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Dave & Buster's Entertainment, Inc.（PLAY）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Dave & Buster's Entertainment, Inc.的1.3倍（$586.5M vs $448.2M），Dave & Buster's Entertainment, Inc.净利率更高（-9.4% vs -21.0%，领先11.7%），罗塞塔石碑同比增速更快（73.0% vs -1.1%），罗塞塔石碑自由现金流更多（$26.7M vs $-20.6M），过去两年罗塞塔石碑的营收复合增速更高（28.2% vs -13.5%）
戴夫与巴斯特娱乐是总部位于美国达拉斯的餐饮娱乐企业，旗下每家门店都配备全套服务餐厅、酒吧以及名为“百万美元 midway”的游戏游乐区。截至2024年2月，该公司共开设162家门店，其中美国本土158家，波多黎各和加拿大各设2家门店，主打餐饮与休闲娱乐融合的消费体验。
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。
PLAY vs STEP — 直观对比
营收规模更大
STEP
是对方的1.3倍
$448.2M
营收增速更快
STEP
高出74.1%
-1.1%
净利率更高
PLAY
高出11.7%
-21.0%
自由现金流更多
STEP
多$47.3M
$-20.6M
两年增速更快
STEP
近两年复合增速
-13.5%
损益表 — Q3 FY2026 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $448.2M | $586.5M |
| 净利润 | $-42.1M | $-123.5M |
| 毛利率 | 85.8% | — |
| 营业利润率 | -3.6% | -33.2% |
| 净利率 | -9.4% | -21.0% |
| 营收同比 | -1.1% | 73.0% |
| 净利润同比 | -28.7% | 35.7% |
| 每股收益（稀释后） | $-1.22 | $-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PLAYSTEP
| Q4 25 | $448.2M | $586.5M | ||
| Q3 25 | $557.4M | $454.2M | ||
| Q2 25 | $567.7M | $364.3M | ||
| Q1 25 | $534.5M | $377.7M | ||
| Q4 24 | $453.0M | $339.0M | ||
| Q3 24 | $557.1M | $271.7M | ||
| Q2 24 | $588.1M | $186.4M | ||
| Q1 24 | $599.0M | $356.8M |
净利润PLAYSTEP
| Q4 25 | $-42.1M | $-123.5M | ||
| Q3 25 | $11.4M | $-366.1M | ||
| Q2 25 | $21.7M | $-38.4M | ||
| Q1 25 | $9.3M | $-18.5M | ||
| Q4 24 | $-32.7M | $-192.0M | ||
| Q3 24 | $40.3M | $17.6M | ||
| Q2 24 | $41.4M | $13.3M | ||
| Q1 24 | $36.1M | $30.8M |
毛利率PLAYSTEP
| Q4 25 | 85.8% | — | ||
| Q3 25 | 86.3% | — | ||
| Q2 25 | 85.5% | — | ||
| Q1 25 | 85.5% | — | ||
| Q4 24 | 85.0% | — | ||
| Q3 24 | 85.3% | — | ||
| Q2 24 | 85.2% | — | ||
| Q1 24 | 84.1% | — |
营业利润率PLAYSTEP
| Q4 25 | -3.6% | -33.2% | ||
| Q3 25 | 9.5% | -148.8% | ||
| Q2 25 | 11.1% | -5.6% | ||
| Q1 25 | 8.3% | 2.6% | ||
| Q4 24 | 1.4% | -101.7% | ||
| Q3 24 | 15.2% | 21.3% | ||
| Q2 24 | 14.5% | 29.4% | ||
| Q1 24 | 14.9% | 26.5% |
净利率PLAYSTEP
| Q4 25 | -9.4% | -21.0% | ||
| Q3 25 | 2.0% | -80.6% | ||
| Q2 25 | 3.8% | -10.5% | ||
| Q1 25 | 1.7% | -4.9% | ||
| Q4 24 | -7.2% | -56.6% | ||
| Q3 24 | 7.2% | 6.5% | ||
| Q2 24 | 7.0% | 7.2% | ||
| Q1 24 | 6.0% | 8.6% |
每股收益（稀释后）PLAYSTEP
| Q4 25 | $-1.22 | $-1.55 | ||
| Q3 25 | $0.32 | $-4.66 | ||
| Q2 25 | $0.62 | $-0.49 | ||
| Q1 25 | $0.32 | $-0.37 | ||
| Q4 24 | $-0.84 | $-2.61 | ||
| Q3 24 | $0.99 | $0.26 | ||
| Q2 24 | $0.99 | $0.20 | ||
| Q1 24 | $0.95 | $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 | $13.6M | — |
| 总债务越低越好 | $1.6B | $270.2M |
| 股东权益账面价值 | $130.8M | $-378.8M |
| 总资产 | $4.1B | $5.2B |
| 负债/权益比越低杠杆越低 | 12.17× | — |
8季度趋势，按日历期对齐
现金及短期投资PLAYSTEP
| Q4 25 | $13.6M | — | ||
| Q3 25 | $12.0M | — | ||
| Q2 25 | $11.9M | — | ||
| Q1 25 | $6.9M | — | ||
| Q4 24 | $8.6M | — | ||
| Q3 24 | $13.1M | — | ||
