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华利安（HLI）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
华利安的季度营收约是罗塞塔石碑的1.2倍（$717.1M vs $586.5M）。华利安净利率更高（16.3% vs -21.0%，领先37.3%）。罗塞塔石碑同比增速更快（73.0% vs 13.0%）。华利安自由现金流更多（$217.0M vs $26.7M）。过去两年罗塞塔石碑的营收复合增速更高（28.2% vs 17.4%）
华利安是美国知名跨国独立投资银行及金融服务机构，1972年成立，总部位于加利福尼亚州洛杉矶世纪城的星座广场。公司为上市企业、非公众公司、机构及政府主体提供专业服务，核心业务涵盖并购咨询、资本解决方案、重组与困境并购、公允意见出具，以及财务与估值顾问等领域。
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。
HLI vs STEP — 直观对比
营收规模更大
HLI
是对方的1.2倍
$586.5M
营收增速更快
STEP
高出60.0%
13.0%
净利率更高
HLI
高出37.3%
-21.0%
自由现金流更多
HLI
多$190.3M
$26.7M
两年增速更快
STEP
近两年复合增速
17.4%
损益表 — Q3 2026 vs Q3 2026
| 指标 | | |
|---|---|---|
| 营收 | $717.1M | $586.5M |
| 净利润 | $116.5M | $-123.5M |
| 毛利率 | 32.2% | — |
| 营业利润率 | 22.4% | -33.2% |
| 净利率 | 16.3% | -21.0% |
| 营收同比 | 13.0% | 73.0% |
| 净利润同比 | 22.3% | 35.7% |
| 每股收益（稀释后） | $1.70 | $-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HLISTEP
| Q4 25 | $717.1M | $586.5M | ||
| Q3 25 | $659.5M | $454.2M | ||
| Q2 25 | $605.3M | $364.3M | ||
| Q1 25 | $666.4M | $377.7M | ||
| Q4 24 | $634.4M | $339.0M | ||
| Q3 24 | $575.0M | $271.7M | ||
| Q2 24 | $513.6M | $186.4M | ||
| Q1 24 | $520.5M | $356.8M |
净利润HLISTEP
| Q4 25 | $116.5M | $-123.5M | ||
| Q3 25 | $111.8M | $-366.1M | ||
| Q2 25 | $97.5M | $-38.4M | ||
| Q1 25 | $121.9M | $-18.5M | ||
| Q4 24 | $95.3M | $-192.0M | ||
| Q3 24 | $93.5M | $17.6M | ||
| Q2 24 | $88.9M | $13.3M | ||
| Q1 24 | $81.1M | $30.8M |
毛利率HLISTEP
| Q4 25 | 32.2% | — | ||
| Q3 25 | 33.8% | — | ||
| Q2 25 | 31.0% | — | ||
| Q1 25 | 33.9% | — | ||
| Q4 24 | 31.4% | — | ||
| Q3 24 | 33.0% | — | ||
| Q2 24 | 30.6% | — | ||
| Q1 24 | 30.3% | — |
营业利润率HLISTEP
| Q4 25 | 22.4% | -33.2% | ||
| Q3 25 | 22.9% | -148.8% | ||
| Q2 25 | 14.8% | -5.6% | ||
| Q1 25 | 20.9% | 2.6% | ||
| Q4 24 | 21.5% | -101.7% | ||
| Q3 24 | 22.7% | 21.3% | ||
| Q2 24 | 18.6% | 29.4% | ||
| Q1 24 | 19.7% | 26.5% |
净利率HLISTEP
| Q4 25 | 16.3% | -21.0% | ||
| Q3 25 | 17.0% | -80.6% | ||
| Q2 25 | 16.1% | -10.5% | ||
| Q1 25 | 18.3% | -4.9% | ||
| Q4 24 | 15.0% | -56.6% | ||
| Q3 24 | 16.3% | 6.5% | ||
| Q2 24 | 17.3% | 7.2% | ||
| Q1 24 | 15.6% | 8.6% |
每股收益（稀释后）HLISTEP
| Q4 25 | $1.70 | $-1.55 | ||
| Q3 25 | $1.63 | $-4.66 | ||
| Q2 25 | $1.42 | $-0.49 | ||
| Q1 25 | $1.76 | $-0.37 | ||
| Q4 24 | $1.39 | $-2.61 | ||
| Q3 24 | $1.37 | $0.26 | ||
| Q2 24 | $1.30 | $0.20 | ||
| Q1 24 | $1.18 | $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 | $1.1B | — |
| 总债务越低越好 | — | $270.2M |
| 股东权益账面价值 | $2.3B | $-378.8M |
| 总资产 | $3.9B | $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HLISTEP
| Q4 25 | $1.1B | — | ||
