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LifeStance Health Group, Inc.（LFST）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LifeStance Health Group, Inc.的1.5倍（$586.5M vs $382.2M），LifeStance Health Group, Inc.净利率更高（3.1% vs -21.0%，领先24.1%），罗塞塔石碑同比增速更快（73.0% vs 17.4%），LifeStance Health Group, Inc.自由现金流更多（$46.6M vs $26.7M），过去两年罗塞塔石碑的营收复合增速更高（28.2% vs 12.8%）
LifeStance Health Group是美国的门诊行为健康服务提供商，支持线下面诊与远程诊疗两种服务模式，业务涵盖心理咨询、精神科诊疗、经颅磁刺激（TMS）以及氯胺酮治疗等。该公司曾多次因劳动违规、客户信息泄露及误导投资者相关问题遭遇诉讼。
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。
LFST vs STEP — 直观对比
营收规模更大
STEP
是对方的1.5倍
$382.2M
营收增速更快
STEP
高出55.6%
17.4%
净利率更高
LFST
高出24.1%
-21.0%
自由现金流更多
LFST
多$19.9M
$26.7M
两年增速更快
STEP
近两年复合增速
12.8%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $382.2M | $586.5M |
| 净利润 | $11.7M | $-123.5M |
| 毛利率 | — | — |
| 营业利润率 | 4.7% | -33.2% |
| 净利率 | 3.1% | -21.0% |
| 营收同比 | 17.4% | 73.0% |
| 净利润同比 | 264.1% | 35.7% |
| 每股收益（稀释后） | — | $-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LFSTSTEP
| Q4 25 | $382.2M | $586.5M | ||
| Q3 25 | $363.8M | $454.2M | ||
| Q2 25 | $345.3M | $364.3M | ||
| Q1 25 | $333.0M | $377.7M | ||
| Q4 24 | $325.5M | $339.0M | ||
| Q3 24 | $312.7M | $271.7M | ||
| Q2 24 | $312.3M | $186.4M | ||
| Q1 24 | $300.4M | $356.8M |
净利润LFSTSTEP
| Q4 25 | $11.7M | $-123.5M | ||
| Q3 25 | $1.1M | $-366.1M | ||
| Q2 25 | $-3.8M | $-38.4M | ||
| Q1 25 | $709.0K | $-18.5M | ||
| Q4 24 | $-7.1M | $-192.0M | ||
| Q3 24 | $-6.0M | $17.6M | ||
| Q2 24 | $-23.3M | $13.3M | ||
| Q1 24 | $-21.1M | $30.8M |
营业利润率LFSTSTEP
| Q4 25 | 4.7% | -33.2% | ||
| Q3 25 | 2.0% | -148.8% | ||
| Q2 25 | -0.9% | -5.6% | ||
| Q1 25 | 0.5% | 2.6% | ||
| Q4 24 | 0.3% | -101.7% | ||
| Q3 24 | 0.0% | 21.3% | ||
| Q2 24 | -5.1% | 29.4% | ||
| Q1 24 | -5.6% | 26.5% |
净利率LFSTSTEP
| Q4 25 | 3.1% | -21.0% | ||
| Q3 25 | 0.3% | -80.6% | ||
| Q2 25 | -1.1% | -10.5% | ||
| Q1 25 | 0.2% | -4.9% | ||
| Q4 24 | -2.2% | -56.6% | ||
| Q3 24 | -1.9% | 6.5% | ||
| Q2 24 | -7.5% | 7.2% | ||
| Q1 24 | -7.0% | 8.6% |
每股收益（稀释后）LFSTSTEP
| Q4 25 | — | $-1.55 | ||
| Q3 25 | — | $-4.66 | ||
| Q2 25 | — | $-0.49 | ||
| Q1 25 | — | $-0.37 | ||
| Q4 24 | — | $-2.61 | ||
| Q3 24 | — | $0.26 | ||
| Q2 24 | — | $0.20 | ||
| Q1 24 | — | $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 | $248.6M | — |
| 总债务越低越好 | $282.8M | $270.2M |
| 股东权益账面价值 | $1.5B | $-378.8M |
| 总资产 | $2.2B | $5.2B |
| 负债/权益比越低杠杆越低 | 0.19× | — |
8季度趋势，按日历期对齐
现金及短期投资LFSTSTEP
| Q4 25 | $248.6M | — | ||
| Q3 25 | $203.9M | — | ||
| Q2 25 | $188.9M | — | ||
