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亚什兰（ASH）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亚什兰的1.5倍（$586.5M vs $386.0M），亚什兰净利率更高（-3.1% vs -21.0%，领先17.9%），罗塞塔石碑同比增速更快（73.0% vs -4.7%），亚什兰自由现金流更多（$111.0M vs $26.7M），过去两年罗塞塔石碑的营收复合增速更高（28.2% vs -18.1%）
亚什兰是一家总部位于美国特拉华州威尔明顿的化工企业，1924年始创于肯塔基州亚什兰市，最初以炼油业务起家，1994年迁至现总部。公司拥有多个业务板块，覆盖化工中间体与溶剂、复合材料、工业特种化学品、个人及家居护理、制药、食品饮料以及农业相关领域，2017年之前曾是胜牌润滑油的主要生产商。
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。
ASH vs STEP — 直观对比
营收规模更大
STEP
是对方的1.5倍
$386.0M
营收增速更快
STEP
高出77.7%
-4.7%
净利率更高
ASH
高出17.9%
-21.0%
自由现金流更多
ASH
多$84.3M
$26.7M
两年增速更快
STEP
近两年复合增速
-18.1%
损益表 — Q1 FY2026 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $386.0M | $586.5M |
| 净利润 | $-12.0M | $-123.5M |
| 毛利率 | 27.2% | — |
| 营业利润率 | -1.6% | -33.2% |
| 净利率 | -3.1% | -21.0% |
| 营收同比 | -4.7% | 73.0% |
| 净利润同比 | 92.7% | 35.7% |
| 每股收益（稀释后） | $-0.26 | $-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ASHSTEP
| Q4 25 | $386.0M | $586.5M | ||
| Q3 25 | $477.0M | $454.2M | ||
| Q2 25 | $463.0M | $364.3M | ||
| Q1 25 | $479.0M | $377.7M | ||
| Q4 24 | $405.0M | $339.0M | ||
| Q3 24 | $521.0M | $271.7M | ||
| Q2 24 | $544.0M | $186.4M | ||
| Q1 24 | $575.0M | $356.8M |
净利润ASHSTEP
| Q4 25 | $-12.0M | $-123.5M | ||
| Q3 25 | $31.0M | $-366.1M | ||
| Q2 25 | $-742.0M | $-38.4M | ||
| Q1 25 | $31.0M | $-18.5M | ||
| Q4 24 | $-165.0M | $-192.0M | ||
| Q3 24 | $17.0M | $17.6M | ||
| Q2 24 | $6.0M | $13.3M | ||
| Q1 24 | $120.0M | $30.8M |
毛利率ASHSTEP
| Q4 25 | 27.2% | — | ||
| Q3 25 | 33.3% | — | ||
| Q2 25 | 28.5% | — | ||
| Q1 25 | 30.7% | — | ||
| Q4 24 | 27.4% | — | ||
| Q3 24 | 33.2% | — | ||
| Q2 24 | 34.2% | — | ||
| Q1 24 | 28.0% | — |
营业利润率ASHSTEP
| Q4 25 | -1.6% | -33.2% | ||
| Q3 25 | 12.8% | -148.8% | ||
| Q2 25 | -152.9% | -5.6% | ||
| Q1 25 | 10.6% | 2.6% | ||
| Q4 24 | -44.2% | -101.7% | ||
| Q3 24 | 6.1% | 21.3% | ||
| Q2 24 | -11.2% | 29.4% | ||
| Q1 24 | 3.7% | 26.5% |
净利率ASHSTEP
| Q4 25 | -3.1% | -21.0% | ||
| Q3 25 | 6.5% | -80.6% | ||
| Q2 25 | -160.3% | -10.5% | ||
| Q1 25 | 6.5% | -4.9% | ||
| Q4 24 | -40.7% | -56.6% | ||
| Q3 24 | 3.3% | 6.5% | ||
| Q2 24 | 1.1% | 7.2% | ||
| Q1 24 | 20.9% | 8.6% |
每股收益（稀释后）ASHSTEP
| Q4 25 | $-0.26 | $-1.55 | ||
| Q3 25 | $0.83 | $-4.66 | ||
| Q2 25 | $-16.21 | $-0.49 | ||
| Q1 25 | $0.65 | $-0.37 | ||
| Q4 24 | $-3.50 | $-2.61 | ||
| Q3 24 | $0.34 | $0.26 | ||
| Q2 24 | $0.12 | $0.20 | ||
| Q1 24 | $2.39 | $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 | $304.0M | — |
| 总债务越低越好 | $1.4B | $270.2M |
| 股东权益账面价值 | $1.9B | $-378.8M |
| 总资产 | $4.5B | $5.2B |
| 负债/权益比越低杠杆越低 | 0.74× | — |
8季度趋势，按日历期对齐
现金及短期投资ASHSTEP
| Q4 25 | $304.0M | — | ||
| Q3 25 | $215.0M | — | ||
| Q2 25 | $207.0M | — | ||
| Q1 25 | $168.0M | — | ||
| Q4 24 | $219.0M | — | ||
| Q3 24 | $300.0M | — | ||
| Q2 24 | $399.0M | — | ||
