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Array Technologies, Inc.（ARRY）与MALIBU BOATS, INC.（MBUU）财务数据对比。点击上方公司名可切换其他公司
Array Technologies, Inc.的季度营收约是MALIBU BOATS, INC.的1.2倍（$226.0M vs $188.6M），MALIBU BOATS, INC.同比增速更快（-5.8% vs -17.9%），Array Technologies, Inc.自由现金流更多（$36.2M vs $8.2M），过去两年Array Technologies, Inc.的营收复合增速更高（21.4% vs -3.7%）
ATI科技是原加拿大半导体科技企业，总部位于安大略省万锦市，专注于图形处理器与芯片组的研发，1985年成立，1993年公开上市，2006年被AMD收购。作为全球知名的无晶圆厂半导体厂商，其掌握自研核心技术，生产组装环节采用外包模式。2000年3dfx破产后，ATI成为全球图形芯片领域的核心厂商之一。
马里布游艇是美国休闲游艇制造商，1982年创立于加利福尼亚州默塞德，现总部位于田纳西州洛登，在澳大利亚新南威尔士州也设有生产基地。它是全球最大的水上运动拖船制造商，产品可供休闲使用，也应用于滑水、尾波滑板等各类赛事活动。
ARRY vs MBUU — 直观对比
营收规模更大
ARRY
是对方的1.2倍
$188.6M
营收增速更快
MBUU
高出12.1%
-17.9%
自由现金流更多
ARRY
多$27.9M
$8.2M
两年增速更快
ARRY
近两年复合增速
-3.7%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $226.0M | $188.6M |
| 净利润 | — | $-2.5M |
| 毛利率 | 8.6% | 13.3% |
| 营业利润率 | -65.5% | -1.9% |
| 净利率 | — | -1.3% |
| 营收同比 | -17.9% | -5.8% |
| 净利润同比 | — | -204.2% |
| 每股收益（稀释后） | $-1.06 | $-0.13 |
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ARRYMBUU
| Q4 25 | $226.0M | $188.6M | ||
| Q3 25 | $393.5M | $194.7M | ||
| Q2 25 | $362.2M | $207.0M | ||
| Q1 25 | $302.4M | $228.7M | ||
| Q4 24 | $275.2M | $200.3M | ||
| Q3 24 | $231.4M | $171.6M | ||
| Q2 24 | $255.8M | $158.7M | ||
| Q1 24 | $153.4M | $203.4M |
净利润ARRYMBUU
| Q4 25 | — | $-2.5M | ||
| Q3 25 | $33.5M | $-702.0K | ||
| Q2 25 | $43.3M | $4.7M | ||
| Q1 25 | $16.7M | $12.9M | ||
| Q4 24 | — | $2.4M | ||
| Q3 24 | $-141.4M | $-5.0M | ||
| Q2 24 | $25.7M | $-19.2M | ||
| Q1 24 | $2.2M | $-66.8M |
毛利率ARRYMBUU
| Q4 25 | 8.6% | 13.3% | ||
| Q3 25 | 26.9% | 14.3% | ||
| Q2 25 | 26.8% | 15.8% | ||
| Q1 25 | 25.3% | 20.0% | ||
| Q4 24 | 28.5% | 18.7% | ||
| Q3 24 | 33.8% | 16.4% | ||
| Q2 24 | 33.6% | 7.9% | ||
| Q1 24 | 35.9% | 19.8% |
营业利润率ARRYMBUU
| Q4 25 | -65.5% | -1.9% | ||
| Q3 25 | 11.6% | -0.4% | ||
| Q2 25 | 12.8% | 3.3% | ||
| Q1 25 | 9.0% | 7.6% | ||
| Q4 24 | -51.7% | 1.6% | ||
| Q3 24 | -57.3% | -3.3% | ||
| Q2 24 | 15.5% | -15.4% | ||
| Q1 24 | 5.5% | -36.8% |
净利率ARRYMBUU
| Q4 25 | — | -1.3% | ||
| Q3 25 | 8.5% | -0.4% | ||
| Q2 25 | 11.9% | 2.3% | ||
| Q1 25 | 5.5% | 5.6% | ||
| Q4 24 | — | 1.2% | ||
| Q3 24 | -61.1% | -2.9% | ||
| Q2 24 | 10.0% | -12.1% | ||
| Q1 24 | 1.4% | -32.9% |
每股收益（稀释后）ARRYMBUU
| Q4 25 | $-1.06 | $-0.13 | ||
| Q3 25 | $0.12 | $-0.04 | ||
| Q2 25 | $0.19 | $0.23 | ||
| Q1 25 | $0.02 | $0.66 | ||
| Q4 24 | $-0.94 | $0.12 | ||
| Q3 24 | $-1.02 | $-0.25 | ||
| Q2 24 | $0.08 | $-0.93 | ||
| Q1 24 | $-0.07 | $-3.28 |
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 | $244.4M | $28.2M |
| 总债务越低越好 | — | $20.0M |
| 股东权益账面价值 | $-206.3M | $495.0M |
| 总资产 | $1.5B | $715.7M |
| 负债/权益比越低杠杆越低 | — | 0.04× |
8季度趋势，按日历期对齐
现金及短期投资ARRYMBUU
| Q4 25 | $244.4M | $28.2M | ||
| Q3 25 | $221.5M | $44.1M | ||
| Q2 25 | $377.3M | $37.0M | ||
| Q1 25 | $348.3M | $38.7M | ||
