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STEM, INC.（STEM）与Target Hospitality Corp.（TH）财务数据对比。点击上方公司名可切换其他公司
Target Hospitality Corp.的季度营收约是STEM, INC.的1.6倍（$73.5M vs $47.1M），Target Hospitality Corp.净利率更高（-20.3% vs -33.9%，领先13.6%），Target Hospitality Corp.同比增速更快（22.0% vs -15.6%），过去两年STEM, INC.的营收复合增速更高（36.1% vs 0.7%）
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。
Target Hospitality是一家专业住宿服务提供商，主营石油、天然气及矿业项目用工住宿，也提供大型活动、灾后救援所需的临时模块化住宿，总部位于得克萨斯州伍德兰兹，同时在北达科他州威利斯顿、科罗拉多州丹佛以及阿尔伯塔省卡尔加里设有办事处。
STEM vs TH — 直观对比
营收规模更大
TH
是对方的1.6倍
$47.1M
营收增速更快
TH
高出37.5%
-15.6%
净利率更高
TH
高出13.6%
-33.9%
两年增速更快
STEM
近两年复合增速
0.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $47.1M | $73.5M |
| 净利润 | $-16.0M | $-14.9M |
| 毛利率 | 48.9% | 9.6% |
| 营业利润率 | -17.7% | -22.9% |
| 净利率 | -33.9% | -20.3% |
| 营收同比 | -15.6% | 22.0% |
| 净利润同比 | 68.8% | -219.1% |
| 每股收益（稀释后） | $-4.40 | $-0.14 |
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STEMTH
| Q4 25 | $47.1M | $73.5M | ||
| Q3 25 | $38.2M | $91.6M | ||
| Q2 25 | $38.4M | $54.9M | ||
| Q1 25 | $32.5M | $54.9M | ||
| Q4 24 | $55.8M | $60.2M | ||
| Q3 24 | $29.3M | $65.8M | ||
| Q2 24 | $34.0M | $67.5M | ||
| Q1 24 | $25.5M | $72.4M |
净利润STEMTH
| Q4 25 | $-16.0M | $-14.9M | ||
| Q3 25 | $-23.8M | $-795.0K | ||
| Q2 25 | $202.5M | $-14.9M | ||
| Q1 25 | $-25.0M | $-6.5M | ||
| Q4 24 | $-51.1M | $12.5M | ||
| Q3 24 | $-148.3M | $20.0M | ||
| Q2 24 | $-582.3M | $18.4M | ||
| Q1 24 | $-72.3M | $20.4M |
毛利率STEMTH
| Q4 25 | 48.9% | 9.6% | ||
| Q3 25 | 35.5% | 19.6% | ||
| Q2 25 | 33.4% | -0.6% | ||
| Q1 25 | 32.4% | 32.7% | ||
| Q4 24 | -4.4% | 61.5% | ||
| Q3 24 | 21.2% | 68.7% | ||
| Q2 24 | 27.6% | 69.4% | ||
| Q1 24 | -95.0% | 67.8% |
营业利润率STEMTH
| Q4 25 | -17.7% | -22.9% | ||
| Q3 25 | -33.6% | 0.1% | ||
| Q2 25 | -34.8% | -30.8% | ||
| Q1 25 | -65.0% | -2.0% | ||
| Q4 24 | -84.4% | 34.5% | ||
| Q3 24 | -493.2% | 42.5% | ||
| Q2 24 | -1705.5% | 43.8% | ||
| Q1 24 | -267.0% | 42.0% |
净利率STEMTH
| Q4 25 | -33.9% | -20.3% | ||
| Q3 25 | -62.2% | -0.9% | ||
| Q2 25 | 527.8% | -27.2% | ||
| Q1 25 | -76.9% | -11.8% | ||
| Q4 24 | -91.6% | 20.8% | ||
| Q3 24 | -506.3% | 30.4% | ||
| Q2 24 | -1712.6% | 27.2% | ||
| Q1 24 | -283.9% | 28.2% |
每股收益（稀释后）STEMTH
| Q4 25 | $-4.40 | $-0.14 | ||
| Q3 25 | $-2.84 | $-0.01 | ||
| Q2 25 | $-1.79 | $-0.15 | ||
| Q1 25 | $-0.15 | $-0.07 | ||
| Q4 24 | $-15.29 | $0.12 | ||
| Q3 24 | $-18.24 | $0.20 | ||
| Q2 24 | $-71.81 | $0.18 | ||
| Q1 24 | $-0.46 | $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 | $48.9M | $8.3M |
