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LOUISIANA-PACIFIC CORP（LPX）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LOUISIANA-PACIFIC CORP的1.0倍（$586.5M vs $566.0M），LOUISIANA-PACIFIC CORP净利率更高（-1.4% vs -21.0%，领先19.6%），罗塞塔石碑同比增速更快（73.0% vs -16.9%），罗塞塔石碑自由现金流更多（$26.7M vs $-8.0M），过去两年罗塞塔石碑的营收复合增速更高（28.2% vs -11.6%）
路易斯安那-太平洋公司（简称LP）是美国知名建材制造商，成立于1973年，是美国定向结构刨花板（OSB）生产的开创者，总部现位于田纳西州纳什维尔。作为全球最大的OSB生产商，公司还生产工程木建材产品，通过建材分销商、经销商及家居零售中心向建筑商和业主供货。
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。
LPX vs STEP — 直观对比
营收规模更大
STEP
是对方的1.0倍
$566.0M
营收增速更快
STEP
高出89.9%
-16.9%
净利率更高
LPX
高出19.6%
-21.0%
自由现金流更多
STEP
多$34.7M
$-8.0M
两年增速更快
STEP
近两年复合增速
-11.6%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $566.0M | $586.5M |
| 净利润 | $-8.0M | $-123.5M |
| 毛利率 | 15.0% | — |
| 营业利润率 | -1.6% | -33.2% |
| 净利率 | -1.4% | -21.0% |
| 营收同比 | -16.9% | 73.0% |
| 净利润同比 | -112.9% | 35.7% |
| 每股收益（稀释后） | $-0.12 | $-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LPXSTEP
| Q4 25 | $566.0M | $586.5M | ||
| Q3 25 | $663.0M | $454.2M | ||
| Q2 25 | $755.0M | $364.3M | ||
| Q1 25 | $724.0M | $377.7M | ||
| Q4 24 | $681.0M | $339.0M | ||
| Q3 24 | $722.0M | $271.7M | ||
| Q2 24 | $814.0M | $186.4M | ||
| Q1 24 | $724.0M | $356.8M |
净利润LPXSTEP
| Q4 25 | $-8.0M | $-123.5M | ||
| Q3 25 | $9.0M | $-366.1M | ||
| Q2 25 | $54.0M | $-38.4M | ||
| Q1 25 | $91.0M | $-18.5M | ||
| Q4 24 | $62.0M | $-192.0M | ||
| Q3 24 | $90.0M | $17.6M | ||
| Q2 24 | $160.0M | $13.3M | ||
| Q1 24 | $108.0M | $30.8M |
毛利率LPXSTEP
| Q4 25 | 15.0% | — | ||
| Q3 25 | 19.5% | — | ||
| Q2 25 | 23.6% | — | ||
| Q1 25 | 27.2% | — | ||
| Q4 24 | 23.8% | — | ||
| Q3 24 | 26.7% | — | ||
| Q2 24 | 32.3% | — | ||
| Q1 24 | 29.6% | — |
营业利润率LPXSTEP
| Q4 25 | -1.6% | -33.2% | ||
| Q3 25 | 2.7% | -148.8% | ||
| Q2 25 | 10.6% | -5.6% | ||
| Q1 25 | 16.6% | 2.6% | ||
| Q4 24 | 11.0% | -101.7% | ||
| Q3 24 | 16.1% | 21.3% | ||
| Q2 24 | 23.8% | 29.4% | ||
| Q1 24 | 20.0% | 26.5% |
净利率LPXSTEP
| Q4 25 | -1.4% | -21.0% | ||
| Q3 25 | 1.4% | -80.6% | ||
| Q2 25 | 7.2% | -10.5% | ||
| Q1 25 | 12.6% | -4.9% | ||
| Q4 24 | 9.1% | -56.6% | ||
| Q3 24 | 12.5% | 6.5% | ||
| Q2 24 | 19.7% | 7.2% | ||
| Q1 24 | 14.9% | 8.6% |
每股收益（稀释后）LPXSTEP
| Q4 25 | $-0.12 | $-1.55 | ||
| Q3 25 | $0.13 | $-4.66 | ||
| Q2 25 | $0.77 | $-0.49 | ||
| Q1 25 | $1.30 | $-0.37 | ||
| Q4 24 | $0.90 | $-2.61 | ||
| Q3 24 | $1.28 | $0.26 | ||
| Q2 24 | $2.23 | $0.20 | ||
| Q1 24 | $1.48 | $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 | $292.0M | — |
| 总债务越低越好 | $348.0M | $270.2M |
| 股东权益账面价值 | $1.7B | $-378.8M |
| 总资产 | $2.6B | $5.2B |
| 负债/权益比越低杠杆越低 | 0.20× | — |
8季度趋势，按日历期对齐
现金及短期投资LPXSTEP
| Q4 25 | $292.0M | — | ||
| Q3 25 | $316.0M | — | ||
| Q2 25 | $333.0M | — | ||
| Q1 25 | $256.0M | — | ||
