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罗塞塔石碑（STEP）与Worthington Steel, Inc.（WS）财务数据对比。点击上方公司名可切换其他公司
Worthington Steel, Inc.的季度营收约是罗塞塔石碑的1.5倍（$871.9M vs $586.5M），Worthington Steel, Inc.净利率更高（2.2% vs -21.0%，领先23.2%），罗塞塔石碑同比增速更快（73.0% vs 18.0%），Worthington Steel, Inc.自由现金流更多（$74.6M vs $26.7M），过去两年罗塞塔石碑的营收复合增速更高（28.2% vs 3.9%）
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。
沃辛顿钢铁是总部位于美国俄亥俄州哥伦布市的工业制造企业，下设消费品和建筑建材两大业务板块，主营各类压力容器的设计与生产，覆盖丙烷、氧气、氦气储罐，制冷剂及工业气瓶，露营与民用气瓶，以及用于存储、处理、加热、扩容和流量控制的供水系统罐体等产品。
STEP vs WS — 直观对比
营收规模更大
WS
是对方的1.5倍
$586.5M
营收增速更快
STEP
高出55.0%
18.0%
净利率更高
WS
高出23.2%
-21.0%
自由现金流更多
WS
多$47.9M
$26.7M
两年增速更快
STEP
近两年复合增速
3.9%
损益表 — Q3 FY2026 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $586.5M | $871.9M |
| 净利润 | $-123.5M | $18.8M |
| 毛利率 | — | 10.7% |
| 营业利润率 | -33.2% | 2.5% |
| 净利率 | -21.0% | 2.2% |
| 营收同比 | 73.0% | 18.0% |
| 净利润同比 | 35.7% | 46.9% |
| 每股收益（稀释后） | $-1.55 | $0.37 |
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STEPWS
| Q4 25 | $586.5M | $871.9M | ||
| Q3 25 | $454.2M | $872.9M | ||
| Q2 25 | $364.3M | $832.9M | ||
| Q1 25 | $377.7M | $687.4M | ||
| Q4 24 | $339.0M | $739.0M | ||
| Q3 24 | $271.7M | $834.0M | ||
| Q2 24 | $186.4M | — | ||
| Q1 24 | $356.8M | $805.8M |
净利润STEPWS
| Q4 25 | $-123.5M | $18.8M | ||
| Q3 25 | $-366.1M | $36.8M | ||
| Q2 25 | $-38.4M | $55.7M | ||
| Q1 25 | $-18.5M | $13.8M | ||
| Q4 24 | $-192.0M | $12.8M | ||
| Q3 24 | $17.6M | $28.4M | ||
| Q2 24 | $13.3M | — | ||
| Q1 24 | $30.8M | $49.0M |
毛利率STEPWS
| Q4 25 | — | 10.7% | ||
| Q3 25 | — | 13.2% | ||
| Q2 25 | — | 15.2% | ||
| Q1 25 | — | 11.8% | ||
| Q4 24 | — | 10.8% | ||
| Q3 24 | — | 12.0% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 14.9% |
营业利润率STEPWS
| Q4 25 | -33.2% | 2.5% | ||
| Q3 25 | -148.8% | 5.5% | ||
| Q2 25 | -5.6% | 8.0% | ||
| Q1 25 | 2.6% | 2.7% | ||
| Q4 24 | -101.7% | 2.6% | ||
| Q3 24 | 21.3% | 5.2% | ||
| Q2 24 | 29.4% | — | ||
| Q1 24 | 26.5% | 8.2% |
净利率STEPWS
| Q4 25 | -21.0% | 2.2% | ||
| Q3 25 | -80.6% | 4.2% | ||
| Q2 25 | -10.5% | 6.7% | ||
| Q1 25 | -4.9% | 2.0% | ||
| Q4 24 | -56.6% | 1.7% | ||
| Q3 24 | 6.5% | 3.4% | ||
| Q2 24 | 7.2% | — | ||
| Q1 24 | 8.6% | 6.1% |
每股收益（稀释后）STEPWS
| Q4 25 | $-1.55 | $0.37 | ||
| Q3 25 | $-4.66 | $0.72 | ||
| Q2 25 | $-0.49 | $1.11 | ||
| Q1 25 | $-0.37 | $0.27 | ||
| Q4 24 | $-2.61 | $0.25 | ||
| Q3 24 | $0.26 | $0.56 | ||
| Q2 24 | $0.20 | — | ||
| Q1 24 | $0.47 | $0.98 |
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 | — | $89.8M |
| 总债务越低越好 | $270.2M | $72.1M |
| 股东权益账面价值 | $-378.8M | $1.1B |
| 总资产 | $5.2B | $2.1B |
| 负债/权益比越低杠杆越低 | — | 0.06× |
8季度趋势，按日历期对齐
现金及短期投资STEPWS
| Q4 25 | — | $89.8M | ||
