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CARRIAGE SERVICES INC（CSV）与MARTIN MIDSTREAM PARTNERS L.P.（MMLP）财务数据对比。点击上方公司名可切换其他公司
MARTIN MIDSTREAM PARTNERS L.P.的季度营收约是CARRIAGE SERVICES INC的1.8倍（$187.7M vs $105.5M），CARRIAGE SERVICES INC净利率更高（11.6% vs 1.7%，领先9.9%），CARRIAGE SERVICES INC同比增速更快（8.0% vs -2.5%），CARRIAGE SERVICES INC自由现金流更多（$6.2M vs $-6.0M），过去两年CARRIAGE SERVICES INC的营收复合增速更高（1.0% vs 0.8%）
怡和Cycle & Carriage有限公司是怡和集团在东南亚的投资控股公司，目前该集团持有其75%的股份，是怡和集团在东南亚区域开展资本布局与投资业务的核心平台。
Martin Midstream Partners L.P.是美国中游能源服务提供商，主营原油、天然气液、精炼石油产品及特种化学品的存储、运输、分销与加工服务，主要服务北美能源及工业领域客户。
CSV vs MMLP — 直观对比
营收规模更大
MMLP
是对方的1.8倍
$105.5M
营收增速更快
CSV
高出10.5%
-2.5%
净利率更高
CSV
高出9.9%
1.7%
自由现金流更多
CSV
多$12.2M
$-6.0M
两年增速更快
CSV
近两年复合增速
0.8%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $105.5M | $187.7M |
| 净利润 | $12.3M | $3.2M |
| 毛利率 | 34.8% | — |
| 营业利润率 | 23.3% | 4.1% |
| 净利率 | 11.6% | 1.7% |
| 营收同比 | 8.0% | -2.5% |
| 净利润同比 | 24.5% | -37.1% |
| 每股收益（稀释后） | $0.76 | — |
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CSVMMLP
| Q1 26 | — | $187.7M | ||
| Q4 25 | $105.5M | $174.2M | ||
| Q3 25 | $102.7M | $168.7M | ||
| Q2 25 | $102.1M | $180.7M | ||
| Q1 25 | $107.1M | $192.5M | ||
| Q4 24 | $97.7M | $171.3M | ||
| Q3 24 | $100.7M | $170.9M | ||
| Q2 24 | $102.3M | $184.5M |
净利润CSVMMLP
| Q1 26 | — | $3.2M | ||
| Q4 25 | $12.3M | $-2.9M | ||
| Q3 25 | $6.6M | $-8.4M | ||
| Q2 25 | $11.7M | $-2.4M | ||
| Q1 25 | $20.9M | $-1.0M | ||
| Q4 24 | $9.9M | $-8.9M | ||
| Q3 24 | $9.9M | $-3.3M | ||
| Q2 24 | $6.3M | $3.8M |
毛利率CSVMMLP
| Q1 26 | — | — | ||
| Q4 25 | 34.8% | 57.1% | ||
| Q3 25 | 35.3% | 55.1% | ||
| Q2 25 | 35.2% | 56.5% | ||
| Q1 25 | 35.3% | 53.5% | ||
| Q4 24 | 34.4% | 58.2% | ||
| Q3 24 | 35.2% | 58.5% | ||
| Q2 24 | 36.2% | 58.4% |
营业利润率CSVMMLP
| Q1 26 | — | 4.1% | ||
| Q4 25 | 23.3% | 7.3% | ||
| Q3 25 | 17.0% | 4.1% | ||
| Q2 25 | 23.5% | 8.2% | ||
| Q1 25 | 29.5% | 7.5% | ||
| Q4 24 | 21.6% | 4.0% | ||
| Q3 24 | 22.7% | 7.4% | ||
| Q2 24 | 18.0% | 10.8% |
净利率CSVMMLP
| Q1 26 | — | 1.7% | ||
| Q4 25 | 11.6% | -1.7% | ||
| Q3 25 | 6.4% | -5.0% | ||
| Q2 25 | 11.5% | -1.3% | ||
| Q1 25 | 19.5% | -0.5% | ||
| Q4 24 | 10.1% | -5.2% | ||
| Q3 24 | 9.8% | -1.9% | ||
| Q2 24 | 6.1% | 2.0% |
每股收益（稀释后）CSVMMLP
| Q1 26 | — | — | ||
| Q4 25 | $0.76 | — | ||
| Q3 25 | $0.41 | — | ||
| Q2 25 | $0.74 | — | ||
| Q1 25 | $1.34 | — | ||
| Q4 24 | $0.62 | — | ||
| Q3 24 | $0.63 | — | ||
| Q2 24 | $0.40 | — |
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 | $1.7M | — |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $254.8M | — |
| 总资产 | $1.3B | $537.1M |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资CSVMMLP
| Q1 26 | — | — | ||
