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PROCORE TECHNOLOGIES, INC.（PCOR）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PROCORE TECHNOLOGIES, INC.的1.7倍（$586.5M vs $349.1M），PROCORE TECHNOLOGIES, INC.净利率更高（-10.8% vs -21.0%，领先10.3%），罗塞塔石碑同比增速更快（73.0% vs 15.6%），PROCORE TECHNOLOGIES, INC.自由现金流更多（$109.2M vs $26.7M），过去两年罗塞塔石碑的营收复合增速更高（28.2% vs 13.8%）
Procore Technologies是2002年成立的美国建筑管理软件即服务（SaaS）企业，总部位于加利福尼亚州卡平特里亚。公司打造的全球平台可连接建筑行业从业者，支持搭建简化工作流，统一展现建筑项目信息，覆盖任务追踪、项目流程管理、日程排期等核心功能。
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。
PCOR vs STEP — 直观对比
营收规模更大
STEP
是对方的1.7倍
$349.1M
营收增速更快
STEP
高出57.4%
15.6%
净利率更高
PCOR
高出10.3%
-21.0%
自由现金流更多
PCOR
多$82.5M
$26.7M
两年增速更快
STEP
近两年复合增速
13.8%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $349.1M | $586.5M |
| 净利润 | $-37.6M | $-123.5M |
| 毛利率 | 80.1% | — |
| 营业利润率 | -12.3% | -33.2% |
| 净利率 | -10.8% | -21.0% |
| 营收同比 | 15.6% | 73.0% |
| 净利润同比 | 39.6% | 35.7% |
| 每股收益（稀释后） | $-0.25 | $-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PCORSTEP
| Q4 25 | $349.1M | $586.5M | ||
| Q3 25 | $338.9M | $454.2M | ||
| Q2 25 | $323.9M | $364.3M | ||
| Q1 25 | $310.6M | $377.7M | ||
| Q4 24 | $302.0M | $339.0M | ||
| Q3 24 | $295.9M | $271.7M | ||
| Q2 24 | $284.3M | $186.4M | ||
| Q1 24 | $269.4M | $356.8M |
净利润PCORSTEP
| Q4 25 | $-37.6M | $-123.5M | ||
| Q3 25 | $-9.1M | $-366.1M | ||
| Q2 25 | $-21.1M | $-38.4M | ||
| Q1 25 | $-33.0M | $-18.5M | ||
| Q4 24 | $-62.3M | $-192.0M | ||
| Q3 24 | $-26.4M | $17.6M | ||
| Q2 24 | $-6.3M | $13.3M | ||
| Q1 24 | $-11.0M | $30.8M |
毛利率PCORSTEP
| Q4 25 | 80.1% | — | ||
| Q3 25 | 79.7% | — | ||
| Q2 25 | 79.1% | — | ||
| Q1 25 | 79.1% | — | ||
| Q4 24 | 81.2% | — | ||
| Q3 24 | 81.4% | — | ||
| Q2 24 | 83.1% | — | ||
| Q1 24 | 83.0% | — |
营业利润率PCORSTEP
| Q4 25 | -12.3% | -33.2% | ||
| Q3 25 | -4.4% | -148.8% | ||
| Q2 25 | -9.3% | -5.6% | ||
| Q1 25 | -11.7% | 2.6% | ||
| Q4 24 | -21.9% | -101.7% | ||
| Q3 24 | -12.3% | 21.3% | ||
| Q2 24 | -5.2% | 29.4% | ||
| Q1 24 | -7.0% | 26.5% |
净利率PCORSTEP
| Q4 25 | -10.8% | -21.0% | ||
| Q3 25 | -2.7% | -80.6% | ||
| Q2 25 | -6.5% | -10.5% | ||
| Q1 25 | -10.6% | -4.9% | ||
| Q4 24 | -20.6% | -56.6% | ||
| Q3 24 | -8.9% | 6.5% | ||
| Q2 24 | -2.2% | 7.2% | ||
| Q1 24 | -4.1% | 8.6% |
每股收益（稀释后）PCORSTEP
| Q4 25 | $-0.25 | $-1.55 | ||
| Q3 25 | $-0.06 | $-4.66 | ||
| Q2 25 | $-0.14 | $-0.49 | ||
| Q1 25 | $-0.22 | $-0.37 | ||
| Q4 24 | $-0.42 | $-2.61 | ||
| Q3 24 | $-0.18 | $0.26 | ||
