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SHOPIFY INC.（SHOP）与Tyler Technologies（TYL）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Tyler Technologies的6.4倍（$3.7B vs $575.2M）。SHOPIFY INC.净利率更高（20.2% vs 11.4%，领先8.8%）。SHOPIFY INC.同比增速更快（30.6% vs 6.3%）。SHOPIFY INC.自由现金流更多（$715.0M vs $239.6M）。过去两年SHOPIFY INC.的营收复合增速更高（40.5% vs 6.0%）
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。
Tyler Technologies, Inc.是总部位于美国得克萨斯州普莱诺的科技企业，主营面向美国公共部门提供自研专有软件，目前在全美17个州设有办事处，另在加拿大安大略省多伦多市设有一处办公网点。
SHOP vs TYL — 直观对比
营收规模更大
SHOP
是对方的6.4倍
$575.2M
营收增速更快
SHOP
高出24.3%
6.3%
净利率更高
SHOP
高出8.8%
11.4%
自由现金流更多
SHOP
多$475.4M
$239.6M
两年增速更快
SHOP
近两年复合增速
6.0%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $3.7B | $575.2M |
| 净利润 | $743.0M | $65.5M |
| 毛利率 | 46.1% | 45.5% |
| 营业利润率 | 17.2% | 13.0% |
| 净利率 | 20.2% | 11.4% |
| 营收同比 | 30.6% | 6.3% |
| 净利润同比 | -42.5% | 0.5% |
| 每股收益（稀释后） | $0.58 | $1.50 |
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SHOPTYL
| Q4 25 | $3.7B | $575.2M | ||
| Q3 25 | $2.8B | $595.9M | ||
| Q2 25 | $2.7B | $596.1M | ||
| Q1 25 | $2.4B | $565.2M | ||
| Q4 24 | $2.8B | $541.1M | ||
| Q3 24 | $2.2B | $543.3M | ||
| Q2 24 | $2.0B | $541.0M | ||
| Q1 24 | $1.9B | $512.4M |
净利润SHOPTYL
| Q4 25 | $743.0M | $65.5M | ||
| Q3 25 | $264.0M | $84.4M | ||
| Q2 25 | $906.0M | $84.6M | ||
| Q1 25 | $-682.0M | $81.1M | ||
| Q4 24 | $1.3B | $65.2M | ||
| Q3 24 | $828.0M | $75.9M | ||
| Q2 24 | $171.0M | $67.7M | ||
| Q1 24 | $-273.0M | $54.2M |
毛利率SHOPTYL
| Q4 25 | 46.1% | 45.5% | ||
| Q3 25 | 48.9% | 47.2% | ||
| Q2 25 | 48.6% | 45.8% | ||
| Q1 25 | 49.5% | 47.3% | ||
| Q4 24 | 48.1% | 43.8% | ||
| Q3 24 | 51.7% | 43.7% | ||
| Q2 24 | 51.1% | 44.0% | ||
| Q1 24 | 51.4% | 43.7% |
营业利润率SHOPTYL
| Q4 25 | 17.2% | 13.0% | ||
| Q3 25 | 12.1% | 16.4% | ||
| Q2 25 | 10.9% | 16.0% | ||
| Q1 25 | 8.6% | 15.8% | ||
| Q4 24 | 16.5% | 13.2% | ||
| Q3 24 | 13.1% | 15.2% | ||
| Q2 24 | 11.8% | 14.4% | ||
| Q1 24 | 4.6% | 13.1% |
净利率SHOPTYL
| Q4 25 | 20.2% | 11.4% | ||
| Q3 25 | 9.3% | 14.2% | ||
| Q2 25 | 33.8% | 14.2% | ||
| Q1 25 | -28.9% | 14.3% | ||
| Q4 24 | 46.0% | 12.1% | ||
| Q3 24 | 38.3% | 14.0% | ||
| Q2 24 | 8.4% | 12.5% | ||
| Q1 24 | -14.7% | 10.6% |
每股收益（稀释后）SHOPTYL
| Q4 25 | $0.58 | $1.50 | ||
| Q3 25 | $0.20 | $1.93 | ||
| Q2 25 | $0.69 | $1.93 | ||
| Q1 25 | $-0.53 | $1.84 | ||
| Q4 24 | $0.99 | $1.48 | ||
| Q3 24 | $0.64 | $1.74 | ||
| Q2 24 | $0.13 | $1.57 | ||
| Q1 24 | $-0.21 | $1.26 |
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 | $1.1B |
| 总债务越低越好 | — | $599.7M |
| 股东权益账面价值 | $13.5B | $3.7B |
| 总资产 | $15.2B | $5.6B |
| 负债/权益比越低杠杆越低 | — | 0.16× |
8季度趋势，按日历期对齐
现金及短期投资SHOPTYL
| Q4 25 | $5.8B | $1.1B | ||
| Q3 25 | $6.3B | $950.8M | ||
| Q2 25 | $5.8B | $892.3M | ||
| Q1 25 | $5.5B | $807.4M | ||
| Q4 24 | $5.5B | $768.0M | ||
