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Natural Grocers by Vitamin Cottage, Inc.（NGVC）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Natural Grocers by Vitamin Cottage, Inc.的1.7倍（$586.5M vs $335.6M），Natural Grocers by Vitamin Cottage, Inc.净利率更高（3.4% vs -21.0%，领先24.4%），罗塞塔石碑同比增速更快（73.0% vs 1.6%），罗塞塔石碑自由现金流更多（$26.7M vs $11.6M），过去两年罗塞塔石碑的营收复合增速更高（28.2% vs 4.4%）
Natural Grocers by Vitamin Cottage, Inc.是美国本土的特色零售连锁企业，主营认证有机食品、膳食补充剂、天然个护及环保家居类产品，面向健康意识较强的消费群体，门店覆盖美国多州，执行严格品控标准，拒绝售卖含人工添加剂的商品。
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。
NGVC vs STEP — 直观对比
营收规模更大
STEP
是对方的1.7倍
$335.6M
营收增速更快
STEP
高出71.4%
1.6%
净利率更高
NGVC
高出24.4%
-21.0%
自由现金流更多
STEP
多$15.2M
$11.6M
两年增速更快
STEP
近两年复合增速
4.4%
损益表 — Q1 FY2026 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $335.6M | $586.5M |
| 净利润 | $11.3M | $-123.5M |
| 毛利率 | 29.5% | — |
| 营业利润率 | 4.4% | -33.2% |
| 净利率 | 3.4% | -21.0% |
| 营收同比 | 1.6% | 73.0% |
| 净利润同比 | 14.0% | 35.7% |
| 每股收益（稀释后） | $0.49 | $-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NGVCSTEP
| Q4 25 | $335.6M | $586.5M | ||
| Q3 25 | $336.1M | $454.2M | ||
| Q2 25 | $328.7M | $364.3M | ||
| Q1 25 | $335.8M | $377.7M | ||
| Q4 24 | $330.2M | $339.0M | ||
| Q3 24 | $322.7M | $271.7M | ||
| Q2 24 | $309.1M | $186.4M | ||
| Q1 24 | $308.1M | $356.8M |
净利润NGVCSTEP
| Q4 25 | $11.3M | $-123.5M | ||
| Q3 25 | $11.8M | $-366.1M | ||
| Q2 25 | $11.6M | $-38.4M | ||
| Q1 25 | $13.1M | $-18.5M | ||
| Q4 24 | $9.9M | $-192.0M | ||
| Q3 24 | $9.0M | $17.6M | ||
| Q2 24 | $9.2M | $13.3M | ||
| Q1 24 | $8.0M | $30.8M |
毛利率NGVCSTEP
| Q4 25 | 29.5% | — | ||
| Q3 25 | 29.5% | — | ||
| Q2 25 | 29.9% | — | ||
| Q1 25 | 30.3% | — | ||
| Q4 24 | 29.9% | — | ||
| Q3 24 | 29.6% | — | ||
| Q2 24 | 29.2% | — | ||
| Q1 24 | 29.3% | — |
营业利润率NGVCSTEP
| Q4 25 | 4.4% | -33.2% | ||
| Q3 25 | 4.6% | -148.8% | ||
| Q2 25 | 4.7% | -5.6% | ||
| Q1 25 | 5.2% | 2.6% | ||
| Q4 24 | 4.0% | -101.7% | ||
| Q3 24 | 3.7% | 21.3% | ||
| Q2 24 | 4.2% | 29.4% | ||
| Q1 24 | 3.7% | 26.5% |
净利率NGVCSTEP
| Q4 25 | 3.4% | -21.0% | ||
| Q3 25 | 3.5% | -80.6% | ||
| Q2 25 | 3.5% | -10.5% | ||
| Q1 25 | 3.9% | -4.9% | ||
| Q4 24 | 3.0% | -56.6% | ||
| Q3 24 | 2.8% | 6.5% | ||
| Q2 24 | 3.0% | 7.2% | ||
| Q1 24 | 2.6% | 8.6% |
每股收益（稀释后）NGVCSTEP
| Q4 25 | $0.49 | $-1.55 | ||
| Q3 25 | $0.51 | $-4.66 | ||
| Q2 25 | $0.50 | $-0.49 | ||
| Q1 25 | $0.56 | $-0.37 | ||
| Q4 24 | $0.43 | $-2.61 | ||
| Q3 24 | $0.38 | $0.26 | ||
| Q2 24 | $0.40 | $0.20 | ||
| Q1 24 | $0.35 | $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 | $23.2M | — |
| 总债务越低越好 | — | $270.2M |
| 股东权益账面价值 | $220.0M | $-378.8M |
| 总资产 | $668.6M | $5.2B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资NGVCSTEP
| Q4 25 | $23.2M | — | ||
| Q3 25 | $17.1M | — | ||
| Q2 25 | $13.2M | — | ||
