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Acadia Healthcare Company, Inc.（ACHC）与罗塞塔石碑（STEP）财务数据对比。点击上方公司名可切换其他公司
Acadia Healthcare Company, Inc.的季度营收约是罗塞塔石碑的1.4倍（$829.0M vs $586.5M），Acadia Healthcare Company, Inc.净利率更高（0.5% vs -21.0%，领先21.6%），罗塞塔石碑同比增速更快（73.0% vs 7.5%），过去两年罗塞塔石碑的营收复合增速更高（28.2% vs 2.0%）
阿卡迪亚医疗公司是美国的营利性行为医疗健康服务提供商，目前在美国及波多黎各地区运营着超过225家医疗机构，搭建了覆盖广泛的行为健康服务网络，为有相关需求的人群提供专业的心理健康与行为干预服务。
罗塞塔石碑是美国教育科技软件企业，开发语言学习、读写能力提升及脑训练类软件，旗下语言学习产品知名度极高。2013年公司收购Livemocha、Lexia Learning等品牌拓展教育科技业务矩阵，2021年正式成为IXL Learning的子公司。
ACHC vs STEP — 直观对比
营收规模更大
ACHC
是对方的1.4倍
$586.5M
营收增速更快
STEP
高出65.5%
7.5%
净利率更高
ACHC
高出21.6%
-21.0%
两年增速更快
STEP
近两年复合增速
2.0%
损益表 — Q1 FY2026 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $829.0M | $586.5M |
| 净利润 | $4.5M | $-123.5M |
| 毛利率 | — | — |
| 营业利润率 | — | -33.2% |
| 净利率 | 0.5% | -21.0% |
| 营收同比 | 7.5% | 73.0% |
| 净利润同比 | -50.8% | 35.7% |
| 每股收益（稀释后） | $0.05 | $-1.55 |
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ACHCSTEP
| Q1 26 | $829.0M | — | ||
| Q4 25 | $821.5M | $586.5M | ||
| Q3 25 | $851.6M | $454.2M | ||
| Q2 25 | $869.2M | $364.3M | ||
| Q1 25 | $770.5M | $377.7M | ||
| Q4 24 | $774.2M | $339.0M | ||
| Q3 24 | $815.6M | $271.7M | ||
| Q2 24 | $796.0M | $186.4M |
净利润ACHCSTEP
| Q1 26 | $4.5M | — | ||
| Q4 25 | $-1.2B | $-123.5M | ||
| Q3 25 | $36.2M | $-366.1M | ||
| Q2 25 | $30.1M | $-38.4M | ||
| Q1 25 | $8.4M | $-18.5M | ||
| Q4 24 | $32.6M | $-192.0M | ||
| Q3 24 | $68.1M | $17.6M | ||
| Q2 24 | $78.5M | $13.3M |
营业利润率ACHCSTEP
| Q1 26 | — | — | ||
| Q4 25 | -142.4% | -33.2% | ||
| Q3 25 | 4.7% | -148.8% | ||
| Q2 25 | 5.8% | -5.6% | ||
| Q1 25 | 1.7% | 2.6% | ||
| Q4 24 | 4.9% | -101.7% | ||
| Q3 24 | 12.1% | 21.3% | ||
| Q2 24 | 13.4% | 29.4% |
净利率ACHCSTEP
| Q1 26 | 0.5% | — | ||
| Q4 25 | -143.3% | -21.0% | ||
| Q3 25 | 4.3% | -80.6% | ||
| Q2 25 | 3.5% | -10.5% | ||
| Q1 25 | 1.1% | -4.9% | ||
| Q4 24 | 4.2% | -56.6% | ||
| Q3 24 | 8.4% | 6.5% | ||
| Q2 24 | 9.9% | 7.2% |
每股收益（稀释后）ACHCSTEP
| Q1 26 | $0.05 | — | ||
| Q4 25 | $-12.98 | $-1.55 | ||
| Q3 25 | $0.40 | $-4.66 | ||
| Q2 25 | $0.33 | $-0.49 | ||
| Q1 25 | $0.09 | $-0.37 | ||
| Q4 24 | $0.36 | $-2.61 | ||
| Q3 24 | $0.74 | $0.26 | ||
| Q2 24 | $0.85 | $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 | $158.5M | — |
| 总债务越低越好 | $2.5B | $270.2M |
| 股东权益账面价值 | $2.0B | $-378.8M |
| 总资产 | $5.5B | $5.2B |
| 负债/权益比越低杠杆越低 | 1.29× | — |
8季度趋势，按日历期对齐
现金及短期投资ACHCSTEP
| Q1 26 | $158.5M | — | ||
| Q4 25 | $133.2M | — | ||
| Q3 25 | $118.7M | — | ||
| Q2 25 | $131.4M | — | ||
| Q1 25 | $91.2M | — | ||
| Q4 24 | $76.3M | — | ||
| Q3 24 | $82.1M | — | ||
| Q2 24 | $77.2M | — |
总债务ACHCSTEP
| Q1 26 | $2.5B | — | ||
| Q4 25 | $2.5B | $270.2M | ||
| Q3 25 | $2.3B | $269.9M | ||
| Q2 25 | $2.3B | $269.6M | ||
| Q1 25 | $2.2B | $269.3M | ||
| Q4 24 | $2.0B | $168.9M | ||
| Q3 24 | $1.9B | $172.3M | ||
| Q2 24 | $1.8B | $172.1M |
股东权益ACHCSTEP
| Q1 26 | $2.0B | — | ||
| Q4 25 | $1.9B | $-378.8M | ||
