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STEM, INC.（STEM）与TELOS CORP（TLS）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TELOS CORP的1.0倍（$47.1M vs $46.8M），STEM, INC.净利率更高（-33.9% vs -34.9%，领先1.0%），TELOS CORP同比增速更快（77.4% vs -15.6%），过去两年STEM, INC.的营收复合增速更高（36.1% vs 25.7%）
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。
泰洛斯公司（Telos Corporation）是一家信息技术与网络安全企业，总部位于美国弗吉尼亚州阿什本。公司主要服务对象为政府与企业客户，业务合同大部分来自美国国防部，核心客户涵盖美国军方、情报机构、民政部门以及北约盟友机构。
STEM vs TLS — 直观对比
营收规模更大
STEM
是对方的1.0倍
$46.8M
营收增速更快
TLS
高出92.9%
-15.6%
净利率更高
STEM
高出1.0%
-34.9%
两年增速更快
STEM
近两年复合增速
25.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $47.1M | $46.8M |
| 净利润 | $-16.0M | $-16.3M |
| 毛利率 | 48.9% | 35.0% |
| 营业利润率 | -17.7% | -39.6% |
| 净利率 | -33.9% | -34.9% |
| 营收同比 | -15.6% | 77.4% |
| 净利润同比 | 68.8% | -74.8% |
| 每股收益（稀释后） | $-4.40 | $-0.22 |
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STEMTLS
| Q4 25 | $47.1M | $46.8M | ||
| Q3 25 | $38.2M | $51.4M | ||
| Q2 25 | $38.4M | $36.0M | ||
| Q1 25 | $32.5M | $30.6M | ||
| Q4 24 | $55.8M | $26.4M | ||
| Q3 24 | $29.3M | $23.8M | ||
| Q2 24 | $34.0M | $28.5M | ||
| Q1 24 | $25.5M | $29.6M |
净利润STEMTLS
| Q4 25 | $-16.0M | $-16.3M | ||
| Q3 25 | $-23.8M | $-2.1M | ||
| Q2 25 | $202.5M | $-9.5M | ||
| Q1 25 | $-25.0M | $-8.6M | ||
| Q4 24 | $-51.1M | $-9.3M | ||
| Q3 24 | $-148.3M | $-28.1M | ||
| Q2 24 | $-582.3M | $-7.8M | ||
| Q1 24 | $-72.3M | $-7.4M |
毛利率STEMTLS
| Q4 25 | 48.9% | 35.0% | ||
| Q3 25 | 35.5% | 39.9% | ||
| Q2 25 | 33.4% | 33.2% | ||
| Q1 25 | 32.4% | 39.8% | ||
| Q4 24 | -4.4% | 40.3% | ||
| Q3 24 | 21.2% | 13.2% | ||
| Q2 24 | 27.6% | 34.1% | ||
| Q1 24 | -95.0% | 37.0% |
营业利润率STEMTLS
| Q4 25 | -17.7% | -39.6% | ||
| Q3 25 | -33.6% | -4.8% | ||
| Q2 25 | -34.8% | -27.5% | ||
| Q1 25 | -65.0% | -29.5% | ||
| Q4 24 | -84.4% | -37.6% | ||
| Q3 24 | -493.2% | -121.4% | ||
| Q2 24 | -1705.5% | -30.3% | ||
| Q1 24 | -267.0% | -28.5% |
净利率STEMTLS
| Q4 25 | -33.9% | -34.9% | ||
| Q3 25 | -62.2% | -4.1% | ||
| Q2 25 | 527.8% | -26.5% | ||
| Q1 25 | -76.9% | -28.1% | ||
| Q4 24 | -91.6% | -35.4% | ||
| Q3 24 | -506.3% | -118.0% | ||
| Q2 24 | -1712.6% | -27.2% | ||
| Q1 24 | -283.9% | -24.9% |
每股收益（稀释后）STEMTLS
| Q4 25 | $-4.40 | $-0.22 | ||
| Q3 25 | $-2.84 | $-0.03 | ||
| Q2 25 | $-1.79 | $-0.13 | ||
| Q1 25 | $-0.15 | $-0.12 | ||
| Q4 24 | $-15.29 | $-0.13 | ||
| Q3 24 | $-18.24 | $-0.39 | ||
| Q2 24 | $-71.81 | $-0.11 | ||
