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Graham Holdings Co（GHC）与美泰（MAT）财务数据对比。点击上方公司名可切换其他公司
美泰的季度营收约是Graham Holdings Co的1.4倍（$1.8B vs $1.3B），Graham Holdings Co净利率更高（8.7% vs 6.0%，领先2.7%），美泰同比增速更快（7.3% vs 0.4%），过去两年美泰的营收复合增速更高（47.7% vs 4.2%）
Graham Holdings是一家总部位于美国弗吉尼亚州阿灵顿县、在特拉华州注册的多元化综合控股集团，曾持有知名媒体《华盛顿邮报》与《新闻周刊》的所有权，旗下业务覆盖多个领域，在北美市场拥有深厚的行业运营积淀。
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。
GHC vs MAT — 直观对比
营收规模更大
MAT
是对方的1.4倍
$1.3B
营收增速更快
MAT
高出6.9%
0.4%
净利率更高
GHC
高出2.7%
6.0%
两年增速更快
MAT
近两年复合增速
4.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $1.8B |
| 净利润 | $108.7M | $106.2M |
| 毛利率 | — | 45.9% |
| 营业利润率 | 3.8% | 8.0% |
| 净利率 | 8.7% | 6.0% |
| 营收同比 | 0.4% | 7.3% |
| 净利润同比 | -80.2% | -24.6% |
| 每股收益（稀释后） | $24.76 | $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GHCMAT
| Q4 25 | $1.3B | $1.8B | ||
| Q3 25 | $1.3B | $1.7B | ||
| Q2 25 | $1.2B | $1.0B | ||
| Q1 25 | $1.2B | $826.6M | ||
| Q4 24 | $1.2B | $1.6B | ||
| Q3 24 | $1.2B | $1.8B | ||
| Q2 24 | $1.2B | $1.1B | ||
| Q1 24 | $1.2B | $809.5M |
净利润GHCMAT
| Q4 25 | $108.7M | $106.2M | ||
| Q3 25 | $122.9M | $278.4M | ||
| Q2 25 | $36.7M | $53.4M | ||
| Q1 25 | $23.9M | $-40.3M | ||
| Q4 24 | $548.8M | $140.9M | ||
| Q3 24 | $72.5M | $372.4M | ||
| Q2 24 | $-21.0M | $56.9M | ||
| Q1 24 | $124.4M | $-28.3M |
毛利率GHCMAT
| 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GHCMAT
| Q4 25 | 3.8% | 8.0% | ||
| Q3 25 | 5.2% | 21.9% | ||
| Q2 25 | 6.0% | 7.7% | ||
| Q1 25 | 4.1% | -6.4% | ||
| Q4 24 | 5.8% | 9.6% | ||
| Q3 24 | 6.8% | 26.5% | ||
| Q2 24 | 2.2% | 7.7% | ||
| Q1 24 | 3.1% | -4.4% |
净利率GHCMAT
| Q4 25 | 8.7% | 6.0% | ||
| Q3 25 | 9.6% | 16.0% | ||
| Q2 25 | 3.0% | 5.2% | ||
| Q1 25 | 2.0% | -4.9% | ||
| Q4 24 | 44.1% | 8.6% | ||
| Q3 24 | 6.0% | 20.2% | ||
| Q2 24 | -1.8% | 5.3% | ||
| Q1 24 | 10.8% | -3.5% |
每股收益（稀释后）GHCMAT
| Q4 25 | $24.76 | $0.32 | ||
| Q3 25 | $27.91 | $0.88 | ||
| Q2 25 | $8.35 | $0.16 | ||
| Q1 25 | $5.45 | $-0.12 | ||
| Q4 24 | $124.05 | $0.40 | ||
| Q3 24 | $16.42 | $1.09 | ||
| Q2 24 | $-4.79 | $0.17 | ||
| Q1 24 | $27.72 | $-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 | $267.0M | $1.2B |
| 总债务越低越好 | — | $2.3B |
| 股东权益账面价值 | $4.8B | $2.2B |
| 总资产 | $8.4B | $6.6B |
| 负债/权益比越低杠杆越低 | — | 1.04× |
8季度趋势，按日历期对齐
现金及短期投资GHCMAT
| Q4 25 | $267.0M | $1.2B | ||
| Q3 25 | $190.8M | $691.9M | ||
| Q2 25 | $176.2M | $870.5M | ||
| Q1 25 | $156.7M | $1.2B | ||
| Q4 24 | $260.9M | $1.4B | ||
| Q3 24 | $244.4M | $723.5M | ||
