vs
美泰（MAT）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
美泰的季度营收约是罗塞塔石碑的1.5倍（$862.2M vs $586.5M），美泰净利率更高（7.1% vs -21.0%，领先28.1%），罗塞塔石碑同比增速更快（73.0% vs 4.3%），罗塞塔石碑自由现金流更多（$26.7M vs $-88.1M），过去两年罗塞塔石碑的营收复合增速更高（28.2% vs -10.6%）
美泰是美国知名玩具及娱乐企业，旗下影视制作部门美泰影业运营时间为2018年9月6日至2025年6月2日。其前身为2013年10月16日成立的美泰Playground Productions，更早可追溯至美泰娱乐、美泰工作室等集团原有娱乐业务品牌。
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。
MAT vs STEP — 直观对比
营收规模更大
MAT
是对方的1.5倍
$586.5M
营收增速更快
STEP
高出68.7%
4.3%
净利率更高
MAT
高出28.1%
-21.0%
自由现金流更多
STEP
多$114.8M
$-88.1M
两年增速更快
STEP
近两年复合增速
-10.6%
损益表 — Q1 FY2026 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $862.2M | $586.5M |
| 净利润 | $61.0M | $-123.5M |
| 毛利率 | 44.9% | — |
| 营业利润率 | — | -33.2% |
| 净利率 | 7.1% | -21.0% |
| 营收同比 | 4.3% | 73.0% |
| 净利润同比 | 251.4% | 35.7% |
| 每股收益（稀释后） | $0.20 | $-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MATSTEP
| Q1 26 | $862.2M | — | ||
| Q4 25 | $1.8B | $586.5M | ||
| Q3 25 | $1.7B | $454.2M | ||
| Q2 25 | $1.0B | $364.3M | ||
| Q1 25 | $826.6M | $377.7M | ||
| Q4 24 | $1.6B | $339.0M | ||
| Q3 24 | $1.8B | $271.7M | ||
| Q2 24 | $1.1B | $186.4M |
净利润MATSTEP
| Q1 26 | $61.0M | — | ||
| Q4 25 | $106.2M | $-123.5M | ||
| Q3 25 | $278.4M | $-366.1M | ||
| Q2 25 | $53.4M | $-38.4M | ||
| Q1 25 | $-40.3M | $-18.5M | ||
| Q4 24 | $140.9M | $-192.0M | ||
| Q3 24 | $372.4M | $17.6M | ||
| Q2 24 | $56.9M | $13.3M |
毛利率MATSTEP
| Q1 26 | 44.9% | — | ||
| Q4 25 | 45.9% | — | ||
| Q3 25 | 50.0% | — | ||
| Q2 25 | 50.9% | — | ||
| Q1 25 | 49.4% | — | ||
| Q4 24 | 50.7% | — | ||
| Q3 24 | 53.1% | — | ||
| Q2 24 | 49.2% | — |
营业利润率MATSTEP
| Q1 26 | — | — | ||
| Q4 25 | 8.0% | -33.2% | ||
| Q3 25 | 21.9% | -148.8% | ||
| Q2 25 | 7.7% | -5.6% | ||
| Q1 25 | -6.4% | 2.6% | ||
| Q4 24 | 9.6% | -101.7% | ||
| Q3 24 | 26.5% | 21.3% | ||
| Q2 24 | 7.7% | 29.4% |
净利率MATSTEP
| Q1 26 | 7.1% | — | ||
| Q4 25 | 6.0% | -21.0% | ||
| Q3 25 | 16.0% | -80.6% | ||
| Q2 25 | 5.2% | -10.5% | ||
| Q1 25 | -4.9% | -4.9% | ||
| Q4 24 | 8.6% | -56.6% | ||
| Q3 24 | 20.2% | 6.5% | ||
| Q2 24 | 5.3% | 7.2% |
每股收益（稀释后）MATSTEP
| Q1 26 | $0.20 | — | ||
| Q4 25 | $0.32 | $-1.55 | ||
| Q3 25 | $0.88 | $-4.66 | ||
| Q2 25 | $0.16 | $-0.49 | ||
| Q1 25 | $-0.12 | $-0.37 | ||
| Q4 24 | $0.40 | $-2.61 | ||
| Q3 24 | $1.09 | $0.26 | ||
| Q2 24 | $0.17 | $0.20 |
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 | $866.0M | — |
| 总债务越低越好 | $2.3B | $270.2M |
| 股东权益账面价值 | $2.1B | $-378.8M |
| 总资产 | $6.3B | $5.2B |
| 负债/权益比越低杠杆越低 | 1.11× | — |
8季度趋势，按日历期对齐
现金及短期投资MATSTEP
| Q1 26 | $866.0M | — | ||
| Q4 25 | $1.2B | — | ||
| Q3 25 | $691.9M | — | ||
