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StoneX Group Inc.（SNEX）与Tradeweb Markets Inc.（TW）财务数据对比。点击上方公司名可切换其他公司
StoneX Group Inc.的季度营收约是Tradeweb Markets Inc.的2.3倍（$1.2B vs $521.2M）。Tradeweb Markets Inc.净利率更高（62.4% vs 11.6%，领先50.8%）。StoneX Group Inc.同比增速更快（81.0% vs 12.5%）。Tradeweb Markets Inc.自由现金流更多（$336.5M vs $-1.3B）。过去两年StoneX Group Inc.的营收复合增速更高（53.5% vs 12.9%）
StoneX集团是美国知名金融服务企业，核心业务覆盖商业套期保值、全球支付、证券、实物大宗商品、外汇，以及清算与执行服务六大板块，可为全球各类客户提供专业合规的多元化金融服务。
Tradeweb Markets Inc.总部位于美国纽约，运营面向机构投资者的电子交易平台，支持固定收益产品、ETF及衍生品交易，服务覆盖银行、资管机构、央行、养老基金、保险公司等超3000家客户。2024年其83%营收来自交易手续费及佣金，17%来自订阅费，52%营收来自利率相关产品。
SNEX vs TW — 直观对比
营收规模更大
SNEX
是对方的2.3倍
$521.2M
营收增速更快
SNEX
高出68.6%
12.5%
净利率更高
TW
高出50.8%
11.6%
自由现金流更多
TW
多$1.6B
$-1.3B
两年增速更快
SNEX
近两年复合增速
12.9%
损益表 — Q1 2026 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $521.2M |
| 净利润 | $139.0M | $325.0M |
| 毛利率 | — | — |
| 营业利润率 | 15.4% | 42.4% |
| 净利率 | 11.6% | 62.4% |
| 营收同比 | 81.0% | 12.5% |
| 净利润同比 | 63.3% | 128.5% |
| 每股收益（稀释后） | $2.50 | $1.52 |
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SNEXTW
| Q4 25 | $1.2B | $521.2M | ||
| Q3 25 | $32.7B | $508.6M | ||
| Q2 25 | $851.2M | $513.0M | ||
| Q1 25 | $820.4M | $509.7M | ||
| Q4 24 | $663.1M | $463.3M | ||
| Q3 24 | $31.1B | $448.9M | ||
| Q2 24 | $571.8M | $405.0M | ||
| Q1 24 | $509.2M | $408.7M |
净利润SNEXTW
| Q4 25 | $139.0M | $325.0M | ||
| Q3 25 | $85.7M | $185.6M | ||
| Q2 25 | $63.4M | $153.8M | ||
| Q1 25 | $71.7M | $148.4M | ||
| Q4 24 | $85.1M | $142.2M | ||
| Q3 24 | $76.7M | $113.9M | ||
| Q2 24 | $61.9M | $119.2M | ||
| Q1 24 | $53.1M | $126.1M |
毛利率SNEXTW
| Q4 25 | — | — | ||
| Q3 25 | 3.7% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.0% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
营业利润率SNEXTW
| Q4 25 | 15.4% | 42.4% | ||
| Q3 25 | 0.3% | 41.4% | ||
| Q2 25 | -1.3% | 39.0% | ||
| Q1 25 | -1.0% | 40.0% | ||
| Q4 24 | -3.2% | 40.7% | ||
| Q3 24 | -0.0% | 35.5% | ||
| Q2 24 | -4.7% | 40.1% | ||
| Q1 24 | -2.5% | 41.0% |
净利率SNEXTW
| Q4 25 | 11.6% | 62.4% | ||
| Q3 25 | 0.3% | 36.5% | ||
| Q2 25 | 7.4% | 30.0% | ||
| Q1 25 | 8.7% | 29.1% | ||
| Q4 24 | 12.8% | 30.7% | ||
| Q3 24 | 0.2% | 25.4% | ||
| Q2 24 | 10.8% | 29.4% | ||
| Q1 24 | 10.4% | 30.9% |
每股收益（稀释后）SNEXTW
| Q4 25 | $2.50 | $1.52 | ||
| Q3 25 | $0.72 | $0.86 | ||
| Q2 25 | $1.22 | $0.71 | ||
| Q1 25 | $1.41 | $0.69 | ||
| Q4 24 | $2.54 | $0.66 | ||
| Q3 24 | $2.32 | $0.53 | ||
| Q2 24 | $1.88 | $0.55 | ||
| Q1 24 | $1.63 | $0.59 |
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 | $1.6B | $2.1B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.5B | $6.5B |
| 总资产 | $47.8B | $8.2B |
| 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SNEXTW
| Q4 25 | $1.6B | $2.1B | ||
| Q3 25 | $1.6B | $1.9B | ||
| Q2 25 | $1.3B | $1.6B | ||
| Q1 25 | $1.3B | $1.3B | ||
| Q4 24 | $1.4B | $1.3B | ||
| Q3 24 | $1.3B | $1.2B | ||
| Q2 24 | $1.2B | $1.7B | ||
| Q1 24 | $1.3B | $1.5B |
