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null（SWIM）与Target Hospitality Corp.（TH）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Target Hospitality Corp.的1.4倍（$100.0M vs $73.5M），null净利率更高（-7.0% vs -20.3%，领先13.3%），Target Hospitality Corp.同比增速更快（22.0% vs 14.5%），过去两年Target Hospitality Corp.的营收复合增速更高（0.7% 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。
Target Hospitality是一家专业住宿服务提供商，主营石油、天然气及矿业项目用工住宿，也提供大型活动、灾后救援所需的临时模块化住宿，总部位于得克萨斯州伍德兰兹，同时在北达科他州威利斯顿、科罗拉多州丹佛以及阿尔伯塔省卡尔加里设有办事处。
SWIM vs TH — 直观对比
营收规模更大
SWIM
是对方的1.4倍
$73.5M
营收增速更快
TH
高出7.5%
14.5%
净利率更高
SWIM
高出13.3%
-20.3%
两年增速更快
TH
近两年复合增速
-4.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $100.0M | $73.5M |
| 净利润 | $-7.0M | $-14.9M |
| 毛利率 | 28.0% | 9.6% |
| 营业利润率 | -10.7% | -22.9% |
| 净利率 | -7.0% | -20.3% |
| 营收同比 | 14.5% | 22.0% |
| 净利润同比 | 76.0% | -219.1% |
| 每股收益（稀释后） | $-0.06 | $-0.14 |
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SWIMTH
| Q4 25 | $100.0M | $73.5M | ||
| Q3 25 | $161.9M | $91.6M | ||
| Q2 25 | $172.6M | $54.9M | ||
| Q1 25 | $111.4M | $54.9M | ||
| Q4 24 | $87.3M | $60.2M | ||
| Q3 24 | $150.5M | $65.8M | ||
| Q2 24 | $160.1M | $67.5M | ||
| Q1 24 | $110.6M | $72.4M |
净利润SWIMTH
| Q4 25 | $-7.0M | $-14.9M | ||
| Q3 25 | $8.1M | $-795.0K | ||
| Q2 25 | $16.0M | $-14.9M | ||
| Q1 25 | $-6.0M | $-6.5M | ||
| Q4 24 | $-29.2M | $12.5M | ||
| Q3 24 | $5.9M | $20.0M | ||
| Q2 24 | $13.3M | $18.4M | ||
| Q1 24 | $-7.9M | $20.4M |
毛利率SWIMTH
| Q4 25 | 28.0% | 9.6% | ||
| Q3 25 | 35.4% | 19.6% | ||
| Q2 25 | 37.1% | -0.6% | ||
| Q1 25 | 29.5% | 32.7% | ||
| Q4 24 | 24.6% | 61.5% | ||
| Q3 24 | 32.4% | 68.7% | ||
| Q2 24 | 33.1% | 69.4% | ||
| Q1 24 | 27.7% | 67.8% |
营业利润率SWIMTH
| Q4 25 | -10.7% | -22.9% | ||
| Q3 25 | 13.3% | 0.1% | ||
| Q2 25 | 14.3% | -30.8% | ||
| Q1 25 | -4.4% | -2.0% | ||
| Q4 24 | -14.9% | 34.5% | ||
| Q3 24 | 8.9% | 42.5% | ||
| Q2 24 | 12.5% | 43.8% | ||
| Q1 24 | -1.9% | 42.0% |
净利率SWIMTH
| Q4 25 | -7.0% | -20.3% | ||
| Q3 25 | 5.0% | -0.9% | ||
| Q2 25 | 9.3% | -27.2% | ||
| Q1 25 | -5.4% | -11.8% | ||
| Q4 24 | -33.4% | 20.8% | ||
| Q3 24 | 3.9% | 30.4% | ||
| Q2 24 | 8.3% | 27.2% | ||
| Q1 24 | -7.1% | 28.2% |
每股收益（稀释后）SWIMTH
| Q4 25 | $-0.06 | $-0.14 | ||
| Q3 25 | $0.07 | $-0.01 | ||
| Q2 25 | $0.13 | $-0.15 | ||
| Q1 25 | $-0.05 | $-0.07 | ||
| Q4 24 | $-0.24 | $0.12 | ||
| Q3 24 | $0.05 | $0.20 | ||
| Q2 24 | $0.11 | $0.18 | ||
| Q1 24 | $-0.07 | $0.20 |
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 | — | $8.3M |
| 总债务越低越好 | $279.8M | $1.7M |
| 股东权益账面价值 | $405.9M | $389.3M |
| 总资产 | $823.2M | $530.2M |
| 负债/权益比越低杠杆越低 | 0.69× | 0.00× |
8季度趋势，按日历期对齐
现金及短期投资SWIMTH
| Q4 25 | — | $8.3M | ||
| Q3 25 | — | $30.4M | ||
