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Sylvamo Corp（SLVM）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
Sylvamo Corp的季度营收约是罗塞塔石碑的1.3倍（$755.0M vs $586.5M），Sylvamo Corp净利率更高（-0.4% vs -21.0%，领先20.7%），罗塞塔石碑同比增速更快（73.0% vs -8.0%），罗塞塔石碑自由现金流更多（$26.7M vs $-59.0M），过去两年罗塞塔石碑的营收复合增速更高（28.2% vs -10.0%）
西尔瓦莫公司是全球领先的可持续纸浆与纸品生产商，核心产品包括非涂布印刷纸、包装纸及商用纸浆，业务覆盖北美、欧洲、拉美地区，服务办公耗材、出版、商业印刷、包装等多个领域。
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。
SLVM vs STEP — 直观对比
营收规模更大
SLVM
是对方的1.3倍
$586.5M
营收增速更快
STEP
高出81.0%
-8.0%
净利率更高
SLVM
高出20.7%
-21.0%
自由现金流更多
STEP
多$85.7M
$-59.0M
两年增速更快
STEP
近两年复合增速
-10.0%
损益表 — Q1 FY2026 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $755.0M | $586.5M |
| 净利润 | $-3.0M | $-123.5M |
| 毛利率 | — | — |
| 营业利润率 | — | -33.2% |
| 净利率 | -0.4% | -21.0% |
| 营收同比 | -8.0% | 73.0% |
| 净利润同比 | — | 35.7% |
| 每股收益（稀释后） | $-0.08 | $-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SLVMSTEP
| Q1 26 | $755.0M | — | ||
| Q4 25 | $890.0M | $586.5M | ||
| Q3 25 | $846.0M | $454.2M | ||
| Q2 25 | $794.0M | $364.3M | ||
| Q1 25 | $821.0M | $377.7M | ||
| Q4 24 | $970.0M | $339.0M | ||
| Q3 24 | $965.0M | $271.7M | ||
| Q2 24 | $933.0M | $186.4M |
净利润SLVMSTEP
| Q1 26 | $-3.0M | — | ||
| Q4 25 | $33.0M | $-123.5M | ||
| Q3 25 | $57.0M | $-366.1M | ||
| Q2 25 | $15.0M | $-38.4M | ||
| Q1 25 | $27.0M | $-18.5M | ||
| Q4 24 | $81.0M | $-192.0M | ||
| Q3 24 | $95.0M | $17.6M | ||
| Q2 24 | $83.0M | $13.3M |
营业利润率SLVMSTEP
| Q1 26 | — | — | ||
| Q4 25 | 8.9% | -33.2% | ||
| Q3 25 | 11.6% | -148.8% | ||
| Q2 25 | 3.8% | -5.6% | ||
| Q1 25 | 5.4% | 2.6% | ||
| Q4 24 | 11.2% | -101.7% | ||
| Q3 24 | 15.5% | 21.3% | ||
| Q2 24 | 13.1% | 29.4% |
净利率SLVMSTEP
| Q1 26 | -0.4% | — | ||
| Q4 25 | 3.7% | -21.0% | ||
| Q3 25 | 6.7% | -80.6% | ||
| Q2 25 | 1.9% | -10.5% | ||
| Q1 25 | 3.3% | -4.9% | ||
| Q4 24 | 8.4% | -56.6% | ||
| Q3 24 | 9.8% | 6.5% | ||
| Q2 24 | 8.9% | 7.2% |
每股收益（稀释后）SLVMSTEP
| Q1 26 | $-0.08 | — | ||
| Q4 25 | $0.81 | $-1.55 | ||
| Q3 25 | $1.41 | $-4.66 | ||
| Q2 25 | $0.37 | $-0.49 | ||
| Q1 25 | $0.65 | $-0.37 | ||
| Q4 24 | $1.91 | $-2.61 | ||
| Q3 24 | $2.27 | $0.26 | ||
| Q2 24 | $1.98 | $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 | — | — |
| 总债务越低越好 | $766.0M | $270.2M |
| 股东权益账面价值 | $979.0M | $-378.8M |
| 总资产 | $2.8B | $5.2B |
| 负债/权益比越低杠杆越低 | 0.78× | — |
8季度趋势，按日历期对齐
现金及短期投资SLVMSTEP
| Q1 26 | — | — | ||
| Q4 25 | $198.0M | — | ||
| Q3 25 | $146.0M | — | ||
| Q2 25 | $183.0M | — | ||
| Q1 25 | $220.0M | — | ||
| Q4 24 | $309.0M | — | ||
| Q3 24 | $414.0M | — | ||
| Q2 24 | $213.0M | — |
