vs
罗塞塔石碑（STEP）与世纪互联（VNET）财务数据对比。点击上方公司名可切换其他公司
罗塞塔石碑的季度营收约是世纪互联的1.6倍（$586.5M vs $362.7M），世纪互联净利率更高（-10.7% vs -21.0%，领先10.4%），罗塞塔石碑自由现金流更多（$26.7M vs $-193.1M），过去两年罗塞塔石碑的营收复合增速更高（28.2% vs 17.4%）
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。
VNET Group即世纪互联，是中国领先的第三方中立数据中心服务商，提供机柜托管、云基础设施、混合云部署及网络管理等解决方案，服务覆盖科技、金融、零售等多领域企业客户，为企业数字化运营提供稳定的算力与网络支撑。
STEP vs VNET — 直观对比
营收规模更大
STEP
是对方的1.6倍
$362.7M
净利率更高
VNET
高出10.4%
-21.0%
自由现金流更多
STEP
多$219.8M
$-193.1M
两年增速更快
STEP
近两年复合增速
17.4%
损益表 — Q3 FY2026 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $586.5M | $362.7M |
| 净利润 | $-123.5M | $-38.7M |
| 毛利率 | — | 20.9% |
| 营业利润率 | -33.2% | 0.5% |
| 净利率 | -21.0% | -10.7% |
| 营收同比 | 73.0% | — |
| 净利润同比 | 35.7% | — |
| 每股收益（稀释后） | $-1.55 | — |
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STEPVNET
| Q4 25 | $586.5M | — | ||
| Q3 25 | $454.2M | $362.7M | ||
| Q2 25 | $364.3M | — | ||
| Q1 25 | $377.7M | $309.5M | ||
| Q4 24 | $339.0M | — | ||
| Q3 24 | $271.7M | $302.2M | ||
| Q2 24 | $186.4M | $274.4M | ||
| Q1 24 | $356.8M | $262.9M |
净利润STEPVNET
| Q4 25 | $-123.5M | — | ||
| Q3 25 | $-366.1M | $-38.7M | ||
| Q2 25 | $-38.4M | — | ||
| Q1 25 | $-18.5M | $-2.4M | ||
| Q4 24 | $-192.0M | — | ||
| Q3 24 | $17.6M | $-2.1M | ||
| Q2 24 | $13.3M | $-1.1M | ||
| Q1 24 | $30.8M | $-22.0M |
毛利率STEPVNET
| Q4 25 | — | — | ||
| Q3 25 | — | 20.9% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 25.2% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 23.2% | ||
| Q2 24 | — | 21.3% | ||
| Q1 24 | — | 21.6% |
营业利润率STEPVNET
| Q4 25 | -33.2% | — | ||
| Q3 25 | -148.8% | 0.5% | ||
| Q2 25 | -5.6% | — | ||
| Q1 25 | 2.6% | 0.1% | ||
| Q4 24 | -101.7% | — | ||
| Q3 24 | 21.3% | 24.5% | ||
| Q2 24 | 29.4% | 0.2% | ||
| Q1 24 | 26.5% | 0.2% |
净利率STEPVNET
| Q4 25 | -21.0% | — | ||
| Q3 25 | -80.6% | -10.7% | ||
| Q2 25 | -10.5% | — | ||
| Q1 25 | -4.9% | -0.8% | ||
| Q4 24 | -56.6% | — | ||
| Q3 24 | 6.5% | -0.7% | ||
| Q2 24 | 7.2% | -0.4% | ||
| Q1 24 | 8.6% | -8.4% |
每股收益（稀释后）STEPVNET
| Q4 25 | $-1.55 | — | ||
| Q3 25 | $-4.66 | — | ||
| Q2 25 | $-0.49 | — | ||
| Q1 25 | $-0.37 | — | ||
| Q4 24 | $-2.61 | — | ||
| Q3 24 | $0.26 | — | ||
| Q2 24 | $0.20 | — | ||
| Q1 24 | $0.47 | — |
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 | — | $492.1M |
| 总债务越低越好 | $270.2M | — |
| 股东权益账面价值 | $-378.8M | $890.8M |
| 总资产 | $5.2B | $6.1B |
| 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STEPVNET
| Q4 25 | — | — | ||
