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STEM, INC.（STEM）与FIRST FINANCIAL CORP（THFF）财务数据对比。点击上方公司名可切换其他公司
FIRST FINANCIAL CORP的季度营收约是STEM, INC.的1.5倍（$70.5M vs $47.1M），FIRST FINANCIAL CORP净利率更高（30.4% vs -33.9%，领先64.3%），FIRST FINANCIAL CORP同比增速更快（14.1% vs -15.6%），过去两年STEM, INC.的营收复合增速更高（36.1% vs 20.8%）
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。
第一美国金融公司是一家美国金融服务企业，主营为房地产与抵押贷款行业提供产权保险以及结算服务，深耕相关金融领域，是该细分赛道具备专业能力的服务提供商。
STEM vs THFF — 直观对比
营收规模更大
THFF
是对方的1.5倍
$47.1M
营收增速更快
THFF
高出29.7%
-15.6%
净利率更高
THFF
高出64.3%
-33.9%
两年增速更快
STEM
近两年复合增速
20.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $47.1M | $70.5M |
| 净利润 | $-16.0M | $21.5M |
| 毛利率 | 48.9% | — |
| 营业利润率 | -17.7% | 37.4% |
| 净利率 | -33.9% | 30.4% |
| 营收同比 | -15.6% | 14.1% |
| 净利润同比 | 68.8% | 32.1% |
| 每股收益（稀释后） | $-4.40 | $1.81 |
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STEMTHFF
| Q4 25 | $47.1M | $70.5M | ||
| Q3 25 | $38.2M | $65.8M | ||
| Q2 25 | $38.4M | $63.1M | ||
| Q1 25 | $32.5M | $62.5M | ||
| Q4 24 | $55.8M | $61.8M | ||
| Q3 24 | $29.3M | $58.4M | ||
| Q2 24 | $34.0M | $49.2M | ||
| Q1 24 | $25.5M | $48.4M |
净利润STEMTHFF
| Q4 25 | $-16.0M | $21.5M | ||
| Q3 25 | $-23.8M | $20.8M | ||
| Q2 25 | $202.5M | $18.6M | ||
| Q1 25 | $-25.0M | $18.4M | ||
| Q4 24 | $-51.1M | $16.2M | ||
| Q3 24 | $-148.3M | $8.7M | ||
| Q2 24 | $-582.3M | $11.4M | ||
| Q1 24 | $-72.3M | $10.9M |
毛利率STEMTHFF
| 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STEMTHFF
| Q4 25 | -17.7% | 37.4% | ||
| Q3 25 | -33.6% | 39.2% | ||
| Q2 25 | -34.8% | 36.2% | ||
| Q1 25 | -65.0% | 38.1% | ||
| Q4 24 | -84.4% | 32.4% | ||
| Q3 24 | -493.2% | 17.9% | ||
| Q2 24 | -1705.5% | 27.6% | ||
| Q1 24 | -267.0% | 27.2% |
净利率STEMTHFF
| Q4 25 | -33.9% | 30.4% | ||
| Q3 25 | -62.2% | 31.6% | ||
| Q2 25 | 527.8% | 29.5% | ||
| Q1 25 | -76.9% | 29.5% | ||
| Q4 24 | -91.6% | 26.3% | ||
| Q3 24 | -506.3% | 15.0% | ||
| Q2 24 | -1712.6% | 23.1% | ||
| Q1 24 | -283.9% | 22.6% |
每股收益（稀释后）STEMTHFF
| Q4 25 | $-4.40 | $1.81 | ||
| Q3 25 | $-2.84 | $1.75 | ||
| Q2 25 | $-1.79 | $1.57 | ||
| Q1 25 | $-0.15 | $1.55 | ||
| Q4 24 | $-15.29 | $1.37 | ||
| Q3 24 | $-18.24 | $0.74 | ||
| Q2 24 | $-71.81 | $0.96 | ||
| Q1 24 | $-0.46 | $0.93 |
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 | — |
| 总债务越低越好 | — | $188.2M |
| 股东权益账面价值 | $-249.4M | $650.9M |
| 总资产 | $308.9M | $5.8B |
| 负债/权益比越低杠杆越低 | — | 0.29× |
8季度趋势，按日历期对齐
现金及短期投资STEMTHFF
| Q4 25 | $48.9M | — | ||
| Q3 25 | $43.1M | — | ||
| Q2 25 | $40.8M | — | ||
