vs
Clearwater Paper Corp（CLW）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Clearwater Paper Corp的1.6倍（$586.5M vs $360.3M），Clearwater Paper Corp净利率更高（-3.6% vs -21.0%，领先17.5%），罗塞塔石碑同比增速更快（73.0% vs -4.7%），过去两年罗塞塔石碑的营收复合增速更高（28.2% vs 2.3%）
净水纸业公司是美国的一家纸浆与纸板制造商，总部位于华盛顿州斯波坎。公司于2008年12月9日从波特拉奇公司分拆设立，专注于纸浆及纸板产品的研发生产与销售，是北美地区该领域颇具影响力的生产企业。
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。
CLW vs STEP — 直观对比
营收规模更大
STEP
是对方的1.6倍
$360.3M
营收增速更快
STEP
高出77.7%
-4.7%
净利率更高
CLW
高出17.5%
-21.0%
两年增速更快
STEP
近两年复合增速
2.3%
损益表 — Q1 FY2026 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $360.3M | $586.5M |
| 净利润 | $-12.8M | $-123.5M |
| 毛利率 | -0.2% | — |
| 营业利润率 | — | -33.2% |
| 净利率 | -3.6% | -21.0% |
| 营收同比 | -4.7% | 73.0% |
| 净利润同比 | -103.2% | 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CLWSTEP
| Q1 26 | $360.3M | — | ||
| Q4 25 | $386.4M | $586.5M | ||
| Q3 25 | $399.0M | $454.2M | ||
| Q2 25 | $391.8M | $364.3M | ||
| Q1 25 | $378.2M | $377.7M | ||
| Q4 24 | $387.1M | $339.0M | ||
| Q3 24 | $393.3M | $271.7M | ||
| Q2 24 | $344.4M | $186.4M |
净利润CLWSTEP
| Q1 26 | $-12.8M | — | ||
| Q4 25 | $38.3M | $-123.5M | ||
| Q3 25 | $-53.3M | $-366.1M | ||
| Q2 25 | $2.7M | $-38.4M | ||
| Q1 25 | $-6.3M | $-18.5M | ||
| Q4 24 | $199.1M | $-192.0M | ||
| Q3 24 | $5.8M | $17.6M | ||
| Q2 24 | $-25.8M | $13.3M |
毛利率CLWSTEP
| Q1 26 | -0.2% | — | ||
| Q4 25 | 4.5% | — | ||
| Q3 25 | 4.7% | — | ||
| Q2 25 | 11.0% | — | ||
| Q1 25 | 9.7% | — | ||
| Q4 24 | 3.8% | — | ||
| Q3 24 | 7.7% | — | ||
| Q2 24 | -0.6% | — |
营业利润率CLWSTEP
| Q1 26 | — | — | ||
| Q4 25 | 1.9% | -33.2% | ||
| Q3 25 | -13.9% | -148.8% | ||
| Q2 25 | 2.5% | -5.6% | ||
| Q1 25 | -1.1% | 2.6% | ||
| Q4 24 | -4.0% | -101.7% | ||
| Q3 24 | -0.3% | 21.3% | ||
| Q2 24 | -13.6% | 29.4% |
净利率CLWSTEP
| Q1 26 | -3.6% | — | ||
| Q4 25 | 9.9% | -21.0% | ||
| Q3 25 | -13.4% | -80.6% | ||
| Q2 25 | 0.7% | -10.5% | ||
| Q1 25 | -1.7% | -4.9% | ||
| Q4 24 | 51.4% | -56.6% | ||
| Q3 24 | 1.5% | 6.5% | ||
| Q2 24 | -7.5% | 7.2% |
每股收益（稀释后）CLWSTEP
| Q1 26 | — | — | ||
| Q4 25 | $2.36 | $-1.55 | ||
| Q3 25 | $-3.30 | $-4.66 | ||
| Q2 25 | $0.17 | $-0.49 | ||
| Q1 25 | $-0.38 | $-0.37 | ||
| Q4 24 | $11.87 | $-2.61 | ||
| Q3 24 | $0.35 | $0.26 | ||
| Q2 24 | $-1.55 | $0.20 |
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 | $36.5M | — |
| 总债务越低越好 | $361.1M | $270.2M |
| 股东权益账面价值 | $813.8M | $-378.8M |
| 总资产 | $1.6B | $5.2B |
| 负债/权益比越低杠杆越低 | 0.44× | — |
8季度趋势，按日历期对齐
现金及短期投资CLWSTEP
| Q1 26 | $36.5M | — | ||
| Q4 25 | $30.7M | — | ||
| Q3 25 | $34.4M | — | ||
| Q2 25 | $46.7M | — | ||
