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Astrana Health, Inc.（ASTH）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
Astrana Health, Inc.的季度营收约是罗塞塔石碑的1.6倍（$950.5M vs $586.5M），Astrana Health, Inc.净利率更高（0.7% vs -21.0%，领先21.7%），罗塞塔石碑同比增速更快（73.0% vs 42.9%），罗塞塔石碑自由现金流更多（$26.7M vs $-6.0M），过去两年Astrana Health, Inc.的营收复合增速更高（53.3% vs 28.2%）
Astrana Health是一家总部位于美国的价值导向型医疗服务提供商，主要服务全美符合联邦医保资格的老年群体，提供上门初级护理、慢性病管理及护理协调服务，致力于提升患者健康水平、降低不必要的医疗支出。
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。
ASTH vs STEP — 直观对比
营收规模更大
ASTH
是对方的1.6倍
$586.5M
营收增速更快
STEP
高出30.1%
42.9%
净利率更高
ASTH
高出21.7%
-21.0%
自由现金流更多
STEP
多$32.7M
$-6.0M
两年增速更快
ASTH
近两年复合增速
28.2%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $950.5M | $586.5M |
| 净利润 | $6.6M | $-123.5M |
| 毛利率 | — | — |
| 营业利润率 | 1.9% | -33.2% |
| 净利率 | 0.7% | -21.0% |
| 营收同比 | 42.9% | 73.0% |
| 净利润同比 | 184.4% | 35.7% |
| 每股收益（稀释后） | $0.12 | $-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ASTHSTEP
| Q4 25 | $950.5M | $586.5M | ||
| Q3 25 | $956.0M | $454.2M | ||
| Q2 25 | $654.8M | $364.3M | ||
| Q1 25 | $620.4M | $377.7M | ||
| Q4 24 | $665.2M | $339.0M | ||
| Q3 24 | $478.7M | $271.7M | ||
| Q2 24 | $486.3M | $186.4M | ||
| Q1 24 | $404.4M | $356.8M |
净利润ASTHSTEP
| Q4 25 | $6.6M | $-123.5M | ||
| Q3 25 | $373.0K | $-366.1M | ||
| Q2 25 | $9.4M | $-38.4M | ||
| Q1 25 | $6.7M | $-18.5M | ||
| Q4 24 | $-7.8M | $-192.0M | ||
| Q3 24 | $16.1M | $17.6M | ||
| Q2 24 | $19.2M | $13.3M | ||
| Q1 24 | $14.8M | $30.8M |
营业利润率ASTHSTEP
| Q4 25 | 1.9% | -33.2% | ||
| Q3 25 | 2.0% | -148.8% | ||
| Q2 25 | 3.1% | -5.6% | ||
| Q1 25 | 3.3% | 2.6% | ||
| Q4 24 | 0.1% | -101.7% | ||
| Q3 24 | 5.9% | 21.3% | ||
| Q2 24 | 6.2% | 29.4% | ||
| Q1 24 | 7.5% | 26.5% |
净利率ASTHSTEP
| Q4 25 | 0.7% | -21.0% | ||
| Q3 25 | 0.0% | -80.6% | ||
| Q2 25 | 1.4% | -10.5% | ||
| Q1 25 | 1.1% | -4.9% | ||
| Q4 24 | -1.2% | -56.6% | ||
| Q3 24 | 3.4% | 6.5% | ||
| Q2 24 | 3.9% | 7.2% | ||
| Q1 24 | 3.7% | 8.6% |
每股收益（稀释后）ASTHSTEP
| Q4 25 | $0.12 | $-1.55 | ||
| Q3 25 | $0.01 | $-4.66 | ||
| Q2 25 | $0.19 | $-0.49 | ||
| Q1 25 | $0.14 | $-0.37 | ||
| Q4 24 | $-0.14 | $-2.61 | ||
| Q3 24 | $0.33 | $0.26 | ||
| Q2 24 | $0.40 | $0.20 | ||
| Q1 24 | $0.31 | $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 | $429.5M | — |
| 总债务越低越好 | — | $270.2M |
| 股东权益账面价值 | $779.3M | $-378.8M |
| 总资产 | $2.2B | $5.2B |
| 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ASTHSTEP
| Q4 25 | $429.5M | — | ||
| Q3 25 | $463.4M | — | ||
| Q2 25 | $342.1M | — | ||
| Q1 25 | $260.9M | — | ||
| Q4 24 | $290.8M | — | ||
| Q3 24 | $350.3M | — | ||
| Q2 24 | $327.7M | — | ||
| Q1 24 | $337.3M | — |
总债务ASTHSTEP
| Q4 25 | — | $270.2M | ||
| Q3 25 | — | $269.9M | ||
