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孩之宝（HAS）与MAXIMUS, INC.（MMS）财务数据对比。点击上方公司名可切换其他公司
孩之宝的季度营收约是MAXIMUS, INC.的1.1倍（$1.4B vs $1.3B），孩之宝净利率更高（13.9% vs 7.0%，领先7.0%），孩之宝同比增速更快（31.3% vs -4.1%），孩之宝自由现金流更多（$389.5M vs $-250.7M），过去两年孩之宝的营收复合增速更高（38.2% vs -0.1%）
孩之宝是1923年12月6日成立的美国跨国玩具制造与娱乐控股企业，总部位于罗德岛州波塔基特。旗下拥有Kenner、米尔顿·布拉德利、派克兄弟、威世智等知名品牌，持有大量热门IP商标权，业务覆盖玩具生产、游戏开发、娱乐内容出品等多个领域。
MAXIMUS是美国一家政府服务企业，业务覆盖美国、加拿大、英国等国家，为医疗补助、联邦医疗保险、医改、就业帮扶、学生贷款服务等各类政府项目提供行政及配套服务。公司总部位于弗吉尼亚州泰森斯，现有员工3.96万名，2024财年营收达53亿美元。
HAS vs MMS — 直观对比
营收规模更大
HAS
是对方的1.1倍
$1.3B
营收增速更快
HAS
高出35.4%
-4.1%
净利率更高
HAS
高出7.0%
7.0%
自由现金流更多
HAS
多$640.2M
$-250.7M
两年增速更快
HAS
近两年复合增速
-0.1%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.4B | $1.3B |
| 净利润 | $201.6M | $93.9M |
| 毛利率 | 68.7% | 23.7% |
| 营业利润率 | 20.6% | 10.9% |
| 净利率 | 13.9% | 7.0% |
| 营收同比 | 31.3% | -4.1% |
| 净利润同比 | 687.8% | 128.0% |
| 每股收益（稀释后） | $1.46 | $1.70 |
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HASMMS
| Q4 25 | $1.4B | $1.3B | ||
| Q3 25 | $1.4B | $1.3B | ||
| Q2 25 | $980.8M | $1.3B | ||
| Q1 25 | $887.1M | $1.4B | ||
| Q4 24 | $1.1B | $1.4B | ||
| Q3 24 | $1.3B | $1.3B | ||
| Q2 24 | $995.3M | $1.3B | ||
| Q1 24 | $757.3M | $1.3B |
净利润HASMMS
| Q4 25 | $201.6M | $93.9M | ||
| Q3 25 | $233.2M | $75.3M | ||
| Q2 25 | $-855.8M | $106.0M | ||
| Q1 25 | $98.6M | $96.6M | ||
| Q4 24 | $-34.3M | $41.2M | ||
| Q3 24 | $223.2M | $72.5M | ||
| Q2 24 | $138.5M | $89.8M | ||
| Q1 24 | $58.2M | $80.5M |
毛利率HASMMS
| Q4 25 | 68.7% | 23.7% | ||
| Q3 25 | 70.1% | 25.3% | ||
| Q2 25 | 77.0% | 26.7% | ||
| Q1 25 | 76.9% | 24.9% | ||
| Q4 24 | 67.4% | 21.5% | ||
| Q3 24 | 70.4% | 22.9% | ||
| Q2 24 | 76.1% | 25.3% | ||
| Q1 24 | 73.0% | 23.6% |
营业利润率HASMMS
| Q4 25 | 20.6% | 10.9% | ||
| Q3 25 | 24.6% | 9.3% | ||
| Q2 25 | -81.4% | 12.3% | ||
| Q1 25 | 19.2% | 11.2% | ||
| Q4 24 | 5.4% | 6.2% | ||
| Q3 24 | 23.6% | 8.5% | ||
| Q2 24 | 21.3% | 10.8% | ||
| Q1 24 | 15.3% | 9.5% |
净利率HASMMS
| Q4 25 | 13.9% | 7.0% | ||
| Q3 25 | 16.8% | 5.7% | ||
| Q2 25 | -87.3% | 7.9% | ||
| Q1 25 | 11.1% | 7.1% | ||
| Q4 24 | -3.1% | 2.9% | ||
| Q3 24 | 17.4% | 5.5% | ||
| Q2 24 | 13.9% | 6.8% | ||
| Q1 24 | 7.7% | 6.0% |
每股收益（稀释后）HASMMS
| Q4 25 | $1.46 | $1.70 | ||
| Q3 25 | $1.64 | $1.27 | ||
| Q2 25 | $-6.10 | $1.86 | ||
| Q1 25 | $0.70 | $1.69 | ||
| Q4 24 | $-0.25 | $0.69 | ||
| Q3 24 | $1.59 | $1.18 | ||
| Q2 24 | $0.99 | $1.46 | ||
| Q1 24 | $0.42 | $1.31 |
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 | — | $137.6M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $565.5M | $1.7B |
| 总资产 | $5.6B | $4.2B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资HASMMS
| Q4 25 | — | $137.6M | ||
| Q3 25 | — | $222.4M | ||
| Q2 25 | — | $59.8M | ||