| Q2 25 | $870.5M | — | ||
| Q1 25 | $1.2B | — | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $723.5M | — | ||
| Q2 24 | $722.4M | — |
总债务MATSTEP
| Q1 26 | $2.3B | — | ||
| Q4 25 | $2.3B | $270.2M | ||
| Q3 25 | $2.3B | $269.9M | ||
| Q2 25 | $2.3B | $269.6M | ||
| Q1 25 | $2.3B | $269.3M | ||
| Q4 24 | $2.3B | $168.9M | ||
| Q3 24 | $2.3B | $172.3M | ||
| Q2 24 | $2.3B | $172.1M |
股东权益MATSTEP
| Q1 26 | $2.1B | — | ||
| Q4 25 | $2.2B | $-378.8M | ||
| Q3 25 | $2.3B | $-233.5M | ||
| Q2 25 | $2.2B | $153.9M | ||
| Q1 25 | $2.1B | $179.4M | ||
| Q4 24 | $2.3B | $209.8M | ||
| Q3 24 | $2.3B | $397.5M | ||
| Q2 24 | $2.0B | $366.9M |
总资产MATSTEP
| Q1 26 | $6.3B | — | ||
| Q4 25 | $6.6B | $5.2B | ||
| Q3 25 | $6.6B | $5.3B | ||
| Q2 25 | $6.2B | $4.8B | ||
| Q1 25 | $6.2B | $4.6B | ||
| Q4 24 | $6.5B | $4.3B | ||
| Q3 24 | $6.5B | $4.0B | ||
| Q2 24 | $5.9B | $3.8B |
负债/权益比MATSTEP
| Q1 26 | 1.11× | — | ||
| Q4 25 | 1.04× | — | ||
| Q3 25 | 1.03× | — | ||
| Q2 25 | 1.08× | 1.75× | ||
| Q1 25 | 1.10× | 1.50× | ||
| Q4 24 | 1.03× | 0.81× | ||
| Q3 24 | 1.01× | 0.43× | ||
| Q2 24 | 1.18× | 0.47× |
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 | — | $27.2M |
| 自由现金流经营现金流 - 资本支出 | $-88.1M | $26.7M |
| 自由现金流率自由现金流/营收 | -10.2% | 4.6% |
| 资本支出强度资本支出/营收 | 7.6% | 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 | — | $18.6M |
8季度趋势，按日历期对齐
经营现金流MATSTEP
| Q1 26 | — | — | ||
| Q4 25 | $796.6M | $27.2M | ||
| Q3 25 | $72.0M | $16.2M | ||
| Q2 25 | $-300.1M | $46.3M | ||
| Q1 25 | $24.8M | $-66.5M | ||
| Q4 24 | $862.1M | $27.6M | ||
| Q3 24 | $155.8M | $53.7M | ||
| Q2 24 | $-252.9M | $50.2M |
自由现金流MATSTEP
| Q1 26 | $-88.1M | — | ||
| Q4 25 | — | $26.7M | ||
| Q3 25 | — | $15.9M | ||
| Q2 25 | — | $45.2M | ||
| Q1 25 | — | $-69.2M | ||
| Q4 24 | — | $27.0M | ||
| Q3 24 | — | $52.4M | ||
| Q2 24 | — | $49.6M |
自由现金流率MATSTEP
| Q1 26 | -10.2% | — | ||
| Q4 25 | — | 4.6% | ||
| Q3 25 | — | 3.5% | ||
| Q2 25 | — | 12.4% | ||
| Q1 25 | — | -18.3% | ||
| Q4 24 | — | 8.0% | ||
| Q3 24 | — | 19.3% | ||
| Q2 24 | — | 26.6% |
资本支出强度MATSTEP
| Q1 26 | 7.6% | — | ||
| Q4 25 | — | 0.1% | ||
| Q3 25 | — | 0.1% | ||
| Q2 25 | — | 0.3% | ||
| Q1 25 | — | 0.7% | ||
| Q4 24 | — | 0.2% | ||
| Q3 24 | — | 0.5% | ||
| Q2 24 | — | 0.3% |
现金转化率MATSTEP
| Q1 26 | — | — | ||
| Q4 25 | 7.50× | — | ||
| Q3 25 | 0.26× | — | ||
| Q2 25 | -5.62× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 6.12× | — | ||
| Q3 24 | 0.42× | 3.05× | ||
| Q2 24 | -4.45× | 3.76× |
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
MAT
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% |
