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Masco（MAS）与Solventum（SOLV）财务数据对比。点击上方公司名可切换其他公司
Solventum的季度营收约是Masco的1.1倍（$2.0B vs $1.8B），Masco净利率更高（9.2% vs 0.6%，领先8.6%），Masco同比增速更快（-1.9% vs -3.0%），Masco自由现金流更多（$371.0M vs $-273.0M），过去两年Solventum的营收复合增速更高（-1.8% 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。
Solventum是一家总部位于美国的医疗健康企业，于2024年4月1日正式从全球知名多元化工业集团3M分拆后独立运营，继承了原3M旗下医疗板块的技术积累与业务资源，面向全球市场提供专业医疗相关产品及服务。
MAS vs SOLV — 直观对比
营收规模更大
SOLV
是对方的1.1倍
$1.8B
营收增速更快
MAS
高出1.1%
-3.0%
净利率更高
MAS
高出8.6%
0.6%
自由现金流更多
MAS
多$644.0M
$-273.0M
两年增速更快
SOLV
近两年复合增速
-3.5%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $2.0B |
| 净利润 | $165.0M | $13.0M |
| 毛利率 | 33.9% | 54.7% |
| 营业利润率 | 13.8% | 4.0% |
| 净利率 | 9.2% | 0.6% |
| 营收同比 | -1.9% | -3.0% |
| 净利润同比 | -9.3% | — |
| 每股收益（稀释后） | $0.81 | $0.07 |
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MASSOLV
| Q1 26 | — | $2.0B | ||
| Q4 25 | $1.8B | $2.0B | ||
| Q3 25 | $1.9B | $2.1B | ||
| Q2 25 | $2.1B | $2.2B | ||
| Q1 25 | $1.8B | $2.1B | ||
| Q4 24 | $1.8B | $2.1B | ||
| Q3 24 | $2.0B | $2.1B | ||
| Q2 24 | $2.1B | $2.1B |
净利润MASSOLV
| Q1 26 | — | $13.0M | ||
| Q4 25 | $165.0M | $63.0M | ||
| Q3 25 | $189.0M | $1.3B | ||
| Q2 25 | $270.0M | $90.0M | ||
| Q1 25 | $186.0M | $137.0M | ||
| Q4 24 | $182.0M | $31.0M | ||
| Q3 24 | $167.0M | $122.0M | ||
| Q2 24 | $258.0M | $89.0M |
毛利率MASSOLV
| Q1 26 | — | 54.7% | ||
| Q4 25 | 33.9% | 51.4% | ||
| Q3 25 | 34.2% | 54.2% | ||
| Q2 25 | 37.6% | 54.4% | ||
| Q1 25 | 35.8% | 53.8% | ||
| Q4 24 | 34.8% | 53.9% | ||
| Q3 24 | 36.6% | 56.0% | ||
| Q2 24 | 37.5% | 54.6% |
营业利润率MASSOLV
| Q1 26 | — | 4.0% | ||
| Q4 25 | 13.8% | 6.3% | ||
| Q3 25 | 15.8% | 80.6% | ||
| Q2 25 | 20.1% | 9.9% | ||
| Q1 25 | 15.9% | 7.3% | ||
| Q4 24 | 15.9% | 6.6% | ||
| Q3 24 | 18.0% | 13.2% | ||
| Q2 24 | 19.0% | 11.7% |
净利率MASSOLV
| Q1 26 | — | 0.6% | ||
| Q4 25 | 9.2% | 3.2% | ||
| Q3 25 | 9.9% | 60.4% | ||
| Q2 25 | 13.2% | 4.2% | ||
| Q1 25 | 10.3% | 6.6% | ||
| Q4 24 | 10.0% | 1.5% | ||
| Q3 24 | 8.4% | 5.9% | ||
| Q2 24 | 12.3% | 4.3% |
每股收益（稀释后）MASSOLV
| Q1 26 | — | $0.07 | ||
| Q4 25 | $0.81 | $0.37 | ||
| Q3 25 | $0.90 | $7.22 | ||
| Q2 25 | $1.28 | $0.51 | ||
| Q1 25 | $0.87 | $0.78 | ||
| Q4 24 | $0.85 | $0.18 | ||
| Q3 24 | $0.77 | $0.70 | ||
| Q2 24 | $1.17 | $0.51 |
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 | $561.0M |
| 总债务越低越好 | $2.9B | $4.6B |
| 股东权益账面价值 | $-185.0M | $5.0B |
| 总资产 | $5.2B | $14.1B |
| 负债/权益比越低杠杆越低 | — | 0.92× |
8季度趋势，按日历期对齐
现金及短期投资MASSOLV
| Q1 26 | — | $561.0M | ||
| Q4 25 | $647.0M | $878.0M | ||
| Q3 25 | $559.0M | $1.6B | ||
| Q2 25 | $390.0M | $492.0M | ||
| Q1 25 | $377.0M | $534.0M | ||
| Q4 24 | $634.0M | $762.0M | ||
