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万事达卡（MA）与Steel Dynamics（STLD）财务数据对比。点击上方公司名可切换其他公司
万事达卡的季度营收约是Steel Dynamics的1.7倍（$8.8B vs $5.2B），万事达卡净利率更高（46.1% vs 7.7%，领先38.4%），Steel Dynamics同比增速更快（17.9% vs 17.6%），过去两年万事达卡的营收复合增速更高（17.8% vs 6.0%）
万事达卡是总部位于美国纽约帕切斯的跨国支付卡服务企业，核心业务为处理商户收单银行与持卡人发卡机构之间的支付交易，同时提供旗下品牌借记卡、信用卡、预付卡及相关配套支付服务，服务网络覆盖全球，于2006年公开上市。
Steel Dynamics是总部位于美国印第安纳州韦恩堡的钢铁生产企业，钢铁产能达1300万吨，为美国第三大碳钢产品生产商，按利润率及每吨运营利润率计算属于美国盈利能力最强的钢企之一，凭借2021年营收位列2022年财富美国500强第196位。
MA vs STLD — 直观对比
营收规模更大
MA
是对方的1.7倍
$5.2B
营收增速更快
STLD
高出0.3%
17.6%
净利率更高
MA
高出38.4%
7.7%
两年增速更快
MA
近两年复合增速
6.0%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $8.8B | $5.2B |
| 净利润 | $4.1B | $400.1M |
| 毛利率 | — | 14.7% |
| 营业利润率 | 55.8% | 10.3% |
| 净利率 | 46.1% | 7.7% |
| 营收同比 | 17.6% | 17.9% |
| 净利润同比 | 21.5% | 51.3% |
| 每股收益（稀释后） | $4.52 | $2.78 |
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MASTLD
| Q1 26 | — | $5.2B | ||
| Q4 25 | $8.8B | $4.4B | ||
| Q3 25 | $8.6B | $4.8B | ||
| Q2 25 | $8.1B | $4.6B | ||
| Q1 25 | $7.3B | $4.4B | ||
| Q4 24 | $7.5B | $3.9B | ||
| Q3 24 | $7.4B | $4.3B | ||
| Q2 24 | $7.0B | $4.6B |
净利润MASTLD
| Q1 26 | — | $400.1M | ||
| Q4 25 | $4.1B | $266.0M | ||
| Q3 25 | $3.9B | $403.7M | ||
| Q2 25 | $3.7B | $298.7M | ||
| Q1 25 | $3.3B | $217.2M | ||
| Q4 24 | $3.3B | $207.3M | ||
| Q3 24 | $3.3B | $317.8M | ||
| Q2 24 | $3.3B | $428.0M |
毛利率MASTLD
| Q1 26 | — | 14.7% | ||
| Q4 25 | — | 12.0% | ||
| Q3 25 | — | 15.7% | ||
| Q2 25 | — | 13.5% | ||
| Q1 25 | — | 11.1% | ||
| Q4 24 | — | 11.4% | ||
| Q3 24 | — | 13.9% | ||
| Q2 24 | — | 16.7% |
营业利润率MASTLD
| Q1 26 | — | 10.3% | ||
| Q4 25 | 55.8% | 7.0% | ||
| Q3 25 | 58.8% | 10.5% | ||
| Q2 25 | 58.7% | 8.4% | ||
| Q1 25 | 57.2% | 6.3% | ||
| Q4 24 | 52.6% | 6.1% | ||
| Q3 24 | 54.3% | 9.1% | ||
| Q2 24 | 58.0% | 12.1% |
净利率MASTLD
| Q1 26 | — | 7.7% | ||
| Q4 25 | 46.1% | 6.0% | ||
| Q3 25 | 45.7% | 8.4% | ||
| Q2 25 | 45.5% | 6.5% | ||
| Q1 25 | 45.2% | 5.0% | ||
| Q4 24 | 44.6% | 5.4% | ||
| Q3 24 | 44.3% | 7.3% | ||
| Q2 24 | 46.8% | 9.2% |
每股收益（稀释后）MASTLD
| Q1 26 | — | $2.78 | ||
| Q4 25 | $4.52 | $1.80 | ||
| Q3 25 | $4.34 | $2.74 | ||
| Q2 25 | $4.07 | $2.01 | ||
| Q1 25 | $3.59 | $1.44 | ||
| Q4 24 | $3.64 | $1.40 | ||
| Q3 24 | $3.53 | $2.05 | ||
| Q2 24 | $3.50 | $2.72 |
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 | $10.6B | $556.5M |
| 总债务越低越好 | — | $4.2B |
| 股东权益账面价值 | $7.7B | $9.0B |
| 总资产 | $54.2B | $16.7B |
| 负债/权益比越低杠杆越低 | — | 0.47× |
8季度趋势，按日历期对齐
现金及短期投资MASTLD
| Q1 26 | — | $556.5M | ||
| Q4 25 | $10.6B | $769.9M | ||
| Q3 25 | $10.3B | $770.4M | ||
| Q2 25 | $9.0B | $497.6M | ||
| Q1 25 | $7.6B | $1.2B | ||
| Q4 24 | $8.4B | $737.3M | ||
