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AMC Networks Inc.（AMCX）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
AMC Networks Inc.的季度营收约是罗塞塔石碑的1.0倍（$594.8M vs $586.5M），AMC Networks Inc.净利率更高（-9.3% vs -21.0%，领先11.7%），罗塞塔石碑同比增速更快（73.0% vs -0.8%），AMC Networks Inc.自由现金流更多（$40.4M vs $26.7M），过去两年罗塞塔石碑的营收复合增速更高（28.2% vs -0.1%）
AMC网络公司是总部位于纽约市的美国独立大众传媒娱乐集团，旗下拥有AMC、BBC美国台、IFC、圣丹斯电视、We TV等多个有线频道，还经营纽约IFC中心艺术影院、独立电影公司、动漫版权发行商，以及AMC+、Acorn TV等多个付费订阅流媒体服务。
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。
AMCX vs STEP — 直观对比
营收规模更大
AMCX
是对方的1.0倍
$586.5M
营收增速更快
STEP
高出73.8%
-0.8%
净利率更高
AMCX
高出11.7%
-21.0%
自由现金流更多
AMCX
多$13.7M
$26.7M
两年增速更快
STEP
近两年复合增速
-0.1%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $594.8M | $586.5M |
| 净利润 | $-55.5M | $-123.5M |
| 毛利率 | 49.7% | — |
| 营业利润率 | -8.6% | -33.2% |
| 净利率 | -9.3% | -21.0% |
| 营收同比 | -0.8% | 73.0% |
| 净利润同比 | 80.5% | 35.7% |
| 每股收益（稀释后） | $-0.97 | $-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AMCXSTEP
| Q4 25 | $594.8M | $586.5M | ||
| Q3 25 | $561.7M | $454.2M | ||
| Q2 25 | $600.0M | $364.3M | ||
| Q1 25 | $555.2M | $377.7M | ||
| Q4 24 | $599.3M | $339.0M | ||
| Q3 24 | $599.6M | $271.7M | ||
| Q2 24 | $625.9M | $186.4M | ||
| Q1 24 | $596.5M | $356.8M |
净利润AMCXSTEP
| Q4 25 | $-55.5M | $-123.5M | ||
| Q3 25 | $76.5M | $-366.1M | ||
| Q2 25 | $50.3M | $-38.4M | ||
| Q1 25 | $18.0M | $-18.5M | ||
| Q4 24 | $-284.5M | $-192.0M | ||
| Q3 24 | $41.4M | $17.6M | ||
| Q2 24 | $-29.2M | $13.3M | ||
| Q1 24 | $45.8M | $30.8M |
毛利率AMCXSTEP
| Q4 25 | 49.7% | — | ||
| Q3 25 | 48.2% | — | ||
| Q2 25 | 52.7% | — | ||
| Q1 25 | 51.8% | — | ||
| Q4 24 | 51.2% | — | ||
| Q3 24 | 52.0% | — | ||
| Q2 24 | 55.2% | — | ||
| Q1 24 | 54.5% | — |
营业利润率AMCXSTEP
| Q4 25 | -8.6% | -33.2% | ||
| Q3 25 | 9.9% | -148.8% | ||
| Q2 25 | 10.7% | -5.6% | ||
| Q1 25 | 11.6% | 2.6% | ||
| Q4 24 | -42.4% | -101.7% | ||
| Q3 24 | 15.6% | 21.3% | ||
| Q2 24 | 1.7% | 29.4% | ||
| Q1 24 | 18.5% | 26.5% |
净利率AMCXSTEP
| Q4 25 | -9.3% | -21.0% | ||
| Q3 25 | 13.6% | -80.6% | ||
| Q2 25 | 8.4% | -10.5% | ||
| Q1 25 | 3.3% | -4.9% | ||
| Q4 24 | -47.5% | -56.6% | ||
| Q3 24 | 6.9% | 6.5% | ||
| Q2 24 | -4.7% | 7.2% | ||
| Q1 24 | 7.7% | 8.6% |
每股收益（稀释后）AMCXSTEP
| Q4 25 | $-0.97 | $-1.55 | ||
| Q3 25 | $1.38 | $-4.66 | ||
| Q2 25 | $0.91 | $-0.49 | ||
| Q1 25 | $0.34 | $-0.37 | ||
| Q4 24 | $-6.23 | $-2.61 | ||
| Q3 24 | $0.76 | $0.26 | ||
| Q2 24 | $-0.66 | $0.20 | ||
| Q1 24 | $1.03 | $0.47 |
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 | $502.4M | — |
| 总债务越低越好 | $1.8B | $270.2M |
| 股东权益账面价值 | $981.9M | $-378.8M |
| 总资产 | $3.9B | $5.2B |
| 负债/权益比越低杠杆越低 | 1.78× | — |
8季度趋势，按日历期对齐
现金及短期投资AMCXSTEP
| Q4 25 | $502.4M | — | ||
| Q3 25 | $716.8M | — | ||
| Q2 25 | $866.4M | — | ||
| Q1 25 | $870.2M | — | ||
| Q4 24 | $784.6M | — | ||
