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STEM, INC.（STEM）与合众银行（WASH）财务数据对比。点击上方公司名可切换其他公司
合众银行的季度营收约是STEM, INC.的1.2倍（$57.8M vs $47.1M），合众银行净利率更高（21.8% vs -33.9%，领先55.7%），过去两年STEM, INC.的营收复合增速更高（36.1% vs 9.5%）
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。
美国合众银行是一家美国跨国金融机构，总部位于明尼苏达州明尼阿波利斯，在特拉华州注册成立。截至2025年，该银行为美国第五大银行，也是美国中西部规模最大的银行，被金融稳定委员会认定为具有系统重要性的金融机构。它主营银行、投资、抵押贷款等多元金融业务。
STEM vs WASH — 直观对比
营收规模更大
WASH
是对方的1.2倍
$47.1M
净利率更高
WASH
高出55.7%
-33.9%
两年增速更快
STEM
近两年复合增速
9.5%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $47.1M | $57.8M |
| 净利润 | $-16.0M | $12.6M |
| 毛利率 | 48.9% | — |
| 营业利润率 | -17.7% | — |
| 净利率 | -33.9% | 21.8% |
| 营收同比 | -15.6% | — |
| 净利润同比 | 68.8% | 3.5% |
| 每股收益（稀释后） | $-4.40 | $0.66 |
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STEMWASH
| Q1 26 | — | $57.8M | ||
| Q4 25 | $47.1M | $59.3M | ||
| Q3 25 | $38.2M | $56.5M | ||
| Q2 25 | $38.4M | $54.3M | ||
| Q1 25 | $32.5M | $59.1M | ||
| Q4 24 | $55.8M | $12.4M | ||
| Q3 24 | $29.3M | $48.5M | ||
| Q2 24 | $34.0M | $48.2M |
净利润STEMWASH
| Q1 26 | — | $12.6M | ||
| Q4 25 | $-16.0M | $16.0M | ||
| Q3 25 | $-23.8M | $10.8M | ||
| Q2 25 | $202.5M | $13.2M | ||
| Q1 25 | $-25.0M | $12.2M | ||
| Q4 24 | $-51.1M | $-60.8M | ||
| Q3 24 | $-148.3M | $11.0M | ||
| Q2 24 | $-582.3M | $10.8M |
毛利率STEMWASH
| Q1 26 | — | — | ||
| 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% | — |
营业利润率STEMWASH
| Q1 26 | — | — | ||
| Q4 25 | -17.7% | 34.9% | ||
| Q3 25 | -33.6% | 24.7% | ||
| Q2 25 | -34.8% | 31.6% | ||
| Q1 25 | -65.0% | 26.5% | ||
| Q4 24 | -84.4% | -648.7% | ||
| Q3 24 | -493.2% | 28.5% | ||
| Q2 24 | -1705.5% | 28.7% |
净利率STEMWASH
| Q1 26 | — | 21.8% | ||
| Q4 25 | -33.9% | 27.0% | ||
| Q3 25 | -62.2% | 19.2% | ||
| Q2 25 | 527.8% | 24.4% | ||
| Q1 25 | -76.9% | 20.6% | ||
| Q4 24 | -91.6% | -491.4% | ||
| Q3 24 | -506.3% | 22.6% | ||
| Q2 24 | -1712.6% | 22.4% |
每股收益（稀释后）STEMWASH
| Q1 26 | — | $0.66 | ||
| Q4 25 | $-4.40 | $0.84 | ||
| Q3 25 | $-2.84 | $0.56 | ||
| Q2 25 | $-1.79 | $0.68 | ||
| Q1 25 | $-0.15 | $0.63 | ||
| Q4 24 | $-15.29 | $-3.54 | ||
| Q3 24 | $-18.24 | $0.64 | ||
| Q2 24 | $-71.81 | $0.63 |
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 | $12.3M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $-249.4M | $546.8M |
| 总资产 | $308.9M | $6.5B |
| 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STEMWASH
| Q1 26 | — | $12.3M | ||
| 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 | — |
股东权益STEMWASH
| Q1 26 | — | $546.8M | ||
| Q4 25 | $-249.4M | $543.6M | ||
| Q3 25 | $-235.7M | $533.0M | ||
| Q2 25 | $-214.1M | $527.5M | ||
| Q1 25 | $-417.5M | $521.7M | ||
| Q4 24 | $-398.4M | $499.7M | ||
| Q3 24 | $-344.1M | $502.2M | ||
| Q2 24 | $-203.2M | $471.0M |
总资产STEMWASH
| Q1 26 | — | $6.5B | ||
| Q4 25 | $308.9M | $6.6B | ||
| Q3 25 | $362.6M | $6.7B | ||
| Q2 25 | $379.2M | $6.7B | ||
| Q1 25 | $405.1M | $6.6B | ||
| Q4 24 | $437.4M | $6.9B | ||
| Q3 24 | $537.8M | $7.1B | ||
| Q2 24 | $691.5M | $7.2B |
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 | — |
| 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STEMWASH
| Q1 26 | — | — | ||
| Q4 25 | $8.2M | $80.3M | ||
| Q3 25 | $11.4M | $39.6M | ||
| Q2 25 | $-21.3M | $11.3M | ||
| Q1 25 | $8.5M | $8.4M | ||
| Q4 24 | $-14.7M | $57.7M | ||
| Q3 24 | $-9.4M | $25.7M | ||
| Q2 24 | $-11.9M | $11.2M |
自由现金流STEMWASH
| Q1 26 | — | — | ||
| Q4 25 | — | $78.3M | ||
| Q3 25 | — | $39.3M | ||
| Q2 25 | — | $10.9M | ||
| Q1 25 | — | $8.4M | ||
| Q4 24 | — | $53.7M | ||
| Q3 24 | — | $24.4M | ||
| Q2 24 | — | $9.6M |
自由现金流率STEMWASH
| Q1 26 | — | — | ||
| Q4 25 | — | 132.2% | ||
| Q3 25 | — | 69.6% | ||
| Q2 25 | — | 20.2% | ||
| Q1 25 | — | 14.2% | ||
| Q4 24 | — | 433.8% | ||
| Q3 24 | — | 50.4% | ||
| Q2 24 | — | 19.8% |
资本支出强度STEMWASH
| Q1 26 | — | — | ||
| Q4 25 | — | 3.4% | ||
| Q3 25 | — | 0.6% | ||
| Q2 25 | — | 0.7% | ||
| Q1 25 | — | 0.1% | ||
| Q4 24 | — | 32.3% | ||
| Q3 24 | — | 2.6% | ||
| Q2 24 | — | 3.4% |
现金转化率STEMWASH
| Q1 26 | — | — | ||
| Q4 25 | — | 5.03× | ||
| Q3 25 | — | 3.65× | ||
| Q2 25 | -0.11× | 0.86× | ||
| Q1 25 | — | 0.69× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 2.34× | ||
| Q2 24 | — | 1.03× |
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
WASH
| Net Interest Income | $40.5M | 70% |
| Noninterest Income | $17.3M | 30% |
