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自由港麦克莫兰（FCX）与MARKEL GROUP INC.（MKL）财务数据对比。点击上方公司名可切换其他公司
自由港麦克莫兰的季度营收约是MARKEL GROUP INC.的1.5倍（$5.3B vs $3.6B），MARKEL GROUP INC.净利率更高（16.1% vs 10.7%，领先5.4%），MARKEL GROUP INC.同比增速更快（-6.9% vs -10.4%），MARKEL GROUP INC.自由现金流更多（$599.1M vs $-312.0M），过去两年自由港麦克莫兰的营收复合增速更高（-7.9% vs -10.5%）
自由港麦克莫兰是总部位于美国亚利桑那州凤凰城的矿业企业，是全球最大的钼生产商、主要铜生产商之一，运营着坐落于印度尼西亚巴布亚省的世界最大金矿格拉斯伯格矿。
Markel集团是总部位于美国弗吉尼亚州里士满的综合性企业集团，1930年最初以保险公司的身份创立，发展至今业务已覆盖保险承保、投资管理等多个板块，在全球相关行业拥有较高的市场知名度与稳定的合作网络。
FCX vs MKL — 直观对比
营收规模更大
FCX
是对方的1.5倍
$3.6B
营收增速更快
MKL
高出3.5%
-10.4%
净利率更高
MKL
高出5.4%
10.7%
自由现金流更多
MKL
多$911.1M
$-312.0M
两年增速更快
FCX
近两年复合增速
-10.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $5.3B | $3.6B |
| 净利润 | $565.0M | $576.8M |
| 毛利率 | 12.4% | — |
| 营业利润率 | 15.4% | 22.2% |
| 净利率 | 10.7% | 16.1% |
| 营收同比 | -10.4% | -6.9% |
| 净利润同比 | -21.6% | 5.0% |
| 每股收益（稀释后） | — | $48.22 |
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FCXMKL
| Q4 25 | $5.3B | $3.6B | ||
| Q3 25 | $6.8B | $3.9B | ||
| Q2 25 | $7.5B | $4.6B | ||
| Q1 25 | $5.6B | $3.4B | ||
| Q4 24 | $5.9B | $3.8B | ||
| Q3 24 | $6.7B | $4.6B | ||
| Q2 24 | $6.4B | $3.7B | ||
| Q1 24 | $6.2B | $4.5B |
净利润FCXMKL
| Q4 25 | $565.0M | $576.8M | ||
| Q3 25 | $1.2B | $751.3M | ||
| Q2 25 | $1.5B | $657.1M | ||
| Q1 25 | $793.0M | $121.7M | ||
| Q4 24 | $721.0M | $549.2M | ||
| Q3 24 | $1.2B | $905.0M | ||
| Q2 24 | $1.3B | $267.7M | ||
| Q1 24 | $1.2B | $1.0B |
毛利率FCXMKL
| Q4 25 | 12.4% | — | ||
| Q3 25 | 29.2% | — | ||
| Q2 25 | 34.2% | — | ||
| Q1 25 | 24.3% | — | ||
| Q4 24 | 27.0% | — | ||
| Q3 24 | 30.0% | — | ||
| Q2 24 | 31.5% | — | ||
| Q1 24 | 28.5% | — |
营业利润率FCXMKL
| Q4 25 | 15.4% | 22.2% | ||
| Q3 25 | 28.9% | 25.7% | ||
| Q2 25 | 32.3% | 24.1% | ||
| Q1 25 | 23.4% | 8.3% | ||
| Q4 24 | 21.1% | 15.5% | ||
| Q3 24 | 29.0% | 29.7% | ||
| Q2 24 | 32.0% | 11.1% | ||
| Q1 24 | 26.3% | 29.9% |
净利率FCXMKL
| Q4 25 | 10.7% | 16.1% | ||
| Q3 25 | 18.3% | 19.1% | ||
| Q2 25 | 20.6% | 14.3% | ||
| Q1 25 | 14.2% | 3.6% | ||
| Q4 24 | 12.3% | 14.3% | ||
| Q3 24 | 18.5% | 19.6% | ||
| Q2 24 | 20.0% | 7.2% | ||
| Q1 24 | 18.7% | 23.0% |
每股收益（稀释后）FCXMKL
| Q4 25 | — | $48.22 | ||
| Q3 25 | $0.46 | $59.25 | ||
| Q2 25 | $0.53 | $49.67 | ||
| Q1 25 | $0.24 | $12.08 | ||
| Q4 24 | — | $39.02 | ||
| Q3 24 | $0.36 | $66.25 | ||
| Q2 24 | $0.42 | $18.62 | ||
| Q1 24 | $0.32 | $75.43 |
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 | $3.8B | $4.0B |
| 总债务越低越好 | $9.4B | $4.3B |
| 股东权益账面价值 | $18.9B | $18.6B |
| 总资产 | $58.2B | $68.9B |
| 负债/权益比越低杠杆越低 | 0.50× | 0.23× |
8季度趋势，按日历期对齐
现金及短期投资FCXMKL
| Q4 25 | $3.8B | $4.0B | ||
| Q3 25 | $4.3B | $4.0B | ||
| Q2 25 | $4.5B | $3.7B | ||
| Q1 25 | $4.4B | $4.2B | ||
| Q4 24 | $3.9B | $3.7B | ||
| Q3 24 | $5.0B | $3.9B | ||
| Q2 24 | $5.3B | $3.5B | ||
| Q1 24 | $5.2B | $3.6B |
总债务FCXMKL
| Q4 25 | $9.4B | $4.3B | ||
| Q3 25 | — | $4.3B | ||