| Q4 25 | $1.7M | — | ||
| Q3 25 | $1.2M | — | ||
| Q2 25 | $1.4M | — | ||
| Q1 25 | $4.6M | — | ||
| Q4 24 | $1.2M | — | ||
| Q3 24 | $1.3M | — | ||
| Q2 24 | $1.5M | — |
总债务CSVMMLP
| Q1 26 | — | — | ||
| Q4 25 | — | $428.0M | ||
| Q3 25 | — | $441.3M | ||
| Q2 25 | — | $427.8M | ||
| Q1 25 | — | $451.4M | ||
| Q4 24 | — | $437.6M | ||
| Q3 24 | — | $469.3M | ||
| Q2 24 | — | $439.4M |
股东权益CSVMMLP
| Q1 26 | — | — | ||
| Q4 25 | $254.8M | — | ||
| Q3 25 | $242.1M | — | ||
| Q2 25 | $235.4M | — | ||
| Q1 25 | $223.1M | — | ||
| Q4 24 | $208.6M | — | ||
| Q3 24 | $198.1M | — | ||
| Q2 24 | $187.9M | — |
总资产CSVMMLP
| Q1 26 | — | $537.1M | ||
| Q4 25 | $1.3B | $522.4M | ||
| Q3 25 | $1.3B | $510.1M | ||
| Q2 25 | $1.3B | $515.6M | ||
| Q1 25 | $1.3B | $533.4M | ||
| Q4 24 | $1.3B | $538.5M | ||
| Q3 24 | $1.3B | $554.8M | ||
| Q2 24 | $1.3B | $535.1M |
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 | $14.1M | — |
| 自由现金流经营现金流 - 资本支出 | $6.2M | $-6.0M |
| 自由现金流率自由现金流/营收 | 5.9% | -3.2% |
| 资本支出强度资本支出/营收 | 7.5% | 1.6% |
| 现金转化率经营现金流/净利润 | 1.15× | — |
| 过去12个月自由现金流最近4个季度 | $40.1M | $27.2M |
8季度趋势，按日历期对齐
经营现金流CSVMMLP
| Q1 26 | — | — | ||
| Q4 25 | $14.1M | $22.4M | ||
| Q3 25 | $24.7M | $-1.2M | ||
| Q2 25 | $8.1M | $30.9M | ||
| Q1 25 | $13.8M | $-6.0M | ||
| Q4 24 | $9.3M | $42.2M | ||
| Q3 24 | $20.9M | $-15.8M | ||
| Q2 24 | $2.2M | $11.8M |
自由现金流CSVMMLP
| Q1 26 | — | $-6.0M | ||
| Q4 25 | $6.2M | $15.6M | ||
| Q3 25 | $18.0M | $-7.9M | ||
| Q2 25 | $5.2M | $25.6M | ||
| Q1 25 | $10.6M | $-11.9M | ||
| Q4 24 | $4.9M | $34.2M | ||
| Q3 24 | $16.2M | $-25.6M | ||
| Q2 24 | $-1.4M | $-696.0K |
自由现金流率CSVMMLP
| Q1 26 | — | -3.2% | ||
| Q4 25 | 5.9% | 8.9% | ||
| Q3 25 | 17.5% | -4.7% | ||
| Q2 25 | 5.1% | 14.2% | ||
| Q1 25 | 9.9% | -6.2% | ||
| Q4 24 | 5.0% | 20.0% | ||
| Q3 24 | 16.1% | -15.0% | ||
| Q2 24 | -1.4% | -0.4% |
资本支出强度CSVMMLP
| Q1 26 | — | 1.6% | ||
| Q4 25 | 7.5% | 3.9% | ||
| Q3 25 | 6.5% | 4.0% | ||
| Q2 25 | 2.8% | 3.0% | ||
| Q1 25 | 3.0% | 3.1% | ||
| Q4 24 | 4.5% | 4.6% | ||
| Q3 24 | 4.6% | 5.8% | ||
| Q2 24 | 3.5% | 6.8% |
现金转化率CSVMMLP
| Q1 26 | — | — | ||
| Q4 25 | 1.15× | — | ||
| Q3 25 | 3.76× | — | ||
| Q2 25 | 0.69× | — | ||
| Q1 25 | 0.66× | — | ||
| Q4 24 | 0.94× | — | ||
| Q3 24 | 2.11× | — | ||
| Q2 24 | 0.34× | 3.13× |
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
CSV
| Propertyand Merchandise | $47.8M | 45% |
| Cemetery Interment Rights | $24.8M | 23% |
| Merchandise | $18.9M | 18% |
| Other Revenue | $10.2M | 10% |
| Other | $3.9M | 4% |
MMLP
| Specialty products | $61.6M | 33% |
| Transportation * | $52.8M | 28% |
| Other | $46.5M | 25% |
| Terminalling and storage * | $22.4M | 12% |
| Sulfur services | $4.4M | 2% |
