净利率更高
SHOP
高出14.0%
6.2%
自由现金流更多
SHOP
多$537.0M
$178.0M
两年增速更快
SHOP
近两年复合增速
23.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.7B | $1.6B |
| 净利润 | $743.0M | $101.0M |
| 毛利率 | 46.1% | 25.9% |
| 营业利润率 | 17.2% | 5.2% |
| 净利率 | 20.2% | 6.2% |
| 营收同比 | 30.6% | 22.0% |
| 净利润同比 | -42.5% | 215.6% |
| 每股收益（稀释后） | $0.58 | $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SHOPTOST
| Q4 25 | $3.7B | $1.6B | ||
| Q3 25 | $2.8B | $1.6B | ||
| Q2 25 | $2.7B | $1.6B | ||
| Q1 25 | $2.4B | $1.3B | ||
| Q4 24 | $2.8B | $1.3B | ||
| Q3 24 | $2.2B | $1.3B | ||
| Q2 24 | $2.0B | $1.2B | ||
| Q1 24 | $1.9B | $1.1B |
净利润SHOPTOST
| Q4 25 | $743.0M | $101.0M | ||
| Q3 25 | $264.0M | $105.0M | ||
| Q2 25 | $906.0M | $80.0M | ||
| Q1 25 | $-682.0M | $56.0M | ||
| Q4 24 | $1.3B | $32.0M | ||
| Q3 24 | $828.0M | $56.0M | ||
| Q2 24 | $171.0M | $14.0M | ||
| Q1 24 | $-273.0M | $-83.0M |
毛利率SHOPTOST
| Q4 25 | 46.1% | 25.9% | ||
| Q3 25 | 48.9% | 26.5% | ||
| Q2 25 | 48.6% | 25.3% | ||
| Q1 25 | 49.5% | 25.9% | ||
| Q4 24 | 48.1% | 24.9% | ||
| Q3 24 | 51.7% | 24.7% | ||
| Q2 24 | 51.1% | 23.0% | ||
| Q1 24 | 51.4% | 23.2% |
营业利润率SHOPTOST
| Q4 25 | 17.2% | 5.2% | ||
| Q3 25 | 12.1% | 5.1% | ||
| Q2 25 | 10.9% | 5.2% | ||
| Q1 25 | 8.6% | 3.2% | ||
| Q4 24 | 16.5% | 2.5% | ||
| Q3 24 | 13.1% | 2.6% | ||
| Q2 24 | 11.8% | 0.4% | ||
| Q1 24 | 4.6% | -5.2% |
净利率SHOPTOST
| Q4 25 | 20.2% | 6.2% | ||
| Q3 25 | 9.3% | 6.4% | ||
| Q2 25 | 33.8% | 5.2% | ||
| Q1 25 | -28.9% | 4.2% | ||
| Q4 24 | 46.0% | 2.4% | ||
| Q3 24 | 38.3% | 4.3% | ||
| Q2 24 | 8.4% | 1.1% | ||
| Q1 24 | -14.7% | -7.7% |
每股收益（稀释后）SHOPTOST
| Q4 25 | $0.58 | $0.18 | ||
| Q3 25 | $0.20 | $0.16 | ||
| Q2 25 | $0.69 | $0.13 | ||
| Q1 25 | $-0.53 | $0.09 | ||
| Q4 24 | $0.99 | $0.09 | ||
| Q3 24 | $0.64 | $0.07 | ||
| Q2 24 | $0.13 | $0.02 | ||
| Q1 24 | $-0.21 | $-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 | $5.8B | $1.4B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $13.5B | $2.1B |
| 总资产 | $15.2B | $3.1B |
| 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SHOPTOST
| Q4 25 | $5.8B | $1.4B | ||
| Q3 25 | $6.3B | $1.4B | ||
| Q2 25 | $5.8B | $1.2B | ||
| Q1 25 | $5.5B | $1.0B | ||
| Q4 24 | $5.5B | $903.0M | ||
| Q3 24 | — | $761.0M | ||
| Q2 24 | — | $691.0M | ||
