vs
RH（RH）与STEPAN CO（SCL）财务数据对比。点击上方公司名可切换其他公司
RH的季度营收约是STEPAN CO的1.5倍（$883.8M vs $604.5M），RH净利率更高（4.1% vs 3.3%，领先0.8%），RH同比增速更快（8.9% vs 1.9%），过去两年RH的营收复合增速更高（9.4% vs 4.2%）
RH是美国高端家居品牌，总部位于加利福尼亚州科尔特马德拉。品牌通过线下零售门店、产品目录和线上渠道发售家居商品，截至2018年8月，在美国和加拿大共运营70家展示馆、18家全系列设计展示馆、3家婴童家居展示馆，另有36家奥莱门店。
斯特潘公司是一家美国特种化学品制造商，总部位于伊利诺伊州诺斯布鲁克，1932年由小阿尔弗雷德·C·斯特潘创立，现有约2000名员工，目前由创始人的孙子小F·奎因·斯特潘执掌。该公司是全球最大的阴离子表面活性剂商品生产商，产品用于提升洗涤剂、洗发水、牙膏及化妆品的起泡与清洁能力。
RH vs SCL — 直观对比
营收规模更大
RH
是对方的1.5倍
$604.5M
营收增速更快
RH
高出7.0%
1.9%
净利率更高
RH
高出0.8%
3.3%
两年增速更快
RH
近两年复合增速
4.2%
损益表 — Q3 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $883.8M | $604.5M |
| 净利润 | $36.3M | $19.7M |
| 毛利率 | 44.1% | 10.7% |
| 营业利润率 | 12.0% | 4.7% |
| 净利率 | 4.1% | 3.3% |
| 营收同比 | 8.9% | 1.9% |
| 净利润同比 | 9.3% | — |
| 每股收益（稀释后） | $1.83 | $0.86 |
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RHSCL
| Q1 26 | — | $604.5M | ||
| Q4 25 | $883.8M | $553.9M | ||
| Q3 25 | $899.2M | $590.3M | ||
| Q2 25 | $814.0M | $594.7M | ||
| Q1 25 | $812.4M | $593.3M | ||
| Q4 24 | $811.7M | $525.6M | ||
| Q3 24 | $829.7M | $546.8M | ||
| Q2 24 | $727.0M | $556.4M |
净利润RHSCL
| Q1 26 | — | $19.7M | ||
| Q4 25 | $36.3M | $5.0M | ||
| Q3 25 | $51.7M | $10.8M | ||
| Q2 25 | $8.0M | $11.3M | ||
| Q1 25 | $13.9M | $19.7M | ||
| Q4 24 | $33.2M | $3.4M | ||
| Q3 24 | $29.0M | $23.6M | ||
| Q2 24 | $-3.6M | $9.5M |
毛利率RHSCL
| Q1 26 | — | 10.7% | ||
| Q4 25 | 44.1% | 9.3% | ||
| Q3 25 | 45.5% | 12.0% | ||
| Q2 25 | 43.7% | 12.1% | ||
| Q1 25 | 44.7% | 12.7% | ||
| Q4 24 | 44.5% | 10.8% | ||
| Q3 24 | 45.2% | 13.8% | ||
| Q2 24 | 43.5% | 12.5% |
营业利润率RHSCL
| Q1 26 | — | 4.7% | ||
| Q4 25 | 12.0% | 1.9% | ||
| Q3 25 | 14.3% | 3.7% | ||
| Q2 25 | 6.9% | 3.0% | ||
| Q1 25 | 8.7% | 4.8% | ||
| Q4 24 | 12.5% | 1.5% | ||
| Q3 24 | 11.6% | 4.4% | ||
| Q2 24 | 7.5% | 3.4% |
净利率RHSCL
| Q1 26 | — | 3.3% | ||
| Q4 25 | 4.1% | 0.9% | ||
| Q3 25 | 5.8% | 1.8% | ||
| Q2 25 | 1.0% | 1.9% | ||
| Q1 25 | 1.7% | 3.3% | ||
| Q4 24 | 4.1% | 0.6% | ||
| Q3 24 | 3.5% | 4.3% | ||
| Q2 24 | -0.5% | 1.7% |
每股收益（稀释后）RHSCL
| Q1 26 | — | $0.86 | ||
| Q4 25 | $1.83 | $0.22 | ||
| Q3 25 | $2.62 | $0.47 | ||
| Q2 25 | $0.40 | $0.50 | ||
| Q1 25 | $0.71 | $0.86 | ||
| Q4 24 | $1.66 | $0.14 | ||
| Q3 24 | $1.45 | $1.03 | ||
| Q2 24 | $-0.20 | $0.42 |
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 | $43.1M | — |
| 总债务越低越好 | — | $328.4M |
| 股东权益账面价值 | $3.3M | $1.2B |
| 总资产 | $4.8B | $2.3B |
| 负债/权益比越低杠杆越低 | — | 0.28× |
8季度趋势，按日历期对齐
现金及短期投资RHSCL
| Q1 26 | — | — | ||
| Q4 25 | $43.1M | $132.7M | ||
| Q3 25 | $34.6M | $118.5M | ||
| Q2 25 | $46.1M | $88.9M | ||
| Q1 25 | $30.4M | $107.5M | ||
| Q4 24 | $87.0M | $99.7M | ||
