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Corpay（CPAY）与美泰（MAT）财务数据对比。点击上方公司名可切换其他公司
美泰的季度营收约是Corpay的1.4倍（$1.8B vs $1.2B），Corpay净利率更高（21.2% vs 6.0%，领先15.2%），Corpay同比增速更快（20.7% vs 7.3%），过去两年美泰的营收复合增速更高（47.7% vs 15.5%）
Corpay总部位于美国佐治亚州亚特兰大，是专业的支付与支出管理服务提供商，旗下系统及服务可帮助客户高效管控采购、支付全流程的相关费用，核心业务覆盖车辆相关支出、住宿支出及企业支付三大领域。
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。
CPAY vs MAT — 直观对比
营收规模更大
MAT
是对方的1.4倍
$1.2B
营收增速更快
CPAY
高出13.4%
7.3%
净利率更高
CPAY
高出15.2%
6.0%
两年增速更快
MAT
近两年复合增速
15.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.8B |
| 净利润 | $264.5M | $106.2M |
| 毛利率 | — | 45.9% |
| 营业利润率 | 45.2% | 8.0% |
| 净利率 | 21.2% | 6.0% |
| 营收同比 | 20.7% | 7.3% |
| 净利润同比 | 7.5% | -24.6% |
| 每股收益（稀释后） | $3.74 | $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CPAYMAT
| Q4 25 | $1.2B | $1.8B | ||
| Q3 25 | $1.2B | $1.7B | ||
| Q2 25 | $1.1B | $1.0B | ||
| Q1 25 | $1.0B | $826.6M | ||
| Q4 24 | $1.0B | $1.6B | ||
| Q3 24 | $1.0B | $1.8B | ||
| Q2 24 | $975.7M | $1.1B | ||
| Q1 24 | $935.3M | $809.5M |
净利润CPAYMAT
| Q4 25 | $264.5M | $106.2M | ||
| Q3 25 | $277.9M | $278.4M | ||
| Q2 25 | $284.2M | $53.4M | ||
| Q1 25 | $243.2M | $-40.3M | ||
| Q4 24 | $246.0M | $140.9M | ||
| Q3 24 | $276.4M | $372.4M | ||
| Q2 24 | $251.6M | $56.9M | ||
| Q1 24 | $229.8M | $-28.3M |
毛利率CPAYMAT
| Q4 25 | — | 45.9% | ||
| Q3 25 | — | 50.0% | ||
| Q2 25 | — | 50.9% | ||
| Q1 25 | — | 49.4% | ||
| Q4 24 | — | 50.7% | ||
| Q3 24 | — | 53.1% | ||
| Q2 24 | — | 49.2% | ||
| Q1 24 | — | 48.0% |
营业利润率CPAYMAT
| Q4 25 | 45.2% | 8.0% | ||
| Q3 25 | 44.6% | 21.9% | ||
| Q2 25 | 43.5% | 7.7% | ||
| Q1 25 | 42.5% | -6.4% | ||
| Q4 24 | 47.2% | 9.6% | ||
| Q3 24 | 45.5% | 26.5% | ||
| Q2 24 | 44.4% | 7.7% | ||
| Q1 24 | 42.5% | -4.4% |
净利率CPAYMAT
| Q4 25 | 21.2% | 6.0% | ||
| Q3 25 | 23.7% | 16.0% | ||
| Q2 25 | 25.8% | 5.2% | ||
| Q1 25 | 24.2% | -4.9% | ||
| Q4 24 | 23.8% | 8.6% | ||
| Q3 24 | 26.9% | 20.2% | ||
| Q2 24 | 25.8% | 5.3% | ||
| Q1 24 | 24.6% | -3.5% |
每股收益（稀释后）CPAYMAT
| Q4 25 | $3.74 | $0.32 | ||
| Q3 25 | $3.91 | $0.88 | ||
| Q2 25 | $3.98 | $0.16 | ||
| Q1 25 | $3.40 | $-0.12 | ||
| Q4 24 | $3.43 | $0.40 | ||
| Q3 24 | $3.90 | $1.09 | ||
| Q2 24 | $3.52 | $0.17 | ||
| Q1 24 | $3.12 | $-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 | $2.4B | $1.2B |
| 总债务越低越好 | $10.0B | $2.3B |
| 股东权益账面价值 | $3.9B | $2.2B |
| 总资产 | $26.4B | $6.6B |
| 负债/权益比越低杠杆越低 | 2.58× | 1.04× |
8季度趋势，按日历期对齐
现金及短期投资CPAYMAT
| Q4 25 | $2.4B | $1.2B | ||
| Q3 25 | $2.0B | $691.9M | ||
| Q2 25 | $2.2B | $870.5M | ||
| Q1 25 | $1.6B | $1.2B | ||
| Q4 24 | $1.6B | $1.4B | ||
| Q3 24 | $1.3B | $723.5M | ||
