vs
null（SWIM）与WisdomTree, Inc.（WT）财务数据对比。点击上方公司名可切换其他公司
WisdomTree, Inc.的季度营收约是null的1.6倍（$159.5M vs $100.0M），WisdomTree, Inc.净利率更高（25.5% vs -7.0%，领先32.5%），WisdomTree, Inc.同比增速更快（47.5% vs 14.5%），过去两年WisdomTree, Inc.的营收复合增速更高（22.1% 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。
WisdomTree, Inc.是总部位于纽约的全球ETF（交易型开放式指数基金）及交易所交易产品发行方与资产管理机构，2006年6月推出首批ETF产品，目前是美国主流ETF供应商之一。其发行的ETF覆盖全球不同资产类别与地区市场，产品线涵盖美国及国际股票、货币、固定收益及另类投资等品类。
SWIM vs WT — 直观对比
营收规模更大
WT
是对方的1.6倍
$100.0M
营收增速更快
WT
高出33.0%
14.5%
净利率更高
WT
高出32.5%
-7.0%
两年增速更快
WT
近两年复合增速
-4.9%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $100.0M | $159.5M |
| 净利润 | $-7.0M | $40.6M |
| 毛利率 | 28.0% | — |
| 营业利润率 | -10.7% | 37.2% |
| 净利率 | -7.0% | 25.5% |
| 营收同比 | 14.5% | 47.5% |
| 净利润同比 | 76.0% | 76.4% |
| 每股收益（稀释后） | $-0.06 | $0.28 |
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SWIMWT
| Q1 26 | — | $159.5M | ||
| Q4 25 | $100.0M | $147.4M | ||
| Q3 25 | $161.9M | $125.6M | ||
| Q2 25 | $172.6M | $112.6M | ||
| Q1 25 | $111.4M | $108.1M | ||
| Q4 24 | $87.3M | $110.7M | ||
| Q3 24 | $150.5M | $113.2M | ||
| Q2 24 | $160.1M | $107.0M |
净利润SWIMWT
| Q1 26 | — | $40.6M | ||
| Q4 25 | $-7.0M | $40.0M | ||
| Q3 25 | $8.1M | $19.7M | ||
| Q2 25 | $16.0M | $24.8M | ||
| Q1 25 | $-6.0M | $24.6M | ||
| Q4 24 | $-29.2M | $27.3M | ||
| Q3 24 | $5.9M | $-4.5M | ||
| Q2 24 | $13.3M | $21.8M |
毛利率SWIMWT
| Q1 26 | — | — | ||
| Q4 25 | 28.0% | — | ||
| Q3 25 | 35.4% | — | ||
| Q2 25 | 37.1% | — | ||
| Q1 25 | 29.5% | — | ||
| Q4 24 | 24.6% | — | ||
| Q3 24 | 32.4% | — | ||
| Q2 24 | 33.1% | — |
营业利润率SWIMWT
| Q1 26 | — | 37.2% | ||
| Q4 25 | -10.7% | 40.5% | ||
| Q3 25 | 13.3% | 36.3% | ||
| Q2 25 | 14.3% | 30.8% | ||
| Q1 25 | -4.4% | 31.6% | ||
| Q4 24 | -14.9% | 31.7% | ||
| Q3 24 | 8.9% | 36.0% | ||
| Q2 24 | 12.5% | 31.3% |
净利率SWIMWT
| Q1 26 | — | 25.5% | ||
| Q4 25 | -7.0% | 27.1% | ||
| Q3 25 | 5.0% | 15.7% | ||
| Q2 25 | 9.3% | 22.0% | ||
| Q1 25 | -5.4% | 22.8% | ||
| Q4 24 | -33.4% | 24.7% | ||
| Q3 24 | 3.9% | -4.0% | ||
| Q2 24 | 8.3% | 20.3% |
每股收益（稀释后）SWIMWT
| Q1 26 | — | $0.28 | ||
| Q4 25 | $-0.06 | $0.28 | ||
| Q3 25 | $0.07 | $0.13 | ||
| Q2 25 | $0.13 | $0.17 | ||
| Q1 25 | $-0.05 | $0.17 | ||
| Q4 24 | $-0.24 | $0.20 | ||
| Q3 24 | $0.05 | $-0.13 | ||
| Q2 24 | $0.11 | $0.13 |
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 | — | — |
| 总债务越低越好 | $279.8M | — |
| 股东权益账面价值 | $405.9M | — |
| 总资产 | $823.2M | $1.8B |
| 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SWIMWT