| Q4 24 | $363.0M | $35.1M | ||
| Q3 24 | $332.4M | $27.7M | ||
| Q2 24 | $282.3M | $26.9M | ||
| Q1 24 | $287.6M | $47.1M |
总债务ARRYMBUU
| Q4 25 | — | $20.0M | ||
| Q3 25 | — | $23.0M | ||
| Q2 25 | — | $18.0M | ||
| Q1 25 | — | $28.0M | ||
| Q4 24 | — | $23.0M | ||
| Q3 24 | — | $28.0M | ||
| Q2 24 | — | $0 | ||
| Q1 24 | — | $15.0M |
股东权益ARRYMBUU
| Q4 25 | $-206.3M | $495.0M | ||
| Q3 25 | $-46.7M | $516.4M | ||
| Q2 25 | $-70.9M | $515.5M | ||
| Q1 25 | $-97.8M | $513.0M | ||
| Q4 24 | $-118.1M | $509.8M | ||
| Q3 24 | $64.5M | $517.7M | ||
| Q2 24 | $200.0M | $530.0M | ||
| Q1 24 | $231.2M | $557.2M |
总资产ARRYMBUU
| Q4 25 | $1.5B | $715.7M | ||
| Q3 25 | $1.6B | $755.6M | ||
| Q2 25 | $1.5B | $734.6M | ||
| Q1 25 | $1.4B | $758.8M | ||
| Q4 24 | $1.4B | $738.7M | ||
| Q3 24 | $1.6B | $759.1M | ||
| Q2 24 | $1.7B | $739.6M | ||
| Q1 24 | $1.6B | $797.6M |
负债/权益比ARRYMBUU
| Q4 25 | — | 0.04× | ||
| Q3 25 | — | 0.04× | ||
| Q2 25 | — | 0.03× | ||
| Q1 25 | — | 0.05× | ||
| Q4 24 | — | 0.05× | ||
| Q3 24 | — | 0.05× | ||
| Q2 24 | — | 0.00× | ||
| Q1 24 | — | 0.03× |
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 | $43.6M | $12.6M |
| 自由现金流经营现金流 - 资本支出 | $36.2M | $8.2M |
| 自由现金流率自由现金流/营收 | 16.0% | 4.4% |
| 资本支出强度资本支出/营收 | 3.3% | 2.3% |
| 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 | $79.8M | $33.3M |
8季度趋势，按日历期对齐
经营现金流ARRYMBUU
| Q4 25 | $43.6M | $12.6M | ||
| Q3 25 | $27.4M | $6.5M | ||
| Q2 25 | $43.8M | $21.0M | ||
| Q1 25 | $-13.1M | $15.5M | ||
| Q4 24 | $57.6M | $28.4M | ||
| Q3 24 | $44.9M | $-8.4M | ||
| Q2 24 | $4.0M | $16.3M | ||
| Q1 24 | $47.5M | $23.5M |
自由现金流ARRYMBUU
| Q4 25 | $36.2M | $8.2M | ||
| Q3 25 | $21.9M | $2.2M | ||
| Q2 25 | $37.2M | $14.1M | ||
| Q1 25 | $-15.4M | $8.8M | ||
| Q4 24 | $55.9M | $22.8M | ||
| Q3 24 | $43.9M | $-17.0M | ||
| Q2 24 | $1.8M | $4.5M | ||
| Q1 24 | $45.1M | $11.5M |
自由现金流率ARRYMBUU
| Q4 25 | 16.0% | 4.4% | ||
| Q3 25 | 5.6% | 1.1% | ||
| Q2 25 | 10.3% | 6.8% | ||
| Q1 25 | -5.1% | 3.8% | ||
| Q4 24 | 20.3% | 11.4% | ||
| Q3 24 | 19.0% | -9.9% | ||
| Q2 24 | 0.7% | 2.8% | ||
| Q1 24 | 29.4% | 5.7% |
资本支出强度ARRYMBUU
| Q4 25 | 3.3% | 2.3% | ||
| Q3 25 | 1.4% | 2.2% | ||
| Q2 25 | 1.8% | 3.4% | ||
| Q1 25 | 0.8% | 2.9% | ||
| Q4 24 | 0.6% | 2.8% | ||
| Q3 24 | 0.5% | 5.0% | ||
| Q2 24 | 0.8% | 7.5% | ||
| Q1 24 | 1.6% | 5.9% |
现金转化率ARRYMBUU
| Q4 25 | — | — | ||
| Q3 25 | 0.82× | — | ||
| Q2 25 | 1.01× | 4.50× | ||
| Q1 25 | -0.78× | 1.20× | ||
| Q4 24 | — | 12.02× | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.15× | — | ||
| Q1 24 | 21.94× | — |
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
ARRY
| Array Legacy Operations Segment | $212.0M | 94% |
| STI Operations Segment | $14.0M | 6% |
MBUU
| Boatand Trailer Sales | $68.1M | 36% |
| Saltwater Fishing | $65.3M | 35% |
| Cobalt | $52.6M | 28% |
| Part And Other Sales | $2.6M | 1% |
