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SPORTSMAN'S WAREHOUSE HOLDINGS, INC.（SPWH）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SPORTSMAN'S WAREHOUSE HOLDINGS, INC.的1.8倍（$586.5M vs $331.3M），SPORTSMAN'S WAREHOUSE HOLDINGS, INC.净利率更高（0.0% vs -21.0%，领先21.1%），罗塞塔石碑同比增速更快（73.0% vs 2.2%），罗塞塔石碑自由现金流更多（$26.7M vs $8.7M），过去两年罗塞塔石碑的营收复合增速更高（28.2% vs -5.4%）
运动员仓库控股（Sportsman's Warehouse）是美国户外体育用品零售商，门店遍布全美29个州，主要面向狩猎、射击、露营、垂钓等各类户外休闲运动爱好者，销售户外服饰、鞋履及专业运动装备。
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。
SPWH vs STEP — 直观对比
营收规模更大
STEP
是对方的1.8倍
$331.3M
营收增速更快
STEP
高出70.8%
2.2%
净利率更高
SPWH
高出21.1%
-21.0%
自由现金流更多
STEP
多$18.0M
$8.7M
两年增速更快
STEP
近两年复合增速
-5.4%
损益表 — Q3 FY2026 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $331.3M | $586.5M |
| 净利润 | $8.0K | $-123.5M |
| 毛利率 | 32.8% | — |
| 营业利润率 | 1.3% | -33.2% |
| 净利率 | 0.0% | -21.0% |
| 营收同比 | 2.2% | 73.0% |
| 净利润同比 | -97.8% | 35.7% |
| 每股收益（稀释后） | $0.00 | $-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SPWHSTEP
| Q4 25 | $331.3M | $586.5M | ||
| Q3 25 | $293.9M | $454.2M | ||
| Q2 25 | $249.1M | $364.3M | ||
| Q1 25 | $340.4M | $377.7M | ||
| Q4 24 | $324.3M | $339.0M | ||
| Q3 24 | $288.7M | $271.7M | ||
| Q2 24 | $244.2M | $186.4M | ||
| Q1 24 | $370.4M | $356.8M |
净利润SPWHSTEP
| Q4 25 | $8.0K | $-123.5M | ||
| Q3 25 | $-7.1M | $-366.1M | ||
| Q2 25 | $-21.3M | $-38.4M | ||
| Q1 25 | $-8.7M | $-18.5M | ||
| Q4 24 | $-364.0K | $-192.0M | ||
| Q3 24 | $-5.9M | $17.6M | ||
| Q2 24 | $-18.1M | $13.3M | ||
| Q1 24 | $-8.7M | $30.8M |
毛利率SPWHSTEP
| Q4 25 | 32.8% | — | ||
| Q3 25 | 32.0% | — | ||
| Q2 25 | 30.4% | — | ||
| Q1 25 | 30.4% | — | ||
| Q4 24 | 31.8% | — | ||
| Q3 24 | 31.2% | — | ||
| Q2 24 | 30.2% | — | ||
| Q1 24 | 26.8% | — |
营业利润率SPWHSTEP
| Q4 25 | 1.3% | -33.2% | ||
| Q3 25 | -1.1% | -148.8% | ||
| Q2 25 | -7.9% | -5.6% | ||
| Q1 25 | 1.1% | 2.6% | ||
| Q4 24 | 1.0% | -101.7% | ||
| Q3 24 | -1.5% | 21.3% | ||
| Q2 24 | -8.4% | 29.4% | ||
| Q1 24 | -2.1% | 26.5% |
净利率SPWHSTEP
| Q4 25 | 0.0% | -21.0% | ||
| Q3 25 | -2.4% | -80.6% | ||
| Q2 25 | -8.5% | -10.5% | ||
| Q1 25 | -2.6% | -4.9% | ||
| Q4 24 | -0.1% | -56.6% | ||
| Q3 24 | -2.0% | 6.5% | ||
| Q2 24 | -7.4% | 7.2% | ||
| Q1 24 | -2.4% | 8.6% |
每股收益（稀释后）SPWHSTEP
| Q4 25 | $0.00 | $-1.55 | ||
| Q3 25 | $-0.18 | $-4.66 | ||
| Q2 25 | $-0.56 | $-0.49 | ||
| Q1 25 | $-0.22 | $-0.37 | ||
| Q4 24 | $-0.01 | $-2.61 | ||
| Q3 24 | $-0.16 | $0.26 | ||
| Q2 24 | $-0.48 | $0.20 | ||
| Q1 24 | $-0.22 | $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 | $2.2M | — |
| 总债务越低越好 | $44.0M | $270.2M |
| 股东权益账面价值 | $209.5M | $-378.8M |
| 总资产 | $913.9M | $5.2B |
| 负债/权益比越低杠杆越低 | 0.21× | — |