| Q1 25 | $58.6M | — | ||
| Q4 24 | $56.3M | — | ||
| Q3 24 | $75.4M | — | ||
| Q2 24 | $89.6M | — | ||
| Q1 24 | $112.8M | — |
总债务STEMTHFF
| Q4 25 | — | $188.2M | ||
| Q3 25 | — | $170.5M | ||
| Q2 25 | — | $122.7M | ||
| Q1 25 | — | $124.9M | ||
| Q4 24 | — | $28.1M | ||
| Q3 24 | — | $30.5M | ||
| Q2 24 | — | $108.6M | ||
| Q1 24 | — | $58.6M |
股东权益STEMTHFF
| Q4 25 | $-249.4M | $650.9M | ||
| Q3 25 | $-235.7M | $622.2M | ||
| Q2 25 | $-214.1M | $587.7M | ||
| Q1 25 | $-417.5M | $571.9M | ||
| Q4 24 | $-398.4M | $549.0M | ||
| Q3 24 | $-344.1M | $566.0M | ||
| Q2 24 | $-203.2M | $530.7M | ||
| Q1 24 | $371.6M | $520.8M |
总资产STEMTHFF
| Q4 25 | $308.9M | $5.8B | ||
| Q3 25 | $362.6M | $5.7B | ||
| Q2 25 | $379.2M | $5.6B | ||
| Q1 25 | $405.1M | $5.5B | ||
| Q4 24 | $437.4M | $5.6B | ||
| Q3 24 | $537.8M | $5.5B | ||
| Q2 24 | $691.5M | $4.9B | ||
| Q1 24 | $1.3B | $4.9B |
负债/权益比STEMTHFF
| Q4 25 | — | 0.29× | ||
| Q3 25 | — | 0.27× | ||
| Q2 25 | — | 0.21× | ||
| Q1 25 | — | 0.22× | ||
| Q4 24 | — | 0.05× | ||
| Q3 24 | — | 0.05× | ||
| Q2 24 | — | 0.20× | ||
| Q1 24 | — | 0.11× |
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 | $90.4M |
| 自由现金流经营现金流 - 资本支出 | — | $86.4M |
| 自由现金流率自由现金流/营收 | — | 122.5% |
| 资本支出强度资本支出/营收 | — | 5.6% |
| 现金转化率经营现金流/净利润 | — | 4.21× |
| 过去12个月自由现金流最近4个季度 | — | $144.3M |
8季度趋势，按日历期对齐
经营现金流STEMTHFF
| Q4 25 | $8.2M | $90.4M | ||
| Q3 25 | $11.4M | $26.9M | ||
| Q2 25 | $-21.3M | $12.7M | ||
| Q1 25 | $8.5M | $21.1M | ||
| Q4 24 | $-14.7M | $60.4M | ||
| Q3 24 | $-9.4M | $23.3M | ||
| Q2 24 | $-11.9M | $8.8M | ||
| Q1 24 | $-621.0K | $12.4M |
自由现金流STEMTHFF
| Q4 25 | — | $86.4M | ||
| Q3 25 | — | $25.8M | ||
| Q2 25 | — | $11.6M | ||
| Q1 25 | — | $20.5M | ||
| Q4 24 | — | $54.3M | ||
| Q3 24 | — | $19.5M | ||
| Q2 24 | — | $8.4M | ||
| Q1 24 | — | $11.5M |
自由现金流率STEMTHFF
| Q4 25 | — | 122.5% | ||
| Q3 25 | — | 39.2% | ||
| Q2 25 | — | 18.4% | ||
| Q1 25 | — | 32.8% | ||
| Q4 24 | — | 87.8% | ||
| Q3 24 | — | 33.5% | ||
| Q2 24 | — | 17.2% | ||
| Q1 24 | — | 23.7% |
资本支出强度STEMTHFF
| Q4 25 | — | 5.6% | ||
| Q3 25 | — | 1.7% | ||
| Q2 25 | — | 1.8% | ||
| Q1 25 | — | 0.9% | ||
| Q4 24 | — | 9.9% | ||
| Q3 24 | — | 6.5% | ||
| Q2 24 | — | 0.7% | ||
| Q1 24 | — | 2.0% |
现金转化率STEMTHFF
| Q4 25 | — | 4.21× | ||
| Q3 25 | — | 1.29× | ||
| Q2 25 | -0.11× | 0.68× | ||
| Q1 25 | — | 1.14× | ||
| Q4 24 | — | 3.72× | ||
| Q3 24 | — | 2.67× | ||
| Q2 24 | — | 0.77× | ||
| Q1 24 | — | 1.14× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
