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罗塞塔石碑（STEP）与WillScot Holdings Corp（WSC）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WillScot Holdings Corp的1.0倍（$586.5M vs $566.0M），罗塞塔石碑净利率更高（-21.0% vs -33.1%，领先12.0%），罗塞塔石碑同比增速更快（73.0% vs -6.1%），WillScot Holdings Corp自由现金流更多（$149.7M vs $26.7M），过去两年罗塞塔石碑的营收复合增速更高（28.2% vs -1.8%）
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。
WillScot Holdings Corp是北美领先的模块化空间及便携式存储服务供应商，服务覆盖建筑、商业开发、教育、医疗、政府项目、特殊活动等多个领域，为客户提供灵活可扩展的临时及半永久空间解决方案。
STEP vs WSC — 直观对比
营收规模更大
STEP
是对方的1.0倍
$566.0M
营收增速更快
STEP
高出79.1%
-6.1%
净利率更高
STEP
高出12.0%
-33.1%
自由现金流更多
WSC
多$123.0M
$26.7M
两年增速更快
STEP
近两年复合增速
-1.8%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $586.5M | $566.0M |
| 净利润 | $-123.5M | $-187.3M |
| 毛利率 | — | 50.4% |
| 营业利润率 | -33.2% | -32.5% |
| 净利率 | -21.0% | -33.1% |
| 营收同比 | 73.0% | -6.1% |
| 净利润同比 | 35.7% | -310.0% |
| 每股收益（稀释后） | $-1.55 | $-1.02 |
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STEPWSC
| Q4 25 | $586.5M | $566.0M | ||
| Q3 25 | $454.2M | $566.8M | ||
| Q2 25 | $364.3M | $589.1M | ||
| Q1 25 | $377.7M | $559.6M | ||
| Q4 24 | $339.0M | $602.5M | ||
| Q3 24 | $271.7M | $601.4M | ||
| Q2 24 | $186.4M | $604.6M | ||
| Q1 24 | $356.8M | $587.2M |
净利润STEPWSC
| Q4 25 | $-123.5M | $-187.3M | ||
| Q3 25 | $-366.1M | $43.3M | ||
| Q2 25 | $-38.4M | $47.9M | ||
| Q1 25 | $-18.5M | $43.1M | ||
| Q4 24 | $-192.0M | $89.2M | ||
| Q3 24 | $17.6M | $-70.5M | ||
| Q2 24 | $13.3M | $-46.9M | ||
| Q1 24 | $30.8M | $56.2M |
毛利率STEPWSC
| Q4 25 | — | 50.4% | ||
| Q3 25 | — | 49.7% | ||
| Q2 25 | — | 50.3% | ||
| Q1 25 | — | 53.7% | ||
| Q4 24 | — | 55.8% | ||
| Q3 24 | — | 53.5% | ||
| Q2 24 | — | 54.1% | ||
| Q1 24 | — | 54.0% |
营业利润率STEPWSC
| Q4 25 | -33.2% | -32.5% | ||
| Q3 25 | -148.8% | 21.0% | ||
| Q2 25 | -5.6% | 21.5% | ||
| Q1 25 | 2.6% | 21.3% | ||
| Q4 24 | -101.7% | 28.9% | ||
| Q3 24 | 21.3% | -5.9% | ||
| Q2 24 | 29.4% | -0.9% | ||
| Q1 24 | 26.5% | 22.1% |
净利率STEPWSC
| Q4 25 | -21.0% | -33.1% | ||
| Q3 25 | -80.6% | 7.6% | ||
| Q2 25 | -10.5% | 8.1% | ||
| Q1 25 | -4.9% | 7.7% | ||
| Q4 24 | -56.6% | 14.8% | ||
| Q3 24 | 6.5% | -11.7% | ||
| Q2 24 | 7.2% | -7.7% | ||
| Q1 24 | 8.6% | 9.6% |
每股收益（稀释后）STEPWSC
| Q4 25 | $-1.55 | $-1.02 | ||
| Q3 25 | $-4.66 | $0.24 | ||
| Q2 25 | $-0.49 | $0.26 | ||
| Q1 25 | $-0.37 | $0.23 | ||
| Q4 24 | $-2.61 | $0.48 | ||
| Q3 24 | $0.26 | $-0.37 | ||
| Q2 24 | $0.20 | $-0.25 | ||
| Q1 24 | $0.47 | $0.29 |
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 | — | $14.6M |
| 总债务越低越好 | $270.2M | $3.6B |
| 股东权益账面价值 | $-378.8M | $856.3M |
| 总资产 | $5.2B | $5.8B |
| 负债/权益比越低杠杆越低 | — | 4.15× |
8季度趋势，按日历期对齐
现金及短期投资STEPWSC
| Q4 25 | — | $14.6M | ||
| Q3 25 | — | $14.8M | ||
| Q2 25 | — | $12.8M | ||
| Q1 25 | — | $10.7M | ||
| Q4 24 | — | $9.0M | ||
| Q3 24 | — | $11.0M | ||
| Q2 24 | — | $5.9M | ||
| Q1 24 | — | $13.1M |
总债务STEPWSC
