vs
Real Brokerage Inc（REAX）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Real Brokerage Inc的1.0倍（$586.5M vs $568.5M），Real Brokerage Inc净利率更高（-0.1% vs -21.0%，领先21.0%），罗塞塔石碑同比增速更快（73.0% vs 52.6%），罗塞塔石碑自由现金流更多（$26.7M vs $8.4M）
该企业是美国房产服务企业，主营房产经纪业务运营与品牌特许经营，业务覆盖房产中介、 relocation服务、产权服务、保险及结算服务，旗下拥有Better Homes and Gardens Real Estate、21世纪不动产、Coldwell Banker、Corcoran Group、ERA房地产以及苏富比国际地产等多个知名品牌，2026年被Compass, Inc.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。
REAX vs STEP — 直观对比
营收规模更大
STEP
是对方的1.0倍
$568.5M
营收增速更快
STEP
高出20.4%
52.6%
净利率更高
REAX
高出21.0%
-21.0%
自由现金流更多
STEP
多$18.3M
$8.4M
损益表 — Q3 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $568.5M | $586.5M |
| 净利润 | $-447.0K | $-123.5M |
| 毛利率 | 7.9% | — |
| 营业利润率 | -0.1% | -33.2% |
| 净利率 | -0.1% | -21.0% |
| 营收同比 | 52.6% | 73.0% |
| 净利润同比 | 82.7% | 35.7% |
| 每股收益（稀释后） | $0.00 | $-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REAXSTEP
| Q4 25 | — | $586.5M | ||
| Q3 25 | $568.5M | $454.2M | ||
| Q2 25 | $540.7M | $364.3M | ||
| Q1 25 | $354.0M | $377.7M | ||
| Q4 24 | — | $339.0M | ||
| Q3 24 | $372.5M | $271.7M | ||
| Q2 24 | — | $186.4M | ||
| Q1 24 | $200.7M | $356.8M |
净利润REAXSTEP
| Q4 25 | — | $-123.5M | ||
| Q3 25 | $-447.0K | $-366.1M | ||
| Q2 25 | $1.5M | $-38.4M | ||
| Q1 25 | $-5.0M | $-18.5M | ||
| Q4 24 | — | $-192.0M | ||
| Q3 24 | $-2.6M | $17.6M | ||
| Q2 24 | — | $13.3M | ||
| Q1 24 | $-16.1M | $30.8M |
毛利率REAXSTEP
| Q4 25 | — | — | ||
| Q3 25 | 7.9% | — | ||
| Q2 25 | 8.9% | — | ||
| Q1 25 | 9.6% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 8.6% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 10.3% | — |
营业利润率REAXSTEP
| Q4 25 | — | -33.2% | ||
| Q3 25 | -0.1% | -148.8% | ||
| Q2 25 | 0.3% | -5.6% | ||
| Q1 25 | -1.5% | 2.6% | ||
| Q4 24 | — | -101.7% | ||
| Q3 24 | -0.7% | 21.3% | ||
| Q2 24 | — | 29.4% | ||
| Q1 24 | -7.8% | 26.5% |
净利率REAXSTEP
| Q4 25 | — | -21.0% | ||
| Q3 25 | -0.1% | -80.6% | ||
| Q2 25 | 0.3% | -10.5% | ||
| Q1 25 | -1.4% | -4.9% | ||
| Q4 24 | — | -56.6% | ||
| Q3 24 | -0.7% | 6.5% | ||
| Q2 24 | — | 7.2% | ||
| Q1 24 | -8.0% | 8.6% |
每股收益（稀释后）REAXSTEP
| Q4 25 | — | $-1.55 | ||
| Q3 25 | $0.00 | $-4.66 | ||
| Q2 25 | $0.01 | $-0.49 | ||
| Q1 25 | $-0.02 | $-0.37 | ||
| Q4 24 | — | $-2.61 | ||
| Q3 24 | $-0.01 | $0.26 | ||
| Q2 24 | — | $0.20 | ||
| Q1 24 | $-0.09 | $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 | $38.7M | — |
| 总债务越低越好 | — | $270.2M |
| 股东权益账面价值 | $53.6M | $-378.8M |
| 总资产 | $145.2M | $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REAXSTEP
| Q4 25 | — | — | ||
| Q3 25 | $38.7M | — | ||
| Q2 25 | $49.7M | — | ||
| Q1 25 | $24.7M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $22.6M | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $20.1M | — |
总债务REAXSTEP
| 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REAXSTEP
| Q4 25 | — | $-378.8M | ||
| Q3 25 | $53.6M | $-233.5M | ||
| Q2 25 | $49.2M | $153.9M | ||
| Q1 25 | $32.8M | $179.4M | ||
| Q4 24 | — | $209.8M | ||
| Q3 24 | $29.8M | $397.5M | ||
| Q2 24 | — | $366.9M | ||
| Q1 24 | $25.6M | $324.5M |
总资产REAXSTEP
| Q4 25 | — | $5.2B | ||
| Q3 25 | $145.2M | $5.3B | ||
| Q2 25 | $149.4M | $4.8B | ||
| Q1 25 | $100.5M | $4.6B | ||
| Q4 24 | — | $4.3B | ||
| Q3 24 | $102.5M | $4.0B | ||
| Q2 24 | — | $3.8B | ||
| Q1 24 | — | $3.8B |
负债/权益比REAXSTEP
| 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 | $8.8M | $27.2M |
| 自由现金流经营现金流 - 资本支出 | $8.4M | $26.7M |
| 自由现金流率自由现金流/营收 | 1.5% | 4.6% |
| 资本支出强度资本支出/营收 | 0.1% | 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 | $71.7M | $18.6M |
8季度趋势，按日历期对齐
经营现金流REAXSTEP
| Q4 25 | — | $27.2M | ||
| Q3 25 | $8.8M | $16.2M | ||
| Q2 25 | $41.0M | $46.3M | ||
| Q1 25 | $15.9M | $-66.5M | ||
| Q4 24 | — | $27.6M | ||
| Q3 24 | $7.2M | $53.7M | ||
| Q2 24 | — | $50.2M | ||
| Q1 24 | $21.5M | $7.6M |
自由现金流REAXSTEP
| Q4 25 | — | $26.7M | ||
| Q3 25 | $8.4M | $15.9M | ||
| Q2 25 | $40.8M | $45.2M | ||
| Q1 25 | $15.7M | $-69.2M | ||
| Q4 24 | — | $27.0M | ||
| Q3 24 | $6.8M | $52.4M | ||
| Q2 24 | — | $49.6M | ||
| Q1 24 | $21.4M | $6.7M |
自由现金流率REAXSTEP
| Q4 25 | — | 4.6% | ||
| Q3 25 | 1.5% | 3.5% | ||
| Q2 25 | 7.5% | 12.4% | ||
| Q1 25 | 4.4% | -18.3% | ||
| Q4 24 | — | 8.0% | ||
| Q3 24 | 1.8% | 19.3% | ||
| Q2 24 | — | 26.6% | ||
| Q1 24 | 10.7% | 1.9% |
资本支出强度REAXSTEP
| Q4 25 | — | 0.1% | ||
| Q3 25 | 0.1% | 0.1% | ||
| Q2 25 | 0.0% | 0.3% | ||
| Q1 25 | 0.1% | 0.7% | ||
| Q4 24 | — | 0.2% | ||
| Q3 24 | 0.1% | 0.5% | ||
| Q2 24 | — | 0.3% | ||
| Q1 24 | 0.0% | 0.3% |
现金转化率REAXSTEP
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 27.13× | — | ||
| 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
REAX
暂无分部数据
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% |
