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罗塞塔石碑（STEP）与德太投资（TPG）财务数据对比。点击上方公司名可切换其他公司
德太投资的季度营收约是罗塞塔石碑的1.2倍（$715.1M vs $586.5M）。德太投资净利率更高（10.8% vs -21.0%，领先31.8%）。罗塞塔石碑同比增速更快（73.0% vs 35.6%）。过去两年罗塞塔石碑的营收复合增速更高（28.2% vs 18.1%）
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。
TPG Inc.（原称德州太平洋集团、TPG Capital）是总部位于美国得克萨斯州沃斯堡的私募股权投资机构，旗下管理的基金覆盖成长资本、风险投资、公开股权、债权投资等品类，投资领域包含消费零售、传媒电信、工业、科技、旅游休闲、医疗健康等多个赛道。
STEP vs TPG — 直观对比
营收规模更大
TPG
是对方的1.2倍
$586.5M
营收增速更快
STEP
高出37.4%
35.6%
净利率更高
TPG
高出31.8%
-21.0%
两年增速更快
STEP
近两年复合增速
18.1%
损益表 — Q3 2026 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $586.5M | $715.1M |
| 净利润 | $-123.5M | $77.1M |
| 毛利率 | — | — |
| 营业利润率 | -33.2% | — |
| 净利率 | -21.0% | 10.8% |
| 营收同比 | 73.0% | 35.6% |
| 净利润同比 | 35.7% | 494.1% |
| 每股收益（稀释后） | $-1.55 | $0.30 |
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STEPTPG
| Q4 25 | $586.5M | $715.1M | ||
| Q3 25 | $454.2M | $596.5M | ||
| Q2 25 | $364.3M | $569.1M | ||
| Q1 25 | $377.7M | $543.5M | ||
| Q4 24 | $339.0M | $527.2M | ||
| Q3 24 | $271.7M | $524.7M | ||
| Q2 24 | $186.4M | $522.8M | ||
| Q1 24 | $356.8M | $512.3M |
净利润STEPTPG
| Q4 25 | $-123.5M | $77.1M | ||
| Q3 25 | $-366.1M | $67.1M | ||
| Q2 25 | $-38.4M | $14.9M | ||
| Q1 25 | $-18.5M | $25.4M | ||
| Q4 24 | $-192.0M | $13.0M | ||
| Q3 24 | $17.6M | $9.0M | ||
| Q2 24 | $13.3M | $-14.0M | ||
| Q1 24 | $30.8M | $15.5M |
营业利润率STEPTPG
| Q4 25 | -33.2% | — | ||
| Q3 25 | -148.8% | — | ||
| Q2 25 | -5.6% | — | ||
| Q1 25 | 2.6% | — | ||
| Q4 24 | -101.7% | — | ||
| Q3 24 | 21.3% | — | ||
| Q2 24 | 29.4% | — | ||
| Q1 24 | 26.5% | — |
净利率STEPTPG
| Q4 25 | -21.0% | 10.8% | ||
| Q3 25 | -80.6% | 11.3% | ||
| Q2 25 | -10.5% | 2.6% | ||
| Q1 25 | -4.9% | 4.7% | ||
| Q4 24 | -56.6% | 2.5% | ||
| Q3 24 | 6.5% | 1.7% | ||
| Q2 24 | 7.2% | -2.7% | ||
| Q1 24 | 8.6% | 3.0% |
每股收益（稀释后）STEPTPG
| Q4 25 | $-1.55 | $0.30 | ||
| Q3 25 | $-4.66 | $0.20 | ||
| Q2 25 | $-0.49 | $-0.05 | ||
| Q1 25 | $-0.37 | $0.00 | ||
| Q4 24 | $-2.61 | $-0.04 | ||
| Q3 24 | $0.26 | $-0.08 | ||
| Q2 24 | $0.20 | $-0.19 | ||
| Q1 24 | $0.47 | $-0.11 |
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 | — | $826.1M |
| 总债务越低越好 | $270.2M | $1.7B |
| 股东权益账面价值 | $-378.8M | $4.1B |
| 总资产 | $5.2B | $13.5B |
| 负债/权益比越低杠杆越低 | — | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资STEPTPG
| Q4 25 | — | $826.1M | ||
| Q3 25 | — | $1.1B | ||
| Q2 25 | — | $1.1B | ||
| Q1 25 | — | $822.0M | ||
| Q4 24 | — | $808.0M | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | $1.1B | ||
| Q1 24 | — | $1.1B |
总债务STEPTPG
| Q4 25 | $270.2M | $1.7B | ||
