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先锋自然资源公司（PR）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
先锋自然资源公司的季度营收约是罗塞塔石碑的2.0倍（$1.2B vs $586.5M），先锋自然资源公司净利率更高（29.0% vs -21.0%，领先50.1%），罗塞塔石碑同比增速更快（73.0% vs -9.8%），过去两年罗塞塔石碑的营收复合增速更高（28.2% vs -3.0%）
先锋自然资源公司总部位于美国得克萨斯州欧文市，主要从事油气勘探业务，运营覆盖二叠纪盆地Spraberry产区的克莱恩页岩区块，是该区域最大的土地权益持有方，2024年5月被埃克森美孚收购。
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。
PR vs STEP — 直观对比
营收规模更大
PR
是对方的2.0倍
$586.5M
营收增速更快
STEP
高出82.8%
-9.8%
净利率更高
PR
高出50.1%
-21.0%
两年增速更快
STEP
近两年复合增速
-3.0%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $586.5M |
| 净利润 | $339.5M | $-123.5M |
| 毛利率 | — | — |
| 营业利润率 | 23.1% | -33.2% |
| 净利率 | 29.0% | -21.0% |
| 营收同比 | -9.8% | 73.0% |
| 净利润同比 | 56.7% | 35.7% |
| 每股收益（稀释后） | $0.48 | $-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PRSTEP
| Q4 25 | $1.2B | $586.5M | ||
| Q3 25 | $1.3B | $454.2M | ||
| Q2 25 | $1.2B | $364.3M | ||
| Q1 25 | $1.4B | $377.7M | ||
| Q4 24 | $1.3B | $339.0M | ||
| Q3 24 | $1.2B | $271.7M | ||
| Q2 24 | $1.2B | $186.4M | ||
| Q1 24 | $1.2B | $356.8M |
净利润PRSTEP
| Q4 25 | $339.5M | $-123.5M | ||
| Q3 25 | $59.2M | $-366.1M | ||
| Q2 25 | $207.1M | $-38.4M | ||
| Q1 25 | $329.3M | $-18.5M | ||
| Q4 24 | $216.7M | $-192.0M | ||
| Q3 24 | $386.4M | $17.6M | ||
| Q2 24 | $235.1M | $13.3M | ||
| Q1 24 | $146.6M | $30.8M |
营业利润率PRSTEP
| Q4 25 | 23.1% | -33.2% | ||
| Q3 25 | 29.6% | -148.8% | ||
| Q2 25 | 24.8% | -5.6% | ||
| Q1 25 | 36.6% | 2.6% | ||
| Q4 24 | 32.8% | -101.7% | ||
| Q3 24 | 32.5% | 21.3% | ||
| Q2 24 | 36.5% | 29.4% | ||
| Q1 24 | 37.7% | 26.5% |
净利率PRSTEP
| Q4 25 | 29.0% | -21.0% | ||
| Q3 25 | 4.5% | -80.6% | ||
| Q2 25 | 17.3% | -10.5% | ||
| Q1 25 | 23.9% | -4.9% | ||
| Q4 24 | 16.7% | -56.6% | ||
| Q3 24 | 31.8% | 6.5% | ||
| Q2 24 | 18.9% | 7.2% | ||
| Q1 24 | 11.8% | 8.6% |
每股收益（稀释后）PRSTEP
| Q4 25 | $0.48 | $-1.55 | ||
| Q3 25 | $0.08 | $-4.66 | ||
| Q2 25 | $0.28 | $-0.49 | ||
| Q1 25 | $0.44 | $-0.37 | ||
| Q4 24 | $0.31 | $-2.61 | ||
| Q3 24 | $0.53 | $0.26 | ||
| Q2 24 | $0.36 | $0.20 | ||
| Q1 24 | $0.25 | $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 | $153.7M | — |
| 总债务越低越好 | $3.5B | $270.2M |
| 股东权益账面价值 | $10.3B | $-378.8M |
| 总资产 | $17.9B | $5.2B |
| 负债/权益比越低杠杆越低 | 0.34× | — |
8季度趋势，按日历期对齐
现金及短期投资PRSTEP
| Q4 25 | $153.7M | — | ||
| Q3 25 | $111.8M | — | ||
| Q2 25 | $451.0M | — | ||
| Q1 25 | $702.2M | — | ||
| Q4 24 | $479.3M | — | ||
| Q3 24 | $272.0M | — | ||
| Q2 24 | $47.8M | — | ||
| Q1 24 | $12.7M | — |
总债务PRSTEP
