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安姆科（AMCR）与美世（MERC）财务数据对比。点击上方公司名可切换其他公司
安姆科的季度营收约是美世的12.1倍（$5.4B vs $449.5M）。安姆科净利率更高（3.2% vs -68.7%，领先71.9%）。安姆科同比增速更快（68.1% vs -8.0%）。安姆科自由现金流更多（$282.0M vs $32.0M）。过去两年安姆科的营收复合增速更高（26.4% vs -9.9%）
安姆科是全球知名的包装产品开发商、生产商与销售商，业务覆盖欧洲、北美、拉美、非洲及亚太地区，下设软包装与硬包装两大业务板块。软包装产品广泛应用于食品饮料、医药、生鲜、休闲食品、个人护理等领域，硬包装板块则为各类食品饮料提供刚性容器产品。
美世是1945年成立的美国咨询公司，为全球专业服务集团威达信的四大运营子公司之一，总部位于纽约，在43个国家设有办事处，业务覆盖130个国家，主要为客户提供人力资源与金融咨询服务。
AMCR vs MERC — 直观对比
营收规模更大
AMCR
是对方的12.1倍
$449.5M
营收增速更快
AMCR
高出76.1%
-8.0%
净利率更高
AMCR
高出71.9%
-68.7%
自由现金流更多
AMCR
多$250.0M
$32.0M
两年增速更快
AMCR
近两年复合增速
-9.9%
损益表 — Q2 2026 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $5.4B | $449.5M |
| 净利润 | $177.0M | $-308.7M |
| 毛利率 | 19.1% | — |
| 营业利润率 | 6.1% | -62.0% |
| 净利率 | 3.2% | -68.7% |
| 营收同比 | 68.1% | -8.0% |
| 净利润同比 | 8.6% | -1947.7% |
| 每股收益（稀释后） | $0.38 | $-4.61 |
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AMCRMERC
| Q4 25 | $5.4B | $449.5M | ||
| Q3 25 | $5.7B | $458.1M | ||
| Q2 25 | $5.1B | $453.5M | ||
| Q1 25 | $3.3B | $507.0M | ||
| Q4 24 | $3.2B | $488.4M | ||
| Q3 24 | $3.4B | $502.1M | ||
| Q2 24 | $3.5B | $499.4M | ||
| Q1 24 | $3.4B | $553.4M |
净利润AMCRMERC
| Q4 25 | $177.0M | $-308.7M | ||
| Q3 25 | $262.0M | $-80.8M | ||
| Q2 25 | $-39.0M | $-86.1M | ||
| Q1 25 | $196.0M | $-22.3M | ||
| Q4 24 | $163.0M | $16.7M | ||
| Q3 24 | $191.0M | $-17.6M | ||
| Q2 24 | $257.0M | $-67.6M | ||
| Q1 24 | $187.0M | $-16.7M |
毛利率AMCRMERC
| Q4 25 | 19.1% | — | ||
| Q3 25 | 19.6% | — | ||
| Q2 25 | 17.6% | — | ||
| Q1 25 | 19.6% | — | ||
| Q4 24 | 19.3% | — | ||
| Q3 24 | 19.7% | — | ||
| Q2 24 | 21.3% | — | ||
| Q1 24 | 20.3% | — |
营业利润率AMCRMERC
| Q4 25 | 6.1% | -62.0% | ||
| Q3 25 | 8.0% | -14.8% | ||
| Q2 25 | 1.7% | -12.9% | ||
| Q1 25 | 9.4% | 1.3% | ||
| Q4 24 | 9.2% | 10.3% | ||
| Q3 24 | 9.3% | 1.8% | ||
| Q2 24 | 11.2% | -8.8% | ||
| Q1 24 | 9.0% | -0.1% |
净利率AMCRMERC
| Q4 25 | 3.2% | -68.7% | ||
| Q3 25 | 4.6% | -17.6% | ||
| Q2 25 | -0.8% | -19.0% | ||
| Q1 25 | 5.9% | -4.4% | ||
| Q4 24 | 5.0% | 3.4% | ||
| Q3 24 | 5.7% | -3.5% | ||
| Q2 24 | 7.3% | -13.5% | ||
| Q1 24 | 5.5% | -3.0% |
每股收益（稀释后）AMCRMERC
| Q4 25 | $0.38 | $-4.61 | ||
| Q3 25 | $0.11 | $-1.21 | ||
| Q2 25 | $-0.06 | $-1.29 | ||
| Q1 25 | $0.14 | $-0.33 | ||
| Q4 24 | $0.11 | $0.25 | ||
| Q3 24 | $0.13 | $-0.26 | ||
| Q2 24 | $0.18 | $-1.01 | ||
| Q1 24 | $0.13 | $-0.25 |
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 | $1.1B | $186.8M |
| 总债务越低越好 | $14.6B | $1.6B |
| 股东权益账面价值 | $11.6B | $68.1M |
| 总资产 | $37.0B | $2.0B |
| 负债/权益比越低杠杆越低 | 1.26× | 23.58× |
8季度趋势，按日历期对齐
现金及短期投资AMCRMERC
| Q4 25 | $1.1B | $186.8M | ||
| Q3 25 | $825.0M | $98.1M | ||
| Q2 25 | $827.0M | $146.5M | ||
| Q1 25 | $2.0B | $181.5M | ||
| Q4 24 | $445.0M | $184.9M | ||
| Q3 24 | $432.0M | $239.0M | ||
| Q2 24 | $588.0M | $263.2M | ||
| Q1 24 | $457.0M | $274.3M |
