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Core & Main, Inc.（CNM）与美泰（MAT）财务数据对比。点击上方公司名可切换其他公司
Core & Main, Inc.的季度营收约是美泰的1.2倍（$2.1B vs $1.8B），Core & Main, Inc.净利率更高（6.6% vs 6.0%，领先0.6%），美泰同比增速更快（7.3% vs 0.0%），过去两年美泰的营收复合增速更高（47.7% vs 19.7%）
Core & Main, Inc.总部位于美国密苏里州圣路易斯，是美国专业的水务及相关防护产品分销商，主营供水、污水处理、雨水排放、消防防护类产品，客户覆盖市政部门、私营水务企业及专业承包商，在全美49个州设有370个分支机构，服务6万客户，在售产品达22.5万种。
美泰是美国知名玩具及娱乐企业，旗下影视制作部门美泰影业运营时间为2018年9月6日至2025年6月2日。其前身为2013年10月16日成立的美泰Playground Productions，更早可追溯至美泰娱乐、美泰工作室等集团原有娱乐业务品牌。
CNM vs MAT — 直观对比
营收规模更大
CNM
是对方的1.2倍
$1.8B
营收增速更快
MAT
高出7.3%
0.0%
净利率更高
CNM
高出0.6%
6.0%
两年增速更快
MAT
近两年复合增速
19.7%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $1.8B |
| 净利润 | $137.0M | $106.2M |
| 毛利率 | 27.2% | 45.9% |
| 营业利润率 | 10.7% | 8.0% |
| 净利率 | 6.6% | 6.0% |
| 营收同比 | 0.0% | 7.3% |
| 净利润同比 | 0.0% | -24.6% |
| 每股收益（稀释后） | $0.72 | $0.32 |
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CNMMAT
| Q4 25 | $2.1B | $1.8B | ||
| Q3 25 | $2.1B | $1.7B | ||
| Q2 25 | $1.9B | $1.0B | ||
| Q1 25 | $1.7B | $826.6M | ||
| Q4 24 | $2.0B | $1.6B | ||
| Q3 24 | $2.0B | $1.8B | ||
| Q2 24 | $1.7B | $1.1B | ||
| Q1 24 | $1.4B | $809.5M |
净利润CNMMAT
| Q4 25 | $137.0M | $106.2M | ||
| Q3 25 | $134.0M | $278.4M | ||
| Q2 25 | $100.0M | $53.4M | ||
| Q1 25 | $64.0M | $-40.3M | ||
| Q4 24 | $133.0M | $140.9M | ||
| Q3 24 | $119.0M | $372.4M | ||
| Q2 24 | $95.0M | $56.9M | ||
| Q1 24 | $63.0M | $-28.3M |
毛利率CNMMAT
| Q4 25 | 27.2% | 45.9% | ||
| Q3 25 | 26.8% | 50.0% | ||
| Q2 25 | 26.7% | 50.9% | ||
| Q1 25 | 26.6% | 49.4% | ||
| Q4 24 | 26.6% | 50.7% | ||
| Q3 24 | 26.4% | 53.1% | ||
| Q2 24 | 26.9% | 49.2% | ||
| Q1 24 | 26.7% | 48.0% |
营业利润率CNMMAT
| Q4 25 | 10.7% | 8.0% | ||
| Q3 25 | 10.2% | 21.9% | ||
| Q2 25 | 8.9% | 7.7% | ||
| Q1 25 | 7.3% | -6.4% | ||
| Q4 24 | 10.9% | 9.6% | ||
| Q3 24 | 10.4% | 26.5% | ||
| Q2 24 | 9.6% | 7.7% | ||
| Q1 24 | 8.1% | -4.4% |
净利率CNMMAT
| Q4 25 | 6.6% | 6.0% | ||
| Q3 25 | 6.4% | 16.0% | ||
| Q2 25 | 5.2% | 5.2% | ||
| Q1 25 | 3.8% | -4.9% | ||
| Q4 24 | 6.5% | 8.6% | ||
| Q3 24 | 6.1% | 20.2% | ||
| Q2 24 | 5.5% | 5.3% | ||
| Q1 24 | 4.4% | -3.5% |
每股收益（稀释后）CNMMAT
| Q4 25 | $0.72 | $0.32 | ||
| Q3 25 | $0.70 | $0.88 | ||
| Q2 25 | $0.52 | $0.16 | ||
| Q1 25 | $0.34 | $-0.12 | ||
| Q4 24 | $0.69 | $0.40 | ||
| Q3 24 | $0.61 | $1.09 | ||
| Q2 24 | $0.49 | $0.17 | ||
| Q1 24 | $0.34 | $-0.08 |
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 | $89.0M | $1.2B |
| 总债务越低越好 | — | $2.3B |
| 股东权益账面价值 | $2.0B | $2.2B |
| 总资产 | $6.3B | $6.6B |
| 负债/权益比越低杠杆越低 | — | 1.04× |
8季度趋势，按日历期对齐
现金及短期投资CNMMAT
| Q4 25 | $89.0M | $1.2B | ||
| Q3 25 | $25.0M | $691.9M | ||
| Q2 25 | $8.0M | $870.5M | ||
| Q1 25 | $8.0M | $1.2B | ||