| Q3 25 | $923.6M | — | ||
| Q2 25 | $793.8M | — | ||
| Q1 25 | $971.0M | — | ||
| Q4 24 | $799.3M | — | ||
| Q3 24 | $691.4M | — | ||
| Q2 24 | $449.7M | — | ||
| Q1 24 | $721.2M | — |
总债务HLISTEP
| Q4 25 | — | $270.2M | ||
| Q3 25 | — | $269.9M | ||
| Q2 25 | — | $269.6M | ||
| Q1 25 | — | $269.3M | ||
| Q4 24 | — | $168.9M | ||
| Q3 24 | — | $172.3M | ||
| Q2 24 | — | $172.1M | ||
| Q1 24 | — | $148.8M |
股东权益HLISTEP
| Q4 25 | $2.3B | $-378.8M | ||
| Q3 25 | $2.2B | $-233.5M | ||
| Q2 25 | $2.2B | $153.9M | ||
| Q1 25 | $2.2B | $179.4M | ||
| Q4 24 | $2.1B | $209.8M | ||
| Q3 24 | $2.0B | $397.5M | ||
| Q2 24 | $1.8B | $366.9M | ||
| Q1 24 | $1.8B | $324.5M |
总资产HLISTEP
| Q4 25 | $3.9B | $5.2B | ||
| Q3 25 | $3.8B | $5.3B | ||
| Q2 25 | $3.5B | $4.8B | ||
| Q1 25 | $3.8B | $4.6B | ||
| Q4 24 | $3.5B | $4.3B | ||
| Q3 24 | $3.2B | $4.0B | ||
| Q2 24 | $2.9B | $3.8B | ||
| Q1 24 | $3.2B | $3.8B |
负债/权益比HLISTEP
| 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 | $217.7M | $27.2M |
| 自由现金流经营现金流 - 资本支出 | $217.0M | $26.7M |
| 自由现金流率自由现金流/营收 | 30.3% | 4.6% |
| 资本支出强度资本支出/营收 | 0.1% | 0.1% |
| 现金转化率经营现金流/净利润 | 1.87× | — |
| 过去12个月自由现金流最近4个季度 | $738.9M | $18.6M |
8季度趋势，按日历期对齐
经营现金流HLISTEP
| Q4 25 | $217.7M | $27.2M | ||
| Q3 25 | $325.0M | $16.2M | ||
| Q2 25 | $-131.6M | $46.3M | ||
| Q1 25 | $358.4M | $-66.5M | ||
| Q4 24 | $265.5M | $27.6M | ||
| Q3 24 | $289.2M | $53.7M | ||
| Q2 24 | $-64.5M | $50.2M | ||
| Q1 24 | $225.3M | $7.6M |
自由现金流HLISTEP
| Q4 25 | $217.0M | $26.7M | ||
| Q3 25 | $322.8M | $15.9M | ||
| Q2 25 | $-144.8M | $45.2M | ||
| Q1 25 | $343.9M | $-69.2M | ||
| Q4 24 | $261.7M | $27.0M | ||
| Q3 24 | $278.7M | $52.4M | ||
| Q2 24 | $-75.4M | $49.6M | ||
| Q1 24 | $213.1M | $6.7M |
自由现金流率HLISTEP
| Q4 25 | 30.3% | 4.6% | ||
| Q3 25 | 49.0% | 3.5% | ||
| Q2 25 | -23.9% | 12.4% | ||
| Q1 25 | 51.6% | -18.3% | ||
| Q4 24 | 41.2% | 8.0% | ||
| Q3 24 | 48.5% | 19.3% | ||
| Q2 24 | -14.7% | 26.6% | ||
| Q1 24 | 40.9% | 1.9% |
资本支出强度HLISTEP
| Q4 25 | 0.1% | 0.1% | ||
| Q3 25 | 0.3% | 0.1% | ||
| Q2 25 | 2.2% | 0.3% | ||
| Q1 25 | 2.2% | 0.7% | ||
| Q4 24 | 0.6% | 0.2% | ||
| Q3 24 | 1.8% | 0.5% | ||
| Q2 24 | 2.1% | 0.3% | ||
| Q1 24 | 2.3% | 0.3% |
现金转化率HLISTEP
| Q4 25 | 1.87× | — | ||
| Q3 25 | 2.91× | — | ||
| Q2 25 | -1.35× | — | ||
| Q1 25 | 2.94× | — | ||
| Q4 24 | 2.79× | — | ||
| Q3 24 | 3.09× | 3.05× | ||
| Q2 24 | -0.73× | 3.76× | ||
| Q1 24 | 2.78× | 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
HLI
| Corporate Finance | $473.7M | 66% |
| Financial Restructuring | $156.3M | 22% |
| Financial Advisory Services | $87.1M | 12% |
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% |
