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AMC Networks Inc.（AMCX）与美世（MERC）财务数据对比。点击上方公司名可切换其他公司
AMC Networks Inc.的季度营收约是美世的1.3倍（$594.8M vs $449.5M），AMC Networks Inc.净利率更高（-9.3% vs -68.7%，领先59.4%），AMC Networks Inc.同比增速更快（-0.8% vs -8.0%），AMC Networks Inc.自由现金流更多（$40.4M vs $32.0M），过去两年AMC Networks Inc.的营收复合增速更高（-0.1% vs -9.9%）
AMC网络公司是总部位于纽约市的美国独立大众传媒娱乐集团，旗下拥有AMC、BBC美国台、IFC、圣丹斯电视、We TV等多个有线频道，还经营纽约IFC中心艺术影院、独立电影公司、动漫版权发行商，以及AMC+、Acorn TV等多个付费订阅流媒体服务。
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。
AMCX vs MERC — 直观对比
营收规模更大
AMCX
是对方的1.3倍
$449.5M
营收增速更快
AMCX
高出7.2%
-8.0%
净利率更高
AMCX
高出59.4%
-68.7%
自由现金流更多
AMCX
多$8.4M
$32.0M
两年增速更快
AMCX
近两年复合增速
-9.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $594.8M | $449.5M |
| 净利润 | $-55.5M | $-308.7M |
| 毛利率 | 49.7% | — |
| 营业利润率 | -8.6% | -62.0% |
| 净利率 | -9.3% | -68.7% |
| 营收同比 | -0.8% | -8.0% |
| 净利润同比 | 80.5% | -1947.7% |
| 每股收益（稀释后） | $-0.97 | $-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AMCXMERC
| Q4 25 | $594.8M | $449.5M | ||
| Q3 25 | $561.7M | $458.1M | ||
| Q2 25 | $600.0M | $453.5M | ||
| Q1 25 | $555.2M | $507.0M | ||
| Q4 24 | $599.3M | $488.4M | ||
| Q3 24 | $599.6M | $502.1M | ||
| Q2 24 | $625.9M | $499.4M | ||
| Q1 24 | $596.5M | $553.4M |
净利润AMCXMERC
| Q4 25 | $-55.5M | $-308.7M | ||
| Q3 25 | $76.5M | $-80.8M | ||
| Q2 25 | $50.3M | $-86.1M | ||
| Q1 25 | $18.0M | $-22.3M | ||
| Q4 24 | $-284.5M | $16.7M | ||
| Q3 24 | $41.4M | $-17.6M | ||
| Q2 24 | $-29.2M | $-67.6M | ||
| Q1 24 | $45.8M | $-16.7M |
毛利率AMCXMERC
| Q4 25 | 49.7% | — | ||
| Q3 25 | 48.2% | — | ||
| Q2 25 | 52.7% | — | ||
| Q1 25 | 51.8% | — | ||
| Q4 24 | 51.2% | — | ||
| Q3 24 | 52.0% | — | ||
| Q2 24 | 55.2% | — | ||
| Q1 24 | 54.5% | — |
营业利润率AMCXMERC
| Q4 25 | -8.6% | -62.0% | ||
| Q3 25 | 9.9% | -14.8% | ||
| Q2 25 | 10.7% | -12.9% | ||
| Q1 25 | 11.6% | 1.3% | ||
| Q4 24 | -42.4% | 10.3% | ||
| Q3 24 | 15.6% | 1.8% | ||
| Q2 24 | 1.7% | -8.8% | ||
| Q1 24 | 18.5% | -0.1% |
净利率AMCXMERC
| Q4 25 | -9.3% | -68.7% | ||
| Q3 25 | 13.6% | -17.6% | ||
| Q2 25 | 8.4% | -19.0% | ||
| Q1 25 | 3.3% | -4.4% | ||
| Q4 24 | -47.5% | 3.4% | ||
| Q3 24 | 6.9% | -3.5% | ||
| Q2 24 | -4.7% | -13.5% | ||
| Q1 24 | 7.7% | -3.0% |
每股收益（稀释后）AMCXMERC
| Q4 25 | $-0.97 | $-4.61 | ||
| Q3 25 | $1.38 | $-1.21 | ||
| Q2 25 | $0.91 | $-1.29 | ||
| Q1 25 | $0.34 | $-0.33 | ||
| Q4 24 | $-6.23 | $0.25 | ||
| Q3 24 | $0.76 | $-0.26 | ||
| Q2 24 | $-0.66 | $-1.01 | ||
| Q1 24 | $1.03 | $-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 | $502.4M | $186.8M |
| 总债务越低越好 | $1.8B | $1.6B |
| 股东权益账面价值 | $981.9M | $68.1M |
| 总资产 | $3.9B | $2.0B |
| 负债/权益比越低杠杆越低 | 1.78× | 23.58× |
8季度趋势，按日历期对齐
现金及短期投资AMCXMERC
| Q4 25 | $502.4M | $186.8M | ||
| Q3 25 | $716.8M | $98.1M | ||
| Q2 25 | $866.4M | $146.5M | ||
| Q1 25 | $870.2M | $181.5M | ||
| Q4 24 | $784.6M | $184.9M | ||
