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布鲁克菲尔德资产管理（BAM）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
布鲁克菲尔德资产管理的季度营收约是罗塞塔石碑的1.8倍（$1.1B vs $586.5M）。布鲁克菲尔德资产管理净利率更高（56.7% vs -21.0%，领先77.7%）
布鲁克菲尔德资产管理有限公司是加美两地的另类资产管理机构，2022年12月从布鲁克菲尔德集团的资管业务分拆成立，在全球范围内管理不动产、基础设施、可再生能源、私募股权及信贷市场等领域的投资。
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。
BAM vs STEP — 直观对比
营收规模更大
BAM
是对方的1.8倍
$586.5M
净利率更高
BAM
高出77.7%
-21.0%
损益表 — Q4 2025 vs Q3 2026
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $586.5M |
| 净利润 | $615.0M | $-123.5M |
| 毛利率 | — | — |
| 营业利润率 | 84.2% | -33.2% |
| 净利率 | 56.7% | -21.0% |
| 营收同比 | — | 73.0% |
| 净利润同比 | — | 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BAMSTEP
| Q4 25 | $1.1B | $586.5M | ||
| Q3 25 | $974.0M | $454.2M | ||
| Q2 25 | $931.0M | $364.3M | ||
| Q1 25 | $954.0M | $377.7M | ||
| Q4 24 | — | $339.0M | ||
| Q3 24 | $873.0M | $271.7M | ||
| Q2 24 | $821.0M | $186.4M | ||
| Q1 24 | $786.0M | $356.8M |
净利润BAMSTEP
| Q4 25 | $615.0M | $-123.5M | ||
| Q3 25 | $692.0M | $-366.1M | ||
| Q2 25 | $584.0M | $-38.4M | ||
| Q1 25 | $507.0M | $-18.5M | ||
| Q4 24 | — | $-192.0M | ||
| Q3 24 | $537.0M | $17.6M | ||
| Q2 24 | $124.0M | $13.3M | ||
| Q1 24 | $373.0M | $30.8M |
营业利润率BAMSTEP
| Q4 25 | 84.2% | -33.2% | ||
| Q3 25 | 79.1% | -148.8% | ||
| Q2 25 | 70.8% | -5.6% | ||
| Q1 25 | 61.0% | 2.6% | ||
| Q4 24 | — | -101.7% | ||
| Q3 24 | 72.5% | 21.3% | ||
| Q2 24 | 80.4% | 29.4% | ||
| Q1 24 | 56.5% | 26.5% |
净利率BAMSTEP
| Q4 25 | 56.7% | -21.0% | ||
| Q3 25 | 71.0% | -80.6% | ||
| Q2 25 | 62.7% | -10.5% | ||
| Q1 25 | 53.1% | -4.9% | ||
| Q4 24 | — | -56.6% | ||
| Q3 24 | 61.5% | 6.5% | ||
| Q2 24 | 15.1% | 7.2% | ||
| Q1 24 | 47.5% | 8.6% |
每股收益（稀释后）BAMSTEP
| Q4 25 | — | $-1.55 | ||
| Q3 25 | — | $-4.66 | ||
| Q2 25 | — | $-0.49 | ||
| Q1 25 | — | $-0.37 | ||
| Q4 24 | — | $-2.61 | ||
| Q3 24 | — | $0.26 | ||
| Q2 24 | — | $0.20 | ||
| Q1 24 | — | $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 | $1.6B | — |
| 总债务越低越好 | — | $270.2M |
| 股东权益账面价值 | $8.9B | $-378.8M |
| 总资产 | $17.0B | $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BAMSTEP
| Q4 25 | $1.6B | — | ||
| Q3 25 | $1.1B | — | ||
| Q2 25 | $480.0M | — | ||
| Q1 25 | $332.0M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $10.0M | — | ||
| Q1 24 | — | — |
总债务BAMSTEP
| 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BAMSTEP
| Q4 25 | $8.9B | $-378.8M | ||
| Q3 25 | $8.5B | $-233.5M | ||
| Q2 25 | $8.5B | $153.9M | ||
| Q1 25 | $8.5B | $179.4M | ||
| Q4 24 | — | $209.8M | ||
| Q3 24 | $9.0B | $397.5M | ||
| Q2 24 | $3.2B | $366.9M | ||
| Q1 24 | $2.2B | $324.5M |
总资产BAMSTEP
| Q4 25 | $17.0B | $5.2B | ||
| Q3 25 | $16.5B | $5.3B | ||
| Q2 25 | $16.1B | $4.8B | ||
| Q1 25 | $15.0B | $4.6B | ||
| Q4 24 | — | $4.3B | ||
| Q3 24 | — | $4.0B | ||
| Q2 24 | $4.2B | $3.8B | ||
| Q1 24 | — | $3.8B |
负债/权益比BAMSTEP
| 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 | $562.0M | $27.2M |
| 自由现金流经营现金流 - 资本支出 | — | $26.7M |
| 自由现金流率自由现金流/营收 | — | 4.6% |
| 资本支出强度资本支出/营收 | — | 0.1% |
| 现金转化率经营现金流/净利润 | 0.91× | — |
| 过去12个月自由现金流最近4个季度 | — | $18.6M |
8季度趋势，按日历期对齐
经营现金流BAMSTEP
| Q4 25 | $562.0M | $27.2M | ||
| Q3 25 | $745.0M | $16.2M | ||
| Q2 25 | $529.0M | $46.3M | ||
| Q1 25 | $265.0M | $-66.5M | ||
| Q4 24 | — | $27.6M | ||
| Q3 24 | $567.0M | $53.7M | ||
| Q2 24 | $159.0M | $50.2M | ||
| Q1 24 | $516.0M | $7.6M |
自由现金流BAMSTEP
| Q4 25 | — | $26.7M | ||
| Q3 25 | — | $15.9M | ||
| Q2 25 | — | $45.2M | ||
| Q1 25 | — | $-69.2M | ||
| Q4 24 | — | $27.0M | ||
| Q3 24 | — | $52.4M | ||
| Q2 24 | — | $49.6M | ||
| Q1 24 | — | $6.7M |
自由现金流率BAMSTEP
| Q4 25 | — | 4.6% | ||
| Q3 25 | — | 3.5% | ||
| Q2 25 | — | 12.4% | ||
| Q1 25 | — | -18.3% | ||
| Q4 24 | — | 8.0% | ||
| Q3 24 | — | 19.3% | ||
| Q2 24 | — | 26.6% | ||
| Q1 24 | — | 1.9% |
资本支出强度BAMSTEP
| Q4 25 | — | 0.1% | ||
| Q3 25 | — | 0.1% | ||
| Q2 25 | — | 0.3% | ||
| Q1 25 | — | 0.7% | ||
| Q4 24 | — | 0.2% | ||
| Q3 24 | — | 0.5% | ||
| Q2 24 | — | 0.3% | ||
| Q1 24 | — | 0.3% |
现金转化率BAMSTEP
| Q4 25 | 0.91× | — | ||
| Q3 25 | 1.08× | — | ||
| Q2 25 | 0.91× | — | ||
| Q1 25 | 0.52× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.06× | 3.05× | ||
| Q2 24 | 1.28× | 3.76× | ||
| Q1 24 | 1.38× | 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
BAM
| Incentive Fees | $452.0M | 42% |
| Infrastruture | $332.0M | 31% |
| Private Equity | $174.0M | 16% |
| Renewable Power And Transition | $66.0M | 6% |
| Other | $47.0M | 4% |
| Management And Advisory Fees | $14.0M | 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% |
