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Masco（MAS）与WATSCO INC（WSO）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WATSCO INC的1.2倍（$1.9B vs $1.6B），Masco净利率更高（11.9% vs 4.5%，领先7.3%），Masco同比增速更快（6.5% vs -10.0%），过去两年WATSCO INC的营收复合增速更高（0.4% 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。
Watsco Inc.是美国暖通空调、供暖及制冷（HVAC/R）设备及相关零部件、耗材的专业分销商。公司成立至今已超60年，最初主营HVAC/R行业相关零部件、工具制造业务，1989年通过收购佛罗里达州南部的瑞姆品牌分销商Gemaire Distributors Inc，正式从制造赛道转向分销领域。
MAS vs WSO — 直观对比
营收规模更大
MAS
是对方的1.2倍
$1.6B
营收增速更快
MAS
高出16.5%
-10.0%
净利率更高
MAS
高出7.3%
4.5%
两年增速更快
WSO
近两年复合增速
-4.2%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $1.6B |
| 净利润 | $228.0M | $71.7M |
| 毛利率 | 35.8% | 27.1% |
| 营业利润率 | 16.5% | 6.4% |
| 净利率 | 11.9% | 4.5% |
| 营收同比 | 6.5% | -10.0% |
| 净利润同比 | 14.5% | -25.9% |
| 每股收益（稀释后） | — | $1.82 |
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MASWSO
| Q1 26 | $1.9B | — | ||
| Q4 25 | $1.8B | $1.6B | ||
| Q3 25 | $1.9B | $2.1B | ||
| Q2 25 | $2.1B | $2.1B | ||
| Q1 25 | $1.8B | $1.5B | ||
| Q4 24 | $1.8B | $1.8B | ||
| Q3 24 | $2.0B | $2.2B | ||
| Q2 24 | $2.1B | $2.1B |
净利润MASWSO
| Q1 26 | $228.0M | — | ||
| Q4 25 | $165.0M | $71.7M | ||
| Q3 25 | $189.0M | $161.6M | ||
| Q2 25 | $270.0M | $183.6M | ||
| Q1 25 | $186.0M | $80.1M | ||
| Q4 24 | $182.0M | $96.8M | ||
| Q3 24 | $167.0M | $171.0M | ||
| Q2 24 | $258.0M | $181.4M |
毛利率MASWSO
| Q1 26 | 35.8% | — | ||
| Q4 25 | 33.9% | 27.1% | ||
| Q3 25 | 34.2% | 27.5% | ||
| Q2 25 | 37.6% | 29.3% | ||
| Q1 25 | 35.8% | 28.1% | ||
| Q4 24 | 34.8% | 26.7% | ||
| Q3 24 | 36.6% | 26.2% | ||
| Q2 24 | 37.5% | 27.1% |
营业利润率MASWSO
| Q1 26 | 16.5% | — | ||
| Q4 25 | 13.8% | 6.4% | ||
| Q3 25 | 15.8% | 11.4% | ||
| Q2 25 | 20.1% | 13.2% | ||
| Q1 25 | 15.9% | 7.3% | ||
| Q4 24 | 15.9% | 7.8% | ||
| Q3 24 | 18.0% | 11.6% | ||
| Q2 24 | 19.0% | 12.6% |
净利率MASWSO
| Q1 26 | 11.9% | — | ||
| Q4 25 | 9.2% | 4.5% | ||
| Q3 25 | 9.9% | 7.8% | ||
| Q2 25 | 13.2% | 8.9% | ||
| Q1 25 | 10.3% | 5.2% | ||
| Q4 24 | 10.0% | 5.5% | ||
| Q3 24 | 8.4% | 7.9% | ||
| Q2 24 | 12.3% | 8.5% |
每股收益（稀释后）MASWSO
| Q1 26 | — | — | ||
| Q4 25 | $0.81 | $1.82 | ||
| Q3 25 | $0.90 | $3.98 | ||
| Q2 25 | $1.28 | $4.52 | ||
| Q1 25 | $0.87 | $1.93 | ||
| Q4 24 | $0.85 | $2.42 | ||
| Q3 24 | $0.77 | $4.22 | ||
| Q2 24 | $1.17 | $4.49 |
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 | — | $733.3M |
| 总债务越低越好 | $2.9B | $361.6M |
| 股东权益账面价值 | $27.0M | $2.8B |
| 总资产 | $5.2B | $4.4B |
| 负债/权益比越低杠杆越低 | 109.07× | 0.13× |
8季度趋势，按日历期对齐
现金及短期投资MASWSO
| Q1 26 | — | — | ||
| Q4 25 | $647.0M | $733.3M | ||
| Q3 25 | $559.0M | $524.3M | ||
