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ICU MEDICAL INC（ICUI）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ICU MEDICAL INC的1.1倍（$586.5M vs $540.7M），ICU MEDICAL INC净利率更高（-2.9% vs -21.0%，领先18.1%），罗塞塔石碑同比增速更快（73.0% vs -14.1%），ICU MEDICAL INC自由现金流更多（$36.0M vs $26.7M），过去两年罗塞塔石碑的营收复合增速更高（28.2% vs -2.3%）
ICU医疗是总部位于美国加利福尼亚州圣克莱门特的医疗科技企业，专注于研发预防血流感染、保护医护人员免受传染病或危险药物侵害的医疗产品，产品线覆盖静脉治疗用品、输液泵、无针血管通路设备、定制输液套装、危险药物密闭处理系统、传感导管以及无针封闭式血液采样系统等。
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。
ICUI vs STEP — 直观对比
营收规模更大
STEP
是对方的1.1倍
$540.7M
营收增速更快
STEP
高出87.1%
-14.1%
净利率更高
ICUI
高出18.1%
-21.0%
自由现金流更多
ICUI
多$9.2M
$26.7M
两年增速更快
STEP
近两年复合增速
-2.3%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $540.7M | $586.5M |
| 净利润 | $-15.7M | $-123.5M |
| 毛利率 | 37.5% | — |
| 营业利润率 | 1.0% | -33.2% |
| 净利率 | -2.9% | -21.0% |
| 营收同比 | -14.1% | 73.0% |
| 净利润同比 | 34.0% | 35.7% |
| 每股收益（稀释后） | $-0.63 | $-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ICUISTEP
| Q4 25 | $540.7M | $586.5M | ||
| Q3 25 | $537.0M | $454.2M | ||
| Q2 25 | $548.9M | $364.3M | ||
| Q1 25 | $604.7M | $377.7M | ||
| Q4 24 | $629.8M | $339.0M | ||
| Q3 24 | $589.1M | $271.7M | ||
| Q2 24 | $596.5M | $186.4M | ||
| Q1 24 | $566.7M | $356.8M |
净利润ICUISTEP
| Q4 25 | $-15.7M | $-123.5M | ||
| Q3 25 | $-3.4M | $-366.1M | ||
| Q2 25 | $35.3M | $-38.4M | ||
| Q1 25 | $-15.5M | $-18.5M | ||
| Q4 24 | $-23.8M | $-192.0M | ||
| Q3 24 | $-33.0M | $17.6M | ||
| Q2 24 | $-21.4M | $13.3M | ||
| Q1 24 | $-39.5M | $30.8M |
毛利率ICUISTEP
| Q4 25 | 37.5% | — | ||
| Q3 25 | 37.4% | — | ||
| Q2 25 | 37.9% | — | ||
| Q1 25 | 34.7% | — | ||
| Q4 24 | 36.1% | — | ||
| Q3 24 | 34.8% | — | ||
| Q2 24 | 34.8% | — | ||
| Q1 24 | 32.7% | — |
营业利润率ICUISTEP
| Q4 25 | 1.0% | -33.2% | ||
| Q3 25 | 2.6% | -148.8% | ||
| Q2 25 | 1.9% | -5.6% | ||
| Q1 25 | 2.1% | 2.6% | ||
| Q4 24 | 6.0% | -101.7% | ||
| Q3 24 | 1.4% | 21.3% | ||
| Q2 24 | 1.3% | 29.4% | ||
| Q1 24 | -1.9% | 26.5% |
净利率ICUISTEP
| Q4 25 | -2.9% | -21.0% | ||
| Q3 25 | -0.6% | -80.6% | ||
| Q2 25 | 6.4% | -10.5% | ||
| Q1 25 | -2.6% | -4.9% | ||
| Q4 24 | -3.8% | -56.6% | ||
| Q3 24 | -5.6% | 6.5% | ||
| Q2 24 | -3.6% | 7.2% | ||
| Q1 24 | -7.0% | 8.6% |
每股收益（稀释后）ICUISTEP
| Q4 25 | $-0.63 | $-1.55 | ||
| Q3 25 | $-0.14 | $-4.66 | ||
| Q2 25 | $1.43 | $-0.49 | ||
| Q1 25 | $-0.63 | $-0.37 | ||
| Q4 24 | $-0.97 | $-2.61 | ||
| Q3 24 | $-1.35 | $0.26 | ||
| Q2 24 | $-0.88 | $0.20 | ||
| Q1 24 | $-1.63 | $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 | — | — |
