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MADRIGAL PHARMACEUTICALS, INC.（MDGL）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MADRIGAL PHARMACEUTICALS, INC.的1.8倍（$586.5M vs $321.1M），MADRIGAL PHARMACEUTICALS, INC.净利率更高（-18.2% vs -21.0%，领先2.8%），MADRIGAL PHARMACEUTICALS, INC.同比增速更快（210.8% vs 73.0%），罗塞塔石碑自由现金流更多（$26.7M vs $-133.8M）
本公司是一家美国生物制药企业，成立于2002年，专注于研发新型合成胆汁酸类似物，可用于治疗原发性胆汁性胆管炎、非酒精性脂肪肝、肝硬化等慢性肝病，以及胆汁酸性腹泻等肠道疾病。
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。
MDGL vs STEP — 直观对比
营收规模更大
STEP
是对方的1.8倍
$321.1M
营收增速更快
MDGL
高出137.8%
73.0%
净利率更高
MDGL
高出2.8%
-21.0%
自由现金流更多
STEP
多$160.6M
$-133.8M
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $321.1M | $586.5M |
| 净利润 | $-58.6M | $-123.5M |
| 毛利率 | — | — |
| 营业利润率 | -18.6% | -33.2% |
| 净利率 | -18.2% | -21.0% |
| 营收同比 | 210.8% | 73.0% |
| 净利润同比 | 1.4% | 35.7% |
| 每股收益（稀释后） | $-2.55 | $-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MDGLSTEP
| Q4 25 | $321.1M | $586.5M | ||
| Q3 25 | $287.3M | $454.2M | ||
| Q2 25 | $212.8M | $364.3M | ||
| Q1 25 | $137.3M | $377.7M | ||
| Q4 24 | $103.3M | $339.0M | ||
| Q3 24 | $62.2M | $271.7M | ||
| Q2 24 | — | $186.4M | ||
| Q1 24 | $0 | $356.8M |
净利润MDGLSTEP
| Q4 25 | $-58.6M | $-123.5M | ||
| Q3 25 | $-114.2M | $-366.1M | ||
| Q2 25 | $-42.3M | $-38.4M | ||
| Q1 25 | $-73.2M | $-18.5M | ||
| Q4 24 | $-59.4M | $-192.0M | ||
| Q3 24 | $-107.0M | $17.6M | ||
| Q2 24 | — | $13.3M | ||
| Q1 24 | $-147.5M | $30.8M |
毛利率MDGLSTEP
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 96.7% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
营业利润率MDGLSTEP
| Q4 25 | -18.6% | -33.2% | ||
| Q3 25 | -39.7% | -148.8% | ||
| Q2 25 | -22.2% | -5.6% | ||
| Q1 25 | -57.8% | 2.6% | ||
| Q4 24 | -64.8% | -101.7% | ||
| Q3 24 | -187.1% | 21.3% | ||
| Q2 24 | — | 29.4% | ||
| Q1 24 | — | 26.5% |
净利率MDGLSTEP
| Q4 25 | -18.2% | -21.0% | ||
| Q3 25 | -39.8% | -80.6% | ||
| Q2 25 | -19.9% | -10.5% | ||
| Q1 25 | -53.4% | -4.9% | ||
| Q4 24 | -57.5% | -56.6% | ||
| Q3 24 | -172.0% | 6.5% | ||
| Q2 24 | — | 7.2% | ||
| Q1 24 | — | 8.6% |
每股收益（稀释后）MDGLSTEP
| Q4 25 | $-2.55 | $-1.55 | ||
| Q3 25 | $-5.08 | $-4.66 | ||
| Q2 25 | $-1.90 | $-0.49 | ||
| Q1 25 | $-3.32 | $-0.37 | ||
| Q4 24 | $-2.50 | $-2.61 | ||
| Q3 24 | $-4.92 | $0.26 | ||
| Q2 24 | — | $0.20 | ||
| Q1 24 | $-7.38 | $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 | $198.7M | — |
| 总债务越低越好 | $339.9M | $270.2M |
| 股东权益账面价值 | $602.7M | $-378.8M |
| 总资产 | $1.3B | $5.2B |
| 负债/权益比越低杠杆越低 | 0.56× | — |
8季度趋势，按日历期对齐
现金及短期投资MDGLSTEP
| Q4 25 | $198.7M | — | ||
| Q3 25 | $295.7M | — | ||
| Q2 25 | $186.2M | — | ||
| Q1 25 | $183.6M | — | ||
| Q4 24 | $100.0M | — | ||
