vs
BOSTON BEER CO INC（SAM）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BOSTON BEER CO INC的1.3倍（$586.5M vs $461.6M），罗塞塔石碑同比增速更快（73.0% vs -4.1%），过去两年罗塞塔石碑的营收复合增速更高（28.2% vs -10.7%）
波士顿啤酒公司是美国知名酿酒企业，1984年由吉姆·科赫与朗达·卡尔曼联合创立。旗下首款产品以美国开国元勋、独立运动先驱塞缪尔·亚当斯命名，后续陆续推出多个自有品牌，2019年正式完成与角鲨头酿酒厂的合并，是北美精酿啤酒行业的核心参与者之一。
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。
SAM vs STEP — 直观对比
营收规模更大
STEP
是对方的1.3倍
$461.6M
营收增速更快
STEP
高出77.1%
-4.1%
两年增速更快
STEP
近两年复合增速
-10.7%
损益表 — Q1 FY2026 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $461.6M | $586.5M |
| 净利润 | — | $-123.5M |
| 毛利率 | 46.4% | — |
| 营业利润率 | 12.4% | -33.2% |
| 净利率 | — | -21.0% |
| 营收同比 | -4.1% | 73.0% |
| 净利润同比 | — | 35.7% |
| 每股收益（稀释后） | $2.16 | $-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SAMSTEP
| Q1 26 | $461.6M | — | ||
| Q4 25 | $385.7M | $586.5M | ||
| Q3 25 | $537.5M | $454.2M | ||
| Q2 25 | $587.9M | $364.3M | ||
| Q1 25 | $453.9M | $377.7M | ||
| Q4 24 | $402.3M | $339.0M | ||
| Q3 24 | $605.5M | $271.7M | ||
| Q2 24 | $579.1M | $186.4M |
净利润SAMSTEP
| Q1 26 | — | — | ||
| Q4 25 | $-22.5M | $-123.5M | ||
| Q3 25 | $46.2M | $-366.1M | ||
| Q2 25 | $60.4M | $-38.4M | ||
| Q1 25 | $24.4M | $-18.5M | ||
| Q4 24 | $-38.8M | $-192.0M | ||
| Q3 24 | $33.5M | $17.6M | ||
| Q2 24 | $52.3M | $13.3M |
毛利率SAMSTEP
| Q1 26 | 46.4% | — | ||
| Q4 25 | 43.5% | — | ||
| Q3 25 | 50.8% | — | ||
| Q2 25 | 49.8% | — | ||
| Q1 25 | 48.3% | — | ||
| Q4 24 | 39.9% | — | ||
| Q3 24 | 46.3% | — | ||
| Q2 24 | 46.0% | — |
营业利润率SAMSTEP
| Q1 26 | 12.4% | — | ||
| Q4 25 | -8.6% | -33.2% | ||
| Q3 25 | 11.5% | -148.8% | ||
| Q2 25 | 14.0% | -5.6% | ||
| Q1 25 | 7.4% | 2.6% | ||
| Q4 24 | -13.9% | -101.7% | ||
| Q3 24 | 7.6% | 21.3% | ||
| Q2 24 | 12.2% | 29.4% |
净利率SAMSTEP
| Q1 26 | — | — | ||
| Q4 25 | -5.8% | -21.0% | ||
| Q3 25 | 8.6% | -80.6% | ||
| Q2 25 | 10.3% | -10.5% | ||
| Q1 25 | 5.4% | -4.9% | ||
| Q4 24 | -9.6% | -56.6% | ||
| Q3 24 | 5.5% | 6.5% | ||
| Q2 24 | 9.0% | 7.2% |
每股收益（稀释后）SAMSTEP
| Q1 26 | $2.16 | — | ||
| Q4 25 | $-1.97 | $-1.55 | ||
| Q3 25 | $4.25 | $-4.66 | ||
| Q2 25 | $5.45 | $-0.49 | ||
| Q1 25 | $2.16 | $-0.37 | ||
| Q4 24 | $-3.23 | $-2.61 | ||
| Q3 24 | $2.86 | $0.26 | ||
| Q2 24 | $4.39 | $0.20 |
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 | $164.1M | — |
| 总债务越低越好 | — | $270.2M |
| 股东权益账面价值 | $682.6M | $-378.8M |
| 总资产 | $1.2B | $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SAMSTEP