总债务AMCRMERC
| Q4 25 | $14.6B | $1.6B | ||
| Q3 25 | $12.8B | $1.5B | ||
| Q2 25 | $13.8B | $1.5B | ||
| Q1 25 | $8.6B | $1.5B | ||
| Q4 24 | $6.8B | $1.5B | ||
| Q3 24 | $7.2B | $1.6B | ||
| Q2 24 | $6.6B | $1.6B | ||
| Q1 24 | $7.1B | $1.6B |
股东权益AMCRMERC
| Q4 25 | $11.6B | $68.1M | ||
| Q3 25 | $11.7B | $359.5M | ||
| Q2 25 | $11.7B | $446.5M | ||
| Q1 25 | $3.9B | $437.4M | ||
| Q4 24 | $3.8B | $429.8M | ||
| Q3 24 | $3.9B | $516.8M | ||
| Q2 24 | $3.9B | $487.7M | ||
| Q1 24 | $3.9B | $573.6M |
总资产AMCRMERC
| Q4 25 | $37.0B | $2.0B | ||
| Q3 25 | $37.1B | $2.3B | ||
| Q2 25 | $37.1B | $2.4B | ||
| Q1 25 | $18.0B | $2.3B | ||
| Q4 24 | $16.2B | $2.3B | ||
| Q3 24 | $16.9B | $2.5B | ||
| Q2 24 | $16.5B | $2.5B | ||
| Q1 24 | $16.7B | $2.6B |
负债/权益比AMCRMERC
| Q4 25 | 1.26× | 23.58× | ||
| Q3 25 | 1.09× | 4.30× | ||
| Q2 25 | 1.18× | 3.42× | ||
| Q1 25 | 2.24× | 3.44× | ||
| Q4 24 | 1.81× | 3.43× | ||
| Q3 24 | 1.83× | 3.09× | ||
| Q2 24 | 1.70× | 3.22× | ||
| Q1 24 | 1.79× | 2.82× |
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 | $503.0M | $46.2M |
| 自由现金流经营现金流 - 资本支出 | $282.0M | $32.0M |
| 自由现金流率自由现金流/营收 | 5.2% | 7.1% |
| 资本支出强度资本支出/营收 | 4.1% | 3.1% |
| 现金转化率经营现金流/净利润 | 2.84× | — |
| 过去12个月自由现金流最近4个季度 | $805.0M | $-80.0M |
8季度趋势，按日历期对齐
经营现金流AMCRMERC
| Q4 25 | $503.0M | $46.2M | ||
| Q3 25 | $-133.0M | $-30.1M | ||
| Q2 25 | $1.1B | $-4.5M | ||
| Q1 25 | $117.0M | $-3.0M | ||
| Q4 24 | $428.0M | $71.2M | ||
| Q3 24 | $-269.0M | $-13.9M | ||
| Q2 24 | $943.0M | $62.2M | ||
| Q1 24 | $150.0M | $-29.2M |
自由现金流AMCRMERC
| Q4 25 | $282.0M | $32.0M | ||
| Q3 25 | $-371.0M | $-60.1M | ||
| Q2 25 | $894.0M | $-28.9M | ||
| Q1 25 | $0 | $-23.1M | ||
| Q4 24 | $330.0M | $50.4M | ||
| Q3 24 | $-414.0M | $-41.2M | ||
| Q2 24 | $809.0M | $44.3M | ||
| Q1 24 | $37.0M | $-47.7M |
自由现金流率AMCRMERC
| Q4 25 | 5.2% | 7.1% | ||
| Q3 25 | -6.5% | -13.1% | ||
| Q2 25 | 17.6% | -6.4% | ||
| Q1 25 | 0.0% | -4.6% | ||
| Q4 24 | 10.2% | 10.3% | ||
| Q3 24 | -12.3% | -8.2% | ||
| Q2 24 | 22.9% | 8.9% | ||
| Q1 24 | 1.1% | -8.6% |
资本支出强度AMCRMERC
| Q4 25 | 4.1% | 3.1% | ||
| Q3 25 | 4.1% | 6.6% | ||
| Q2 25 | 4.3% | 5.4% | ||
| Q1 25 | 3.5% | 4.0% | ||
| Q4 24 | 3.0% | 4.2% | ||
| Q3 24 | 4.3% | 5.4% | ||
| Q2 24 | 3.8% | 3.6% | ||
| Q1 24 | 3.3% | 3.3% |
现金转化率AMCRMERC
| Q4 25 | 2.84× | — | ||
| Q3 25 | -0.51× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.60× | — | ||
| Q4 24 | 2.63× | 4.26× | ||
| Q3 24 | -1.41× | — | ||
| Q2 24 | 3.67× | — | ||
| Q1 24 | 0.80× | — |
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
AMCR
| Flexibles Segment | $3.2B | 59% |
| Rigid Packaging Segment | $2.3B | 42% |
MERC
| Other | $215.3M | 48% |
| Solid Wood | $110.2M | 25% |
| Lumber | $54.9M | 12% |
| Pallets | $23.7M | 5% |
| Energyandchemicals | $18.7M | 4% |
| Manufactured Products | $14.1M | 3% |
| Biofuels | $10.0M | 2% |
| Wood Residuals | $2.6M | 1% |
