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Expand Energy（EXE）与美泰（MAT）财务数据对比。点击上方公司名可切换其他公司
Expand Energy的季度营收约是美泰的1.9倍（$3.3B vs $1.8B），Expand Energy净利率更高（16.9% vs 6.0%，领先10.9%），Expand Energy同比增速更快（63.5% vs 7.3%），过去两年美泰的营收复合增速更高（47.7% vs 29.6%）
Expand Energy是按净日产量统计的美国最大独立天然气生产商，总部位于俄克拉荷马城，运营范围覆盖宾夕法尼亚州、西弗吉尼亚州境内马塞勒斯地层的阿巴拉契亚盆地，以及路易斯安那州西北部的海恩斯维尔页岩区块。
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。
EXE vs MAT — 直观对比
营收规模更大
EXE
是对方的1.9倍
$1.8B
营收增速更快
EXE
高出56.2%
7.3%
净利率更高
EXE
高出10.9%
6.0%
两年增速更快
MAT
近两年复合增速
29.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.3B | $1.8B |
| 净利润 | $553.0M | $106.2M |
| 毛利率 | — | 45.9% |
| 营业利润率 | 22.8% | 8.0% |
| 净利率 | 16.9% | 6.0% |
| 营收同比 | 63.5% | 7.3% |
| 净利润同比 | 238.6% | -24.6% |
| 每股收益（稀释后） | $2.33 | $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EXEMAT
| Q4 25 | $3.3B | $1.8B | ||
| Q3 25 | $3.0B | $1.7B | ||
| Q2 25 | $3.7B | $1.0B | ||
| Q1 25 | $2.2B | $826.6M | ||
| Q4 24 | $2.0B | $1.6B | ||
| Q3 24 | $648.0M | $1.8B | ||
| Q2 24 | — | $1.1B | ||
| Q1 24 | $1.1B | $809.5M |
净利润EXEMAT
| Q4 25 | $553.0M | $106.2M | ||
| Q3 25 | $547.0M | $278.4M | ||
| Q2 25 | $968.0M | $53.4M | ||
| Q1 25 | $-249.0M | $-40.3M | ||
| Q4 24 | $-399.0M | $140.9M | ||
| Q3 24 | $-114.0M | $372.4M | ||
| Q2 24 | — | $56.9M | ||
| Q1 24 | $26.0M | $-28.3M |
毛利率EXEMAT
| 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EXEMAT
| Q4 25 | 22.8% | 8.0% | ||
| Q3 25 | 24.4% | 21.9% | ||
| Q2 25 | 34.4% | 7.7% | ||
| Q1 25 | -12.2% | -6.4% | ||
| Q4 24 | -19.3% | 9.6% | ||
| Q3 24 | -23.9% | 26.5% | ||
| Q2 24 | — | 7.7% | ||
| Q1 24 | 3.0% | -4.4% |
净利率EXEMAT
| Q4 25 | 16.9% | 6.0% | ||
| Q3 25 | 18.4% | 16.0% | ||
| Q2 25 | 26.2% | 5.2% | ||
| Q1 25 | -11.3% | -4.9% | ||
| Q4 24 | -19.9% | 8.6% | ||
| Q3 24 | -17.6% | 20.2% | ||
| Q2 24 | — | 5.3% | ||
| Q1 24 | 2.4% | -3.5% |
每股收益（稀释后）EXEMAT
| Q4 25 | $2.33 | $0.32 | ||
| Q3 25 | $2.28 | $0.88 | ||
| Q2 25 | $4.02 | $0.16 | ||
| Q1 25 | $-1.06 | $-0.12 | ||
| Q4 24 | $-2.15 | $0.40 | ||
| Q3 24 | $-0.85 | $1.09 | ||
| Q2 24 | — | $0.17 | ||
| Q1 24 | $0.18 | $-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 | $616.0M | $1.2B |
| 总债务越低越好 | $5.0B | $2.3B |
| 股东权益账面价值 | $18.6B | $2.2B |
| 总资产 | $28.3B | $6.6B |
| 负债/权益比越低杠杆越低 | 0.27× | 1.04× |
8季度趋势，按日历期对齐
现金及短期投资EXEMAT
| Q4 25 | $616.0M | $1.2B | ||
| Q3 25 | $613.0M | $691.9M | ||
| Q2 25 | $731.0M | $870.5M | ||
| Q1 25 | $349.0M | $1.2B | ||
| Q4 24 | $317.0M | $1.4B | ||
| Q3 24 | $1.0B | $723.5M | ||
| Q2 24 | — | $722.4M | ||
| Q1 24 | $1.2B | $1.1B |
总债务EXEMAT
| Q4 25 | $5.0B | $2.3B | ||
