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Graham Holdings Co（GHC）与美森（MATX）财务数据对比。点击上方公司名可切换其他公司
Graham Holdings Co的季度营收约是美森的1.5倍（$1.3B vs $851.9M），美森净利率更高（16.8% vs 8.7%，领先8.1%），Graham Holdings Co同比增速更快（0.4% vs -4.3%），美森自由现金流更多（$42.2M vs $5.0M），过去两年美森的营收复合增速更高（8.6% 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。
GHC vs MATX — 直观对比
营收规模更大
GHC
是对方的1.5倍
$851.9M
营收增速更快
GHC
高出4.7%
-4.3%
净利率更高
MATX
高出8.1%
8.7%
自由现金流更多
MATX
多$37.2M
$5.0M
两年增速更快
MATX
近两年复合增速
4.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $851.9M |
| 净利润 | $108.7M | $143.1M |
| 毛利率 | — | — |
| 营业利润率 | 3.8% | 16.9% |
| 净利率 | 8.7% | 16.8% |
| 营收同比 | 0.4% | -4.3% |
| 净利润同比 | -80.2% | 11.8% |
| 每股收益（稀释后） | $24.76 | $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GHCMATX
| Q4 25 | $1.3B | $851.9M | ||
| Q3 25 | $1.3B | $880.1M | ||
| Q2 25 | $1.2B | $830.5M | ||
| Q1 25 | $1.2B | $782.0M | ||
| Q4 24 | $1.2B | $890.3M | ||
| Q3 24 | $1.2B | $962.0M | ||
| Q2 24 | $1.2B | $847.4M | ||
| Q1 24 | $1.2B | $722.1M |
净利润GHCMATX
| Q4 25 | $108.7M | $143.1M | ||
| Q3 25 | $122.9M | $134.7M | ||
| Q2 25 | $36.7M | $94.7M | ||
| Q1 25 | $23.9M | $72.3M | ||
| Q4 24 | $548.8M | $128.0M | ||
| Q3 24 | $72.5M | $199.1M | ||
| Q2 24 | $-21.0M | $113.2M | ||
| Q1 24 | $124.4M | $36.1M |
营业利润率GHCMATX
| Q4 25 | 3.8% | 16.9% | ||
| Q3 25 | 5.2% | 18.3% | ||
| Q2 25 | 6.0% | 13.6% | ||
| Q1 25 | 4.1% | 10.5% | ||
| Q4 24 | 5.8% | 16.6% | ||
| Q3 24 | 6.8% | 25.2% | ||
| Q2 24 | 2.2% | 14.7% | ||
| Q1 24 | 3.1% | 5.1% |
净利率GHCMATX
| Q4 25 | 8.7% | 16.8% | ||
| Q3 25 | 9.6% | 15.3% | ||
| Q2 25 | 3.0% | 11.4% | ||
| Q1 25 | 2.0% | 9.2% | ||
| Q4 24 | 44.1% | 14.4% | ||
| Q3 24 | 6.0% | 20.7% | ||
| Q2 24 | -1.8% | 13.4% | ||
| Q1 24 | 10.8% | 5.0% |
每股收益（稀释后）GHCMATX
| Q4 25 | $24.76 | $4.47 | ||
| Q3 25 | $27.91 | $4.24 | ||
| Q2 25 | $8.35 | $2.92 | ||
| Q1 25 | $5.45 | $2.18 | ||
| Q4 24 | $124.05 | $3.69 | ||
| Q3 24 | $16.42 | $5.89 | ||
| Q2 24 | $-4.79 | $3.31 | ||
| Q1 24 | $27.72 | $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 | $267.0M | $141.9M |
| 总债务越低越好 | — | $361.2M |
| 股东权益账面价值 | $4.8B | $2.8B |
| 总资产 | $8.4B | $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GHCMATX
| Q4 25 | $267.0M | $141.9M | ||
| Q3 25 | $190.8M | $92.7M | ||
| Q2 25 | $176.2M | $59.1M | ||
| Q1 25 | $156.7M | $122.0M | ||
| Q4 24 | $260.9M | $266.8M | ||
