vs
KADANT INC（KAI）与Madison Square Garden Sports Corp.（MSGS）财务数据对比。点击上方公司名可切换其他公司
Madison Square Garden Sports Corp.的季度营收约是KADANT INC的1.5倍（$403.4M vs $271.6M），KADANT INC净利率更高（10.2% vs 2.0%，领先8.2%），Madison Square Garden Sports Corp.同比增速更快（12.8% vs -0.0%），KADANT INC自由现金流更多（$44.1M vs $31.6M），过去两年KADANT INC的营收复合增速更高（6.7% vs -3.1%）
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。
麦迪逊广场花园体育公司是总部位于美国纽约市的专业体育控股企业，深耕职业体育俱乐部运营、体育IP开发管理等核心业务，在北美体育产业领域拥有深厚的行业积累与较高的市场知名度。
KAI vs MSGS — 直观对比
营收规模更大
MSGS
是对方的1.5倍
$271.6M
营收增速更快
MSGS
高出12.8%
-0.0%
净利率更高
KAI
高出8.2%
2.0%
自由现金流更多
KAI
多$12.5M
$31.6M
两年增速更快
KAI
近两年复合增速
-3.1%
损益表 — Q3 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $271.6M | $403.4M |
| 净利润 | $27.7M | $8.2M |
| 毛利率 | 45.2% | — |
| 营业利润率 | 15.7% | 5.5% |
| 净利率 | 10.2% | 2.0% |
| 营收同比 | -0.0% | 12.8% |
| 净利润同比 | -12.2% | 641.9% |
| 每股收益（稀释后） | $2.35 | $0.34 |
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KAIMSGS
| Q4 25 | — | $403.4M | ||
| Q3 25 | $271.6M | $39.5M | ||
| Q2 25 | $255.3M | $204.0M | ||
| Q1 25 | $239.2M | $424.2M | ||
| Q4 24 | $258.0M | $357.8M | ||
| Q3 24 | $271.6M | $53.3M | ||
| Q2 24 | $274.8M | $227.3M | ||
| Q1 24 | $249.0M | $430.0M |
净利润KAIMSGS
| Q4 25 | — | $8.2M | ||
| Q3 25 | $27.7M | $-8.8M | ||
| Q2 25 | $26.2M | $-1.8M | ||
| Q1 25 | $24.1M | $-14.2M | ||
| Q4 24 | $24.0M | $1.1M | ||
| Q3 24 | $31.6M | $-7.5M | ||
| Q2 24 | $31.3M | $25.5M | ||
| Q1 24 | $24.7M | $37.9M |
毛利率KAIMSGS
| Q4 25 | — | — | ||
| Q3 25 | 45.2% | — | ||
| Q2 25 | 45.9% | — | ||
| Q1 25 | 46.1% | — | ||
| Q4 24 | 43.4% | — | ||
| Q3 24 | 44.7% | — | ||
| Q2 24 | 44.4% | — | ||
| Q1 24 | 44.6% | — |
营业利润率KAIMSGS
| Q4 25 | — | 5.5% | ||
| Q3 25 | 15.7% | -69.5% | ||
| Q2 25 | 15.4% | -11.1% | ||
| Q1 25 | 14.9% | 7.6% | ||
| Q4 24 | 14.3% | 3.7% | ||
| Q3 24 | 18.0% | -15.5% | ||
| Q2 24 | 17.6% | 23.0% | ||
| Q1 24 | 14.8% | 18.5% |
净利率KAIMSGS
| Q4 25 | — | 2.0% | ||
| Q3 25 | 10.2% | -22.3% | ||
| Q2 25 | 10.2% | -0.9% | ||
| Q1 25 | 10.1% | -3.4% | ||
| Q4 24 | 9.3% | 0.3% | ||
| Q3 24 | 11.6% | -14.1% | ||
| Q2 24 | 11.4% | 11.2% | ||
| Q1 24 | 9.9% | 8.8% |
每股收益（稀释后）KAIMSGS
| Q4 25 | — | $0.34 | ||
| Q3 25 | $2.35 | $-0.37 | ||
| Q2 25 | $2.22 | $-0.08 | ||
| Q1 25 | $2.04 | $-0.59 | ||
| Q4 24 | $2.04 | $0.05 | ||
| Q3 24 | $2.68 | $-0.31 | ||
| Q2 24 | $2.66 | $1.07 | ||
| Q1 24 | $2.10 | $1.57 |
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 | $81.3M |
| 总债务越低越好 | $254.6M | — |
| 股东权益账面价值 | $949.8M | $-282.1M |
| 总资产 | $1.5B | $1.5B |
| 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KAIMSGS
| Q4 25 | — | $81.3M | ||
| Q3 25 | $124.5M | $48.6M | ||
| Q2 25 | $95.3M | $144.6M | ||
