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固铂轮胎（GT）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
固铂轮胎的季度营收约是MARKEL GROUP INC.的1.4倍（$4.9B vs $3.6B），MARKEL GROUP INC.净利率更高（16.1% vs 2.1%，领先14.0%），固铂轮胎同比增速更快（-0.6% vs -6.9%），固铂轮胎自由现金流更多（$1.3B vs $599.1M），过去两年固铂轮胎的营收复合增速更高（4.1% vs -10.5%）
固铂轮胎橡胶公司是美国知名轮胎企业，专注于乘用车、卡车替换轮胎的设计、生产、营销与销售，旗下子公司还覆盖中型卡车、摩托车及赛车轮胎业务。公司总部位于俄亥俄州芬德利，在全球拥有60处制造、销售、配送、技术及研发设计基地，旗下还拥有英国雅芳轮胎品牌，生产摩托车等品类的轮胎产品。
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。
GT vs MKL — 直观对比
营收规模更大
GT
是对方的1.4倍
$3.6B
营收增速更快
GT
高出6.3%
-6.9%
净利率更高
MKL
高出14.0%
2.1%
自由现金流更多
GT
多$735.9M
$599.1M
两年增速更快
GT
近两年复合增速
-10.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.9B | $3.6B |
| 净利润 | $105.0M | $576.8M |
| 毛利率 | 20.9% | — |
| 营业利润率 | 3.3% | 22.2% |
| 净利率 | 2.1% | 16.1% |
| 营收同比 | -0.6% | -6.9% |
| 净利润同比 | 43.8% | 5.0% |
| 每股收益（稀释后） | $0.36 | $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GTMKL
| Q4 25 | $4.9B | $3.6B | ||
| Q3 25 | $4.6B | $3.9B | ||
| Q2 25 | $4.5B | $4.6B | ||
| Q1 25 | $4.3B | $3.4B | ||
| Q4 24 | $4.9B | $3.8B | ||
| Q3 24 | $4.8B | $4.6B | ||
| Q2 24 | $4.6B | $3.7B | ||
| Q1 24 | $4.5B | $4.5B |
净利润GTMKL
| Q4 25 | $105.0M | $576.8M | ||
| Q3 25 | $-2.2B | $751.3M | ||
| Q2 25 | $254.0M | $657.1M | ||
| Q1 25 | $115.0M | $121.7M | ||
| Q4 24 | $73.0M | $549.2M | ||
| Q3 24 | $-37.0M | $905.0M | ||
| Q2 24 | $79.0M | $267.7M | ||
| Q1 24 | $-69.0M | $1.0B |
毛利率GTMKL
| Q4 25 | 20.9% | — | ||
| Q3 25 | 18.2% | — | ||
| Q2 25 | 17.0% | — | ||
| Q1 25 | 17.4% | — | ||
| Q4 24 | 19.9% | — | ||
| Q3 24 | 19.5% | — | ||
| Q2 24 | 20.6% | — | ||
| Q1 24 | 18.0% | — |
营业利润率GTMKL
| Q4 25 | 3.3% | 22.2% | ||
| Q3 25 | -15.8% | 25.7% | ||
| Q2 25 | 6.8% | 24.1% | ||
| Q1 25 | 3.1% | 8.3% | ||
| Q4 24 | 1.5% | 15.5% | ||
| Q3 24 | -0.6% | 29.7% | ||
| Q2 24 | 2.9% | 11.1% | ||
| Q1 24 | -1.1% | 29.9% |
净利率GTMKL
| Q4 25 | 2.1% | 16.1% | ||
| Q3 25 | -47.3% | 19.1% | ||
| Q2 25 | 5.7% | 14.3% | ||
| Q1 25 | 2.7% | 3.6% | ||
| Q4 24 | 1.5% | 14.3% | ||
| Q3 24 | -0.8% | 19.6% | ||
| Q2 24 | 1.7% | 7.2% | ||
| Q1 24 | -1.5% | 23.0% |
每股收益（稀释后）GTMKL
| Q4 25 | $0.36 | $48.22 | ||
| Q3 25 | $-7.62 | $59.25 | ||
| Q2 25 | $0.87 | $49.67 | ||
| Q1 25 | $0.40 | $12.08 | ||
| Q4 24 | $0.25 | $39.02 | ||
| Q3 24 | $-0.13 | $66.25 | ||
| Q2 24 | $0.28 | $18.62 | ||
| Q1 24 | $-0.24 | $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 | $801.0M | $4.0B |
| 总债务越低越好 | $5.3B | $4.3B |
| 股东权益账面价值 | $3.2B | $18.6B |
| 总资产 | $18.2B | $68.9B |
| 负债/权益比越低杠杆越低 | 1.65× | 0.23× |
8季度趋势，按日历期对齐
现金及短期投资GTMKL
| Q4 25 | $801.0M | $4.0B | ||
| Q3 25 | $810.0M | $4.0B | ||
| Q2 25 | $785.0M | $3.7B | ||
| Q1 25 | $902.0M | $4.2B | ||
| Q4 24 | $810.0M | $3.7B | ||
| Q3 24 | $905.0M | $3.9B | ||
