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Masco（MAS）与WHITE MOUNTAINS INSURANCE GROUP LTD（WTM）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WHITE MOUNTAINS INSURANCE GROUP LTD的1.2倍（$1.9B vs $1.6B），WHITE MOUNTAINS INSURANCE GROUP LTD净利率更高（52.1% vs 11.9%，领先40.2%），WHITE MOUNTAINS INSURANCE GROUP LTD同比增速更快（348.0% vs 6.5%），过去两年WHITE MOUNTAINS INSURANCE GROUP LTD的营收复合增速更高（57.4% 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。
怀特山保险集团是一家多元化保险及相关金融服务控股企业，总部位于百慕大汉密尔顿，1999年10月25日从美国特拉华州迁册至当前注册地，大部分业务通过旗下保险子公司及其他关联机构开展，覆盖多个保险及金融服务细分赛道。
MAS vs WTM — 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
WTM
高出341.5%
6.5%
净利率更高
WTM
高出40.2%
11.9%
两年增速更快
WTM
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 | $835.8M |
| 毛利率 | 35.8% | 97.1% |
| 营业利润率 | 16.5% | 56.2% |
| 净利率 | 11.9% | 52.1% |
| 营收同比 | 6.5% | 348.0% |
| 净利润同比 | 14.5% | 741.0% |
| 每股收益（稀释后） | — | $325.02 |
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MASWTM
| Q1 26 | $1.9B | — | ||
| Q4 25 | $1.8B | $1.6B | ||
| Q3 25 | $1.9B | $864.2M | ||
| Q2 25 | $2.1B | $689.2M | ||
| Q1 25 | $1.8B | $577.8M | ||
| Q4 24 | $1.8B | $358.0M | ||
| Q3 24 | $2.0B | $839.1M | ||
| Q2 24 | $2.1B | $395.4M |
净利润MASWTM
| Q1 26 | $228.0M | — | ||
| Q4 25 | $165.0M | $835.8M | ||
| Q3 25 | $189.0M | $113.8M | ||
| Q2 25 | $270.0M | $122.9M | ||
| Q1 25 | $186.0M | $33.9M | ||
| Q4 24 | $182.0M | $-130.4M | ||
| Q3 24 | $167.0M | $179.0M | ||
| Q2 24 | $258.0M | $-54.6M |
毛利率MASWTM
| Q1 26 | 35.8% | — | ||
| Q4 25 | 33.9% | 97.1% | ||
| Q3 25 | 34.2% | 93.6% | ||
| Q2 25 | 37.6% | 93.8% | ||
| Q1 25 | 35.8% | 98.7% | ||
| Q4 24 | 34.8% | 97.9% | ||
| Q3 24 | 36.6% | 99.1% | ||
| Q2 24 | 37.5% | 98.2% |
营业利润率MASWTM
| Q1 26 | 16.5% | — | ||
| Q4 25 | 13.8% | 56.2% | ||
| Q3 25 | 15.8% | 20.7% | ||
| Q2 25 | 20.1% | 25.6% | ||
| Q1 25 | 15.9% | 12.5% | ||
| Q4 24 | 15.9% | -33.7% | ||
| Q3 24 | 18.0% | 28.5% | ||
| Q2 24 | 19.0% | -8.8% |
净利率MASWTM
| Q1 26 | 11.9% | — | ||
| Q4 25 | 9.2% | 52.1% | ||
| Q3 25 | 9.9% | 13.2% | ||
| Q2 25 | 13.2% | 17.8% | ||
| Q1 25 | 10.3% | 5.9% | ||
| Q4 24 | 10.0% | -36.4% | ||
| Q3 24 | 8.4% | 21.3% | ||
| Q2 24 | 12.3% | -13.8% |
每股收益（稀释后）MASWTM
| Q1 26 | — | — | ||
| Q4 25 | $0.81 | $325.02 | ||
| Q3 25 | $0.90 | $44.18 | ||
| Q2 25 | $1.28 | $47.75 | ||
| Q1 25 | $0.87 | $13.19 | ||
| Q4 24 | $0.85 | $-50.98 | ||
