vs
RH（RH）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
RH的季度营收约是罗塞塔石碑的1.5倍（$883.8M vs $586.5M），RH净利率更高（4.1% vs -21.0%，领先25.2%），罗塞塔石碑同比增速更快（73.0% vs 8.9%），RH自由现金流更多（$83.0M vs $26.7M），过去两年罗塞塔石碑的营收复合增速更高（28.2% vs 9.4%）
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。
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。
RH vs STEP — 直观对比
营收规模更大
RH
是对方的1.5倍
$586.5M
营收增速更快
STEP
高出64.1%
8.9%
净利率更高
RH
高出25.2%
-21.0%
自由现金流更多
RH
多$56.3M
$26.7M
两年增速更快
STEP
近两年复合增速
9.4%
损益表 — Q3 FY2026 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $883.8M | $586.5M |
| 净利润 | $36.3M | $-123.5M |
| 毛利率 | 44.1% | — |
| 营业利润率 | 12.0% | -33.2% |
| 净利率 | 4.1% | -21.0% |
| 营收同比 | 8.9% | 73.0% |
| 净利润同比 | 9.3% | 35.7% |
| 每股收益（稀释后） | $1.83 | $-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RHSTEP
| Q4 25 | $883.8M | $586.5M | ||
| Q3 25 | $899.2M | $454.2M | ||
| Q2 25 | $814.0M | $364.3M | ||
| Q1 25 | $812.4M | $377.7M | ||
| Q4 24 | $811.7M | $339.0M | ||
| Q3 24 | $829.7M | $271.7M | ||
| Q2 24 | $727.0M | $186.4M | ||
| Q1 24 | $738.3M | $356.8M |
净利润RHSTEP
| Q4 25 | $36.3M | $-123.5M | ||
| Q3 25 | $51.7M | $-366.1M | ||
| Q2 25 | $8.0M | $-38.4M | ||
| Q1 25 | $13.9M | $-18.5M | ||
| Q4 24 | $33.2M | $-192.0M | ||
| Q3 24 | $29.0M | $17.6M | ||
| Q2 24 | $-3.6M | $13.3M | ||
| Q1 24 | $11.4M | $30.8M |
毛利率RHSTEP
| Q4 25 | 44.1% | — | ||
| Q3 25 | 45.5% | — | ||
| Q2 25 | 43.7% | — | ||
| Q1 25 | 44.7% | — | ||
| Q4 24 | 44.5% | — | ||
| Q3 24 | 45.2% | — | ||
| Q2 24 | 43.5% | — | ||
| Q1 24 | 43.5% | — |
营业利润率RHSTEP
| Q4 25 | 12.0% | -33.2% | ||
| Q3 25 | 14.3% | -148.8% | ||
| Q2 25 | 6.9% | -5.6% | ||
| Q1 25 | 8.7% | 2.6% | ||
| Q4 24 | 12.5% | -101.7% | ||
| Q3 24 | 11.6% | 21.3% | ||
| Q2 24 | 7.5% | 29.4% | ||
| Q1 24 | 8.7% | 26.5% |
净利率RHSTEP
| Q4 25 | 4.1% | -21.0% | ||
| Q3 25 | 5.8% | -80.6% | ||
| Q2 25 | 1.0% | -10.5% | ||
| Q1 25 | 1.7% | -4.9% | ||
| Q4 24 | 4.1% | -56.6% | ||
| Q3 24 | 3.5% | 6.5% | ||
| Q2 24 | -0.5% | 7.2% | ||
| Q1 24 | 1.5% | 8.6% |
每股收益（稀释后）RHSTEP
| Q4 25 | $1.83 | $-1.55 | ||
| Q3 25 | $2.62 | $-4.66 | ||
| Q2 25 | $0.40 | $-0.49 | ||
| Q1 25 | $0.71 | $-0.37 | ||
| Q4 24 | $1.66 | $-2.61 | ||
| Q3 24 | $1.45 | $0.26 | ||
| Q2 24 | $-0.20 | $0.20 | ||
| Q1 24 | $0.91 | $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 | $43.1M | — |
| 总债务越低越好 | — | $270.2M |
| 股东权益账面价值 | $3.3M | $-378.8M |
| 总资产 | $4.8B | $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RHSTEP
| Q4 25 | $43.1M | — | ||