| Q3 24 | $78.3M | $147.3M | ||
| Q2 24 | $101.8M | $124.7M |
总债务RHSCL
| Q1 26 | — | $328.4M | ||
| Q4 25 | — | $626.7M | ||
| Q3 25 | — | $655.5M | ||
| Q2 25 | — | $658.0M | ||
| Q1 25 | — | $659.3M | ||
| Q4 24 | — | $625.4M | ||
| Q3 24 | — | $688.5M | ||
| Q2 24 | — | $657.1M |
股东权益RHSCL
| Q1 26 | — | $1.2B | ||
| Q4 25 | $3.3M | $1.2B | ||
| Q3 25 | $-40.9M | $1.2B | ||
| Q2 25 | $-110.8M | $1.2B | ||
| Q1 25 | $-163.6M | $1.2B | ||
| Q4 24 | $-183.0M | $1.2B | ||
| Q3 24 | $-234.7M | $1.2B | ||
| Q2 24 | $-289.9M | $1.2B |
总资产RHSCL
| Q1 26 | — | $2.3B | ||
| Q4 25 | $4.8B | $2.4B | ||
| Q3 25 | $4.7B | $2.4B | ||
| Q2 25 | $4.7B | $2.4B | ||
| Q1 25 | $4.6B | $2.4B | ||
| Q4 24 | $4.5B | $2.3B | ||
| Q3 24 | $4.4B | $2.4B | ||
| Q2 24 | $4.2B | $2.3B |
负债/权益比RHSCL
| Q1 26 | — | 0.28× | ||
| Q4 25 | — | 0.50× | ||
| Q3 25 | — | 0.53× | ||
| Q2 25 | — | 0.53× | ||
| Q1 25 | — | 0.55× | ||
| Q4 24 | — | 0.53× | ||
| Q3 24 | — | 0.56× | ||
| Q2 24 | — | 0.55× |
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 | $131.9M | — |
| 自由现金流经营现金流 - 资本支出 | $83.0M | — |
| 自由现金流率自由现金流/营收 | 9.4% | — |
| 资本支出强度资本支出/营收 | 5.5% | — |
| 现金转化率经营现金流/净利润 | 3.64× | — |
| 过去12个月自由现金流最近4个季度 | $128.1M | — |
8季度趋势，按日历期对齐
经营现金流RHSCL
| Q1 26 | — | — | ||
| Q4 25 | $131.9M | $60.0M | ||
| Q3 25 | $137.7M | $69.8M | ||
| Q2 25 | $86.6M | $11.2M | ||
| Q1 25 | $-18.8M | $6.9M | ||
| Q4 24 | $-31.4M | $68.3M | ||
| Q3 24 | $11.2M | $22.7M | ||
| Q2 24 | $56.1M | $29.5M |
自由现金流RHSCL
| Q1 26 | — | — | ||
| Q4 25 | $83.0M | $25.4M | ||
| Q3 25 | $80.7M | $40.2M | ||
| Q2 25 | $34.1M | $-14.4M | ||
| Q1 25 | $-69.7M | $-25.8M | ||
| Q4 24 | $-96.0M | $32.1M | ||
| Q3 24 | $-37.9M | $-4.0M | ||
| Q2 24 | $-10.1M | $-208.0K |
自由现金流率RHSCL
| Q1 26 | — | — | ||
| Q4 25 | 9.4% | 4.6% | ||
| Q3 25 | 9.0% | 6.8% | ||
| Q2 25 | 4.2% | -2.4% | ||
| Q1 25 | -8.6% | -4.3% | ||
| Q4 24 | -11.8% | 6.1% | ||
| Q3 24 | -4.6% | -0.7% | ||
| Q2 24 | -1.4% | -0.0% |
资本支出强度RHSCL
| Q1 26 | — | — | ||
| Q4 25 | 5.5% | 6.3% | ||
| Q3 25 | 6.3% | 5.0% | ||
| Q2 25 | 6.5% | 4.3% | ||
| Q1 25 | 6.3% | 5.5% | ||
| Q4 24 | 8.0% | 6.9% | ||
| Q3 24 | 5.9% | 4.9% | ||
| Q2 24 | 9.1% | 5.3% |
现金转化率RHSCL
| Q1 26 | — | — | ||
| Q4 25 | 3.64× | 11.99× | ||
| Q3 25 | 2.66× | 6.44× | ||
| Q2 25 | 10.78× | 0.99× | ||
| Q1 25 | -1.35× | 0.35× | ||
| Q4 24 | -0.95× | 20.38× | ||
| Q3 24 | 0.39× | 0.96× | ||
| Q2 24 | — | 3.10× |
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
RH
| RH Segment | $835.8M | 95% |
| Waterworks Segment | $48.0M | 5% |
| Gift Card And Merchandise Credit | $4.5M | 1% |
SCL
| Surfactants | $453.7M | 75% |
| Polymers | $130.0M | 22% |
| Specialty Products | $20.8M | 3% |
