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UiPath, Inc.（PATH）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UiPath, Inc.的1.4倍（$586.5M vs $411.1M），UiPath, Inc.净利率更高（48.4% vs -21.0%，领先69.4%），罗塞塔石碑同比增速更快（73.0% vs 15.9%），罗塞塔石碑自由现金流更多（$26.7M vs $25.1M），过去两年罗塞塔石碑的营收复合增速更高（28.2% vs 0.7%）
UiPath是一家全球化软件企业，专注于开发人工智能、智能自动化及流程编排类软件，其产品支持用户搭建与调度AI代理，实现复杂业务流程、工作流的自动化运行，助力各行业客户提升运营效率、降低人力成本。
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。
PATH vs STEP — 直观对比
营收规模更大
STEP
是对方的1.4倍
$411.1M
营收增速更快
STEP
高出57.1%
15.9%
净利率更高
PATH
高出69.4%
-21.0%
自由现金流更多
STEP
多$1.6M
$25.1M
两年增速更快
STEP
近两年复合增速
0.7%
损益表 — Q3 FY2026 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $411.1M | $586.5M |
| 净利润 | $198.8M | $-123.5M |
| 毛利率 | 83.3% | — |
| 营业利润率 | 3.2% | -33.2% |
| 净利率 | 48.4% | -21.0% |
| 营收同比 | 15.9% | 73.0% |
| 净利润同比 | 1966.2% | 35.7% |
| 每股收益（稀释后） | $0.37 | $-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PATHSTEP
| Q4 25 | $411.1M | $586.5M | ||
| Q3 25 | $361.7M | $454.2M | ||
| Q2 25 | $356.6M | $364.3M | ||
| Q1 25 | $423.6M | $377.7M | ||
| Q4 24 | $354.7M | $339.0M | ||
| Q3 24 | $316.3M | $271.7M | ||
| Q2 24 | $335.1M | $186.4M | ||
| Q1 24 | $405.3M | $356.8M |
净利润PATHSTEP
| Q4 25 | $198.8M | $-123.5M | ||
| Q3 25 | $1.6M | $-366.1M | ||
| Q2 25 | $-22.6M | $-38.4M | ||
| Q1 25 | $51.8M | $-18.5M | ||
| Q4 24 | $-10.7M | $-192.0M | ||
| Q3 24 | $-86.1M | $17.6M | ||
| Q2 24 | $-28.7M | $13.3M | ||
| Q1 24 | $33.9M | $30.8M |
毛利率PATHSTEP
| Q4 25 | 83.3% | — | ||
| Q3 25 | 82.2% | — | ||
| Q2 25 | 82.1% | — | ||
| Q1 25 | 84.8% | — | ||
| Q4 24 | 82.0% | — | ||
| Q3 24 | 80.0% | — | ||
| Q2 24 | 83.5% | — | ||
| Q1 24 | 86.8% | — |
营业利润率PATHSTEP
| Q4 25 | 3.2% | -33.2% | ||
| Q3 25 | -5.6% | -148.8% | ||
| Q2 25 | -4.6% | -5.6% | ||
| Q1 25 | 7.9% | 2.6% | ||
| Q4 24 | -12.2% | -101.7% | ||
| Q3 24 | -32.7% | 21.3% | ||
| Q2 24 | -14.8% | 29.4% | ||
| Q1 24 | 3.7% | 26.5% |
净利率PATHSTEP
| Q4 25 | 48.4% | -21.0% | ||
| Q3 25 | 0.4% | -80.6% | ||
| Q2 25 | -6.3% | -10.5% | ||
| Q1 25 | 12.2% | -4.9% | ||
| Q4 24 | -3.0% | -56.6% | ||
| Q3 24 | -27.2% | 6.5% | ||
| Q2 24 | -8.6% | 7.2% | ||
| Q1 24 | 8.4% | 8.6% |
每股收益（稀释后）PATHSTEP
| Q4 25 | $0.37 | $-1.55 | ||
| Q3 25 | $0.00 | $-4.66 | ||
| Q2 25 | $-0.04 | $-0.49 | ||
| Q1 25 | $0.09 | $-0.37 | ||
| Q4 24 | $-0.02 | $-2.61 | ||
| Q3 24 | $-0.15 | $0.26 | ||
| Q2 24 | $-0.05 | $0.20 | ||
| Q1 24 | $0.07 | $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 | $1.4B | — |
| 总债务越低越好 | — | $270.2M |
| 股东权益账面价值 | $1.9B | $-378.8M |