| Q1 24 | — | $578.0M |
股东权益SHOPTOST
| Q4 25 | $13.5B | $2.1B | ||
| Q3 25 | $12.5B | $2.0B | ||
| Q2 25 | $12.1B | $1.8B | ||
| Q1 25 | $11.1B | $1.7B | ||
| Q4 24 | $11.6B | $1.5B | ||
| Q3 24 | $10.1B | $1.4B | ||
| Q2 24 | $9.2B | $1.3B | ||
| Q1 24 | $8.9B | $1.2B |
总资产SHOPTOST
| Q4 25 | $15.2B | $3.1B | ||
| Q3 25 | $15.0B | $3.0B | ||
| Q2 25 | $14.6B | $2.8B | ||
| Q1 25 | $13.4B | $2.6B | ||
| Q4 24 | $13.9B | $2.4B | ||
| Q3 24 | — | $2.2B | ||
| Q2 24 | — | $2.2B | ||
| Q1 24 | — | $2.1B |
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 | $725.0M | $194.0M |
| 自由现金流经营现金流 - 资本支出 | $715.0M | $178.0M |
| 自由现金流率自由现金流/营收 | 19.5% | 10.9% |
| 资本支出强度资本支出/营收 | 0.3% | 1.0% |
| 现金转化率经营现金流/净利润 | 0.98× | 1.92× |
| 过去12个月自由现金流最近4个季度 | $2.0B | $608.0M |
8季度趋势，按日历期对齐
经营现金流SHOPTOST
| Q4 25 | $725.0M | $194.0M | ||
| Q3 25 | $513.0M | $165.0M | ||
| Q2 25 | $428.0M | $223.0M | ||
| Q1 25 | $367.0M | $79.0M | ||
| Q4 24 | $615.0M | $147.0M | ||
| Q3 24 | $423.0M | $109.0M | ||
| Q2 24 | $340.0M | $124.0M | ||
| Q1 24 | $238.0M | $-20.0M |
自由现金流SHOPTOST
| Q4 25 | $715.0M | $178.0M | ||
| Q3 25 | $507.0M | $153.0M | ||
| Q2 25 | $422.0M | $208.0M | ||
| Q1 25 | $363.0M | $69.0M | ||
| Q4 24 | $611.0M | $134.0M | ||
| Q3 24 | $421.0M | $97.0M | ||
| Q2 24 | $333.0M | $108.0M | ||
| Q1 24 | $232.0M | $-33.0M |
自由现金流率SHOPTOST
| Q4 25 | 19.5% | 10.9% | ||
| Q3 25 | 17.8% | 9.4% | ||
| Q2 25 | 15.7% | 13.4% | ||
| Q1 25 | 15.4% | 5.2% | ||
| Q4 24 | 21.7% | 10.0% | ||
| Q3 24 | 19.5% | 7.4% | ||
| Q2 24 | 16.3% | 8.7% | ||
| Q1 24 | 12.5% | -3.1% |
资本支出强度SHOPTOST
| Q4 25 | 0.3% | 1.0% | ||
| Q3 25 | 0.2% | 0.7% | ||
| Q2 25 | 0.2% | 1.0% | ||
| Q1 25 | 0.2% | 0.7% | ||
| Q4 24 | 0.1% | 1.0% | ||
| Q3 24 | 0.1% | 0.9% | ||
| Q2 24 | 0.3% | 1.3% | ||
| Q1 24 | 0.3% | 1.2% |
现金转化率SHOPTOST
| Q4 25 | 0.98× | 1.92× | ||
| Q3 25 | 1.94× | 1.57× | ||
| Q2 25 | 0.47× | 2.79× | ||
| Q1 25 | — | 1.41× | ||
| Q4 24 | 0.48× | 4.59× | ||
| Q3 24 | 0.51× | 1.95× | ||
| Q2 24 | 1.99× | 8.86× | ||
| 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
SHOP
| Services | $2.9B | 79% |
| Subscription And Circulation | $777.0M | 21% |
TOST
| Technology Service | $1.3B | 82% |
| License | $256.0M | 16% |
| Product And Professional Services | $43.0M | 3% |