| Q1 24 | $439.0M | — |
总债务ASHSTEP
| Q4 25 | $1.4B | $270.2M | ||
| Q3 25 | $1.4B | $269.9M | ||
| Q2 25 | $1.4B | $269.6M | ||
| Q1 25 | $1.3B | $269.3M | ||
| Q4 24 | $1.3B | $168.9M | ||
| Q3 24 | $1.3B | $172.3M | ||
| Q2 24 | $1.3B | $172.1M | ||
| Q1 24 | $1.3B | $148.8M |
股东权益ASHSTEP
| Q4 25 | $1.9B | $-378.8M | ||
| Q3 25 | $1.9B | $-233.5M | ||
| Q2 25 | $1.9B | $153.9M | ||
| Q1 25 | $2.6B | $179.4M | ||
| Q4 24 | $2.6B | $209.8M | ||
| Q3 24 | $2.9B | $397.5M | ||
| Q2 24 | $3.0B | $366.9M | ||
| Q1 24 | $3.1B | $324.5M |
总资产ASHSTEP
| Q4 25 | $4.5B | $5.2B | ||
| Q3 25 | $4.6B | $5.3B | ||
| Q2 25 | $4.6B | $4.8B | ||
| Q1 25 | $5.2B | $4.6B | ||
| Q4 24 | $5.2B | $4.3B | ||
| Q3 24 | $5.6B | $4.0B | ||
| Q2 24 | $5.7B | $3.8B | ||
| Q1 24 | $5.9B | $3.8B |
负债/权益比ASHSTEP
| Q4 25 | 0.74× | — | ||
| Q3 25 | 0.73× | — | ||
| Q2 25 | 0.73× | 1.75× | ||
| Q1 25 | 0.52× | 1.50× | ||
| Q4 24 | 0.51× | 0.81× | ||
| Q3 24 | 0.47× | 0.43× | ||
| Q2 24 | 0.45× | 0.47× | ||
| Q1 24 | 0.42× | 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 | $125.0M | $27.2M |
| 自由现金流经营现金流 - 资本支出 | $111.0M | $26.7M |
| 自由现金流率自由现金流/营收 | 28.8% | 4.6% |
| 资本支出强度资本支出/营收 | 3.6% | 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 | $200.0M | $18.6M |
8季度趋势，按日历期对齐
经营现金流ASHSTEP
| Q4 25 | $125.0M | $27.2M | ||
| Q3 25 | $40.0M | $16.2M | ||
| Q2 25 | $115.0M | $46.3M | ||
| Q1 25 | $9.0M | $-66.5M | ||
| Q4 24 | $-30.0M | $27.6M | ||
| Q3 24 | $80.0M | $53.7M | ||
| Q2 24 | $127.0M | $50.2M | ||
| Q1 24 | $54.0M | $7.6M |
自由现金流ASHSTEP
| Q4 25 | $111.0M | $26.7M | ||
| Q3 25 | $6.0M | $15.9M | ||
| Q2 25 | $95.0M | $45.2M | ||
| Q1 25 | $-12.0M | $-69.2M | ||
| Q4 24 | $-53.0M | $27.0M | ||
| Q3 24 | $42.0M | $52.4M | ||
| Q2 24 | $98.0M | $49.6M | ||
| Q1 24 | $20.0M | $6.7M |
自由现金流率ASHSTEP
| Q4 25 | 28.8% | 4.6% | ||
| Q3 25 | 1.3% | 3.5% | ||
| Q2 25 | 20.5% | 12.4% | ||
| Q1 25 | -2.5% | -18.3% | ||
| Q4 24 | -13.1% | 8.0% | ||
| Q3 24 | 8.1% | 19.3% | ||
| Q2 24 | 18.0% | 26.6% | ||
| Q1 24 | 3.5% | 1.9% |
资本支出强度ASHSTEP
| Q4 25 | 3.6% | 0.1% | ||
| Q3 25 | 7.1% | 0.1% | ||
| Q2 25 | 4.3% | 0.3% | ||
| Q1 25 | 4.4% | 0.7% | ||
| Q4 24 | 5.7% | 0.2% | ||
| Q3 24 | 7.3% | 0.5% | ||
| Q2 24 | 5.3% | 0.3% | ||
| Q1 24 | 5.9% | 0.3% |
现金转化率ASHSTEP
| Q4 25 | — | — | ||
| Q3 25 | 1.29× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.29× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 4.71× | 3.05× | ||
| Q2 24 | 21.17× | 3.76× | ||
| Q1 24 | 0.45× | 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
ASH
| Personal Care And Household | $123.0M | 32% |
| Other | $120.0M | 31% |
| Specialty Additives | $36.0M | 9% |
| Intermediates And Solvents | $31.0M | 8% |
| Personal Care | $30.0M | 8% |
| Life Sciences | $27.0M | 7% |
| Intermediates | $19.0M | 5% |
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% |
