vs
LCI INDUSTRIES（LCII）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
LCI INDUSTRIES的季度营收约是罗塞塔石碑的1.6倍（$932.7M vs $586.5M），LCI INDUSTRIES净利率更高（2.0% vs -21.0%，领先23.1%），罗塞塔石碑同比增速更快（73.0% vs 16.1%），LCI INDUSTRIES自由现金流更多（$64.3M vs $26.7M），过去两年罗塞塔石碑的营收复合增速更高（28.2% vs -1.8%）
拉奇核心工业有限公司前身为巴基斯坦帝国化学工业公司，是一家总部位于卡拉奇的巴基斯坦综合性企业集团，业务覆盖聚酯、医药、农用化学品、纯碱及兽药等多品类产品的研发生产，在巴基斯坦本土工业领域拥有重要市场地位。
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。
LCII vs STEP — 直观对比
营收规模更大
LCII
是对方的1.6倍
$586.5M
营收增速更快
STEP
高出56.9%
16.1%
净利率更高
LCII
高出23.1%
-21.0%
自由现金流更多
LCII
多$37.6M
$26.7M
两年增速更快
STEP
近两年复合增速
-1.8%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $932.7M | $586.5M |
| 净利润 | $18.7M | $-123.5M |
| 毛利率 | 22.1% | — |
| 营业利润率 | 3.8% | -33.2% |
| 净利率 | 2.0% | -21.0% |
| 营收同比 | 16.1% | 73.0% |
| 净利润同比 | 95.7% | 35.7% |
| 每股收益（稀释后） | $0.79 | $-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LCIISTEP
| Q4 25 | $932.7M | $586.5M | ||
| Q3 25 | $1.0B | $454.2M | ||
| Q2 25 | $1.1B | $364.3M | ||
| Q1 25 | $1.0B | $377.7M | ||
| Q4 24 | $803.1M | $339.0M | ||
| Q3 24 | $915.5M | $271.7M | ||
| Q2 24 | $1.1B | $186.4M | ||
| Q1 24 | $968.0M | $356.8M |
净利润LCIISTEP
| Q4 25 | $18.7M | $-123.5M | ||
| Q3 25 | $62.5M | $-366.1M | ||
| Q2 25 | $57.6M | $-38.4M | ||
| Q1 25 | $49.4M | $-18.5M | ||
| Q4 24 | $9.5M | $-192.0M | ||
| Q3 24 | $35.6M | $17.6M | ||
| Q2 24 | $61.2M | $13.3M | ||
| Q1 24 | $36.5M | $30.8M |
毛利率LCIISTEP
| Q4 25 | 22.1% | — | ||
| Q3 25 | 24.4% | — | ||
| Q2 25 | 24.4% | — | ||
| Q1 25 | 24.1% | — | ||
| Q4 24 | 21.1% | — | ||
| Q3 24 | 24.0% | — | ||
| Q2 24 | 25.3% | — | ||
| Q1 24 | 23.1% | — |
营业利润率LCIISTEP
| Q4 25 | 3.8% | -33.2% | ||
| Q3 25 | 7.3% | -148.8% | ||
| Q2 25 | 7.9% | -5.6% | ||
| Q1 25 | 7.8% | 2.6% | ||
| Q4 24 | 2.0% | -101.7% | ||
| Q3 24 | 5.9% | 21.3% | ||
| Q2 24 | 8.6% | 29.4% | ||
| Q1 24 | 6.0% | 26.5% |
净利率LCIISTEP
| Q4 25 | 2.0% | -21.0% | ||
| Q3 25 | 6.0% | -80.6% | ||
| Q2 25 | 5.2% | -10.5% | ||
| Q1 25 | 4.7% | -4.9% | ||
| Q4 24 | 1.2% | -56.6% | ||
| Q3 24 | 3.9% | 6.5% | ||
| Q2 24 | 5.8% | 7.2% | ||
| Q1 24 | 3.8% | 8.6% |
每股收益（稀释后）LCIISTEP
| Q4 25 | $0.79 | $-1.55 | ||
| Q3 25 | $2.55 | $-4.66 | ||
| Q2 25 | $2.29 | $-0.49 | ||
| Q1 25 | $1.94 | $-0.37 | ||
| Q4 24 | $0.37 | $-2.61 | ||
| Q3 24 | $1.39 | $0.26 | ||
| Q2 24 | $2.40 | $0.20 | ||
| Q1 24 | $1.44 | $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 | $222.6M | — |
| 总债务越低越好 | $945.2M | $270.2M |
| 股东权益账面价值 | $1.4B | $-378.8M |
| 总资产 | $3.2B | $5.2B |
| 负债/权益比越低杠杆越低 | 0.69× | — |
8季度趋势，按日历期对齐
现金及短期投资LCIISTEP
| Q4 25 | $222.6M | — | ||
| Q3 25 | $199.7M | — | ||
| Q2 25 | $191.9M | — | ||
| Q1 25 | $231.2M | — | ||
| Q4 24 | $165.8M | — | ||
| Q3 24 | $161.2M | — | ||
| Q2 24 | $130.4M | — | ||
| Q1 24 | $22.6M | — |
总债务LCIISTEP
| Q4 25 | $945.2M | $270.2M | ||
