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Installed Building Products, Inc.（IBP）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
Installed Building Products, Inc.的季度营收约是罗塞塔石碑的1.3倍（$747.5M vs $586.5M），Installed Building Products, Inc.净利率更高（10.2% vs -21.0%，领先31.3%），罗塞塔石碑同比增速更快（73.0% vs -0.4%），Installed Building Products, Inc.自由现金流更多（$49.3M vs $26.7M），过去两年罗塞塔石碑的营收复合增速更高（28.2% vs 3.9%）
Installed Building Products, Inc.是美国领先的建筑产品安装服务商，主营绝缘材料、排水沟、车库门、消防系统及窗帘等产品的专业安装服务，覆盖住宅新建、翻新改造及商业建筑三大领域，业务遍及美国大部分地区。
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。
IBP vs STEP — 直观对比
营收规模更大
IBP
是对方的1.3倍
$586.5M
营收增速更快
STEP
高出73.4%
-0.4%
净利率更高
IBP
高出31.3%
-21.0%
自由现金流更多
IBP
多$22.6M
$26.7M
两年增速更快
STEP
近两年复合增速
3.9%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $747.5M | $586.5M |
| 净利润 | $76.6M | $-123.5M |
| 毛利率 | 35.0% | — |
| 营业利润率 | 14.6% | -33.2% |
| 净利率 | 10.2% | -21.0% |
| 营收同比 | -0.4% | 73.0% |
| 净利润同比 | 14.5% | 35.7% |
| 每股收益（稀释后） | $2.81 | $-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IBPSTEP
| Q4 25 | $747.5M | $586.5M | ||
| Q3 25 | $778.2M | $454.2M | ||
| Q2 25 | $760.3M | $364.3M | ||
| Q1 25 | $684.8M | $377.7M | ||
| Q4 24 | $750.2M | $339.0M | ||
| Q3 24 | $760.6M | $271.7M | ||
| Q2 24 | $737.6M | $186.4M | ||
| Q1 24 | $692.9M | $356.8M |
净利润IBPSTEP
| Q4 25 | $76.6M | $-123.5M | ||
| Q3 25 | $74.4M | $-366.1M | ||
| Q2 25 | $69.0M | $-38.4M | ||
| Q1 25 | $45.4M | $-18.5M | ||
| Q4 24 | $66.9M | $-192.0M | ||
| Q3 24 | $68.6M | $17.6M | ||
| Q2 24 | $65.2M | $13.3M | ||
| Q1 24 | $55.9M | $30.8M |
毛利率IBPSTEP
| Q4 25 | 35.0% | — | ||
| Q3 25 | 34.0% | — | ||
| Q2 25 | 34.2% | — | ||
| Q1 25 | 32.7% | — | ||
| Q4 24 | 33.6% | — | ||
| Q3 24 | 33.8% | — | ||
| Q2 24 | 34.1% | — | ||
| Q1 24 | 33.8% | — |
营业利润率IBPSTEP
| Q4 25 | 14.6% | -33.2% | ||
| Q3 25 | 13.7% | -148.8% | ||
| Q2 25 | 13.3% | -5.6% | ||
| Q1 25 | 10.2% | 2.6% | ||
| Q4 24 | 13.1% | -101.7% | ||
| Q3 24 | 13.3% | 21.3% | ||
| Q2 24 | 12.9% | 29.4% | ||
| Q1 24 | 12.7% | 26.5% |
净利率IBPSTEP
| Q4 25 | 10.2% | -21.0% | ||
| Q3 25 | 9.6% | -80.6% | ||
| Q2 25 | 9.1% | -10.5% | ||
| Q1 25 | 6.6% | -4.9% | ||
| Q4 24 | 8.9% | -56.6% | ||
| Q3 24 | 9.0% | 6.5% | ||
| Q2 24 | 8.8% | 7.2% | ||
| Q1 24 | 8.1% | 8.6% |
每股收益（稀释后）IBPSTEP
| Q4 25 | $2.81 | $-1.55 | ||
| Q3 25 | $2.74 | $-4.66 | ||
| Q2 25 | $2.52 | $-0.49 | ||
| Q1 25 | $1.64 | $-0.37 | ||
| Q4 24 | $2.39 | $-2.61 | ||
| Q3 24 | $2.44 | $0.26 | ||
| Q2 24 | $2.30 | $0.20 | ||
| Q1 24 | $1.97 | $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 | $321.9M | — |
| 总债务越低越好 | $886.6M | $270.2M |
| 股东权益账面价值 | $709.9M | $-378.8M |
| 总资产 | $2.1B | $5.2B |
| 负债/权益比越低杠杆越低 | 1.25× | — |
8季度趋势，按日历期对齐
现金及短期投资IBPSTEP
| Q4 25 | $321.9M | — | ||
| Q3 25 | $333.3M | — | ||
| Q2 25 | $305.2M | — | ||
| Q1 25 | $298.7M | — | ||
| Q4 24 | $327.6M | — | ||
| Q3 24 | $406.2M | — | ||
| Q2 24 | $380.3M | — | ||
| Q1 24 | $399.9M | — |
