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MACERICH CO（MAC）与BOSTON BEER CO INC（SAM）财务数据对比。点击上方公司名可切换其他公司
BOSTON BEER CO INC的季度营收约是MACERICH CO的1.8倍（$461.6M vs $261.7M），BOSTON BEER CO INC同比增速更快（-4.1% vs -4.4%），过去两年MACERICH CO的营收复合增速更高（12.0% vs -10.7%）
Macerich是一家专注于购物中心投资的房地产投资信托基金，为美国第三大购物中心持有及运营商。截至2024年12月31日，公司共持有43处物业的权益，可租赁总面积达4300万平方英尺，公司名称由创始人Mace Siegel与Richard Cohen的名字组合而来。
波士顿啤酒公司是美国知名酿酒企业，1984年由吉姆·科赫与朗达·卡尔曼联合创立。旗下首款产品以美国开国元勋、独立运动先驱塞缪尔·亚当斯命名，后续陆续推出多个自有品牌，2019年正式完成与角鲨头酿酒厂的合并，是北美精酿啤酒行业的核心参与者之一。
MAC vs SAM — 直观对比
营收规模更大
SAM
是对方的1.8倍
$261.7M
营收增速更快
SAM
高出0.3%
-4.4%
两年增速更快
MAC
近两年复合增速
-10.7%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $261.7M | $461.6M |
| 净利润 | $-18.8M | — |
| 毛利率 | — | 46.4% |
| 营业利润率 | — | 12.4% |
| 净利率 | -7.2% | — |
| 营收同比 | -4.4% | -4.1% |
| 净利润同比 | 91.1% | — |
| 每股收益（稀释后） | $-0.08 | $2.16 |
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MACSAM
| Q1 26 | — | $461.6M | ||
| Q4 25 | $261.7M | $385.7M | ||
| Q3 25 | $253.3M | $537.5M | ||
| Q2 25 | $249.8M | $587.9M | ||
| Q1 25 | $249.2M | $453.9M | ||
| Q4 24 | $273.7M | $402.3M | ||
| Q3 24 | $220.2M | $605.5M | ||
| Q2 24 | $215.5M | $579.1M |
净利润MACSAM
| Q1 26 | — | — | ||
| Q4 25 | $-18.8M | $-22.5M | ||
| Q3 25 | $-87.4M | $46.2M | ||
| Q2 25 | $-40.9M | $60.4M | ||
| Q1 25 | $-50.1M | $24.4M | ||
| Q4 24 | $-211.2M | $-38.8M | ||
| Q3 24 | $-108.2M | $33.5M | ||
| Q2 24 | $252.0M | $52.3M |
毛利率MACSAM
| Q1 26 | — | 46.4% | ||
| Q4 25 | — | 43.5% | ||
| Q3 25 | — | 50.8% | ||
| Q2 25 | — | 49.8% | ||
| Q1 25 | — | 48.3% | ||
| Q4 24 | — | 39.9% | ||
| Q3 24 | — | 46.3% | ||
| Q2 24 | — | 46.0% |
营业利润率MACSAM
| Q1 26 | — | 12.4% | ||
| Q4 25 | — | -8.6% | ||
| Q3 25 | — | 11.5% | ||
| Q2 25 | — | 14.0% | ||
| Q1 25 | — | 7.4% | ||
| Q4 24 | — | -13.9% | ||
| Q3 24 | — | 7.6% | ||
| Q2 24 | — | 12.2% |
净利率MACSAM
| Q1 26 | — | — | ||
| Q4 25 | -7.2% | -5.8% | ||
| Q3 25 | -34.5% | 8.6% | ||
| Q2 25 | -16.4% | 10.3% | ||
| Q1 25 | -20.1% | 5.4% | ||
| Q4 24 | -77.2% | -9.6% | ||
| Q3 24 | -49.1% | 5.5% | ||
| Q2 24 | 116.9% | 9.0% |
每股收益（稀释后）MACSAM
| Q1 26 | — | $2.16 | ||
| Q4 25 | $-0.08 | $-1.97 | ||
| Q3 25 | $-0.34 | $4.25 | ||
| Q2 25 | $-0.16 | $5.45 | ||
| Q1 25 | $-0.20 | $2.16 | ||
| Q4 24 | $-0.95 | $-3.23 | ||
| Q3 24 | $-0.50 | $2.86 | ||
| Q2 24 | $1.16 | $4.39 |
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 | $280.2M | $164.1M |
| 总债务越低越好 | $5.1B | — |
| 股东权益账面价值 | $2.4B | $682.6M |
| 总资产 | $8.4B | $1.2B |
