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FULLER H B CO（FUL）与美森（MATX）财务数据对比。点击上方公司名可切换其他公司
FULLER H B CO的季度营收约是美森的1.0倍（$892.0M vs $851.9M），美森净利率更高（16.8% vs 7.5%，领先9.3%），FULLER H B CO同比增速更快（-2.8% vs -4.3%），FULLER H B CO自由现金流更多（$68.9M vs $42.2M），过去两年美森的营收复合增速更高（8.6% vs 5.0%）
H.B.富勒公司是总部位于美国明尼苏达州圣保罗的跨国粘合剂制造企业，全球第四大粘合剂及密封剂生产商。公司拥有超过20000种产品，广泛应用于建筑、工程、电子、卫生用品、食品包装等领域，在26个国家设有81座生产基地，2024年员工规模约7500人。
美森公司（Matson, Inc.）是美国知名航运服务企业，总部位于夏威夷州火奴鲁鲁，成立于1882年。旗下子公司美森航运主营跨太平洋海运业务，服务覆盖夏威夷、阿拉斯加、关岛、密克罗尼西亚、太平洋诸岛、中国及日本等地区。
FUL vs MATX — 直观对比
营收规模更大
FUL
是对方的1.0倍
$851.9M
营收增速更快
FUL
高出1.5%
-4.3%
净利率更高
MATX
高出9.3%
7.5%
自由现金流更多
FUL
多$26.7M
$42.2M
两年增速更快
MATX
近两年复合增速
5.0%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $892.0M | $851.9M |
| 净利润 | $67.2M | $143.1M |
| 毛利率 | 32.0% | — |
| 营业利润率 | 12.3% | 16.9% |
| 净利率 | 7.5% | 16.8% |
| 营收同比 | -2.8% | -4.3% |
| 净利润同比 | 21.3% | 11.8% |
| 每股收益（稀释后） | $1.22 | $4.47 |
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FULMATX
| Q4 25 | — | $851.9M | ||
| Q3 25 | $892.0M | $880.1M | ||
| Q2 25 | $898.1M | $830.5M | ||
| Q1 25 | — | $782.0M | ||
| Q4 24 | — | $890.3M | ||
| Q3 24 | $917.9M | $962.0M | ||
| Q2 24 | — | $847.4M | ||
| Q1 24 | $810.4M | $722.1M |
净利润FULMATX
| Q4 25 | — | $143.1M | ||
| Q3 25 | $67.2M | $134.7M | ||
| Q2 25 | $41.8M | $94.7M | ||
| Q1 25 | — | $72.3M | ||
| Q4 24 | — | $128.0M | ||
| Q3 24 | $55.4M | $199.1M | ||
| Q2 24 | — | $113.2M | ||
| Q1 24 | $31.0M | $36.1M |
毛利率FULMATX
| Q4 25 | — | — | ||
| Q3 25 | 32.0% | — | ||
| Q2 25 | 31.9% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 30.0% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 29.5% | — |
营业利润率FULMATX
| Q4 25 | — | 16.9% | ||
| Q3 25 | 12.3% | 18.3% | ||
| Q2 25 | 11.1% | 13.6% | ||
| Q1 25 | — | 10.5% | ||
| Q4 24 | — | 16.6% | ||
| Q3 24 | 11.4% | 25.2% | ||
| Q2 24 | — | 14.7% | ||
| Q1 24 | 8.3% | 5.1% |
净利率FULMATX
| Q4 25 | — | 16.8% | ||
| Q3 25 | 7.5% | 15.3% | ||
| Q2 25 | 4.7% | 11.4% | ||
| Q1 25 | — | 9.2% | ||
| Q4 24 | — | 14.4% | ||
| Q3 24 | 6.0% | 20.7% | ||
| Q2 24 | — | 13.4% | ||
| Q1 24 | 3.8% | 5.0% |
每股收益（稀释后）FULMATX
| Q4 25 | — | $4.47 | ||
| Q3 25 | $1.22 | $4.24 | ||
| Q2 25 | $0.76 | $2.92 | ||
| Q1 25 | — | $2.18 | ||
| Q4 24 | — | $3.69 | ||
| Q3 24 | $0.98 | $5.89 | ||
| Q2 24 | — | $3.31 | ||
| Q1 24 | $0.55 | $1.04 |
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 | $122.5M | $141.9M |
| 总债务越低越好 | — | $361.2M |
| 股东权益账面价值 | $2.0B | $2.8B |
| 总资产 | $5.2B | $4.6B |
| 负债/权益比越低杠杆越低 | — | 0.13× |
8季度趋势，按日历期对齐
现金及短期投资FULMATX
| Q4 25 | — | $141.9M | ||
| Q3 25 | $122.5M | $92.7M | ||
| Q2 25 | $96.8M | $59.1M | ||
| Q1 25 | — | $122.0M | ||
| Q4 24 | — | $266.8M | ||