| Q3 25 | $947.8M | $269.9M | ||
| Q2 25 | $948.0M | $269.6M | ||
| Q1 25 | $938.3M | $269.3M | ||
| Q4 24 | $757.3M | $168.9M | ||
| Q3 24 | $822.5M | $172.3M | ||
| Q2 24 | $829.7M | $172.1M | ||
| Q1 24 | $855.3M | $148.8M |
股东权益LCIISTEP
| Q4 25 | $1.4B | $-378.8M | ||
| Q3 25 | $1.4B | $-233.5M | ||
| Q2 25 | $1.4B | $153.9M | ||
| Q1 25 | $1.4B | $179.4M | ||
| Q4 24 | $1.4B | $209.8M | ||
| Q3 24 | $1.4B | $397.5M | ||
| Q2 24 | $1.4B | $366.9M | ||
| Q1 24 | $1.4B | $324.5M |
总资产LCIISTEP
| Q4 25 | $3.2B | $5.2B | ||
| Q3 25 | $3.2B | $5.3B | ||
| Q2 25 | $3.2B | $4.8B | ||
| Q1 25 | $3.1B | $4.6B | ||
| Q4 24 | $2.9B | $4.3B | ||
| Q3 24 | $3.0B | $4.0B | ||
| Q2 24 | $3.0B | $3.8B | ||
| Q1 24 | $3.0B | $3.8B |
负债/权益比LCIISTEP
| Q4 25 | 0.69× | — | ||
| Q3 25 | 0.70× | — | ||
| Q2 25 | 0.68× | 1.75× | ||
| Q1 25 | 0.69× | 1.50× | ||
| Q4 24 | 0.55× | 0.81× | ||
| Q3 24 | 0.58× | 0.43× | ||
| Q2 24 | 0.60× | 0.47× | ||
| Q1 24 | 0.63× | 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 | $78.9M | $27.2M |
| 自由现金流经营现金流 - 资本支出 | $64.3M | $26.7M |
| 自由现金流率自由现金流/营收 | 6.9% | 4.6% |
| 资本支出强度资本支出/营收 | 1.6% | 0.1% |
| 现金转化率经营现金流/净利润 | 4.22× | — |
| 过去12个月自由现金流最近4个季度 | $278.3M | $18.6M |
8季度趋势，按日历期对齐
经营现金流LCIISTEP
| Q4 25 | $78.9M | $27.2M | ||
| Q3 25 | $97.2M | $16.2M | ||
| Q2 25 | $112.2M | $46.3M | ||
| Q1 25 | $42.7M | $-66.5M | ||
| Q4 24 | $106.6M | $27.6M | ||
| Q3 24 | $78.4M | $53.7M | ||
| Q2 24 | $192.9M | $50.2M | ||
| Q1 24 | $-7.7M | $7.6M |
自由现金流LCIISTEP
| Q4 25 | $64.3M | $26.7M | ||
| Q3 25 | $80.9M | $15.9M | ||
| Q2 25 | $99.5M | $45.2M | ||
| Q1 25 | $33.7M | $-69.2M | ||
| Q4 24 | $95.7M | $27.0M | ||
| Q3 24 | $68.3M | $52.4M | ||
| Q2 24 | $180.2M | $49.6M | ||
| Q1 24 | $-16.3M | $6.7M |
自由现金流率LCIISTEP
| Q4 25 | 6.9% | 4.6% | ||
| Q3 25 | 7.8% | 3.5% | ||
| Q2 25 | 9.0% | 12.4% | ||
| Q1 25 | 3.2% | -18.3% | ||
| Q4 24 | 11.9% | 8.0% | ||
| Q3 24 | 7.5% | 19.3% | ||
| Q2 24 | 17.1% | 26.6% | ||
| Q1 24 | -1.7% | 1.9% |
资本支出强度LCIISTEP
| Q4 25 | 1.6% | 0.1% | ||
| Q3 25 | 1.6% | 0.1% | ||
| Q2 25 | 1.2% | 0.3% | ||
| Q1 25 | 0.9% | 0.7% | ||
| Q4 24 | 1.4% | 0.2% | ||
| Q3 24 | 1.1% | 0.5% | ||
| Q2 24 | 1.2% | 0.3% | ||
| Q1 24 | 0.9% | 0.3% |
现金转化率LCIISTEP
| Q4 25 | 4.22× | — | ||
| Q3 25 | 1.55× | — | ||
| Q2 25 | 1.95× | — | ||
| Q1 25 | 0.86× | — | ||
| Q4 24 | 11.17× | — | ||
| Q3 24 | 2.20× | 3.05× | ||
| Q2 24 | 3.15× | 3.76× | ||
| Q1 24 | -0.21× | 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
LCII
| Travel Trailer And Fifth Wheels | $378.4M | 41% |
| Chassis Chassis Partsand Slideout Mechanisms | $206.1M | 22% |
| Furnitureand Mattresses | $120.4M | 13% |
| Appliances | $69.9M | 7% |
| Other Products | $69.1M | 7% |
| Axlesand Suspension Solutions | $62.3M | 7% |
| Motorhomes | $34.2M | 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% |