| 总债务越低越好 | — | $1.7M |
| 股东权益账面价值 | $-249.4M | $389.3M |
| 总资产 | $308.9M | $530.2M |
| 负债/权益比越低杠杆越低 | — | 0.00× |
8季度趋势，按日历期对齐
现金及短期投资STEMTH
| Q4 25 | $48.9M | $8.3M | ||
| Q3 25 | $43.1M | $30.4M | ||
| Q2 25 | $40.8M | $19.2M | ||
| Q1 25 | $58.6M | $34.5M | ||
| Q4 24 | $56.3M | $190.7M | ||
| Q3 24 | $75.4M | $177.7M | ||
| Q2 24 | $89.6M | $154.3M | ||
| Q1 24 | $112.8M | $124.3M |
总债务STEMTH
| Q4 25 | — | $1.7M | ||
| Q3 25 | — | $2.0M | ||
| Q2 25 | — | $26.3M | ||
| Q1 25 | — | $42.9M | ||
| Q4 24 | — | $1.5M | ||
| Q3 24 | — | $994.0K | ||
| Q2 24 | — | $1.1M | ||
| Q1 24 | — | $179.9M |
股东权益STEMTH
| Q4 25 | $-249.4M | $389.3M | ||
| Q3 25 | $-235.7M | $402.4M | ||
| Q2 25 | $-214.1M | $401.3M | ||
| Q1 25 | $-417.5M | $415.3M | ||
| Q4 24 | $-398.4M | $421.1M | ||
| Q3 24 | $-344.1M | $417.6M | ||
| Q2 24 | $-203.2M | $397.2M | ||
| Q1 24 | $371.6M | $375.5M |
总资产STEMTH
| Q4 25 | $308.9M | $530.2M | ||
| Q3 25 | $362.6M | $541.2M | ||
| Q2 25 | $379.2M | $533.7M | ||
| Q1 25 | $405.1M | $562.5M | ||
| Q4 24 | $437.4M | $725.8M | ||
| Q3 24 | $537.8M | $709.8M | ||
| Q2 24 | $691.5M | $697.0M | ||
| Q1 24 | $1.3B | $687.2M |
负债/权益比STEMTH
| Q4 25 | — | 0.00× | ||
| Q3 25 | — | 0.01× | ||
| Q2 25 | — | 0.07× | ||
| Q1 25 | — | 0.10× | ||
| Q4 24 | — | 0.00× | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | 0.00× | ||
| Q1 24 | — | 0.48× |
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 | $5.7M |
| 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STEMTH
| Q4 25 | $8.2M | $5.7M | ||
| Q3 25 | $11.4M | $53.4M | ||
| Q2 25 | $-21.3M | $11.1M | ||
| Q1 25 | $8.5M | $3.9M | ||
| Q4 24 | $-14.7M | $30.6M | ||
| Q3 24 | $-9.4M | $31.4M | ||
| Q2 24 | $-11.9M | $39.1M | ||
| Q1 24 | $-621.0K | $50.6M |
自由现金流STEMTH
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $-11.6M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
自由现金流率STEMTH
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -21.1% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
资本支出强度STEMTH
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 28.2% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
现金转化率STEMTH
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | -0.11× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 2.44× | ||
| Q3 24 | — | 1.57× | ||
| Q2 24 | — | 2.13× | ||
| Q1 24 | — | 2.48× |
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
TH
| Services | $40.9M | 56% |
| Hospitality And Facilities Services South | $32.6M | 44% |