| Q1 25 | $44.0M | — | ||
| Q4 24 | $79.6M | — | ||
| Q3 24 | $35.5M | — | ||
| Q2 24 | $39.6M | — |
总债务CLWSTEP
| Q1 26 | $361.1M | — | ||
| Q4 25 | $346.8M | $270.2M | ||
| Q3 25 | $337.0M | $269.9M | ||
| Q2 25 | $330.1M | $269.6M | ||
| Q1 25 | — | $269.3M | ||
| Q4 24 | $283.4M | $168.9M | ||
| Q3 24 | $1.2B | $172.3M | ||
| Q2 24 | $1.1B | $172.1M |
股东权益CLWSTEP
| Q1 26 | $813.8M | — | ||
| Q4 25 | $825.3M | $-378.8M | ||
| Q3 25 | $783.0M | $-233.5M | ||
| Q2 25 | $836.8M | $153.9M | ||
| Q1 25 | $836.6M | $179.4M | ||
| Q4 24 | $854.6M | $209.8M | ||
| Q3 24 | $664.6M | $397.5M | ||
| Q2 24 | $658.6M | $366.9M |
总资产CLWSTEP
| Q1 26 | $1.6B | — | ||
| Q4 25 | $1.6B | $5.2B | ||
| Q3 25 | $1.6B | $5.3B | ||
| Q2 25 | $1.6B | $4.8B | ||
| Q1 25 | $1.6B | $4.6B | ||
| Q4 24 | $1.7B | $4.3B | ||
| Q3 24 | $2.5B | $4.0B | ||
| Q2 24 | $2.5B | $3.8B |
负债/权益比CLWSTEP
| Q1 26 | 0.44× | — | ||
| Q4 25 | 0.42× | — | ||
| Q3 25 | 0.43× | — | ||
| Q2 25 | 0.39× | 1.75× | ||
| Q1 25 | — | 1.50× | ||
| Q4 24 | 0.33× | 0.81× | ||
| Q3 24 | 1.73× | 0.43× | ||
| Q2 24 | 1.74× | 0.47× |
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 | — | $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 | — | — |
| 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CLWSTEP
| Q1 26 | — | — | ||
| Q4 25 | $5.0M | $27.2M | ||
| Q3 25 | $34.0M | $16.2M | ||
| Q2 25 | $-28.2M | $46.3M | ||
| Q1 25 | $1.5M | $-66.5M | ||
| Q4 24 | $-35.1M | $27.6M | ||
| Q3 24 | $16.2M | $53.7M | ||
| Q2 24 | $21.1M | $50.2M |
自由现金流CLWSTEP
| Q1 26 | — | — | ||
| Q4 25 | $-9.9M | $26.7M | ||
| Q3 25 | $15.7M | $15.9M | ||
| Q2 25 | $-51.1M | $45.2M | ||
| Q1 25 | $-31.2M | $-69.2M | ||
| Q4 24 | $-68.1M | $27.0M | ||
| Q3 24 | $-30.8M | $52.4M | ||
| Q2 24 | $3.0M | $49.6M |
自由现金流率CLWSTEP
| Q1 26 | — | — | ||
| Q4 25 | -2.6% | 4.6% | ||
| Q3 25 | 3.9% | 3.5% | ||
| Q2 25 | -13.0% | 12.4% | ||
| Q1 25 | -8.2% | -18.3% | ||
| Q4 24 | -17.6% | 8.0% | ||
| Q3 24 | -7.8% | 19.3% | ||
| Q2 24 | 0.9% | 26.6% |
资本支出强度CLWSTEP
| Q1 26 | — | — | ||
| Q4 25 | 3.9% | 0.1% | ||
| Q3 25 | 4.6% | 0.1% | ||
| Q2 25 | 5.8% | 0.3% | ||
| Q1 25 | 8.6% | 0.7% | ||
| Q4 24 | 8.5% | 0.2% | ||
| Q3 24 | 12.0% | 0.5% | ||
| Q2 24 | 5.3% | 0.3% |
现金转化率CLWSTEP
| Q1 26 | — | — | ||
| Q4 25 | 0.13× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | -10.44× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -0.18× | — | ||
| Q3 24 | 2.79× | 3.05× | ||
| Q2 24 | — | 3.76× |
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
CLW
暂无分部数据
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% |
