vs
Masco（MAS）与新美亚（SANM）财务数据对比。点击上方公司名可切换其他公司
新美亚的季度营收约是Masco的1.8倍（$3.2B vs $1.8B），Masco净利率更高（9.2% vs 1.5%，领先7.7%），新美亚同比增速更快（59.0% vs -1.9%），Masco自由现金流更多（$371.0M vs $91.9M），过去两年新美亚的营收复合增速更高（31.9% vs -3.5%）
美国家居建材企业Masco主营家装及新建住宅市场相关产品，旗下拥有20余家子公司，在全球运营近80座生产工厂，其中美国本土近60座，海外地区超20座。公司1969年于纽交所挂牌上市，后实现快速增长，成功跻身美国财富500强榜单。
新美亚公司是总部位于美国加利福尼亚州圣何塞的电子制造服务（EMS）提供商，服务通信、计算机硬件领域的原始设备制造商（OEM）。集团拥有近80个生产基地，是全球规模最大的印刷电路板和背板独立制造商之一，2022年位列《财富》世界500强第482位。
MAS vs SANM — 直观对比
营收规模更大
SANM
是对方的1.8倍
$1.8B
营收增速更快
SANM
高出60.9%
-1.9%
净利率更高
MAS
高出7.7%
1.5%
自由现金流更多
MAS
多$279.1M
$91.9M
两年增速更快
SANM
近两年复合增速
-3.5%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $3.2B |
| 净利润 | $165.0M | $49.3M |
| 毛利率 | 33.9% | 7.6% |
| 营业利润率 | 13.8% | 2.3% |
| 净利率 | 9.2% | 1.5% |
| 营收同比 | -1.9% | 59.0% |
| 净利润同比 | -9.3% | -24.2% |
| 每股收益（稀释后） | $0.81 | $0.89 |
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MASSANM
| Q4 25 | $1.8B | $3.2B | ||
| Q3 25 | $1.9B | $2.1B | ||
| Q2 25 | $2.1B | $2.0B | ||
| Q1 25 | $1.8B | $2.0B | ||
| Q4 24 | $1.8B | $2.0B | ||
| Q3 24 | $2.0B | $2.0B | ||
| Q2 24 | $2.1B | $1.8B | ||
| Q1 24 | $1.9B | $1.8B |
净利润MASSANM
| Q4 25 | $165.0M | $49.3M | ||
| Q3 25 | $189.0M | $48.1M | ||
| Q2 25 | $270.0M | $68.6M | ||
| Q1 25 | $186.0M | $64.2M | ||
| Q4 24 | $182.0M | $65.0M | ||
| Q3 24 | $167.0M | $61.4M | ||
| Q2 24 | $258.0M | $51.6M | ||
| Q1 24 | $215.0M | $52.5M |
毛利率MASSANM
| Q4 25 | 33.9% | 7.6% | ||
| Q3 25 | 34.2% | 9.1% | ||
| Q2 25 | 37.6% | 8.9% | ||
| Q1 25 | 35.8% | 8.9% | ||
| Q4 24 | 34.8% | 8.4% | ||
| Q3 24 | 36.6% | 8.5% | ||
| Q2 24 | 37.5% | 8.3% | ||
| Q1 24 | 35.6% | 8.4% |
营业利润率MASSANM
| Q4 25 | 13.8% | 2.3% | ||
| Q3 25 | 15.8% | 3.7% | ||
| Q2 25 | 20.1% | 4.7% | ||
| Q1 25 | 15.9% | 4.6% | ||
| Q4 24 | 15.9% | 4.4% | ||
| Q3 24 | 18.0% | 4.4% | ||
| Q2 24 | 19.0% | 4.5% | ||
| Q1 24 | 16.5% | 4.1% |
净利率MASSANM
| Q4 25 | 9.2% | 1.5% | ||
| Q3 25 | 9.9% | 2.3% | ||
| Q2 25 | 13.2% | 3.4% | ||
| Q1 25 | 10.3% | 3.2% | ||
| Q4 24 | 10.0% | 3.2% | ||
| Q3 24 | 8.4% | 3.0% | ||
| Q2 24 | 12.3% | 2.8% | ||
| Q1 24 | 11.2% | 2.9% |
每股收益（稀释后）MASSANM
| Q4 25 | $0.81 | $0.89 | ||
| Q3 25 | $0.90 | $0.88 | ||
| Q2 25 | $1.28 | $1.26 | ||
| Q1 25 | $0.87 | $1.16 | ||
| Q4 24 | $0.85 | $1.16 | ||
| Q3 24 | $0.77 | $1.09 | ||
| Q2 24 | $1.17 | $0.91 | ||
| Q1 24 | $0.97 | $0.93 |
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 | $647.0M | $1.4B |
| 总债务越低越好 | $2.9B | $2.2B |
| 股东权益账面价值 | $-185.0M | $2.7B |
| 总资产 | $5.2B | $9.8B |
| 负债/权益比越低杠杆越低 | — | 0.82× |
8季度趋势，按日历期对齐
现金及短期投资MASSANM
| Q4 25 | $647.0M | $1.4B | ||
| Q3 25 | $559.0M | $926.3M | ||
| Q2 25 | $390.0M | $797.9M | ||
| Q1 25 | $377.0M | $647.1M | ||
| Q4 24 | $634.0M | $642.4M | ||
| Q3 24 | $646.0M | $625.9M | ||
| Q2 24 | $398.0M | $657.7M | ||
