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罗塞塔石碑（STEP）与Ubiquiti Inc.（UI）财务数据对比。点击上方公司名可切换其他公司
Ubiquiti Inc.的季度营收约是罗塞塔石碑的1.4倍（$814.9M vs $586.5M），Ubiquiti Inc.净利率更高（28.7% vs -21.0%，领先49.7%），罗塞塔石碑同比增速更快（73.0% vs 35.8%），Ubiquiti Inc.自由现金流更多（$260.3M vs $26.7M），过去两年Ubiquiti Inc.的营收复合增速更高（28.6% vs 28.2%）
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。
Ubiquiti Inc.是一家美国科技企业，2003年于加利福尼亚州圣何塞成立，目前总部位于纽约。公司旗下拥有多个品牌，主营面向企业及家庭用户的有线、无线数据通信产品的研发、生产与销售。
STEP vs UI — 直观对比
营收规模更大
UI
是对方的1.4倍
$586.5M
营收增速更快
STEP
高出37.2%
35.8%
净利率更高
UI
高出49.7%
-21.0%
自由现金流更多
UI
多$233.5M
$26.7M
两年增速更快
UI
近两年复合增速
28.2%
损益表 — Q3 FY2026 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $586.5M | $814.9M |
| 净利润 | $-123.5M | $233.6M |
| 毛利率 | — | 45.9% |
| 营业利润率 | -33.2% | 35.9% |
| 净利率 | -21.0% | 28.7% |
| 营收同比 | 73.0% | 35.8% |
| 净利润同比 | 35.7% | 70.8% |
| 每股收益（稀释后） | $-1.55 | $3.86 |
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STEPUI
| Q4 25 | $586.5M | $814.9M | ||
| Q3 25 | $454.2M | $733.8M | ||
| Q2 25 | $364.3M | $759.2M | ||
| Q1 25 | $377.7M | $664.2M | ||
| Q4 24 | $339.0M | $599.9M | ||
| Q3 24 | $271.7M | $550.3M | ||
| Q2 24 | $186.4M | $507.5M | ||
| Q1 24 | $356.8M | $493.0M |
净利润STEPUI
| Q4 25 | $-123.5M | $233.6M | ||
| Q3 25 | $-366.1M | $207.9M | ||
| Q2 25 | $-38.4M | $266.7M | ||
| Q1 25 | $-18.5M | $180.4M | ||
| Q4 24 | $-192.0M | $136.8M | ||
| Q3 24 | $17.6M | $128.0M | ||
| Q2 24 | $13.3M | $103.8M | ||
| Q1 24 | $30.8M | $76.3M |
毛利率STEPUI
| Q4 25 | — | 45.9% | ||
| Q3 25 | — | 46.0% | ||
| Q2 25 | — | 45.1% | ||
| Q1 25 | — | 44.5% | ||
| Q4 24 | — | 41.2% | ||
| Q3 24 | — | 42.1% | ||
| Q2 24 | — | 40.2% | ||
| Q1 24 | — | 35.3% |
营业利润率STEPUI
| Q4 25 | -33.2% | 35.9% | ||
| Q3 25 | -148.8% | 35.7% | ||
| Q2 25 | -5.6% | 34.4% | ||
| Q1 25 | 2.6% | 34.2% | ||
| Q4 24 | -101.7% | 29.8% | ||
| Q3 24 | 21.3% | 30.7% | ||
| Q2 24 | 29.4% | 27.3% | ||
| Q1 24 | 26.5% | 22.6% |
净利率STEPUI
| Q4 25 | -21.0% | 28.7% | ||
| Q3 25 | -80.6% | 28.3% | ||
| Q2 25 | -10.5% | 35.1% | ||
| Q1 25 | -4.9% | 27.2% | ||
| Q4 24 | -56.6% | 22.8% | ||
| Q3 24 | 6.5% | 23.3% | ||
| Q2 24 | 7.2% | 20.5% | ||
| Q1 24 | 8.6% | 15.5% |
每股收益（稀释后）STEPUI
| Q4 25 | $-1.55 | $3.86 | ||
| Q3 25 | $-4.66 | $3.43 | ||
| Q2 25 | $-0.49 | $4.40 | ||
| Q1 25 | $-0.37 | $2.98 | ||
| Q4 24 | $-2.61 | $2.26 | ||
| Q3 24 | $0.26 | $2.12 | ||
| Q2 24 | $0.20 | $1.72 | ||
| Q1 24 | $0.47 | $1.26 |
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 | — | $302.8M |
| 总债务越低越好 | $270.2M | $47.5M |
| 股东权益账面价值 | $-378.8M | $1.0B |
| 总资产 | $5.2B | $1.6B |
| 负债/权益比越低杠杆越低 | — | 0.05× |
8季度趋势，按日历期对齐
现金及短期投资STEPUI
| Q4 25 | — | $302.8M | ||
| Q3 25 | — | $177.2M | ||
| Q2 25 | — | $149.7M | ||
| Q1 25 | — | $151.0M | ||