| Q3 25 | $34.6M | — | ||
| Q2 25 | $46.1M | — | ||
| Q1 25 | $30.4M | — | ||
| Q4 24 | $87.0M | — | ||
| Q3 24 | $78.3M | — | ||
| Q2 24 | $101.8M | — | ||
| Q1 24 | $123.7M | — |
总债务RHSTEP
| 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RHSTEP
| Q4 25 | $3.3M | $-378.8M | ||
| Q3 25 | $-40.9M | $-233.5M | ||
| Q2 25 | $-110.8M | $153.9M | ||
| Q1 25 | $-163.6M | $179.4M | ||
| Q4 24 | $-183.0M | $209.8M | ||
| Q3 24 | $-234.7M | $397.5M | ||
| Q2 24 | $-289.9M | $366.9M | ||
| Q1 24 | $-297.4M | $324.5M |
总资产RHSTEP
| Q4 25 | $4.8B | $5.2B | ||
| Q3 25 | $4.7B | $5.3B | ||
| Q2 25 | $4.7B | $4.8B | ||
| Q1 25 | $4.6B | $4.6B | ||
| Q4 24 | $4.5B | $4.3B | ||
| Q3 24 | $4.4B | $4.0B | ||
| Q2 24 | $4.2B | $3.8B | ||
| Q1 24 | $4.1B | $3.8B |
负债/权益比RHSTEP
| 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 | $131.9M | $27.2M |
| 自由现金流经营现金流 - 资本支出 | $83.0M | $26.7M |
| 自由现金流率自由现金流/营收 | 9.4% | 4.6% |
| 资本支出强度资本支出/营收 | 5.5% | 0.1% |
| 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 | $18.6M |
8季度趋势，按日历期对齐
经营现金流RHSTEP
| Q4 25 | $131.9M | $27.2M | ||
| Q3 25 | $137.7M | $16.2M | ||
| Q2 25 | $86.6M | $46.3M | ||
| Q1 25 | $-18.8M | $-66.5M | ||
| Q4 24 | $-31.4M | $27.6M | ||
| Q3 24 | $11.2M | $53.7M | ||
| Q2 24 | $56.1M | $50.2M | ||
| Q1 24 | $-114.0M | $7.6M |
自由现金流RHSTEP
| Q4 25 | $83.0M | $26.7M | ||
| Q3 25 | $80.7M | $15.9M | ||
| Q2 25 | $34.1M | $45.2M | ||
| Q1 25 | $-69.7M | $-69.2M | ||
| Q4 24 | $-96.0M | $27.0M | ||
| Q3 24 | $-37.9M | $52.4M | ||
| Q2 24 | $-10.1M | $49.6M | ||
| Q1 24 | $-251.5M | $6.7M |
自由现金流率RHSTEP
| Q4 25 | 9.4% | 4.6% | ||
| Q3 25 | 9.0% | 3.5% | ||
| Q2 25 | 4.2% | 12.4% | ||
| Q1 25 | -8.6% | -18.3% | ||
| Q4 24 | -11.8% | 8.0% | ||
| Q3 24 | -4.6% | 19.3% | ||
| Q2 24 | -1.4% | 26.6% | ||
| Q1 24 | -34.1% | 1.9% |
资本支出强度RHSTEP
| Q4 25 | 5.5% | 0.1% | ||
| Q3 25 | 6.3% | 0.1% | ||
| Q2 25 | 6.5% | 0.3% | ||
| Q1 25 | 6.3% | 0.7% | ||
| Q4 24 | 8.0% | 0.2% | ||
| Q3 24 | 5.9% | 0.5% | ||
| Q2 24 | 9.1% | 0.3% | ||
| Q1 24 | 18.6% | 0.3% |
现金转化率RHSTEP
| Q4 25 | 3.64× | — | ||
| Q3 25 | 2.66× | — | ||
| Q2 25 | 10.78× | — | ||
| Q1 25 | -1.35× | — | ||
| Q4 24 | -0.95× | — | ||
| Q3 24 | 0.39× | 3.05× | ||
| Q2 24 | — | 3.76× | ||
| Q1 24 | -10.01× | 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
RH
| RH Segment | $835.8M | 95% |
| Waterworks Segment | $48.0M | 5% |
| Gift Card And Merchandise Credit | $4.5M | 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% |