| Q1 26 | $164.1M | — | ||
| Q4 25 | $223.4M | — | ||
| Q3 25 | $250.5M | — | ||
| Q2 25 | $212.4M | — | ||
| Q1 25 | $152.5M | — | ||
| Q4 24 | $211.8M | — | ||
| Q3 24 | $255.6M | — | ||
| Q2 24 | $219.3M | — |
总债务SAMSTEP
| Q1 26 | — | — | ||
| 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 |
股东权益SAMSTEP
| Q1 26 | $682.6M | — | ||
| Q4 25 | $846.3M | $-378.8M | ||
| Q3 25 | $911.0M | $-233.5M | ||
| Q2 25 | $912.3M | $153.9M | ||
| Q1 25 | $897.0M | $179.4M | ||
| Q4 24 | $916.2M | $209.8M | ||
| Q3 24 | $1.0B | $397.5M | ||
| Q2 24 | $1.0B | $366.9M |
总资产SAMSTEP
| Q1 26 | $1.2B | — | ||
| Q4 25 | $1.2B | $5.2B | ||
| Q3 25 | $1.2B | $5.3B | ||
| Q2 25 | $1.3B | $4.8B | ||
| Q1 25 | $1.2B | $4.6B | ||
| Q4 24 | $1.3B | $4.3B | ||
| Q3 24 | $1.4B | $4.0B | ||
| Q2 24 | $1.4B | $3.8B |
负债/权益比SAMSTEP
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 1.75× | ||
| Q1 25 | — | 1.50× | ||
| Q4 24 | — | 0.81× | ||
| Q3 24 | — | 0.43× | ||
| Q2 24 | — | 0.47× |
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 | — | $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SAMSTEP
| Q1 26 | — | — | ||
| Q4 25 | $39.9M | $27.2M | ||
| Q3 25 | $101.8M | $16.2M | ||
| Q2 25 | $126.5M | $46.3M | ||
| Q1 25 | $1.9M | $-66.5M | ||
| Q4 24 | $41.9M | $27.6M | ||
| Q3 24 | $115.9M | $53.7M | ||
| Q2 24 | $96.0M | $50.2M |
自由现金流SAMSTEP
| Q1 26 | — | — | ||
| Q4 25 | $22.1M | $26.7M | ||
| Q3 25 | $89.2M | $15.9M | ||
| Q2 25 | $112.2M | $45.2M | ||
| Q1 25 | $-8.0M | $-69.2M | ||
| Q4 24 | $18.4M | $27.0M | ||
| Q3 24 | $99.2M | $52.4M | ||
| Q2 24 | $75.6M | $49.6M |
自由现金流率SAMSTEP
| Q1 26 | — | — | ||
| Q4 25 | 5.7% | 4.6% | ||
| Q3 25 | 16.6% | 3.5% | ||
| Q2 25 | 19.1% | 12.4% | ||
| Q1 25 | -1.8% | -18.3% | ||
| Q4 24 | 4.6% | 8.0% | ||
| Q3 24 | 16.4% | 19.3% | ||
| Q2 24 | 13.1% | 26.6% |
资本支出强度SAMSTEP
| Q1 26 | — | — | ||
| Q4 25 | 4.6% | 0.1% | ||
| Q3 25 | 2.3% | 0.1% | ||
| Q2 25 | 2.4% | 0.3% | ||
| Q1 25 | 2.2% | 0.7% | ||
| Q4 24 | 5.8% | 0.2% | ||
| Q3 24 | 2.8% | 0.5% | ||
| Q2 24 | 3.5% | 0.3% |
现金转化率SAMSTEP
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 2.21× | — | ||
| Q2 25 | 2.09× | — | ||
| Q1 25 | 0.08× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.46× | 3.05× | ||
| Q2 24 | 1.83× | 3.76× |
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
SAM
暂无分部数据
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% |
