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Stride, Inc.（LRN）与利氏兄弟拍卖行（RBA）财务数据对比。点击上方公司名可切换其他公司
利氏兄弟拍卖行的季度营收约是Stride, Inc.的1.9倍（$1.2B vs $629.9M），Stride, Inc.净利率更高（14.1% vs 9.1%，领先4.9%），利氏兄弟拍卖行同比增速更快（5.4% vs 2.7%），过去两年Stride, Inc.的营收复合增速更高（6.9% vs 6.3%）
Stride, Inc.是一家营利性教育机构，主营在线及混合式教育项目。作为教育管理机构，其为K12阶段公立学校学生提供替代传统线下教学的在线教育方案，同时也开设职业学习课程。截至2012年，这家上市企业是全球招生规模最大的教育管理机构。
利氏兄弟拍卖行（股票代码RBA）是全球知名的工业资产拍卖服务商，注册地位于加拿大，属公开上市企业，总部设在美国伊利诺伊州韦斯特切斯特，普通股同时在多伦多证券交易所与纽约证券交易所挂牌交易。
LRN vs RBA — 直观对比
营收规模更大
RBA
是对方的1.9倍
$629.9M
营收增速更快
RBA
高出2.7%
2.7%
净利率更高
LRN
高出4.9%
9.1%
两年增速更快
LRN
近两年复合增速
6.3%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $629.9M | $1.2B |
| 净利润 | $88.5M | $109.7M |
| 毛利率 | — | — |
| 营业利润率 | 20.5% | 14.7% |
| 净利率 | 14.1% | 9.1% |
| 营收同比 | 2.7% | 5.4% |
| 净利润同比 | 8.5% | -7.4% |
| 每股收益（稀释后） | $1.93 | $0.53 |
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LRNRBA
| Q3 26 | $629.9M | — | ||
| Q4 25 | $631.3M | $1.2B | ||
| Q3 25 | $620.9M | $1.1B | ||
| Q2 25 | $653.6M | $1.2B | ||
| Q1 25 | $613.4M | $1.1B | ||
| Q4 24 | $587.2M | $1.1B | ||
| Q3 24 | $551.1M | $981.8M | ||
| Q2 24 | — | $1.1B |
净利润LRNRBA
| Q3 26 | $88.5M | — | ||
| Q4 25 | $99.5M | $109.7M | ||
| Q3 25 | $68.8M | $95.5M | ||
| Q2 25 | $51.3M | $109.8M | ||
| Q1 25 | $99.3M | $113.4M | ||
| Q4 24 | $96.4M | $118.5M | ||
| Q3 24 | $40.9M | $76.1M | ||
| Q2 24 | — | $111.1M |
毛利率LRNRBA
| Q3 26 | — | — | ||
| Q4 25 | 41.1% | — | ||
| Q3 25 | 39.0% | — | ||
| Q2 25 | 36.6% | — | ||
| Q1 25 | 40.6% | — | ||
| Q4 24 | 40.8% | — | ||
| Q3 24 | 39.2% | — | ||
| Q2 24 | — | — |
营业利润率LRNRBA
| Q3 26 | 20.5% | — | ||
| Q4 25 | 23.3% | 14.7% | ||
| Q3 25 | 11.1% | 14.5% | ||
| Q2 25 | 8.7% | 15.9% | ||
| Q1 25 | 21.3% | 17.1% | ||
| Q4 24 | 21.3% | 18.1% | ||
| Q3 24 | 8.6% | 15.6% | ||
| Q2 24 | — | 18.4% |
净利率LRNRBA
| Q3 26 | 14.1% | — | ||
| Q4 25 | 15.8% | 9.1% | ||
| Q3 25 | 11.1% | 8.7% | ||
| Q2 25 | 7.9% | 9.3% | ||
| Q1 25 | 16.2% | 10.2% | ||
| Q4 24 | 16.4% | 10.4% | ||
| Q3 24 | 7.4% | 7.8% | ||
| Q2 24 | — | 10.1% |
每股收益（稀释后）LRNRBA
| Q3 26 | $1.93 | — | ||
| Q4 25 | $2.12 | $0.53 | ||
| Q3 25 | $1.40 | $0.43 | ||
| Q2 25 | $0.96 | $0.53 | ||
| Q1 25 | $2.02 | $0.55 | ||
| Q4 24 | $2.03 | $0.58 | ||
| Q3 24 | $0.94 | $0.36 | ||
| Q2 24 | — | $0.54 |
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 | $614.0M | $531.5M |
| 总债务越低越好 | $417.6M | $2.3B |
| 股东权益账面价值 | $1.6B | $5.6B |
| 总资产 | $2.4B | $12.1B |
| 负债/权益比越低杠杆越低 | 0.25× | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资LRNRBA
| Q3 26 | $614.0M | — | ||
| Q4 25 | $625.7M | $531.5M | ||
| Q3 25 | $715.1M | $674.7M | ||
| Q2 25 | $985.3M | $710.2M | ||
| Q1 25 | $723.7M | $578.1M | ||
| Q4 24 | $717.5M | $533.9M | ||
| Q3 24 | $522.2M | $650.7M | ||