| 负债/权益比越低杠杆越低 | 2.07× | — |
8季度趋势，按日历期对齐
现金及短期投资MACSAM
| Q1 26 | — | $164.1M | ||
| Q4 25 | $280.2M | $223.4M | ||
| Q3 25 | $290.2M | $250.5M | ||
| Q2 25 | $131.1M | $212.4M | ||
| Q1 25 | $253.2M | $152.5M | ||
| Q4 24 | $89.9M | $211.8M | ||
| Q3 24 | $116.5M | $255.6M | ||
| Q2 24 | $70.7M | $219.3M |
总债务MACSAM
| Q1 26 | — | — | ||
| Q4 25 | $5.1B | — | ||
| Q3 25 | $5.1B | — | ||
| Q2 25 | $5.2B | — | ||
| Q1 25 | $5.2B | — | ||
| Q4 24 | $4.9B | — | ||
| Q3 24 | $4.3B | — | ||
| Q2 24 | $4.4B | — |
股东权益MACSAM
| Q1 26 | — | $682.6M | ||
| Q4 25 | $2.4B | $846.3M | ||
| Q3 25 | $2.5B | $911.0M | ||
| Q2 25 | $2.6B | $912.3M | ||
| Q1 25 | $2.7B | $897.0M | ||
| Q4 24 | $2.8B | $916.2M | ||
| Q3 24 | $2.5B | $1.0B | ||
| Q2 24 | $2.5B | $1.0B |
总资产MACSAM
| Q1 26 | — | $1.2B | ||
| Q4 25 | $8.4B | $1.2B | ||
| Q3 25 | $8.4B | $1.2B | ||
| Q2 25 | $8.7B | $1.3B | ||
| Q1 25 | $8.7B | $1.2B | ||
| Q4 24 | $8.6B | $1.3B | ||
| Q3 24 | $7.6B | $1.4B | ||
| Q2 24 | $7.8B | $1.4B |
负债/权益比MACSAM
| Q1 26 | — | — | ||
| Q4 25 | 2.07× | — | ||
| Q3 25 | 2.02× | — | ||
| Q2 25 | 2.02× | — | ||
| Q1 25 | 1.96× | — | ||
| Q4 24 | 1.78× | — | ||
| Q3 24 | 1.73× | — | ||
| Q2 24 | 1.75× | — |
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 | $50.2M | — |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流MACSAM
| Q1 26 | — | — | ||
| Q4 25 | $50.2M | $39.9M | ||
| Q3 25 | $112.4M | $101.8M | ||
| Q2 25 | $70.5M | $126.5M | ||
| Q1 25 | $88.5M | $1.9M | ||
| Q4 24 | $54.9M | $41.9M | ||
| Q3 24 | $100.0M | $115.9M | ||
| Q2 24 | $67.4M | $96.0M |
自由现金流MACSAM
| Q1 26 | — | — | ||
| Q4 25 | — | $22.1M | ||
| Q3 25 | — | $89.2M | ||
| Q2 25 | — | $112.2M | ||
| Q1 25 | — | $-8.0M | ||
| Q4 24 | — | $18.4M | ||
| Q3 24 | — | $99.2M | ||
| Q2 24 | — | $75.6M |
自由现金流率MACSAM
| Q1 26 | — | — | ||
| Q4 25 | — | 5.7% | ||
| Q3 25 | — | 16.6% | ||
| Q2 25 | — | 19.1% | ||
| Q1 25 | — | -1.8% | ||
| Q4 24 | — | 4.6% | ||
| Q3 24 | — | 16.4% | ||
| Q2 24 | — | 13.1% |
资本支出强度MACSAM
| Q1 26 | — | — | ||
| Q4 25 | — | 4.6% | ||
| Q3 25 | — | 2.3% | ||
| Q2 25 | — | 2.4% | ||
| Q1 25 | — | 2.2% | ||
| Q4 24 | — | 5.8% | ||
| Q3 24 | — | 2.8% | ||
| Q2 24 | — | 3.5% |
现金转化率MACSAM
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 2.21× | ||
| Q2 25 | — | 2.09× | ||
| Q1 25 | — | 0.08× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 3.46× | ||
| Q2 24 | 0.27× | 1.83× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
