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ExlService Holdings, Inc.（EXLS）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ExlService Holdings, Inc.的1.1倍（$586.5M vs $542.6M），ExlService Holdings, Inc.净利率更高（11.1% vs -21.0%，领先32.2%），罗塞塔石碑同比增速更快（73.0% vs 12.7%），ExlService Holdings, Inc.自由现金流更多（$106.5M vs $26.7M），过去两年罗塞塔石碑的营收复合增速更高（28.2% vs 11.5%）
ExlService Holdings Inc.是全球知名的分析与数字解决方案服务商，服务覆盖保险、医疗健康、银行金融服务、媒体、零售等多个行业，总部位于纽约，在美国、欧洲、亚洲、拉美、澳大利亚、南非等地拥有超过5.4万名专业从业人员。
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。
EXLS vs STEP — 直观对比
营收规模更大
STEP
是对方的1.1倍
$542.6M
营收增速更快
STEP
高出60.3%
12.7%
净利率更高
EXLS
高出32.2%
-21.0%
自由现金流更多
EXLS
多$79.8M
$26.7M
两年增速更快
STEP
近两年复合增速
11.5%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $542.6M | $586.5M |
| 净利润 | $60.2M | $-123.5M |
| 毛利率 | 38.6% | — |
| 营业利润率 | 14.4% | -33.2% |
| 净利率 | 11.1% | -21.0% |
| 营收同比 | 12.7% | 73.0% |
| 净利润同比 | 18.9% | 35.7% |
| 每股收益（稀释后） | $0.38 | $-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EXLSSTEP
| Q4 25 | $542.6M | $586.5M | ||
| Q3 25 | $529.6M | $454.2M | ||
| Q2 25 | $514.5M | $364.3M | ||
| Q1 25 | $501.0M | $377.7M | ||
| Q4 24 | $481.4M | $339.0M | ||
| Q3 24 | $472.1M | $271.7M | ||
| Q2 24 | $448.4M | $186.4M | ||
| Q1 24 | $436.5M | $356.8M |
净利润EXLSSTEP
| Q4 25 | $60.2M | $-123.5M | ||
| Q3 25 | $58.2M | $-366.1M | ||
| Q2 25 | $66.1M | $-38.4M | ||
| Q1 25 | $66.6M | $-18.5M | ||
| Q4 24 | $50.7M | $-192.0M | ||
| Q3 24 | $53.0M | $17.6M | ||
| Q2 24 | $45.8M | $13.3M | ||
| Q1 24 | $48.8M | $30.8M |
毛利率EXLSSTEP
| Q4 25 | 38.6% | — | ||
| Q3 25 | 38.5% | — | ||
| Q2 25 | 37.7% | — | ||
| Q1 25 | 38.6% | — | ||
| Q4 24 | 38.1% | — | ||
| Q3 24 | 37.8% | — | ||
| Q2 24 | 37.1% | — | ||
| Q1 24 | 37.4% | — |
营业利润率EXLSSTEP
| Q4 25 | 14.4% | -33.2% | ||
| Q3 25 | 14.4% | -148.8% | ||
| Q2 25 | 15.8% | -5.6% | ||
| Q1 25 | 15.7% | 2.6% | ||
| Q4 24 | 14.8% | -101.7% | ||
| Q3 24 | 14.7% | 21.3% | ||
| Q2 24 | 13.7% | 29.4% | ||
| Q1 24 | 14.1% | 26.5% |
净利率EXLSSTEP
| Q4 25 | 11.1% | -21.0% | ||
| Q3 25 | 11.0% | -80.6% | ||
| Q2 25 | 12.8% | -10.5% | ||
| Q1 25 | 13.3% | -4.9% | ||
| Q4 24 | 10.5% | -56.6% | ||
| Q3 24 | 11.2% | 6.5% | ||
| Q2 24 | 10.2% | 7.2% | ||
| Q1 24 | 11.2% | 8.6% |
每股收益（稀释后）EXLSSTEP
| Q4 25 | $0.38 | $-1.55 | ||
| Q3 25 | $0.36 | $-4.66 | ||
| Q2 25 | $0.40 | $-0.49 | ||
| Q1 25 | $0.40 | $-0.37 | ||
| Q4 24 | $0.31 | $-2.61 | ||
| Q3 24 | $0.33 | $0.26 | ||
| Q2 24 | $0.28 | $0.20 | ||
| Q1 24 | $0.29 | $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 | $328.4M | — |
| 总债务越低越好 | $298.6M | $270.2M |
| 股东权益账面价值 | $912.7M | $-378.8M |
| 总资产 | $1.7B | $5.2B |
| 负债/权益比越低杠杆越低 | 0.33× | — |
8季度趋势，按日历期对齐
现金及短期投资EXLSSTEP
| Q4 25 | $328.4M | — | ||
| Q3 25 | $390.1M | — | ||
| Q2 25 | $353.3M | — | ||
| Q1 25 | $331.4M | — | ||
| Q4 24 | $340.6M | — | ||