| Q2 24 | $1.4B | $722.4M | ||
| Q1 24 | $1.3B | $1.1B |
总债务CPAYMAT
| Q4 25 | $10.0B | $2.3B | ||
| Q3 25 | $8.1B | $2.3B | ||
| Q2 25 | $8.1B | $2.3B | ||
| Q1 25 | $8.2B | $2.3B | ||
| Q4 24 | $8.0B | $2.3B | ||
| Q3 24 | — | $2.3B | ||
| Q2 24 | — | $2.3B | ||
| Q1 24 | — | $2.3B |
股东权益CPAYMAT
| Q4 25 | $3.9B | $2.2B | ||
| Q3 25 | $4.1B | $2.3B | ||
| Q2 25 | $3.9B | $2.2B | ||
| Q1 25 | $3.5B | $2.1B | ||
| Q4 24 | $3.1B | $2.3B | ||
| Q3 24 | $3.1B | $2.3B | ||
| Q2 24 | $2.8B | $2.0B | ||
| Q1 24 | $3.3B | $2.0B |
总资产CPAYMAT
| Q4 25 | $26.4B | $6.6B | ||
| Q3 25 | $19.7B | $6.6B | ||
| Q2 25 | $20.4B | $6.2B | ||
| Q1 25 | $18.5B | $6.2B | ||
| Q4 24 | $18.0B | $6.5B | ||
| Q3 24 | $17.6B | $6.5B | ||
| Q2 24 | $16.2B | $5.9B | ||
| Q1 24 | $15.8B | $6.1B |
负债/权益比CPAYMAT
| Q4 25 | 2.58× | 1.04× | ||
| Q3 25 | 1.99× | 1.03× | ||
| Q2 25 | 2.07× | 1.08× | ||
| Q1 25 | 2.37× | 1.10× | ||
| Q4 24 | 2.56× | 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 | $812.7M | $796.6M |
| 自由现金流经营现金流 - 资本支出 | $760.3M | — |
| 自由现金流率自由现金流/营收 | 60.9% | — |
| 资本支出强度资本支出/营收 | 4.2% | — |
| 现金转化率经营现金流/净利润 | 3.07× | 7.50× |
| 过去12个月自由现金流最近4个季度 | $1.3B | — |
8季度趋势，按日历期对齐
经营现金流CPAYMAT
| Q4 25 | $812.7M | $796.6M | ||
| Q3 25 | $-378.9M | $72.0M | ||
| Q2 25 | $1.1B | $-300.1M | ||
| Q1 25 | $-74.2M | $24.8M | ||
| Q4 24 | $648.7M | $862.1M | ||
| Q3 24 | $400.8M | $155.8M | ||
| Q2 24 | $540.9M | $-252.9M | ||
| Q1 24 | $350.2M | $35.5M |
自由现金流CPAYMAT
| Q4 25 | $760.3M | — | ||
| Q3 25 | $-429.8M | — | ||
| Q2 25 | $1.1B | — | ||
| Q1 25 | $-118.9M | — | ||
| Q4 24 | $604.6M | — | ||
| Q3 24 | $355.0M | — | ||
| Q2 24 | $496.8M | — | ||
| Q1 24 | $309.0M | — |
自由现金流率CPAYMAT
| Q4 25 | 60.9% | — | ||
| Q3 25 | -36.7% | — | ||
| Q2 25 | 98.7% | — | ||
| Q1 25 | -11.8% | — | ||
| Q4 24 | 58.4% | — | ||
| Q3 24 | 34.5% | — | ||
| Q2 24 | 50.9% | — | ||
| Q1 24 | 33.0% | — |
资本支出强度CPAYMAT
| Q4 25 | 4.2% | — | ||
| Q3 25 | 4.3% | — | ||
| Q2 25 | 4.8% | — | ||
| Q1 25 | 4.5% | — | ||
| Q4 24 | 4.3% | — | ||
| Q3 24 | 4.4% | — | ||
| Q2 24 | 4.5% | — | ||
| Q1 24 | 4.4% | — |
现金转化率CPAYMAT
| Q4 25 | 3.07× | 7.50× | ||
| Q3 25 | -1.36× | 0.26× | ||
| Q2 25 | 4.01× | -5.62× | ||
| Q1 25 | -0.30× | — | ||
| Q4 24 | 2.64× | 6.12× | ||
| Q3 24 | 1.45× | 0.42× | ||
| Q2 24 | 2.15× | -4.45× | ||
| Q1 24 | 1.52× | — |
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
CPAY
| Vehicle Payments | $572.9M | 46% |
| Corporate Payments | $480.8M | 39% |
| Lodging Payments | $112.5M | 9% |
| Other Operating Segments | $82.1M | 7% |
MAT
| North America Segment | $1.0B | 58% |
| International Segment | $745.6M | 42% |
