vs
Koppers Holdings Inc.（KOP）与美世（MERC）财务数据对比。点击上方公司名可切换其他公司
美世的季度营收约是Koppers Holdings Inc.的1.0倍（$449.5M vs $432.7M），Koppers Holdings Inc.净利率更高（6.9% vs -68.7%，领先75.5%），美世同比增速更快（-8.0% vs -9.3%），美世自由现金流更多（$32.0M vs $28.5M），过去两年Koppers Holdings Inc.的营收复合增速更高（-6.7% vs -9.9%）
科佩斯控股是一家全球性化工与材料企业，总部位于美国宾夕法尼亚州匹兹堡，入驻建于1920年代的装饰艺术风格摩天大楼科佩斯大厦，在全球范围内开展相关业务经营。
美世是1945年成立的美国咨询公司，为全球专业服务集团威达信的四大运营子公司之一，总部位于纽约，在43个国家设有办事处，业务覆盖130个国家，主要为客户提供人力资源与金融咨询服务。
KOP vs MERC — 直观对比
营收规模更大
MERC
是对方的1.0倍
$432.7M
营收增速更快
MERC
高出1.3%
-9.3%
净利率更高
KOP
高出75.5%
-68.7%
自由现金流更多
MERC
多$3.5M
$28.5M
两年增速更快
KOP
近两年复合增速
-9.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $432.7M | $449.5M |
| 净利润 | $29.7M | $-308.7M |
| 毛利率 | 25.6% | — |
| 营业利润率 | 11.5% | -62.0% |
| 净利率 | 6.9% | -68.7% |
| 营收同比 | -9.3% | -8.0% |
| 净利润同比 | 391.2% | -1947.7% |
| 每股收益（稀释后） | $1.44 | $-4.61 |
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KOPMERC
| Q4 25 | $432.7M | $449.5M | ||
| Q3 25 | $485.3M | $458.1M | ||
| Q2 25 | $504.8M | $453.5M | ||
| Q1 25 | $456.5M | $507.0M | ||
| Q4 24 | $477.0M | $488.4M | ||
| Q3 24 | $554.3M | $502.1M | ||
| Q2 24 | $563.2M | $499.4M | ||
| Q1 24 | $497.6M | $553.4M |
净利润KOPMERC
| Q4 25 | $29.7M | $-308.7M | ||
| Q3 25 | $23.8M | $-80.8M | ||
| Q2 25 | $16.4M | $-86.1M | ||
| Q1 25 | $-13.9M | $-22.3M | ||
| Q4 24 | $-10.2M | $16.7M | ||
| Q3 24 | $22.8M | $-17.6M | ||
| Q2 24 | $26.8M | $-67.6M | ||
| Q1 24 | $13.0M | $-16.7M |
毛利率KOPMERC
| Q4 25 | 25.6% | — | ||
| Q3 25 | 24.1% | — | ||
| Q2 25 | 22.6% | — | ||
| Q1 25 | 23.2% | — | ||
| Q4 24 | 17.5% | — | ||
| Q3 24 | 21.9% | — | ||
| Q2 24 | 21.6% | — | ||
| Q1 24 | 19.3% | — |
营业利润率KOPMERC
| Q4 25 | 11.5% | -62.0% | ||
| Q3 25 | 10.7% | -14.8% | ||
| Q2 25 | 7.7% | -12.9% | ||
| Q1 25 | 5.9% | 1.3% | ||
| Q4 24 | 1.3% | 10.3% | ||
| Q3 24 | 9.0% | 1.8% | ||
| Q2 24 | 10.2% | -8.8% | ||
| Q1 24 | 7.0% | -0.1% |
净利率KOPMERC
| Q4 25 | 6.9% | -68.7% | ||
| Q3 25 | 4.9% | -17.6% | ||
| Q2 25 | 3.2% | -19.0% | ||
| Q1 25 | -3.0% | -4.4% | ||
| Q4 24 | -2.1% | 3.4% | ||
| Q3 24 | 4.1% | -3.5% | ||
| Q2 24 | 4.8% | -13.5% | ||
| Q1 24 | 2.6% | -3.0% |
每股收益（稀释后）KOPMERC
| Q4 25 | $1.44 | $-4.61 | ||
| Q3 25 | $1.17 | $-1.21 | ||
| Q2 25 | $0.81 | $-1.29 | ||
| Q1 25 | $-0.68 | $-0.33 | ||
| Q4 24 | $-0.47 | $0.25 | ||
| Q3 24 | $1.09 | $-0.26 | ||
| Q2 24 | $1.25 | $-1.01 | ||
| Q1 24 | $0.59 | $-0.25 |
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 | — | $186.8M |
| 总债务越低越好 | $928.3M | $1.6B |
| 股东权益账面价值 | $574.0M | $68.1M |
| 总资产 | $1.9B | $2.0B |
| 负债/权益比越低杠杆越低 | 1.62× | 23.58× |
8季度趋势，按日历期对齐
现金及短期投资KOPMERC
| Q4 25 | — | $186.8M | ||
| Q3 25 | — | $98.1M | ||
| Q2 25 | — | $146.5M | ||
| Q1 25 | — | $181.5M | ||
| Q4 24 | — | $184.9M | ||
| Q3 24 | — | $239.0M | ||
| Q2 24 | — | $263.2M | ||
| Q1 24 | — | $274.3M |
总债务KOPMERC
| Q4 25 | $928.3M | $1.6B | ||
| Q3 25 | $932.9M | $1.5B | ||
| Q2 25 | $977.5M | $1.5B | ||
| Q1 25 | $989.0M | $1.5B | ||
| Q4 24 | $939.5M | $1.5B | ||