| 总资产 | $2.9B | $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PATHSTEP
| Q4 25 | $1.4B | — | ||
| Q3 25 | $1.4B | — | ||
| Q2 25 | $1.6B | — | ||
| Q1 25 | $1.6B | — | ||
| Q4 24 | $1.6B | — | ||
| Q3 24 | $1.7B | — | ||
| Q2 24 | $1.9B | — | ||
| Q1 24 | $1.9B | — |
总债务PATHSTEP
| 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PATHSTEP
| Q4 25 | $1.9B | $-378.8M | ||
| Q3 25 | $1.7B | $-233.5M | ||
| Q2 25 | $1.7B | $153.9M | ||
| Q1 25 | $1.8B | $179.4M | ||
| Q4 24 | $1.7B | $209.8M | ||
| Q3 24 | $1.8B | $397.5M | ||
| Q2 24 | $2.0B | $366.9M | ||
| Q1 24 | $2.0B | $324.5M |
总资产PATHSTEP
| Q4 25 | $2.9B | $5.2B | ||
| Q3 25 | $2.6B | $5.3B | ||
| Q2 25 | $2.6B | $4.8B | ||
| Q1 25 | $2.9B | $4.6B | ||
| Q4 24 | $2.7B | $4.3B | ||
| Q3 24 | $2.7B | $4.0B | ||
| Q2 24 | $2.8B | $3.8B | ||
| Q1 24 | $3.0B | $3.8B |
负债/权益比PATHSTEP
| 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 | $28.3M | $27.2M |
| 自由现金流经营现金流 - 资本支出 | $25.1M | $26.7M |
| 自由现金流率自由现金流/营收 | 6.1% | 4.6% |
| 资本支出强度资本支出/营收 | 0.8% | 0.1% |
| 现金转化率经营现金流/净利润 | 0.14× | — |
| 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PATHSTEP
| Q4 25 | $28.3M | $27.2M | ||
| Q3 25 | $41.6M | $16.2M | ||
| Q2 25 | $119.0M | $46.3M | ||
| Q1 25 | $146.1M | $-66.5M | ||
| Q4 24 | $28.1M | $27.6M | ||
| Q3 24 | $46.4M | $53.7M | ||
| Q2 24 | $100.0M | $50.2M | ||
| Q1 24 | $145.6M | $7.6M |
自由现金流PATHSTEP
| Q4 25 | $25.1M | $26.7M | ||
| Q3 25 | — | $15.9M | ||
| Q2 25 | $106.2M | $45.2M | ||
| Q1 25 | $138.7M | $-69.2M | ||
| Q4 24 | $23.2M | $27.0M | ||
| Q3 24 | $45.0M | $52.4M | ||
| Q2 24 | $98.8M | $49.6M | ||
| Q1 24 | $141.8M | $6.7M |
自由现金流率PATHSTEP
| Q4 25 | 6.1% | 4.6% | ||
| Q3 25 | — | 3.5% | ||
| Q2 25 | 29.8% | 12.4% | ||
| Q1 25 | 32.7% | -18.3% | ||
| Q4 24 | 6.5% | 8.0% | ||
| Q3 24 | 14.2% | 19.3% | ||
| Q2 24 | 29.5% | 26.6% | ||
| Q1 24 | 35.0% | 1.9% |
资本支出强度PATHSTEP
| Q4 25 | 0.8% | 0.1% | ||
| Q3 25 | 0.0% | 0.1% | ||
| Q2 25 | 3.6% | 0.3% | ||
| Q1 25 | 1.7% | 0.7% | ||
| Q4 24 | 1.4% | 0.2% | ||
| Q3 24 | 0.4% | 0.5% | ||
| Q2 24 | 0.4% | 0.3% | ||
| Q1 24 | 0.9% | 0.3% |
现金转化率PATHSTEP
| Q4 25 | 0.14× | — | ||
| Q3 25 | 26.25× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 2.82× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 3.05× | ||
| Q2 24 | — | 3.76× | ||
| Q1 24 | 4.29× | 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
PATH
| Subscription Services | $247.6M | 60% |
| License | $150.0M | 36% |
| Professional Services And Other | $13.5M | 3% |
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% |