| Q3 25 | $3.1B | $-233.5M | ||
| Q2 25 | $3.1B | $153.9M | ||
| Q1 25 | $3.0B | $179.4M | ||
| Q4 24 | $3.1B | $209.8M | ||
| Q3 24 | $3.0B | $397.5M | ||
| Q2 24 | $3.0B | $366.9M |
总资产ACHCSTEP
| Q1 26 | $5.5B | — | ||
| Q4 25 | $5.5B | $5.2B | ||
| Q3 25 | $6.4B | $5.3B | ||
| Q2 25 | $6.3B | $4.8B | ||
| Q1 25 | $6.1B | $4.6B | ||
| Q4 24 | $6.0B | $4.3B | ||
| Q3 24 | $5.9B | $4.0B | ||
| Q2 24 | $5.7B | $3.8B |
负债/权益比ACHCSTEP
| Q1 26 | 1.29× | — | ||
| Q4 25 | 1.28× | — | ||
| Q3 25 | 0.74× | — | ||
| Q2 25 | 0.74× | 1.75× | ||
| Q1 25 | 0.72× | 1.50× | ||
| Q4 24 | 0.64× | 0.81× | ||
| Q3 24 | 0.62× | 0.43× | ||
| Q2 24 | 0.62× | 0.47× |
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 | $61.5M | $27.2M |
| 自由现金流经营现金流 - 资本支出 | — | $26.7M |
| 自由现金流率自由现金流/营收 | — | 4.6% |
| 资本支出强度资本支出/营收 | — | 0.1% |
| 现金转化率经营现金流/净利润 | 13.78× | — |
| 过去12个月自由现金流最近4个季度 | — | $18.6M |
8季度趋势，按日历期对齐
经营现金流ACHCSTEP
| Q1 26 | $61.5M | — | ||
| Q4 25 | $-86.3M | $27.2M | ||
| Q3 25 | $73.2M | $16.2M | ||
| Q2 25 | $133.5M | $46.3M | ||
| Q1 25 | $11.5M | $-66.5M | ||
| Q4 24 | $116.7M | $27.6M | ||
| Q3 24 | $163.1M | $53.7M | ||
| Q2 24 | $171.1M | $50.2M |
自由现金流ACHCSTEP
| Q1 26 | — | — | ||
| Q4 25 | $-179.5M | $26.7M | ||
| Q3 25 | $-63.0M | $15.9M | ||
| Q2 25 | $-34.2M | $45.2M | ||
| Q1 25 | $-163.2M | $-69.2M | ||
| Q4 24 | $-86.8M | $27.0M | ||
| Q3 24 | $-27.1M | $52.4M | ||
| Q2 24 | $16.9M | $49.6M |
自由现金流率ACHCSTEP
| Q1 26 | — | — | ||
| Q4 25 | -21.8% | 4.6% | ||
| Q3 25 | -7.4% | 3.5% | ||
| Q2 25 | -3.9% | 12.4% | ||
| Q1 25 | -21.2% | -18.3% | ||
| Q4 24 | -11.2% | 8.0% | ||
| Q3 24 | -3.3% | 19.3% | ||
| Q2 24 | 2.1% | 26.6% |
资本支出强度ACHCSTEP
| Q1 26 | — | — | ||
| Q4 25 | 11.3% | 0.1% | ||
| Q3 25 | 16.0% | 0.1% | ||
| Q2 25 | 19.3% | 0.3% | ||
| Q1 25 | 22.7% | 0.7% | ||
| Q4 24 | 26.3% | 0.2% | ||
| Q3 24 | 23.3% | 0.5% | ||
| Q2 24 | 19.4% | 0.3% |
现金转化率ACHCSTEP
| Q1 26 | 13.78× | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 2.02× | — | ||
| Q2 25 | 4.43× | — | ||
| Q1 25 | 1.37× | — | ||
| Q4 24 | 3.58× | — | ||
| Q3 24 | 2.39× | 3.05× | ||
| Q2 24 | 2.18× | 3.76× |
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
ACHC
| Acute Inpatient Psychiatric Facilities | $471.0M | 57% |
| Other | $140.0M | 17% |
| Specialty Treatment Facilities | $128.0M | 15% |
| Residential Treatment Facilities | $90.0M | 11% |
STEP
| Other | $210.1M | 36% |
| Management And Advisory Fees Net Focused Commingled Funds | $143.3M | 24% |
| Carried Interest Allocation Focused Commingled Funds | $85.1M | 15% |
| Carried Interest Allocation Separately Managed Accounts | $63.6M | 11% |
| Carried Interest Allocation Realized | $46.7M | 8% |
| Management And Advisory Fees Net Advisory And Other Services | $18.3M | 3% |
| Legacy Carried Interest Allocation Focused Commingled Funds | $10.3M | 2% |
| Income Based Incentive Fees | $6.0M | 1% |
| Management And Advisory Fees Net Fund Reimbursement Revenues | $3.1M | 1% |
