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摩丁制造（MOD）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
摩丁制造的季度营收约是罗塞塔石碑的1.4倍（$805.0M vs $586.5M），摩丁制造净利率更高（-5.9% vs -21.0%，领先15.2%），罗塞塔石碑同比增速更快（73.0% vs 30.5%），罗塞塔石碑自由现金流更多（$26.7M vs $-17.1M），过去两年罗塞塔石碑的营收复合增速更高（28.2% vs 15.5%）
摩丁制造是1916年成立于美国的热管理企业。创始人亚瑟·B·摩丁获拖拉机Spirex散热器专利后创立公司，曾为福特T型车生产Turbotube散热器，1941年在威斯康星州拉辛建成全球首个车用风洞，二战期间为P-51野马战斗机供应后冷却器。
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。
MOD vs STEP — 直观对比
营收规模更大
MOD
是对方的1.4倍
$586.5M
营收增速更快
STEP
高出42.5%
30.5%
净利率更高
MOD
高出15.2%
-21.0%
自由现金流更多
STEP
多$43.8M
$-17.1M
两年增速更快
STEP
近两年复合增速
15.5%
损益表 — Q3 FY2026 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $805.0M | $586.5M |
| 净利润 | $-47.4M | $-123.5M |
| 毛利率 | 23.1% | — |
| 营业利润率 | 11.1% | -33.2% |
| 净利率 | -5.9% | -21.0% |
| 营收同比 | 30.5% | 73.0% |
| 净利润同比 | -215.6% | 35.7% |
| 每股收益（稀释后） | $-0.90 | $-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MODSTEP
| Q4 25 | $805.0M | $586.5M | ||
| Q3 25 | $738.9M | $454.2M | ||
| Q2 25 | $682.8M | $364.3M | ||
| Q1 25 | $647.2M | $377.7M | ||
| Q4 24 | $616.8M | $339.0M | ||
| Q3 24 | $658.0M | $271.7M | ||
| Q2 24 | $661.5M | $186.4M | ||
| Q1 24 | $603.5M | $356.8M |
净利润MODSTEP
| Q4 25 | $-47.4M | $-123.5M | ||
| Q3 25 | $44.4M | $-366.1M | ||
| Q2 25 | $51.2M | $-38.4M | ||
| Q1 25 | $49.6M | $-18.5M | ||
| Q4 24 | $41.0M | $-192.0M | ||
| Q3 24 | $46.1M | $17.6M | ||
| Q2 24 | $47.3M | $13.3M | ||
| Q1 24 | $25.8M | $30.8M |
毛利率MODSTEP
| Q4 25 | 23.1% | — | ||
| Q3 25 | 22.3% | — | ||
| Q2 25 | 24.2% | — | ||
| Q1 25 | 25.6% | — | ||
| Q4 24 | 24.3% | — | ||
| Q3 24 | 25.2% | — | ||
| Q2 24 | 24.6% | — | ||
| Q1 24 | 22.4% | — |
营业利润率MODSTEP
| Q4 25 | 11.1% | -33.2% | ||
| Q3 25 | 9.9% | -148.8% | ||
| Q2 25 | 11.1% | -5.6% | ||
| Q1 25 | 11.5% | 2.6% | ||
| Q4 24 | 9.6% | -101.7% | ||
| Q3 24 | 11.4% | 21.3% | ||
| Q2 24 | 11.2% | 29.4% | ||
| Q1 24 | 7.8% | 26.5% |
净利率MODSTEP
| Q4 25 | -5.9% | -21.0% | ||
| Q3 25 | 6.0% | -80.6% | ||
| Q2 25 | 7.5% | -10.5% | ||
| Q1 25 | 7.7% | -4.9% | ||
| Q4 24 | 6.6% | -56.6% | ||
| Q3 24 | 7.0% | 6.5% | ||
| Q2 24 | 7.2% | 7.2% | ||
| Q1 24 | 4.3% | 8.6% |
每股收益（稀释后）MODSTEP
| Q4 25 | $-0.90 | $-1.55 | ||
| Q3 25 | $0.83 | $-4.66 | ||
| Q2 25 | $0.95 | $-0.49 | ||
| Q1 25 | $0.92 | $-0.37 | ||
| Q4 24 | $0.76 | $-2.61 | ||
| Q3 24 | $0.86 | $0.26 | ||
| Q2 24 | $0.88 | $0.20 | ||
| Q1 24 | $0.48 | $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 | $98.7M | — |
| 总债务越低越好 | $570.7M | $270.2M |
| 股东权益账面价值 | $1.1B | $-378.8M |
| 总资产 | $2.5B | $5.2B |
| 负债/权益比越低杠杆越低 | 0.51× | — |
8季度趋势，按日历期对齐
现金及短期投资MODSTEP
| Q4 25 | $98.7M | — | ||
| Q3 25 | $83.8M | — | ||
| Q2 25 | $124.5M | — | ||
| Q1 25 | $71.6M | — | ||
| Q4 24 | $83.8M | — | ||
| Q3 24 | $78.6M | — | ||
| Q2 24 | $72.9M | — | ||
| Q1 24 | $60.1M | — |
