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Toast, Inc.（TOST）与Block, Inc.（XYZ）财务数据对比。点击上方公司名可切换其他公司
Block, Inc.的季度营收约是Toast, Inc.的3.8倍（$6.3B vs $1.6B），Toast, Inc.净利率更高（6.2% vs 1.9%，领先4.3%），Toast, Inc.同比增速更快（22.0% vs 3.6%），Block, Inc.自由现金流更多（$579.8M vs $178.0M），过去两年Toast, Inc.的营收复合增速更高（23.3% vs 2.4%）
Toast, Inc.是总部位于美国马萨诸塞州波士顿的云餐饮管理软件企业，主打基于安卓操作系统研发的一体化销售点（POS）系统，可为餐饮商家提供涵盖收银、订单管理等在内的全场景门店经营解决方案。
Block, Inc.是美国科技企业，面向消费者与商户提供金融服务，由杰克·多尔西于2009年创立，是美国销售点系统领域的市场领导者。截至2024年，平台服务5700万用户及400万商户，年支付处理规模达2410亿美元。
TOST vs XYZ — 直观对比
营收规模更大
XYZ
是对方的3.8倍
$1.6B
营收增速更快
TOST
高出18.4%
3.6%
净利率更高
TOST
高出4.3%
1.9%
自由现金流更多
XYZ
多$401.8M
$178.0M
两年增速更快
TOST
近两年复合增速
2.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.6B | $6.3B |
| 净利润 | $101.0M | $115.8M |
| 毛利率 | 25.9% | 45.9% |
| 营业利润率 | 5.2% | 7.8% |
| 净利率 | 6.2% | 1.9% |
| 营收同比 | 22.0% | 3.6% |
| 净利润同比 | 215.6% | -94.1% |
| 每股收益（稀释后） | $0.18 | $0.19 |
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TOSTXYZ
| Q4 25 | $1.6B | $6.3B | ||
| Q3 25 | $1.6B | $6.1B | ||
| Q2 25 | $1.6B | $6.1B | ||
| Q1 25 | $1.3B | $5.8B | ||
| Q4 24 | $1.3B | $6.0B | ||
| Q3 24 | $1.3B | $6.0B | ||
| Q2 24 | $1.2B | $6.2B | ||
| Q1 24 | $1.1B | $6.0B |
净利润TOSTXYZ
| Q4 25 | $101.0M | $115.8M | ||
| Q3 25 | $105.0M | $461.5M | ||
| Q2 25 | $80.0M | $538.5M | ||
| Q1 25 | $56.0M | $189.9M | ||
| Q4 24 | $32.0M | $1.9B | ||
| Q3 24 | $56.0M | $283.8M | ||
| Q2 24 | $14.0M | $195.3M | ||
| Q1 24 | $-83.0M | $472.0M |
毛利率TOSTXYZ
| Q4 25 | 25.9% | 45.9% | ||
| Q3 25 | 26.5% | 43.5% | ||
| Q2 25 | 25.3% | 41.9% | ||
| Q1 25 | 25.9% | 39.7% | ||
| Q4 24 | 24.9% | 38.3% | ||
| Q3 24 | 24.7% | 37.6% | ||
| Q2 24 | 23.0% | 36.3% | ||
| Q1 24 | 23.2% | 35.2% |
营业利润率TOSTXYZ
| Q4 25 | 5.2% | 7.8% | ||
| Q3 25 | 5.1% | 6.7% | ||
| Q2 25 | 5.2% | 8.0% | ||
| Q1 25 | 3.2% | 5.7% | ||
| Q4 24 | 2.5% | 0.2% | ||
| Q3 24 | 2.6% | 5.4% | ||
| Q2 24 | 0.4% | 5.0% | ||
| Q1 24 | -5.2% | 4.2% |
净利率TOSTXYZ
| Q4 25 | 6.2% | 1.9% | ||
| Q3 25 | 6.4% | 7.5% | ||
| Q2 25 | 5.2% | 8.9% | ||
| Q1 25 | 4.2% | 3.3% | ||
| Q4 24 | 2.4% | 32.3% | ||
| Q3 24 | 4.3% | 4.7% | ||
| Q2 24 | 1.1% | 3.2% | ||
| Q1 24 | -7.7% | 7.9% |
每股收益（稀释后）TOSTXYZ
| Q4 25 | $0.18 | $0.19 | ||
| Q3 25 | $0.16 | $0.74 | ||
| Q2 25 | $0.13 | $0.87 | ||
| Q1 25 | $0.09 | $0.30 | ||
| Q4 24 | $0.09 | $3.06 | ||
| Q3 24 | $0.07 | $0.45 | ||
| Q2 24 | $0.02 | $0.31 | ||
| Q1 24 | $-0.15 | $0.74 |
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 | $1.4B | $6.6B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.1B | $22.2B |
| 总资产 | $3.1B | $39.5B |
| 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TOSTXYZ
| Q4 25 | $1.4B | $6.6B | ||
| Q3 25 | $1.4B | $8.3B | ||
| Q2 25 | $1.2B | $6.4B | ||
| Q1 25 | $1.0B | $7.1B | ||
