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STEM, INC.（STEM）与Star Holdings（STHO）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Star Holdings的1.9倍（$47.1M vs $25.4M），STEM, INC.净利率更高（-33.9% vs -75.5%，领先41.6%），STEM, INC.同比增速更快（-15.6% vs -22.6%），过去两年STEM, INC.的营收复合增速更高（36.1% vs -0.2%）
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。
蓝星有限公司是一家印度跨国家电企业，总部位于孟买，主营空调、商用制冷以及机电工程业务，是印度本土市场规模第二大的空调领域本土企业。
STEM vs STHO — 直观对比
营收规模更大
STEM
是对方的1.9倍
$25.4M
营收增速更快
STEM
高出7.0%
-22.6%
净利率更高
STEM
高出41.6%
-75.5%
两年增速更快
STEM
近两年复合增速
-0.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $47.1M | $25.4M |
| 净利润 | $-16.0M | $-19.1M |
| 毛利率 | 48.9% | — |
| 营业利润率 | -17.7% | -91.7% |
| 净利率 | -33.9% | -75.5% |
| 营收同比 | -15.6% | -22.6% |
| 净利润同比 | 68.8% | 81.3% |
| 每股收益（稀释后） | $-4.40 | $-1.52 |
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STEMSTHO
| Q4 25 | $47.1M | $25.4M | ||
| Q3 25 | $38.2M | $28.1M | ||
| Q2 25 | $38.4M | $42.1M | ||
| Q1 25 | $32.5M | $14.6M | ||
| Q4 24 | $55.8M | $32.8M | ||
| Q3 24 | $29.3M | $24.6M | ||
| Q2 24 | $34.0M | $30.6M | ||
| Q1 24 | $25.5M | $25.4M |
净利润STEMSTHO
| Q4 25 | $-16.0M | $-19.1M | ||
| Q3 25 | $-23.8M | $1.8M | ||
| Q2 25 | $202.5M | $-39.3M | ||
| Q1 25 | $-25.0M | $-7.6M | ||
| Q4 24 | $-51.1M | $-102.6M | ||
| Q3 24 | $-148.3M | $91.9M | ||
| Q2 24 | $-582.3M | $-27.1M | ||
| Q1 24 | $-72.3M | $-49.0M |
毛利率STEMSTHO
| 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STEMSTHO
| Q4 25 | -17.7% | -91.7% | ||
| Q3 25 | -33.6% | 1.0% | ||
| Q2 25 | -34.8% | -94.5% | ||
| Q1 25 | -65.0% | -55.0% | ||
| Q4 24 | -84.4% | -314.1% | ||
| Q3 24 | -493.2% | — | ||
| Q2 24 | -1705.5% | -91.5% | ||
| Q1 24 | -267.0% | -192.6% |
净利率STEMSTHO
| Q4 25 | -33.9% | -75.5% | ||
| Q3 25 | -62.2% | 6.4% | ||
| Q2 25 | 527.8% | -93.5% | ||
| Q1 25 | -76.9% | -52.0% | ||
| Q4 24 | -91.6% | -313.1% | ||
| Q3 24 | -506.3% | 374.3% | ||
| Q2 24 | -1712.6% | -88.8% | ||
| Q1 24 | -283.9% | -192.6% |
每股收益（稀释后）STEMSTHO
| Q4 25 | $-4.40 | $-1.52 | ||
| Q3 25 | $-2.84 | $0.14 | ||
| Q2 25 | $-1.79 | $-2.95 | ||
| Q1 25 | $-0.15 | $-0.57 | ||
| Q4 24 | $-15.29 | $-7.69 | ||
| Q3 24 | $-18.24 | $6.90 | ||
| Q2 24 | $-71.81 | $-2.04 | ||
| Q1 24 | $-0.46 | $-3.68 |
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 | $48.9M | $50.1M |
| 总债务越低越好 | — | $268.7M |
| 股东权益账面价值 | $-249.4M | $251.8M |
| 总资产 | $308.9M | $570.2M |
| 负债/权益比越低杠杆越低 | — | 1.07× |
8季度趋势，按日历期对齐
现金及短期投资STEMSTHO
| Q4 25 | $48.9M | $50.1M | ||
| Q3 25 | $43.1M | $40.6M | ||
| Q2 25 | $40.8M | $44.2M | ||
| Q1 25 | $58.6M | $30.3M | ||
| Q4 24 | $56.3M | $35.0M | ||
| Q3 24 | $75.4M | $45.0M | ||
| Q2 24 | $89.6M | $48.3M | ||
| Q1 24 | $112.8M | $45.7M |
总债务STEMSTHO
| Q4 25 | — | $268.7M | ||
| Q3 25 | — | $259.3M | ||
| Q2 25 | — | $245.4M | ||
| Q1 25 | — | $231.5M | ||
| Q4 24 | — | $217.3M | ||
| Q3 24 | — | $201.2M | ||
| Q2 24 | — | $197.2M | ||
| Q1 24 | — | $195.0M |
股东权益STEMSTHO
| Q4 25 | $-249.4M | $251.8M | ||
| Q3 25 | $-235.7M | $275.4M | ||
| Q2 25 | $-214.1M | $276.1M | ||
| Q1 25 | $-417.5M | $316.1M | ||
| Q4 24 | $-398.4M | $324.3M | ||
| Q3 24 | $-344.1M | $427.5M | ||
| Q2 24 | $-203.2M | $335.3M | ||
| Q1 24 | $371.6M | $362.4M |
总资产STEMSTHO
| Q4 25 | $308.9M | $570.2M | ||
| Q3 25 | $362.6M | $595.9M | ||
| Q2 25 | $379.2M | $589.9M | ||
| Q1 25 | $405.1M | $618.2M | ||
| Q4 24 | $437.4M | $608.7M | ||
| Q3 24 | $537.8M | $696.5M | ||
| Q2 24 | $691.5M | $601.0M | ||
| Q1 24 | $1.3B | $622.9M |
负债/权益比STEMSTHO
| Q4 25 | — | 1.07× | ||
| Q3 25 | — | 0.94× | ||
| Q2 25 | — | 0.89× | ||
| Q1 25 | — | 0.73× | ||
| Q4 24 | — | 0.67× | ||
| Q3 24 | — | 0.47× | ||
| Q2 24 | — | 0.59× | ||
| Q1 24 | — | 0.54× |
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 | $8.2M | $-11.7M |
| 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 | — | — |
| 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STEMSTHO
| Q4 25 | $8.2M | $-11.7M | ||
| Q3 25 | $11.4M | $5.3M | ||
| Q2 25 | $-21.3M | $-2.6M | ||
| Q1 25 | $8.5M | $-6.3M | ||
| Q4 24 | $-14.7M | $-31.3M | ||
| Q3 24 | $-9.4M | $-3.8M | ||
| Q2 24 | $-11.9M | $-6.4M | ||
| Q1 24 | $-621.0K | $-14.2M |
现金转化率STEMSTHO
| Q4 25 | — | — | ||
| Q3 25 | — | 2.95× | ||
| Q2 25 | -0.11× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -0.04× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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
STEM
暂无分部数据
STHO
| Land Development | $13.0M | 51% |
| Other Income Revenue | $9.3M | 37% |
| Operating Lease Income | $2.0M | 8% |
| Other | $1.2M | 5% |
