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Mativ Holdings, Inc.（MATV）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Mativ Holdings, Inc.的1.3倍（$586.5M vs $463.1M），Mativ Holdings, Inc.净利率更高（21.8% vs -21.0%，领先42.8%），罗塞塔石碑同比增速更快（73.0% vs 1.0%），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 -3.8%）
Mativ Holdings是一家全球特种材料制造商，主要生产高性能先进聚合物、无纺布、过滤解决方案及功能性涂层材料，服务医疗、工业、消费品、航空航天、能源等领域，业务遍及北美、欧洲及亚太地区。
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。
MATV vs STEP — 直观对比
营收规模更大
STEP
是对方的1.3倍
$463.1M
营收增速更快
STEP
高出72.0%
1.0%
净利率更高
MATV
高出42.8%
-21.0%
自由现金流更多
STEP
多$18.7M
$8.0M
两年增速更快
STEP
近两年复合增速
-3.8%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $463.1M | $586.5M |
| 净利润 | $100.8M | $-123.5M |
| 毛利率 | 18.8% | — |
| 营业利润率 | 2.2% | -33.2% |
| 净利率 | 21.8% | -21.0% |
| 营收同比 | 1.0% | 73.0% |
| 净利润同比 | 6620.0% | 35.7% |
| 每股收益（稀释后） | $1.87 | $-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MATVSTEP
| Q4 25 | $463.1M | $586.5M | ||
| Q3 25 | $513.7M | $454.2M | ||
| Q2 25 | $525.4M | $364.3M | ||
| Q1 25 | $484.8M | $377.7M | ||
| Q4 24 | $458.6M | $339.0M | ||
| Q3 24 | $498.5M | $271.7M | ||
| Q2 24 | $523.8M | $186.4M | ||
| Q1 24 | $500.2M | $356.8M |
净利润MATVSTEP
| Q4 25 | $100.8M | $-123.5M | ||
| Q3 25 | $-3.2M | $-366.1M | ||
| Q2 25 | $-9.5M | $-38.4M | ||
| Q1 25 | $-425.5M | $-18.5M | ||
| Q4 24 | $1.5M | $-192.0M | ||
| Q3 24 | $-20.8M | $17.6M | ||
| Q2 24 | $-1.4M | $13.3M | ||
| Q1 24 | $-28.0M | $30.8M |
毛利率MATVSTEP
| Q4 25 | 18.8% | — | ||
| Q3 25 | 19.3% | — | ||
| Q2 25 | 19.7% | — | ||
| Q1 25 | 15.0% | — | ||
| Q4 24 | 16.9% | — | ||
| Q3 24 | 18.8% | — | ||
| Q2 24 | 20.8% | — | ||
| Q1 24 | 16.8% | — |
营业利润率MATVSTEP
| Q4 25 | 2.2% | -33.2% | ||
| Q3 25 | 3.1% | -148.8% | ||
| Q2 25 | 3.8% | -5.6% | ||
| Q1 25 | -88.8% | 2.6% | ||
| Q4 24 | 0.6% | -101.7% | ||
| Q3 24 | 1.4% | 21.3% | ||
| Q2 24 | 2.0% | 29.4% | ||
| Q1 24 | -2.8% | 26.5% |
净利率MATVSTEP
| Q4 25 | 21.8% | -21.0% | ||
| Q3 25 | -0.6% | -80.6% | ||
| Q2 25 | -1.8% | -10.5% | ||
| Q1 25 | -87.8% | -4.9% | ||
| Q4 24 | 0.3% | -56.6% | ||
| Q3 24 | -4.2% | 6.5% | ||
| Q2 24 | -0.3% | 7.2% | ||
| Q1 24 | -5.6% | 8.6% |
每股收益（稀释后）MATVSTEP
| Q4 25 | $1.87 | $-1.55 | ||
| Q3 25 | $-0.06 | $-4.66 | ||
| Q2 25 | $-0.18 | $-0.49 | ||
| Q1 25 | $-7.82 | $-0.37 | ||
| Q4 24 | $0.03 | $-2.61 | ||
| Q3 24 | $-0.38 | $0.26 | ||
| Q2 24 | $-0.03 | $0.20 | ||
| Q1 24 | $-0.52 | $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 | $84.2M | — |
| 总债务越低越好 | $1.0B | $270.2M |
| 股东权益账面价值 | $498.7M | $-378.8M |
| 总资产 | $2.1B | $5.2B |
| 负债/权益比越低杠杆越低 | 2.07× | — |
8季度趋势，按日历期对齐
现金及短期投资MATVSTEP
| Q4 25 | $84.2M | — | ||
| Q3 25 | $97.1M | — | ||