| Q4 25 | $270.2M | $3.6B | ||
| Q3 25 | $269.9M | $3.6B | ||
| Q2 25 | $269.6M | $3.7B | ||
| Q1 25 | $269.3M | $3.6B | ||
| Q4 24 | $168.9M | $3.7B | ||
| Q3 24 | $172.3M | $3.6B | ||
| Q2 24 | $172.1M | $3.5B | ||
| Q1 24 | $148.8M | $3.5B |
股东权益STEPWSC
| Q4 25 | $-378.8M | $856.3M | ||
| Q3 25 | $-233.5M | $1.1B | ||
| Q2 25 | $153.9M | $1.0B | ||
| Q1 25 | $179.4M | $1.0B | ||
| Q4 24 | $209.8M | $1.0B | ||
| Q3 24 | $397.5M | $1.1B | ||
| Q2 24 | $366.9M | $1.2B | ||
| Q1 24 | $324.5M | $1.3B |
总资产STEPWSC
| Q4 25 | $5.2B | $5.8B | ||
| Q3 25 | $5.3B | $6.1B | ||
| Q2 25 | $4.8B | $6.1B | ||
| Q1 25 | $4.6B | $6.0B | ||
| Q4 24 | $4.3B | $6.0B | ||
| Q3 24 | $4.0B | $6.0B | ||
| Q2 24 | $3.8B | $6.0B | ||
| Q1 24 | $3.8B | $6.2B |
负债/权益比STEPWSC
| Q4 25 | — | 4.15× | ||
| Q3 25 | — | 3.39× | ||
| Q2 25 | 1.75× | 3.55× | ||
| Q1 25 | 1.50× | 3.56× | ||
| Q4 24 | 0.81× | 3.62× | ||
| Q3 24 | 0.43× | 3.42× | ||
| Q2 24 | 0.47× | 2.88× | ||
| Q1 24 | 0.46× | 2.63× |
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 | $158.9M |
| 自由现金流经营现金流 - 资本支出 | $26.7M | $149.7M |
| 自由现金流率自由现金流/营收 | 4.6% | 26.5% |
| 资本支出强度资本支出/营收 | 0.1% | 1.6% |
| 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 | $737.7M |
8季度趋势，按日历期对齐
经营现金流STEPWSC
| Q4 25 | $27.2M | $158.9M | ||
| Q3 25 | $16.2M | $191.2M | ||
| Q2 25 | $46.3M | $205.3M | ||
| Q1 25 | $-66.5M | $206.6M | ||
| Q4 24 | $27.6M | $178.9M | ||
| Q3 24 | $53.7M | $-1.6M | ||
| Q2 24 | $50.2M | $175.6M | ||
| Q1 24 | $7.6M | $208.7M |
自由现金流STEPWSC
| Q4 25 | $26.7M | $149.7M | ||
| Q3 25 | $15.9M | $186.9M | ||
| Q2 25 | $45.2M | $199.0M | ||
| Q1 25 | $-69.2M | $202.0M | ||
| Q4 24 | $27.0M | $176.6M | ||
| Q3 24 | $52.4M | $-4.9M | ||
| Q2 24 | $49.6M | $169.4M | ||
| Q1 24 | $6.7M | $202.1M |
自由现金流率STEPWSC
| Q4 25 | 4.6% | 26.5% | ||
| Q3 25 | 3.5% | 33.0% | ||
| Q2 25 | 12.4% | 33.8% | ||
| Q1 25 | -18.3% | 36.1% | ||
| Q4 24 | 8.0% | 29.3% | ||
| Q3 24 | 19.3% | -0.8% | ||
| Q2 24 | 26.6% | 28.0% | ||
| Q1 24 | 1.9% | 34.4% |
资本支出强度STEPWSC
| Q4 25 | 0.1% | 1.6% | ||
| Q3 25 | 0.1% | 0.7% | ||
| Q2 25 | 0.3% | 1.1% | ||
| Q1 25 | 0.7% | 0.8% | ||
| Q4 24 | 0.2% | 0.4% | ||
| Q3 24 | 0.5% | 0.6% | ||
| Q2 24 | 0.3% | 1.0% | ||
| Q1 24 | 0.3% | 1.1% |
现金转化率STEPWSC
| Q4 25 | — | — | ||
| Q3 25 | — | 4.41× | ||
| Q2 25 | — | 4.28× | ||
| Q1 25 | — | 4.80× | ||
| Q4 24 | — | 2.01× | ||
| Q3 24 | 3.05× | — | ||
| Q2 24 | 3.76× | — | ||
| Q1 24 | 0.25× | 3.71× |
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% |
WSC
| Modular Space Leasing | $249.8M | 44% |
| Value Added Product And Services | $101.0M | 18% |
| Portable Storage Leasing | $83.0M | 15% |
| Delivery Revenue | $48.2M | 9% |
| Installation Revenue | $45.0M | 8% |
| Rental Units | $19.7M | 3% |
| New Units | $15.5M | 3% |
| Value Added Services | $10.3M | 2% |
| Other Leasing Related Products And Services | $3.8M | 1% |