| Q2 25 | — | $19.2M | ||
| Q1 25 | — | $34.5M | ||
| Q4 24 | — | $190.7M | ||
| Q3 24 | — | $177.7M | ||
| Q2 24 | — | $154.3M | ||
| Q1 24 | — | $124.3M |
总债务SWIMTH
| Q4 25 | $279.8M | $1.7M | ||
| Q3 25 | $281.1M | $2.0M | ||
| Q2 25 | $281.5M | $26.3M | ||
| Q1 25 | $306.9M | $42.9M | ||
| Q4 24 | $281.5M | $1.5M | ||
| Q3 24 | $282.8M | $994.0K | ||
| Q2 24 | $282.4M | $1.1M | ||
| Q1 24 | $282.8M | $179.9M |
股东权益SWIMTH
| Q4 25 | $405.9M | $389.3M | ||
| Q3 25 | $408.4M | $402.4M | ||
| Q2 25 | $398.4M | $401.3M | ||
| Q1 25 | $381.1M | $415.3M | ||
| Q4 24 | $387.2M | $421.1M | ||
| Q3 24 | $416.6M | $417.6M | ||
| Q2 24 | $408.1M | $397.2M | ||
| Q1 24 | $391.8M | $375.5M |
总资产SWIMTH
| Q4 25 | $823.2M | $530.2M | ||
| Q3 25 | $844.4M | $541.2M | ||
| Q2 25 | $822.1M | $533.7M | ||
| Q1 25 | $824.6M | $562.5M | ||
| Q4 24 | $794.2M | $725.8M | ||
| Q3 24 | $853.4M | $709.8M | ||
| Q2 24 | $830.0M | $697.0M | ||
| Q1 24 | $808.6M | $687.2M |
负债/权益比SWIMTH
| Q4 25 | 0.69× | 0.00× | ||
| Q3 25 | 0.69× | 0.01× | ||
| Q2 25 | 0.71× | 0.07× | ||
| Q1 25 | 0.81× | 0.10× | ||
| Q4 24 | 0.73× | 0.00× | ||
| Q3 24 | 0.68× | 0.00× | ||
| Q2 24 | 0.69× | 0.00× | ||
| Q1 24 | 0.72× | 0.48× |
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 | $5.7M |
| 自由现金流经营现金流 - 资本支出 | $14.1M | — |
| 自由现金流率自由现金流/营收 | 14.1% | — |
| 资本支出强度资本支出/营收 | 9.2% | — |
| 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 | — |
8季度趋势，按日历期对齐
经营现金流SWIMTH
| Q4 25 | $23.3M | $5.7M | ||
| Q3 25 | $51.0M | $53.4M | ||
| Q2 25 | $36.0M | $11.1M | ||
| Q1 25 | $-46.9M | $3.9M | ||
| Q4 24 | $6.2M | $30.6M | ||
| Q3 24 | $37.2M | $31.4M | ||
| Q2 24 | $52.4M | $39.1M | ||
| Q1 24 | $-34.5M | $50.6M |
自由现金流SWIMTH
| Q4 25 | $14.1M | — | ||
| Q3 25 | $45.2M | — | ||
| Q2 25 | $29.1M | — | ||
| Q1 25 | $-50.3M | $-11.6M | ||
| Q4 24 | $-98.0K | — | ||
| Q3 24 | $33.2M | — | ||
| Q2 24 | $47.9M | — | ||
| Q1 24 | $-39.9M | — |
自由现金流率SWIMTH
| Q4 25 | 14.1% | — | ||
| Q3 25 | 27.9% | — | ||
| Q2 25 | 16.8% | — | ||
| Q1 25 | -45.2% | -21.1% | ||
| Q4 24 | -0.1% | — | ||
| Q3 24 | 22.1% | — | ||
| Q2 24 | 29.9% | — | ||
| Q1 24 | -36.0% | — |
资本支出强度SWIMTH
| Q4 25 | 9.2% | — | ||
| Q3 25 | 3.6% | — | ||
| Q2 25 | 4.0% | — | ||
| Q1 25 | 3.1% | 28.2% | ||
| Q4 24 | 7.2% | — | ||
| Q3 24 | 2.7% | — | ||
| Q2 24 | 2.8% | — | ||
| Q1 24 | 4.8% | — |
现金转化率SWIMTH
| Q4 25 | — | — | ||
| Q3 25 | 6.29× | — | ||
| Q2 25 | 2.25× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 2.44× | ||
| Q3 24 | 6.32× | 1.57× | ||
| Q2 24 | 3.95× | 2.13× | ||
| Q1 24 | — | 2.48× |
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% |
TH
| Services | $40.9M | 56% |
| Hospitality And Facilities Services South | $32.6M | 44% |
