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Fair Isaac（FICO）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Fair Isaac的1.1倍（$586.5M vs $512.0M），Fair Isaac净利率更高（30.9% vs -21.0%，领先52.0%），罗塞塔石碑同比增速更快（73.0% vs 16.4%），Fair Isaac自由现金流更多（$173.9M vs $26.7M），过去两年罗塞塔石碑的营收复合增速更高（28.2% vs 8.6%）
FICO（原Fair, Isaac and Company）是美国知名数据分析企业，1956年由比尔·费尔与厄尔·艾萨克创立，总部位于蒙大拿州博兹曼市，核心业务为信用评分服务，其推出的FICO信用分是评估消费者信贷风险的重要指标，目前已被美国消费信贷行业广泛采用。
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。
FICO vs STEP — 直观对比
营收规模更大
STEP
是对方的1.1倍
$512.0M
营收增速更快
STEP
高出56.6%
16.4%
净利率更高
FICO
高出52.0%
-21.0%
自由现金流更多
FICO
多$147.1M
$26.7M
两年增速更快
STEP
近两年复合增速
8.6%
损益表 — Q1 FY2026 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $512.0M | $586.5M |
| 净利润 | $158.4M | $-123.5M |
| 毛利率 | 83.0% | — |
| 营业利润率 | 45.7% | -33.2% |
| 净利率 | 30.9% | -21.0% |
| 营收同比 | 16.4% | 73.0% |
| 净利润同比 | 3.8% | 35.7% |
| 每股收益（稀释后） | $6.61 | $-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FICOSTEP
| Q4 25 | $512.0M | $586.5M | ||
| Q3 25 | $515.8M | $454.2M | ||
| Q2 25 | $536.4M | $364.3M | ||
| Q1 25 | $498.7M | $377.7M | ||
| Q4 24 | $440.0M | $339.0M | ||
| Q3 24 | $453.8M | $271.7M | ||
| Q2 24 | $447.8M | $186.4M | ||
| Q1 24 | $433.8M | $356.8M |
净利润FICOSTEP
| Q4 25 | $158.4M | $-123.5M | ||
| Q3 25 | $155.0M | $-366.1M | ||
| Q2 25 | $181.8M | $-38.4M | ||
| Q1 25 | $162.6M | $-18.5M | ||
| Q4 24 | $152.5M | $-192.0M | ||
| Q3 24 | $135.7M | $17.6M | ||
| Q2 24 | $126.3M | $13.3M | ||
| Q1 24 | $129.8M | $30.8M |
毛利率FICOSTEP
| Q4 25 | 83.0% | — | ||
| Q3 25 | 82.3% | — | ||
| Q2 25 | 83.7% | — | ||
| Q1 25 | 82.4% | — | ||
| Q4 24 | 80.1% | — | ||
| Q3 24 | 80.3% | — | ||
| Q2 24 | 80.3% | — | ||
| Q1 24 | 80.0% | — |
营业利润率FICOSTEP
| Q4 25 | 45.7% | -33.2% | ||
| Q3 25 | 46.0% | -148.8% | ||
| Q2 25 | 48.9% | -5.6% | ||
| Q1 25 | 49.3% | 2.6% | ||
| Q4 24 | 40.8% | -101.7% | ||
| Q3 24 | 43.4% | 21.3% | ||
| Q2 24 | 42.5% | 29.4% | ||
| Q1 24 | 44.9% | 26.5% |
净利率FICOSTEP
| Q4 25 | 30.9% | -21.0% | ||
| Q3 25 | 30.1% | -80.6% | ||
| Q2 25 | 33.9% | -10.5% | ||
| Q1 25 | 32.6% | -4.9% | ||
| Q4 24 | 34.7% | -56.6% | ||
| Q3 24 | 29.9% | 6.5% | ||
| Q2 24 | 28.2% | 7.2% | ||
| Q1 24 | 29.9% | 8.6% |
每股收益（稀释后）FICOSTEP
| Q4 25 | $6.61 | $-1.55 | ||
| Q3 25 | $6.41 | $-4.66 | ||
| Q2 25 | $7.40 | $-0.49 | ||
| Q1 25 | $6.59 | $-0.37 | ||
| Q4 24 | $6.14 | $-2.61 | ||
| Q3 24 | $5.44 | $0.26 | ||
| Q2 24 | $5.05 | $0.20 | ||
| Q1 24 | $5.16 | $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 | $162.0M | — |
| 总债务越低越好 | $3.2B | $270.2M |
| 股东权益账面价值 | $-1.8B | $-378.8M |
| 总资产 | $1.9B | $5.2B |
| 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FICOSTEP
| Q4 25 | $162.0M | — | ||
| Q3 25 | $134.1M | — | ||
| Q2 25 | $189.0M | — | ||
| Q1 25 | $146.6M | — | ||
| Q4 24 | $184.3M | — | ||
