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EPAM Systems（EPAM）与美泰（MAT）财务数据对比。点击上方公司名可切换其他公司
EPAM Systems的季度营收约是美泰的1.6倍（$1.4B vs $862.2M），EPAM Systems净利率更高（7.8% vs 7.1%，领先0.7%），EPAM Systems同比增速更快（12.8% vs 4.3%），EPAM Systems自由现金流更多（$268.1M vs $-88.1M），过去两年EPAM Systems的营收复合增速更高（9.9% vs -10.6%）
EPAM Systems是总部位于美国宾夕法尼亚州纽敦的企业，核心业务涵盖软件工程服务、数字平台研发、数字产品设计三大板块，同时是MACH联盟的创始成员，在全球数字化服务赛道拥有深厚的技术积累与行业认可度。
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。
EPAM vs MAT — 直观对比
营收规模更大
EPAM
是对方的1.6倍
$862.2M
营收增速更快
EPAM
高出8.4%
4.3%
净利率更高
EPAM
高出0.7%
7.1%
自由现金流更多
EPAM
多$356.2M
$-88.1M
两年增速更快
EPAM
近两年复合增速
-10.6%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.4B | $862.2M |
| 净利润 | $109.4M | $61.0M |
| 毛利率 | 30.1% | 44.9% |
| 营业利润率 | 10.6% | — |
| 净利率 | 7.8% | 7.1% |
| 营收同比 | 12.8% | 4.3% |
| 净利润同比 | 5.9% | 251.4% |
| 每股收益（稀释后） | $1.97 | $0.20 |
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EPAMMAT
| Q1 26 | — | $862.2M | ||
| Q4 25 | $1.4B | $1.8B | ||
| Q3 25 | $1.4B | $1.7B | ||
| Q2 25 | $1.4B | $1.0B | ||
| Q1 25 | $1.3B | $826.6M | ||
| Q4 24 | $1.2B | $1.6B | ||
| Q3 24 | $1.2B | $1.8B | ||
| Q2 24 | $1.1B | $1.1B |
净利润EPAMMAT
| Q1 26 | — | $61.0M | ||
| Q4 25 | $109.4M | $106.2M | ||
| Q3 25 | $106.8M | $278.4M | ||
| Q2 25 | $88.0M | $53.4M | ||
| Q1 25 | $73.5M | $-40.3M | ||
| Q4 24 | $103.3M | $140.9M | ||
| Q3 24 | $136.3M | $372.4M | ||
| Q2 24 | $98.6M | $56.9M |
毛利率EPAMMAT
| Q1 26 | — | 44.9% | ||
| Q4 25 | 30.1% | 45.9% | ||
| Q3 25 | 29.5% | 50.0% | ||
| Q2 25 | 28.8% | 50.9% | ||
| Q1 25 | 26.9% | 49.4% | ||
| Q4 24 | 30.4% | 50.7% | ||
| Q3 24 | 34.6% | 53.1% | ||
| Q2 24 | 29.3% | 49.2% |
营业利润率EPAMMAT
| Q1 26 | — | — | ||
| Q4 25 | 10.6% | 8.0% | ||
| Q3 25 | 10.4% | 21.9% | ||
| Q2 25 | 9.3% | 7.7% | ||
| Q1 25 | 7.6% | -6.4% | ||
| Q4 24 | 10.9% | 9.6% | ||
| Q3 24 | 15.2% | 26.5% | ||
| Q2 24 | 10.5% | 7.7% |
净利率EPAMMAT
| Q1 26 | — | 7.1% | ||
| Q4 25 | 7.8% | 6.0% | ||
| Q3 25 | 7.7% | 16.0% | ||
| Q2 25 | 6.5% | 5.2% | ||
| Q1 25 | 5.6% | -4.9% | ||
| Q4 24 | 8.3% | 8.6% | ||
| Q3 24 | 11.7% | 20.2% | ||
| Q2 24 | 8.6% | 5.3% |
每股收益（稀释后）EPAMMAT
| Q1 26 | — | $0.20 | ||
| Q4 25 | $1.97 | $0.32 | ||
| Q3 25 | $1.91 | $0.88 | ||
| Q2 25 | $1.56 | $0.16 | ||
| Q1 25 | $1.28 | $-0.12 | ||
| Q4 24 | $1.80 | $0.40 | ||
| Q3 24 | $2.37 | $1.09 | ||
| Q2 24 | $1.70 | $0.17 |
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 | $1.3B | $866.0M |
| 总债务越低越好 | — | $2.3B |
