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Tyler Technologies（TYL）与VinFast Auto Ltd.（VFS）财务数据对比。点击上方公司名可切换其他公司
VinFast Auto Ltd.的季度营收约是Tyler Technologies的1.2倍（$718.6M vs $613.5M），Tyler Technologies净利率更高（13.2% vs -2.8%，领先16.0%）
Tyler Technologies, Inc.是总部位于美国得克萨斯州普莱诺的科技企业，主营面向美国公共部门提供自研专有软件，目前在全美17个州设有办事处，另在加拿大安大略省多伦多市设有一处办公网点。
VinFast Auto Ltd.是越南跨国汽车企业，由越南最大私营综合企业集团之一Vingroup创立。Vingroup由越南知名企业家潘日旺创办，业务覆盖地产、零售、医疗、科技等多个领域，是越南本土头部企业集团。
TYL vs VFS — 直观对比
营收规模更大
VFS
是对方的1.2倍
$613.5M
净利率更高
TYL
高出16.0%
-2.8%
损益表 — Q1 FY2026 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $613.5M | $718.6M |
| 净利润 | $81.2M | $-20.0M |
| 毛利率 | 48.3% | — |
| 营业利润率 | 16.3% | -96.1% |
| 净利率 | 13.2% | -2.8% |
| 营收同比 | 8.6% | — |
| 净利润同比 | — | — |
| 每股收益（稀释后） | $1.88 | — |
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TYLVFS
| Q1 26 | $613.5M | — | ||
| Q4 25 | $575.2M | — | ||
| Q3 25 | $595.9M | $718.6M | ||
| Q2 25 | $596.1M | $663.0M | ||
| Q1 25 | $565.2M | $656.5M | ||
| Q4 24 | $541.1M | — | ||
| Q3 24 | $543.3M | $511.6M | ||
| Q2 24 | $541.0M | — |
净利润TYLVFS
| Q1 26 | $81.2M | — | ||
| Q4 25 | $65.5M | — | ||
| Q3 25 | $84.4M | $-20.0M | ||
| Q2 25 | $84.6M | $-51.8M | ||
| Q1 25 | $81.1M | $-26.1M | ||
| Q4 24 | $65.2M | — | ||
| Q3 24 | $75.9M | $-10.4M | ||
| Q2 24 | $67.7M | — |
毛利率TYLVFS
| Q1 26 | 48.3% | — | ||
| Q4 25 | 45.5% | — | ||
| Q3 25 | 47.2% | — | ||
| Q2 25 | 45.8% | — | ||
| Q1 25 | 47.3% | — | ||
| Q4 24 | 43.8% | — | ||
| Q3 24 | 43.7% | — | ||
| Q2 24 | 44.0% | — |
营业利润率TYLVFS
| Q1 26 | 16.3% | — | ||
| Q4 25 | 13.0% | — | ||
| Q3 25 | 16.4% | -96.1% | ||
| Q2 25 | 16.0% | -79.0% | ||
| Q1 25 | 15.8% | -74.0% | ||
| Q4 24 | 13.2% | — | ||
| Q3 24 | 15.2% | -65.9% | ||
| Q2 24 | 14.4% | — |
净利率TYLVFS
| Q1 26 | 13.2% | — | ||
| Q4 25 | 11.4% | — | ||
| Q3 25 | 14.2% | -2.8% | ||
| Q2 25 | 14.2% | -7.8% | ||
| Q1 25 | 14.3% | -4.0% | ||
| Q4 24 | 12.1% | — | ||
| Q3 24 | 14.0% | -2.0% | ||
| Q2 24 | 12.5% | — |
每股收益（稀释后）TYLVFS
| Q1 26 | $1.88 | — | ||
| Q4 25 | $1.50 | — | ||
| Q3 25 | $1.93 | — | ||
| Q2 25 | $1.93 | — | ||
| Q1 25 | $1.84 | — | ||
| Q4 24 | $1.48 | — | ||
| Q3 24 | $1.74 | — | ||
| Q2 24 | $1.57 | — |
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 | $346.4M | $8.8M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $3.6B | — |
| 总资产 | $4.8B | $183.2M |
| 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TYLVFS
| Q1 26 | $346.4M | — | ||
| Q4 25 | $1.1B | — | ||
| Q3 25 | $950.8M | $8.8M | ||
| Q2 25 | $892.3M | $650.0M | ||
| Q1 25 | $807.4M | $2.4M | ||
| Q4 24 | $768.0M | — | ||
