vs
null（SWIM）与TUCOWS INC（TCX）财务数据对比。点击上方公司名可切换其他公司
null的季度营收约是TUCOWS INC的1.0倍（$100.0M vs $98.7M），null净利率更高（-7.0% vs -22.3%，领先15.3%），null同比增速更快（14.5% vs 6.0%），null自由现金流更多（$14.1M vs $-7.0M），过去两年TUCOWS INC的营收复合增速更高（6.2% vs -4.9%）
该企业是一家源自美国的跨国律师事务所，1934年创立于加利福尼亚州洛杉矶，在诉讼业务、公司法务以及监管合规法律领域拥有深厚的行业积累与知名度，是全球颇具影响力的综合性律所之一。
图考兹是一家美加合资的互联网服务与电信企业，总部设立于加拿大安大略省多伦多市，在美国宾夕法尼亚州注册。公司旗下包含三大独立业务板块，分别是域名注册服务Tucows Domains、光纤网络服务Ting Internet以及通信软件服务商Wavelo。
SWIM vs TCX — 直观对比
营收规模更大
SWIM
是对方的1.0倍
$98.7M
营收增速更快
SWIM
高出8.5%
6.0%
净利率更高
SWIM
高出15.3%
-22.3%
自由现金流更多
SWIM
多$21.0M
$-7.0M
两年增速更快
TCX
近两年复合增速
-4.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $100.0M | $98.7M |
| 净利润 | $-7.0M | $-22.0M |
| 毛利率 | 28.0% | 24.5% |
| 营业利润率 | -10.7% | -9.1% |
| 净利率 | -7.0% | -22.3% |
| 营收同比 | 14.5% | 6.0% |
| 净利润同比 | 76.0% | 48.1% |
| 每股收益（稀释后） | $-0.06 | — |
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SWIMTCX
| Q4 25 | $100.0M | $98.7M | ||
| Q3 25 | $161.9M | $98.6M | ||
| Q2 25 | $172.6M | $98.5M | ||
| Q1 25 | $111.4M | $94.6M | ||
| Q4 24 | $87.3M | $93.1M | ||
| Q3 24 | $150.5M | $92.3M | ||
| Q2 24 | $160.1M | $89.4M | ||
| Q1 24 | $110.6M | $87.5M |
净利润SWIMTCX
| Q4 25 | $-7.0M | $-22.0M | ||
| Q3 25 | $8.1M | $-23.0M | ||
| Q2 25 | $16.0M | $-15.6M | ||
| Q1 25 | $-6.0M | $-15.1M | ||
| Q4 24 | $-29.2M | $-42.5M | ||
| Q3 24 | $5.9M | $-22.3M | ||
| Q2 24 | $13.3M | $-18.6M | ||
| Q1 24 | $-7.9M | $-26.5M |
毛利率SWIMTCX
| Q4 25 | 28.0% | 24.5% | ||
| Q3 25 | 35.4% | 24.5% | ||
| Q2 25 | 37.1% | 22.5% | ||
| Q1 25 | 29.5% | 24.9% | ||
| Q4 24 | 24.6% | 23.3% | ||
| Q3 24 | 32.4% | 24.0% | ||
| Q2 24 | 33.1% | 23.3% | ||
| Q1 24 | 27.7% | 20.9% |
营业利润率SWIMTCX
| Q4 25 | -10.7% | -9.1% | ||
| Q3 25 | 13.3% | -9.7% | ||
| Q2 25 | 14.3% | -2.9% | ||
| Q1 25 | -4.4% | -2.1% | ||
| Q4 24 | -14.9% | -32.1% | ||
| Q3 24 | 8.9% | -10.9% | ||
| Q2 24 | 12.5% | -9.6% | ||
| Q1 24 | -1.9% | -18.9% |
净利率SWIMTCX
| Q4 25 | -7.0% | -22.3% | ||
| Q3 25 | 5.0% | -23.4% | ||
| Q2 25 | 9.3% | -15.9% | ||
| Q1 25 | -5.4% | -16.0% | ||
| Q4 24 | -33.4% | -45.6% | ||
| Q3 24 | 3.9% | -24.2% | ||
| Q2 24 | 8.3% | -20.8% | ||
| Q1 24 | -7.1% | -30.3% |
每股收益（稀释后）SWIMTCX
| Q4 25 | $-0.06 | — | ||
| Q3 25 | $0.07 | — | ||
| Q2 25 | $0.13 | — | ||
| Q1 25 | $-0.05 | — | ||
| Q4 24 | $-0.24 | — | ||
| Q3 24 | $0.05 | — | ||
| Q2 24 | $0.11 | — | ||
| Q1 24 | $-0.07 | — |
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 | — | $46.8M |
| 总债务越低越好 | $279.8M | $190.4M |
| 股东权益账面价值 | $405.9M | $-164.2M |
| 总资产 | $823.2M | $730.9M |
| 负债/权益比越低杠杆越低 | 0.69× | — |
8季度趋势，按日历期对齐
现金及短期投资SWIMTCX
| Q4 25 | — | $46.8M | ||
| Q3 25 | — | $54.1M | ||
| Q2 25 | — | $52.0M | ||
| Q1 25 | — | $38.1M | ||
| Q4 24 | — | $56.9M | ||
| Q3 24 | — | $75.2M | ||
| Q2 24 | — | $39.3M | ||
