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FEDERAL SIGNAL CORP（FSS）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
FEDERAL SIGNAL CORP的季度营收约是罗塞塔石碑的1.0倍（$597.1M vs $586.5M），FEDERAL SIGNAL CORP净利率更高（10.2% vs -21.0%，领先31.2%），罗塞塔石碑同比增速更快（73.0% vs 26.5%），FEDERAL SIGNAL CORP自由现金流更多（$89.5M vs $26.7M），过去两年罗塞塔石碑的营收复合增速更高（28.2% vs 18.5%）
联邦信号公司是20世纪早期的美国企业，主营铁路信号设备的制造业务，总部坐落于美国纽约州奥尔巴尼市，其生产的相关信号产品在当时的美国轨道交通行业得到了广泛应用，具备一定的行业知名度。
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。
FSS vs STEP — 直观对比
营收规模更大
FSS
是对方的1.0倍
$586.5M
营收增速更快
STEP
高出46.5%
26.5%
净利率更高
FSS
高出31.2%
-21.0%
自由现金流更多
FSS
多$62.8M
$26.7M
两年增速更快
STEP
近两年复合增速
18.5%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $597.1M | $586.5M |
| 净利润 | $60.8M | $-123.5M |
| 毛利率 | 28.4% | — |
| 营业利润率 | 14.0% | -33.2% |
| 净利率 | 10.2% | -21.0% |
| 营收同比 | 26.5% | 73.0% |
| 净利润同比 | 21.6% | 35.7% |
| 每股收益（稀释后） | $0.99 | $-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FSSSTEP
| Q4 25 | $597.1M | $586.5M | ||
| Q3 25 | $555.0M | $454.2M | ||
| Q2 25 | $564.6M | $364.3M | ||
| Q1 25 | $463.8M | $377.7M | ||
| Q4 24 | $472.0M | $339.0M | ||
| Q3 24 | $474.2M | $271.7M | ||
| Q2 24 | $490.4M | $186.4M | ||
| Q1 24 | $424.9M | $356.8M |
净利润FSSSTEP
| Q4 25 | $60.8M | $-123.5M | ||
| Q3 25 | $68.1M | $-366.1M | ||
| Q2 25 | $71.4M | $-38.4M | ||
| Q1 25 | $46.3M | $-18.5M | ||
| Q4 24 | $50.0M | $-192.0M | ||
| Q3 24 | $53.9M | $17.6M | ||
| Q2 24 | $60.8M | $13.3M | ||
| Q1 24 | $51.6M | $30.8M |
毛利率FSSSTEP
| Q4 25 | 28.4% | — | ||
| Q3 25 | 29.1% | — | ||
| Q2 25 | 30.0% | — | ||
| Q1 25 | 28.2% | — | ||
| Q4 24 | 28.1% | — | ||
| Q3 24 | 29.6% | — | ||
| Q2 24 | 29.4% | — | ||
| Q1 24 | 27.3% | — |
营业利润率FSSSTEP
| Q4 25 | 14.0% | -33.2% | ||
| Q3 25 | 16.9% | -148.8% | ||
| Q2 25 | 17.3% | -5.6% | ||
| Q1 25 | 14.2% | 2.6% | ||
| Q4 24 | 14.9% | -101.7% | ||
| Q3 24 | 16.0% | 21.3% | ||
| Q2 24 | 16.5% | 29.4% | ||
| Q1 24 | 12.8% | 26.5% |
净利率FSSSTEP
| Q4 25 | 10.2% | -21.0% | ||
| Q3 25 | 12.3% | -80.6% | ||
| Q2 25 | 12.6% | -10.5% | ||
| Q1 25 | 10.0% | -4.9% | ||
| Q4 24 | 10.6% | -56.6% | ||
| Q3 24 | 11.4% | 6.5% | ||
| Q2 24 | 12.4% | 7.2% | ||
| Q1 24 | 12.1% | 8.6% |
每股收益（稀释后）FSSSTEP
| Q4 25 | $0.99 | $-1.55 | ||
| Q3 25 | $1.11 | $-4.66 | ||
| Q2 25 | $1.16 | $-0.49 | ||
| Q1 25 | $0.75 | $-0.37 | ||
| Q4 24 | $0.80 | $-2.61 | ||
| Q3 24 | $0.87 | $0.26 | ||
| Q2 24 | $0.99 | $0.20 | ||
| Q1 24 | $0.84 | $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 | $63.7M | — |
| 总债务越低越好 | $564.6M | $270.2M |
| 股东权益账面价值 | $1.4B | $-378.8M |
| 总资产 | $2.4B | $5.2B |
| 负债/权益比越低杠杆越低 | 0.41× | — |
8季度趋势，按日历期对齐
现金及短期投资FSSSTEP
| Q4 25 | $63.7M | — | ||
| Q3 25 | $54.4M | — | ||
| Q2 25 | $64.7M | — | ||
| Q1 25 | $57.5M | — | ||
| Q4 24 | $91.1M | — | ||
| Q3 24 | $73.7M | — | ||
| Q2 24 | $48.6M | — | ||
