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Axon Enterprise（AXON）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
Axon Enterprise的季度营收约是罗塞塔石碑的1.4倍（$796.7M vs $586.5M），Axon Enterprise净利率更高（0.3% vs -21.0%，领先21.4%），罗塞塔石碑同比增速更快（73.0% vs 38.9%），Axon Enterprise自由现金流更多（$155.4M vs $26.7M），过去两年Axon Enterprise的营收复合增速更高（31.5% vs 28.2%）
Axon Enterprise是总部位于美国亚利桑那州斯科茨代尔的企业，面向军队、执法部门及民用市场开发各类武器装备与相关技术产品，业务覆盖公共安全、国防及民用消费等多个领域，为不同用户群体提供适配的产品解决方案。
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。
AXON vs STEP — 直观对比
营收规模更大
AXON
是对方的1.4倍
$586.5M
营收增速更快
STEP
高出34.1%
38.9%
净利率更高
AXON
高出21.4%
-21.0%
自由现金流更多
AXON
多$128.7M
$26.7M
两年增速更快
AXON
近两年复合增速
28.2%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $796.7M | $586.5M |
| 净利润 | $2.7M | $-123.5M |
| 毛利率 | 57.9% | — |
| 营业利润率 | -6.3% | -33.2% |
| 净利率 | 0.3% | -21.0% |
| 营收同比 | 38.9% | 73.0% |
| 净利润同比 | -98.0% | 35.7% |
| 每股收益（稀释后） | $0.02 | $-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AXONSTEP
| Q4 25 | $796.7M | $586.5M | ||
| Q3 25 | $710.6M | $454.2M | ||
| Q2 25 | $668.5M | $364.3M | ||
| Q1 25 | $603.6M | $377.7M | ||
| Q4 24 | $573.4M | $339.0M | ||
| Q3 24 | $544.3M | $271.7M | ||
| Q2 24 | $504.1M | $186.4M | ||
| Q1 24 | $460.7M | $356.8M |
净利润AXONSTEP
| Q4 25 | $2.7M | $-123.5M | ||
| Q3 25 | $-2.2M | $-366.1M | ||
| Q2 25 | $36.1M | $-38.4M | ||
| Q1 25 | $88.0M | $-18.5M | ||
| Q4 24 | $136.0M | $-192.0M | ||
| Q3 24 | $67.0M | $17.6M | ||
| Q2 24 | $40.8M | $13.3M | ||
| Q1 24 | $133.2M | $30.8M |
毛利率AXONSTEP
| Q4 25 | 57.9% | — | ||
| Q3 25 | 60.1% | — | ||
| Q2 25 | 60.4% | — | ||
| Q1 25 | 60.6% | — | ||
| Q4 24 | 60.5% | — | ||
| Q3 24 | 60.8% | — | ||
| Q2 24 | 60.3% | — | ||
| Q1 24 | 56.4% | — |
营业利润率AXONSTEP
| Q4 25 | -6.3% | -33.2% | ||
| Q3 25 | -0.3% | -148.8% | ||
| Q2 25 | -0.2% | -5.6% | ||
| Q1 25 | -1.5% | 2.6% | ||
| Q4 24 | -2.6% | -101.7% | ||
| Q3 24 | 4.4% | 21.3% | ||
| Q2 24 | 6.5% | 29.4% | ||
| Q1 24 | 3.5% | 26.5% |
净利率AXONSTEP
| Q4 25 | 0.3% | -21.0% | ||
| Q3 25 | -0.3% | -80.6% | ||
| Q2 25 | 5.4% | -10.5% | ||
| Q1 25 | 14.6% | -4.9% | ||
| Q4 24 | 23.7% | -56.6% | ||
| Q3 24 | 12.3% | 6.5% | ||
| Q2 24 | 8.1% | 7.2% | ||
| Q1 24 | 28.9% | 8.6% |
每股收益（稀释后）AXONSTEP
| Q4 25 | $0.02 | $-1.55 | ||
| Q3 25 | $-0.03 | $-4.66 | ||
| Q2 25 | $0.44 | $-0.49 | ||
| Q1 25 | $1.08 | $-0.37 | ||
| Q4 24 | $1.68 | $-2.61 | ||
| Q3 24 | $0.86 | $0.26 | ||
| Q2 24 | $0.53 | $0.20 | ||
| Q1 24 | $1.73 | $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 | $1.7B | — |
| 总债务越低越好 | $1.8B | $270.2M |
| 股东权益账面价值 | $3.2B | $-378.8M |
| 总资产 | $7.0B | $5.2B |
| 负债/权益比越低杠杆越低 | 0.56× | — |
8季度趋势，按日历期对齐
现金及短期投资AXONSTEP
| Q4 25 | $1.7B | — | ||
| Q3 25 | $2.4B | — | ||
| Q2 25 | $2.1B | — | ||
| Q1 25 | $2.2B | — | ||