| Q2 24 | $-0.04 | $0.20 | ||
| Q1 24 | $-0.08 | $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 | $768.5M | — |
| 总债务越低越好 | — | $270.2M |
| 股东权益账面价值 | $1.3B | $-378.8M |
| 总资产 | $2.2B | $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PCORSTEP
| Q4 25 | $768.5M | — | ||
| Q3 25 | $684.0M | — | ||
| Q2 25 | $620.9M | — | ||
| Q1 25 | $566.7M | — | ||
| Q4 24 | $775.4M | — | ||
| Q3 24 | $756.9M | — | ||
| Q2 24 | $735.4M | — | ||
| Q1 24 | $744.6M | — |
总债务PCORSTEP
| 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PCORSTEP
| Q4 25 | $1.3B | $-378.8M | ||
| Q3 25 | $1.2B | $-233.5M | ||
| Q2 25 | $1.2B | $153.9M | ||
| Q1 25 | $1.2B | $179.4M | ||
| Q4 24 | $1.3B | $209.8M | ||
| Q3 24 | $1.3B | $397.5M | ||
| Q2 24 | $1.3B | $366.9M | ||
| Q1 24 | $1.2B | $324.5M |
总资产PCORSTEP
| Q4 25 | $2.2B | $5.2B | ||
| Q3 25 | $2.1B | $5.3B | ||
| Q2 25 | $2.0B | $4.8B | ||
| Q1 25 | $1.9B | $4.6B | ||
| Q4 24 | $2.1B | $4.3B | ||
| Q3 24 | $2.0B | $4.0B | ||
| Q2 24 | $2.0B | $3.8B | ||
| Q1 24 | $1.9B | $3.8B |
负债/权益比PCORSTEP
| 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 | $114.9M | $27.2M |
| 自由现金流经营现金流 - 资本支出 | $109.2M | $26.7M |
| 自由现金流率自由现金流/营收 | 31.3% | 4.6% |
| 资本支出强度资本支出/营收 | 1.6% | 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 | $282.2M | $18.6M |
8季度趋势，按日历期对齐
经营现金流PCORSTEP
| Q4 25 | $114.9M | $27.2M | ||
| Q3 25 | $88.5M | $16.2M | ||
| Q2 25 | $30.8M | $46.3M | ||
| Q1 25 | $66.0M | $-66.5M | ||
| Q4 24 | $29.1M | $27.6M | ||
| Q3 24 | $39.3M | $53.7M | ||
| Q2 24 | $58.7M | $50.2M | ||
| Q1 24 | $69.1M | $7.6M |
自由现金流PCORSTEP
| Q4 25 | $109.2M | $26.7M | ||
| Q3 25 | $83.1M | $15.9M | ||
| Q2 25 | $27.9M | $45.2M | ||
| Q1 25 | $62.0M | $-69.2M | ||
| Q4 24 | $17.4M | $27.0M | ||
| Q3 24 | $35.7M | $52.4M | ||
| Q2 24 | $56.8M | $49.6M | ||
| Q1 24 | $67.1M | $6.7M |
自由现金流率PCORSTEP
| Q4 25 | 31.3% | 4.6% | ||
| Q3 25 | 24.5% | 3.5% | ||
| Q2 25 | 8.6% | 12.4% | ||
| Q1 25 | 20.0% | -18.3% | ||
| Q4 24 | 5.8% | 8.0% | ||
| Q3 24 | 12.1% | 19.3% | ||
| Q2 24 | 20.0% | 26.6% | ||
| Q1 24 | 24.9% | 1.9% |
资本支出强度PCORSTEP
| Q4 25 | 1.6% | 0.1% | ||
| Q3 25 | 1.6% | 0.1% | ||
| Q2 25 | 0.9% | 0.3% | ||
| Q1 25 | 1.3% | 0.7% | ||
| Q4 24 | 3.9% | 0.2% | ||
| Q3 24 | 1.2% | 0.5% | ||
| Q2 24 | 0.7% | 0.3% | ||
| Q1 24 | 0.8% | 0.3% |
现金转化率PCORSTEP
| 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
PCOR
| US | $298.3M | 85% |
| Non Us | $50.9M | 15% |
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% |