| Q4 24 | $10.0M | $1.4B | ||
| Q3 24 | $13.0M | $723.5M | ||
| Q2 24 | $30.0M | $722.4M | ||
| Q1 24 | $1.0M | $1.1B |
总债务CNMMAT
| Q4 25 | — | $2.3B | ||
| Q3 25 | — | $2.3B | ||
| Q2 25 | — | $2.3B | ||
| Q1 25 | — | $2.3B | ||
| Q4 24 | — | $2.3B | ||
| Q3 24 | — | $2.3B | ||
| Q2 24 | — | $2.3B | ||
| Q1 24 | — | $2.3B |
股东权益CNMMAT
| Q4 25 | $2.0B | $2.2B | ||
| Q3 25 | $1.9B | $2.3B | ||
| Q2 25 | $1.7B | $2.2B | ||
| Q1 25 | $1.7B | $2.1B | ||
| Q4 24 | $1.7B | $2.3B | ||
| Q3 24 | $1.6B | $2.3B | ||
| Q2 24 | $1.6B | $2.0B | ||
| Q1 24 | $1.5B | $2.0B |
总资产CNMMAT
| Q4 25 | $6.3B | $6.6B | ||
| Q3 25 | $6.3B | $6.6B | ||
| Q2 25 | $6.3B | $6.2B | ||
| Q1 25 | $5.9B | $6.2B | ||
| Q4 24 | $6.2B | $6.5B | ||
| Q3 24 | $6.1B | $6.5B | ||
| Q2 24 | $6.0B | $5.9B | ||
| Q1 24 | $5.1B | $6.1B |
负债/权益比CNMMAT
| Q4 25 | — | 1.04× | ||
| Q3 25 | — | 1.03× | ||
| Q2 25 | — | 1.08× | ||
| Q1 25 | — | 1.10× | ||
| Q4 24 | — | 1.03× | ||
| Q3 24 | — | 1.01× | ||
| Q2 24 | — | 1.18× | ||
| Q1 24 | — | 1.15× |
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 | $271.0M | $796.6M |
| 自由现金流经营现金流 - 资本支出 | $263.0M | — |
| 自由现金流率自由现金流/营收 | 12.8% | — |
| 资本支出强度资本支出/营收 | 0.4% | — |
| 现金转化率经营现金流/净利润 | 1.98× | 7.50× |
| 过去12个月自由现金流最近4个季度 | $575.0M | — |
8季度趋势，按日历期对齐
经营现金流CNMMAT
| Q4 25 | $271.0M | $796.6M | ||
| Q3 25 | $34.0M | $72.0M | ||
| Q2 25 | $77.0M | $-300.1M | ||
| Q1 25 | $235.0M | $24.8M | ||
| Q4 24 | $260.0M | $862.1M | ||
| Q3 24 | $48.0M | $155.8M | ||
| Q2 24 | $78.0M | $-252.9M | ||
| Q1 24 | $294.0M | $35.5M |
自由现金流CNMMAT
| Q4 25 | $263.0M | — | ||
| Q3 25 | $24.0M | — | ||
| Q2 25 | $64.0M | — | ||
| Q1 25 | $224.0M | — | ||
| Q4 24 | $252.0M | — | ||
| Q3 24 | $39.0M | — | ||
| Q2 24 | $71.0M | — | ||
| Q1 24 | $289.0M | — |
自由现金流率CNMMAT
| Q4 25 | 12.8% | — | ||
| Q3 25 | 1.1% | — | ||
| Q2 25 | 3.3% | — | ||
| Q1 25 | 13.2% | — | ||
| Q4 24 | 12.4% | — | ||
| Q3 24 | 2.0% | — | ||
| Q2 24 | 4.1% | — | ||
| Q1 24 | 20.1% | — |
资本支出强度CNMMAT
| Q4 25 | 0.4% | — | ||
| Q3 25 | 0.5% | — | ||
| Q2 25 | 0.7% | — | ||
| Q1 25 | 0.6% | — | ||
| Q4 24 | 0.4% | — | ||
| Q3 24 | 0.5% | — | ||
| Q2 24 | 0.4% | — | ||
| Q1 24 | 0.3% | — |
现金转化率CNMMAT
| Q4 25 | 1.98× | 7.50× | ||
| Q3 25 | 0.25× | 0.26× | ||
| Q2 25 | 0.77× | -5.62× | ||
| Q1 25 | 3.67× | — | ||
| Q4 24 | 1.95× | 6.12× | ||
| Q3 24 | 0.40× | 0.42× | ||
| Q2 24 | 0.82× | -4.45× | ||
| Q1 24 | 4.67× | — |
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
CNM
| Pipes Valves And Fitting Products | $1.4B | 67% |
| Storm Drainage Products | $333.0M | 16% |
| Meter Products | $195.0M | 9% |
| Fire Protection Products | $152.0M | 7% |
MAT
| North America Segment | $1.0B | 58% |
| International Segment | $745.6M | 42% |