| Q3 25 | $269.9M | $1.8B | ||
| Q2 25 | $269.6M | $1.6B | ||
| Q1 25 | $269.3M | $1.5B | ||
| Q4 24 | $168.9M | $1.3B | ||
| Q3 24 | $172.3M | $1.3B | ||
| Q2 24 | $172.1M | $1.2B | ||
| Q1 24 | $148.8M | $1.2B |
股东权益STEPTPG
| Q4 25 | $-378.8M | $4.1B | ||
| Q3 25 | $-233.5M | $3.8B | ||
| Q2 25 | $153.9M | $3.6B | ||
| Q1 25 | $179.4M | $3.5B | ||
| Q4 24 | $209.8M | $3.6B | ||
| Q3 24 | $397.5M | $3.4B | ||
| Q2 24 | $366.9M | $3.3B | ||
| Q1 24 | $324.5M | $3.3B |
总资产STEPTPG
| Q4 25 | $5.2B | $13.5B | ||
| Q3 25 | $5.3B | $13.0B | ||
| Q2 25 | $4.8B | $12.0B | ||
| Q1 25 | $4.6B | $11.3B | ||
| Q4 24 | $4.3B | $10.5B | ||
| Q3 24 | $4.0B | $10.5B | ||
| Q2 24 | $3.8B | $10.1B | ||
| Q1 24 | $3.8B | $9.9B |
负债/权益比STEPTPG
| Q4 25 | — | 0.42× | ||
| Q3 25 | — | 0.47× | ||
| Q2 25 | 1.75× | 0.45× | ||
| Q1 25 | 1.50× | 0.42× | ||
| Q4 24 | 0.81× | 0.36× | ||
| Q3 24 | 0.43× | 0.39× | ||
| Q2 24 | 0.47× | 0.37× | ||
| Q1 24 | 0.46× | 0.37× |
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 | $-43.7M |
| 自由现金流经营现金流 - 资本支出 | $26.7M | — |
| 自由现金流率自由现金流/营收 | 4.6% | — |
| 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 | — | -0.57× |
| 过去12个月自由现金流最近4个季度 | $18.6M | — |
8季度趋势，按日历期对齐
经营现金流STEPTPG
| Q4 25 | $27.2M | $-43.7M | ||
| Q3 25 | $16.2M | $492.0M | ||
| Q2 25 | $46.3M | $385.9M | ||
| Q1 25 | $-66.5M | $198.2M | ||
| Q4 24 | $27.6M | $-188.1M | ||
| Q3 24 | $53.7M | $68.9M | ||
| Q2 24 | $50.2M | $214.6M | ||
| Q1 24 | $7.6M | $436.7M |
自由现金流STEPTPG
| Q4 25 | $26.7M | — | ||
| Q3 25 | $15.9M | — | ||
| Q2 25 | $45.2M | — | ||
| Q1 25 | $-69.2M | — | ||
| Q4 24 | $27.0M | — | ||
| Q3 24 | $52.4M | — | ||
| Q2 24 | $49.6M | — | ||
| Q1 24 | $6.7M | — |
自由现金流率STEPTPG
| Q4 25 | 4.6% | — | ||
| Q3 25 | 3.5% | — | ||
| Q2 25 | 12.4% | — | ||
| Q1 25 | -18.3% | — | ||
| Q4 24 | 8.0% | — | ||
| Q3 24 | 19.3% | — | ||
| Q2 24 | 26.6% | — | ||
| Q1 24 | 1.9% | — |
资本支出强度STEPTPG
| Q4 25 | 0.1% | — | ||
| Q3 25 | 0.1% | — | ||
| Q2 25 | 0.3% | — | ||
| Q1 25 | 0.7% | — | ||
| Q4 24 | 0.2% | — | ||
| Q3 24 | 0.5% | — | ||
| Q2 24 | 0.3% | — | ||
| Q1 24 | 0.3% | — |
现金转化率STEPTPG
| Q4 25 | — | -0.57× | ||
| Q3 25 | — | 7.33× | ||
| Q2 25 | — | 25.83× | ||
| Q1 25 | — | 7.80× | ||
| Q4 24 | — | -14.49× | ||
| Q3 24 | 3.05× | 7.69× | ||
| Q2 24 | 3.76× | — | ||
| Q1 24 | 0.25× | 28.14× |
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% |
TPG
| Management Fees | $484.4M | 68% |
| Transaction Fees | $118.6M | 17% |
| Expense Reimbursements And Other | $76.3M | 11% |
| Incentive Fees | $29.0M | 4% |
| Monitoring Fees | $6.8M | 1% |
