vs
Andersons, Inc.（ANDE）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
罗塞塔石碑的季度营收约是Andersons, Inc.的1.8倍（$586.5M vs $329.5M），Andersons, Inc.净利率更高（20.5% vs -21.0%，领先41.5%），罗塞塔石碑同比增速更快（73.0% vs -2.4%），罗塞塔石碑自由现金流更多（$26.7M vs $-77.1M），过去两年罗塞塔石碑的营收复合增速更高（28.2% vs -1.8%）
安德森公司（The Andersons, Inc.）是1947年成立的美国农业企业，总部位于俄亥俄州莫米。公司起源于1940年代服务粮食行业的安德森货运站，是深耕农业领域的多元化企业，业务覆盖大宗商品贸易、可再生能源以及植物营养板块。
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。
ANDE vs STEP — 直观对比
营收规模更大
STEP
是对方的1.8倍
$329.5M
营收增速更快
STEP
高出75.4%
-2.4%
净利率更高
ANDE
高出41.5%
-21.0%
自由现金流更多
STEP
多$103.8M
$-77.1M
两年增速更快
STEP
近两年复合增速
-1.8%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $329.5M | $586.5M |
| 净利润 | $67.4M | $-123.5M |
| 毛利率 | 70.3% | — |
| 营业利润率 | 26.6% | -33.2% |
| 净利率 | 20.5% | -21.0% |
| 营收同比 | -2.4% | 73.0% |
| 净利润同比 | 49.6% | 35.7% |
| 每股收益（稀释后） | — | $-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ANDESTEP
| Q4 25 | $329.5M | $586.5M | ||
| Q3 25 | $295.8M | $454.2M | ||
| Q2 25 | $535.0M | $364.3M | ||
| Q1 25 | $370.8M | $377.7M | ||
| Q4 24 | $337.5M | $339.0M | ||
| Q3 24 | $231.9M | $271.7M | ||
| Q2 24 | $492.5M | $186.4M | ||
| Q1 24 | $341.4M | $356.8M |
净利润ANDESTEP
| Q4 25 | $67.4M | $-123.5M | ||
| Q3 25 | $20.1M | $-366.1M | ||
| Q2 25 | $7.9M | $-38.4M | ||
| Q1 25 | $284.0K | $-18.5M | ||
| Q4 24 | $45.1M | $-192.0M | ||
| Q3 24 | $27.4M | $17.6M | ||
| Q2 24 | $36.0M | $13.3M | ||
| Q1 24 | $5.6M | $30.8M |
毛利率ANDESTEP
| Q4 25 | 70.3% | — | ||
| Q3 25 | 57.8% | — | ||
| Q2 25 | 29.6% | — | ||
| Q1 25 | 41.2% | — | ||
| Q4 24 | 63.1% | — | ||
| Q3 24 | 76.4% | — | ||
| Q2 24 | 35.6% | — | ||
| Q1 24 | 37.6% | — |
营业利润率ANDESTEP
| Q4 25 | 26.6% | -33.2% | ||
| Q3 25 | 8.7% | -148.8% | ||
| Q2 25 | 4.6% | -5.6% | ||
| Q1 25 | 0.9% | 2.6% | ||
| Q4 24 | 19.9% | -101.7% | ||
| Q3 24 | 26.8% | 21.3% | ||
| Q2 24 | 11.6% | 29.4% | ||
| Q1 24 | 4.1% | 26.5% |
净利率ANDESTEP
| Q4 25 | 20.5% | -21.0% | ||
| Q3 25 | 6.8% | -80.6% | ||
| Q2 25 | 1.5% | -10.5% | ||
| Q1 25 | 0.1% | -4.9% | ||
| Q4 24 | 13.4% | -56.6% | ||
| Q3 24 | 11.8% | 6.5% | ||
| Q2 24 | 7.3% | 7.2% | ||
| Q1 24 | 1.6% | 8.6% |
每股收益（稀释后）ANDESTEP
| Q4 25 | — | $-1.55 | ||
| Q3 25 | $0.59 | $-4.66 | ||
| Q2 25 | $0.23 | $-0.49 | ||
| Q1 25 | $0.01 | $-0.37 | ||
| Q4 24 | $1.31 | $-2.61 | ||
| Q3 24 | $0.80 | $0.26 | ||
| Q2 24 | $1.05 | $0.20 | ||
| Q1 24 | $0.16 | $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 | $98.3M | — |
| 总债务越低越好 | $560.0M | $270.2M |
| 股东权益账面价值 | $1.2B | $-378.8M |
| 总资产 | $3.7B | $5.2B |
| 负债/权益比越低杠杆越低 | 0.45× | — |
8季度趋势，按日历期对齐
现金及短期投资ANDESTEP
| Q4 25 | $98.3M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $561.8M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
总债务ANDESTEP