| Q4 25 | $3.5B | $270.2M | ||
| Q3 25 | $3.5B | $269.9M | ||
| Q2 25 | $4.0B | $269.6M | ||
| Q1 25 | $4.0B | $269.3M | ||
| Q4 24 | $4.2B | $168.9M | ||
| Q3 24 | $4.2B | $172.3M | ||
| Q2 24 | $3.9B | $172.1M | ||
| Q1 24 | $3.9B | $148.8M |
股东权益PRSTEP
| Q4 25 | $10.3B | $-378.8M | ||
| Q3 25 | $10.0B | $-233.5M | ||
| Q2 25 | $9.5B | $153.9M | ||
| Q1 25 | $9.4B | $179.4M | ||
| Q4 24 | $9.1B | $209.8M | ||
| Q3 24 | $9.0B | $397.5M | ||
| Q2 24 | $8.3B | $366.9M | ||
| Q1 24 | $7.0B | $324.5M |
总资产PRSTEP
| Q4 25 | $17.9B | $5.2B | ||
| Q3 25 | $17.3B | $5.3B | ||
| Q2 25 | $17.5B | $4.8B | ||
| Q1 25 | $17.1B | $4.6B | ||
| Q4 24 | $16.9B | $4.3B | ||
| Q3 24 | $16.6B | $4.0B | ||
| Q2 24 | $15.4B | $3.8B | ||
| Q1 24 | $15.1B | $3.8B |
负债/权益比PRSTEP
| Q4 25 | 0.34× | — | ||
| Q3 25 | 0.35× | — | ||
| Q2 25 | 0.42× | 1.75× | ||
| Q1 25 | 0.43× | 1.50× | ||
| Q4 24 | 0.46× | 0.81× | ||
| Q3 24 | 0.47× | 0.43× | ||
| Q2 24 | 0.46× | 0.47× | ||
| Q1 24 | 0.56× | 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 | $904.3M | $27.2M |
| 自由现金流经营现金流 - 资本支出 | — | $26.7M |
| 自由现金流率自由现金流/营收 | — | 4.6% |
| 资本支出强度资本支出/营收 | — | 0.1% |
| 现金转化率经营现金流/净利润 | 2.66× | — |
| 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PRSTEP
| Q4 25 | $904.3M | $27.2M | ||
| Q3 25 | $766.5M | $16.2M | ||
| Q2 25 | $1.0B | $46.3M | ||
| Q1 25 | $898.0M | $-66.5M | ||
| Q4 24 | $871.6M | $27.6M | ||
| Q3 24 | $954.4M | $53.7M | ||
| Q2 24 | $938.4M | $50.2M | ||
| Q1 24 | $647.6M | $7.6M |
自由现金流PRSTEP
| Q4 25 | — | $26.7M | ||
| Q3 25 | — | $15.9M | ||
| Q2 25 | — | $45.2M | ||
| Q1 25 | — | $-69.2M | ||
| Q4 24 | — | $27.0M | ||
| Q3 24 | — | $52.4M | ||
| Q2 24 | — | $49.6M | ||
| Q1 24 | — | $6.7M |
自由现金流率PRSTEP
| Q4 25 | — | 4.6% | ||
| Q3 25 | — | 3.5% | ||
| Q2 25 | — | 12.4% | ||
| Q1 25 | — | -18.3% | ||
| Q4 24 | — | 8.0% | ||
| Q3 24 | — | 19.3% | ||
| Q2 24 | — | 26.6% | ||
| Q1 24 | — | 1.9% |
资本支出强度PRSTEP
| Q4 25 | — | 0.1% | ||
| Q3 25 | — | 0.1% | ||
| Q2 25 | — | 0.3% | ||
| Q1 25 | — | 0.7% | ||
| Q4 24 | — | 0.2% | ||
| Q3 24 | — | 0.5% | ||
| Q2 24 | — | 0.3% | ||
| Q1 24 | — | 0.3% |
现金转化率PRSTEP
| Q4 25 | 2.66× | — | ||
| Q3 25 | 12.94× | — | ||
| Q2 25 | 5.01× | — | ||
| Q1 25 | 2.73× | — | ||
| Q4 24 | 4.02× | — | ||
| Q3 24 | 2.47× | 3.05× | ||
| Q2 24 | 3.99× | 3.76× | ||
| Q1 24 | 4.42× | 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
PR
| Crude Oil | $1.0B | 87% |
| Natural Gas Liquids Reserves | $145.1M | 12% |
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% |