| Q2 24 | $140.7M | $722.4M | ||
| Q1 24 | $130.9M | $1.1B |
总债务GHCMAT
| 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 | ||
| Q1 24 | — | $2.3B |
股东权益GHCMAT
| Q4 25 | $4.8B | $2.2B | ||
| Q3 25 | $4.5B | $2.3B | ||
| Q2 25 | $4.4B | $2.2B | ||
| Q1 25 | $4.3B | $2.1B | ||
| Q4 24 | $4.3B | $2.3B | ||
| Q3 24 | $4.0B | $2.3B | ||
| Q2 24 | $4.0B | $2.0B | ||
| Q1 24 | $4.0B | $2.0B |
总资产GHCMAT
| Q4 25 | $8.4B | $6.6B | ||
| Q3 25 | $7.9B | $6.6B | ||
| Q2 25 | $7.6B | $6.2B | ||
| Q1 25 | $7.6B | $6.2B | ||
| Q4 24 | $7.7B | $6.5B | ||
| Q3 24 | $7.4B | $6.5B | ||
| Q2 24 | $7.2B | $5.9B | ||
| Q1 24 | $7.3B | $6.1B |
负债/权益比GHCMAT
| 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× | ||
| 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 | $28.3M | $796.6M |
| 自由现金流经营现金流 - 资本支出 | $5.0M | — |
| 自由现金流率自由现金流/营收 | 0.4% | — |
| 资本支出强度资本支出/营收 | 1.9% | — |
| 现金转化率经营现金流/净利润 | 0.26× | 7.50× |
| 过去12个月自由现金流最近4个季度 | $275.3M | — |
8季度趋势，按日历期对齐
经营现金流GHCMAT
| Q4 25 | $28.3M | $796.6M | ||
| Q3 25 | $178.1M | $72.0M | ||
| Q2 25 | $94.8M | $-300.1M | ||
| Q1 25 | $46.0M | $24.8M | ||
| Q4 24 | $116.3M | $862.1M | ||
| Q3 24 | $237.6M | $155.8M | ||
| Q2 24 | $52.0M | $-252.9M | ||
| Q1 24 | $1.1M | $35.5M |
自由现金流GHCMAT
| Q4 25 | $5.0M | — | ||
| Q3 25 | $161.8M | — | ||
| Q2 25 | $78.0M | — | ||
| Q1 25 | $30.5M | — | ||
| Q4 24 | $91.1M | — | ||
| Q3 24 | $219.4M | — | ||
| Q2 24 | $33.7M | — | ||
| Q1 24 | $-20.2M | — |
自由现金流率GHCMAT
| Q4 25 | 0.4% | — | ||
| Q3 25 | 12.6% | — | ||
| Q2 25 | 6.4% | — | ||
| Q1 25 | 2.6% | — | ||
| Q4 24 | 7.3% | — | ||
| Q3 24 | 18.2% | — | ||
| Q2 24 | 2.8% | — | ||
| Q1 24 | -1.8% | — |
资本支出强度GHCMAT
| Q4 25 | 1.9% | — | ||
| Q3 25 | 1.3% | — | ||
| Q2 25 | 1.4% | — | ||
| Q1 25 | 1.3% | — | ||
| Q4 24 | 2.0% | — | ||
| Q3 24 | 1.5% | — | ||
| Q2 24 | 1.5% | — | ||
| Q1 24 | 1.8% | — |
现金转化率GHCMAT
| Q4 25 | 0.26× | 7.50× | ||
| Q3 25 | 1.45× | 0.26× | ||
| Q2 25 | 2.58× | -5.62× | ||
| Q1 25 | 1.93× | — | ||
| Q4 24 | 0.21× | 6.12× | ||
| Q3 24 | 3.28× | 0.42× | ||
| Q2 24 | — | -4.45× | ||
| Q1 24 | 0.01× | — |
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
GHC
| Products | $602.7M | 48% |
| Kaplan International | $251.9M | 20% |
| Manufacturing | $117.8M | 9% |
| Television Broadcasting | $110.5M | 9% |
| Higher Education | $83.8M | 7% |
| Supplemental Education | $74.9M | 6% |
| Related Party | $4.4M | 0% |
MAT
| North America Segment | $1.0B | 58% |
| International Segment | $745.6M | 42% |
