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KADANT INC（KAI）与MARTIN MIDSTREAM PARTNERS L.P.（MMLP）财务数据对比。点击上方公司名可切换其他公司
KADANT INC的季度营收约是MARTIN MIDSTREAM PARTNERS L.P.的1.4倍（$271.6M vs $187.7M），KADANT INC净利率更高（10.2% vs 1.7%，领先8.5%），KADANT INC同比增速更快（-0.0% vs -2.5%），KADANT INC自由现金流更多（$44.1M vs $-6.0M），过去两年KADANT INC的营收复合增速更高（6.7% vs 0.8%）
Kadant Inc.创立于1991年，最初是Thermo Electron的子公司，部分股权私有、部分公开交易，2001年完成完全分拆并启用现名。公司服务于造纸、废纸回收、木材加工、物料搬运等多个加工领域，是业务覆盖亚洲、欧洲、北美、南美的跨国企业。
Martin Midstream Partners L.P.是美国中游能源服务提供商，主营原油、天然气液、精炼石油产品及特种化学品的存储、运输、分销与加工服务，主要服务北美能源及工业领域客户。
KAI vs MMLP — 直观对比
营收规模更大
KAI
是对方的1.4倍
$187.7M
营收增速更快
KAI
高出2.5%
-2.5%
净利率更高
KAI
高出8.5%
1.7%
自由现金流更多
KAI
多$50.1M
$-6.0M
两年增速更快
KAI
近两年复合增速
0.8%
损益表 — Q3 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $271.6M | $187.7M |
| 净利润 | $27.7M | $3.2M |
| 毛利率 | 45.2% | — |
| 营业利润率 | 15.7% | 4.1% |
| 净利率 | 10.2% | 1.7% |
| 营收同比 | -0.0% | -2.5% |
| 净利润同比 | -12.2% | -37.1% |
| 每股收益（稀释后） | $2.35 | — |
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KAIMMLP
| Q1 26 | — | $187.7M | ||
| Q4 25 | — | $174.2M | ||
| Q3 25 | $271.6M | $168.7M | ||
| Q2 25 | $255.3M | $180.7M | ||
| Q1 25 | $239.2M | $192.5M | ||
| Q4 24 | $258.0M | $171.3M | ||
| Q3 24 | $271.6M | $170.9M | ||
| Q2 24 | $274.8M | $184.5M |
净利润KAIMMLP
| Q1 26 | — | $3.2M | ||
| Q4 25 | — | $-2.9M | ||
| Q3 25 | $27.7M | $-8.4M | ||
| Q2 25 | $26.2M | $-2.4M | ||
| Q1 25 | $24.1M | $-1.0M | ||
| Q4 24 | $24.0M | $-8.9M | ||
| Q3 24 | $31.6M | $-3.3M | ||
| Q2 24 | $31.3M | $3.8M |
毛利率KAIMMLP
| Q1 26 | — | — | ||
| Q4 25 | — | 57.1% | ||
| Q3 25 | 45.2% | 55.1% | ||
| Q2 25 | 45.9% | 56.5% | ||
| Q1 25 | 46.1% | 53.5% | ||
| Q4 24 | 43.4% | 58.2% | ||
| Q3 24 | 44.7% | 58.5% | ||
| Q2 24 | 44.4% | 58.4% |
营业利润率KAIMMLP
| Q1 26 | — | 4.1% | ||
| Q4 25 | — | 7.3% | ||
| Q3 25 | 15.7% | 4.1% | ||
| Q2 25 | 15.4% | 8.2% | ||
| Q1 25 | 14.9% | 7.5% | ||
| Q4 24 | 14.3% | 4.0% | ||
| Q3 24 | 18.0% | 7.4% | ||
| Q2 24 | 17.6% | 10.8% |
净利率KAIMMLP
| Q1 26 | — | 1.7% | ||
| Q4 25 | — | -1.7% | ||
| Q3 25 | 10.2% | -5.0% | ||
| Q2 25 | 10.2% | -1.3% | ||
| Q1 25 | 10.1% | -0.5% | ||
| Q4 24 | 9.3% | -5.2% | ||
| Q3 24 | 11.6% | -1.9% | ||
| Q2 24 | 11.4% | 2.0% |
每股收益（稀释后）KAIMMLP
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | $2.35 | — | ||
| Q2 25 | $2.22 | — | ||
| Q1 25 | $2.04 | — | ||
| Q4 24 | $2.04 | — | ||
| Q3 24 | $2.68 | — | ||
| Q2 24 | $2.66 | — |
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 | $124.5M | — |
| 总债务越低越好 | $254.6M | — |
| 股东权益账面价值 | $949.8M | — |
| 总资产 | $1.5B | $537.1M |
| 负债/权益比越低杠杆越低 | 0.27× | — |
8季度趋势，按日历期对齐
现金及短期投资KAIMMLP
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | $124.5M | — | ||
| Q2 25 | $95.3M | — | ||
| Q1 25 | $91.7M | — | ||
| Q4 24 | $94.7M | — | ||
| Q3 24 | $88.4M | — | ||