| Q1 25 | — | $108.1M | ||
| Q4 24 | — | $72.7M | ||
| Q3 24 | — | $183.1M | ||
| Q2 24 | — | $102.8M | ||
| Q1 24 | — | $77.4M |
股东权益HASMMS
| Q4 25 | $565.5M | $1.7B | ||
| Q3 25 | $433.8M | $1.7B | ||
| Q2 25 | $269.7M | $1.8B | ||
| Q1 25 | $1.2B | $1.7B | ||
| Q4 24 | $1.2B | $1.6B | ||
| Q3 24 | $1.3B | $1.8B | ||
| Q2 24 | $1.2B | $1.8B | ||
| Q1 24 | $1.0B | $1.8B |
总资产HASMMS
| Q4 25 | $5.6B | $4.2B | ||
| Q3 25 | $5.5B | $4.1B | ||
| Q2 25 | $5.2B | $4.5B | ||
| Q1 25 | $6.0B | $4.2B | ||
| Q4 24 | $6.3B | $4.1B | ||
| Q3 24 | $7.2B | $4.1B | ||
| Q2 24 | $6.9B | $4.0B | ||
| Q1 24 | $6.2B | $4.0B |
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 | $403.2M | $-244.4M |
| 自由现金流经营现金流 - 资本支出 | $389.5M | $-250.7M |
| 自由现金流率自由现金流/营收 | 26.9% | -18.6% |
| 资本支出强度资本支出/营收 | 0.9% | 0.5% |
| 现金转化率经营现金流/净利润 | 2.00× | -2.60× |
| 过去12个月自由现金流最近4个季度 | $829.9M | $218.5M |
8季度趋势，按日历期对齐
经营现金流HASMMS
| Q4 25 | $403.2M | $-244.4M | ||
| Q3 25 | $280.6M | $649.4M | ||
| Q2 25 | $71.3M | $-182.7M | ||
| Q1 25 | $138.1M | $42.7M | ||
| Q4 24 | $259.8M | $-80.0M | ||
| Q3 24 | $222.5M | $163.8M | ||
| Q2 24 | $187.3M | $199.3M | ||
| Q1 24 | $177.8M | $130.5M |
自由现金流HASMMS
| Q4 25 | $389.5M | $-250.7M | ||
| Q3 25 | $260.9M | $641.8M | ||
| Q2 25 | $55.2M | $-198.2M | ||
| Q1 25 | $124.3M | $25.5M | ||
| Q4 24 | $200.8M | $-103.0M | ||
| Q3 24 | $174.0M | $131.9M | ||
| Q2 24 | $135.4M | $164.6M | ||
| Q1 24 | $132.0M | $105.2M |
自由现金流率HASMMS
| Q4 25 | 26.9% | -18.6% | ||
| Q3 25 | 18.8% | 48.7% | ||
| Q2 25 | 5.6% | -14.7% | ||
| Q1 25 | 14.0% | 1.9% | ||
| Q4 24 | 18.2% | -7.3% | ||
| Q3 24 | 13.6% | 10.0% | ||
| Q2 24 | 13.6% | 12.5% | ||
| Q1 24 | 17.4% | 7.8% |
资本支出强度HASMMS
| Q4 25 | 0.9% | 0.5% | ||
| Q3 25 | 1.4% | 0.6% | ||
| Q2 25 | 1.6% | 1.1% | ||
| Q1 25 | 1.6% | 1.3% | ||
| Q4 24 | 5.4% | 1.6% | ||
| Q3 24 | 3.8% | 2.4% | ||
| Q2 24 | 5.2% | 2.6% | ||
| Q1 24 | 6.0% | 1.9% |
现金转化率HASMMS
| Q4 25 | 2.00× | -2.60× | ||
| Q3 25 | 1.20× | 8.63× | ||
| Q2 25 | — | -1.72× | ||
| Q1 25 | 1.40× | 0.44× | ||
| Q4 24 | — | -1.94× | ||
| Q3 24 | 1.00× | 2.26× | ||
| Q2 24 | 1.35× | 2.22× | ||
| Q1 24 | 3.05× | 1.62× |
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
HAS
| Grow Brands | $1.1B | 75% |
| Optimize Brands | $188.7M | 13% |
| Digital And Licensing Gaming | $135.7M | 9% |
| Class Of Principal Product Family Brands | $13.1M | 1% |
| Filmand TV | $2.4M | 0% |
MMS
| Clinical Services | $523.7M | 39% |
| Cost Plus Contracts | $386.4M | 29% |
| Outside The United States | $143.2M | 11% |
| International Government Agencies | $141.0M | 10% |
| Technology Solutions | $74.8M | 6% |
| Employment And Other | $70.2M | 5% |
| Other Including Local Municipalities And Commercial Customers | $17.6M | 1% |