股东权益SNEXTW
| Q4 25 | $2.5B | $6.5B | ||
| Q3 25 | $2.4B | $6.3B | ||
| Q2 25 | $2.0B | $6.1B | ||
| Q1 25 | $1.9B | $5.9B | ||
| Q4 24 | $1.8B | $5.8B | ||
| Q3 24 | $1.7B | $5.7B | ||
| Q2 24 | $1.6B | $5.6B | ||
| Q1 24 | $1.5B | $5.5B |
总资产SNEXTW
| Q4 25 | $47.8B | $8.2B | ||
| Q3 25 | $45.3B | $8.0B | ||
| Q2 25 | $34.3B | $8.1B | ||
| Q1 25 | $31.3B | $7.4B | ||
| Q4 24 | $29.6B | $7.3B | ||
| Q3 24 | $27.5B | $7.3B | ||
| Q2 24 | $25.9B | $7.3B | ||
| Q1 24 | $25.7B | $7.4B |
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 | $-1.3B | $355.9M |
| 自由现金流经营现金流 - 资本支出 | $-1.3B | $336.5M |
| 自由现金流率自由现金流/营收 | -106.4% | 64.6% |
| 资本支出强度资本支出/营收 | 1.3% | 3.7% |
| 现金转化率经营现金流/净利润 | -9.08× | 1.10× |
| 过去12个月自由现金流最近4个季度 | $3.5B | $1.1B |
8季度趋势，按日历期对齐
经营现金流SNEXTW
| Q4 25 | $-1.3B | $355.9M | ||
| Q3 25 | $3.5B | $342.3M | ||
| Q2 25 | $1.5B | $409.2M | ||
| Q1 25 | $-154.5M | $60.2M | ||
| Q4 24 | $-477.8M | $282.0M | ||
| Q3 24 | $192.6M | $292.1M | ||
| Q2 24 | $-622.1M | $285.7M | ||
| Q1 24 | $784.0M | $37.9M |
自由现金流SNEXTW
| Q4 25 | $-1.3B | $336.5M | ||
| Q3 25 | $3.5B | $328.3M | ||
| Q2 25 | $1.5B | $403.7M | ||
| Q1 25 | $-169.8M | $58.6M | ||
| Q4 24 | $-491.4M | $256.8M | ||
| Q3 24 | $175.9M | $287.8M | ||
| Q2 24 | $-640.5M | $280.8M | ||
| Q1 24 | $766.6M | $31.3M |
自由现金流率SNEXTW
| Q4 25 | -106.4% | 64.6% | ||
| Q3 25 | 10.7% | 64.5% | ||
| Q2 25 | 173.3% | 78.7% | ||
| Q1 25 | -20.7% | 11.5% | ||
| Q4 24 | -74.1% | 55.4% | ||
| Q3 24 | 0.6% | 64.1% | ||
| Q2 24 | -112.0% | 69.4% | ||
| Q1 24 | 150.5% | 7.7% |
资本支出强度SNEXTW
| Q4 25 | 1.3% | 3.7% | ||
| Q3 25 | 0.1% | 2.8% | ||
| Q2 25 | 1.9% | 1.1% | ||
| Q1 25 | 1.9% | 0.3% | ||
| Q4 24 | 2.1% | 5.4% | ||
| Q3 24 | 0.1% | 1.0% | ||
| Q2 24 | 3.2% | 1.2% | ||
| Q1 24 | 3.4% | 1.6% |
现金转化率SNEXTW
| Q4 25 | -9.08× | 1.10× | ||
| Q3 25 | 41.18× | 1.84× | ||
| Q2 25 | 23.52× | 2.66× | ||
| Q1 25 | -2.15× | 0.41× | ||
| Q4 24 | -5.61× | 1.98× | ||
| Q3 24 | 2.51× | 2.56× | ||
| Q2 24 | -10.05× | 2.40× | ||
| Q1 24 | 14.76× | 0.30× |
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
SNEX
| Principal Gains Net | $378.5M | 32% |
| Other | $293.9M | 24% |
| Sales Based Commissions | $214.0M | 18% |
| Exchange Traded Futures And Options | $172.2M | 14% |
| Clearing Service | $79.0M | 7% |
| Equitiesand Fixed Income Commissions | $34.3M | 3% |
| Underwriting Fees | $11.9M | 1% |
| Trailing Commissions | $7.6M | 1% |
| Insurance Annuity Trailing Commissions | $4.0M | 0% |
| Other Consulting Managementand Account Fees | $3.0M | 0% |
| Other Commission And Clearing Fees | $2.1M | 0% |
TW
| Other | $235.2M | 45% |
| Wholesale Client Sector | $97.9M | 19% |
| Subscription Fee Revenue | $60.0M | 12% |
| Retail Client Sector | $35.0M | 7% |
| Market Data Client Sector | $33.8M | 6% |
| Corporate Client Sector | $26.1M | 5% |
| Market Data Revenue | $23.2M | 4% |
| Financial Service Other | $10.0M | 2% |
