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REDWOOD TRUST INC（RWT）与STEM, INC.（STEM）财务数据对比。点击上方公司名可切换其他公司
STEM, INC.的季度营收约是REDWOOD TRUST INC的1.8倍（$47.1M vs $25.9M），REDWOOD TRUST INC净利率更高（77.2% vs -33.9%，领先111.1%），REDWOOD TRUST INC同比增速更快（-6.1% vs -15.6%），过去两年STEM, INC.的营收复合增速更高（36.1% vs -41.0%）
Redwood Trust Inc是总部位于美国的专业房地产投资信托公司，主营住宅与商业抵押贷款、抵押贷款支持证券及房地产信贷类资产的投资管理，核心业务覆盖住宅抵押贷款发放、商业地产信贷和投资服务，客户以机构投资者和房地产市场参与者为主。
该公司是一家公开上市的生物制药企业，总部位于加利福尼亚州纽瓦克，专注研发纯化人类神经干细胞，旨在治疗中枢神经系统疾病与瘫痪，其所研发的神经干细胞可分化为中枢神经系统的神经元、星形胶质细胞与少突胶质细胞这三大主要细胞类型。
RWT vs STEM — 直观对比
营收规模更大
STEM
是对方的1.8倍
$25.9M
营收增速更快
RWT
高出9.5%
-15.6%
净利率更高
RWT
高出111.1%
-33.9%
两年增速更快
STEM
近两年复合增速
-41.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $25.9M | $47.1M |
| 净利润 | $20.0M | $-16.0M |
| 毛利率 | — | 48.9% |
| 营业利润率 | — | -17.7% |
| 净利率 | 77.2% | -33.9% |
| 营收同比 | -6.1% | -15.6% |
| 净利润同比 | 402.6% | 68.8% |
| 每股收益（稀释后） | $0.11 | $-4.40 |
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RWTSTEM
| Q4 25 | $25.9M | $47.1M | ||
| Q3 25 | $15.0M | $38.2M | ||
| Q2 25 | $13.8M | $38.4M | ||
| Q1 25 | $27.9M | $32.5M | ||
| Q4 24 | $27.6M | $55.8M | ||
| Q3 24 | $25.5M | $29.3M | ||
| Q2 24 | $67.4M | $34.0M | ||
| Q1 24 | $74.5M | $25.5M |
净利润RWTSTEM
| Q4 25 | $20.0M | $-16.0M | ||
| Q3 25 | $-7.7M | $-23.8M | ||
| Q2 25 | $-98.5M | $202.5M | ||
| Q1 25 | $16.1M | $-25.0M | ||
| Q4 24 | $-6.6M | $-51.1M | ||
| Q3 24 | $14.8M | $-148.3M | ||
| Q2 24 | $15.5M | $-582.3M | ||
| Q1 24 | $30.3M | $-72.3M |
毛利率RWTSTEM
| Q4 25 | — | 48.9% | ||
| Q3 25 | — | 35.5% | ||
| Q2 25 | — | 33.4% | ||
| Q1 25 | — | 32.4% | ||
| Q4 24 | — | -4.4% | ||
| Q3 24 | — | 21.2% | ||
| Q2 24 | — | 27.6% | ||
| Q1 24 | — | -95.0% |
营业利润率RWTSTEM
| Q4 25 | — | -17.7% | ||
| Q3 25 | -9.0% | -33.6% | ||
| Q2 25 | -679.0% | -34.8% | ||
| Q1 25 | 80.2% | -65.0% | ||
| Q4 24 | -1.3% | -84.4% | ||
| Q3 24 | 86.1% | -493.2% | ||
| Q2 24 | 30.3% | -1705.5% | ||
| Q1 24 | 41.3% | -267.0% |
净利率RWTSTEM
| Q4 25 | 77.2% | -33.9% | ||
| Q3 25 | -51.4% | -62.2% | ||
| Q2 25 | -712.0% | 527.8% | ||
| Q1 25 | 57.8% | -76.9% | ||
| Q4 24 | -24.0% | -91.6% | ||
| Q3 24 | 58.1% | -506.3% | ||
| Q2 24 | 23.0% | -1712.6% | ||
| Q1 24 | 40.6% | -283.9% |
每股收益（稀释后）RWTSTEM
| Q4 25 | $0.11 | $-4.40 | ||
| Q3 25 | $-0.08 | $-2.84 | ||
| Q2 25 | $-0.76 | $-1.79 | ||
| Q1 25 | $0.10 | $-0.15 | ||
| Q4 24 | $-0.08 | $-15.29 | ||
| Q3 24 | $0.09 | $-18.24 | ||
| Q2 24 | $0.10 | $-71.81 | ||
| Q1 24 | $0.21 | $-0.46 |
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 | $255.7M | $48.9M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $982.6M | $-249.4M |
| 总资产 | $23.7B | $308.9M |
| 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RWTSTEM
| Q4 25 | $255.7M | $48.9M | ||
| Q3 25 | $226.3M | $43.1M | ||
| Q2 25 | $302.0M | $40.8M | ||
| Q1 25 | $259.9M | $58.6M | ||
| Q4 24 | $245.2M | $56.3M | ||
| Q3 24 | $253.7M | $75.4M | ||
| Q2 24 | $275.6M | $89.6M | ||
| Q1 24 | $275.4M | $112.8M |
总债务RWTSTEM
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $1.7B | — |
股东权益RWTSTEM
| Q4 25 | $982.6M | $-249.4M | ||
| Q3 25 | $999.0M | $-235.7M | ||
| Q2 25 | $1.1B | $-214.1M | ||
| Q1 25 | $1.2B | $-417.5M | ||
| Q4 24 | $1.2B | $-398.4M | ||
| Q3 24 | $1.2B | $-344.1M | ||
| Q2 24 | $1.2B | $-203.2M | ||
| Q1 24 | $1.2B | $371.6M |
总资产RWTSTEM
| Q4 25 | $23.7B | $308.9M | ||
| Q3 25 | $22.6B | $362.6M | ||
| Q2 25 | $21.3B | $379.2M | ||
| Q1 25 | $19.9B | $405.1M | ||
| Q4 24 | $18.3B | $437.4M | ||
| Q3 24 | $18.4B | $537.8M | ||
| Q2 24 | $16.5B | $691.5M | ||
| Q1 24 | $15.1B | $1.3B |
负债/权益比RWTSTEM
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 1.39× | — |
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 | $-10.1B | $8.2M |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | -504.15× | — |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流RWTSTEM
| Q4 25 | $-10.1B | $8.2M | ||
| Q3 25 | $-2.7B | $11.4M | ||
| Q2 25 | $-2.1B | $-21.3M | ||
| Q1 25 | $-2.0B | $8.5M | ||
| Q4 24 | $-5.9B | $-14.7M | ||
| Q3 24 | $-2.1B | $-9.4M | ||
| Q2 24 | $-2.0B | $-11.9M | ||
| Q1 24 | $-954.2M | $-621.0K |
现金转化率RWTSTEM
| Q4 25 | -504.15× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | -0.11× | ||
| Q1 25 | -120.92× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | -140.86× | — | ||
| Q2 24 | -126.56× | — | ||
| Q1 24 | -31.53× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
