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富兰克林邓普顿（BEN）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
富兰克林邓普顿的季度营收约是罗塞塔石碑的4.0倍（$2.3B vs $586.5M）。富兰克林邓普顿净利率更高（11.0% vs -21.0%，领先32.0%）。罗塞塔石碑同比增速更快（73.0% vs 3.4%）。过去两年罗塞塔石碑的营收复合增速更高（28.2% vs 4.0%）
富兰克林资源（运营品牌为富兰克林邓普顿）是美国跨国投资管理控股集团，1947年创立于纽约，纽交所上市代码为BEN，命名源自创始人敬仰的本杰明·富兰克林，是全球知名的综合投资服务机构。
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。
BEN vs STEP — 直观对比
营收规模更大
BEN
是对方的4.0倍
$586.5M
营收增速更快
STEP
高出69.6%
3.4%
净利率更高
BEN
高出32.0%
-21.0%
两年增速更快
STEP
近两年复合增速
4.0%
损益表 — Q1 2026 vs Q3 2026
| 指标 | | |
|---|---|---|
| 营收 | $2.3B | $586.5M |
| 净利润 | $255.5M | $-123.5M |
| 毛利率 | — | — |
| 营业利润率 | 12.1% | -33.2% |
| 净利率 | 11.0% | -21.0% |
| 营收同比 | 3.4% | 73.0% |
| 净利润同比 | 56.2% | 35.7% |
| 每股收益（稀释后） | $0.46 | $-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BENSTEP
| Q4 25 | $2.3B | $586.5M | ||
| Q3 25 | $2.3B | $454.2M | ||
| Q2 25 | $2.1B | $364.3M | ||
| Q1 25 | $2.1B | $377.7M | ||
| Q4 24 | $2.3B | $339.0M | ||
| Q3 24 | $2.2B | $271.7M | ||
| Q2 24 | $2.1B | $186.4M | ||
| Q1 24 | $2.2B | $356.8M |
净利润BENSTEP
| Q4 25 | $255.5M | $-123.5M | ||
| Q3 25 | $117.6M | $-366.1M | ||
| Q2 25 | $92.3M | $-38.4M | ||
| Q1 25 | $151.4M | $-18.5M | ||
| Q4 24 | $163.6M | $-192.0M | ||
| Q3 24 | $-84.7M | $17.6M | ||
| Q2 24 | $174.0M | $13.3M | ||
| Q1 24 | $124.2M | $30.8M |
营业利润率BENSTEP
| Q4 25 | 12.1% | -33.2% | ||
| Q3 25 | 3.6% | -148.8% | ||
| Q2 25 | 7.5% | -5.6% | ||
| Q1 25 | 6.9% | 2.6% | ||
| Q4 24 | 9.7% | -101.7% | ||
| Q3 24 | -6.8% | 21.3% | ||
| Q2 24 | 10.5% | 29.4% | ||
| Q1 24 | 6.0% | 26.5% |
净利率BENSTEP
| Q4 25 | 11.0% | -21.0% | ||
| Q3 25 | 5.0% | -80.6% | ||
| Q2 25 | 4.5% | -10.5% | ||
| Q1 25 | 7.2% | -4.9% | ||
| Q4 24 | 7.3% | -56.6% | ||
| Q3 24 | -3.8% | 6.5% | ||
| Q2 24 | 8.2% | 7.2% | ||
| Q1 24 | 5.8% | 8.6% |
每股收益（稀释后）BENSTEP
| Q4 25 | $0.46 | $-1.55 | ||
| Q3 25 | $0.21 | $-4.66 | ||
| Q2 25 | $0.15 | $-0.49 | ||
| Q1 25 | $0.26 | $-0.37 | ||
| Q4 24 | $0.29 | $-2.61 | ||
| Q3 24 | $-0.20 | $0.26 | ||
| Q2 24 | $0.32 | $0.20 | ||
| Q1 24 | $0.23 | $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 | — | — |
| 总债务越低越好 | $2.4B | $270.2M |
| 股东权益账面价值 | $12.1B | $-378.8M |
| 总资产 | $32.5B | $5.2B |
| 负债/权益比越低杠杆越低 | 0.19× | — |
8季度趋势，按日历期对齐
总债务BENSTEP
| Q4 25 | $2.4B | $270.2M | ||
| Q3 25 | $2.4B | $269.9M | ||
| Q2 25 | $2.7B | $269.6M | ||
| Q1 25 | $2.7B | $269.3M | ||
| Q4 24 | $2.8B | $168.9M | ||
| Q3 24 | $2.8B | $172.3M | ||