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $132.5M |
总债务SWIMWT
| Q1 26 | — | — | ||
| Q4 25 | $279.8M | — | ||
| Q3 25 | $281.1M | — | ||
| Q2 25 | $281.5M | — | ||
| Q1 25 | $306.9M | — | ||
| Q4 24 | $281.5M | — | ||
| Q3 24 | $282.8M | — | ||
| Q2 24 | $282.4M | — |
股东权益SWIMWT
| Q1 26 | — | — | ||
| Q4 25 | $405.9M | $413.7M | ||
| Q3 25 | $408.4M | $373.4M | ||
| Q2 25 | $398.4M | $445.1M | ||
| Q1 25 | $381.1M | $415.6M | ||
| Q4 24 | $387.2M | $400.0M | ||
| Q3 24 | $416.6M | $374.9M | ||
| Q2 24 | $408.1M | $445.6M |
总资产SWIMWT
| Q1 26 | — | $1.8B | ||
| Q4 25 | $823.2M | $1.5B | ||
| Q3 25 | $844.4M | $1.4B | ||
| Q2 25 | $822.1M | $1.1B | ||
| Q1 25 | $824.6M | $1.0B | ||
| Q4 24 | $794.2M | $1.0B | ||
| Q3 24 | $853.4M | $1.0B | ||
| Q2 24 | $830.0M | $964.1M |
负债/权益比SWIMWT
| Q1 26 | — | — | ||
| 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× | — |
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 | $18.0M |
| 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 | — | 0.44× |
| 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SWIMWT
| Q1 26 | — | $18.0M | ||
| Q4 25 | $23.3M | $147.9M | ||
| Q3 25 | $51.0M | $48.1M | ||
| Q2 25 | $36.0M | $38.8M | ||
| Q1 25 | $-46.9M | $6.4M | ||
| Q4 24 | $6.2M | $113.5M | ||
| Q3 24 | $37.2M | $47.7M | ||
| Q2 24 | $52.4M | $32.2M |
自由现金流SWIMWT
| Q1 26 | — | — | ||
| Q4 25 | $14.1M | $147.7M | ||
| Q3 25 | $45.2M | $48.0M | ||
| Q2 25 | $29.1M | $38.7M | ||
| Q1 25 | $-50.3M | $6.3M | ||
| Q4 24 | $-98.0K | $113.3M | ||
| Q3 24 | $33.2M | $47.7M | ||
| Q2 24 | $47.9M | $32.2M |
自由现金流率SWIMWT
| Q1 26 | — | — | ||
| Q4 25 | 14.1% | 100.2% | ||
| Q3 25 | 27.9% | 38.2% | ||
| Q2 25 | 16.8% | 34.4% | ||
| Q1 25 | -45.2% | 5.9% | ||
| Q4 24 | -0.1% | 102.4% | ||
| Q3 24 | 22.1% | 42.1% | ||
| Q2 24 | 29.9% | 30.1% |
资本支出强度SWIMWT
| Q1 26 | — | — | ||
| Q4 25 | 9.2% | 0.1% | ||
| Q3 25 | 3.6% | 0.0% | ||
| Q2 25 | 4.0% | 0.1% | ||
| Q1 25 | 3.1% | 0.0% | ||
| Q4 24 | 7.2% | 0.1% | ||
| Q3 24 | 2.7% | 0.0% | ||
| Q2 24 | 2.8% | 0.0% |
现金转化率SWIMWT
| Q1 26 | — | 0.44× | ||
| Q4 25 | — | 3.70× | ||
| Q3 25 | 6.29× | 2.44× | ||
| Q2 25 | 2.25× | 1.57× | ||
| Q1 25 | — | 0.26× | ||
| Q4 24 | — | 4.15× | ||
| Q3 24 | 6.32× | — | ||
| Q2 24 | 3.95× | 1.48× |
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% |
WT
| Advisory fees | $134.9M | 85% |
| Other | $6.1M | 4% |
| Third-party distribution fees | $5.8M | 4% |
| Management fees | $5.2M | 3% |
| Sales and business development | $4.2M | 3% |
| Professional fees | $3.3M | 2% |