| Q3 24 | $646.0M | $772.0M | ||
| Q2 24 | $398.0M | $897.0M |
总债务MASSOLV
| Q1 26 | — | $4.6B | ||
| Q4 25 | $2.9B | $5.0B | ||
| Q3 25 | — | $5.1B | ||
| Q2 25 | — | $7.8B | ||
| Q1 25 | — | $7.9B | ||
| Q4 24 | $2.9B | $8.0B | ||
| Q3 24 | — | $8.1B | ||
| Q2 24 | — | $8.3B |
股东权益MASSOLV
| Q1 26 | — | $5.0B | ||
| Q4 25 | $-185.0M | $5.0B | ||
| Q3 25 | $-78.0M | $5.0B | ||
| Q2 25 | $-84.0M | $3.6B | ||
| Q1 25 | $-254.0M | $3.3B | ||
| Q4 24 | $-279.0M | $3.0B | ||
| Q3 24 | $-88.0M | $3.2B | ||
| Q2 24 | $-26.0M | $2.9B |
总资产MASSOLV
| Q1 26 | — | $14.1B | ||
| Q4 25 | $5.2B | $14.3B | ||
| Q3 25 | $5.3B | $14.0B | ||
| Q2 25 | $5.3B | $15.1B | ||
| Q1 25 | $5.1B | $14.5B | ||
| Q4 24 | $5.0B | $14.5B | ||
| Q3 24 | $5.3B | $14.7B | ||
| Q2 24 | $5.4B | $14.6B |
负债/权益比MASSOLV
| Q1 26 | — | 0.92× | ||
| Q4 25 | — | 1.00× | ||
| Q3 25 | — | 1.03× | ||
| Q2 25 | — | 2.14× | ||
| Q1 25 | — | 2.43× | ||
| Q4 24 | — | 2.71× | ||
| Q3 24 | — | 2.54× | ||
| Q2 24 | — | 2.90× |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $371.0M | $-273.0M |
| 自由现金流率自由现金流/营收 | 20.7% | -13.6% |
| 资本支出强度资本支出/营收 | 2.6% | — |
| 现金转化率经营现金流/净利润 | 2.53× | — |
| 过去12个月自由现金流最近4个季度 | $866.0M | $-203.0M |
8季度趋势，按日历期对齐
经营现金流MASSOLV
| Q1 26 | — | — | ||
| Q4 25 | $418.0M | $95.0M | ||
| Q3 25 | $456.0M | $76.0M | ||
| Q2 25 | $306.0M | $169.0M | ||
| Q1 25 | $-158.0M | $29.0M | ||
| Q4 24 | $407.0M | $219.0M | ||
| Q3 24 | $416.0M | $169.0M | ||
| Q2 24 | $346.0M | $355.0M |
自由现金流MASSOLV
| Q1 26 | — | $-273.0M | ||
| Q4 25 | $371.0M | $32.0M | ||
| Q3 25 | $415.0M | $-21.0M | ||
| Q2 25 | $270.0M | $59.0M | ||
| Q1 25 | $-190.0M | $-80.0M | ||
| Q4 24 | $351.0M | $92.0M | ||
| Q3 24 | $378.0M | $76.0M | ||
| Q2 24 | $303.0M | $297.0M |
自由现金流率MASSOLV
| Q1 26 | — | -13.6% | ||
| Q4 25 | 20.7% | 1.6% | ||
| Q3 25 | 21.6% | -1.0% | ||
| Q2 25 | 13.2% | 2.7% | ||
| Q1 25 | -10.5% | -3.9% | ||
| Q4 24 | 19.2% | 4.4% | ||
| Q3 24 | 19.1% | 3.7% | ||
| Q2 24 | 14.5% | 14.3% |
资本支出强度MASSOLV
| Q1 26 | — | — | ||
| Q4 25 | 2.6% | 3.2% | ||
| Q3 25 | 2.1% | 4.6% | ||
| Q2 25 | 1.8% | 5.1% | ||
| Q1 25 | 1.8% | 5.3% | ||
| Q4 24 | 3.1% | 6.1% | ||
| Q3 24 | 1.9% | 4.5% | ||
| Q2 24 | 2.1% | 2.8% |
现金转化率MASSOLV
| Q1 26 | — | — | ||
| Q4 25 | 2.53× | 1.51× | ||
| Q3 25 | 2.41× | 0.06× | ||
| Q2 25 | 1.13× | 1.88× | ||
| Q1 25 | -0.85× | 0.21× | ||
| Q4 24 | 2.24× | 7.06× | ||
| Q3 24 | 2.49× | 1.39× | ||
| Q2 24 | 1.34× | 3.99× |
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% |
SOLV
| Infection Prevention and Surgical Solutions | $737.0M | 37% |
| Advanced Wound Care | $497.0M | 25% |
| Dental Solutions | $354.0M | 18% |
| Health Information Systems | $342.0M | 17% |
| All Other 4 | $76.0M | 4% |