| 总债务越低越好 | — | $270.2M |
| 股东权益账面价值 | $2.1B | $-378.8M |
| 总资产 | $4.1B | $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ICUISTEP
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $308.6M | — | ||
| Q3 24 | $312.5M | — | ||
| Q2 24 | $302.6M | — | ||
| Q1 24 | $251.4M | — |
总债务ICUISTEP
| 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ICUISTEP
| Q4 25 | $2.1B | $-378.8M | ||
| Q3 25 | $2.1B | $-233.5M | ||
| Q2 25 | $2.1B | $153.9M | ||
| Q1 25 | $2.0B | $179.4M | ||
| Q4 24 | $2.0B | $209.8M | ||
| Q3 24 | $2.0B | $397.5M | ||
| Q2 24 | $2.0B | $366.9M | ||
| Q1 24 | $2.1B | $324.5M |
总资产ICUISTEP
| Q4 25 | $4.1B | $5.2B | ||
| Q3 25 | $4.1B | $5.3B | ||
| Q2 25 | $4.1B | $4.8B | ||
| Q1 25 | $4.2B | $4.6B | ||
| Q4 24 | $4.2B | $4.3B | ||
| Q3 24 | $4.3B | $4.0B | ||
| Q2 24 | $4.3B | $3.8B | ||
| Q1 24 | $4.3B | $3.8B |
负债/权益比ICUISTEP
| 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 | $60.6M | $27.2M |
| 自由现金流经营现金流 - 资本支出 | $36.0M | $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 | 4.6% | 0.1% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $91.8M | $18.6M |
8季度趋势，按日历期对齐
经营现金流ICUISTEP
| Q4 25 | $60.6M | $27.2M | ||
| Q3 25 | $56.7M | $16.2M | ||
| Q2 25 | $11.2M | $46.3M | ||
| Q1 25 | $51.3M | $-66.5M | ||
| Q4 24 | $40.2M | $27.6M | ||
| Q3 24 | $36.1M | $53.7M | ||
| Q2 24 | $82.0M | $50.2M | ||
| Q1 24 | $45.8M | $7.6M |
自由现金流ICUISTEP
| Q4 25 | $36.0M | $26.7M | ||
| Q3 25 | $27.6M | $15.9M | ||
| Q2 25 | $-8.5M | $45.2M | ||
| Q1 25 | $36.7M | $-69.2M | ||
| Q4 24 | $16.1M | $27.0M | ||
| Q3 24 | $16.2M | $52.4M | ||
| Q2 24 | $62.5M | $49.6M | ||
| Q1 24 | $29.9M | $6.7M |
自由现金流率ICUISTEP
| Q4 25 | 6.6% | 4.6% | ||
| Q3 25 | 5.1% | 3.5% | ||
| Q2 25 | -1.5% | 12.4% | ||
| Q1 25 | 6.1% | -18.3% | ||
| Q4 24 | 2.6% | 8.0% | ||
| Q3 24 | 2.7% | 19.3% | ||
| Q2 24 | 10.5% | 26.6% | ||
| Q1 24 | 5.3% | 1.9% |
资本支出强度ICUISTEP
| Q4 25 | 4.6% | 0.1% | ||
| Q3 25 | 5.4% | 0.1% | ||
| Q2 25 | 3.6% | 0.3% | ||
| Q1 25 | 2.4% | 0.7% | ||
| Q4 24 | 3.8% | 0.2% | ||
| Q3 24 | 3.4% | 0.5% | ||
| Q2 24 | 3.3% | 0.3% | ||
| Q1 24 | 2.8% | 0.3% |
现金转化率ICUISTEP
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 0.32× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 3.05× | ||
| Q2 24 | — | 3.76× | ||
| Q1 24 | — | 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
ICUI
| Infusion Consumables | $284.7M | 53% |
| Infusion Systems | $176.3M | 33% |
| Vital Care | $79.7M | 15% |
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% |