| Q3 24 | $816.4M | — | ||
| Q2 24 | $802.6M | — | ||
| Q1 24 | $690.5M | — |
总债务AMCXSTEP
| Q4 25 | $1.8B | $270.2M | ||
| Q3 25 | $1.9B | $269.9M | ||
| Q2 25 | $2.2B | $269.6M | ||
| Q1 25 | $2.3B | $269.3M | ||
| Q4 24 | $2.3B | $168.9M | ||
| Q3 24 | $2.3B | $172.3M | ||
| Q2 24 | $2.4B | $172.1M | ||
| Q1 24 | $2.3B | $148.8M |
股东权益AMCXSTEP
| Q4 25 | $981.9M | $-378.8M | ||
| Q3 25 | $1.1B | $-233.5M | ||
| Q2 25 | $971.7M | $153.9M | ||
| Q1 25 | $888.8M | $179.4M | ||
| Q4 24 | $855.6M | $209.8M | ||
| Q3 24 | $1.1B | $397.5M | ||
| Q2 24 | $1.1B | $366.9M | ||
| Q1 24 | $1.1B | $324.5M |
总资产AMCXSTEP
| Q4 25 | $3.9B | $5.2B | ||
| Q3 25 | $4.2B | $5.3B | ||
| Q2 25 | $4.4B | $4.8B | ||
| Q1 25 | $4.3B | $4.6B | ||
| Q4 24 | $4.4B | $4.3B | ||
| Q3 24 | $4.8B | $4.0B | ||
| Q2 24 | $4.9B | $3.8B | ||
| Q1 24 | $4.9B | $3.8B |
负债/权益比AMCXSTEP
| Q4 25 | 1.78× | — | ||
| Q3 25 | 1.82× | — | ||
| Q2 25 | 2.27× | 1.75× | ||
| Q1 25 | 2.62× | 1.50× | ||
| Q4 24 | 2.73× | 0.81× | ||
| Q3 24 | 2.10× | 0.43× | ||
| Q2 24 | 2.26× | 0.47× | ||
| Q1 24 | 2.17× | 0.46× |
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 | $49.2M | $27.2M |
| 自由现金流经营现金流 - 资本支出 | $40.4M | $26.7M |
| 自由现金流率自由现金流/营收 | 6.8% | 4.6% |
| 资本支出强度资本支出/营收 | 1.5% | 0.1% |
| 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 | $272.4M | $18.6M |
8季度趋势，按日历期对齐
经营现金流AMCXSTEP
| Q4 25 | $49.2M | $27.2M | ||
| Q3 25 | $44.8M | $16.2M | ||
| Q2 25 | $102.8M | $46.3M | ||
| Q1 25 | $108.8M | $-66.5M | ||
| Q4 24 | $58.1M | $27.6M | ||
| Q3 24 | $62.2M | $53.7M | ||
| Q2 24 | $104.4M | $50.2M | ||
| Q1 24 | $150.9M | $7.6M |
自由现金流AMCXSTEP
| Q4 25 | $40.4M | $26.7M | ||
| Q3 25 | $42.0M | $15.9M | ||
| Q2 25 | $95.7M | $45.2M | ||
| Q1 25 | $94.2M | $-69.2M | ||
| Q4 24 | $37.6M | $27.0M | ||
| Q3 24 | $53.9M | $52.4M | ||
| Q2 24 | $95.2M | $49.6M | ||
| Q1 24 | $144.1M | $6.7M |
自由现金流率AMCXSTEP
| Q4 25 | 6.8% | 4.6% | ||
| Q3 25 | 7.5% | 3.5% | ||
| Q2 25 | 16.0% | 12.4% | ||
| Q1 25 | 17.0% | -18.3% | ||
| Q4 24 | 6.3% | 8.0% | ||
| Q3 24 | 9.0% | 19.3% | ||
| Q2 24 | 15.2% | 26.6% | ||
| Q1 24 | 24.2% | 1.9% |
资本支出强度AMCXSTEP
| Q4 25 | 1.5% | 0.1% | ||
| Q3 25 | 0.5% | 0.1% | ||
| Q2 25 | 1.2% | 0.3% | ||
| Q1 25 | 2.6% | 0.7% | ||
| Q4 24 | 3.4% | 0.2% | ||
| Q3 24 | 1.4% | 0.5% | ||
| Q2 24 | 1.5% | 0.3% | ||
| Q1 24 | 1.1% | 0.3% |
现金转化率AMCXSTEP
| Q4 25 | — | — | ||
| Q3 25 | 0.59× | — | ||
| Q2 25 | 2.04× | — | ||
| Q1 25 | 6.03× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.50× | 3.05× | ||
| Q2 24 | — | 3.76× | ||
| Q1 24 | 3.29× | 0.25× |
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
AMCX
| Subscription And Circulation | $314.8M | 53% |
| Advertising | $124.9M | 21% |
| Other | $79.1M | 13% |
| License | $74.8M | 13% |
| Related Party | $1.2M | 0% |
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% |