总债务SLVMSTEP
| Q1 26 | $766.0M | — | ||
| Q4 25 | $763.0M | $270.2M | ||
| Q3 25 | $778.0M | $269.9M | ||
| Q2 25 | $767.0M | $269.6M | ||
| Q1 25 | $794.0M | $269.3M | ||
| Q4 24 | $782.0M | $168.9M | ||
| Q3 24 | $883.0M | $172.3M | ||
| Q2 24 | $894.0M | $172.1M |
股东权益SLVMSTEP
| Q1 26 | $979.0M | — | ||
| Q4 25 | $966.0M | $-378.8M | ||
| Q3 25 | $977.0M | $-233.5M | ||
| Q2 25 | $959.0M | $153.9M | ||
| Q1 25 | $908.0M | $179.4M | ||
| Q4 24 | $847.0M | $209.8M | ||
| Q3 24 | $937.0M | $397.5M | ||
| Q2 24 | $830.0M | $366.9M |
总资产SLVMSTEP
| Q1 26 | $2.8B | — | ||
| Q4 25 | $2.8B | $5.2B | ||
| Q3 25 | $2.7B | $5.3B | ||
| Q2 25 | $2.7B | $4.8B | ||
| Q1 25 | $2.6B | $4.6B | ||
| Q4 24 | $2.6B | $4.3B | ||
| Q3 24 | $2.9B | $4.0B | ||
| Q2 24 | $2.7B | $3.8B |
负债/权益比SLVMSTEP
| Q1 26 | 0.78× | — | ||
| Q4 25 | 0.79× | — | ||
| Q3 25 | 0.80× | — | ||
| Q2 25 | 0.80× | 1.75× | ||
| Q1 25 | 0.87× | 1.50× | ||
| Q4 24 | 0.92× | 0.81× | ||
| Q3 24 | 0.94× | 0.43× | ||
| Q2 24 | 1.08× | 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 | $-59.0M | $26.7M |
| 自由现金流率自由现金流/营收 | -7.8% | 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 | $10.0M | $18.6M |
8季度趋势，按日历期对齐
经营现金流SLVMSTEP
| Q1 26 | — | — | ||
| Q4 25 | $94.0M | $27.2M | ||
| Q3 25 | $87.0M | $16.2M | ||
| Q2 25 | $64.0M | $46.3M | ||
| Q1 25 | $23.0M | $-66.5M | ||
| Q4 24 | $164.0M | $27.6M | ||
| Q3 24 | $163.0M | $53.7M | ||
| Q2 24 | $115.0M | $50.2M |
自由现金流SLVMSTEP
| Q1 26 | $-59.0M | — | ||
| Q4 25 | $38.0M | $26.7M | ||
| Q3 25 | $33.0M | $15.9M | ||
| Q2 25 | $-2.0M | $45.2M | ||
| Q1 25 | $-25.0M | $-69.2M | ||
| Q4 24 | $100.0M | $27.0M | ||
| Q3 24 | $119.0M | $52.4M | ||
| Q2 24 | $62.0M | $49.6M |
自由现金流率SLVMSTEP
| Q1 26 | -7.8% | — | ||
| Q4 25 | 4.3% | 4.6% | ||
| Q3 25 | 3.9% | 3.5% | ||
| Q2 25 | -0.3% | 12.4% | ||
| Q1 25 | -3.0% | -18.3% | ||
| Q4 24 | 10.3% | 8.0% | ||
| Q3 24 | 12.3% | 19.3% | ||
| Q2 24 | 6.6% | 26.6% |
资本支出强度SLVMSTEP
| Q1 26 | — | — | ||
| Q4 25 | 6.3% | 0.1% | ||
| Q3 25 | 6.4% | 0.1% | ||
| Q2 25 | 8.3% | 0.3% | ||
| Q1 25 | 5.8% | 0.7% | ||
| Q4 24 | 6.6% | 0.2% | ||
| Q3 24 | 4.6% | 0.5% | ||
| Q2 24 | 5.7% | 0.3% |
现金转化率SLVMSTEP
| Q1 26 | — | — | ||
| Q4 25 | 2.85× | — | ||
| Q3 25 | 1.53× | — | ||
| Q2 25 | 4.27× | — | ||
| Q1 25 | 0.85× | — | ||
| Q4 24 | 2.02× | — | ||
| Q3 24 | 1.72× | 3.05× | ||
| Q2 24 | 1.39× | 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
SLVM
| North America | $390.0M | 52% |
| Europe | $190.0M | 25% |
| Latin America | $187.0M | 25% |
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% |
