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RAYONIER ADVANCED MATERIALS INC.（RYAM）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RAYONIER ADVANCED MATERIALS INC.的1.4倍（$586.5M vs $417.5M），RAYONIER ADVANCED MATERIALS INC.净利率更高（-5.0% vs -21.0%，领先16.0%），罗塞塔石碑同比增速更快（73.0% vs -1.2%），过去两年罗塞塔石碑的营收复合增速更高（28.2% vs 3.8%）
RYAM（原雷尼尔先进材料公司）是一家美国全球性纤维素技术企业，主打高纯度特种纤维素产品，所生产的天然聚合物广泛应用于过滤器生产、食品加工、医药制造及各类工业领域，同时也为造纸和包装行业供应相关产品，在纤维素技术领域拥有较高的行业认可度。
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。
RYAM vs STEP — 直观对比
营收规模更大
STEP
是对方的1.4倍
$417.5M
营收增速更快
STEP
高出74.2%
-1.2%
净利率更高
RYAM
高出16.0%
-21.0%
两年增速更快
STEP
近两年复合增速
3.8%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $417.5M | $586.5M |
| 净利润 | $-21.1M | $-123.5M |
| 毛利率 | 8.9% | — |
| 营业利润率 | 2.6% | -33.2% |
| 净利率 | -5.0% | -21.0% |
| 营收同比 | -1.2% | 73.0% |
| 净利润同比 | -31.9% | 35.7% |
| 每股收益（稀释后） | $-0.33 | $-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RYAMSTEP
| Q4 25 | $417.5M | $586.5M | ||
| Q3 25 | $352.8M | $454.2M | ||
| Q2 25 | $340.0M | $364.3M | ||
| Q1 25 | $356.0M | $377.7M | ||
| Q4 24 | $422.5M | $339.0M | ||
| Q3 24 | $401.1M | $271.7M | ||
| Q2 24 | $419.0M | $186.4M | ||
| Q1 24 | $387.7M | $356.8M |
净利润RYAMSTEP
| Q4 25 | $-21.1M | $-123.5M | ||
| Q3 25 | $-4.5M | $-366.1M | ||
| Q2 25 | $-363.2M | $-38.4M | ||
| Q1 25 | $-32.0M | $-18.5M | ||
| Q4 24 | $-16.0M | $-192.0M | ||
| Q3 24 | $-32.6M | $17.6M | ||
| Q2 24 | $11.4M | $13.3M | ||
| Q1 24 | $-1.6M | $30.8M |
毛利率RYAMSTEP
| Q4 25 | 8.9% | — | ||
| Q3 25 | 9.7% | — | ||
| Q2 25 | 7.0% | — | ||
| Q1 25 | 6.8% | — | ||
| Q4 24 | 8.7% | — | ||
| Q3 24 | 10.9% | — | ||
| Q2 24 | 11.5% | — | ||
| Q1 24 | 9.5% | — |
营业利润率RYAMSTEP
| Q4 25 | 2.6% | -33.2% | ||
| Q3 25 | 2.8% | -148.8% | ||
| Q2 25 | -0.4% | -5.6% | ||
| Q1 25 | -4.2% | 2.6% | ||
| Q4 24 | 2.6% | -101.7% | ||
| Q3 24 | -4.2% | 21.3% | ||
| Q2 24 | 6.7% | 29.4% | ||
| Q1 24 | 4.4% | 26.5% |
净利率RYAMSTEP
| Q4 25 | -5.0% | -21.0% | ||
| Q3 25 | -1.3% | -80.6% | ||
| Q2 25 | -106.8% | -10.5% | ||
| Q1 25 | -9.0% | -4.9% | ||
| Q4 24 | -3.8% | -56.6% | ||
| Q3 24 | -8.1% | 6.5% | ||
| Q2 24 | 2.7% | 7.2% | ||
| Q1 24 | -0.4% | 8.6% |
每股收益（稀释后）RYAMSTEP
| Q4 25 | $-0.33 | $-1.55 | ||
| Q3 25 | $-0.07 | $-4.66 | ||
| Q2 25 | $-5.44 | $-0.49 | ||
| Q1 25 | $-0.49 | $-0.37 | ||
| Q4 24 | $-0.25 | $-2.61 | ||
| Q3 24 | $-0.49 | $0.26 | ||
| Q2 24 | $0.17 | $0.20 | ||