| Q3 24 | $989.4M | $1.6B | ||
| Q2 24 | $1.0B | $1.6B | ||
| Q1 24 | $877.6M | $1.6B |
股东权益KOPMERC
| Q4 25 | $574.0M | $68.1M | ||
| Q3 25 | $545.6M | $359.5M | ||
| Q2 25 | $526.8M | $446.5M | ||
| Q1 25 | $498.0M | $437.4M | ||
| Q4 24 | $488.7M | $429.8M | ||
| Q3 24 | $532.3M | $516.8M | ||
| Q2 24 | $509.2M | $487.7M | ||
| Q1 24 | $505.8M | $573.6M |
总资产KOPMERC
| Q4 25 | $1.9B | $2.0B | ||
| Q3 25 | $1.9B | $2.3B | ||
| Q2 25 | $1.9B | $2.4B | ||
| Q1 25 | $1.9B | $2.3B | ||
| Q4 24 | $1.9B | $2.3B | ||
| Q3 24 | $2.0B | $2.5B | ||
| Q2 24 | $1.9B | $2.5B | ||
| Q1 24 | $1.8B | $2.6B |
负债/权益比KOPMERC
| Q4 25 | 1.62× | 23.58× | ||
| Q3 25 | 1.71× | 4.30× | ||
| Q2 25 | 1.86× | 3.42× | ||
| Q1 25 | 1.99× | 3.44× | ||
| Q4 24 | 1.92× | 3.43× | ||
| Q3 24 | 1.86× | 3.09× | ||
| Q2 24 | 1.97× | 3.22× | ||
| Q1 24 | 1.74× | 2.82× |
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 | $45.1M | $46.2M |
| 自由现金流经营现金流 - 资本支出 | $28.5M | $32.0M |
| 自由现金流率自由现金流/营收 | 6.6% | 7.1% |
| 资本支出强度资本支出/营收 | 3.8% | 3.1% |
| 现金转化率经营现金流/净利润 | 1.52× | — |
| 过去12个月自由现金流最近4个季度 | $67.5M | $-80.0M |
8季度趋势，按日历期对齐
经营现金流KOPMERC
| Q4 25 | $45.1M | $46.2M | ||
| Q3 25 | $49.6M | $-30.1M | ||
| Q2 25 | $50.5M | $-4.5M | ||
| Q1 25 | $-22.7M | $-3.0M | ||
| Q4 24 | $74.7M | $71.2M | ||
| Q3 24 | $29.8M | $-13.9M | ||
| Q2 24 | $27.2M | $62.2M | ||
| Q1 24 | $-12.3M | $-29.2M |
自由现金流KOPMERC
| Q4 25 | $28.5M | $32.0M | ||
| Q3 25 | $37.6M | $-60.1M | ||
| Q2 25 | $38.4M | $-28.9M | ||
| Q1 25 | $-37.0M | $-23.1M | ||
| Q4 24 | $56.1M | $50.4M | ||
| Q3 24 | $14.4M | $-41.2M | ||
| Q2 24 | $10.1M | $44.3M | ||
| Q1 24 | $-38.6M | $-47.7M |
自由现金流率KOPMERC
| Q4 25 | 6.6% | 7.1% | ||
| Q3 25 | 7.7% | -13.1% | ||
| Q2 25 | 7.6% | -6.4% | ||
| Q1 25 | -8.1% | -4.6% | ||
| Q4 24 | 11.8% | 10.3% | ||
| Q3 24 | 2.6% | -8.2% | ||
| Q2 24 | 1.8% | 8.9% | ||
| Q1 24 | -7.8% | -8.6% |
资本支出强度KOPMERC
| Q4 25 | 3.8% | 3.1% | ||
| Q3 25 | 2.5% | 6.6% | ||
| Q2 25 | 2.4% | 5.4% | ||
| Q1 25 | 3.1% | 4.0% | ||
| Q4 24 | 3.9% | 4.2% | ||
| Q3 24 | 2.8% | 5.4% | ||
| Q2 24 | 3.0% | 3.6% | ||
| Q1 24 | 5.3% | 3.3% |
现金转化率KOPMERC
| Q4 25 | 1.52× | — | ||
| Q3 25 | 2.08× | — | ||
| Q2 25 | 3.08× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 4.26× | ||
| Q3 24 | 1.31× | — | ||
| Q2 24 | 1.01× | — | ||
| Q1 24 | -0.95× | — |
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
KOP
| Other | $127.8M | 30% |
| Railroad Treated Products | $119.0M | 28% |
| Utility Poles | $79.8M | 18% |
| Pitch And Related Products | $74.1M | 17% |
| Carbon Black Feedstock And Distillates | $14.4M | 3% |
| Railroad Infrastructure Products And Services | $9.9M | 2% |
| Phthalic Anhydride Naphthalene And Other Chemicals | $7.7M | 2% |
MERC
| Other | $215.3M | 48% |
| Solid Wood | $110.2M | 25% |
| Lumber | $54.9M | 12% |
| Pallets | $23.7M | 5% |
| Energyandchemicals | $18.7M | 4% |
| Manufactured Products | $14.1M | 3% |
| Biofuels | $10.0M | 2% |
| Wood Residuals | $2.6M | 1% |