| Q4 24 | $788.1M | — | ||
| Q3 24 | $1.0B | — | ||
| Q2 24 | $968.9M | — | ||
| Q1 24 | $964.1M | — |
总债务AXONSTEP
| Q4 25 | $1.8B | $270.2M | ||
| Q3 25 | $2.0B | $269.9M | ||
| Q2 25 | $2.0B | $269.6M | ||
| Q1 25 | $2.0B | $269.3M | ||
| Q4 24 | $680.3M | $168.9M | ||
| Q3 24 | — | $172.3M | ||
| Q2 24 | — | $172.1M | ||
| Q1 24 | — | $148.8M |
股东权益AXONSTEP
| Q4 25 | $3.2B | $-378.8M | ||
| Q3 25 | $3.0B | $-233.5M | ||
| Q2 25 | $2.7B | $153.9M | ||
| Q1 25 | $2.6B | $179.4M | ||
| Q4 24 | $2.3B | $209.8M | ||
| Q3 24 | $2.1B | $397.5M | ||
| Q2 24 | $1.9B | $366.9M | ||
| Q1 24 | $1.8B | $324.5M |
总资产AXONSTEP
| Q4 25 | $7.0B | $5.2B | ||
| Q3 25 | $6.7B | $5.3B | ||
| Q2 25 | $6.2B | $4.8B | ||
| Q1 25 | $6.1B | $4.6B | ||
| Q4 24 | $4.5B | $4.3B | ||
| Q3 24 | $4.0B | $4.0B | ||
| Q2 24 | $3.7B | $3.8B | ||
| Q1 24 | $3.6B | $3.8B |
负债/权益比AXONSTEP
| Q4 25 | 0.56× | — | ||
| Q3 25 | 0.66× | — | ||
| Q2 25 | 0.73× | 1.75× | ||
| Q1 25 | 0.79× | 1.50× | ||
| Q4 24 | 0.29× | 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 | $217.2M | $27.2M |
| 自由现金流经营现金流 - 资本支出 | $155.4M | $26.7M |
| 自由现金流率自由现金流/营收 | 19.5% | 4.6% |
| 资本支出强度资本支出/营收 | 7.8% | 0.1% |
| 现金转化率经营现金流/净利润 | 79.14× | — |
| 过去12个月自由现金流最近4个季度 | $75.1M | $18.6M |
8季度趋势，按日历期对齐
经营现金流AXONSTEP
| Q4 25 | $217.2M | $27.2M | ||
| Q3 25 | $60.0M | $16.2M | ||
| Q2 25 | $-91.7M | $46.3M | ||
| Q1 25 | $25.8M | $-66.5M | ||
| Q4 24 | $250.2M | $27.6M | ||
| Q3 24 | $91.3M | $53.7M | ||
| Q2 24 | $82.8M | $50.2M | ||
| Q1 24 | $-15.9M | $7.6M |
自由现金流AXONSTEP
| Q4 25 | $155.4M | $26.7M | ||
| Q3 25 | $33.4M | $15.9M | ||
| Q2 25 | $-114.7M | $45.2M | ||
| Q1 25 | $932.0K | $-69.2M | ||
| Q4 24 | $225.4M | $27.0M | ||
| Q3 24 | $64.8M | $52.4M | ||
| Q2 24 | $71.4M | $49.6M | ||
| Q1 24 | $-32.1M | $6.7M |
自由现金流率AXONSTEP
| Q4 25 | 19.5% | 4.6% | ||
| Q3 25 | 4.7% | 3.5% | ||
| Q2 25 | -17.2% | 12.4% | ||
| Q1 25 | 0.2% | -18.3% | ||
| Q4 24 | 39.3% | 8.0% | ||
| Q3 24 | 11.9% | 19.3% | ||
| Q2 24 | 14.2% | 26.6% | ||
| Q1 24 | -7.0% | 1.9% |
资本支出强度AXONSTEP
| Q4 25 | 7.8% | 0.1% | ||
| Q3 25 | 3.7% | 0.1% | ||
| Q2 25 | 3.4% | 0.3% | ||
| Q1 25 | 4.1% | 0.7% | ||
| Q4 24 | 4.3% | 0.2% | ||
| Q3 24 | 4.9% | 0.5% | ||
| Q2 24 | 2.2% | 0.3% | ||
| Q1 24 | 3.5% | 0.3% |
现金转化率AXONSTEP
| Q4 25 | 79.14× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | -2.54× | — | ||
| Q1 25 | 0.29× | — | ||
| Q4 24 | 1.84× | — | ||
| Q3 24 | 1.36× | 3.05× | ||
| Q2 24 | 2.03× | 3.76× | ||
| Q1 24 | -0.12× | 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
AXON
| Software And Sensors Segment | $342.5M | 43% |
| TASER Devices Professional | $264.2M | 33% |
| Personal Sensors | $109.1M | 14% |
| Platform Solutions | $80.9M | 10% |
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% |