| Q2 24 | $73.8M | — |
总债务KAIMMLP
| Q1 26 | — | — | ||
| Q4 25 | — | $428.0M | ||
| Q3 25 | $254.6M | $441.3M | ||
| Q2 25 | $245.7M | $427.8M | ||
| Q1 25 | $273.5M | $451.4M | ||
| Q4 24 | $285.2M | $437.6M | ||
| Q3 24 | $323.2M | $469.3M | ||
| Q2 24 | $342.0M | $439.4M |
股东权益KAIMMLP
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | $949.8M | — | ||
| Q2 25 | $926.0M | — | ||
| Q1 25 | $876.0M | — | ||
| Q4 24 | $847.1M | — | ||
| Q3 24 | $851.7M | — | ||
| Q2 24 | $807.7M | — |
总资产KAIMMLP
| Q1 26 | — | $537.1M | ||
| Q4 25 | — | $522.4M | ||
| Q3 25 | $1.5B | $510.1M | ||
| Q2 25 | $1.5B | $515.6M | ||
| Q1 25 | $1.4B | $533.4M | ||
| Q4 24 | $1.4B | $538.5M | ||
| Q3 24 | $1.5B | $554.8M | ||
| Q2 24 | $1.5B | $535.1M |
负债/权益比KAIMMLP
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 0.27× | — | ||
| Q2 25 | 0.27× | — | ||
| Q1 25 | 0.31× | — | ||
| Q4 24 | 0.34× | — | ||
| Q3 24 | 0.38× | — | ||
| Q2 24 | 0.42× | — |
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 | $47.3M | — |
| 自由现金流经营现金流 - 资本支出 | $44.1M | $-6.0M |
| 自由现金流率自由现金流/营收 | 16.2% | -3.2% |
| 资本支出强度资本支出/营收 | 1.2% | 1.6% |
| 现金转化率经营现金流/净利润 | 1.70× | — |
| 过去12个月自由现金流最近4个季度 | $145.9M | $27.2M |
8季度趋势，按日历期对齐
经营现金流KAIMMLP
| Q1 26 | — | — | ||
| Q4 25 | — | $22.4M | ||
| Q3 25 | $47.3M | $-1.2M | ||
| Q2 25 | $40.5M | $30.9M | ||
| Q1 25 | $22.8M | $-6.0M | ||
| Q4 24 | $51.9M | $42.2M | ||
| Q3 24 | $52.5M | $-15.8M | ||
| Q2 24 | $28.1M | $11.8M |
自由现金流KAIMMLP
| Q1 26 | — | $-6.0M | ||
| Q4 25 | — | $15.6M | ||
| Q3 25 | $44.1M | $-7.9M | ||
| Q2 25 | $36.5M | $25.6M | ||
| Q1 25 | $19.0M | $-11.9M | ||
| Q4 24 | $46.3M | $34.2M | ||
| Q3 24 | $48.3M | $-25.6M | ||
| Q2 24 | $23.1M | $-696.0K |
自由现金流率KAIMMLP
| Q1 26 | — | -3.2% | ||
| Q4 25 | — | 8.9% | ||
| Q3 25 | 16.2% | -4.7% | ||
| Q2 25 | 14.3% | 14.2% | ||
| Q1 25 | 7.9% | -6.2% | ||
| Q4 24 | 17.9% | 20.0% | ||
| Q3 24 | 17.8% | -15.0% | ||
| Q2 24 | 8.4% | -0.4% |
资本支出强度KAIMMLP
| Q1 26 | — | 1.6% | ||
| Q4 25 | — | 3.9% | ||
| Q3 25 | 1.2% | 4.0% | ||
| Q2 25 | 1.6% | 3.0% | ||
| Q1 25 | 1.6% | 3.1% | ||
| Q4 24 | 2.2% | 4.6% | ||
| Q3 24 | 1.5% | 5.8% | ||
| Q2 24 | 1.8% | 6.8% |
现金转化率KAIMMLP
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 1.70× | — | ||
| Q2 25 | 1.55× | — | ||
| Q1 25 | 0.95× | — | ||
| Q4 24 | 2.16× | — | ||
| Q3 24 | 1.66× | — | ||
| Q2 24 | 0.90× | 3.13× |
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
KAI
| Flow Control | $94.8M | 35% |
| Capital | $83.2M | 31% |
| Material Handling Systems | $70.3M | 26% |
| Transferred Over Time | $17.1M | 6% |
| Other | $6.1M | 2% |
MMLP
| Specialty products | $61.6M | 33% |
| Transportation * | $52.8M | 28% |
| Other | $46.5M | 25% |
| Terminalling and storage * | $22.4M | 12% |
| Sulfur services | $4.4M | 2% |
