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BLACKBAUD INC（BLKB）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BLACKBAUD INC的2.0倍（$586.5M vs $295.3M），BLACKBAUD INC净利率更高（12.4% vs -21.0%，领先33.5%），罗塞塔石碑同比增速更快（73.0% vs -2.3%），BLACKBAUD INC自由现金流更多（$55.0M vs $26.7M），过去两年罗塞塔石碑的营收复合增速更高（28.2% vs 3.0%）
Blackbaud是全球知名的云服务提供商，专注为非营利组织、基金会、企业、教育机构、医疗机构、宗教团体及个人公益推动者提供技术支持，旗下产品覆盖筹款、网站管理、客户关系管理、数据分析、财务管理、票务系统、教育管理等多元场景。
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。
BLKB vs STEP — 直观对比
营收规模更大
STEP
是对方的2.0倍
$295.3M
营收增速更快
STEP
高出75.3%
-2.3%
净利率更高
BLKB
高出33.5%
-21.0%
自由现金流更多
BLKB
多$28.3M
$26.7M
两年增速更快
STEP
近两年复合增速
3.0%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $295.3M | $586.5M |
| 净利润 | $36.7M | $-123.5M |
| 毛利率 | 58.3% | — |
| 营业利润率 | 20.0% | -33.2% |
| 净利率 | 12.4% | -21.0% |
| 营收同比 | -2.3% | 73.0% |
| 净利润同比 | 110.6% | 35.7% |
| 每股收益（稀释后） | $0.75 | $-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BLKBSTEP
| Q4 25 | $295.3M | $586.5M | ||
| Q3 25 | $281.1M | $454.2M | ||
| Q2 25 | $282.0M | $364.3M | ||
| Q1 25 | $269.9M | $377.7M | ||
| Q4 24 | $302.1M | $339.0M | ||
| Q3 24 | $286.6M | $271.7M | ||
| Q2 24 | $287.3M | $186.4M | ||
| Q1 24 | $278.6M | $356.8M |
净利润BLKBSTEP
| Q4 25 | $36.7M | $-123.5M | ||
| Q3 25 | $47.5M | $-366.1M | ||
| Q2 25 | $26.5M | $-38.4M | ||
| Q1 25 | $4.3M | $-18.5M | ||
| Q4 24 | $-346.4M | $-192.0M | ||
| Q3 24 | $18.3M | $17.6M | ||
| Q2 24 | $21.2M | $13.3M | ||
| Q1 24 | $7.3M | $30.8M |
毛利率BLKBSTEP
| Q4 25 | 58.3% | — | ||
| Q3 25 | 59.6% | — | ||
| Q2 25 | 59.7% | — | ||
| Q1 25 | 57.5% | — | ||
| Q4 24 | 53.8% | — | ||
| Q3 24 | 54.9% | — | ||
| Q2 24 | 56.0% | — | ||
| Q1 24 | 54.1% | — |
营业利润率BLKBSTEP
| Q4 25 | 20.0% | -33.2% | ||
| Q3 25 | 19.4% | -148.8% | ||
| Q2 25 | 20.3% | -5.6% | ||
| Q1 25 | 7.3% | 2.6% | ||
| Q4 24 | -121.5% | -101.7% | ||
| Q3 24 | 14.4% | 21.3% | ||
| Q2 24 | 14.4% | 29.4% | ||
| Q1 24 | 4.8% | 26.5% |
净利率BLKBSTEP
| Q4 25 | 12.4% | -21.0% | ||
| Q3 25 | 16.9% | -80.6% | ||
| Q2 25 | 9.4% | -10.5% | ||
| Q1 25 | 1.6% | -4.9% | ||
| Q4 24 | -114.6% | -56.6% | ||
| Q3 24 | 6.4% | 6.5% | ||
| Q2 24 | 7.4% | 7.2% | ||
| Q1 24 | 2.6% | 8.6% |
每股收益（稀释后）BLKBSTEP
| Q4 25 | $0.75 | $-1.55 | ||
| Q3 25 | $0.98 | $-4.66 | ||
| Q2 25 | $0.55 | $-0.49 | ||
| Q1 25 | $0.09 | $-0.37 | ||
| Q4 24 | $-6.82 | $-2.61 | ||
| Q3 24 | $0.35 | $0.26 | ||
| Q2 24 | $0.41 | $0.20 | ||
| Q1 24 | $0.14 | $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 | $38.9M | — |
| 总债务越低越好 | $1.1B | $270.2M |
| 股东权益账面价值 | $85.1M | $-378.8M |
| 总资产 | $2.4B | $5.2B |
| 负债/权益比越低杠杆越低 | 13.06× | — |
8季度趋势，按日历期对齐
现金及短期投资BLKBSTEP
| Q4 25 | $38.9M | — | ||
| Q3 25 | $38.3M | — | ||
| Q2 25 | $41.6M | — | ||
| Q1 25 | $37.2M | — | ||
| Q4 24 | $67.6M | — | ||
