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Masco（MAS）与华纳音乐集团（WMG）财务数据对比。点击上方公司名可切换其他公司
Masco的季度营收约是华纳音乐集团的1.0倍（$1.9B vs $1.8B），Masco净利率更高（11.9% vs 9.6%，领先2.3%），华纳音乐集团同比增速更快（10.4% vs 6.5%），过去两年华纳音乐集团的营收复合增速更高（11.0% vs -4.2%）
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。
华纳音乐集团（简称WMG）是总部位于美国纽约的跨国娱乐及唱片集团，属于全球唱片行业“三大巨头”之一，市场规模位居全球音乐行业第三位，仅次于环球音乐集团与索尼音乐娱乐。
MAS vs WMG — 直观对比
营收规模更大
MAS
是对方的1.0倍
$1.8B
营收增速更快
WMG
高出3.9%
6.5%
净利率更高
MAS
高出2.3%
9.6%
两年增速更快
WMG
近两年复合增速
-4.2%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $1.8B |
| 净利润 | $228.0M | $176.0M |
| 毛利率 | 35.8% | 46.4% |
| 营业利润率 | 16.5% | 15.7% |
| 净利率 | 11.9% | 9.6% |
| 营收同比 | 6.5% | 10.4% |
| 净利润同比 | 14.5% | -25.4% |
| 每股收益（稀释后） | — | — |
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MASWMG
| Q1 26 | $1.9B | — | ||
| Q4 25 | $1.8B | $1.8B | ||
| Q3 25 | $1.9B | $1.9B | ||
| Q2 25 | $2.1B | $1.7B | ||
| Q1 25 | $1.8B | $1.5B | ||
| Q4 24 | $1.8B | $1.7B | ||
| Q3 24 | $2.0B | $1.6B | ||
| Q2 24 | $2.1B | $1.6B |
净利润MASWMG
| Q1 26 | $228.0M | — | ||
| Q4 25 | $165.0M | $176.0M | ||
| Q3 25 | $189.0M | $109.0M | ||
| Q2 25 | $270.0M | $-16.0M | ||
| Q1 25 | $186.0M | $36.0M | ||
| Q4 24 | $182.0M | $236.0M | ||
| Q3 24 | $167.0M | $41.0M | ||
| Q2 24 | $258.0M | $139.0M |
毛利率MASWMG
| Q1 26 | 35.8% | — | ||
| Q4 25 | 33.9% | 46.4% | ||
| Q3 25 | 34.2% | 44.6% | ||
| Q2 25 | 37.6% | 45.9% | ||
| Q1 25 | 35.8% | 46.7% | ||
| Q4 24 | 34.8% | 46.3% | ||
| Q3 24 | 36.6% | 47.6% | ||
| Q2 24 | 37.5% | 46.6% |
营业利润率MASWMG
| Q1 26 | 16.5% | — | ||
| Q4 25 | 13.8% | 15.7% | ||
| Q3 25 | 15.8% | 7.7% | ||
| Q2 25 | 20.1% | 10.0% | ||
| Q1 25 | 15.9% | 11.3% | ||
| Q4 24 | 15.9% | 12.8% | ||
| Q3 24 | 18.0% | 8.8% | ||
| Q2 24 | 19.0% | 13.3% |
净利率MASWMG
| Q1 26 | 11.9% | — | ||
| Q4 25 | 9.2% | 9.6% | ||
| Q3 25 | 9.9% | 5.8% | ||
| Q2 25 | 13.2% | -0.9% | ||
| Q1 25 | 10.3% | 2.4% | ||
| Q4 24 | 10.0% | 14.2% | ||
| Q3 24 | 8.4% | 2.5% | ||
| Q2 24 | 12.3% | 8.9% |
每股收益（稀释后）MASWMG
| Q1 26 | — | — | ||
| Q4 25 | $0.81 | — | ||
| Q3 25 | $0.90 | — | ||
| Q2 25 | $1.28 | — | ||
| Q1 25 | $0.87 | — | ||
| Q4 24 | $0.85 | — | ||
| Q3 24 | $0.77 | — | ||
| Q2 24 | $1.17 | — |
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 | — | $751.0M |
| 总债务越低越好 | $2.9B | $4.4B |
| 股东权益账面价值 | $27.0M | $720.0M |
| 总资产 | $5.2B | $10.0B |
| 负债/权益比越低杠杆越低 | 109.07× | 6.07× |
8季度趋势，按日历期对齐
现金及短期投资MASWMG
| Q1 26 | — | — | ||
| Q4 25 | $647.0M | $751.0M | ||
| Q3 25 | $559.0M | $532.0M | ||
| Q2 25 | $390.0M | $527.0M | ||
| Q1 25 | $377.0M | $637.0M | ||
| Q4 24 | $634.0M | $802.0M | ||
| Q3 24 | $646.0M | $694.0M | ||
| Q2 24 | $398.0M | $607.0M |
总债务MASWMG
| Q1 26 | $2.9B | — | ||
