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哈雷戴维森（HOG）与Mativ Holdings, Inc.（MATV）财务数据对比。点击上方公司名可切换其他公司
Mativ Holdings, Inc.的季度营收约是哈雷戴维森的1.2倍（$463.1M vs $390.5M），Mativ Holdings, Inc.净利率更高（21.8% vs -72.3%，领先94.1%），Mativ Holdings, Inc.同比增速更快（1.0% vs -9.4%），哈雷戴维森自由现金流更多（$100.4M vs $8.0M），过去两年Mativ Holdings, Inc.的营收复合增速更高（-3.8% vs -48.6%）
哈雷戴维森是源自美国的摩托车制造商与生活方式品牌，总部位于威斯康星州密尔沃基，创立于1903年。它是大萧条时期幸存下来的两大美国摩托车厂商之一，历经多次股权变动、子公司调整、经营困境与全球竞争，如今已是全球知名的标志性品牌。
Mativ Holdings是一家全球特种材料制造商，主要生产高性能先进聚合物、无纺布、过滤解决方案及功能性涂层材料，服务医疗、工业、消费品、航空航天、能源等领域，业务遍及北美、欧洲及亚太地区。
HOG vs MATV — 直观对比
营收规模更大
MATV
是对方的1.2倍
$390.5M
营收增速更快
MATV
高出10.3%
-9.4%
净利率更高
MATV
高出94.1%
-72.3%
自由现金流更多
HOG
多$92.4M
$8.0M
两年增速更快
MATV
近两年复合增速
-48.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $390.5M | $463.1M |
| 净利润 | $-282.6M | $100.8M |
| 毛利率 | -7.9% | 18.8% |
| 营业利润率 | -92.4% | 2.2% |
| 净利率 | -72.3% | 21.8% |
| 营收同比 | -9.4% | 1.0% |
| 净利润同比 | -138.6% | 6620.0% |
| 每股收益（稀释后） | $-2.27 | $1.87 |
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HOGMATV
| Q4 25 | $390.5M | $463.1M | ||
| Q3 25 | $1.1B | $513.7M | ||
| Q2 25 | $1.0B | $525.4M | ||
| Q1 25 | $1.1B | $484.8M | ||
| Q4 24 | $430.9M | $458.6M | ||
| Q3 24 | $881.2M | $498.5M | ||
| Q2 24 | $1.4B | $523.8M | ||
| Q1 24 | $1.5B | $500.2M |
净利润HOGMATV
| Q4 25 | $-282.6M | $100.8M | ||
| Q3 25 | $377.4M | $-3.2M | ||
| Q2 25 | $107.6M | $-9.5M | ||
| Q1 25 | $133.1M | $-425.5M | ||
| Q4 24 | $-118.4M | $1.5M | ||
| Q3 24 | $119.0M | $-20.8M | ||
| Q2 24 | $218.3M | $-1.4M | ||
| Q1 24 | $234.9M | $-28.0M |
毛利率HOGMATV
| Q4 25 | -7.9% | 18.8% | ||
| Q3 25 | 26.0% | 19.3% | ||
| Q2 25 | 28.5% | 19.7% | ||
| Q1 25 | 28.9% | 15.0% | ||
| Q4 24 | -2.0% | 16.9% | ||
| Q3 24 | 29.8% | 18.8% | ||
| Q2 24 | 31.8% | 20.8% | ||
| Q1 24 | 30.9% | 16.8% |
营业利润率HOGMATV
| Q4 25 | -92.4% | 2.2% | ||
| Q3 25 | 44.0% | 3.1% | ||
| Q2 25 | 10.7% | 3.8% | ||
| Q1 25 | 14.8% | -88.8% | ||
| Q4 24 | -44.9% | 0.6% | ||
| Q3 24 | 12.0% | 1.4% | ||
| Q2 24 | 17.8% | 2.0% | ||
| Q1 24 | 17.8% | -2.8% |
净利率HOGMATV
| Q4 25 | -72.3% | 21.8% | ||
| Q3 25 | 35.0% | -0.6% | ||
| Q2 25 | 10.2% | -1.8% | ||
| Q1 25 | 12.3% | -87.8% | ||
| Q4 24 | -27.5% | 0.3% | ||
| Q3 24 | 13.5% | -4.2% | ||
| Q2 24 | 16.1% | -0.3% | ||
| Q1 24 | 15.9% | -5.6% |
每股收益（稀释后）HOGMATV
| Q4 25 | $-2.27 | $1.87 | ||
| Q3 25 | $3.10 | $-0.06 | ||
| Q2 25 | $0.88 | $-0.18 | ||
| Q1 25 | $1.07 | $-7.82 | ||
| Q4 24 | $-0.82 | $0.03 | ||
| Q3 24 | $0.91 | $-0.38 | ||
| Q2 24 | $1.63 | $-0.03 | ||
| Q1 24 | $1.72 | $-0.52 |
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 | $3.1B | $84.2M |
| 总债务越低越好 | $2.5B | $1.0B |
| 股东权益账面价值 | $3.1B | $498.7M |
| 总资产 | $8.0B | $2.1B |
| 负债/权益比越低杠杆越低 | 0.79× | 2.07× |
8季度趋势，按日历期对齐
现金及短期投资HOGMATV
| Q4 25 | $3.1B | $84.2M | ||
| Q3 25 | $1.8B | $97.1M | ||
| Q2 25 | $1.6B | $95.6M | ||
| Q1 25 | $1.9B | $84.0M | ||
| Q4 24 | $1.6B | $94.3M | ||
