vs
Dayforce（DAY）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Dayforce的1.2倍（$586.5M vs $481.6M），罗塞塔石碑净利率更高（-21.0% vs -40.9%，领先19.8%），罗塞塔石碑同比增速更快（73.0% vs 9.5%），过去两年罗塞塔石碑的营收复合增速更高（28.2% vs 9.8%）
Dayforce前身为知名人力资源服务商Ceridian，是一家总部位于美国的人力资源软件及服务企业，面向各行业不同规模的客户提供覆盖薪酬核算、人员管理、考勤等多场景的HR SaaS产品及配套专业服务，助力企业提升人力资源运营效率。
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。
DAY vs STEP — 直观对比
营收规模更大
STEP
是对方的1.2倍
$481.6M
营收增速更快
STEP
高出63.5%
9.5%
净利率更高
STEP
高出19.8%
-40.9%
两年增速更快
STEP
近两年复合增速
9.8%
损益表 — Q3 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $481.6M | $586.5M |
| 净利润 | $-196.8M | $-123.5M |
| 毛利率 | — | — |
| 营业利润率 | 6.3% | -33.2% |
| 净利率 | -40.9% | -21.0% |
| 营收同比 | 9.5% | 73.0% |
| 净利润同比 | -9940.0% | 35.7% |
| 每股收益（稀释后） | $-1.23 | $-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DAYSTEP
| Q4 25 | — | $586.5M | ||
| Q3 25 | $481.6M | $454.2M | ||
| Q2 25 | $464.7M | $364.3M | ||
| Q1 25 | $481.8M | $377.7M | ||
| Q4 24 | $465.2M | $339.0M | ||
| Q3 24 | $440.0M | $271.7M | ||
| Q2 24 | $423.3M | $186.4M | ||
| Q1 24 | $431.5M | $356.8M |
净利润DAYSTEP
| Q4 25 | — | $-123.5M | ||
| Q3 25 | $-196.8M | $-366.1M | ||
| Q2 25 | $21.3M | $-38.4M | ||
| Q1 25 | $14.9M | $-18.5M | ||
| Q4 24 | $10.8M | $-192.0M | ||
| Q3 24 | $2.0M | $17.6M | ||
| Q2 24 | $-1.8M | $13.3M | ||
| Q1 24 | $7.1M | $30.8M |
毛利率DAYSTEP
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 47.0% | — | ||
| Q3 24 | 45.8% | — | ||
| Q2 24 | 44.1% | — | ||
| Q1 24 | 47.6% | — |
营业利润率DAYSTEP
| Q4 25 | — | -33.2% | ||
| Q3 25 | 6.3% | -148.8% | ||
| Q2 25 | 9.1% | -5.6% | ||
| Q1 25 | 6.4% | 2.6% | ||
| Q4 24 | 6.1% | -101.7% | ||
| Q3 24 | 4.7% | 21.3% | ||
| Q2 24 | 3.3% | 29.4% | ||
| Q1 24 | 9.4% | 26.5% |
净利率DAYSTEP
| Q4 25 | — | -21.0% | ||
| Q3 25 | -40.9% | -80.6% | ||
| Q2 25 | 4.6% | -10.5% | ||
| Q1 25 | 3.1% | -4.9% | ||
| Q4 24 | 2.3% | -56.6% | ||
| Q3 24 | 0.5% | 6.5% | ||
| Q2 24 | -0.4% | 7.2% | ||
| Q1 24 | 1.6% | 8.6% |
每股收益（稀释后）DAYSTEP
| Q4 25 | — | $-1.55 | ||
| Q3 25 | $-1.23 | $-4.66 | ||
| Q2 25 | $0.13 | $-0.49 | ||
| Q1 25 | $0.09 | $-0.37 | ||
| Q4 24 | $0.07 | $-2.61 | ||
| Q3 24 | $0.01 | $0.26 | ||
| Q2 24 | $-0.01 | $0.20 | ||
| Q1 24 | $0.04 | $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 | $627.6M | — |
| 总债务越低越好 | $631.1M | $270.2M |
| 股东权益账面价值 | $2.7B | $-378.8M |
| 总资产 | $8.7B | $5.2B |
| 负债/权益比越低杠杆越低 | 0.23× | — |
8季度趋势，按日历期对齐
现金及短期投资DAYSTEP
| Q4 25 | — | — | ||
| Q3 25 | $627.6M | — | ||
| Q2 25 | $625.2M | — | ||
| Q1 25 | $557.3M | — | ||
| Q4 24 | $579.7M | — | ||
| Q3 24 | $494.1M | — | ||
| Q2 24 | $465.4M | — | ||
| Q1 24 | $392.5M | — |
总债务DAYSTEP
| Q4 25 | — | $270.2M | ||
| Q3 25 | $631.1M | $269.9M | ||
| Q2 25 | $631.8M | $269.6M | ||
| Q1 25 | $632.4M | $269.3M | ||
| Q4 24 | $1.2B | $168.9M | ||
| Q3 24 | $1.2B | $172.3M | ||
| Q2 24 | $1.2B | $172.1M | ||
| Q1 24 | $1.2B | $148.8M |
股东权益DAYSTEP
| Q4 25 | — | $-378.8M | ||
| Q3 25 | $2.7B | $-233.5M | ||
| Q2 25 | $2.7B | $153.9M | ||
| Q1 25 | $2.6B | $179.4M | ||
| Q4 24 | $2.5B | $209.8M | ||
| Q3 24 | $2.6B | $397.5M | ||
| Q2 24 | $2.5B | $366.9M | ||
| Q1 24 | $2.4B | $324.5M |
总资产DAYSTEP
| Q4 25 | — | $5.2B | ||
| Q3 25 | $8.7B | $5.3B | ||
| Q2 25 | $8.5B | $4.8B | ||
| Q1 25 | $9.5B | $4.6B | ||
| Q4 24 | $9.1B | $4.3B | ||
| Q3 24 | $8.1B | $4.0B | ||
| Q2 24 | $9.0B | $3.8B | ||
| Q1 24 | $10.8B | $3.8B |
负债/权益比DAYSTEP
| Q4 25 | — | — | ||
| Q3 25 | 0.23× | — | ||
| Q2 25 | 0.23× | 1.75× | ||
| Q1 25 | 0.24× | 1.50× | ||
| Q4 24 | 0.47× | 0.81× | ||
| Q3 24 | 0.47× | 0.43× | ||
| Q2 24 | 0.49× | 0.47× | ||
| Q1 24 | 0.50× | 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 | $31.2M | $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DAYSTEP
| Q4 25 | — | $27.2M | ||
| Q3 25 | $31.2M | $16.2M | ||
| Q2 25 | $112.7M | $46.3M | ||
| Q1 25 | $49.6M | $-66.5M | ||
| Q4 24 | $81.0M | $27.6M | ||
| Q3 24 | $91.8M | $53.7M | ||
| Q2 24 | $99.2M | $50.2M | ||
| Q1 24 | $9.1M | $7.6M |
自由现金流DAYSTEP
| 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DAYSTEP
| 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DAYSTEP
| 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DAYSTEP
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 5.29× | — | ||
| Q1 25 | 3.33× | — | ||
| Q4 24 | 7.50× | — | ||
| Q3 24 | 45.90× | 3.05× | ||
| Q2 24 | — | 3.76× | ||
| Q1 24 | 1.28× | 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
DAY
| Dayforce Recurring | $333.0M | 69% |
| Cloud And Bureau Professional Services And Other | $78.5M | 16% |
| Float | $42.2M | 9% |
| Powerpay Recurring | $19.7M | 4% |
| Other Recurring | $8.2M | 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% |