| Q1 24 | $-0.02 | $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 | $75.4M | — |
| 总债务越低越好 | $758.1M | $270.2M |
| 股东权益账面价值 | $316.6M | $-378.8M |
| 总资产 | $1.8B | $5.2B |
| 负债/权益比越低杠杆越低 | 2.39× | — |
8季度趋势，按日历期对齐
现金及短期投资RYAMSTEP
| Q4 25 | $75.4M | — | ||
| Q3 25 | $77.0M | — | ||
| Q2 25 | $70.7M | — | ||
| Q1 25 | $129.9M | — | ||
| Q4 24 | $125.2M | — | ||
| Q3 24 | $136.1M | — | ||
| Q2 24 | $114.1M | — | ||
| Q1 24 | $54.6M | — |
总债务RYAMSTEP
| Q4 25 | $758.1M | $270.2M | ||
| Q3 25 | $763.5M | $269.9M | ||
| Q2 25 | $720.4M | $269.6M | ||
| Q1 25 | $707.0M | $269.3M | ||
| Q4 24 | $706.4M | $168.9M | ||
| Q3 24 | $747.7M | $172.3M | ||
| Q2 24 | $752.8M | $172.1M | ||
| Q1 24 | $755.6M | $148.8M |
股东权益RYAMSTEP
| Q4 25 | $316.6M | $-378.8M | ||
| Q3 25 | $338.2M | $-233.5M | ||
| Q2 25 | $342.3M | $153.9M | ||
| Q1 25 | $688.1M | $179.4M | ||
| Q4 24 | $713.9M | $209.8M | ||
| Q3 24 | $732.7M | $397.5M | ||
| Q2 24 | $755.1M | $366.9M | ||
| Q1 24 | $741.8M | $324.5M |
总资产RYAMSTEP
| Q4 25 | $1.8B | $5.2B | ||
| Q3 25 | $1.8B | $5.3B | ||
| Q2 25 | $1.8B | $4.8B | ||
| Q1 25 | $2.1B | $4.6B | ||
| Q4 24 | $2.1B | $4.3B | ||
| Q3 24 | $2.2B | $4.0B | ||
| Q2 24 | $2.2B | $3.8B | ||
| Q1 24 | $2.1B | $3.8B |
负债/权益比RYAMSTEP
| Q4 25 | 2.39× | — | ||
| Q3 25 | 2.26× | — | ||
| Q2 25 | 2.10× | 1.75× | ||
| Q1 25 | 1.03× | 1.50× | ||
| Q4 24 | 0.99× | 0.81× | ||
| Q3 24 | 1.02× | 0.43× | ||
| Q2 24 | 1.00× | 0.47× | ||
| Q1 24 | 1.02× | 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 | $32.3M | $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 | — | — |
| 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RYAMSTEP
| Q4 25 | $32.3M | $27.2M | ||
| Q3 25 | $-17.8M | $16.2M | ||
| Q2 25 | $-30.2M | $46.3M | ||
| Q1 25 | $39.6M | $-66.5M | ||
| Q4 24 | $54.9M | $27.6M | ||
| Q3 24 | $49.8M | $53.7M | ||
| Q2 24 | $87.6M | $50.2M | ||
| Q1 24 | $11.3M | $7.6M |
自由现金流RYAMSTEP
| 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RYAMSTEP
| 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RYAMSTEP
| 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RYAMSTEP
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 3.05× | ||
| Q2 24 | 7.69× | 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
RYAM
| Cellulose Specialties | $249.6M | 60% |
| Other | $86.2M | 21% |
| Paperboard | $44.2M | 11% |
| High Yield Pulp | $28.3M | 7% |
| Biomaterials | $9.2M | 2% |
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% |