总债务IBPSTEP
| Q4 25 | $886.6M | $270.2M | ||
| Q3 25 | $880.8M | $269.9M | ||
| Q2 25 | $876.1M | $269.6M | ||
| Q1 25 | $872.4M | $269.3M | ||
| Q4 24 | $874.8M | $168.9M | ||
| Q3 24 | $872.3M | $172.3M | ||
| Q2 24 | $875.8M | $172.1M | ||
| Q1 24 | $875.0M | $148.8M |
股东权益IBPSTEP
| Q4 25 | $709.9M | $-378.8M | ||
| Q3 25 | $678.6M | $-233.5M | ||
| Q2 25 | $664.5M | $153.9M | ||
| Q1 25 | $660.9M | $179.4M | ||
| Q4 24 | $705.3M | $209.8M | ||
| Q3 24 | $716.4M | $397.5M | ||
| Q2 24 | $685.3M | $366.9M | ||
| Q1 24 | $679.2M | $324.5M |
总资产IBPSTEP
| Q4 25 | $2.1B | $5.2B | ||
| Q3 25 | $2.1B | $5.3B | ||
| Q2 25 | $2.0B | $4.8B | ||
| Q1 25 | $2.0B | $4.6B | ||
| Q4 24 | $2.1B | $4.3B | ||
| Q3 24 | $2.1B | $4.0B | ||
| Q2 24 | $2.0B | $3.8B | ||
| Q1 24 | $2.0B | $3.8B |
负债/权益比IBPSTEP
| Q4 25 | 1.25× | — | ||
| Q3 25 | 1.30× | — | ||
| Q2 25 | 1.32× | 1.75× | ||
| Q1 25 | 1.32× | 1.50× | ||
| Q4 24 | 1.24× | 0.81× | ||
| Q3 24 | 1.22× | 0.43× | ||
| Q2 24 | 1.28× | 0.47× | ||
| Q1 24 | 1.29× | 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 | $64.9M | $27.2M |
| 自由现金流经营现金流 - 资本支出 | $49.3M | $26.7M |
| 自由现金流率自由现金流/营收 | 6.6% | 4.6% |
| 资本支出强度资本支出/营收 | 2.1% | 0.1% |
| 现金转化率经营现金流/净利润 | 0.85× | — |
| 过去12个月自由现金流最近4个季度 | $300.8M | $18.6M |
8季度趋势，按日历期对齐
经营现金流IBPSTEP
| Q4 25 | $64.9M | $27.2M | ||
| Q3 25 | $124.0M | $16.2M | ||
| Q2 25 | $90.4M | $46.3M | ||
| Q1 25 | $92.1M | $-66.5M | ||
| Q4 24 | $74.8M | $27.6M | ||
| Q3 24 | $101.4M | $53.7M | ||
| Q2 24 | $79.0M | $50.2M | ||
| Q1 24 | $84.8M | $7.6M |
自由现金流IBPSTEP
| Q4 25 | $49.3M | $26.7M | ||
| Q3 25 | $104.8M | $15.9M | ||
| Q2 25 | $74.8M | $45.2M | ||
| Q1 25 | $71.9M | $-69.2M | ||
| Q4 24 | $52.9M | $27.0M | ||
| Q3 24 | $77.3M | $52.4M | ||
| Q2 24 | $58.2M | $49.6M | ||
| Q1 24 | $63.0M | $6.7M |
自由现金流率IBPSTEP
| Q4 25 | 6.6% | 4.6% | ||
| Q3 25 | 13.5% | 3.5% | ||
| Q2 25 | 9.8% | 12.4% | ||
| Q1 25 | 10.5% | -18.3% | ||
| Q4 24 | 7.1% | 8.0% | ||
| Q3 24 | 10.2% | 19.3% | ||
| Q2 24 | 7.9% | 26.6% | ||
| Q1 24 | 9.1% | 1.9% |
资本支出强度IBPSTEP
| Q4 25 | 2.1% | 0.1% | ||
| Q3 25 | 2.5% | 0.1% | ||
| Q2 25 | 2.1% | 0.3% | ||
| Q1 25 | 2.9% | 0.7% | ||
| Q4 24 | 2.9% | 0.2% | ||
| Q3 24 | 3.2% | 0.5% | ||
| Q2 24 | 2.8% | 0.3% | ||
| Q1 24 | 3.1% | 0.3% |
现金转化率IBPSTEP
| Q4 25 | 0.85× | — | ||
| Q3 25 | 1.67× | — | ||
| Q2 25 | 1.31× | — | ||
| Q1 25 | 2.03× | — | ||
| Q4 24 | 1.12× | — | ||
| Q3 24 | 1.48× | 3.05× | ||
| Q2 24 | 1.21× | 3.76× | ||
| Q1 24 | 1.52× | 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
IBP
| Residential New Construction | $488.6M | 65% |
| Other Customer Installation | $67.8M | 9% |
| Shower Doors Shelving And Mirrors | $53.5M | 7% |
| Other Building Products | $47.7M | 6% |
| Fireproofing And Firestopping | $37.6M | 5% |
| Rain Gutters | $31.3M | 4% |
| Window Blinds | $18.0M | 2% |
| Related Party | $6.7M | 1% |
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% |