| Q4 25 | $2.9B | $4.4B | ||
| Q3 25 | — | $4.4B | ||
| Q2 25 | — | $4.4B | ||
| Q1 25 | — | $4.3B | ||
| Q4 24 | $2.9B | $4.0B | ||
| Q3 24 | — | $4.0B | ||
| Q2 24 | — | $4.0B |
股东权益MASWMG
| Q1 26 | $27.0M | — | ||
| Q4 25 | $-185.0M | $720.0M | ||
| Q3 25 | $-78.0M | $647.0M | ||
| Q2 25 | $-84.0M | $589.0M | ||
| Q1 25 | $-254.0M | $567.0M | ||
| Q4 24 | $-279.0M | $545.0M | ||
| Q3 24 | $-88.0M | $518.0M | ||
| Q2 24 | $-26.0M | $483.0M |
总资产MASWMG
| Q1 26 | $5.2B | — | ||
| Q4 25 | $5.2B | $10.0B | ||
| Q3 25 | $5.3B | $9.8B | ||
| Q2 25 | $5.3B | $9.8B | ||
| Q1 25 | $5.1B | $9.6B | ||
| Q4 24 | $5.0B | $9.1B | ||
| Q3 24 | $5.3B | $9.2B | ||
| Q2 24 | $5.4B | $8.8B |
负债/权益比MASWMG
| Q1 26 | 109.07× | — | ||
| Q4 25 | — | 6.07× | ||
| Q3 25 | — | 6.75× | ||
| Q2 25 | — | 7.41× | ||
| Q1 25 | — | 7.57× | ||
| Q4 24 | — | 7.26× | ||
| Q3 24 | — | 7.75× | ||
| Q2 24 | — | 8.24× |
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 | — | $440.0M |
| 自由现金流经营现金流 - 资本支出 | — | $420.0M |
| 自由现金流率自由现金流/营收 | — | 22.8% |
| 资本支出强度资本支出/营收 | 1.8% | 1.1% |
| 现金转化率经营现金流/净利润 | — | 2.50× |
| 过去12个月自由现金流最近4个季度 | — | $663.0M |
8季度趋势，按日历期对齐
经营现金流MASWMG
| Q1 26 | — | — | ||
| Q4 25 | $418.0M | $440.0M | ||
| Q3 25 | $456.0M | $231.0M | ||
| Q2 25 | $306.0M | $46.0M | ||
| Q1 25 | $-158.0M | $69.0M | ||
| Q4 24 | $407.0M | $332.0M | ||
| Q3 24 | $416.0M | $304.0M | ||
| Q2 24 | $346.0M | $188.0M |
自由现金流MASWMG
| Q1 26 | — | — | ||
| Q4 25 | $371.0M | $420.0M | ||
| Q3 25 | $415.0M | $203.0M | ||
| Q2 25 | $270.0M | $7.0M | ||
| Q1 25 | $-190.0M | $33.0M | ||
| Q4 24 | $351.0M | $296.0M | ||
| Q3 24 | $378.0M | $271.0M | ||
| Q2 24 | $303.0M | $160.0M |
自由现金流率MASWMG
| Q1 26 | — | — | ||
| Q4 25 | 20.7% | 22.8% | ||
| Q3 25 | 21.6% | 10.9% | ||
| Q2 25 | 13.2% | 0.4% | ||
| Q1 25 | -10.5% | 2.2% | ||
| Q4 24 | 19.2% | 17.8% | ||
| Q3 24 | 19.1% | 16.6% | ||
| Q2 24 | 14.5% | 10.3% |
资本支出强度MASWMG
| Q1 26 | 1.8% | — | ||
| Q4 25 | 2.6% | 1.1% | ||
| Q3 25 | 2.1% | 1.5% | ||
| Q2 25 | 1.8% | 2.3% | ||
| Q1 25 | 1.8% | 2.4% | ||
| Q4 24 | 3.1% | 2.2% | ||
| Q3 24 | 1.9% | 2.0% | ||
| Q2 24 | 2.1% | 1.8% |
现金转化率MASWMG
| Q1 26 | — | — | ||
| Q4 25 | 2.53× | 2.50× | ||
| Q3 25 | 2.41× | 2.12× | ||
| Q2 25 | 1.13× | — | ||
| Q1 25 | -0.85× | 1.92× | ||
| Q4 24 | 2.24× | 1.41× | ||
| Q3 24 | 2.49× | 7.41× | ||
| Q2 24 | 1.34× | 1.35× |
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
暂无分部数据
WMG
| Digital | $976.0M | 53% |
| Music Publishing | $362.0M | 20% |
| Artist Services And Expanded Rights | $231.0M | 13% |
| Licensing | $121.0M | 7% |
| Performance | $64.0M | 3% |
| Synchronization | $60.0M | 3% |
| Mechanical | $18.0M | 1% |
| Other | $5.0M | 0% |