| Q1 24 | $-0.46 | $-0.10 |
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 | $53.2M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $-249.4M | $96.0M |
| 总资产 | $308.9M | $139.9M |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资STEMTLS
| Q4 25 | $48.9M | $53.2M | ||
| Q3 25 | $43.1M | $59.0M | ||
| Q2 25 | $40.8M | $57.0M | ||
| Q1 25 | $58.6M | $57.8M | ||
| Q4 24 | $56.3M | $54.6M | ||
| Q3 24 | $75.4M | $69.8M | ||
| Q2 24 | $89.6M | $80.1M | ||
| Q1 24 | $112.8M | $93.9M |
股东权益STEMTLS
| Q4 25 | $-249.4M | $96.0M | ||
| Q3 25 | $-235.7M | $119.7M | ||
| Q2 25 | $-214.1M | $118.4M | ||
| Q1 25 | $-417.5M | $126.1M | ||
| Q4 24 | $-398.4M | $127.1M | ||
| Q3 24 | $-344.1M | $129.5M | ||
| Q2 24 | $-203.2M | $149.1M | ||
| Q1 24 | $371.6M | $154.4M |
总资产STEMTLS
| Q4 25 | $308.9M | $139.9M | ||
| Q3 25 | $362.6M | $164.3M | ||
| Q2 25 | $379.2M | $165.0M | ||
| Q1 25 | $405.1M | $158.1M | ||
| Q4 24 | $437.4M | $158.2M | ||
| Q3 24 | $537.8M | $166.3M | ||
| Q2 24 | $691.5M | $182.4M | ||
| Q1 24 | $1.3B | $195.4M |
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 | $8.0M |
| 自由现金流经营现金流 - 资本支出 | — | $8.0M |
| 自由现金流率自由现金流/营收 | — | 17.0% |
| 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 | — | $29.4M |
8季度趋势，按日历期对齐
经营现金流STEMTLS
| Q4 25 | $8.2M | $8.0M | ||
| Q3 25 | $11.4M | $9.1M | ||
| Q2 25 | $-21.3M | $7.0M | ||
| Q1 25 | $8.5M | $6.1M | ||
| Q4 24 | $-14.7M | $-10.5M | ||
| Q3 24 | $-9.4M | $-7.1M | ||
| Q2 24 | $-11.9M | $-8.0M | ||
| Q1 24 | $-621.0K | $-350.0K |
自由现金流STEMTLS
| Q4 25 | — | $8.0M | ||
| Q3 25 | — | $8.7M | ||
| Q2 25 | — | $6.8M | ||
| Q1 25 | — | $6.0M | ||
| Q4 24 | — | $-12.4M | ||
| Q3 24 | — | $-7.1M | ||
| Q2 24 | — | $-8.2M | ||
| Q1 24 | — | $-447.0K |
自由现金流率STEMTLS
| Q4 25 | — | 17.0% | ||
| Q3 25 | — | 16.9% | ||
| Q2 25 | — | 19.0% | ||
| Q1 25 | — | 19.5% | ||
| Q4 24 | — | -47.0% | ||
| Q3 24 | — | -30.0% | ||
| Q2 24 | — | -28.9% | ||
| Q1 24 | — | -1.5% |
资本支出强度STEMTLS
| Q4 25 | — | 0.1% | ||
| Q3 25 | — | 0.9% | ||
| Q2 25 | — | 0.4% | ||
| Q1 25 | — | 0.4% | ||
| Q4 24 | — | 7.1% | ||
| Q3 24 | — | 0.2% | ||
| Q2 24 | — | 0.8% | ||
| Q1 24 | — | 0.3% |
现金转化率STEMTLS
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | -0.11× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| 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
TLS
| Security Solutions Segment | $44.8M | 96% |
| Secure Networks Segment | $1.9M | 4% |