| Q4 24 | $903.0M | $8.1B | ||
| Q3 24 | $761.0M | $8.3B | ||
| Q2 24 | $691.0M | $7.8B | ||
| Q1 24 | $578.0M | $5.8B |
总债务TOSTXYZ
| Q4 25 | — | — | ||
| Q3 25 | — | $7.3B | ||
| Q2 25 | — | $5.1B | ||
| Q1 25 | — | $5.1B | ||
| Q4 24 | — | $6.1B | ||
| Q3 24 | — | $6.1B | ||
| Q2 24 | — | $6.1B | ||
| Q1 24 | — | $4.1B |
股东权益TOSTXYZ
| Q4 25 | $2.1B | $22.2B | ||
| Q3 25 | $2.0B | $22.5B | ||
| Q2 25 | $1.8B | $22.2B | ||
| Q1 25 | $1.7B | $21.5B | ||
| Q4 24 | $1.5B | $21.3B | ||
| Q3 24 | $1.4B | $19.9B | ||
| Q2 24 | $1.3B | $19.3B | ||
| Q1 24 | $1.2B | $19.0B |
总资产TOSTXYZ
| Q4 25 | $3.1B | $39.5B | ||
| Q3 25 | $3.0B | $39.2B | ||
| Q2 25 | $2.8B | $36.9B | ||
| Q1 25 | $2.6B | $36.4B | ||
| Q4 24 | $2.4B | $36.8B | ||
| Q3 24 | $2.2B | $36.4B | ||
| Q2 24 | $2.2B | $37.5B | ||
| Q1 24 | $2.1B | $35.6B |
负债/权益比TOSTXYZ
| Q4 25 | — | — | ||
| Q3 25 | — | 0.32× | ||
| Q2 25 | — | 0.23× | ||
| Q1 25 | — | 0.24× | ||
| Q4 24 | — | 0.29× | ||
| Q3 24 | — | 0.31× | ||
| Q2 24 | — | 0.32× | ||
| Q1 24 | — | 0.22× |
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 | $194.0M | $621.0M |
| 自由现金流经营现金流 - 资本支出 | $178.0M | $579.8M |
| 自由现金流率自由现金流/营收 | 10.9% | 9.3% |
| 资本支出强度资本支出/营收 | 1.0% | 0.7% |
| 现金转化率经营现金流/净利润 | 1.92× | 5.36× |
| 过去12个月自由现金流最近4个季度 | $608.0M | $2.4B |
8季度趋势，按日历期对齐
经营现金流TOSTXYZ
| Q4 25 | $194.0M | $621.0M | ||
| Q3 25 | $165.0M | $1.5B | ||
| Q2 25 | $223.0M | $374.3M | ||
| Q1 25 | $79.0M | $133.3M | ||
| Q4 24 | $147.0M | $13.8M | ||
| Q3 24 | $109.0M | $684.8M | ||
| Q2 24 | $124.0M | $519.4M | ||
| Q1 24 | $-20.0M | $489.4M |
自由现金流TOSTXYZ
| Q4 25 | $178.0M | $579.8M | ||
| Q3 25 | $153.0M | $1.4B | ||
| Q2 25 | $208.0M | $343.0M | ||
| Q1 25 | $69.0M | $101.5M | ||
| Q4 24 | $134.0M | $-13.2M | ||
| Q3 24 | $97.0M | $628.2M | ||
| Q2 24 | $108.0M | $481.0M | ||
| Q1 24 | $-33.0M | $457.4M |
自由现金流率TOSTXYZ
| Q4 25 | 10.9% | 9.3% | ||
| Q3 25 | 9.4% | 22.9% | ||
| Q2 25 | 13.4% | 5.7% | ||
| Q1 25 | 5.2% | 1.8% | ||
| Q4 24 | 10.0% | -0.2% | ||
| Q3 24 | 7.4% | 10.5% | ||
| Q2 24 | 8.7% | 7.8% | ||
| Q1 24 | -3.1% | 7.7% |
资本支出强度TOSTXYZ
| Q4 25 | 1.0% | 0.7% | ||
| Q3 25 | 0.7% | 0.8% | ||
| Q2 25 | 1.0% | 0.5% | ||
| Q1 25 | 0.7% | 0.6% | ||
| Q4 24 | 1.0% | 0.4% | ||
| Q3 24 | 0.9% | 0.9% | ||
| Q2 24 | 1.3% | 0.6% | ||
| Q1 24 | 1.2% | 0.5% |
现金转化率TOSTXYZ
| Q4 25 | 1.92× | 5.36× | ||
| Q3 25 | 1.57× | 3.14× | ||
| Q2 25 | 2.79× | 0.70× | ||
| Q1 25 | 1.41× | 0.70× | ||
| Q4 24 | 4.59× | 0.01× | ||
| Q3 24 | 1.95× | 2.41× | ||
| Q2 24 | 8.86× | 2.66× | ||
| Q1 24 | — | 1.04× |
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
TOST
| Technology Service | $1.3B | 82% |
| License | $256.0M | 16% |
| Product And Professional Services | $43.0M | 3% |
XYZ
| US | $5.7B | 91% |
| Non Us | $560.9M | 9% |