| Q2 24 | $32.1M | — | ||
| Q1 24 | $37.3M | — |
总债务PLAYSTEP
| Q4 25 | $1.6B | $270.2M | ||
| Q3 25 | $1.6B | $269.9M | ||
| Q2 25 | $1.6B | $269.6M | ||
| Q1 25 | $1.5B | $269.3M | ||
| Q4 24 | $1.5B | $168.9M | ||
| Q3 24 | $1.3B | $172.3M | ||
| Q2 24 | $1.3B | $172.1M | ||
| Q1 24 | $1.3B | $148.8M |
股东权益PLAYSTEP
| Q4 25 | $130.8M | $-378.8M | ||
| Q3 25 | $166.2M | $-233.5M | ||
| Q2 25 | $146.8M | $153.9M | ||
| Q1 25 | $145.8M | $179.4M | ||
| Q4 24 | $226.6M | $209.8M | ||
| Q3 24 | $284.4M | $397.5M | ||
| Q2 24 | $292.5M | $366.9M | ||
| Q1 24 | $251.2M | $324.5M |
总资产PLAYSTEP
| Q4 25 | $4.1B | $5.2B | ||
| Q3 25 | $4.1B | $5.3B | ||
| Q2 25 | $4.1B | $4.8B | ||
| Q1 25 | $4.0B | $4.6B | ||
| Q4 24 | $3.9B | $4.3B | ||
| Q3 24 | $3.8B | $4.0B | ||
| Q2 24 | $3.8B | $3.8B | ||
| Q1 24 | $3.8B | $3.8B |
负债/权益比PLAYSTEP
| Q4 25 | 12.17× | — | ||
| Q3 25 | 9.57× | — | ||
| Q2 25 | 10.98× | 1.75× | ||
| Q1 25 | 10.45× | 1.50× | ||
| Q4 24 | 6.58× | 0.81× | ||
| Q3 24 | 4.72× | 0.43× | ||
| Q2 24 | 4.58× | 0.47× | ||
| Q1 24 | 5.33× | 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 | $58.0M | $27.2M |
| 自由现金流经营现金流 - 资本支出 | $-20.6M | $26.7M |
| 自由现金流率自由现金流/营收 | -4.6% | 4.6% |
| 资本支出强度资本支出/营收 | 17.5% | 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 | $-195.6M | $18.6M |
8季度趋势，按日历期对齐
经营现金流PLAYSTEP
| Q4 25 | $58.0M | $27.2M | ||
| Q3 25 | $34.0M | $16.2M | ||
| Q2 25 | $95.8M | $46.3M | ||
| Q1 25 | $108.9M | $-66.5M | ||
| Q4 24 | $-7.2M | $27.6M | ||
| Q3 24 | $101.8M | $53.7M | ||
| Q2 24 | $108.8M | $50.2M | ||
| Q1 24 | $97.2M | $7.6M |
自由现金流PLAYSTEP
| Q4 25 | $-20.6M | $26.7M | ||
| Q3 25 | $-55.2M | $15.9M | ||
| Q2 25 | $-58.8M | $45.2M | ||
| Q1 25 | $-61.0M | $-69.2M | ||
| Q4 24 | $-138.4M | $27.0M | ||
| Q3 24 | $-14.3M | $52.4M | ||
| Q2 24 | $-4.2M | $49.6M | ||
| Q1 24 | $-25.4M | $6.7M |
自由现金流率PLAYSTEP
| Q4 25 | -4.6% | 4.6% | ||
| Q3 25 | -9.9% | 3.5% | ||
| Q2 25 | -10.4% | 12.4% | ||
| Q1 25 | -11.4% | -18.3% | ||
| Q4 24 | -30.6% | 8.0% | ||
| Q3 24 | -2.6% | 19.3% | ||
| Q2 24 | -0.7% | 26.6% | ||
| Q1 24 | -4.2% | 1.9% |
资本支出强度PLAYSTEP
| Q4 25 | 17.5% | 0.1% | ||
| Q3 25 | 16.0% | 0.1% | ||
| Q2 25 | 27.2% | 0.3% | ||
| Q1 25 | 31.8% | 0.7% | ||
| Q4 24 | 29.0% | 0.2% | ||
| Q3 24 | 20.8% | 0.5% | ||
| Q2 24 | 19.2% | 0.3% | ||
| Q1 24 | 20.5% | 0.3% |
现金转化率PLAYSTEP
| Q4 25 | — | — | ||
| Q3 25 | 2.98× | — | ||
| Q2 25 | 4.41× | — | ||
| Q1 25 | 11.71× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 2.53× | 3.05× | ||
| Q2 24 | 2.63× | 3.76× | ||
| Q1 24 | 2.69× | 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
PLAY
| Game Play Credit Usage | $273.1M | 61% |
| Food And Nonalcoholic Beverages | $115.1M | 26% |
| Alcoholic Beverage | $53.7M | 12% |
| Other Entertainment | $6.3M | 1% |
| Gift Card Revenue | $3.5M | 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% |
