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ESTABLISHMENT LABS HOLDINGS INC.（ESTA）与STEM, INC.（STEM）财务数据对比。点击上方公司名可切换其他公司
ESTABLISHMENT LABS HOLDINGS INC.的季度营收约是STEM, INC.的1.4倍（$64.6M vs $47.1M），ESTABLISHMENT LABS HOLDINGS INC.同比增速更快（45.2% vs -15.6%），过去两年STEM, INC.的营收复合增速更高（36.1% vs 31.9%）
Establishment Labs Holdings Inc.是一家总部位于美国的无晶圆厂半导体企业，同时专注于人工智能领域业务，核心为数据中心及AI基础设施研发高速连接解决方案，于2024年3月在纳斯达克挂牌上市。
该公司是一家公开上市的生物制药企业，总部位于加利福尼亚州纽瓦克，专注研发纯化人类神经干细胞，旨在治疗中枢神经系统疾病与瘫痪，其所研发的神经干细胞可分化为中枢神经系统的神经元、星形胶质细胞与少突胶质细胞这三大主要细胞类型。
ESTA vs STEM — 直观对比
营收规模更大
ESTA
是对方的1.4倍
$47.1M
营收增速更快
ESTA
高出60.7%
-15.6%
两年增速更快
STEM
近两年复合增速
31.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $64.6M | $47.1M |
| 净利润 | — | $-16.0M |
| 毛利率 | 70.5% | 48.9% |
| 营业利润率 | -6.1% | -17.7% |
| 净利率 | — | -33.9% |
| 营收同比 | 45.2% | -15.6% |
| 净利润同比 | — | 68.8% |
| 每股收益（稀释后） | $-0.07 | $-4.40 |
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ESTASTEM
| Q4 25 | $64.6M | $47.1M | ||
| Q3 25 | $53.8M | $38.2M | ||
| Q2 25 | $51.3M | $38.4M | ||
| Q1 25 | $41.4M | $32.5M | ||
| Q4 24 | $44.5M | $55.8M | ||
| Q3 24 | $40.2M | $29.3M | ||
| Q2 24 | $44.1M | $34.0M | ||
| Q1 24 | $37.2M | $25.5M |
净利润ESTASTEM
| Q4 25 | — | $-16.0M | ||
| Q3 25 | $-11.1M | $-23.8M | ||
| Q2 25 | $-16.6M | $202.5M | ||
| Q1 25 | $-20.7M | $-25.0M | ||
| Q4 24 | — | $-51.1M | ||
| Q3 24 | $-16.7M | $-148.3M | ||
| Q2 24 | $-17.2M | $-582.3M | ||
| Q1 24 | $-16.2M | $-72.3M |
毛利率ESTASTEM
| Q4 25 | 70.5% | 48.9% | ||
| Q3 25 | 70.1% | 35.5% | ||
| Q2 25 | 68.8% | 33.4% | ||
| Q1 25 | 67.2% | 32.4% | ||
| Q4 24 | 68.5% | -4.4% | ||
| Q3 24 | 63.9% | 21.2% | ||
| Q2 24 | 65.6% | 27.6% | ||
| Q1 24 | 65.6% | -95.0% |
营业利润率ESTASTEM
| Q4 25 | -6.1% | -17.7% | ||
| Q3 25 | -7.5% | -33.6% | ||
| Q2 25 | -27.5% | -34.8% | ||
| Q1 25 | -41.0% | -65.0% | ||
| Q4 24 | -41.9% | -84.4% | ||
| Q3 24 | -32.7% | -493.2% | ||
| Q2 24 | -21.2% | -1705.5% | ||
| Q1 24 | -23.8% | -267.0% |
净利率ESTASTEM
| Q4 25 | — | -33.9% | ||
| Q3 25 | -20.7% | -62.2% | ||
| Q2 25 | -32.3% | 527.8% | ||
| Q1 25 | -50.1% | -76.9% | ||
| Q4 24 | — | -91.6% | ||
| Q3 24 | -41.5% | -506.3% | ||
| Q2 24 | -38.9% | -1712.6% | ||
| Q1 24 | -43.6% | -283.9% |
每股收益（稀释后）ESTASTEM
| Q4 25 | $-0.07 | $-4.40 | ||
| Q3 25 | $-0.38 | $-2.84 | ||
| Q2 25 | $-0.57 | $-1.79 | ||
| Q1 25 | $-0.70 | $-0.15 | ||
| Q4 24 | $-1.21 | $-15.29 | ||
| Q3 24 | $-0.59 | $-18.24 | ||
| Q2 24 | $-0.62 | $-71.81 | ||
| Q1 24 | $-0.58 | $-0.46 |