| Q3 24 | — | $544.3M | ||
| Q2 24 | — | $258.0M | ||
| Q1 24 | — | $196.9M |
总债务SHOPTYL
| Q4 25 | — | $599.7M | ||
| Q3 25 | — | $599.2M | ||
| Q2 25 | — | $598.8M | ||
| Q1 25 | — | $598.4M | ||
| Q4 24 | — | $597.9M | ||
| Q3 24 | — | $597.5M | ||
| Q2 24 | — | $597.1M | ||
| Q1 24 | — | $596.6M |
股东权益SHOPTYL
| Q4 25 | $13.5B | $3.7B | ||
| Q3 25 | $12.5B | $3.6B | ||
| Q2 25 | $12.1B | $3.6B | ||
| Q1 25 | $11.1B | $3.5B | ||
| Q4 24 | $11.6B | $3.4B | ||
| Q3 24 | $10.1B | $3.3B | ||
| Q2 24 | $9.2B | $3.1B | ||
| Q1 24 | $8.9B | $3.0B |
总资产SHOPTYL
| Q4 25 | $15.2B | $5.6B | ||
| Q3 25 | $15.0B | $5.5B | ||
| Q2 25 | $14.6B | $5.4B | ||
| Q1 25 | $13.4B | $5.2B | ||
| Q4 24 | $13.9B | $5.2B | ||
| Q3 24 | — | $5.0B | ||
| Q2 24 | — | $4.8B | ||
| Q1 24 | — | $4.6B |
负债/权益比SHOPTYL
| Q4 25 | — | 0.16× | ||
| Q3 25 | — | 0.17× | ||
| Q2 25 | — | 0.16× | ||
| Q1 25 | — | 0.17× | ||
| Q4 24 | — | 0.18× | ||
| Q3 24 | — | 0.18× | ||
| Q2 24 | — | 0.19× | ||
| Q1 24 | — | 0.20× |
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 | $243.9M |
| 自由现金流经营现金流 - 资本支出 | $715.0M | $239.6M |
| 自由现金流率自由现金流/营收 | 19.5% | 41.7% |
| 资本支出强度资本支出/营收 | 0.3% | 0.8% |
| 现金转化率经营现金流/净利润 | 0.98× | 3.72× |
| 过去12个月自由现金流最近4个季度 | $2.0B | $637.5M |
8季度趋势，按日历期对齐
经营现金流SHOPTYL
| Q4 25 | $725.0M | $243.9M | ||
| Q3 25 | $513.0M | $255.2M | ||
| Q2 25 | $428.0M | $98.3M | ||
| Q1 25 | $367.0M | $56.2M | ||
| Q4 24 | $615.0M | $224.8M | ||
| Q3 24 | $423.0M | $263.7M | ||
| Q2 24 | $340.0M | $64.3M | ||
| Q1 24 | $238.0M | $71.8M |
自由现金流SHOPTYL
| Q4 25 | $715.0M | $239.6M | ||
| Q3 25 | $507.0M | $251.3M | ||
| Q2 25 | $422.0M | $92.8M | ||
| Q1 25 | $363.0M | $53.8M | ||
| Q4 24 | $611.0M | $221.0M | ||
| Q3 24 | $421.0M | $260.8M | ||
| Q2 24 | $333.0M | $57.7M | ||
| Q1 24 | $232.0M | $64.6M |
自由现金流率SHOPTYL
| Q4 25 | 19.5% | 41.7% | ||
| Q3 25 | 17.8% | 42.2% | ||
| Q2 25 | 15.7% | 15.6% | ||
| Q1 25 | 15.4% | 9.5% | ||
| Q4 24 | 21.7% | 40.8% | ||
| Q3 24 | 19.5% | 48.0% | ||
| Q2 24 | 16.3% | 10.7% | ||
| Q1 24 | 12.5% | 12.6% |
资本支出强度SHOPTYL
| Q4 25 | 0.3% | 0.8% | ||
| Q3 25 | 0.2% | 0.7% | ||
| Q2 25 | 0.2% | 0.9% | ||
| Q1 25 | 0.2% | 0.4% | ||
| Q4 24 | 0.1% | 0.7% | ||
| Q3 24 | 0.1% | 0.5% | ||
| Q2 24 | 0.3% | 1.2% | ||
| Q1 24 | 0.3% | 1.4% |
现金转化率SHOPTYL
| Q4 25 | 0.98× | 3.72× | ||
| Q3 25 | 1.94× | 3.02× | ||
| Q2 25 | 0.47× | 1.16× | ||
| Q1 25 | — | 0.69× | ||
| Q4 24 | 0.48× | 3.45× | ||
| Q3 24 | 0.51× | 3.47× | ||
| Q2 24 | 1.99× | 0.95× | ||
| Q1 24 | — | 1.33× |
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% |
TYL
| Saas Arrangements | $186.1M | 32% |
| Platform Technologies Segment | $143.3M | 25% |
| Maintenance | $109.4M | 19% |
| Professional Services | $55.3M | 10% |
| Nonrecurring Revenue | $51.3M | 9% |
| Other | $21.4M | 4% |
| Hardware And Other | $8.4M | 1% |