| Q2 24 | $789.0M | $3.5B | ||
| Q1 24 | $893.0M | $3.6B |
总债务GTMKL
| Q4 25 | $5.3B | $4.3B | ||
| Q3 25 | $7.3B | $4.3B | ||
| Q2 25 | $6.6B | $4.4B | ||
| Q1 25 | $7.3B | $4.4B | ||
| Q4 24 | $6.4B | $4.3B | ||
| Q3 24 | $7.4B | $4.4B | ||
| Q2 24 | $6.8B | $4.4B | ||
| Q1 24 | $7.5B | $3.9B |
股东权益GTMKL
| Q4 25 | $3.2B | $18.6B | ||
| Q3 25 | $3.0B | $18.0B | ||
| Q2 25 | $5.1B | $17.3B | ||
| Q1 25 | $4.9B | $17.1B | ||
| Q4 24 | $4.7B | $16.9B | ||
| Q3 24 | $4.7B | $17.0B | ||
| Q2 24 | $4.7B | $15.9B | ||
| Q1 24 | $4.6B | $15.7B |
总资产GTMKL
| Q4 25 | $18.2B | $68.9B | ||
| Q3 25 | $20.2B | $67.4B | ||
| Q2 25 | $22.3B | $66.8B | ||
| Q1 25 | $21.7B | $64.6B | ||
| Q4 24 | $20.9B | $61.9B | ||
| Q3 24 | $22.5B | $62.3B | ||
| Q2 24 | $22.0B | $59.7B | ||
| Q1 24 | $22.0B | $57.3B |
负债/权益比GTMKL
| Q4 25 | 1.65× | 0.23× | ||
| Q3 25 | 2.42× | 0.24× | ||
| Q2 25 | 1.28× | 0.25× | ||
| Q1 25 | 1.48× | 0.26× | ||
| Q4 24 | 1.37× | 0.26× | ||
| Q3 24 | 1.57× | 0.26× | ||
| Q2 24 | 1.45× | 0.28× | ||
| Q1 24 | 1.61× | 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 | $1.5B | $662.2M |
| 自由现金流经营现金流 - 资本支出 | $1.3B | $599.1M |
| 自由现金流率自由现金流/营收 | 27.2% | 16.7% |
| 资本支出强度资本支出/营收 | 3.6% | 1.8% |
| 现金转化率经营现金流/净利润 | 14.40× | 1.15× |
| 过去12个月自由现金流最近4个季度 | $-30.0M | $2.6B |
8季度趋势，按日历期对齐
经营现金流GTMKL
| Q4 25 | $1.5B | $662.2M | ||
| Q3 25 | $2.0M | $1.2B | ||
| Q2 25 | $-180.0M | $504.4M | ||
| Q1 25 | $-538.0M | $376.2M | ||
| Q4 24 | $1.3B | $493.9M | ||
| Q3 24 | $-73.0M | $890.8M | ||
| Q2 24 | $-67.0M | $578.6M | ||
| Q1 24 | $-451.0M | $630.7M |
自由现金流GTMKL
| Q4 25 | $1.3B | $599.1M | ||
| Q3 25 | $-181.0M | $1.2B | ||
| Q2 25 | $-387.0M | $453.8M | ||
| Q1 25 | $-797.0M | $335.5M | ||
| Q4 24 | $1.0B | $420.0M | ||
| Q3 24 | $-351.0M | $838.9M | ||
| Q2 24 | $-383.0M | $521.4M | ||
| Q1 24 | $-769.0M | $558.7M |
自由现金流率GTMKL
| Q4 25 | 27.2% | 16.7% | ||
| Q3 25 | -3.9% | 29.6% | ||
| Q2 25 | -8.7% | 9.9% | ||
| Q1 25 | -18.7% | 9.9% | ||
| Q4 24 | 20.5% | 10.9% | ||
| Q3 24 | -7.3% | 18.2% | ||
| Q2 24 | -8.4% | 14.1% | ||
| Q1 24 | -16.9% | 12.5% |
资本支出强度GTMKL
| Q4 25 | 3.6% | 1.8% | ||
| Q3 25 | 3.9% | 1.3% | ||
| Q2 25 | 4.6% | 1.1% | ||
| Q1 25 | 6.1% | 1.2% | ||
| Q4 24 | 5.6% | 1.9% | ||
| Q3 24 | 5.8% | 1.1% | ||
| Q2 24 | 6.9% | 1.5% | ||
| Q1 24 | 7.0% | 1.6% |
现金转化率GTMKL
| Q4 25 | 14.40× | 1.15× | ||
| Q3 25 | — | 1.62× | ||
| Q2 25 | -0.71× | 0.77× | ||
| Q1 25 | -4.68× | 3.09× | ||
| Q4 24 | 17.66× | 0.90× | ||
| Q3 24 | — | 0.98× | ||
| Q2 24 | -0.85× | 2.16× | ||
| Q1 24 | — | 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
GT
| Tire Unit Sales | $2.4B | 50% |
| Other | $2.3B | 46% |
| Other Tireand Related Sales | $192.0M | 4% |
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% |