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 | $75.6M | $48.9M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $23.5M | $-249.4M |
| 总资产 | $357.2M | $308.9M |
| 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ESTASTEM
| Q4 25 | $75.6M | $48.9M | ||
| Q3 25 | $70.6M | $43.1M | ||
| Q2 25 | $54.6M | $40.8M | ||
| Q1 25 | $69.2M | $58.6M | ||
| Q4 24 | $90.3M | $56.3M | ||
| Q3 24 | — | $75.4M | ||
| Q2 24 | — | $89.6M | ||
| Q1 24 | — | $112.8M |
总债务ESTASTEM
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $0 | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益ESTASTEM
| Q4 25 | $23.5M | $-249.4M | ||
| Q3 25 | $16.4M | $-235.7M | ||
| Q2 25 | $22.8M | $-214.1M | ||
| Q1 25 | $38.5M | $-417.5M | ||
| Q4 24 | $53.1M | $-398.4M | ||
| Q3 24 | $32.7M | $-344.1M | ||
| Q2 24 | $45.0M | $-203.2M | ||
| Q1 24 | $56.9M | $371.6M |
总资产ESTASTEM
| Q4 25 | $357.2M | $308.9M | ||
| Q3 25 | $338.9M | $362.6M | ||
| Q2 25 | $329.7M | $379.2M | ||
| Q1 25 | $333.4M | $405.1M | ||
| Q4 24 | $346.8M | $437.4M | ||
| Q3 24 | $282.7M | $537.8M | ||
| Q2 24 | $285.1M | $691.5M | ||
| Q1 24 | $301.8M | $1.3B |
负债/权益比ESTASTEM
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.00× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $-162.0K | $8.2M |
| 自由现金流经营现金流 - 资本支出 | $-2.0M | — |
| 自由现金流率自由现金流/营收 | -3.1% | — |
| 资本支出强度资本支出/营收 | 2.8% | — |
| 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 | $-56.9M | — |
8季度趋势，按日历期对齐
经营现金流ESTASTEM
| Q4 25 | $-162.0K | $8.2M | ||
| Q3 25 | $-11.3M | $11.4M | ||
| Q2 25 | $-18.8M | $-21.3M | ||
| Q1 25 | $-20.7M | $8.5M | ||
| Q4 24 | $-20.7M | $-14.7M | ||
| Q3 24 | $-12.5M | $-9.4M | ||
| Q2 24 | $-14.2M | $-11.9M | ||
| Q1 24 | $-11.2M | $-621.0K |
自由现金流ESTASTEM
| Q4 25 | $-2.0M | — | ||
| Q3 25 | $-13.1M | — | ||
| Q2 25 | $-20.4M | — | ||
| Q1 25 | $-21.5M | — | ||
| Q4 24 | $-21.3M | — | ||
| Q3 24 | $-13.9M | — | ||
| Q2 24 | $-15.0M | — | ||
| Q1 24 | $-14.5M | — |
自由现金流率ESTASTEM
| Q4 25 | -3.1% | — | ||
| Q3 25 | -24.4% | — | ||
| Q2 25 | -39.7% | — | ||
| Q1 25 | -51.9% | — | ||
| Q4 24 | -47.8% | — | ||
| Q3 24 | -34.6% | — | ||
| Q2 24 | -33.9% | — | ||
| Q1 24 | -38.9% | — |
资本支出强度ESTASTEM
| Q4 25 | 2.8% | — | ||
| Q3 25 | 3.4% | — | ||
| Q2 25 | 3.2% | — | ||
| Q1 25 | 1.8% | — | ||
| Q4 24 | 1.2% | — | ||
| Q3 24 | 3.7% | — | ||
| Q2 24 | 1.8% | — | ||
| Q1 24 | 8.9% | — |
现金转化率ESTASTEM
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | -0.11× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