| Q1 24 | $48.9M | — |
总债务FSSSTEP
| Q4 25 | $564.6M | $270.2M | ||
| Q3 25 | $201.2M | $269.9M | ||
| Q2 25 | $258.3M | $269.6M | ||
| Q1 25 | $266.9M | $269.3M | ||
| Q4 24 | $204.4M | $168.9M | ||
| Q3 24 | $223.3M | $172.3M | ||
| Q2 24 | $248.8M | $172.1M | ||
| Q1 24 | $266.8M | $148.8M |
股东权益FSSSTEP
| Q4 25 | $1.4B | $-378.8M | ||
| Q3 25 | $1.3B | $-233.5M | ||
| Q2 25 | $1.3B | $153.9M | ||
| Q1 25 | $1.2B | $179.4M | ||
| Q4 24 | $1.2B | $209.8M | ||
| Q3 24 | $1.1B | $397.5M | ||
| Q2 24 | $1.1B | $366.9M | ||
| Q1 24 | $1.0B | $324.5M |
总资产FSSSTEP
| Q4 25 | $2.4B | $5.2B | ||
| Q3 25 | $1.9B | $5.3B | ||
| Q2 25 | $1.9B | $4.8B | ||
| Q1 25 | $1.9B | $4.6B | ||
| Q4 24 | $1.8B | $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FSSSTEP
| Q4 25 | 0.41× | — | ||
| Q3 25 | 0.15× | — | ||
| Q2 25 | 0.20× | 1.75× | ||
| Q1 25 | 0.22× | 1.50× | ||
| Q4 24 | 0.17× | 0.81× | ||
| Q3 24 | 0.19× | 0.43× | ||
| Q2 24 | 0.23× | 0.47× | ||
| Q1 24 | 0.26× | 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 | $97.2M | $27.2M |
| 自由现金流经营现金流 - 资本支出 | $89.5M | $26.7M |
| 自由现金流率自由现金流/营收 | 15.0% | 4.6% |
| 资本支出强度资本支出/营收 | 1.3% | 0.1% |
| 现金转化率经营现金流/净利润 | 1.60× | — |
| 过去12个月自由现金流最近4个季度 | $227.1M | $18.6M |
8季度趋势，按日历期对齐
经营现金流FSSSTEP
| Q4 25 | $97.2M | $27.2M | ||
| Q3 25 | $61.1M | $16.2M | ||
| Q2 25 | $59.7M | $46.3M | ||
| Q1 25 | $36.7M | $-66.5M | ||
| Q4 24 | $90.6M | $27.6M | ||
| Q3 24 | $68.8M | $53.7M | ||
| Q2 24 | $40.6M | $50.2M | ||
| Q1 24 | $31.3M | $7.6M |
自由现金流FSSSTEP
| Q4 25 | $89.5M | $26.7M | ||
| Q3 25 | $54.1M | $15.9M | ||
| Q2 25 | $52.4M | $45.2M | ||
| Q1 25 | $31.1M | $-69.2M | ||
| Q4 24 | $82.1M | $27.0M | ||
| Q3 24 | $60.9M | $52.4M | ||
| Q2 24 | $24.8M | $49.6M | ||
| Q1 24 | $22.9M | $6.7M |
自由现金流率FSSSTEP
| Q4 25 | 15.0% | 4.6% | ||
| Q3 25 | 9.7% | 3.5% | ||
| Q2 25 | 9.3% | 12.4% | ||
| Q1 25 | 6.7% | -18.3% | ||
| Q4 24 | 17.4% | 8.0% | ||
| Q3 24 | 12.8% | 19.3% | ||
| Q2 24 | 5.1% | 26.6% | ||
| Q1 24 | 5.4% | 1.9% |
资本支出强度FSSSTEP
| Q4 25 | 1.3% | 0.1% | ||
| Q3 25 | 1.3% | 0.1% | ||
| Q2 25 | 1.3% | 0.3% | ||
| Q1 25 | 1.2% | 0.7% | ||
| Q4 24 | 1.8% | 0.2% | ||
| Q3 24 | 1.7% | 0.5% | ||
| Q2 24 | 3.2% | 0.3% | ||
| Q1 24 | 2.0% | 0.3% |
现金转化率FSSSTEP
| Q4 25 | 1.60× | — | ||
| Q3 25 | 0.90× | — | ||
| Q2 25 | 0.84× | — | ||
| Q1 25 | 0.79× | — | ||
| Q4 24 | 1.81× | — | ||
| Q3 24 | 1.28× | 3.05× | ||
| Q2 24 | 0.67× | 3.76× | ||
| Q1 24 | 0.61× | 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
FSS
| Vehiclesandequipment | $403.4M | 68% |
| Parts | $66.8M | 11% |
| Publicsafetyandsecurityequipment | $62.2M | 10% |
| Rentalincome | $19.0M | 3% |
| Industrialsignalingequipment | $18.2M | 3% |
| Other | $14.9M | 2% |
| Warningsystems | $12.6M | 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% |