| Q3 25 | — | $492.1M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $544.3M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $219.5M | ||
| Q2 24 | — | $247.2M | ||
| Q1 24 | — | $246.9M |
总债务STEPVNET
| Q4 25 | $270.2M | — | ||
| Q3 25 | $269.9M | — | ||
| Q2 25 | $269.6M | — | ||
| Q1 25 | $269.3M | — | ||
| Q4 24 | $168.9M | — | ||
| Q3 24 | $172.3M | $1.2B | ||
| Q2 24 | $172.1M | — | ||
| Q1 24 | $148.8M | — |
股东权益STEPVNET
| Q4 25 | $-378.8M | — | ||
| Q3 25 | $-233.5M | $890.8M | ||
| Q2 25 | $153.9M | — | ||
| Q1 25 | $179.4M | $927.8M | ||
| Q4 24 | $209.8M | — | ||
| Q3 24 | $397.5M | $902.9M | ||
| Q2 24 | $366.9M | $900.6M | ||
| Q1 24 | $324.5M | $895.1M |
总资产STEPVNET
| Q4 25 | $5.2B | — | ||
| Q3 25 | $5.3B | $6.1B | ||
| Q2 25 | $4.8B | — | ||
| Q1 25 | $4.6B | $5.4B | ||
| Q4 24 | $4.3B | — | ||
| Q3 24 | $4.0B | $4.3B | ||
| Q2 24 | $3.8B | $4.0B | ||
| Q1 24 | $3.8B | $3.9B |
负债/权益比STEPVNET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 1.75× | — | ||
| Q1 25 | 1.50× | — | ||
| Q4 24 | 0.81× | — | ||
| Q3 24 | 0.43× | 1.28× | ||
| Q2 24 | 0.47× | — | ||
| Q1 24 | 0.46× | — |
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 | $113.8M |
| 自由现金流经营现金流 - 资本支出 | $26.7M | $-193.1M |
| 自由现金流率自由现金流/营收 | 4.6% | -53.2% |
| 资本支出强度资本支出/营收 | 0.1% | 84.6% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $18.6M | $-589.7M |
8季度趋势，按日历期对齐
经营现金流STEPVNET
| Q4 25 | $27.2M | — | ||
| Q3 25 | $16.2M | $113.8M | ||
| Q2 25 | $46.3M | — | ||
| Q1 25 | $-66.5M | $27.0M | ||
| Q4 24 | $27.6M | — | ||
| Q3 24 | $53.7M | $108.3M | ||
| Q2 24 | $50.2M | $55.8M | ||
| Q1 24 | $7.6M | $37.1M |
自由现金流STEPVNET
| Q4 25 | $26.7M | — | ||
| Q3 25 | $15.9M | $-193.1M | ||
| Q2 25 | $45.2M | — | ||
| Q1 25 | $-69.2M | $-220.0M | ||
| Q4 24 | $27.0M | — | ||
| Q3 24 | $52.4M | $-95.0M | ||
| Q2 24 | $49.6M | $-81.6M | ||
| Q1 24 | $6.7M | $-102.2M |
自由现金流率STEPVNET
| Q4 25 | 4.6% | — | ||
| Q3 25 | 3.5% | -53.2% | ||
| Q2 25 | 12.4% | — | ||
| Q1 25 | -18.3% | -71.1% | ||
| Q4 24 | 8.0% | — | ||
| Q3 24 | 19.3% | -31.4% | ||
| Q2 24 | 26.6% | -29.8% | ||
| Q1 24 | 1.9% | -38.9% |
资本支出强度STEPVNET
| Q4 25 | 0.1% | — | ||
| Q3 25 | 0.1% | 84.6% | ||
| Q2 25 | 0.3% | — | ||
| Q1 25 | 0.7% | 79.8% | ||
| Q4 24 | 0.2% | — | ||
| Q3 24 | 0.5% | 67.3% | ||
| Q2 24 | 0.3% | 50.1% | ||
| Q1 24 | 0.3% | 53.0% |
现金转化率STEPVNET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.05× | — | ||
| Q2 24 | 3.76× | — | ||
| Q1 24 | 0.25× | — |
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% |
VNET
暂无分部数据