| Q4 24 | — | $133.1M | ||
| Q3 24 | — | $165.2M | ||
| Q2 24 | — | $126.3M | ||
| Q1 24 | — | $102.5M |
总债务STEPUI
| Q4 25 | $270.2M | $47.5M | ||
| Q3 25 | $269.9M | $133.8M | ||
| Q2 25 | $269.6M | $250.0M | ||
| Q1 25 | $269.3M | $340.0M | ||
| Q4 24 | $168.9M | $406.3M | ||
| Q3 24 | $172.3M | $552.5M | ||
| Q2 24 | $172.1M | $708.1M | ||
| Q1 24 | $148.8M | $877.5M |
股东权益STEPUI
| Q4 25 | $-378.8M | $1.0B | ||
| Q3 25 | $-233.5M | $828.4M | ||
| Q2 25 | $153.9M | $668.3M | ||
| Q1 25 | $179.4M | $436.1M | ||
| Q4 24 | $209.8M | $290.4M | ||
| Q3 24 | $397.5M | $188.1M | ||
| Q2 24 | $366.9M | $95.1M | ||
| Q1 24 | $324.5M | $25.9M |
总资产STEPUI
| Q4 25 | $5.2B | $1.6B | ||
| Q3 25 | $5.3B | $1.5B | ||
| Q2 25 | $4.8B | $1.5B | ||
| Q1 25 | $4.6B | $1.3B | ||
| Q4 24 | $4.3B | $1.2B | ||
| Q3 24 | $4.0B | $1.2B | ||
| Q2 24 | $3.8B | $1.2B | ||
| Q1 24 | $3.8B | $1.2B |
负债/权益比STEPUI
| Q4 25 | — | 0.05× | ||
| Q3 25 | — | 0.16× | ||
| Q2 25 | 1.75× | 0.37× | ||
| Q1 25 | 1.50× | 0.78× | ||
| Q4 24 | 0.81× | 1.40× | ||
| Q3 24 | 0.43× | 2.94× | ||
| Q2 24 | 0.47× | 7.45× | ||
| Q1 24 | 0.46× | 33.92× |
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 | $263.9M |
| 自由现金流经营现金流 - 资本支出 | $26.7M | $260.3M |
| 自由现金流率自由现金流/营收 | 4.6% | 31.9% |
| 资本支出强度资本支出/营收 | 0.1% | 0.4% |
| 现金转化率经营现金流/净利润 | — | 1.13× |
| 过去12个月自由现金流最近4个季度 | $18.6M | $699.5M |
8季度趋势，按日历期对齐
经营现金流STEPUI
| Q4 25 | $27.2M | $263.9M | ||
| Q3 25 | $16.2M | $198.5M | ||
| Q2 25 | $46.3M | $130.4M | ||
| Q1 25 | $-66.5M | $123.6M | ||
| Q4 24 | $27.6M | $152.4M | ||
| Q3 24 | $53.7M | $233.7M | ||
| Q2 24 | $50.2M | $231.4M | ||
| Q1 24 | $7.6M | $163.9M |
自由现金流STEPUI
| Q4 25 | $26.7M | $260.3M | ||
| Q3 25 | $15.9M | $193.3M | ||
| Q2 25 | $45.2M | $125.2M | ||
| Q1 25 | $-69.2M | $120.7M | ||
| Q4 24 | $27.0M | $150.4M | ||
| Q3 24 | $52.4M | $231.1M | ||
| Q2 24 | $49.6M | $229.5M | ||
| Q1 24 | $6.7M | $160.6M |
自由现金流率STEPUI
| Q4 25 | 4.6% | 31.9% | ||
| Q3 25 | 3.5% | 26.3% | ||
| Q2 25 | 12.4% | 16.5% | ||
| Q1 25 | -18.3% | 18.2% | ||
| Q4 24 | 8.0% | 25.1% | ||
| Q3 24 | 19.3% | 42.0% | ||
| Q2 24 | 26.6% | 45.2% | ||
| Q1 24 | 1.9% | 32.6% |
资本支出强度STEPUI
| Q4 25 | 0.1% | 0.4% | ||
| Q3 25 | 0.1% | 0.7% | ||
| Q2 25 | 0.3% | 0.7% | ||
| Q1 25 | 0.7% | 0.4% | ||
| Q4 24 | 0.2% | 0.3% | ||
| Q3 24 | 0.5% | 0.5% | ||
| Q2 24 | 0.3% | 0.4% | ||
| Q1 24 | 0.3% | 0.7% |
现金转化率STEPUI
| Q4 25 | — | 1.13× | ||
| Q3 25 | — | 0.95× | ||
| Q2 25 | — | 0.49× | ||
| Q1 25 | — | 0.68× | ||
| Q4 24 | — | 1.11× | ||
| Q3 24 | 3.05× | 1.83× | ||
| Q2 24 | 3.76× | 2.23× | ||
| Q1 24 | 0.25× | 2.15× |
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% |
UI
| Enterprise Technology | $729.0M | 89% |
| Service Provider Technology | $85.9M | 11% |
