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罗塞塔石碑（STEP）与Tyler Technologies（TYL）财务数据对比。点击上方公司名可切换其他公司
Tyler Technologies的季度营收约是罗塞塔石碑的1.0倍（$613.5M vs $586.5M），Tyler Technologies净利率更高（13.2% vs -21.0%，领先34.3%），罗塞塔石碑同比增速更快（73.0% vs 8.6%），罗塞塔石碑自由现金流更多（$26.7M vs $2.0M），过去两年罗塞塔石碑的营收复合增速更高（28.2% vs 6.5%）
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。
Tyler Technologies, Inc.是总部位于美国得克萨斯州普莱诺的科技企业，主营面向美国公共部门提供自研专有软件，目前在全美17个州设有办事处，另在加拿大安大略省多伦多市设有一处办公网点。
STEP vs TYL — 直观对比
营收规模更大
TYL
是对方的1.0倍
$586.5M
营收增速更快
STEP
高出64.4%
8.6%
净利率更高
TYL
高出34.3%
-21.0%
自由现金流更多
STEP
多$24.7M
$2.0M
两年增速更快
STEP
近两年复合增速
6.5%
损益表 — Q3 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $586.5M | $613.5M |
| 净利润 | $-123.5M | $81.2M |
| 毛利率 | — | 48.3% |
| 营业利润率 | -33.2% | 16.3% |
| 净利率 | -21.0% | 13.2% |
| 营收同比 | 73.0% | 8.6% |
| 净利润同比 | 35.7% | — |
| 每股收益（稀释后） | $-1.55 | $1.88 |
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STEPTYL
| Q1 26 | — | $613.5M | ||
| Q4 25 | $586.5M | $575.2M | ||
| Q3 25 | $454.2M | $595.9M | ||
| Q2 25 | $364.3M | $596.1M | ||
| Q1 25 | $377.7M | $565.2M | ||
| Q4 24 | $339.0M | $541.1M | ||
| Q3 24 | $271.7M | $543.3M | ||
| Q2 24 | $186.4M | $541.0M |
净利润STEPTYL
| Q1 26 | — | $81.2M | ||
| Q4 25 | $-123.5M | $65.5M | ||
| Q3 25 | $-366.1M | $84.4M | ||
| Q2 25 | $-38.4M | $84.6M | ||
| Q1 25 | $-18.5M | $81.1M | ||
| Q4 24 | $-192.0M | $65.2M | ||
| Q3 24 | $17.6M | $75.9M | ||
| Q2 24 | $13.3M | $67.7M |
毛利率STEPTYL
| Q1 26 | — | 48.3% | ||
| Q4 25 | — | 45.5% | ||
| Q3 25 | — | 47.2% | ||
| Q2 25 | — | 45.8% | ||
| Q1 25 | — | 47.3% | ||
| Q4 24 | — | 43.8% | ||
| Q3 24 | — | 43.7% | ||
| Q2 24 | — | 44.0% |
营业利润率STEPTYL
| Q1 26 | — | 16.3% | ||
| Q4 25 | -33.2% | 13.0% | ||
| Q3 25 | -148.8% | 16.4% | ||
| Q2 25 | -5.6% | 16.0% | ||
| Q1 25 | 2.6% | 15.8% | ||
| Q4 24 | -101.7% | 13.2% | ||
| Q3 24 | 21.3% | 15.2% | ||
| Q2 24 | 29.4% | 14.4% |
净利率STEPTYL
| Q1 26 | — | 13.2% | ||
| Q4 25 | -21.0% | 11.4% | ||
| Q3 25 | -80.6% | 14.2% | ||
| Q2 25 | -10.5% | 14.2% | ||
| Q1 25 | -4.9% | 14.3% | ||
| Q4 24 | -56.6% | 12.1% | ||
| Q3 24 | 6.5% | 14.0% | ||
| Q2 24 | 7.2% | 12.5% |
每股收益（稀释后）STEPTYL
| Q1 26 | — | $1.88 | ||
| Q4 25 | $-1.55 | $1.50 | ||
| Q3 25 | $-4.66 | $1.93 | ||
| Q2 25 | $-0.49 | $1.93 | ||
| Q1 25 | $-0.37 | $1.84 | ||
| Q4 24 | $-2.61 | $1.48 | ||
| Q3 24 | $0.26 | $1.74 | ||
| Q2 24 | $0.20 | $1.57 |
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 | — | $346.4M |
| 总债务越低越好 | $270.2M | — |
| 股东权益账面价值 | $-378.8M | $3.6B |
| 总资产 | $5.2B | $4.8B |
| 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STEPTYL
| Q1 26 | — | $346.4M | ||
| Q4 25 | — | $1.1B | ||
| Q3 25 | — | $950.8M | ||
| Q2 25 | — | $892.3M | ||