| Q3 24 | $325.8M | — | ||
| Q2 24 | $276.1M | — | ||
| Q1 24 | $246.2M | — |
总债务EXLSSTEP
| Q4 25 | $298.6M | $270.2M | ||
| Q3 25 | $354.8M | $269.9M | ||
| Q2 25 | $260.0M | $269.6M | ||
| Q1 25 | $307.3M | $269.3M | ||
| Q4 24 | $288.5M | $168.9M | ||
| Q3 24 | $344.7M | $172.3M | ||
| Q2 24 | — | $172.1M | ||
| Q1 24 | — | $148.8M |
股东权益EXLSSTEP
| Q4 25 | $912.7M | $-378.8M | ||
| Q3 25 | $952.4M | $-233.5M | ||
| Q2 25 | $1.1B | $153.9M | ||
| Q1 25 | $1.0B | $179.4M | ||
| Q4 24 | $929.9M | $209.8M | ||
| Q3 24 | $907.6M | $397.5M | ||
| Q2 24 | $852.6M | $366.9M | ||
| Q1 24 | $803.3M | $324.5M |
总资产EXLSSTEP
| Q4 25 | $1.7B | $5.2B | ||
| Q3 25 | $1.7B | $5.3B | ||
| Q2 25 | $1.7B | $4.8B | ||
| Q1 25 | $1.7B | $4.6B | ||
| Q4 24 | $1.6B | $4.3B | ||
| Q3 24 | $1.6B | $4.0B | ||
| Q2 24 | $1.5B | $3.8B | ||
| Q1 24 | $1.4B | $3.8B |
负债/权益比EXLSSTEP
| Q4 25 | 0.33× | — | ||
| Q3 25 | 0.37× | — | ||
| Q2 25 | 0.25× | 1.75× | ||
| Q1 25 | 0.30× | 1.50× | ||
| Q4 24 | 0.31× | 0.81× | ||
| Q3 24 | 0.38× | 0.43× | ||
| Q2 24 | — | 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 | $117.4M | $27.2M |
| 自由现金流经营现金流 - 资本支出 | $106.5M | $26.7M |
| 自由现金流率自由现金流/营收 | 19.6% | 4.6% |
| 资本支出强度资本支出/营收 | 2.0% | 0.1% |
| 现金转化率经营现金流/净利润 | 1.95× | — |
| 过去12个月自由现金流最近4个季度 | $298.1M | $18.6M |
8季度趋势，按日历期对齐
经营现金流EXLSSTEP
| Q4 25 | $117.4M | $27.2M | ||
| Q3 25 | $120.7M | $16.2M | ||
| Q2 25 | $109.4M | $46.3M | ||
| Q1 25 | $3.2M | $-66.5M | ||
| Q4 24 | $105.3M | $27.6M | ||
| Q3 24 | $110.1M | $53.7M | ||
| Q2 24 | $74.9M | $50.2M | ||
| Q1 24 | $-21.9M | $7.6M |
自由现金流EXLSSTEP
| Q4 25 | $106.5M | $26.7M | ||
| Q3 25 | $106.4M | $15.9M | ||
| Q2 25 | $95.0M | $45.2M | ||
| Q1 25 | $-9.7M | $-69.2M | ||
| Q4 24 | $95.3M | $27.0M | ||
| Q3 24 | $97.3M | $52.4M | ||
| Q2 24 | $62.8M | $49.6M | ||
| Q1 24 | $-33.1M | $6.7M |
自由现金流率EXLSSTEP
| Q4 25 | 19.6% | 4.6% | ||
| Q3 25 | 20.1% | 3.5% | ||
| Q2 25 | 18.5% | 12.4% | ||
| Q1 25 | -1.9% | -18.3% | ||
| Q4 24 | 19.8% | 8.0% | ||
| Q3 24 | 20.6% | 19.3% | ||
| Q2 24 | 14.0% | 26.6% | ||
| Q1 24 | -7.6% | 1.9% |
资本支出强度EXLSSTEP
| Q4 25 | 2.0% | 0.1% | ||
| Q3 25 | 2.7% | 0.1% | ||
| Q2 25 | 2.8% | 0.3% | ||
| Q1 25 | 2.6% | 0.7% | ||
| Q4 24 | 2.1% | 0.2% | ||
| Q3 24 | 2.7% | 0.5% | ||
| Q2 24 | 2.7% | 0.3% | ||
| Q1 24 | 2.6% | 0.3% |
现金转化率EXLSSTEP
| Q4 25 | 1.95× | — | ||
| Q3 25 | 2.08× | — | ||
| Q2 25 | 1.66× | — | ||
| Q1 25 | 0.05× | — | ||
| Q4 24 | 2.08× | — | ||
| Q3 24 | 2.08× | 3.05× | ||
| Q2 24 | 1.63× | 3.76× | ||
| Q1 24 | -0.45× | 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
EXLS
| Insurance | $185.8M | 34% |
| Healthcare And Life Sciences | $142.2M | 26% |
| Banking Capital Markets And Diversified Industries | $122.6M | 23% |
| International Growth Markets | $92.0M | 17% |
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% |
