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罗塞塔石碑（STEP）与思佳讯（SWKS）财务数据对比。点击上方公司名可切换其他公司
思佳讯的季度营收约是罗塞塔石碑的1.8倍（$1.0B vs $586.5M），思佳讯净利率更高（7.6% vs -21.0%，领先28.7%），罗塞塔石碑同比增速更快（73.0% vs 8.6%），思佳讯自由现金流更多（$339.0M vs $26.7M），过去两年罗塞塔石碑的营收复合增速更高（28.2% vs -0.5%）
罗塞塔石碑是美国教育科技软件企业，开发语言学习、读写能力提升及脑训练类软件，旗下语言学习产品知名度极高。2013年公司收购Livemocha、Lexia Learning等品牌拓展教育科技业务矩阵，2021年正式成为IXL Learning的子公司。
思佳讯是总部位于美国加利福尼亚州尔湾的半导体企业，公司股票在纳斯达克全球精选市场挂牌交易，股票代码为SWKS，同时也是标普500指数的成分股之一，在全球射频半导体领域拥有较高市场地位。
STEP vs SWKS — 直观对比
营收规模更大
SWKS
是对方的1.8倍
$586.5M
营收增速更快
STEP
高出64.4%
8.6%
净利率更高
SWKS
高出28.7%
-21.0%
自由现金流更多
SWKS
多$312.3M
$26.7M
两年增速更快
STEP
近两年复合增速
-0.5%
损益表 — Q3 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $586.5M | $1.0B |
| 净利润 | $-123.5M | $79.2M |
| 毛利率 | — | 41.3% |
| 营业利润率 | -33.2% | 10.0% |
| 净利率 | -21.0% | 7.6% |
| 营收同比 | 73.0% | 8.6% |
| 净利润同比 | 35.7% | 15.3% |
| 每股收益（稀释后） | $-1.55 | $0.53 |
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STEPSWKS
| Q1 26 | — | $1.0B | ||
| Q4 25 | $586.5M | $1.1B | ||
| Q3 25 | $454.2M | — | ||
| Q2 25 | $364.3M | $965.0M | ||
| Q1 25 | $377.7M | $953.2M | ||
| Q4 24 | $339.0M | $1.1B | ||
| Q3 24 | $271.7M | $1.0B | ||
| Q2 24 | $186.4M | $905.5M |
净利润STEPSWKS
| Q1 26 | — | $79.2M | ||
| Q4 25 | $-123.5M | $141.4M | ||
| Q3 25 | $-366.1M | — | ||
| Q2 25 | $-38.4M | $105.0M | ||
| Q1 25 | $-18.5M | $68.7M | ||
| Q4 24 | $-192.0M | $162.0M | ||
| Q3 24 | $17.6M | $60.5M | ||
| Q2 24 | $13.3M | $120.9M |
毛利率STEPSWKS
| Q1 26 | — | 41.3% | ||
| Q4 25 | — | 40.7% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 41.6% | ||
| Q1 25 | — | 41.1% | ||
| Q4 24 | — | 41.4% | ||
| Q3 24 | — | 41.9% | ||
| Q2 24 | — | 40.2% |
营业利润率STEPSWKS
| Q1 26 | — | 10.0% | ||
| Q4 25 | -33.2% | 10.1% | ||
| Q3 25 | -148.8% | — | ||
| Q2 25 | -5.6% | 11.5% | ||
| Q1 25 | 2.6% | 10.2% | ||
| Q4 24 | -101.7% | 16.9% | ||
| Q3 24 | 21.3% | 5.8% | ||
| Q2 24 | 29.4% | 14.4% |
净利率STEPSWKS
| Q1 26 | — | 7.6% | ||
| Q4 25 | -21.0% | 12.9% | ||
| Q3 25 | -80.6% | — | ||
| Q2 25 | -10.5% | 10.9% | ||
| Q1 25 | -4.9% | 7.2% | ||
| Q4 24 | -56.6% | 15.2% | ||
| Q3 24 | 6.5% | 5.9% | ||
| Q2 24 | 7.2% | 13.4% |
每股收益（稀释后）STEPSWKS
| Q1 26 | — | $0.53 | ||
| Q4 25 | $-1.55 | $0.95 | ||
| Q3 25 | $-4.66 | — | ||
| Q2 25 | $-0.49 | $0.70 | ||
| Q1 25 | $-0.37 | $0.43 | ||
| Q4 24 | $-2.61 | $1.00 | ||
| Q3 24 | $0.26 | $0.36 | ||
| Q2 24 | $0.20 | $0.75 |
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 | — | $1.6B |
| 总债务越低越好 | $270.2M | $496.6M |
| 股东权益账面价值 | $-378.8M | $5.8B |
| 总资产 | $5.2B | $7.9B |
| 负债/权益比越低杠杆越低 | — | 0.09× |
8季度趋势，按日历期对齐
现金及短期投资STEPSWKS
| Q1 26 | — | $1.6B | ||
| Q4 25 | — | $1.4B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $1.3B | ||
| Q1 25 | — | $1.5B | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | — | $1.6B | ||
| Q2 24 | — | $1.3B |
总债务STEPSWKS
| Q1 26 | — | $496.6M | ||
| Q4 25 | $270.2M | $496.4M | ||
| Q3 25 | $269.9M | — | ||
| Q2 25 | $269.6M | $496.2M | ||
| Q1 25 | $269.3M | $995.1M | ||
| Q4 24 | $168.9M | $994.7M | ||