| Q1 25 | $21.2M | — | ||
| Q4 24 | $6.3M | — | ||
| Q3 24 | $8.9M | — | ||
| Q2 24 | $13.9M | — | ||
| Q1 24 | $11.0M | — |
总债务NGVCSTEP
| Q4 25 | — | $270.2M | ||
| Q3 25 | — | $269.9M | ||
| Q2 25 | — | $269.6M | ||
| Q1 25 | — | $269.3M | ||
| Q4 24 | — | $168.9M | ||
| Q3 24 | — | $172.3M | ||
| Q2 24 | — | $172.1M | ||
| Q1 24 | — | $148.8M |
股东权益NGVCSTEP
| Q4 25 | $220.0M | $-378.8M | ||
| Q3 25 | $212.4M | $-233.5M | ||
| Q2 25 | $202.5M | $153.9M | ||
| Q1 25 | $193.0M | $179.4M | ||
| Q4 24 | $181.9M | $209.8M | ||
| Q3 24 | $174.3M | $397.5M | ||
| Q2 24 | $167.8M | $366.9M | ||
| Q1 24 | $160.0M | $324.5M |
总资产NGVCSTEP
| Q4 25 | $668.6M | $5.2B | ||
| Q3 25 | $670.5M | $5.3B | ||
| Q2 25 | $659.0M | $4.8B | ||
| Q1 25 | $664.6M | $4.6B | ||
| Q4 24 | $648.9M | $4.3B | ||
| Q3 24 | $655.5M | $4.0B | ||
| Q2 24 | $654.4M | $3.8B | ||
| Q1 24 | $656.6M | $3.8B |
负债/权益比NGVCSTEP
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 1.75× | ||
| Q1 25 | — | 1.50× | ||
| Q4 24 | — | 0.81× | ||
| Q3 24 | — | 0.43× | ||
| Q2 24 | — | 0.47× | ||
| Q1 24 | — | 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 | $21.1M | $27.2M |
| 自由现金流经营现金流 - 资本支出 | $11.6M | $26.7M |
| 自由现金流率自由现金流/营收 | 3.4% | 4.6% |
| 资本支出强度资本支出/营收 | 2.9% | 0.1% |
| 现金转化率经营现金流/净利润 | 1.86× | — |
| 过去12个月自由现金流最近4个季度 | $42.6M | $18.6M |
8季度趋势，按日历期对齐
经营现金流NGVCSTEP
| Q4 25 | $21.1M | $27.2M | ||
| Q3 25 | $15.6M | $16.2M | ||
| Q2 25 | $2.9M | $46.3M | ||
| Q1 25 | $34.1M | $-66.5M | ||
| Q4 24 | $2.7M | $27.6M | ||
| Q3 24 | $24.5M | $53.7M | ||
| Q2 24 | $12.4M | $50.2M | ||
| Q1 24 | $20.2M | $7.6M |
自由现金流NGVCSTEP
| Q4 25 | $11.6M | $26.7M | ||
| Q3 25 | $7.5M | $15.9M | ||
| Q2 25 | $-4.2M | $45.2M | ||
| Q1 25 | $27.6M | $-69.2M | ||
| Q4 24 | $-6.9M | $27.0M | ||
| Q3 24 | $18.0M | $52.4M | ||
| Q2 24 | $3.6M | $49.6M | ||
| Q1 24 | $9.8M | $6.7M |
自由现金流率NGVCSTEP
| Q4 25 | 3.4% | 4.6% | ||
| Q3 25 | 2.2% | 3.5% | ||
| Q2 25 | -1.3% | 12.4% | ||
| Q1 25 | 8.2% | -18.3% | ||
| Q4 24 | -2.1% | 8.0% | ||
| Q3 24 | 5.6% | 19.3% | ||
| Q2 24 | 1.2% | 26.6% | ||
| Q1 24 | 3.2% | 1.9% |
资本支出强度NGVCSTEP
| Q4 25 | 2.9% | 0.1% | ||
| Q3 25 | 2.4% | 0.1% | ||
| Q2 25 | 2.2% | 0.3% | ||
| Q1 25 | 1.9% | 0.7% | ||
| Q4 24 | 2.9% | 0.2% | ||
| Q3 24 | 2.0% | 0.5% | ||
| Q2 24 | 2.9% | 0.3% | ||
| Q1 24 | 3.4% | 0.3% |
现金转化率NGVCSTEP
| Q4 25 | 1.86× | — | ||
| Q3 25 | 1.32× | — | ||
| Q2 25 | 0.25× | — | ||
| Q1 25 | 2.60× | — | ||
| Q4 24 | 0.27× | — | ||
| Q3 24 | 2.72× | 3.05× | ||
| Q2 24 | 1.35× | 3.76× | ||
| Q1 24 | 2.54× | 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
NGVC
| Grocery | $243.8M | 73% |
| Dietary Supplements | $60.7M | 18% |
| Manufactured Product Other | $31.0M | 9% |
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% |
