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LANDS' END, INC.（LE）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LANDS' END, INC.的1.8倍（$586.5M vs $317.5M），LANDS' END, INC.净利率更高（1.6% vs -21.0%，领先22.7%），罗塞塔石碑同比增速更快（73.0% vs 0.1%），罗塞塔石碑自由现金流更多（$26.7M vs $-22.4M），过去两年罗塞塔石碑的营收复合增速更高（28.2% vs -0.9%）
Lands' End是1963年诞生于美国芝加哥的服饰零售品牌，最初以邮购游艇用品起家，目前业务拓展至服饰、箱包与家居用品领域。截至2024年2月，品牌在美国本土共开设26家门店，总部位于威斯康星州道奇维尔。品牌名源自地名兰兹角，因创立时印刷错了撇号位置又无力重印，错拼的名称便沿用至今。
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。
LE vs STEP — 直观对比
营收规模更大
STEP
是对方的1.8倍
$317.5M
营收增速更快
STEP
高出72.9%
0.1%
净利率更高
LE
高出22.7%
-21.0%
自由现金流更多
STEP
多$49.2M
$-22.4M
两年增速更快
STEP
近两年复合增速
-0.9%
损益表 — Q3 FY2026 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $317.5M | $586.5M |
| 净利润 | $5.2M | $-123.5M |
| 毛利率 | 51.8% | — |
| 营业利润率 | 5.3% | -33.2% |
| 净利率 | 1.6% | -21.0% |
| 营收同比 | 0.1% | 73.0% |
| 净利润同比 | 198.3% | 35.7% |
| 每股收益（稀释后） | $0.17 | $-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LESTEP
| Q4 25 | $317.5M | $586.5M | ||
| Q3 25 | — | $454.2M | ||
| Q2 25 | $261.2M | $364.3M | ||
| Q1 25 | — | $377.7M | ||
| Q4 24 | $318.6M | $339.0M | ||
| Q3 24 | $317.2M | $271.7M | ||
| Q2 24 | $285.5M | $186.4M | ||
| Q1 24 | $514.9M | $356.8M |
净利润LESTEP
| Q4 25 | $5.2M | $-123.5M | ||
| Q3 25 | — | $-366.1M | ||
| Q2 25 | $-8.3M | $-38.4M | ||
| Q1 25 | — | $-18.5M | ||
| Q4 24 | $-593.0K | $-192.0M | ||
| Q3 24 | $-5.3M | $17.6M | ||
| Q2 24 | $-6.4M | $13.3M | ||
| Q1 24 | $-8.6M | $30.8M |
毛利率LESTEP
| Q4 25 | 51.8% | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 50.8% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 50.6% | — | ||
| Q3 24 | 47.9% | — | ||
| Q2 24 | 48.7% | — | ||
| Q1 24 | 38.0% | — |
营业利润率LESTEP
| Q4 25 | 5.3% | -33.2% | ||
| Q3 25 | — | -148.8% | ||
| Q2 25 | -0.9% | -5.6% | ||
| Q1 25 | — | 2.6% | ||
| Q4 24 | 2.9% | -101.7% | ||
| Q3 24 | 0.8% | 21.3% | ||
| Q2 24 | 0.8% | 29.4% | ||
| Q1 24 | 1.6% | 26.5% |
净利率LESTEP
| Q4 25 | 1.6% | -21.0% | ||
| Q3 25 | — | -80.6% | ||
| Q2 25 | -3.2% | -10.5% | ||
| Q1 25 | — | -4.9% | ||
| Q4 24 | -0.2% | -56.6% | ||
| Q3 24 | -1.7% | 6.5% | ||
| Q2 24 | -2.3% | 7.2% | ||
| Q1 24 | -1.7% | 8.6% |
每股收益（稀释后）LESTEP
| Q4 25 | $0.17 | $-1.55 | ||
| Q3 25 | — | $-4.66 | ||
| Q2 25 | $-0.27 | $-0.49 | ||
| Q1 25 | — | $-0.37 | ||
| Q4 24 | $-0.02 | $-2.61 | ||
| Q3 24 | $-0.17 | $0.26 | ||
| Q2 24 | $-0.20 | $0.20 | ||
| Q1 24 | $-0.27 | $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 | $36.3M | — |
| 总债务越低越好 | — | $270.2M |