| Q3 24 | $172.3M | $994.3M | ||
| Q2 24 | $172.1M | $994.0M |
股东权益STEPSWKS
| Q1 26 | — | $5.8B | ||
| Q4 25 | $-378.8M | $5.8B | ||
| Q3 25 | $-233.5M | — | ||
| Q2 25 | $153.9M | $5.7B | ||
| Q1 25 | $179.4M | $5.9B | ||
| Q4 24 | $209.8M | $6.4B | ||
| Q3 24 | $397.5M | $6.3B | ||
| Q2 24 | $366.9M | $6.3B |
总资产STEPSWKS
| Q1 26 | — | $7.9B | ||
| Q4 25 | $5.2B | $7.9B | ||
| Q3 25 | $5.3B | — | ||
| Q2 25 | $4.8B | $7.7B | ||
| Q1 25 | $4.6B | $7.9B | ||
| Q4 24 | $4.3B | $8.3B | ||
| Q3 24 | $4.0B | $8.3B | ||
| Q2 24 | $3.8B | $8.2B |
负债/权益比STEPSWKS
| Q1 26 | — | 0.09× | ||
| Q4 25 | — | 0.09× | ||
| Q3 25 | — | — | ||
| Q2 25 | 1.75× | 0.09× | ||
| Q1 25 | 1.50× | 0.17× | ||
| Q4 24 | 0.81× | 0.16× | ||
| Q3 24 | 0.43× | 0.16× | ||
| Q2 24 | 0.47× | 0.16× |
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 | $27.2M | $395.5M |
| 自由现金流经营现金流 - 资本支出 | $26.7M | $339.0M |
| 自由现金流率自由现金流/营收 | 4.6% | 32.7% |
| 资本支出强度资本支出/营收 | 0.1% | 5.5% |
| 现金转化率经营现金流/净利润 | — | 4.99× |
| 过去12个月自由现金流最近4个季度 | $18.6M | $1.1B |
8季度趋势，按日历期对齐
经营现金流STEPSWKS
| Q1 26 | — | $395.5M | ||
| Q4 25 | $27.2M | $200.0M | ||
| Q3 25 | $16.2M | — | ||
| Q2 25 | $46.3M | $314.2M | ||
| Q1 25 | $-66.5M | $409.4M | ||
| Q4 24 | $27.6M | $377.2M | ||
| Q3 24 | $53.7M | $476.1M | ||
| Q2 24 | $50.2M | $273.4M |
自由现金流STEPSWKS
| Q1 26 | — | $339.0M | ||
| Q4 25 | $26.7M | $144.0M | ||
| Q3 25 | $15.9M | — | ||
| Q2 25 | $45.2M | $252.7M | ||
| Q1 25 | $-69.2M | $370.9M | ||
| Q4 24 | $27.0M | $338.2M | ||
| Q3 24 | $52.4M | $393.3M | ||
| Q2 24 | $49.6M | $249.0M |
自由现金流率STEPSWKS
| Q1 26 | — | 32.7% | ||
| Q4 25 | 4.6% | 13.1% | ||
| Q3 25 | 3.5% | — | ||
| Q2 25 | 12.4% | 26.2% | ||
| Q1 25 | -18.3% | 38.9% | ||
| Q4 24 | 8.0% | 31.7% | ||
| Q3 24 | 19.3% | 38.4% | ||
| Q2 24 | 26.6% | 27.5% |
资本支出强度STEPSWKS
| Q1 26 | — | 5.5% | ||
| Q4 25 | 0.1% | 5.1% | ||
| Q3 25 | 0.1% | — | ||
| Q2 25 | 0.3% | 6.4% | ||
| Q1 25 | 0.7% | 4.0% | ||
| Q4 24 | 0.2% | 3.6% | ||
| Q3 24 | 0.5% | 8.1% | ||
| Q2 24 | 0.3% | 2.7% |
现金转化率STEPSWKS
| Q1 26 | — | 4.99× | ||
| Q4 25 | — | 1.41× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 2.99× | ||
| Q1 25 | — | 5.96× | ||
| Q4 24 | — | 2.33× | ||
| Q3 24 | 3.05× | 7.87× | ||
| Q2 24 | 3.76× | 2.26× |
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
STEP
| Other | $210.1M | 36% |
| Management And Advisory Fees Net Focused Commingled Funds | $143.3M | 24% |
| Carried Interest Allocation Focused Commingled Funds | $85.1M | 15% |
| Carried Interest Allocation Separately Managed Accounts | $63.6M | 11% |
| Carried Interest Allocation Realized | $46.7M | 8% |
| Management And Advisory Fees Net Advisory And Other Services | $18.3M | 3% |
| Legacy Carried Interest Allocation Focused Commingled Funds | $10.3M | 2% |
| Income Based Incentive Fees | $6.0M | 1% |
| Management And Advisory Fees Net Fund Reimbursement Revenues | $3.1M | 1% |
SWKS
| Sales Channel Through Intermediary | $915.6M | 88% |
| Sales Channel Directly To Consumer | $119.8M | 12% |