| Q2 25 | $95.6M | — | ||
| Q1 25 | $84.0M | — | ||
| Q4 24 | $94.3M | — | ||
| Q3 24 | $162.2M | — | ||
| Q2 24 | $133.4M | — | ||
| Q1 24 | $128.9M | — |
总债务MATVSTEP
| Q4 25 | $1.0B | $270.2M | ||
| Q3 25 | $1.0B | $269.9M | ||
| Q2 25 | $1.1B | $269.6M | ||
| Q1 25 | $1.1B | $269.3M | ||
| Q4 24 | $1.1B | $168.9M | ||
| Q3 24 | $1.2B | $172.3M | ||
| Q2 24 | $1.2B | $172.1M | ||
| Q1 24 | $1.2B | $148.8M |
股东权益MATVSTEP
| Q4 25 | $498.7M | $-378.8M | ||
| Q3 25 | $397.4M | $-233.5M | ||
| Q2 25 | $416.6M | $153.9M | ||
| Q1 25 | $428.2M | $179.4M | ||
| Q4 24 | $858.5M | $209.8M | ||
| Q3 24 | $882.3M | $397.5M | ||
| Q2 24 | $898.0M | $366.9M | ||
| Q1 24 | $906.9M | $324.5M |
总资产MATVSTEP
| Q4 25 | $2.1B | $5.2B | ||
| Q3 25 | $2.0B | $5.3B | ||
| Q2 25 | $2.1B | $4.8B | ||
| Q1 25 | $2.1B | $4.6B | ||
| Q4 24 | $2.4B | $4.3B | ||
| Q3 24 | $2.6B | $4.0B | ||
| Q2 24 | $2.6B | $3.8B | ||
| Q1 24 | $2.7B | $3.8B |
负债/权益比MATVSTEP
| Q4 25 | 2.07× | — | ||
| Q3 25 | 2.63× | — | ||
| Q2 25 | 2.66× | 1.75× | ||
| Q1 25 | 2.67× | 1.50× | ||
| Q4 24 | 1.30× | 0.81× | ||
| Q3 24 | 1.32× | 0.43× | ||
| Q2 24 | 1.29× | 0.47× | ||
| Q1 24 | 1.30× | 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 | $19.3M | $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 | 1.7% | 4.6% |
| 资本支出强度资本支出/营收 | 2.4% | 0.1% |
| 现金转化率经营现金流/净利润 | 0.19× | — |
| 过去12个月自由现金流最近4个季度 | $93.8M | $18.6M |
8季度趋势，按日历期对齐
经营现金流MATVSTEP
| Q4 25 | $19.3M | $27.2M | ||
| Q3 25 | $72.8M | $16.2M | ||
| Q2 25 | $57.6M | $46.3M | ||
| Q1 25 | $-15.9M | $-66.5M | ||
| Q4 24 | $24.1M | $27.6M | ||
| Q3 24 | $37.6M | $53.7M | ||
| Q2 24 | $46.1M | $50.2M | ||
| Q1 24 | $-13.0M | $7.6M |
自由现金流MATVSTEP
| Q4 25 | $8.0M | $26.7M | ||
| Q3 25 | $66.7M | $15.9M | ||
| Q2 25 | $48.9M | $45.2M | ||
| Q1 25 | $-29.8M | $-69.2M | ||
| Q4 24 | $2.0M | $27.0M | ||
| Q3 24 | $25.5M | $52.4M | ||
| Q2 24 | $37.4M | $49.6M | ||
| Q1 24 | $-25.1M | $6.7M |
自由现金流率MATVSTEP
| Q4 25 | 1.7% | 4.6% | ||
| Q3 25 | 13.0% | 3.5% | ||
| Q2 25 | 9.3% | 12.4% | ||
| Q1 25 | -6.1% | -18.3% | ||
| Q4 24 | 0.4% | 8.0% | ||
| Q3 24 | 5.1% | 19.3% | ||
| Q2 24 | 7.1% | 26.6% | ||
| Q1 24 | -5.0% | 1.9% |
资本支出强度MATVSTEP
| Q4 25 | 2.4% | 0.1% | ||
| Q3 25 | 1.2% | 0.1% | ||
| Q2 25 | 1.7% | 0.3% | ||
| Q1 25 | 2.9% | 0.7% | ||
| Q4 24 | 4.8% | 0.2% | ||
| Q3 24 | 2.4% | 0.5% | ||
| Q2 24 | 1.7% | 0.3% | ||
| Q1 24 | 2.4% | 0.3% |
现金转化率MATVSTEP
| Q4 25 | 0.19× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 16.07× | — | ||
| 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
MATV
| Other | $208.7M | 45% |
| SAS Segment | $157.4M | 34% |
| FAM Segment | $97.0M | 21% |
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% |