| Q2 25 | — | $4.4B | ||
| Q1 25 | $9.4B | $4.4B | ||
| Q4 24 | $8.9B | $4.3B | ||
| Q3 24 | $9.7B | $4.4B | ||
| Q2 24 | $9.4B | $4.4B | ||
| Q1 24 | $9.4B | $3.9B |
股东权益FCXMKL
| Q4 25 | $18.9B | $18.6B | ||
| Q3 25 | $18.7B | $18.0B | ||
| Q2 25 | $18.2B | $17.3B | ||
| Q1 25 | $17.7B | $17.1B | ||
| Q4 24 | $17.6B | $16.9B | ||
| Q3 24 | $17.5B | $17.0B | ||
| Q2 24 | $17.4B | $15.9B | ||
| Q1 24 | $17.0B | $15.7B |
总资产FCXMKL
| Q4 25 | $58.2B | $68.9B | ||
| Q3 25 | $56.8B | $67.4B | ||
| Q2 25 | $56.5B | $66.8B | ||
| Q1 25 | $56.0B | $64.6B | ||
| Q4 24 | $54.8B | $61.9B | ||
| Q3 24 | $55.4B | $62.3B | ||
| Q2 24 | $54.6B | $59.7B | ||
| Q1 24 | $54.2B | $57.3B |
负债/权益比FCXMKL
| Q4 25 | 0.50× | 0.23× | ||
| Q3 25 | — | 0.24× | ||
| Q2 25 | — | 0.25× | ||
| Q1 25 | 0.53× | 0.26× | ||
| Q4 24 | 0.51× | 0.26× | ||
| Q3 24 | 0.55× | 0.26× | ||
| Q2 24 | 0.54× | 0.28× | ||
| Q1 24 | 0.56× | 0.25× |
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 | $693.0M | $662.2M |
| 自由现金流经营现金流 - 资本支出 | $-312.0M | $599.1M |
| 自由现金流率自由现金流/营收 | -5.9% | 16.7% |
| 资本支出强度资本支出/营收 | 19.1% | 1.8% |
| 现金转化率经营现金流/净利润 | 1.23× | 1.15× |
| 过去12个月自由现金流最近4个季度 | $1.1B | $2.6B |
8季度趋势，按日历期对齐
经营现金流FCXMKL
| Q4 25 | $693.0M | $662.2M | ||
| Q3 25 | $1.7B | $1.2B | ||
| Q2 25 | $2.2B | $504.4M | ||
| Q1 25 | $1.1B | $376.2M | ||
| Q4 24 | $1.4B | $493.9M | ||
| Q3 24 | $1.9B | $890.8M | ||
| Q2 24 | $2.0B | $578.6M | ||
| Q1 24 | $1.9B | $630.7M |
自由现金流FCXMKL
| Q4 25 | $-312.0M | $599.1M | ||
| Q3 25 | $608.0M | $1.2B | ||
| Q2 25 | $934.0M | $453.8M | ||
| Q1 25 | $-114.0M | $335.5M | ||
| Q4 24 | $197.0M | $420.0M | ||
| Q3 24 | $673.0M | $838.9M | ||
| Q2 24 | $840.0M | $521.4M | ||
| Q1 24 | $642.0M | $558.7M |
自由现金流率FCXMKL
| Q4 25 | -5.9% | 16.7% | ||
| Q3 25 | 8.9% | 29.6% | ||
| Q2 25 | 12.4% | 9.9% | ||
| Q1 25 | -2.0% | 9.9% | ||
| Q4 24 | 3.4% | 10.9% | ||
| Q3 24 | 10.1% | 18.2% | ||
| Q2 24 | 13.1% | 14.1% | ||
| Q1 24 | 10.3% | 12.5% |
资本支出强度FCXMKL
| Q4 25 | 19.1% | 1.8% | ||
| Q3 25 | 15.5% | 1.3% | ||
| Q2 25 | 16.8% | 1.1% | ||
| Q1 25 | 21.0% | 1.2% | ||
| Q4 24 | 21.1% | 1.9% | ||
| Q3 24 | 17.9% | 1.1% | ||
| Q2 24 | 17.4% | 1.5% | ||
| Q1 24 | 20.2% | 1.6% |
现金转化率FCXMKL
| Q4 25 | 1.23× | 1.15× | ||
| Q3 25 | 1.33× | 1.62× | ||
| Q2 25 | 1.42× | 0.77× | ||
| Q1 25 | 1.33× | 3.09× | ||
| Q4 24 | 1.99× | 0.90× | ||
| Q3 24 | 1.51× | 0.98× | ||
| Q2 24 | 1.53× | 2.16× | ||
| Q1 24 | 1.63× | 0.62× |
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
FCX
| Morenci | $2.5B | 47% |
| Grasberg Segment | $964.0M | 18% |
| Copper In Concentrates | $934.0M | 18% |
| Molybdenum | $541.0M | 10% |
| Gold | $388.0M | 7% |
MKL
| Industrial | $1.6B | 45% |
| Consumer And Other | $958.3M | 27% |
| Financial | $737.0M | 21% |
| Other | $198.8M | 6% |
| Corporate Operations | $52.0M | 1% |
| Revenue From Contract With Customer | $10.5M | 0% |
