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Expeditors International（EXPD）与美高梅国际度假村（MGM）财务数据对比。点击上方公司名可切换其他公司
美高梅国际度假村的季度营收约是Expeditors International的1.6倍（$4.6B vs $2.9B），Expeditors International净利率更高（7.0% vs 6.4%，领先0.7%），美高梅国际度假村同比增速更快（6.0% vs -3.3%），美高梅国际度假村自由现金流更多（$358.5M vs $270.3M），过去两年Expeditors International的营收复合增速更高（13.8% vs 2.5%）
美国财富500强物流服务企业，总部位于华盛顿州贝尔维尤，依托覆盖六大洲100余个国家超340个网点的全球网络及统一集成的技术系统，为客户提供高度优化的定制化供应链解决方案。
美高梅国际度假村是美国跨国文旅、体育及娱乐集团，在拉斯维加斯、美国多个州以及中国澳门、上海、成都、杭州、三亚等地运营度假项目，旗下拥有百乐宫、曼德勒海湾、米高梅大酒店、Park MGM等知名物业。
EXPD vs MGM — 直观对比
营收规模更大
MGM
是对方的1.6倍
$2.9B
营收增速更快
MGM
高出9.3%
-3.3%
净利率更高
EXPD
高出0.7%
6.4%
自由现金流更多
MGM
多$88.2M
$270.3M
两年增速更快
EXPD
近两年复合增速
2.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.9B | $4.6B |
| 净利润 | $200.7M | $293.6M |
| 毛利率 | — | — |
| 营业利润率 | 8.8% | 7.1% |
| 净利率 | 7.0% | 6.4% |
| 营收同比 | -3.3% | 6.0% |
| 净利润同比 | -14.9% | 86.5% |
| 每股收益（稀释后） | $1.50 | $1.12 |
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EXPDMGM
| Q4 25 | $2.9B | $4.6B | ||
| Q3 25 | $2.9B | $4.3B | ||
| Q2 25 | $2.7B | $4.4B | ||
| Q1 25 | $2.7B | $4.3B | ||
| Q4 24 | $3.0B | $4.3B | ||
| Q3 24 | $3.0B | $4.2B | ||
| Q2 24 | $2.4B | $4.3B | ||
| Q1 24 | $2.2B | $4.4B |
净利润EXPDMGM
| Q4 25 | $200.7M | $293.6M | ||
| Q3 25 | $222.3M | $-285.3M | ||
| Q2 25 | $183.6M | $49.0M | ||
| Q1 25 | $203.8M | $148.6M | ||
| Q4 24 | $235.9M | $157.4M | ||
| Q3 24 | $229.6M | $184.6M | ||
| Q2 24 | $175.5M | $187.1M | ||
| Q1 24 | $169.2M | $217.5M |
营业利润率EXPDMGM
| Q4 25 | 8.8% | 7.1% | ||
| Q3 25 | 10.0% | -2.7% | ||
| Q2 25 | 9.3% | 9.2% | ||
| Q1 25 | 10.0% | 9.0% | ||
| Q4 24 | 10.2% | 6.7% | ||
| Q3 24 | 10.1% | 7.5% | ||
| Q2 24 | 9.2% | 9.8% | ||
| Q1 24 | 9.7% | 10.5% |
净利率EXPDMGM
| Q4 25 | 7.0% | 6.4% | ||
| Q3 25 | 7.7% | -6.7% | ||
| Q2 25 | 6.9% | 1.1% | ||
| Q1 25 | 7.6% | 3.5% | ||
| Q4 24 | 8.0% | 3.6% | ||
| Q3 24 | 7.7% | 4.4% | ||
| Q2 24 | 7.2% | 4.3% | ||
| Q1 24 | 7.7% | 5.0% |
每股收益（稀释后）EXPDMGM
| Q4 25 | $1.50 | $1.12 | ||
| Q3 25 | $1.64 | $-1.05 | ||
| Q2 25 | $1.34 | $0.18 | ||
| Q1 25 | $1.47 | $0.51 | ||
| Q4 24 | $1.68 | $0.52 | ||
| Q3 24 | $1.63 | $0.61 | ||
| Q2 24 | $1.24 | $0.60 | ||
| Q1 24 | $1.17 | $0.67 |
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 | $2.1B |
| 总债务越低越好 | — | $6.2B |
| 股东权益账面价值 | $2.4B | $2.4B |
| 总资产 | $4.9B | $41.4B |
| 负债/权益比越低杠杆越低 | — | 2.56× |
8季度趋势，按日历期对齐
现金及短期投资EXPDMGM
| Q4 25 | $1.3B | $2.1B | ||
| Q3 25 | $1.2B | $2.1B | ||
| Q2 25 | $1.2B | $2.0B | ||
| Q1 25 | $1.3B | $2.3B | ||
| Q4 24 | $1.1B | $2.4B | ||
| Q3 24 | $1.3B | $3.0B | ||
| Q2 24 | $1.3B | $2.4B | ||
| Q1 24 | $1.4B | $2.7B |
总债务EXPDMGM
| Q4 25 | — | $6.2B | ||
| Q3 25 | — | $6.2B | ||
| Q2 25 | — | $6.2B | ||