| Q3 24 | $816.4M | $239.0M | ||
| Q2 24 | $802.6M | $263.2M | ||
| Q1 24 | $690.5M | $274.3M |
总债务AMCXMERC
| Q4 25 | $1.8B | $1.6B | ||
| Q3 25 | $1.9B | $1.5B | ||
| Q2 25 | $2.2B | $1.5B | ||
| Q1 25 | $2.3B | $1.5B | ||
| Q4 24 | $2.3B | $1.5B | ||
| Q3 24 | $2.3B | $1.6B | ||
| Q2 24 | $2.4B | $1.6B | ||
| Q1 24 | $2.3B | $1.6B |
股东权益AMCXMERC
| Q4 25 | $981.9M | $68.1M | ||
| Q3 25 | $1.1B | $359.5M | ||
| Q2 25 | $971.7M | $446.5M | ||
| Q1 25 | $888.8M | $437.4M | ||
| Q4 24 | $855.6M | $429.8M | ||
| Q3 24 | $1.1B | $516.8M | ||
| Q2 24 | $1.1B | $487.7M | ||
| Q1 24 | $1.1B | $573.6M |
总资产AMCXMERC
| Q4 25 | $3.9B | $2.0B | ||
| Q3 25 | $4.2B | $2.3B | ||
| Q2 25 | $4.4B | $2.4B | ||
| Q1 25 | $4.3B | $2.3B | ||
| Q4 24 | $4.4B | $2.3B | ||
| Q3 24 | $4.8B | $2.5B | ||
| Q2 24 | $4.9B | $2.5B | ||
| Q1 24 | $4.9B | $2.6B |
负债/权益比AMCXMERC
| Q4 25 | 1.78× | 23.58× | ||
| Q3 25 | 1.82× | 4.30× | ||
| Q2 25 | 2.27× | 3.42× | ||
| Q1 25 | 2.62× | 3.44× | ||
| Q4 24 | 2.73× | 3.43× | ||
| Q3 24 | 2.10× | 3.09× | ||
| Q2 24 | 2.26× | 3.22× | ||
| Q1 24 | 2.17× | 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 | $49.2M | $46.2M |
| 自由现金流经营现金流 - 资本支出 | $40.4M | $32.0M |
| 自由现金流率自由现金流/营收 | 6.8% | 7.1% |
| 资本支出强度资本支出/营收 | 1.5% | 3.1% |
| 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 | $272.4M | $-80.0M |
8季度趋势，按日历期对齐
经营现金流AMCXMERC
| Q4 25 | $49.2M | $46.2M | ||
| Q3 25 | $44.8M | $-30.1M | ||
| Q2 25 | $102.8M | $-4.5M | ||
| Q1 25 | $108.8M | $-3.0M | ||
| Q4 24 | $58.1M | $71.2M | ||
| Q3 24 | $62.2M | $-13.9M | ||
| Q2 24 | $104.4M | $62.2M | ||
| Q1 24 | $150.9M | $-29.2M |
自由现金流AMCXMERC
| Q4 25 | $40.4M | $32.0M | ||
| Q3 25 | $42.0M | $-60.1M | ||
| Q2 25 | $95.7M | $-28.9M | ||
| Q1 25 | $94.2M | $-23.1M | ||
| Q4 24 | $37.6M | $50.4M | ||
| Q3 24 | $53.9M | $-41.2M | ||
| Q2 24 | $95.2M | $44.3M | ||
| Q1 24 | $144.1M | $-47.7M |
自由现金流率AMCXMERC
| Q4 25 | 6.8% | 7.1% | ||
| Q3 25 | 7.5% | -13.1% | ||
| Q2 25 | 16.0% | -6.4% | ||
| Q1 25 | 17.0% | -4.6% | ||
| Q4 24 | 6.3% | 10.3% | ||
| Q3 24 | 9.0% | -8.2% | ||
| Q2 24 | 15.2% | 8.9% | ||
| Q1 24 | 24.2% | -8.6% |
资本支出强度AMCXMERC
| Q4 25 | 1.5% | 3.1% | ||
| Q3 25 | 0.5% | 6.6% | ||
| Q2 25 | 1.2% | 5.4% | ||
| Q1 25 | 2.6% | 4.0% | ||
| Q4 24 | 3.4% | 4.2% | ||
| Q3 24 | 1.4% | 5.4% | ||
| Q2 24 | 1.5% | 3.6% | ||
| Q1 24 | 1.1% | 3.3% |
现金转化率AMCXMERC
| Q4 25 | — | — | ||
| Q3 25 | 0.59× | — | ||
| Q2 25 | 2.04× | — | ||
| Q1 25 | 6.03× | — | ||
| Q4 24 | — | 4.26× | ||
| Q3 24 | 1.50× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 3.29× | — |
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
AMCX
| Subscription And Circulation | $314.8M | 53% |
| Advertising | $124.9M | 21% |
| Other | $79.1M | 13% |
| License | $74.8M | 13% |
| Related Party | $1.2M | 0% |
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% |