| Q1 25 | $91.7M | $96.5M | ||
| Q4 24 | $94.7M | $107.8M | ||
| Q3 24 | $88.4M | $52.3M | ||
| Q2 24 | $73.8M | $89.1M | ||
| Q1 24 | $81.4M | $40.0M |
总债务KAIMSGS
| Q4 25 | — | — | ||
| Q3 25 | $254.6M | — | ||
| Q2 25 | $245.7M | — | ||
| Q1 25 | $273.5M | — | ||
| Q4 24 | $285.2M | — | ||
| Q3 24 | $323.2M | — | ||
| Q2 24 | $342.0M | — | ||
| Q1 24 | $306.8M | — |
股东权益KAIMSGS
| Q4 25 | — | $-282.1M | ||
| Q3 25 | $949.8M | $-294.2M | ||
| Q2 25 | $926.0M | $-281.4M | ||
| Q1 25 | $876.0M | $-283.4M | ||
| Q4 24 | $847.1M | $-273.1M | ||
| Q3 24 | $851.7M | $-277.5M | ||
| Q2 24 | $807.7M | $-266.3M | ||
| Q1 24 | $782.7M | $-294.0M |
总资产KAIMSGS
| Q4 25 | — | $1.5B | ||
| Q3 25 | $1.5B | $1.5B | ||
| Q2 25 | $1.5B | $1.5B | ||
| Q1 25 | $1.4B | $1.5B | ||
| Q4 24 | $1.4B | $1.4B | ||
| Q3 24 | $1.5B | $1.4B | ||
| Q2 24 | $1.5B | $1.3B | ||
| Q1 24 | $1.4B | $1.4B |
负债/权益比KAIMSGS
| 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× | — | ||
| Q1 24 | 0.39× | — |
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 | $32.4M |
| 自由现金流经营现金流 - 资本支出 | $44.1M | $31.6M |
| 自由现金流率自由现金流/营收 | 16.2% | 7.8% |
| 资本支出强度资本支出/营收 | 1.2% | 0.2% |
| 现金转化率经营现金流/净利润 | 1.70× | 3.94× |
| 过去12个月自由现金流最近4个季度 | $145.9M | $-480.0K |
8季度趋势，按日历期对齐
经营现金流KAIMSGS
| Q4 25 | — | $32.4M | ||
| Q3 25 | $47.3M | $-85.0M | ||
| Q2 25 | $40.5M | $49.7M | ||
| Q1 25 | $22.8M | $6.3M | ||
| Q4 24 | $51.9M | $61.8M | ||
| Q3 24 | $52.5M | $-26.2M | ||
| Q2 24 | $28.1M | $108.4M | ||
| Q1 24 | $22.8M | $4.0M |
自由现金流KAIMSGS
| Q4 25 | — | $31.6M | ||
| Q3 25 | $44.1M | $-85.3M | ||
| Q2 25 | $36.5M | $49.4M | ||
| Q1 25 | $19.0M | $3.9M | ||
| Q4 24 | $46.3M | $61.2M | ||
| Q3 24 | $48.3M | $-26.5M | ||
| Q2 24 | $23.1M | $108.0M | ||
| Q1 24 | $16.6M | $3.9M |
自由现金流率KAIMSGS
| Q4 25 | — | 7.8% | ||
| Q3 25 | 16.2% | -216.3% | ||
| Q2 25 | 14.3% | 24.2% | ||
| Q1 25 | 7.9% | 0.9% | ||
| Q4 24 | 17.9% | 17.1% | ||
| Q3 24 | 17.8% | -49.7% | ||
| Q2 24 | 8.4% | 47.5% | ||
| Q1 24 | 6.7% | 0.9% |
资本支出强度KAIMSGS
| Q4 25 | — | 0.2% | ||
| Q3 25 | 1.2% | 0.9% | ||
| Q2 25 | 1.6% | 0.2% | ||
| Q1 25 | 1.6% | 0.6% | ||
| Q4 24 | 2.2% | 0.1% | ||
| Q3 24 | 1.5% | 0.7% | ||
| Q2 24 | 1.8% | 0.2% | ||
| Q1 24 | 2.5% | 0.0% |
现金转化率KAIMSGS
| Q4 25 | — | 3.94× | ||
| Q3 25 | 1.70× | — | ||
| Q2 25 | 1.55× | — | ||
| Q1 25 | 0.95× | — | ||
| Q4 24 | 2.16× | 55.61× | ||
| Q3 24 | 1.66× | — | ||
| Q2 24 | 0.90× | 4.25× | ||
| Q1 24 | 0.92× | 0.11× |
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% |
MSGS
| Event Related | $167.2M | 41% |
| Media Rights | $122.3M | 30% |
| Sponsorship Signage And Suite Licenses | $98.5M | 24% |
| League Distribution | $15.4M | 4% |