| Q1 25 | — | $6.4B | ||
| Q4 24 | — | $6.4B | ||
| Q3 24 | — | $6.9B | ||
| Q2 24 | — | $6.3B | ||
| Q1 24 | — | $6.3B |
股东权益EXPDMGM
| Q4 25 | $2.4B | $2.4B | ||
| Q3 25 | $2.3B | $2.7B | ||
| Q2 25 | $2.2B | $3.0B | ||
| Q1 25 | $2.3B | $2.9B | ||
| Q4 24 | $2.2B | $3.0B | ||
| Q3 24 | $2.4B | $3.2B | ||
| Q2 24 | $2.2B | $3.2B | ||
| Q1 24 | $2.2B | $3.5B |
总资产EXPDMGM
| Q4 25 | $4.9B | $41.4B | ||
| Q3 25 | $4.8B | $41.4B | ||
| Q2 25 | $4.8B | $41.7B | ||
| Q1 25 | $4.8B | $41.9B | ||
| Q4 24 | $4.8B | $42.2B | ||
| Q3 24 | $5.2B | $42.7B | ||
| Q2 24 | $4.8B | $41.8B | ||
| Q1 24 | $4.5B | $42.1B |
负债/权益比EXPDMGM
| Q4 25 | — | 2.56× | ||
| Q3 25 | — | 2.30× | ||
| Q2 25 | — | 2.09× | ||
| Q1 25 | — | 2.25× | ||
| Q4 24 | — | 2.10× | ||
| Q3 24 | — | 2.14× | ||
| Q2 24 | — | 1.96× | ||
| Q1 24 | — | 1.81× |
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 | $283.3M | $655.0M |
| 自由现金流经营现金流 - 资本支出 | $270.3M | $358.5M |
| 自由现金流率自由现金流/营收 | 9.5% | 7.8% |
| 资本支出强度资本支出/营收 | 0.5% | 6.4% |
| 现金转化率经营现金流/净利润 | 1.41× | 2.23× |
| 过去12个月自由现金流最近4个季度 | $953.4M | $1.5B |
8季度趋势，按日历期对齐
经营现金流EXPDMGM
| Q4 25 | $283.3M | $655.0M | ||
| Q3 25 | $201.4M | $681.4M | ||
| Q2 25 | $179.2M | $645.9M | ||
| Q1 25 | $342.6M | $547.1M | ||
| Q4 24 | $249.7M | $671.6M | ||
| Q3 24 | $90.0M | $667.4M | ||
| Q2 24 | $126.8M | $474.2M | ||
| Q1 24 | $256.9M | $549.3M |
自由现金流EXPDMGM
| Q4 25 | $270.3M | $358.5M | ||
| Q3 25 | $190.3M | $405.4M | ||
| Q2 25 | $163.3M | $377.4M | ||
| Q1 25 | $329.5M | $319.0M | ||
| Q4 24 | $239.7M | $267.5M | ||
| Q3 24 | $77.7M | $331.2M | ||
| Q2 24 | $118.8M | $236.0M | ||
| Q1 24 | $246.7M | $377.2M |
自由现金流率EXPDMGM
| Q4 25 | 9.5% | 7.8% | ||
| Q3 25 | 6.6% | 9.5% | ||
| Q2 25 | 6.2% | 8.6% | ||
| Q1 25 | 12.4% | 7.5% | ||
| Q4 24 | 8.1% | 6.2% | ||
| Q3 24 | 2.6% | 7.9% | ||
| Q2 24 | 4.9% | 5.5% | ||
| Q1 24 | 11.2% | 8.6% |
资本支出强度EXPDMGM
| Q4 25 | 0.5% | 6.4% | ||
| Q3 25 | 0.4% | 6.5% | ||
| Q2 25 | 0.6% | 6.1% | ||
| Q1 25 | 0.5% | 5.3% | ||
| Q4 24 | 0.3% | 9.3% | ||
| Q3 24 | 0.4% | 8.0% | ||
| Q2 24 | 0.3% | 5.5% | ||
| Q1 24 | 0.5% | 3.9% |
现金转化率EXPDMGM
| Q4 25 | 1.41× | 2.23× | ||
| Q3 25 | 0.91× | — | ||
| Q2 25 | 0.98× | 13.19× | ||
| Q1 25 | 1.68× | 3.68× | ||
| Q4 24 | 1.06× | 4.27× | ||
| Q3 24 | 0.39× | 3.62× | ||
| Q2 24 | 0.72× | 2.54× | ||
| Q1 24 | 1.52× | 2.53× |
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
EXPD
| Customs Brokerage And Other Services | $1.1B | 40% |
| Airfreight Services | $1.1B | 39% |
| Ocean Freight And Ocean Services | $611.4M | 21% |
MGM
| Casino | $2.6B | 56% |
| Occupancy | $858.4M | 19% |
| Food And Beverage | $749.0M | 16% |
| Entertainment Retail And Other | $423.0M | 9% |