| Q3 24 | $232.7M | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $622.5M | — |
总债务MDGLSTEP
| Q4 25 | $339.9M | $270.2M | ||
| Q3 25 | $339.8M | $269.9M | ||
| Q2 25 | $118.4M | $269.6M | ||
| Q1 25 | $118.0M | $269.3M | ||
| Q4 24 | $117.6M | $168.9M | ||
| Q3 24 | $117.1M | $172.3M | ||
| Q2 24 | — | $172.1M | ||
| Q1 24 | $116.1M | $148.8M |
股东权益MDGLSTEP
| Q4 25 | $602.7M | $-378.8M | ||
| Q3 25 | $625.7M | $-233.5M | ||
| Q2 25 | $696.0M | $153.9M | ||
| Q1 25 | $710.6M | $179.4M | ||
| Q4 24 | $754.4M | $209.8M | ||
| Q3 24 | $777.2M | $397.5M | ||
| Q2 24 | — | $366.9M | ||
| Q1 24 | $850.8M | $324.5M |
总资产MDGLSTEP
| Q4 25 | $1.3B | $5.2B | ||
| Q3 25 | $1.4B | $5.3B | ||
| Q2 25 | $1.0B | $4.8B | ||
| Q1 25 | $996.6M | $4.6B | ||
| Q4 24 | $1.0B | $4.3B | ||
| Q3 24 | $1.1B | $4.0B | ||
| Q2 24 | — | $3.8B | ||
| Q1 24 | $1.1B | $3.8B |
负债/权益比MDGLSTEP
| Q4 25 | 0.56× | — | ||
| Q3 25 | 0.54× | — | ||
| Q2 25 | 0.17× | 1.75× | ||
| Q1 25 | 0.17× | 1.50× | ||
| Q4 24 | 0.16× | 0.81× | ||
| Q3 24 | 0.15× | 0.43× | ||
| Q2 24 | — | 0.47× | ||
| Q1 24 | 0.14× | 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 | $-133.5M | $27.2M |
| 自由现金流经营现金流 - 资本支出 | $-133.8M | $26.7M |
| 自由现金流率自由现金流/营收 | -41.7% | 4.6% |
| 资本支出强度资本支出/营收 | 0.1% | 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MDGLSTEP
| Q4 25 | $-133.5M | $27.2M | ||
| Q3 25 | $79.8M | $16.2M | ||
| Q2 25 | $-47.1M | $46.3M | ||
| Q1 25 | $-88.9M | $-66.5M | ||
| Q4 24 | $-104.5M | $27.6M | ||
| Q3 24 | $-67.0M | $53.7M | ||
| Q2 24 | — | $50.2M | ||
| Q1 24 | $-149.2M | $7.6M |
自由现金流MDGLSTEP
| Q4 25 | $-133.8M | $26.7M | ||
| Q3 25 | $79.0M | $15.9M | ||
| Q2 25 | — | $45.2M | ||
| Q1 25 | — | $-69.2M | ||
| Q4 24 | $-104.7M | $27.0M | ||
| Q3 24 | $-67.8M | $52.4M | ||
| Q2 24 | — | $49.6M | ||
| Q1 24 | $-149.5M | $6.7M |
自由现金流率MDGLSTEP
| Q4 25 | -41.7% | 4.6% | ||
| Q3 25 | 27.5% | 3.5% | ||
| Q2 25 | — | 12.4% | ||
| Q1 25 | — | -18.3% | ||
| Q4 24 | -101.3% | 8.0% | ||
| Q3 24 | -109.0% | 19.3% | ||
| Q2 24 | — | 26.6% | ||
| Q1 24 | — | 1.9% |
资本支出强度MDGLSTEP
| Q4 25 | 0.1% | 0.1% | ||
| Q3 25 | 0.3% | 0.1% | ||
| Q2 25 | 0.0% | 0.3% | ||
| Q1 25 | 0.0% | 0.7% | ||
| Q4 24 | 0.2% | 0.2% | ||
| Q3 24 | 1.3% | 0.5% | ||
| Q2 24 | — | 0.3% | ||
| Q1 24 | — | 0.3% |
现金转化率MDGLSTEP
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| 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
MDGL
| Rebates Customer Fees Credits Co Pay Assistance And Other | $208.5M | 65% |
| Other | $76.0M | 24% |
| Chargebacks Discounts For Prompt Pay And Other Allowances | $36.6M | 11% |
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% |