| Q3 24 | $544.3M | $1.9M | ||
| Q2 24 | $258.0M | — |
总债务TYLVFS
| Q1 26 | — | — | ||
| Q4 25 | $599.7M | — | ||
| Q3 25 | $599.2M | — | ||
| Q2 25 | $598.8M | — | ||
| Q1 25 | $598.4M | — | ||
| Q4 24 | $597.9M | — | ||
| Q3 24 | $597.5M | — | ||
| Q2 24 | $597.1M | — |
股东权益TYLVFS
| Q1 26 | $3.6B | — | ||
| Q4 25 | $3.7B | — | ||
| Q3 25 | $3.6B | — | ||
| Q2 25 | $3.6B | $-7.2B | ||
| Q1 25 | $3.5B | — | ||
| Q4 24 | $3.4B | — | ||
| Q3 24 | $3.3B | — | ||
| Q2 24 | $3.1B | — |
总资产TYLVFS
| Q1 26 | $4.8B | — | ||
| Q4 25 | $5.6B | — | ||
| Q3 25 | $5.5B | $183.2M | ||
| Q2 25 | $5.4B | $7.2B | ||
| Q1 25 | $5.2B | $158.2M | ||
| Q4 24 | $5.2B | — | ||
| Q3 24 | $5.0B | $151.8M | ||
| Q2 24 | $4.8B | — |
负债/权益比TYLVFS
| Q1 26 | — | — | ||
| Q4 25 | 0.16× | — | ||
| Q3 25 | 0.17× | — | ||
| Q2 25 | 0.16× | — | ||
| Q1 25 | 0.17× | — | ||
| Q4 24 | 0.18× | — | ||
| Q3 24 | 0.18× | — | ||
| Q2 24 | 0.19× | — |
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 | $107.3M | — |
| 自由现金流经营现金流 - 资本支出 | $2.0M | — |
| 自由现金流率自由现金流/营收 | 0.3% | — |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | 1.32× | — |
| 过去12个月自由现金流最近4个季度 | $585.7M | — |
8季度趋势，按日历期对齐
经营现金流TYLVFS
| Q1 26 | $107.3M | — | ||
| Q4 25 | $243.9M | — | ||
| Q3 25 | $255.2M | — | ||
| Q2 25 | $98.3M | — | ||
| Q1 25 | $56.2M | — | ||
| Q4 24 | $224.8M | — | ||
| Q3 24 | $263.7M | — | ||
| Q2 24 | $64.3M | — |
自由现金流TYLVFS
| Q1 26 | $2.0M | — | ||
| Q4 25 | $239.6M | — | ||
| Q3 25 | $251.3M | — | ||
| Q2 25 | $92.8M | — | ||
| Q1 25 | $53.8M | — | ||
| Q4 24 | $221.0M | — | ||
| Q3 24 | $260.8M | — | ||
| Q2 24 | $57.7M | — |
自由现金流率TYLVFS
| Q1 26 | 0.3% | — | ||
| Q4 25 | 41.7% | — | ||
| Q3 25 | 42.2% | — | ||
| Q2 25 | 15.6% | — | ||
| Q1 25 | 9.5% | — | ||
| Q4 24 | 40.8% | — | ||
| Q3 24 | 48.0% | — | ||
| Q2 24 | 10.7% | — |
资本支出强度TYLVFS
| Q1 26 | — | — | ||
| Q4 25 | 0.8% | — | ||
| Q3 25 | 0.7% | — | ||
| Q2 25 | 0.9% | — | ||
| Q1 25 | 0.4% | — | ||
| Q4 24 | 0.7% | — | ||
| Q3 24 | 0.5% | — | ||
| Q2 24 | 1.2% | — |
现金转化率TYLVFS
| Q1 26 | 1.32× | — | ||
| Q4 25 | 3.72× | — | ||
| Q3 25 | 3.02× | — | ||
| Q2 25 | 1.16× | — | ||
| Q1 25 | 0.69× | — | ||
| Q4 24 | 3.45× | — | ||
| Q3 24 | 3.47× | — | ||
| Q2 24 | 0.95× | — |
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
TYL
| Subscriptions | $429.7M | 70% |
| Maintenance | $108.9M | 18% |
| Other | $74.9M | 12% |
VFS
| Sales of vehicles | $662.9M | 92% |
| Sales of spare parts and components | $41.3M | 6% |
| Revenue from leasing activities | $12.3M | 2% |
| Finance income | $2.4M | 0% |
| Rendering of services | $1.2M | 0% |