| Q3 25 | $5.0B | $2.3B | ||
| Q2 25 | $5.1B | $2.3B | ||
| Q1 25 | $5.2B | $2.3B | ||
| Q4 24 | $5.7B | $2.3B | ||
| Q3 24 | — | $2.3B | ||
| Q2 24 | — | $2.3B | ||
| Q1 24 | — | $2.3B |
股东权益EXEMAT
| Q4 25 | $18.6B | $2.2B | ||
| Q3 25 | $18.1B | $2.3B | ||
| Q2 25 | $17.9B | $2.2B | ||
| Q1 25 | $17.2B | $2.1B | ||
| Q4 24 | $17.6B | $2.3B | ||
| Q3 24 | $10.2B | $2.3B | ||
| Q2 24 | — | $2.0B | ||
| Q1 24 | $10.7B | $2.0B |
总资产EXEMAT
| Q4 25 | $28.3B | $6.6B | ||
| Q3 25 | $27.6B | $6.6B | ||
| Q2 25 | $27.8B | $6.2B | ||
| Q1 25 | $27.9B | $6.2B | ||
| Q4 24 | $27.9B | $6.5B | ||
| Q3 24 | $13.4B | $6.5B | ||
| Q2 24 | — | $5.9B | ||
| Q1 24 | $14.0B | $6.1B |
负债/权益比EXEMAT
| Q4 25 | 0.27× | 1.04× | ||
| Q3 25 | 0.28× | 1.03× | ||
| Q2 25 | 0.29× | 1.08× | ||
| Q1 25 | 0.30× | 1.10× | ||
| Q4 24 | 0.32× | 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 | $956.0M | $796.6M |
| 自由现金流经营现金流 - 资本支出 | $215.0M | — |
| 自由现金流率自由现金流/营收 | 6.6% | — |
| 资本支出强度资本支出/营收 | 22.6% | — |
| 现金转化率经营现金流/净利润 | 1.73× | 7.50× |
| 过去12个月自由现金流最近4个季度 | $1.8B | — |
8季度趋势，按日历期对齐
经营现金流EXEMAT
| Q4 25 | $956.0M | $796.6M | ||
| Q3 25 | $1.2B | $72.0M | ||
| Q2 25 | $1.3B | $-300.1M | ||
| Q1 25 | $1.1B | $24.8M | ||
| Q4 24 | $382.0M | $862.1M | ||
| Q3 24 | $422.0M | $155.8M | ||
| Q2 24 | — | $-252.9M | ||
| Q1 24 | $552.0M | $35.5M |
自由现金流EXEMAT
| Q4 25 | $215.0M | — | ||
| Q3 25 | $426.0M | — | ||
| Q2 25 | $665.0M | — | ||
| Q1 25 | $533.0M | — | ||
| Q4 24 | $-154.0M | — | ||
| Q3 24 | $124.0M | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $131.0M | — |
自由现金流率EXEMAT
| Q4 25 | 6.6% | — | ||
| Q3 25 | 14.4% | — | ||
| Q2 25 | 18.0% | — | ||
| Q1 25 | 24.3% | — | ||
| Q4 24 | -7.7% | — | ||
| Q3 24 | 19.1% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 12.1% | — |
资本支出强度EXEMAT
| Q4 25 | 22.6% | — | ||
| Q3 25 | 26.1% | — | ||
| Q2 25 | 17.8% | — | ||
| Q1 25 | 25.6% | — | ||
| Q4 24 | 26.8% | — | ||
| Q3 24 | 46.0% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 38.9% | — |
现金转化率EXEMAT
| Q4 25 | 1.73× | 7.50× | ||
| Q3 25 | 2.20× | 0.26× | ||
| Q2 25 | 1.37× | -5.62× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 6.12× | ||
| Q3 24 | — | 0.42× | ||
| Q2 24 | — | -4.45× | ||
| Q1 24 | 21.23× | — |
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
EXE
| Oil And Gas | $2.3B | 70% |
| Natural Gas Marketing Sales | $734.0M | 22% |
| Natural Gas Liquids Sales | $174.0M | 5% |
| Natural Gas Liquids Marketing Sales | $34.0M | 1% |
| Oil Marketing Sales | $31.0M | 1% |
MAT
| North America Segment | $1.0B | 58% |
| International Segment | $745.6M | 42% |