8季度趋势，按日历期对齐
现金及短期投资SPWHSTEP
| Q4 25 | $2.2M | — | ||
| Q3 25 | $1.8M | — | ||
| Q2 25 | $3.6M | — | ||
| Q1 25 | $2.8M | — | ||
| Q4 24 | $2.7M | — | ||
| Q3 24 | $2.6M | — | ||
| Q2 24 | $2.2M | — | ||
| Q1 24 | $3.1M | — |
总债务SPWHSTEP
| Q4 25 | $44.0M | $270.2M | ||
| Q3 25 | $43.9M | $269.9M | ||
| Q2 25 | $24.1M | $269.6M | ||
| Q1 25 | $24.1M | $269.3M | ||
| Q4 24 | $24.0M | $168.9M | ||
| Q3 24 | $24.0M | $172.3M | ||
| Q2 24 | — | $172.1M | ||
| Q1 24 | — | $148.8M |
股东权益SPWHSTEP
| Q4 25 | $209.5M | $-378.8M | ||
| Q3 25 | $208.9M | $-233.5M | ||
| Q2 25 | $215.1M | $153.9M | ||
| Q1 25 | $235.7M | $179.4M | ||
| Q4 24 | $243.6M | $209.8M | ||
| Q3 24 | $243.0M | $397.5M | ||
| Q2 24 | $247.5M | $366.9M | ||
| Q1 24 | $264.6M | $324.5M |
总资产SPWHSTEP
| Q4 25 | $913.9M | $5.2B | ||
| Q3 25 | $948.9M | $5.3B | ||
| Q2 25 | $929.7M | $4.8B | ||
| Q1 25 | $852.1M | $4.6B | ||
| Q4 24 | $967.7M | $4.3B | ||
| Q3 24 | $901.9M | $4.0B | ||
| Q2 24 | $930.4M | $3.8B | ||
| Q1 24 | $886.2M | $3.8B |
负债/权益比SPWHSTEP
| Q4 25 | 0.21× | — | ||
| Q3 25 | 0.21× | — | ||
| Q2 25 | 0.11× | 1.75× | ||
| Q1 25 | 0.10× | 1.50× | ||
| Q4 24 | 0.10× | 0.81× | ||
| Q3 24 | 0.10× | 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 | $16.3M | $27.2M |
| 自由现金流经营现金流 - 资本支出 | $8.7M | $26.7M |
| 自由现金流率自由现金流/营收 | 2.6% | 4.6% |
| 资本支出强度资本支出/营收 | 2.3% | 0.1% |
| 现金转化率经营现金流/净利润 | 2038.00× | — |
| 过去12个月自由现金流最近4个季度 | $-39.7M | $18.6M |
8季度趋势，按日历期对齐
经营现金流SPWHSTEP
| Q4 25 | $16.3M | $27.2M | ||
| Q3 25 | $-26.6M | $16.2M | ||
| Q2 25 | $-60.2M | $46.3M | ||
| Q1 25 | $52.8M | $-66.5M | ||
| Q4 24 | $-2.5M | $27.6M | ||
| Q3 24 | $18.5M | $53.7M | ||
| Q2 24 | $-34.6M | $50.2M | ||
| Q1 24 | $68.9M | $7.6M |
自由现金流SPWHSTEP
| Q4 25 | $8.7M | $26.7M | ||
| Q3 25 | $-33.9M | $15.9M | ||
| Q2 25 | $-64.0M | $45.2M | ||
| Q1 25 | $49.6M | $-69.2M | ||
| Q4 24 | $-6.2M | $27.0M | ||
| Q3 24 | $14.1M | $52.4M | ||
| Q2 24 | $-38.0M | $49.6M | ||
| Q1 24 | $60.2M | $6.7M |
自由现金流率SPWHSTEP
| Q4 25 | 2.6% | 4.6% | ||
| Q3 25 | -11.5% | 3.5% | ||
| Q2 25 | -25.7% | 12.4% | ||
| Q1 25 | 14.6% | -18.3% | ||
| Q4 24 | -1.9% | 8.0% | ||
| Q3 24 | 4.9% | 19.3% | ||
| Q2 24 | -15.5% | 26.6% | ||
| Q1 24 | 16.2% | 1.9% |
资本支出强度SPWHSTEP
| Q4 25 | 2.3% | 0.1% | ||
| Q3 25 | 2.5% | 0.1% | ||
| Q2 25 | 1.5% | 0.3% | ||
| Q1 25 | 1.0% | 0.7% | ||
| Q4 24 | 1.1% | 0.2% | ||
| Q3 24 | 1.5% | 0.5% | ||
| Q2 24 | 1.4% | 0.3% | ||
| Q1 24 | 2.4% | 0.3% |
现金转化率SPWHSTEP
| Q4 25 | 2038.00× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 3.05× | ||
| Q2 24 | — | 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
SPWH
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% |