| Q2 24 | — | $599.5M |
总债务LRNRBA
| Q3 26 | $417.6M | — | ||
| Q4 25 | $417.2M | $2.3B | ||
| Q3 25 | $416.8M | $2.6B | ||
| Q2 25 | $416.3M | $2.6B | ||
| Q1 25 | $415.9M | $2.6B | ||
| Q4 24 | $415.5M | $2.6B | ||
| Q3 24 | $415.1M | $2.7B | ||
| Q2 24 | — | $2.8B |
股东权益LRNRBA
| Q3 26 | $1.6B | — | ||
| Q4 25 | $1.5B | $5.6B | ||
| Q3 25 | $1.5B | $5.5B | ||
| Q2 25 | $1.5B | $5.5B | ||
| Q1 25 | $1.4B | $5.3B | ||
| Q4 24 | $1.3B | $5.2B | ||
| Q3 24 | $1.2B | $5.2B | ||
| Q2 24 | — | $5.2B |
总资产LRNRBA
| Q3 26 | $2.4B | — | ||
| Q4 25 | $2.3B | $12.1B | ||
| Q3 25 | $2.3B | $12.2B | ||
| Q2 25 | $2.3B | $12.2B | ||
| Q1 25 | $2.2B | $11.9B | ||
| Q4 24 | $2.1B | $11.8B | ||
| Q3 24 | $2.0B | $11.9B | ||
| Q2 24 | — | $12.1B |
负债/权益比LRNRBA
| Q3 26 | 0.25× | — | ||
| Q4 25 | 0.27× | 0.42× | ||
| Q3 25 | 0.27× | 0.47× | ||
| Q2 25 | 0.28× | 0.47× | ||
| Q1 25 | 0.29× | 0.50× | ||
| Q4 24 | 0.32× | 0.50× | ||
| Q3 24 | 0.34× | 0.52× | ||
| Q2 24 | — | 0.55× |
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 | $117.0M | $255.2M |
| 自由现金流经营现金流 - 资本支出 | — | $186.5M |
| 自由现金流率自由现金流/营收 | — | 15.5% |
| 资本支出强度资本支出/营收 | — | 5.7% |
| 现金转化率经营现金流/净利润 | 1.32× | 2.33× |
| 过去12个月自由现金流最近4个季度 | — | $719.2M |
8季度趋势，按日历期对齐
经营现金流LRNRBA
| Q3 26 | $117.0M | — | ||
| Q4 25 | $91.8M | $255.2M | ||
| Q3 25 | $-195.8M | $239.7M | ||
| Q2 25 | $298.3M | $326.5M | ||
| Q1 25 | $53.1M | $156.8M | ||
| Q4 24 | $223.4M | $184.5M | ||
| Q3 24 | $-142.0M | $285.4M | ||
| Q2 24 | — | $337.3M |
自由现金流LRNRBA
| Q3 26 | — | — | ||
| Q4 25 | $91.6M | $186.5M | ||
| Q3 25 | $-196.1M | $188.5M | ||
| Q2 25 | $297.9M | $241.7M | ||
| Q1 25 | $52.9M | $102.5M | ||
| Q4 24 | $222.9M | $127.9M | ||
| Q3 24 | $-142.7M | $248.5M | ||
| Q2 24 | — | $308.6M |
自由现金流率LRNRBA
| Q3 26 | — | — | ||
| Q4 25 | 14.5% | 15.5% | ||
| Q3 25 | -31.6% | 17.3% | ||
| Q2 25 | 45.6% | 20.4% | ||
| Q1 25 | 8.6% | 9.2% | ||
| Q4 24 | 38.0% | 11.2% | ||
| Q3 24 | -25.9% | 25.3% | ||
| Q2 24 | — | 28.2% |
资本支出强度LRNRBA
| Q3 26 | — | — | ||
| Q4 25 | 0.0% | 5.7% | ||
| Q3 25 | 0.0% | 4.7% | ||
| Q2 25 | 0.1% | 7.2% | ||
| Q1 25 | 0.0% | 4.9% | ||
| Q4 24 | 0.1% | 5.0% | ||
| Q3 24 | 0.1% | 3.8% | ||
| Q2 24 | — | 2.6% |
现金转化率LRNRBA
| Q3 26 | 1.32× | — | ||
| Q4 25 | 0.92× | 2.33× | ||
| Q3 25 | -2.85× | 2.51× | ||
| Q2 25 | 5.81× | 2.97× | ||
| Q1 25 | 0.53× | 1.38× | ||
| Q4 24 | 2.32× | 1.56× | ||
| Q3 24 | -3.47× | 3.75× | ||
| Q2 24 | — | 3.04× |
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
LRN
| General Education | $357.5M | 57% |
| Middle - High School | $259.5M | 41% |
| Adult | $12.9M | 2% |
RBA
| Buyer Revenue | $577.2M | 48% |
| Seller Revenue | $255.2M | 21% |
| CA | $199.0M | 17% |
| Other | $124.7M | 10% |
| AU | $47.3M | 4% |