| Q3 24 | $2.2B | $162.2M | ||
| Q2 24 | $1.8B | $133.4M | ||
| Q1 24 | $1.5B | $128.9M |
总债务HOGMATV
| Q4 25 | $2.5B | $1.0B | ||
| Q3 25 | $4.5B | $1.0B | ||
| Q2 25 | $6.4B | $1.1B | ||
| Q1 25 | $6.8B | $1.1B | ||
| Q4 24 | $6.3B | $1.1B | ||
| Q3 24 | $7.3B | $1.2B | ||
| Q2 24 | $7.0B | $1.2B | ||
| Q1 24 | $6.3B | $1.2B |
股东权益HOGMATV
| Q4 25 | $3.1B | $498.7M | ||
| Q3 25 | $3.6B | $397.4M | ||
| Q2 25 | $3.3B | $416.6M | ||
| Q1 25 | $3.2B | $428.2M | ||
| Q4 24 | $3.2B | $858.5M | ||
| Q3 24 | $3.4B | $882.3M | ||
| Q2 24 | $3.4B | $898.0M | ||
| Q1 24 | $3.3B | $906.9M |
总资产HOGMATV
| Q4 25 | $8.0B | $2.1B | ||
| Q3 25 | $10.6B | $2.0B | ||
| Q2 25 | $12.1B | $2.1B | ||
| Q1 25 | $12.4B | $2.1B | ||
| Q4 24 | $11.9B | $2.4B | ||
| Q3 24 | $13.0B | $2.6B | ||
| Q2 24 | $12.8B | $2.6B | ||
| Q1 24 | $12.3B | $2.7B |
负债/权益比HOGMATV
| Q4 25 | 0.79× | 2.07× | ||
| Q3 25 | 1.25× | 2.63× | ||
| Q2 25 | 1.91× | 2.66× | ||
| Q1 25 | 2.14× | 2.67× | ||
| Q4 24 | 2.00× | 1.30× | ||
| Q3 24 | 2.13× | 1.32× | ||
| Q2 24 | 2.03× | 1.29× | ||
| Q1 24 | 1.88× | 1.30× |
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 | $152.0M | $19.3M |
| 自由现金流经营现金流 - 资本支出 | $100.4M | $8.0M |
| 自由现金流率自由现金流/营收 | 25.7% | 1.7% |
| 资本支出强度资本支出/营收 | 13.2% | 2.4% |
| 现金转化率经营现金流/净利润 | — | 0.19× |
| 过去12个月自由现金流最近4个季度 | $415.2M | $93.8M |
8季度趋势，按日历期对齐
经营现金流HOGMATV
| Q4 25 | $152.0M | $19.3M | ||
| Q3 25 | $-92.6M | $72.8M | ||
| Q2 25 | $368.0M | $57.6M | ||
| Q1 25 | $141.5M | $-15.9M | ||
| Q4 24 | $133.2M | $24.1M | ||
| Q3 24 | $353.0M | $37.6M | ||
| Q2 24 | $473.6M | $46.1M | ||
| Q1 24 | $104.0M | $-13.0M |
自由现金流HOGMATV
| Q4 25 | $100.4M | $8.0M | ||
| Q3 25 | $-129.1M | $66.7M | ||
| Q2 25 | $332.4M | $48.9M | ||
| Q1 25 | $111.6M | $-29.8M | ||
| Q4 24 | $77.0M | $2.0M | ||
| Q3 24 | $300.4M | $25.5M | ||
| Q2 24 | $432.2M | $37.4M | ||
| Q1 24 | $57.6M | $-25.1M |
自由现金流率HOGMATV
| Q4 25 | 25.7% | 1.7% | ||
| Q3 25 | -12.0% | 13.0% | ||
| Q2 25 | 31.7% | 9.3% | ||
| Q1 25 | 10.3% | -6.1% | ||
| Q4 24 | 17.9% | 0.4% | ||
| Q3 24 | 34.1% | 5.1% | ||
| Q2 24 | 31.9% | 7.1% | ||
| Q1 24 | 3.9% | -5.0% |
资本支出强度HOGMATV
| Q4 25 | 13.2% | 2.4% | ||
| Q3 25 | 3.4% | 1.2% | ||
| Q2 25 | 3.4% | 1.7% | ||
| Q1 25 | 2.8% | 2.9% | ||
| Q4 24 | 13.0% | 4.8% | ||
| Q3 24 | 6.0% | 2.4% | ||
| Q2 24 | 3.1% | 1.7% | ||
| Q1 24 | 3.1% | 2.4% |
现金转化率HOGMATV
| Q4 25 | — | 0.19× | ||
| Q3 25 | -0.25× | — | ||
| Q2 25 | 3.42× | — | ||
| Q1 25 | 1.06× | — | ||
| Q4 24 | — | 16.07× | ||
| Q3 24 | 2.97× | — | ||
| Q2 24 | 2.17× | — | ||
| Q1 24 | 0.44× | — |
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
HOG
| Motorcycles | $193.9M | 50% |
| Other | $63.8M | 16% |
| Other Income Financial Services | $59.8M | 15% |
| Apparel | $47.2M | 12% |
| Livewire Segment | $11.4M | 3% |
MATV
| Other | $208.7M | 45% |
| SAS Segment | $157.4M | 34% |
| FAM Segment | $97.0M | 21% |