| Q3 24 | $34.6M | — | ||
| Q2 24 | $30.4M | — | ||
| Q1 24 | $26.4M | — |
总债务BLKBSTEP
| Q4 25 | $1.1B | $270.2M | ||
| Q3 25 | — | $269.9M | ||
| Q2 25 | — | $269.6M | ||
| Q1 25 | — | $269.3M | ||
| Q4 24 | $1.1B | $168.9M | ||
| Q3 24 | $1.0B | $172.3M | ||
| Q2 24 | $1.0B | $172.1M | ||
| Q1 24 | — | $148.8M |
股东权益BLKBSTEP
| Q4 25 | $85.1M | $-378.8M | ||
| Q3 25 | $108.2M | $-233.5M | ||
| Q2 25 | $72.7M | $153.9M | ||
| Q1 25 | $17.5M | $179.4M | ||
| Q4 24 | $126.8M | $209.8M | ||
| Q3 24 | $544.8M | $397.5M | ||
| Q2 24 | $577.5M | $366.9M | ||
| Q1 24 | $534.0M | $324.5M |
总资产BLKBSTEP
| Q4 25 | $2.4B | $5.2B | ||
| Q3 25 | $2.1B | $5.3B | ||
| Q2 25 | $2.6B | $4.8B | ||
| Q1 25 | $2.1B | $4.6B | ||
| Q4 24 | $2.5B | $4.3B | ||
| Q3 24 | $2.6B | $4.0B | ||
| Q2 24 | $3.0B | $3.8B | ||
| Q1 24 | $2.5B | $3.8B |
负债/权益比BLKBSTEP
| Q4 25 | 13.06× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 1.75× | ||
| Q1 25 | — | 1.50× | ||
| Q4 24 | 8.50× | 0.81× | ||
| Q3 24 | 1.84× | 0.43× | ||
| Q2 24 | 1.78× | 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 | $58.0M | $27.2M |
| 自由现金流经营现金流 - 资本支出 | $55.0M | $26.7M |
| 自由现金流率自由现金流/营收 | 18.6% | 4.6% |
| 资本支出强度资本支出/营收 | 1.0% | 0.1% |
| 现金转化率经营现金流/净利润 | 1.58× | — |
| 过去12个月自由现金流最近4个季度 | $257.8M | $18.6M |
8季度趋势，按日历期对齐
经营现金流BLKBSTEP
| Q4 25 | $58.0M | $27.2M | ||
| Q3 25 | $139.2M | $16.2M | ||
| Q2 25 | $66.9M | $46.3M | ||
| Q1 25 | $1.4M | $-66.5M | ||
| Q4 24 | $73.6M | $27.6M | ||
| Q3 24 | $104.0M | $53.7M | ||
| Q2 24 | $53.1M | $50.2M | ||
| Q1 24 | $65.3M | $7.6M |
自由现金流BLKBSTEP
| Q4 25 | $55.0M | $26.7M | ||
| Q3 25 | $135.7M | $15.9M | ||
| Q2 25 | $66.3M | $45.2M | ||
| Q1 25 | $712.0K | $-69.2M | ||
| Q4 24 | $73.4M | $27.0M | ||
| Q3 24 | $102.9M | $52.4M | ||
| Q2 24 | $48.0M | $49.6M | ||
| Q1 24 | $64.3M | $6.7M |
自由现金流率BLKBSTEP
| Q4 25 | 18.6% | 4.6% | ||
| Q3 25 | 48.3% | 3.5% | ||
| Q2 25 | 23.5% | 12.4% | ||
| Q1 25 | 0.3% | -18.3% | ||
| Q4 24 | 24.3% | 8.0% | ||
| Q3 24 | 35.9% | 19.3% | ||
| Q2 24 | 16.7% | 26.6% | ||
| Q1 24 | 23.1% | 1.9% |
资本支出强度BLKBSTEP
| Q4 25 | 1.0% | 0.1% | ||
| Q3 25 | 1.2% | 0.1% | ||
| Q2 25 | 0.2% | 0.3% | ||
| Q1 25 | 0.3% | 0.7% | ||
| Q4 24 | 0.1% | 0.2% | ||
| Q3 24 | 0.4% | 0.5% | ||
| Q2 24 | 1.8% | 0.3% | ||
| Q1 24 | 0.4% | 0.3% |
现金转化率BLKBSTEP
| Q4 25 | 1.58× | — | ||
| Q3 25 | 2.93× | — | ||
| Q2 25 | 2.53× | — | ||
| Q1 25 | 0.32× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 5.69× | 3.05× | ||
| Q2 24 | 2.50× | 3.76× | ||
| Q1 24 | 8.94× | 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
BLKB
| Contractual Recurring | $182.7M | 62% |
| Transactional Recurring | $108.0M | 37% |
| One Time Services And Other | $4.5M | 2% |
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% |