| Q1 25 | — | $807.4M | ||
| Q4 24 | — | $768.0M | ||
| Q3 24 | — | $544.3M | ||
| Q2 24 | — | $258.0M |
总债务STEPTYL
| Q1 26 | — | — | ||
| Q4 25 | $270.2M | $599.7M | ||
| Q3 25 | $269.9M | $599.2M | ||
| Q2 25 | $269.6M | $598.8M | ||
| Q1 25 | $269.3M | $598.4M | ||
| Q4 24 | $168.9M | $597.9M | ||
| Q3 24 | $172.3M | $597.5M | ||
| Q2 24 | $172.1M | $597.1M |
股东权益STEPTYL
| Q1 26 | — | $3.6B | ||
| Q4 25 | $-378.8M | $3.7B | ||
| Q3 25 | $-233.5M | $3.6B | ||
| Q2 25 | $153.9M | $3.6B | ||
| Q1 25 | $179.4M | $3.5B | ||
| Q4 24 | $209.8M | $3.4B | ||
| Q3 24 | $397.5M | $3.3B | ||
| Q2 24 | $366.9M | $3.1B |
总资产STEPTYL
| Q1 26 | — | $4.8B | ||
| Q4 25 | $5.2B | $5.6B | ||
| Q3 25 | $5.3B | $5.5B | ||
| Q2 25 | $4.8B | $5.4B | ||
| Q1 25 | $4.6B | $5.2B | ||
| Q4 24 | $4.3B | $5.2B | ||
| Q3 24 | $4.0B | $5.0B | ||
| Q2 24 | $3.8B | $4.8B |
负债/权益比STEPTYL
| Q1 26 | — | — | ||
| Q4 25 | — | 0.16× | ||
| Q3 25 | — | 0.17× | ||
| Q2 25 | 1.75× | 0.16× | ||
| Q1 25 | 1.50× | 0.17× | ||
| Q4 24 | 0.81× | 0.18× | ||
| Q3 24 | 0.43× | 0.18× | ||
| Q2 24 | 0.47× | 0.19× |
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 | $107.3M |
| 自由现金流经营现金流 - 资本支出 | $26.7M | $2.0M |
| 自由现金流率自由现金流/营收 | 4.6% | 0.3% |
| 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 | — | 1.32× |
| 过去12个月自由现金流最近4个季度 | $18.6M | $585.7M |
8季度趋势，按日历期对齐
经营现金流STEPTYL
| Q1 26 | — | $107.3M | ||
| Q4 25 | $27.2M | $243.9M | ||
| Q3 25 | $16.2M | $255.2M | ||
| Q2 25 | $46.3M | $98.3M | ||
| Q1 25 | $-66.5M | $56.2M | ||
| Q4 24 | $27.6M | $224.8M | ||
| Q3 24 | $53.7M | $263.7M | ||
| Q2 24 | $50.2M | $64.3M |
自由现金流STEPTYL
| Q1 26 | — | $2.0M | ||
| Q4 25 | $26.7M | $239.6M | ||
| Q3 25 | $15.9M | $251.3M | ||
| Q2 25 | $45.2M | $92.8M | ||
| Q1 25 | $-69.2M | $53.8M | ||
| Q4 24 | $27.0M | $221.0M | ||
| Q3 24 | $52.4M | $260.8M | ||
| Q2 24 | $49.6M | $57.7M |
自由现金流率STEPTYL
| Q1 26 | — | 0.3% | ||
| Q4 25 | 4.6% | 41.7% | ||
| Q3 25 | 3.5% | 42.2% | ||
| Q2 25 | 12.4% | 15.6% | ||
| Q1 25 | -18.3% | 9.5% | ||
| Q4 24 | 8.0% | 40.8% | ||
| Q3 24 | 19.3% | 48.0% | ||
| Q2 24 | 26.6% | 10.7% |
资本支出强度STEPTYL
| Q1 26 | — | — | ||
| Q4 25 | 0.1% | 0.8% | ||
| Q3 25 | 0.1% | 0.7% | ||
| Q2 25 | 0.3% | 0.9% | ||
| Q1 25 | 0.7% | 0.4% | ||
| Q4 24 | 0.2% | 0.7% | ||
| Q3 24 | 0.5% | 0.5% | ||
| Q2 24 | 0.3% | 1.2% |
现金转化率STEPTYL
| Q1 26 | — | 1.32× | ||
| Q4 25 | — | 3.72× | ||
| Q3 25 | — | 3.02× | ||
| Q2 25 | — | 1.16× | ||
| Q1 25 | — | 0.69× | ||
| Q4 24 | — | 3.45× | ||
| Q3 24 | 3.05× | 3.47× | ||
| Q2 24 | 3.76× | 0.95× |
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% |
TYL
| Subscriptions | $429.7M | 70% |
| Maintenance | $108.9M | 18% |
| Other | $74.9M | 12% |