| Q3 24 | $150.7M | — | ||
| Q2 24 | $156.0M | — | ||
| Q1 24 | $135.7M | — |
总债务FICOSTEP
| Q4 25 | $3.2B | $270.2M | ||
| Q3 25 | $3.1B | $269.9M | ||
| Q2 25 | $2.8B | $269.6M | ||
| Q1 25 | $2.5B | $269.3M | ||
| Q4 24 | $2.4B | $168.9M | ||
| Q3 24 | $2.2B | $172.3M | ||
| Q2 24 | $2.1B | $172.1M | ||
| Q1 24 | $2.0B | $148.8M |
股东权益FICOSTEP
| Q4 25 | $-1.8B | $-378.8M | ||
| Q3 25 | $-1.7B | $-233.5M | ||
| Q2 25 | $-1.4B | $153.9M | ||
| Q1 25 | $-1.1B | $179.4M | ||
| Q4 24 | $-1.1B | $209.8M | ||
| Q3 24 | $-962.7M | $397.5M | ||
| Q2 24 | $-829.3M | $366.9M | ||
| Q1 24 | $-735.7M | $324.5M |
总资产FICOSTEP
| Q4 25 | $1.9B | $5.2B | ||
| Q3 25 | $1.9B | $5.3B | ||
| Q2 25 | $1.9B | $4.8B | ||
| Q1 25 | $1.8B | $4.6B | ||
| Q4 24 | $1.7B | $4.3B | ||
| Q3 24 | $1.7B | $4.0B | ||
| Q2 24 | $1.7B | $3.8B | ||
| Q1 24 | $1.7B | $3.8B |
负债/权益比FICOSTEP
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 1.75× | ||
| Q1 25 | — | 1.50× | ||
| Q4 24 | — | 0.81× | ||
| Q3 24 | — | 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 | $174.1M | $27.2M |
| 自由现金流经营现金流 - 资本支出 | $173.9M | $26.7M |
| 自由现金流率自由现金流/营收 | 34.0% | 4.6% |
| 资本支出强度资本支出/营收 | 0.0% | 0.1% |
| 现金转化率经营现金流/净利润 | 1.10× | — |
| 过去12个月自由现金流最近4个季度 | $750.6M | $18.6M |
8季度趋势，按日历期对齐
经营现金流FICOSTEP
| Q4 25 | $174.1M | $27.2M | ||
| Q3 25 | $223.7M | $16.2M | ||
| Q2 25 | $286.2M | $46.3M | ||
| Q1 25 | $74.9M | $-66.5M | ||
| Q4 24 | $194.0M | $27.6M | ||
| Q3 24 | $226.5M | $53.7M | ||
| Q2 24 | $213.3M | $50.2M | ||
| Q1 24 | $71.0M | $7.6M |
自由现金流FICOSTEP
| Q4 25 | $173.9M | $26.7M | ||
| Q3 25 | $219.5M | $15.9M | ||
| Q2 25 | $284.4M | $45.2M | ||
| Q1 25 | $72.8M | $-69.2M | ||
| Q4 24 | $193.2M | $27.0M | ||
| Q3 24 | $224.7M | $52.4M | ||
| Q2 24 | $211.6M | $49.6M | ||
| Q1 24 | $67.0M | $6.7M |
自由现金流率FICOSTEP
| Q4 25 | 34.0% | 4.6% | ||
| Q3 25 | 42.6% | 3.5% | ||
| Q2 25 | 53.0% | 12.4% | ||
| Q1 25 | 14.6% | -18.3% | ||
| Q4 24 | 43.9% | 8.0% | ||
| Q3 24 | 49.5% | 19.3% | ||
| Q2 24 | 47.2% | 26.6% | ||
| Q1 24 | 15.4% | 1.9% |
资本支出强度FICOSTEP
| Q4 25 | 0.0% | 0.1% | ||
| Q3 25 | 0.8% | 0.1% | ||
| Q2 25 | 0.3% | 0.3% | ||
| Q1 25 | 0.4% | 0.7% | ||
| Q4 24 | 0.2% | 0.2% | ||
| Q3 24 | 0.4% | 0.5% | ||
| Q2 24 | 0.4% | 0.3% | ||
| Q1 24 | 0.9% | 0.3% |
现金转化率FICOSTEP
| Q4 25 | 1.10× | — | ||
| Q3 25 | 1.44× | — | ||
| Q2 25 | 1.57× | — | ||
| Q1 25 | 0.46× | — | ||
| Q4 24 | 1.27× | — | ||
| Q3 24 | 1.67× | 3.05× | ||
| Q2 24 | 1.69× | 3.76× | ||
| Q1 24 | 0.55× | 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
FICO
| Business To Business Scores | $248.6M | 49% |
| Saa S Products | $115.7M | 23% |
| Platform Software | $73.9M | 14% |
| Business To Consumer Scores | $55.9M | 11% |
| Technology Service | $19.2M | 4% |
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% |