| Q2 25 | $390.0M | $293.0M | ||
| Q1 25 | $377.0M | $431.8M | ||
| Q4 24 | $634.0M | $781.9M | ||
| Q3 24 | $646.0M | $550.0M | ||
| Q2 24 | $398.0M | $424.9M |
总债务MASWSO
| Q1 26 | $2.9B | — | ||
| Q4 25 | $2.9B | $361.6M | ||
| Q3 25 | — | $340.8M | ||
| Q2 25 | — | $338.7M | ||
| Q1 25 | — | $346.4M | ||
| Q4 24 | $2.9B | $337.2M | ||
| Q3 24 | — | $321.0M | ||
| Q2 24 | — | $307.1M |
股东权益MASWSO
| Q1 26 | $27.0M | — | ||
| Q4 25 | $-185.0M | $2.8B | ||
| Q3 25 | $-78.0M | $2.8B | ||
| Q2 25 | $-84.0M | $2.8B | ||
| Q1 25 | $-254.0M | $2.7B | ||
| Q4 24 | $-279.0M | $2.7B | ||
| Q3 24 | $-88.0M | $2.7B | ||
| Q2 24 | $-26.0M | $2.6B |
总资产MASWSO
| Q1 26 | $5.2B | — | ||
| Q4 25 | $5.2B | $4.4B | ||
| Q3 25 | $5.3B | $4.6B | ||
| Q2 25 | $5.3B | $4.7B | ||
| Q1 25 | $5.1B | $4.5B | ||
| Q4 24 | $5.0B | $4.5B | ||
| Q3 24 | $5.3B | $4.5B | ||
| Q2 24 | $5.4B | $4.4B |
负债/权益比MASWSO
| Q1 26 | 109.07× | — | ||
| Q4 25 | — | 0.13× | ||
| Q3 25 | — | 0.12× | ||
| Q2 25 | — | 0.12× | ||
| Q1 25 | — | 0.13× | ||
| Q4 24 | — | 0.13× | ||
| Q3 24 | — | 0.12× | ||
| Q2 24 | — | 0.12× |
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 | — | $399.8M |
| 自由现金流经营现金流 - 资本支出 | — | $388.5M |
| 自由现金流率自由现金流/营收 | — | 24.6% |
| 资本支出强度资本支出/营收 | 1.8% | 0.7% |
| 现金转化率经营现金流/净利润 | — | 5.57× |
| 过去12个月自由现金流最近4个季度 | — | $535.1M |
8季度趋势，按日历期对齐
经营现金流MASWSO
| Q1 26 | — | — | ||
| Q4 25 | $418.0M | $399.8M | ||
| Q3 25 | $456.0M | $354.9M | ||
| Q2 25 | $306.0M | $-7.4M | ||
| Q1 25 | $-158.0M | $-177.6M | ||
| Q4 24 | $407.0M | $378.9M | ||
| Q3 24 | $416.0M | $232.8M | ||
| Q2 24 | $346.0M | $57.7M |
自由现金流MASWSO
| Q1 26 | — | — | ||
| Q4 25 | $371.0M | $388.5M | ||
| Q3 25 | $415.0M | $346.1M | ||
| Q2 25 | $270.0M | $-14.3M | ||
| Q1 25 | $-190.0M | $-185.2M | ||
| Q4 24 | $351.0M | $370.9M | ||
| Q3 24 | $378.0M | $223.0M | ||
| Q2 24 | $303.0M | $51.3M |
自由现金流率MASWSO
| Q1 26 | — | — | ||
| Q4 25 | 20.7% | 24.6% | ||
| Q3 25 | 21.6% | 16.7% | ||
| Q2 25 | 13.2% | -0.7% | ||
| Q1 25 | -10.5% | -12.1% | ||
| Q4 24 | 19.2% | 21.1% | ||
| Q3 24 | 19.1% | 10.3% | ||
| Q2 24 | 14.5% | 2.4% |
资本支出强度MASWSO
| Q1 26 | 1.8% | — | ||
| Q4 25 | 2.6% | 0.7% | ||
| Q3 25 | 2.1% | 0.4% | ||
| Q2 25 | 1.8% | 0.3% | ||
| Q1 25 | 1.8% | 0.5% | ||
| Q4 24 | 3.1% | 0.5% | ||
| Q3 24 | 1.9% | 0.5% | ||
| Q2 24 | 2.1% | 0.3% |
现金转化率MASWSO
| Q1 26 | — | — | ||
| Q4 25 | 2.53× | 5.57× | ||
| Q3 25 | 2.41× | 2.20× | ||
| Q2 25 | 1.13× | -0.04× | ||
| Q1 25 | -0.85× | -2.22× | ||
| Q4 24 | 2.24× | 3.91× | ||
| Q3 24 | 2.49× | 1.36× | ||
| Q2 24 | 1.34× | 0.32× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