| 股东权益账面价值 | $231.0M | $-378.8M |
| 总资产 | $852.7M | $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LESTEP
| Q4 25 | $36.3M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $18.1M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $30.4M | — | ||
| Q3 24 | $25.6M | — | ||
| Q2 24 | $27.4M | — | ||
| Q1 24 | $25.3M | — |
总债务LESTEP
| 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LESTEP
| Q4 25 | $231.0M | $-378.8M | ||
| Q3 25 | — | $-233.5M | ||
| Q2 25 | $230.1M | $153.9M | ||
| Q1 25 | — | $179.4M | ||
| Q4 24 | $223.6M | $209.8M | ||
| Q3 24 | $226.5M | $397.5M | ||
| Q2 24 | $234.6M | $366.9M | ||
| Q1 24 | $241.6M | $324.5M |
总资产LESTEP
| Q4 25 | $852.7M | $5.2B | ||
| Q3 25 | — | $5.3B | ||
| Q2 25 | $760.5M | $4.8B | ||
| Q1 25 | — | $4.6B | ||
| Q4 24 | $843.6M | $4.3B | ||
| Q3 24 | $802.5M | $4.0B | ||
| Q2 24 | $800.1M | $3.8B | ||
| Q1 24 | $811.5M | $3.8B |
负债/权益比LESTEP
| 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 | $-15.7M | $27.2M |
| 自由现金流经营现金流 - 资本支出 | $-22.4M | $26.7M |
| 自由现金流率自由现金流/营收 | -7.1% | 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 | -3.03× | — |
| 过去12个月自由现金流最近4个季度 | $-55.0M | $18.6M |
8季度趋势，按日历期对齐
经营现金流LESTEP
| Q4 25 | $-15.7M | $27.2M | ||
| Q3 25 | — | $16.2M | ||
| Q2 25 | $-22.5M | $46.3M | ||
| Q1 25 | — | $-66.5M | ||
| Q4 24 | $-17.1M | $27.6M | ||
| Q3 24 | $30.7M | $53.7M | ||
| Q2 24 | $-25.8M | $50.2M | ||
| Q1 24 | $93.9M | $7.6M |
自由现金流LESTEP
| Q4 25 | $-22.4M | $26.7M | ||
| Q3 25 | — | $15.9M | ||
| Q2 25 | $-30.7M | $45.2M | ||
| Q1 25 | — | $-69.2M | ||
| Q4 24 | $-27.8M | $27.0M | ||
| Q3 24 | $26.0M | $52.4M | ||
| Q2 24 | $-32.6M | $49.6M | ||
| Q1 24 | $87.5M | $6.7M |
自由现金流率LESTEP
| Q4 25 | -7.1% | 4.6% | ||
| Q3 25 | — | 3.5% | ||
| Q2 25 | -11.8% | 12.4% | ||
| Q1 25 | — | -18.3% | ||
| Q4 24 | -8.7% | 8.0% | ||
| Q3 24 | 8.2% | 19.3% | ||
| Q2 24 | -11.4% | 26.6% | ||
| Q1 24 | 17.0% | 1.9% |
资本支出强度LESTEP
| Q4 25 | 2.1% | 0.1% | ||
| Q3 25 | — | 0.1% | ||
| Q2 25 | 3.2% | 0.3% | ||
| Q1 25 | — | 0.7% | ||
| Q4 24 | 3.3% | 0.2% | ||
| Q3 24 | 1.5% | 0.5% | ||
| Q2 24 | 2.4% | 0.3% | ||
| Q1 24 | 1.2% | 0.3% |
现金转化率LESTEP
| Q4 25 | -3.03× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| 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
LE
| U Se Commerce | $179.8M | 57% |
| Business Outfitters Revenue | $78.8M | 25% |
| Licensing And Retail | $20.2M | 6% |
| Other | $19.8M | 6% |
| Third Party | $18.9M | 6% |
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% |