| Q1 24 | — | $66.6M |
总债务SWIMTCX
| Q4 25 | $279.8M | $190.4M | ||
| Q3 25 | $281.1M | — | ||
| Q2 25 | $281.5M | — | ||
| Q1 25 | $306.9M | — | ||
| Q4 24 | $281.5M | $195.4M | ||
| Q3 24 | $282.8M | — | ||
| Q2 24 | $282.4M | — | ||
| Q1 24 | $282.8M | — |
股东权益SWIMTCX
| Q4 25 | $405.9M | $-164.2M | ||
| Q3 25 | $408.4M | $-144.1M | ||
| Q2 25 | $398.4M | $-121.7M | ||
| Q1 25 | $381.1M | $-108.3M | ||
| Q4 24 | $387.2M | $-95.3M | ||
| Q3 24 | $416.6M | $-53.1M | ||
| Q2 24 | $408.1M | $-33.1M | ||
| Q1 24 | $391.8M | $-15.9M |
总资产SWIMTCX
| Q4 25 | $823.2M | $730.9M | ||
| Q3 25 | $844.4M | $735.5M | ||
| Q2 25 | $822.1M | $742.2M | ||
| Q1 25 | $824.6M | $741.9M | ||
| Q4 24 | $794.2M | $758.8M | ||
| Q3 24 | $853.4M | $799.0M | ||
| Q2 24 | $830.0M | $758.2M | ||
| Q1 24 | $808.6M | $780.3M |
负债/权益比SWIMTCX
| Q4 25 | 0.69× | — | ||
| Q3 25 | 0.69× | — | ||
| Q2 25 | 0.71× | — | ||
| Q1 25 | 0.81× | — | ||
| Q4 24 | 0.73× | — | ||
| Q3 24 | 0.68× | — | ||
| Q2 24 | 0.69× | — | ||
| Q1 24 | 0.72× | — |
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 | $23.3M | $-2.6M |
| 自由现金流经营现金流 - 资本支出 | $14.1M | $-7.0M |
| 自由现金流率自由现金流/营收 | 14.1% | -7.1% |
| 资本支出强度资本支出/营收 | 9.2% | 4.4% |
| 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 | $38.0M | $-22.9M |
8季度趋势，按日历期对齐
经营现金流SWIMTCX
| Q4 25 | $23.3M | $-2.6M | ||
| Q3 25 | $51.0M | $1.5M | ||
| Q2 25 | $36.0M | $6.6M | ||
| Q1 25 | $-46.9M | $-11.3M | ||
| Q4 24 | $6.2M | $-4.8M | ||
| Q3 24 | $37.2M | $-4.6M | ||
| Q2 24 | $52.4M | $-4.7M | ||
| Q1 24 | $-34.5M | $-5.7M |
自由现金流SWIMTCX
| Q4 25 | $14.1M | $-7.0M | ||
| Q3 25 | $45.2M | $-2.3M | ||
| Q2 25 | $29.1M | $3.1M | ||
| Q1 25 | $-50.3M | $-16.7M | ||
| Q4 24 | $-98.0K | $-16.5M | ||
| Q3 24 | $33.2M | $-19.1M | ||
| Q2 24 | $47.9M | $-20.7M | ||
| Q1 24 | $-39.9M | $-20.0M |
自由现金流率SWIMTCX
| Q4 25 | 14.1% | -7.1% | ||
| Q3 25 | 27.9% | -2.4% | ||
| Q2 25 | 16.8% | 3.1% | ||
| Q1 25 | -45.2% | -17.6% | ||
| Q4 24 | -0.1% | -17.7% | ||
| Q3 24 | 22.1% | -20.7% | ||
| Q2 24 | 29.9% | -23.1% | ||
| Q1 24 | -36.0% | -22.9% |
资本支出强度SWIMTCX
| Q4 25 | 9.2% | 4.4% | ||
| Q3 25 | 3.6% | 3.9% | ||
| Q2 25 | 4.0% | 3.5% | ||
| Q1 25 | 3.1% | 5.7% | ||
| Q4 24 | 7.2% | 12.5% | ||
| Q3 24 | 2.7% | 15.7% | ||
| Q2 24 | 2.8% | 17.8% | ||
| Q1 24 | 4.8% | 16.4% |
现金转化率SWIMTCX
| Q4 25 | — | — | ||
| Q3 25 | 6.29× | — | ||
| Q2 25 | 2.25× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 6.32× | — | ||
| Q2 24 | 3.95× | — | ||
| 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
SWIM
| In Ground Swimming Pools | $50.2M | 50% |
| Covers | $37.0M | 37% |
| Liners | $12.7M | 13% |
TCX
| Wholesale | $57.0M | 58% |
| Fiber Internet Services | $16.5M | 17% |
| Wavelo | $13.0M | 13% |
| Platform Services | $11.7M | 12% |