| Q3 24 | $11.1B | $1.7B | ||
| Q2 24 | $7.0B | $1.2B |
总债务MASTLD
| Q1 26 | — | $4.2B | ||
| Q4 25 | — | $4.2B | ||
| Q3 25 | — | $3.8B | ||
| Q2 25 | — | $3.8B | ||
| Q1 25 | — | $4.2B | ||
| Q4 24 | — | $3.2B | ||
| Q3 24 | — | $3.7B | ||
| Q2 24 | — | $3.1B |
股东权益MASTLD
| Q1 26 | — | $9.0B | ||
| Q4 25 | $7.7B | $9.0B | ||
| Q3 25 | $7.9B | $9.0B | ||
| Q2 25 | $7.9B | $8.9B | ||
| Q1 25 | $6.7B | $8.8B | ||
| Q4 24 | $6.5B | $8.9B | ||
| Q3 24 | $7.4B | $9.1B | ||
| Q2 24 | $7.4B | $9.1B |
总资产MASTLD
| Q1 26 | — | $16.7B | ||
| Q4 25 | $54.2B | $16.4B | ||
| Q3 25 | $53.3B | $16.0B | ||
| Q2 25 | $51.4B | $15.5B | ||
| Q1 25 | $48.5B | $15.9B | ||
| Q4 24 | $48.1B | $14.9B | ||
| Q3 24 | $47.2B | $15.7B | ||
| Q2 24 | $42.3B | $15.1B |
负债/权益比MASTLD
| Q1 26 | — | 0.47× | ||
| Q4 25 | — | 0.47× | ||
| Q3 25 | — | 0.42× | ||
| Q2 25 | — | 0.43× | ||
| Q1 25 | — | 0.48× | ||
| Q4 24 | — | 0.36× | ||
| Q3 24 | — | 0.41× | ||
| Q2 24 | — | 0.34× |
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 | $5.0B | $148.3M |
| 自由现金流经营现金流 - 资本支出 | $4.9B | — |
| 自由现金流率自由现金流/营收 | 55.5% | — |
| 资本支出强度资本支出/营收 | 1.3% | — |
| 现金转化率经营现金流/净利润 | 1.23× | 0.37× |
| 过去12个月自由现金流最近4个季度 | $17.2B | — |
8季度趋势，按日历期对齐
经营现金流MASTLD
| Q1 26 | — | $148.3M | ||
| Q4 25 | $5.0B | $272.7M | ||
| Q3 25 | $5.7B | $722.6M | ||
| Q2 25 | $4.6B | $301.6M | ||
| Q1 25 | $2.4B | $152.6M | ||
| Q4 24 | $4.8B | $346.9M | ||
| Q3 24 | $5.1B | $759.9M | ||
| Q2 24 | $3.1B | $382.6M |
自由现金流MASTLD
| Q1 26 | — | — | ||
| Q4 25 | $4.9B | $84.2M | ||
| Q3 25 | $5.5B | $556.9M | ||
| Q2 25 | $4.6B | $13.3M | ||
| Q1 25 | $2.2B | $-152.9M | ||
| Q4 24 | $4.7B | $-106.3M | ||
| Q3 24 | $5.0B | $138.5M | ||
| Q2 24 | $3.0B | $-36.6M |
自由现金流率MASTLD
| Q1 26 | — | — | ||
| Q4 25 | 55.5% | 1.9% | ||
| Q3 25 | 63.8% | 11.5% | ||
| Q2 25 | 56.1% | 0.3% | ||
| Q1 25 | 30.6% | -3.5% | ||
| Q4 24 | 63.3% | -2.7% | ||
| Q3 24 | 68.2% | 3.2% | ||
| Q2 24 | 43.4% | -0.8% |
资本支出强度MASTLD
| Q1 26 | — | — | ||
| Q4 25 | 1.3% | 4.3% | ||
| Q3 25 | 2.1% | 3.4% | ||
| Q2 25 | 0.5% | 6.3% | ||
| Q1 25 | 2.2% | 7.0% | ||
| Q4 24 | 1.3% | 11.7% | ||
| Q3 24 | 1.5% | 14.3% | ||
| Q2 24 | 1.7% | 9.0% |
现金转化率MASTLD
| Q1 26 | — | 0.37× | ||
| Q4 25 | 1.23× | 1.03× | ||
| Q3 25 | 1.44× | 1.79× | ||
| Q2 25 | 1.24× | 1.01× | ||
| Q1 25 | 0.73× | 0.70× | ||
| Q4 24 | 1.45× | 1.67× | ||
| Q3 24 | 1.57× | 2.39× | ||
| Q2 24 | 0.96× | 0.89× |
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
MA
| Payment Network | $4.9B | 56% |
| Value Added Services And Solutions | $3.9B | 44% |
STLD
| Steel | $3.5B | 68% |
| Metals Recycling | $593.2M | 11% |
| Other | $490.1M | 9% |
| Steel Fabrication | $355.4M | 7% |
| Aluminum | $227.4M | 4% |