| Q2 25 | — | $269.6M | ||
| Q1 25 | — | $269.3M | ||
| Q4 24 | — | $168.9M | ||
| Q3 24 | — | $172.3M | ||
| Q2 24 | — | $172.1M | ||
| Q1 24 | — | $148.8M |
股东权益ASTHSTEP
| Q4 25 | $779.3M | $-378.8M | ||
| Q3 25 | $775.5M | $-233.5M | ||
| Q2 25 | $765.5M | $153.9M | ||
| Q1 25 | $745.4M | $179.4M | ||
| Q4 24 | $712.7M | $209.8M | ||
| Q3 24 | $704.6M | $397.5M | ||
| Q2 24 | $678.9M | $366.9M | ||
| Q1 24 | $653.5M | $324.5M |
总资产ASTHSTEP
| Q4 25 | $2.2B | $5.2B | ||
| Q3 25 | $2.2B | $5.3B | ||
| Q2 25 | $1.4B | $4.8B | ||
| Q1 25 | $1.3B | $4.6B | ||
| Q4 24 | $1.4B | $4.3B | ||
| Q3 24 | $1.3B | $4.0B | ||
| Q2 24 | $1.3B | $3.8B | ||
| Q1 24 | $1.2B | $3.8B |
负债/权益比ASTHSTEP
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 1.75× | ||
| Q1 25 | — | 1.50× | ||
| Q4 24 | — | 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 | $-2.9M | $27.2M |
| 自由现金流经营现金流 - 资本支出 | $-6.0M | $26.7M |
| 自由现金流率自由现金流/营收 | -0.6% | 4.6% |
| 资本支出强度资本支出/营收 | 0.3% | 0.1% |
| 现金转化率经营现金流/净利润 | -0.44× | — |
| 过去12个月自由现金流最近4个季度 | $104.5M | $18.6M |
8季度趋势，按日历期对齐
经营现金流ASTHSTEP
| Q4 25 | $-2.9M | $27.2M | ||
| Q3 25 | $10.0M | $16.2M | ||
| Q2 25 | $90.9M | $46.3M | ||
| Q1 25 | $16.6M | $-66.5M | ||
| Q4 24 | $-10.9M | $27.6M | ||
| Q3 24 | $34.0M | $53.7M | ||
| Q2 24 | $23.2M | $50.2M | ||
| Q1 24 | $6.0M | $7.6M |
自由现金流ASTHSTEP
| Q4 25 | $-6.0M | $26.7M | ||
| Q3 25 | $7.4M | $15.9M | ||
| Q2 25 | $89.5M | $45.2M | ||
| Q1 25 | $13.6M | $-69.2M | ||
| Q4 24 | $-13.5M | $27.0M | ||
| Q3 24 | $31.7M | $52.4M | ||
| Q2 24 | $20.4M | $49.6M | ||
| Q1 24 | $5.6M | $6.7M |
自由现金流率ASTHSTEP
| Q4 25 | -0.6% | 4.6% | ||
| Q3 25 | 0.8% | 3.5% | ||
| Q2 25 | 13.7% | 12.4% | ||
| Q1 25 | 2.2% | -18.3% | ||
| Q4 24 | -2.0% | 8.0% | ||
| Q3 24 | 6.6% | 19.3% | ||
| Q2 24 | 4.2% | 26.6% | ||
| Q1 24 | 1.4% | 1.9% |
资本支出强度ASTHSTEP
| Q4 25 | 0.3% | 0.1% | ||
| Q3 25 | 0.3% | 0.1% | ||
| Q2 25 | 0.2% | 0.3% | ||
| Q1 25 | 0.5% | 0.7% | ||
| Q4 24 | 0.4% | 0.2% | ||
| Q3 24 | 0.5% | 0.5% | ||
| Q2 24 | 0.6% | 0.3% | ||
| Q1 24 | 0.1% | 0.3% |
现金转化率ASTHSTEP
| Q4 25 | -0.44× | — | ||
| Q3 25 | 26.69× | — | ||
| Q2 25 | 9.65× | — | ||
| Q1 25 | 2.48× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 2.11× | 3.05× | ||
| Q2 24 | 1.21× | 3.76× | ||
| Q1 24 | 0.40× | 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
ASTH
| Medicare | $542.4M | 57% |
| Commercial | $99.1M | 10% |
| Care Delivery | $92.1M | 10% |
| Care Enablement | $78.9M | 8% |
| Other Third Parties | $58.0M | 6% |
| Health Care Patient Service | $39.8M | 4% |
| Health Care Other | $25.5M | 3% |
| Other | $12.1M | 1% |
| Management Service | $10.3M | 1% |
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% |