| 股东权益账面价值 | $3.7B | $2.1B |
| 总资产 | $4.9B | $6.3B |
| 负债/权益比越低杠杆越低 | — | 1.11× |
8季度趋势，按日历期对齐
现金及短期投资EPAMMAT
| Q1 26 | — | $866.0M | ||
| Q4 25 | $1.3B | $1.2B | ||
| Q3 25 | $1.2B | $691.9M | ||
| Q2 25 | $1.0B | $870.5M | ||
| Q1 25 | $1.2B | $1.2B | ||
| Q4 24 | $1.3B | $1.4B | ||
| Q3 24 | $2.1B | $723.5M | ||
| Q2 24 | $1.8B | $722.4M |
总债务EPAMMAT
| Q1 26 | — | $2.3B | ||
| 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 |
股东权益EPAMMAT
| Q1 26 | — | $2.1B | ||
| Q4 25 | $3.7B | $2.2B | ||
| Q3 25 | $3.7B | $2.3B | ||
| Q2 25 | $3.7B | $2.2B | ||
| Q1 25 | $3.6B | $2.1B | ||
| Q4 24 | $3.6B | $2.3B | ||
| Q3 24 | $3.6B | $2.3B | ||
| Q2 24 | $3.4B | $2.0B |
总资产EPAMMAT
| Q1 26 | — | $6.3B | ||
| Q4 25 | $4.9B | $6.6B | ||
| Q3 25 | $4.8B | $6.6B | ||
| Q2 25 | $4.7B | $6.2B | ||
| Q1 25 | $4.7B | $6.2B | ||
| Q4 24 | $4.8B | $6.5B | ||
| Q3 24 | $4.5B | $6.5B | ||
| Q2 24 | $4.2B | $5.9B |
负债/权益比EPAMMAT
| Q1 26 | — | 1.11× | ||
| 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× |
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 | $282.9M | — |
| 自由现金流经营现金流 - 资本支出 | $268.1M | $-88.1M |
| 自由现金流率自由现金流/营收 | 19.0% | -10.2% |
| 资本支出强度资本支出/营收 | 1.1% | 7.6% |
| 现金转化率经营现金流/净利润 | 2.59× | — |
| 过去12个月自由现金流最近4个季度 | $612.7M | — |
8季度趋势，按日历期对齐
经营现金流EPAMMAT
| Q1 26 | — | — | ||
| Q4 25 | $282.9M | $796.6M | ||
| Q3 25 | $294.7M | $72.0M | ||
| Q2 25 | $53.2M | $-300.1M | ||
| Q1 25 | $24.2M | $24.8M | ||
| Q4 24 | $130.3M | $862.1M | ||
| Q3 24 | $242.0M | $155.8M | ||
| Q2 24 | $57.0M | $-252.9M |
自由现金流EPAMMAT
| Q1 26 | — | $-88.1M | ||
| Q4 25 | $268.1M | — | ||
| Q3 25 | $286.4M | — | ||
| Q2 25 | $43.4M | — | ||
| Q1 25 | $14.8M | — | ||
| Q4 24 | $114.5M | — | ||
| Q3 24 | $237.0M | — | ||
| Q2 24 | $52.3M | — |
自由现金流率EPAMMAT
| Q1 26 | — | -10.2% | ||
| Q4 25 | 19.0% | — | ||
| Q3 25 | 20.5% | — | ||
| Q2 25 | 3.2% | — | ||
| Q1 25 | 1.1% | — | ||
| Q4 24 | 9.2% | — | ||
| Q3 24 | 20.3% | — | ||
| Q2 24 | 4.6% | — |
资本支出强度EPAMMAT
| Q1 26 | — | 7.6% | ||
| Q4 25 | 1.1% | — | ||
| Q3 25 | 0.6% | — | ||
| Q2 25 | 0.7% | — | ||
| Q1 25 | 0.7% | — | ||
| Q4 24 | 1.3% | — | ||
| Q3 24 | 0.4% | — | ||
| Q2 24 | 0.4% | — |
现金转化率EPAMMAT
| Q1 26 | — | — | ||
| Q4 25 | 2.59× | 7.50× | ||
| Q3 25 | 2.76× | 0.26× | ||
| Q2 25 | 0.60× | -5.62× | ||
| Q1 25 | 0.33× | — | ||
| Q4 24 | 1.26× | 6.12× | ||
| Q3 24 | 1.77× | 0.42× | ||
| Q2 24 | 0.58× | -4.45× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
