vs
STEM, INC.（STEM）与西木工作室（WHG）财务数据对比。点击上方公司名可切换其他公司
STEM, INC.的季度营收约是西木工作室的1.9倍（$47.1M vs $25.0M），西木工作室净利率更高（3.1% vs -33.9%，领先37.0%），西木工作室同比增速更快（7.4% vs -15.6%），过去两年STEM, INC.的营收复合增速更高（36.1% vs 4.9%）
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。
西木工作室是总部位于美国内华达州拉斯维加斯的电子游戏开发商，1985年由布雷特·斯佩里与路易斯·卡斯特创立，最初名为Brelous Software，成立两个月后更名为西木合伙人，1992年维珍游戏收购后更名为西木工作室。1998年该工作室连同维珍互动北美业务一同被艺电收购。
STEM vs WHG — 直观对比
营收规模更大
STEM
是对方的1.9倍
$25.0M
营收增速更快
WHG
高出22.9%
-15.6%
净利率更高
WHG
高出37.0%
-33.9%
两年增速更快
STEM
近两年复合增速
4.9%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $47.1M | $25.0M |
| 净利润 | $-16.0M | $782.0K |
| 毛利率 | 48.9% | — |
| 营业利润率 | -17.7% | — |
| 净利率 | -33.9% | 3.1% |
| 营收同比 | -15.6% | 7.4% |
| 净利润同比 | 68.8% | — |
| 每股收益（稀释后） | $-4.40 | $0.09 |
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STEMWHG
| Q1 26 | — | $25.0M | ||
| Q4 25 | $47.1M | $27.1M | ||
| Q3 25 | $38.2M | $24.3M | ||
| Q2 25 | $38.4M | $23.1M | ||
| Q1 25 | $32.5M | $23.3M | ||
| Q4 24 | $55.8M | $46.5M | ||
| Q3 24 | $29.3M | $23.7M | ||
| Q2 24 | $34.0M | $22.7M |
净利润STEMWHG
| Q1 26 | — | $782.0K | ||
| Q4 25 | $-16.0M | $1.8M | ||
| Q3 25 | $-23.8M | $3.7M | ||
| Q2 25 | $202.5M | $1.0M | ||
| Q1 25 | $-25.0M | $478.0K | ||
| Q4 24 | $-51.1M | $3.7M | ||
| Q3 24 | $-148.3M | $-1.2M | ||
| Q2 24 | $-582.3M | $-378.0K |
毛利率STEMWHG
| 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STEMWHG
| Q1 26 | — | — | ||
| Q4 25 | -17.7% | 8.0% | ||
| Q3 25 | -33.6% | 8.3% | ||
| Q2 25 | -34.8% | 3.8% | ||
| Q1 25 | -65.0% | -0.3% | ||
| Q4 24 | -84.4% | 10.0% | ||
| Q3 24 | -493.2% | -2.1% | ||
| Q2 24 | -1705.5% | -18.4% |
净利率STEMWHG
| Q1 26 | — | 3.1% | ||
| Q4 25 | -33.9% | 6.8% | ||
| Q3 25 | -62.2% | 15.4% | ||
| Q2 25 | 527.8% | 4.5% | ||
| Q1 25 | -76.9% | 2.1% | ||
| Q4 24 | -91.6% | 14.5% | ||
| Q3 24 | -506.3% | -5.0% | ||
| Q2 24 | -1712.6% | -1.7% |
每股收益（稀释后）STEMWHG
| Q1 26 | — | $0.09 | ||
| Q4 25 | $-4.40 | $0.21 | ||
| Q3 25 | $-2.84 | $0.41 | ||
| Q2 25 | $-1.79 | $0.12 | ||
| Q1 25 | $-0.15 | $0.05 | ||
| Q4 24 | $-15.29 | $0.45 | ||
| Q3 24 | $-18.24 | $-0.15 | ||
| Q2 24 | $-71.81 | $-0.05 |
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 | $23.4M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $-249.4M | $126.1M |
| 总资产 | $308.9M | $150.4M |
| 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STEMWHG
| Q1 26 | — | $23.4M | ||
| Q4 25 | $48.9M | $47.7M | ||
| Q3 25 | $43.1M | $41.3M | ||
| Q2 25 | $40.8M | $35.2M | ||
| Q1 25 | $58.6M | $29.1M | ||
| Q4 24 | $56.3M | $46.5M | ||
| Q3 24 | $75.4M | $48.3M | ||
| Q2 24 | $89.6M | $44.1M |
股东权益STEMWHG
| Q1 26 | — | $126.1M | ||
| Q4 25 | $-249.4M | $125.6M | ||
| Q3 25 | $-235.7M | $123.9M | ||
| Q2 25 | $-214.1M | $122.4M | ||
| Q1 25 | $-417.5M | $121.4M | ||
| Q4 24 | $-398.4M | $120.3M | ||
| Q3 24 | $-344.1M | $120.4M | ||
| Q2 24 | $-203.2M | $120.5M |
总资产STEMWHG
| Q1 26 | — | $150.4M | ||
| Q4 25 | $308.9M | $162.3M | ||
| Q3 25 | $362.6M | $154.0M | ||
| Q2 25 | $379.2M | $146.3M | ||
| Q1 25 | $405.1M | $135.0M | ||
| Q4 24 | $437.4M | $150.0M | ||
| Q3 24 | $537.8M | $151.5M | ||
| Q2 24 | $691.5M | $147.4M |
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 | $-2.6M |
| 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 | — | -3.28× |
| 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STEMWHG
| Q1 26 | — | $-2.6M | ||
| Q4 25 | $8.2M | $18.9M | ||
| Q3 25 | $11.4M | $8.5M | ||
| Q2 25 | $-21.3M | $7.3M | ||
| Q1 25 | $8.5M | $-4.9M | ||
| Q4 24 | $-14.7M | $21.1M | ||
| Q3 24 | $-9.4M | $529.0K | ||
| Q2 24 | $-11.9M | $3.6M |
自由现金流STEMWHG
| Q1 26 | — | — | ||
| Q4 25 | — | $18.8M | ||
| Q3 25 | — | $8.5M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $-4.9M | ||
| Q4 24 | — | $21.0M | ||
| Q3 24 | — | $519.0K | ||
| Q2 24 | — | $3.5M |
自由现金流率STEMWHG
| Q1 26 | — | — | ||
| Q4 25 | — | 69.5% | ||
| Q3 25 | — | 34.8% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -21.1% | ||
| Q4 24 | — | 45.2% | ||
| Q3 24 | — | 2.2% | ||
| Q2 24 | — | 15.6% |
资本支出强度STEMWHG
| Q1 26 | — | — | ||
| Q4 25 | — | 0.3% | ||
| Q3 25 | — | 0.3% | ||
| Q2 25 | — | 0.0% | ||
| Q1 25 | — | 0.0% | ||
| Q4 24 | — | 0.2% | ||
| Q3 24 | — | 0.0% | ||
| Q2 24 | — | 0.1% |
现金转化率STEMWHG
| Q1 26 | — | -3.28× | ||
| Q4 25 | — | 10.29× | ||
| Q3 25 | — | 2.29× | ||
| Q2 25 | -0.11× | 7.08× | ||
| Q1 25 | — | -10.25× | ||
| Q4 24 | — | 5.69× | ||
| Q3 24 | — | — | ||
| Q2 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
WHG
| Asset-based | $19.3M | 77% |
| Trust fees | $5.3M | 21% |