| Q2 24 | $3.0B | $172.1M | ||
| Q1 24 | $3.0B | $148.8M |
股东权益BENSTEP
| Q4 25 | $12.1B | $-378.8M | ||
| Q3 25 | $12.1B | $-233.5M | ||
| Q2 25 | $12.2B | $153.9M | ||
| Q1 25 | $12.3B | $179.4M | ||
| Q4 24 | $12.5B | $209.8M | ||
| Q3 24 | $12.5B | $397.5M | ||
| Q2 24 | $12.9B | $366.9M | ||
| Q1 24 | $12.9B | $324.5M |
总资产BENSTEP
| Q4 25 | $32.5B | $5.2B | ||
| Q3 25 | $32.4B | $5.3B | ||
| Q2 25 | $32.6B | $4.8B | ||
| Q1 25 | $32.0B | $4.6B | ||
| Q4 24 | $32.4B | $4.3B | ||
| Q3 24 | $32.5B | $4.0B | ||
| Q2 24 | $33.3B | $3.8B | ||
| Q1 24 | $32.9B | $3.8B |
负债/权益比BENSTEP
| Q4 25 | 0.19× | — | ||
| Q3 25 | 0.20× | — | ||
| Q2 25 | 0.22× | 1.75× | ||
| Q1 25 | 0.22× | 1.50× | ||
| Q4 24 | 0.22× | 0.81× | ||
| Q3 24 | 0.22× | 0.43× | ||
| Q2 24 | 0.24× | 0.47× | ||
| Q1 24 | 0.24× | 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 | $-255.1M | $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 | -1.00× | — |
| 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BENSTEP
| Q4 25 | $-255.1M | $27.2M | ||
| Q3 25 | $-20.7M | $16.2M | ||
| Q2 25 | $1.3B | $46.3M | ||
| Q1 25 | $-50.1M | $-66.5M | ||
| Q4 24 | $-145.2M | $27.6M | ||
| Q3 24 | $558.2M | $53.7M | ||
| Q2 24 | $528.4M | $50.2M | ||
| Q1 24 | $136.6M | $7.6M |
自由现金流BENSTEP
| Q4 25 | — | $26.7M | ||
| Q3 25 | $-51.9M | $15.9M | ||
| Q2 25 | $1.3B | $45.2M | ||
| Q1 25 | $-87.6M | $-69.2M | ||
| Q4 24 | $-217.0M | $27.0M | ||
| Q3 24 | $488.4M | $52.4M | ||
| Q2 24 | $482.3M | $49.6M | ||
| Q1 24 | $94.9M | $6.7M |
自由现金流率BENSTEP
| Q4 25 | — | 4.6% | ||
| Q3 25 | -2.2% | 3.5% | ||
| Q2 25 | 61.4% | 12.4% | ||
| Q1 25 | -4.1% | -18.3% | ||
| Q4 24 | -9.6% | 8.0% | ||
| Q3 24 | 22.1% | 19.3% | ||
| Q2 24 | 22.7% | 26.6% | ||
| Q1 24 | 4.4% | 1.9% |
资本支出强度BENSTEP
| Q4 25 | — | 0.1% | ||
| Q3 25 | 1.3% | 0.1% | ||
| Q2 25 | 0.7% | 0.3% | ||
| Q1 25 | 1.8% | 0.7% | ||
| Q4 24 | 3.2% | 0.2% | ||
| Q3 24 | 3.2% | 0.5% | ||
| Q2 24 | 2.2% | 0.3% | ||
| Q1 24 | 1.9% | 0.3% |
现金转化率BENSTEP
| Q4 25 | -1.00× | — | ||
| Q3 25 | -0.18× | — | ||
| Q2 25 | 13.89× | — | ||
| Q1 25 | -0.33× | — | ||
| Q4 24 | -0.89× | — | ||
| Q3 24 | — | 3.05× | ||
| Q2 24 | 3.04× | 3.76× | ||
| Q1 24 | 1.10× | 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
BEN
| Investment Advisory Management And Administrative Service | $1.8B | 79% |
| Sales And Distribution Fees | $388.7M | 17% |
| Shareholder Service | $70.9M | 3% |
| Service Other | $19.6M | 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% |