| Q4 24 | $340.0M | — | ||
| Q3 24 | $346.0M | — | ||
| Q2 24 | $317.0M | — | ||
| Q1 24 | $244.0M | — |
总债务LPXSTEP
| Q4 25 | $348.0M | $270.2M | ||
| Q3 25 | $348.0M | $269.9M | ||
| Q2 25 | $348.0M | $269.6M | ||
| Q1 25 | $348.0M | $269.3M | ||
| Q4 24 | $348.0M | $168.9M | ||
| Q3 24 | $347.0M | $172.3M | ||
| Q2 24 | $347.0M | $172.1M | ||
| Q1 24 | $347.0M | $148.8M |
股东权益LPXSTEP
| Q4 25 | $1.7B | $-378.8M | ||
| Q3 25 | $1.7B | $-233.5M | ||
| Q2 25 | $1.7B | $153.9M | ||
| Q1 25 | $1.7B | $179.4M | ||
| Q4 24 | $1.7B | $209.8M | ||
| Q3 24 | $1.7B | $397.5M | ||
| Q2 24 | $1.7B | $366.9M | ||
| Q1 24 | $1.6B | $324.5M |
总资产LPXSTEP
| Q4 25 | $2.6B | $5.2B | ||
| Q3 25 | $2.6B | $5.3B | ||
| Q2 25 | $2.7B | $4.8B | ||
| Q1 25 | $2.6B | $4.6B | ||
| Q4 24 | $2.6B | $4.3B | ||
| Q3 24 | $2.6B | $4.0B | ||
| Q2 24 | $2.5B | $3.8B | ||
| Q1 24 | $2.5B | $3.8B |
负债/权益比LPXSTEP
| Q4 25 | 0.20× | — | ||
| Q3 25 | 0.20× | — | ||
| Q2 25 | 0.20× | 1.75× | ||
| Q1 25 | 0.21× | 1.50× | ||
| Q4 24 | 0.21× | 0.81× | ||
| Q3 24 | 0.21× | 0.43× | ||
| Q2 24 | 0.21× | 0.47× | ||
| Q1 24 | 0.21× | 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 | $67.0M | $27.2M |
| 自由现金流经营现金流 - 资本支出 | $-8.0M | $26.7M |
| 自由现金流率自由现金流/营收 | -1.4% | 4.6% |
| 资本支出强度资本支出/营收 | 13.3% | 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 | $91.0M | $18.6M |
8季度趋势，按日历期对齐
经营现金流LPXSTEP
| Q4 25 | $67.0M | $27.2M | ||
| Q3 25 | $89.0M | $16.2M | ||
| Q2 25 | $162.0M | $46.3M | ||
| Q1 25 | $64.0M | $-66.5M | ||
| Q4 24 | $105.0M | $27.6M | ||
| Q3 24 | $183.0M | $53.7M | ||
| Q2 24 | $212.0M | $50.2M | ||
| Q1 24 | $105.0M | $7.6M |
自由现金流LPXSTEP
| Q4 25 | $-8.0M | $26.7M | ||
| Q3 25 | $5.0M | $15.9M | ||
| Q2 25 | $94.0M | $45.2M | ||
| Q1 25 | $0 | $-69.2M | ||
| Q4 24 | $43.0M | $27.0M | ||
| Q3 24 | $139.0M | $52.4M | ||
| Q2 24 | $176.0M | $49.6M | ||
| Q1 24 | $64.0M | $6.7M |
自由现金流率LPXSTEP
| Q4 25 | -1.4% | 4.6% | ||
| Q3 25 | 0.8% | 3.5% | ||
| Q2 25 | 12.5% | 12.4% | ||
| Q1 25 | 0.0% | -18.3% | ||
| Q4 24 | 6.3% | 8.0% | ||
| Q3 24 | 19.3% | 19.3% | ||
| Q2 24 | 21.6% | 26.6% | ||
| Q1 24 | 8.8% | 1.9% |
资本支出强度LPXSTEP
| Q4 25 | 13.3% | 0.1% | ||
| Q3 25 | 12.7% | 0.1% | ||
| Q2 25 | 9.0% | 0.3% | ||
| Q1 25 | 8.8% | 0.7% | ||
| Q4 24 | 9.1% | 0.2% | ||
| Q3 24 | 6.1% | 0.5% | ||
| Q2 24 | 4.4% | 0.3% | ||
| Q1 24 | 5.7% | 0.3% |
现金转化率LPXSTEP
| Q4 25 | — | — | ||
| Q3 25 | 9.89× | — | ||
| Q2 25 | 3.00× | — | ||
| Q1 25 | 0.70× | — | ||
| Q4 24 | 1.69× | — | ||
| Q3 24 | 2.03× | 3.05× | ||
| Q2 24 | 1.32× | 3.76× | ||
| Q1 24 | 0.97× | 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
LPX
| OS Bvalueadd | $472.0M | 83% |
| Other | $84.0M | 15% |
| Otherproducts | $10.0M | 2% |
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% |