总债务MODSTEP
| Q4 25 | $570.7M | $270.2M | ||
| Q3 25 | $525.8M | $269.9M | ||
| Q2 25 | $482.1M | $269.6M | ||
| Q1 25 | $296.7M | $269.3M | ||
| Q4 24 | $330.0M | $168.9M | ||
| Q3 24 | $359.1M | $172.3M | ||
| Q2 24 | $405.7M | $172.1M | ||
| Q1 24 | $399.9M | $148.8M |
股东权益MODSTEP
| Q4 25 | $1.1B | $-378.8M | ||
| Q3 25 | $1.1B | $-233.5M | ||
| Q2 25 | $1.0B | $153.9M | ||
| Q1 25 | $910.2M | $179.4M | ||
| Q4 24 | $855.1M | $209.8M | ||
| Q3 24 | $858.8M | $397.5M | ||
| Q2 24 | $788.4M | $366.9M | ||
| Q1 24 | $747.6M | $324.5M |
总资产MODSTEP
| Q4 25 | $2.5B | $5.2B | ||
| Q3 25 | $2.4B | $5.3B | ||
| Q2 25 | $2.2B | $4.8B | ||
| Q1 25 | $1.9B | $4.6B | ||
| Q4 24 | $1.8B | $4.3B | ||
| Q3 24 | $1.9B | $4.0B | ||
| Q2 24 | $1.9B | $3.8B | ||
| Q1 24 | $1.9B | $3.8B |
负债/权益比MODSTEP
| Q4 25 | 0.51× | — | ||
| Q3 25 | 0.50× | — | ||
| Q2 25 | 0.48× | 1.75× | ||
| Q1 25 | 0.33× | 1.50× | ||
| Q4 24 | 0.39× | 0.81× | ||
| Q3 24 | 0.42× | 0.43× | ||
| Q2 24 | 0.51× | 0.47× | ||
| Q1 24 | 0.53× | 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 | $24.7M | $27.2M |
| 自由现金流经营现金流 - 资本支出 | $-17.1M | $26.7M |
| 自由现金流率自由现金流/营收 | -2.1% | 4.6% |
| 资本支出强度资本支出/营收 | 5.2% | 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 | $-20.3M | $18.6M |
8季度趋势，按日历期对齐
经营现金流MODSTEP
| Q4 25 | $24.7M | $27.2M | ||
| Q3 25 | $1.4M | $16.2M | ||
| Q2 25 | $27.7M | $46.3M | ||
| Q1 25 | $54.8M | $-66.5M | ||
| Q4 24 | $60.7M | $27.6M | ||
| Q3 24 | $57.3M | $53.7M | ||
| Q2 24 | $40.5M | $50.2M | ||
| Q1 24 | $39.6M | $7.6M |
自由现金流MODSTEP
| Q4 25 | $-17.1M | $26.7M | ||
| Q3 25 | $-30.5M | $15.9M | ||
| Q2 25 | $200.0K | $45.2M | ||
| Q1 25 | $27.1M | $-69.2M | ||
| Q4 24 | $44.7M | $27.0M | ||
| Q3 24 | $43.8M | $52.4M | ||
| Q2 24 | $13.7M | $49.6M | ||
| Q1 24 | $-4.3M | $6.7M |
自由现金流率MODSTEP
| Q4 25 | -2.1% | 4.6% | ||
| Q3 25 | -4.1% | 3.5% | ||
| Q2 25 | 0.0% | 12.4% | ||
| Q1 25 | 4.2% | -18.3% | ||
| Q4 24 | 7.2% | 8.0% | ||
| Q3 24 | 6.7% | 19.3% | ||
| Q2 24 | 2.1% | 26.6% | ||
| Q1 24 | -0.7% | 1.9% |
资本支出强度MODSTEP
| Q4 25 | 5.2% | 0.1% | ||
| Q3 25 | 4.3% | 0.1% | ||
| Q2 25 | 4.0% | 0.3% | ||
| Q1 25 | 4.3% | 0.7% | ||
| Q4 24 | 2.6% | 0.2% | ||
| Q3 24 | 2.1% | 0.5% | ||
| Q2 24 | 4.1% | 0.3% | ||
| Q1 24 | 7.3% | 0.3% |
现金转化率MODSTEP
| Q4 25 | — | — | ||
| Q3 25 | 0.03× | — | ||
| Q2 25 | 0.54× | — | ||
| Q1 25 | 1.10× | — | ||
| Q4 24 | 1.48× | — | ||
| Q3 24 | 1.24× | 3.05× | ||
| Q2 24 | 0.86× | 3.76× | ||
| Q1 24 | 1.53× | 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
MOD
| Data Centers | $296.9M | 37% |
| Performance Technologies | $266.0M | 33% |
| Hvac Technologies | $107.1M | 13% |
| Air Cooled | $92.4M | 11% |
| Lb White | $25.6M | 3% |
| Climate By Design | $10.2M | 1% |
| Absolutaire | $7.0M | 1% |
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% |
