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FirstCash Holdings, Inc.（FCFS）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FirstCash Holdings, Inc.的1.2倍（$586.5M vs $501.3M），FirstCash Holdings, Inc.净利率更高（20.8% vs -21.0%，领先41.8%），罗塞塔石碑同比增速更快（73.0% vs 21.2%），过去两年罗塞塔石碑的营收复合增速更高（28.2% vs 16.9%）
FirstCash Holdings, Inc.是总部位于美国得克萨斯州沃斯堡的典当企业，在美国及拉丁美洲多地运营线下典当零售门店，为纳斯达克证券交易所公开上市企业，在美洲典当服务领域拥有成熟的业务布局与完善的运营网络。
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。
FCFS vs STEP — 直观对比
营收规模更大
STEP
是对方的1.2倍
$501.3M
营收增速更快
STEP
高出51.8%
21.2%
净利率更高
FCFS
高出41.8%
-21.0%
两年增速更快
STEP
近两年复合增速
16.9%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $501.3M | $586.5M |
| 净利润 | $104.2M | $-123.5M |
| 毛利率 | — | — |
| 营业利润率 | 28.5% | -33.2% |
| 净利率 | 20.8% | -21.0% |
| 营收同比 | 21.2% | 73.0% |
| 净利润同比 | 24.7% | 35.7% |
| 每股收益（稀释后） | $2.35 | $-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FCFSSTEP
| Q4 25 | $501.3M | $586.5M | ||
| Q3 25 | $411.0M | $454.2M | ||
| Q2 25 | $385.1M | $364.3M | ||
| Q1 25 | $371.1M | $377.7M | ||
| Q4 24 | $413.7M | $339.0M | ||
| Q3 24 | $363.1M | $271.7M | ||
| Q2 24 | $363.5M | $186.4M | ||
| Q1 24 | $366.8M | $356.8M |
净利润FCFSSTEP
| Q4 25 | $104.2M | $-123.5M | ||
| Q3 25 | $82.8M | $-366.1M | ||
| Q2 25 | $59.8M | $-38.4M | ||
| Q1 25 | $83.6M | $-18.5M | ||
| Q4 24 | $83.5M | $-192.0M | ||
| Q3 24 | $64.8M | $17.6M | ||
| Q2 24 | $49.1M | $13.3M | ||
| Q1 24 | $61.4M | $30.8M |
营业利润率FCFSSTEP
| Q4 25 | 28.5% | -33.2% | ||
| Q3 25 | 27.4% | -148.8% | ||
| Q2 25 | 21.1% | -5.6% | ||
| Q1 25 | 30.0% | 2.6% | ||
| Q4 24 | 26.5% | -101.7% | ||
| Q3 24 | 23.5% | 21.3% | ||
| Q2 24 | 18.2% | 29.4% | ||
| Q1 24 | 22.3% | 26.5% |
净利率FCFSSTEP
| Q4 25 | 20.8% | -21.0% | ||
| Q3 25 | 20.1% | -80.6% | ||
| Q2 25 | 15.5% | -10.5% | ||
| Q1 25 | 22.5% | -4.9% | ||
| Q4 24 | 20.2% | -56.6% | ||
| Q3 24 | 17.9% | 6.5% | ||
| Q2 24 | 13.5% | 7.2% | ||
| Q1 24 | 16.7% | 8.6% |
每股收益（稀释后）FCFSSTEP
| Q4 25 | $2.35 | $-1.55 | ||
| Q3 25 | $1.86 | $-4.66 | ||
| Q2 25 | $1.34 | $-0.49 | ||
| Q1 25 | $1.87 | $-0.37 | ||
| Q4 24 | $1.86 | $-2.61 | ||
| Q3 24 | $1.44 | $0.26 | ||
| Q2 24 | $1.08 | $0.20 | ||
| Q1 24 | $1.35 | $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 | $125.2M | — |
| 总债务越低越好 | $2.2B | $270.2M |
| 股东权益账面价值 | $2.3B | $-378.8M |
| 总资产 | $5.3B | $5.2B |
| 负债/权益比越低杠杆越低 | 0.98× | — |
8季度趋势，按日历期对齐
现金及短期投资FCFSSTEP
| Q4 25 | $125.2M | — | ||
| Q3 25 | $130.2M | — | ||
| Q2 25 | $101.5M | — | ||
| Q1 25 | $146.0M | — | ||
| Q4 24 | $175.1M | — | ||
| Q3 24 | $106.3M | — | ||
| Q2 24 | $113.7M | — | ||
| Q1 24 | $135.1M | — |
总债务FCFSSTEP
| Q4 25 | $2.2B | $270.2M | ||
| Q3 25 | $2.2B | $269.9M | ||
| Q2 25 | $1.7B | $269.6M | ||
| Q1 25 | $1.7B | $269.3M | ||
| Q4 24 | $1.7B | $168.9M | ||
| Q3 24 | $1.7B | $172.3M | ||
| Q2 24 | $1.7B | $172.1M | ||
| Q1 24 | $1.5B | $148.8M |
股东权益FCFSSTEP
| Q4 25 | $2.3B | $-378.8M | ||
| Q3 25 | $2.2B | $-233.5M | ||
| Q2 25 | $2.1B | $153.9M | ||
| Q1 25 | $2.1B | $179.4M | ||
| Q4 24 | $2.1B | $209.8M | ||
| Q3 24 | $2.0B | $397.5M | ||
| Q2 24 | $2.0B | $366.9M | ||
| Q1 24 | $2.0B | $324.5M |
总资产FCFSSTEP
| Q4 25 | $5.3B | $5.2B | ||
| Q3 25 | $5.2B | $5.3B | ||
| Q2 25 | $4.5B | $4.8B | ||
| Q1 25 | $4.4B | $4.6B | ||
| Q4 24 | $4.5B | $4.3B | ||
| Q3 24 | $4.4B | $4.0B | ||
| Q2 24 | $4.3B | $3.8B | ||
| Q1 24 | $4.2B | $3.8B |
负债/权益比FCFSSTEP
| Q4 25 | 0.98× | — | ||
| Q3 25 | 1.01× | — | ||
| Q2 25 | 0.79× | 1.75× | ||
| Q1 25 | 0.83× | 1.50× | ||
| Q4 24 | 0.85× | 0.81× | ||
| Q3 24 | 0.87× | 0.43× | ||
| Q2 24 | 0.85× | 0.47× | ||
| Q1 24 | 0.75× | 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 | $206.6M | $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 | 1.98× | — |
| 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FCFSSTEP
| Q4 25 | $206.6M | $27.2M | ||
| Q3 25 | $135.8M | $16.2M | ||
| Q2 25 | $116.9M | $46.3M | ||
| Q1 25 | $126.6M | $-66.5M | ||
| Q4 24 | $198.1M | $27.6M | ||
| Q3 24 | $113.1M | $53.7M | ||
| Q2 24 | $106.2M | $50.2M | ||
| Q1 24 | $122.5M | $7.6M |
自由现金流FCFSSTEP
| 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FCFSSTEP
| 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FCFSSTEP
| 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FCFSSTEP
| Q4 25 | 1.98× | — | ||
| Q3 25 | 1.64× | — | ||
| Q2 25 | 1.95× | — | ||
| Q1 25 | 1.51× | — | ||
| Q4 24 | 2.37× | — | ||
| Q3 24 | 1.74× | 3.05× | ||
| Q2 24 | 2.16× | 3.76× | ||
| Q1 24 | 2.00× | 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
FCFS
| US Pawn Segment | $292.2M | 58% |
| Retail POS Payment Solutions | $209.8M | 42% |
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% |