| Q3 24 | $244.4M | $270.3M | ||
| Q2 24 | $140.7M | $168.2M | ||
| Q1 24 | $130.9M | $25.9M |
总债务GHCMATX
| 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GHCMATX
| Q4 25 | $4.8B | $2.8B | ||
| Q3 25 | $4.5B | $2.7B | ||
| Q2 25 | $4.4B | $2.6B | ||
| Q1 25 | $4.3B | $2.6B | ||
| Q4 24 | $4.3B | $2.7B | ||
| Q3 24 | $4.0B | $2.6B | ||
| Q2 24 | $4.0B | $2.4B | ||
| Q1 24 | $4.0B | $2.4B |
总资产GHCMATX
| Q4 25 | $8.4B | $4.6B | ||
| Q3 25 | $7.9B | $4.6B | ||
| Q2 25 | $7.6B | $4.5B | ||
| Q1 25 | $7.6B | $4.5B | ||
| Q4 24 | $7.7B | $4.6B | ||
| Q3 24 | $7.4B | $4.4B | ||
| Q2 24 | $7.2B | $4.3B | ||
| Q1 24 | $7.3B | $4.2B |
负债/权益比GHCMATX
| 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 | $28.3M | $176.9M |
| 自由现金流经营现金流 - 资本支出 | $5.0M | $42.2M |
| 自由现金流率自由现金流/营收 | 0.4% | 5.0% |
| 资本支出强度资本支出/营收 | 1.9% | 15.8% |
| 现金转化率经营现金流/净利润 | 0.26× | 1.24× |
| 过去12个月自由现金流最近4个季度 | $275.3M | $153.7M |
8季度趋势，按日历期对齐
经营现金流GHCMATX
| Q4 25 | $28.3M | $176.9M | ||
| Q3 25 | $178.1M | $175.6M | ||
| Q2 25 | $94.8M | $105.6M | ||
| Q1 25 | $46.0M | $89.0M | ||
| Q4 24 | $116.3M | $174.7M | ||
| Q3 24 | $237.6M | $248.6M | ||
| Q2 24 | $52.0M | $307.9M | ||
| Q1 24 | $1.1M | $36.6M |
自由现金流GHCMATX
| Q4 25 | $5.0M | $42.2M | ||
| Q3 25 | $161.8M | $92.4M | ||
| Q2 25 | $78.0M | $19.3M | ||
| Q1 25 | $30.5M | $-200.0K | ||
| Q4 24 | $91.1M | $49.3M | ||
| Q3 24 | $219.4M | $189.0M | ||
| Q2 24 | $33.7M | $238.1M | ||
| Q1 24 | $-20.2M | $-18.7M |
自由现金流率GHCMATX
| Q4 25 | 0.4% | 5.0% | ||
| Q3 25 | 12.6% | 10.5% | ||
| Q2 25 | 6.4% | 2.3% | ||
| Q1 25 | 2.6% | -0.0% | ||
| Q4 24 | 7.3% | 5.5% | ||
| Q3 24 | 18.2% | 19.6% | ||
| Q2 24 | 2.8% | 28.1% | ||
| Q1 24 | -1.8% | -2.6% |
资本支出强度GHCMATX
| Q4 25 | 1.9% | 15.8% | ||
| Q3 25 | 1.3% | 9.5% | ||
| Q2 25 | 1.4% | 10.4% | ||
| Q1 25 | 1.3% | 11.4% | ||
| Q4 24 | 2.0% | 14.1% | ||
| Q3 24 | 1.5% | 6.2% | ||
| Q2 24 | 1.5% | 8.2% | ||
| Q1 24 | 1.8% | 7.7% |
现金转化率GHCMATX
| Q4 25 | 0.26× | 1.24× | ||
| Q3 25 | 1.45× | 1.30× | ||
| Q2 25 | 2.58× | 1.12× | ||
| Q1 25 | 1.93× | 1.23× | ||
| Q4 24 | 0.21× | 1.36× | ||
| Q3 24 | 3.28× | 1.25× | ||
| Q2 24 | — | 2.72× | ||
| Q1 24 | 0.01× | 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
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% |
MATX
| Ocean Transportation Segment | $704.2M | 83% |
| Logistics Services Segment | $147.7M | 17% |