| Q4 25 | $560.0M | $270.2M | ||
| Q3 25 | — | $269.9M | ||
| Q2 25 | — | $269.6M | ||
| Q1 25 | — | $269.3M | ||
| Q4 24 | $608.2M | $168.9M | ||
| Q3 24 | — | $172.3M | ||
| Q2 24 | — | $172.1M | ||
| Q1 24 | — | $148.8M |
股东权益ANDESTEP
| Q4 25 | $1.2B | $-378.8M | ||
| Q3 25 | $1.2B | $-233.5M | ||
| Q2 25 | $1.4B | $153.9M | ||
| Q1 25 | $1.4B | $179.4M | ||
| Q4 24 | $1.4B | $209.8M | ||
| Q3 24 | $1.3B | $397.5M | ||
| Q2 24 | $1.3B | $366.9M | ||
| Q1 24 | $1.3B | $324.5M |
总资产ANDESTEP
| Q4 25 | $3.7B | $5.2B | ||
| Q3 25 | $3.3B | $5.3B | ||
| Q2 25 | $3.4B | $4.8B | ||
| Q1 25 | $3.8B | $4.6B | ||
| Q4 24 | $4.1B | $4.3B | ||
| Q3 24 | $3.4B | $4.0B | ||
| Q2 24 | $3.3B | $3.8B | ||
| Q1 24 | $3.3B | $3.8B |
负债/权益比ANDESTEP
| Q4 25 | 0.45× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 1.75× | ||
| Q1 25 | — | 1.50× | ||
| Q4 24 | 0.45× | 0.81× | ||
| Q3 24 | — | 0.43× | ||
| Q2 24 | — | 0.47× | ||
| Q1 24 | — | 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 | $-6.2M | $27.2M |
| 自由现金流经营现金流 - 资本支出 | $-77.1M | $26.7M |
| 自由现金流率自由现金流/营收 | -23.4% | 4.6% |
| 资本支出强度资本支出/营收 | 21.5% | 0.1% |
| 现金转化率经营现金流/净利润 | -0.09× | — |
| 过去12个月自由现金流最近4个季度 | $-56.1M | $18.6M |
8季度趋势，按日历期对齐
经营现金流ANDESTEP
| Q4 25 | $-6.2M | $27.2M | ||
| Q3 25 | $233.9M | $16.2M | ||
| Q2 25 | $299.3M | $46.3M | ||
| Q1 25 | $-350.0M | $-66.5M | ||
| Q4 24 | $268.8M | $27.6M | ||
| Q3 24 | $-2.1M | $53.7M | ||
| Q2 24 | $304.4M | $50.2M | ||
| Q1 24 | $-239.6M | $7.6M |
自由现金流ANDESTEP
| Q4 25 | $-77.1M | $26.7M | ||
| Q3 25 | $167.0M | $15.9M | ||
| Q2 25 | $250.5M | $45.2M | ||
| Q1 25 | $-396.6M | $-69.2M | ||
| Q4 24 | $212.9M | $27.0M | ||
| Q3 24 | $-40.0M | $52.4M | ||
| Q2 24 | $275.8M | $49.6M | ||
| Q1 24 | $-266.4M | $6.7M |
自由现金流率ANDESTEP
| Q4 25 | -23.4% | 4.6% | ||
| Q3 25 | 56.5% | 3.5% | ||
| Q2 25 | 46.8% | 12.4% | ||
| Q1 25 | -106.9% | -18.3% | ||
| Q4 24 | 63.1% | 8.0% | ||
| Q3 24 | -17.2% | 19.3% | ||
| Q2 24 | 56.0% | 26.6% | ||
| Q1 24 | -78.0% | 1.9% |
资本支出强度ANDESTEP
| Q4 25 | 21.5% | 0.1% | ||
| Q3 25 | 22.6% | 0.1% | ||
| Q2 25 | 9.1% | 0.3% | ||
| Q1 25 | 12.6% | 0.7% | ||
| Q4 24 | 16.6% | 0.2% | ||
| Q3 24 | 16.3% | 0.5% | ||
| Q2 24 | 5.8% | 0.3% | ||
| Q1 24 | 7.8% | 0.3% |
现金转化率ANDESTEP
| Q4 25 | -0.09× | — | ||
| Q3 25 | 11.61× | — | ||
| Q2 25 | 38.10× | — | ||
| Q1 25 | -1232.46× | — | ||
| Q4 24 | 5.96× | — | ||
| Q3 24 | -0.08× | 3.05× | ||
| Q2 24 | 8.46× | 3.76× | ||
| Q1 24 | -42.94× | 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
ANDE
| Specialty And Primary Nutrients | $137.1M | 42% |
| Premium Ingredients | $66.1M | 20% |
| Segment Reporting Reconciling Item Other | $63.2M | 19% |
| Other | $63.1M | 19% |
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% |