| Q3 24 | $131.4M | $270.3M | ||
| Q2 24 | — | $168.2M | ||
| Q1 24 | $165.2M | $25.9M |
总债务FULMATX
| Q4 25 | — | $361.2M | ||
| Q3 25 | — | $370.9M | ||
| Q2 25 | — | $341.3M | ||
| Q1 25 | — | $351.1M | ||
| Q4 24 | — | $361.2M | ||
| Q3 24 | — | $370.9M | ||
| Q2 24 | — | $381.0M | ||
| Q1 24 | — | $390.8M |
股东权益FULMATX
| Q4 25 | — | $2.8B | ||
| Q3 25 | $2.0B | $2.7B | ||
| Q2 25 | $1.9B | $2.6B | ||
| Q1 25 | — | $2.6B | ||
| Q4 24 | — | $2.7B | ||
| Q3 24 | $1.8B | $2.6B | ||
| Q2 24 | — | $2.4B | ||
| Q1 24 | $1.8B | $2.4B |
总资产FULMATX
| Q4 25 | — | $4.6B | ||
| Q3 25 | $5.2B | $4.6B | ||
| Q2 25 | $5.1B | $4.5B | ||
| Q1 25 | — | $4.5B | ||
| Q4 24 | — | $4.6B | ||
| Q3 24 | $5.0B | $4.4B | ||
| Q2 24 | — | $4.3B | ||
| Q1 24 | $4.7B | $4.2B |
负债/权益比FULMATX
| Q4 25 | — | 0.13× | ||
| Q3 25 | — | 0.14× | ||
| Q2 25 | — | 0.13× | ||
| Q1 25 | — | 0.13× | ||
| Q4 24 | — | 0.14× | ||
| Q3 24 | — | 0.15× | ||
| Q2 24 | — | 0.16× | ||
| Q1 24 | — | 0.16× |
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 | $99.0M | $176.9M |
| 自由现金流经营现金流 - 资本支出 | $68.9M | $42.2M |
| 自由现金流率自由现金流/营收 | 7.7% | 5.0% |
| 资本支出强度资本支出/营收 | 3.4% | 15.8% |
| 现金转化率经营现金流/净利润 | 1.47× | 1.24× |
| 过去12个月自由现金流最近4个季度 | — | $153.7M |
8季度趋势，按日历期对齐
经营现金流FULMATX
| Q4 25 | — | $176.9M | ||
| Q3 25 | $99.0M | $175.6M | ||
| Q2 25 | — | $105.6M | ||
| Q1 25 | — | $89.0M | ||
| Q4 24 | — | $174.7M | ||
| Q3 24 | $169.4M | $248.6M | ||
| Q2 24 | — | $307.9M | ||
| Q1 24 | $47.4M | $36.6M |
自由现金流FULMATX
| Q4 25 | — | $42.2M | ||
| Q3 25 | $68.9M | $92.4M | ||
| Q2 25 | — | $19.3M | ||
| Q1 25 | — | $-200.0K | ||
| Q4 24 | — | $49.3M | ||
| Q3 24 | $99.9M | $189.0M | ||
| Q2 24 | — | $238.1M | ||
| Q1 24 | $4.1M | $-18.7M |
自由现金流率FULMATX
| Q4 25 | — | 5.0% | ||
| Q3 25 | 7.7% | 10.5% | ||
| Q2 25 | — | 2.3% | ||
| Q1 25 | — | -0.0% | ||
| Q4 24 | — | 5.5% | ||
| Q3 24 | 10.9% | 19.6% | ||
| Q2 24 | — | 28.1% | ||
| Q1 24 | 0.5% | -2.6% |
资本支出强度FULMATX
| Q4 25 | — | 15.8% | ||
| Q3 25 | 3.4% | 9.5% | ||
| Q2 25 | — | 10.4% | ||
| Q1 25 | — | 11.4% | ||
| Q4 24 | — | 14.1% | ||
| Q3 24 | 7.6% | 6.2% | ||
| Q2 24 | — | 8.2% | ||
| Q1 24 | 5.3% | 7.7% |
现金转化率FULMATX
| Q4 25 | — | 1.24× | ||
| Q3 25 | 1.47× | 1.30× | ||
| Q2 25 | — | 1.12× | ||
| Q1 25 | — | 1.23× | ||
| Q4 24 | — | 1.36× | ||
| Q3 24 | 3.06× | 1.25× | ||
| Q2 24 | — | 2.72× | ||
| Q1 24 | 1.53× | 1.01× |
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
FUL
| Hygiene Health And Consumable Adhesives | $386.1M | 43% |
| Engineering Adhesives | $272.3M | 31% |
| Building Adhesives Solutions | $233.7M | 26% |
MATX
| Ocean Transportation Segment | $704.2M | 83% |
| Logistics Services Segment | $147.7M | 17% |