| Q1 24 | $368.0M | $650.9M |
总债务MASSANM
| Q4 25 | $2.9B | $2.2B | ||
| Q3 25 | — | $300.5M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $2.9B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益MASSANM
| Q4 25 | $-185.0M | $2.7B | ||
| Q3 25 | $-78.0M | $2.5B | ||
| Q2 25 | $-84.0M | $2.5B | ||
| Q1 25 | $-254.0M | $2.4B | ||
| Q4 24 | $-279.0M | $2.4B | ||
| Q3 24 | $-88.0M | $2.4B | ||
| Q2 24 | $-26.0M | $2.3B | ||
| Q1 24 | $-75.0M | $2.3B |
总资产MASSANM
| Q4 25 | $5.2B | $9.8B | ||
| Q3 25 | $5.3B | $5.9B | ||
| Q2 25 | $5.3B | $5.2B | ||
| Q1 25 | $5.1B | $5.0B | ||
| Q4 24 | $5.0B | $4.8B | ||
| Q3 24 | $5.3B | $4.8B | ||
| Q2 24 | $5.4B | $4.7B | ||
| Q1 24 | $5.3B | $4.7B |
负债/权益比MASSANM
| Q4 25 | — | 0.82× | ||
| Q3 25 | — | 0.12× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $418.0M | $178.7M |
| 自由现金流经营现金流 - 资本支出 | $371.0M | $91.9M |
| 自由现金流率自由现金流/营收 | 20.7% | 2.9% |
| 资本支出强度资本支出/营收 | 2.6% | 2.7% |
| 现金转化率经营现金流/净利润 | 2.53× | 3.63× |
| 过去12个月自由现金流最近4个季度 | $866.0M | $518.3M |
8季度趋势，按日历期对齐
经营现金流MASSANM
| Q4 25 | $418.0M | $178.7M | ||
| Q3 25 | $456.0M | $199.1M | ||
| Q2 25 | $306.0M | $200.8M | ||
| Q1 25 | $-158.0M | $156.9M | ||
| Q4 24 | $407.0M | $63.9M | ||
| Q3 24 | $416.0M | $51.9M | ||
| Q2 24 | $346.0M | $90.0M | ||
| Q1 24 | $-94.0M | $72.3M |
自由现金流MASSANM
| Q4 25 | $371.0M | $91.9M | ||
| Q3 25 | $415.0M | $136.6M | ||
| Q2 25 | $270.0M | $163.7M | ||
| Q1 25 | $-190.0M | $126.1M | ||
| Q4 24 | $351.0M | $46.9M | ||
| Q3 24 | $378.0M | $27.2M | ||
| Q2 24 | $303.0M | $67.2M | ||
| Q1 24 | $-125.0M | $42.7M |
自由现金流率MASSANM
| Q4 25 | 20.7% | 2.9% | ||
| Q3 25 | 21.6% | 6.5% | ||
| Q2 25 | 13.2% | 8.0% | ||
| Q1 25 | -10.5% | 6.4% | ||
| Q4 24 | 19.2% | 2.3% | ||
| Q3 24 | 19.1% | 1.4% | ||
| Q2 24 | 14.5% | 3.7% | ||
| Q1 24 | -6.5% | 2.3% |
资本支出强度MASSANM
| Q4 25 | 2.6% | 2.7% | ||
| Q3 25 | 2.1% | 3.0% | ||
| Q2 25 | 1.8% | 1.8% | ||
| Q1 25 | 1.8% | 1.5% | ||
| Q4 24 | 3.1% | 0.9% | ||
| Q3 24 | 1.9% | 1.2% | ||
| Q2 24 | 2.1% | 1.2% | ||
| Q1 24 | 1.6% | 1.6% |
现金转化率MASSANM
| Q4 25 | 2.53× | 3.63× | ||
| Q3 25 | 2.41× | 4.14× | ||
| Q2 25 | 1.13× | 2.93× | ||
| Q1 25 | -0.85× | 2.44× | ||
| Q4 24 | 2.24× | 0.98× | ||
| Q3 24 | 2.49× | 0.85× | ||
| Q2 24 | 1.34× | 1.74× | ||
| Q1 24 | -0.44× | 1.38× |
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
MAS
| Plumbing Products | $844.0M | 47% |
| Decorative Architectural Products | $545.0M | 30% |
| Other | $404.0M | 23% |
SANM
| Industrial And Energy Medical Defense And Aerospace And Automotive And Transportation | $1.2B | 38% |
| ZT Systems | $1.1B | 34% |
| Other Segments CPS | $434.3M | 14% |
| CPS Third Party Revenue | $412.7M | 13% |
| Change In Accounting Method Accounted For As Change In Estimate | $2.7M | 0% |