| Q1 25 | $134.3M | — | ||
| Q4 24 | $154.6M | — | ||
| Q3 24 | $102.6M | — | ||
| Q2 24 | $87.0M | — | ||
| Q1 24 | $49.5M | — |
总债务LFSTSTEP
| Q4 25 | $282.8M | $270.2M | ||
| Q3 25 | $284.6M | $269.9M | ||
| Q2 25 | $286.4M | $269.6M | ||
| Q1 25 | $288.2M | $269.3M | ||
| Q4 24 | $290.0M | $168.9M | ||
| Q3 24 | $287.3M | $172.3M | ||
| Q2 24 | $288.0M | $172.1M | ||
| Q1 24 | $288.8M | $148.8M |
股东权益LFSTSTEP
| Q4 25 | $1.5B | $-378.8M | ||
| Q3 25 | $1.5B | $-233.5M | ||
| Q2 25 | $1.5B | $153.9M | ||
| Q1 25 | $1.5B | $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LFSTSTEP
| Q4 25 | $2.2B | $5.2B | ||
| Q3 25 | $2.1B | $5.3B | ||
| Q2 25 | $2.1B | $4.8B | ||
| Q1 25 | $2.1B | $4.6B | ||
| Q4 24 | $2.1B | $4.3B | ||
| Q3 24 | $2.1B | $4.0B | ||
| Q2 24 | $2.1B | $3.8B | ||
| Q1 24 | $2.1B | $3.8B |
负债/权益比LFSTSTEP
| Q4 25 | 0.19× | — | ||
| Q3 25 | 0.19× | — | ||
| Q2 25 | 0.19× | 1.75× | ||
| Q1 25 | 0.20× | 1.50× | ||
| Q4 24 | 0.20× | 0.81× | ||
| Q3 24 | 0.20× | 0.43× | ||
| Q2 24 | 0.20× | 0.47× | ||
| Q1 24 | 0.20× | 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 | $57.6M | $27.2M |
| 自由现金流经营现金流 - 资本支出 | $46.6M | $26.7M |
| 自由现金流率自由现金流/营收 | 12.2% | 4.6% |
| 资本支出强度资本支出/营收 | 2.9% | 0.1% |
| 现金转化率经营现金流/净利润 | 4.93× | — |
| 过去12个月自由现金流最近4个季度 | $110.0M | $18.6M |
8季度趋势，按日历期对齐
经营现金流LFSTSTEP
| Q4 25 | $57.6M | $27.2M | ||
| Q3 25 | $27.3M | $16.2M | ||
| Q2 25 | $64.4M | $46.3M | ||
| Q1 25 | $-3.1M | $-66.5M | ||
| Q4 24 | $62.3M | $27.6M | ||
| Q3 24 | $22.7M | $53.7M | ||
| Q2 24 | $44.1M | $50.2M | ||
| Q1 24 | $-21.8M | $7.6M |
自由现金流LFSTSTEP
| Q4 25 | $46.6M | $26.7M | ||
| Q3 25 | $17.0M | $15.9M | ||
| Q2 25 | $56.6M | $45.2M | ||
| Q1 25 | $-10.3M | $-69.2M | ||
| Q4 24 | $56.0M | $27.0M | ||
| Q3 24 | $17.7M | $52.4M | ||
| Q2 24 | $39.0M | $49.6M | ||
| Q1 24 | $-26.9M | $6.7M |
自由现金流率LFSTSTEP
| Q4 25 | 12.2% | 4.6% | ||
| Q3 25 | 4.7% | 3.5% | ||
| Q2 25 | 16.4% | 12.4% | ||
| Q1 25 | -3.1% | -18.3% | ||
| Q4 24 | 17.2% | 8.0% | ||
| Q3 24 | 5.7% | 19.3% | ||
| Q2 24 | 12.5% | 26.6% | ||
| Q1 24 | -9.0% | 1.9% |
资本支出强度LFSTSTEP
| Q4 25 | 2.9% | 0.1% | ||
| Q3 25 | 2.8% | 0.1% | ||
| Q2 25 | 2.2% | 0.3% | ||
| Q1 25 | 2.2% | 0.7% | ||
| Q4 24 | 1.9% | 0.2% | ||
| Q3 24 | 1.6% | 0.5% | ||
| Q2 24 | 1.6% | 0.3% | ||
| Q1 24 | 1.7% | 0.3% |
现金转化率LFSTSTEP
| Q4 25 | 4.93× | — | ||
| Q3 25 | 25.34× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -4.36× | — | ||
| 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
LFST
暂无分部数据
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% |