| Q3 25 | — | $78.3M | ||
| Q2 25 | — | $38.0M | ||
| Q1 25 | — | $63.3M | ||
| Q4 24 | — | $52.0M | ||
| Q3 24 | — | $36.0M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $60.8M |
总债务STEPWS
| Q4 25 | $270.2M | $72.1M | ||
| Q3 25 | $269.9M | $73.4M | ||
| Q2 25 | $269.6M | $151.5M | ||
| Q1 25 | $269.3M | — | ||
| Q4 24 | $168.9M | $115.0M | ||
| Q3 24 | $172.3M | $122.2M | ||
| Q2 24 | $172.1M | — | ||
| Q1 24 | $148.8M | $147.2M |
股东权益STEPWS
| Q4 25 | $-378.8M | $1.1B | ||
| Q3 25 | $-233.5M | $1.1B | ||
| Q2 25 | $153.9M | $1.1B | ||
| Q1 25 | $179.4M | $1.0B | ||
| Q4 24 | $209.8M | $1.0B | ||
| Q3 24 | $397.5M | $1.0B | ||
| Q2 24 | $366.9M | — | ||
| Q1 24 | $324.5M | $937.6M |
总资产STEPWS
| Q4 25 | $5.2B | $2.1B | ||
| Q3 25 | $5.3B | $2.2B | ||
| Q2 25 | $4.8B | $2.0B | ||
| Q1 25 | $4.6B | $1.8B | ||
| Q4 24 | $4.3B | $1.7B | ||
| Q3 24 | $4.0B | $1.8B | ||
| Q2 24 | $3.8B | — | ||
| Q1 24 | $3.8B | $1.8B |
负债/权益比STEPWS
| Q4 25 | — | 0.06× | ||
| Q3 25 | — | 0.07× | ||
| Q2 25 | 1.75× | 0.14× | ||
| Q1 25 | 1.50× | — | ||
| Q4 24 | 0.81× | 0.11× | ||
| Q3 24 | 0.43× | 0.12× | ||
| Q2 24 | 0.47× | — | ||
| Q1 24 | 0.46× | 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 | $99.3M |
| 自由现金流经营现金流 - 资本支出 | $26.7M | $74.6M |
| 自由现金流率自由现金流/营收 | 4.6% | 8.6% |
| 资本支出强度资本支出/营收 | 0.1% | 2.8% |
| 现金转化率经营现金流/净利润 | — | 5.28× |
| 过去12个月自由现金流最近4个季度 | $18.6M | $72.5M |
8季度趋势，按日历期对齐
经营现金流STEPWS
| Q4 25 | $27.2M | $99.3M | ||
| Q3 25 | $16.2M | $-6.3M | ||
| Q2 25 | $46.3M | $53.9M | ||
| Q1 25 | $-66.5M | $53.8M | ||
| Q4 24 | $27.6M | $68.0M | ||
| Q3 24 | $53.7M | $54.6M | ||
| Q2 24 | $50.2M | — | ||
| Q1 24 | $7.6M | $44.7M |
自由现金流STEPWS
| Q4 25 | $26.7M | $74.6M | ||
| Q3 25 | $15.9M | $-35.7M | ||
| Q2 25 | $45.2M | $8.4M | ||
| Q1 25 | $-69.2M | $25.2M | ||
| Q4 24 | $27.0M | $33.2M | ||
| Q3 24 | $52.4M | $33.1M | ||
| Q2 24 | $49.6M | — | ||
| Q1 24 | $6.7M | $22.3M |
自由现金流率STEPWS
| Q4 25 | 4.6% | 8.6% | ||
| Q3 25 | 3.5% | -4.1% | ||
| Q2 25 | 12.4% | 1.0% | ||
| Q1 25 | -18.3% | 3.7% | ||
| Q4 24 | 8.0% | 4.5% | ||
| Q3 24 | 19.3% | 4.0% | ||
| Q2 24 | 26.6% | — | ||
| Q1 24 | 1.9% | 2.8% |
资本支出强度STEPWS
| Q4 25 | 0.1% | 2.8% | ||
| Q3 25 | 0.1% | 3.4% | ||
| Q2 25 | 0.3% | 5.5% | ||
| Q1 25 | 0.7% | 4.2% | ||
| Q4 24 | 0.2% | 4.7% | ||
| Q3 24 | 0.5% | 2.6% | ||
| Q2 24 | 0.3% | — | ||
| Q1 24 | 0.3% | 2.8% |
现金转化率STEPWS
| Q4 25 | — | 5.28× | ||
| Q3 25 | — | -0.17× | ||
| Q2 25 | — | 0.97× | ||
| Q1 25 | — | 3.90× | ||
| Q4 24 | — | 5.31× | ||
| Q3 24 | 3.05× | 1.92× | ||
| Q2 24 | 3.76× | — | ||
| Q1 24 | 0.25× | 0.91× |
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% |
WS
| Direct | $844.1M | 97% |
| Toll | $27.8M | 3% |
