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Regency Centers（REG）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Regency Centers的1.5倍（$586.5M vs $404.2M），Regency Centers净利率更高（50.1% vs -21.0%，领先71.1%），罗塞塔石碑同比增速更快（73.0% vs 8.5%），过去两年罗塞塔石碑的营收复合增速更高（28.2% vs 5.4%）
Regency Centers是总部位于美国佛罗里达州杰克逊维尔的房地产投资信托基金，也是以超市为核心租户的大型购物中心运营商之一。截至2020年10月21日，公司共持有415处物业，总建筑面积达5600万平方英尺，知名资产包括Serramonte Center及Village District 30%的股权。
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。
REG vs STEP — 直观对比
营收规模更大
STEP
是对方的1.5倍
$404.2M
营收增速更快
STEP
高出64.5%
8.5%
净利率更高
REG
高出71.1%
-21.0%
两年增速更快
STEP
近两年复合增速
5.4%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $404.2M | $586.5M |
| 净利润 | $202.5M | $-123.5M |
| 毛利率 | — | — |
| 营业利润率 | 71.0% | -33.2% |
| 净利率 | 50.1% | -21.0% |
| 营收同比 | 8.5% | 73.0% |
| 净利润同比 | 134.1% | 35.7% |
| 每股收益（稀释后） | — | $-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REGSTEP
| Q4 25 | $404.2M | $586.5M | ||
| Q3 25 | $387.6M | $454.2M | ||
| Q2 25 | $380.8M | $364.3M | ||
| Q1 25 | $380.9M | $377.7M | ||
| Q4 24 | $372.5M | $339.0M | ||
| Q3 24 | $360.3M | $271.7M | ||
| Q2 24 | $357.3M | $186.4M | ||
| Q1 24 | $363.9M | $356.8M |
净利润REGSTEP
| Q4 25 | $202.5M | $-123.5M | ||
| Q3 25 | $109.4M | $-366.1M | ||
| Q2 25 | $106.0M | $-38.4M | ||
| Q1 25 | $109.6M | $-18.5M | ||
| Q4 24 | $86.5M | $-192.0M | ||
| Q3 24 | $101.5M | $17.6M | ||
| Q2 24 | $102.7M | $13.3M | ||
| Q1 24 | $109.8M | $30.8M |
营业利润率REGSTEP
| Q4 25 | 71.0% | -33.2% | ||
| Q3 25 | 72.7% | -148.8% | ||
| Q2 25 | 73.8% | -5.6% | ||
| Q1 25 | 71.8% | 2.6% | ||
| Q4 24 | 71.1% | -101.7% | ||
| Q3 24 | 72.5% | 21.3% | ||
| Q2 24 | 72.3% | 29.4% | ||
| Q1 24 | 72.3% | 26.5% |
净利率REGSTEP
| Q4 25 | 50.1% | -21.0% | ||
| Q3 25 | 28.2% | -80.6% | ||
| Q2 25 | 27.8% | -10.5% | ||
| Q1 25 | 28.8% | -4.9% | ||
| Q4 24 | 23.2% | -56.6% | ||
| Q3 24 | 28.2% | 6.5% | ||
| Q2 24 | 28.7% | 7.2% | ||
| Q1 24 | 30.2% | 8.6% |
每股收益（稀释后）REGSTEP
| Q4 25 | — | $-1.55 | ||
| Q3 25 | — | $-4.66 | ||
| Q2 25 | — | $-0.49 | ||
| Q1 25 | — | $-0.37 | ||
| Q4 24 | — | $-2.61 | ||
| Q3 24 | — | $0.26 | ||
| Q2 24 | — | $0.20 | ||
| Q1 24 | — | $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 | — | — |
| 总债务越低越好 | $4.7B | $270.2M |
| 股东权益账面价值 | $6.9B | $-378.8M |
| 总资产 | $13.0B | $5.2B |
| 负债/权益比越低杠杆越低 | 0.69× | — |
8季度趋势，按日历期对齐
总债务REGSTEP
| Q4 25 | $4.7B | $270.2M | ||
| Q3 25 | $4.9B | $269.9M | ||
| Q2 25 | $4.8B | $269.6M | ||
| Q1 25 | $4.6B | $269.3M | ||
| Q4 24 | $4.4B | $168.9M | ||
| Q3 24 | $4.4B | $172.3M | ||
| Q2 24 | $4.4B | $172.1M | ||
| Q1 24 | $4.4B | $148.8M |
股东权益REGSTEP
| Q4 25 | $6.9B | $-378.8M | ||
| Q3 25 | $6.8B | $-233.5M | ||
| Q2 25 | $6.7B | $153.9M | ||
| Q1 25 | $6.7B | $179.4M | ||
| Q4 24 | $6.7B | $209.8M | ||
| Q3 24 | $6.8B | $397.5M | ||
| Q2 24 | $6.8B | $366.9M | ||
| Q1 24 | $7.0B | $324.5M |
总资产REGSTEP
| Q4 25 | $13.0B | $5.2B | ||
| Q3 25 | $13.1B | $5.3B | ||
| Q2 25 | $12.7B | $4.8B | ||
| Q1 25 | $12.6B | $4.6B | ||
| Q4 24 | $12.4B | $4.3B | ||
| Q3 24 | $12.4B | $4.0B | ||
| Q2 24 | $12.4B | $3.8B | ||
| Q1 24 | $12.7B | $3.8B |
负债/权益比REGSTEP
| Q4 25 | 0.69× | — | ||
| Q3 25 | 0.72× | — | ||
| Q2 25 | 0.72× | 1.75× | ||
| Q1 25 | 0.69× | 1.50× | ||
| Q4 24 | 0.66× | 0.81× | ||
| Q3 24 | 0.65× | 0.43× | ||
| Q2 24 | 0.64× | 0.47× | ||
| Q1 24 | 0.63× | 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 | $203.9M | $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 | 1.01× | — |
| 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REGSTEP
| Q4 25 | $203.9M | $27.2M | ||
| Q3 25 | $218.7M | $16.2M | ||
| Q2 25 | $244.0M | $46.3M | ||
| Q1 25 | $161.0M | $-66.5M | ||
| Q4 24 | $191.4M | $27.6M | ||
| Q3 24 | $227.6M | $53.7M | ||
| Q2 24 | $203.5M | $50.2M | ||
| Q1 24 | $167.8M | $7.6M |
自由现金流REGSTEP
| 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REGSTEP
| 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REGSTEP
| 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REGSTEP
| Q4 25 | 1.01× | — | ||
| Q3 25 | 2.00× | — | ||
| Q2 25 | 2.30× | — | ||
| Q1 25 | 1.47× | — | ||
| Q4 24 | 2.21× | — | ||
| Q3 24 | 2.24× | 3.05× | ||
| Q2 24 | 1.98× | 3.76× | ||
| Q1 24 | 1.53× | 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
REG
| Shopping Centers | $418.0M | 103% |
| Propertymanagementservices | $4.1M | 1% |
| Assetmanagementservices | $1.7M | 0% |
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% |