| Q3 24 | $0.77 | $69.68 | ||
| Q2 24 | $1.17 | $-21.24 |
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 | — | — |
| 总债务越低越好 | $2.9B | $837.0M |
| 股东权益账面价值 | $27.0M | $5.4B |
| 总资产 | $5.2B | $12.3B |
| 负债/权益比越低杠杆越低 | 109.07× | 0.15× |
8季度趋势，按日历期对齐
现金及短期投资MASWTM
| Q1 26 | — | — | ||
| Q4 25 | $647.0M | — | ||
| Q3 25 | $559.0M | — | ||
| Q2 25 | $390.0M | — | ||
| Q1 25 | $377.0M | — | ||
| Q4 24 | $634.0M | — | ||
| Q3 24 | $646.0M | — | ||
| Q2 24 | $398.0M | — |
总债务MASWTM
| Q1 26 | $2.9B | — | ||
| Q4 25 | $2.9B | $837.0M | ||
| Q3 25 | — | $870.4M | ||
| Q2 25 | — | $694.6M | ||
| Q1 25 | — | $676.1M | ||
| Q4 24 | $2.9B | $562.5M | ||
| Q3 24 | — | $544.9M | ||
| Q2 24 | — | $530.2M |
股东权益MASWTM
| Q1 26 | $27.0M | — | ||
| Q4 25 | $-185.0M | $5.4B | ||
| Q3 25 | $-78.0M | $4.8B | ||
| Q2 25 | $-84.0M | $4.6B | ||
| Q1 25 | $-254.0M | $4.5B | ||
| Q4 24 | $-279.0M | $4.5B | ||
| Q3 24 | $-88.0M | $4.6B | ||
| Q2 24 | $-26.0M | $4.4B |
总资产MASWTM
| Q1 26 | $5.2B | — | ||
| Q4 25 | $5.2B | $12.3B | ||
| Q3 25 | $5.3B | $12.3B | ||
| Q2 25 | $5.3B | $11.8B | ||
| Q1 25 | $5.1B | $11.0B | ||
| Q4 24 | $5.0B | $9.9B | ||
| Q3 24 | $5.3B | $10.3B | ||
| Q2 24 | $5.4B | $10.2B |
负债/权益比MASWTM
| Q1 26 | 109.07× | — | ||
| Q4 25 | — | 0.15× | ||
| Q3 25 | — | 0.18× | ||
| Q2 25 | — | 0.15× | ||
| Q1 25 | — | 0.15× | ||
| 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 | — | $53.9M |
| 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 | 1.8% | — |
| 现金转化率经营现金流/净利润 | — | 0.06× |
| 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MASWTM
| Q1 26 | — | — | ||
| Q4 25 | $418.0M | $53.9M | ||
| Q3 25 | $456.0M | $359.3M | ||
| Q2 25 | $306.0M | $177.5M | ||
| Q1 25 | $-158.0M | $-40.2M | ||
| Q4 24 | $407.0M | $64.1M | ||
| Q3 24 | $416.0M | $269.4M | ||
| Q2 24 | $346.0M | $216.8M |
自由现金流MASWTM
| Q1 26 | — | — | ||
| Q4 25 | $371.0M | — | ||
| Q3 25 | $415.0M | — | ||
| Q2 25 | $270.0M | — | ||
| Q1 25 | $-190.0M | — | ||
| Q4 24 | $351.0M | — | ||
| Q3 24 | $378.0M | — | ||
| Q2 24 | $303.0M | — |
自由现金流率MASWTM
| Q1 26 | — | — | ||
| Q4 25 | 20.7% | — | ||
| Q3 25 | 21.6% | — | ||
| Q2 25 | 13.2% | — | ||
| Q1 25 | -10.5% | — | ||
| Q4 24 | 19.2% | — | ||
| Q3 24 | 19.1% | — | ||
| Q2 24 | 14.5% | — |
资本支出强度MASWTM
| Q1 26 | 1.8% | — | ||
| Q4 25 | 2.6% | — | ||
| Q3 25 | 2.1% | — | ||
| Q2 25 | 1.8% | — | ||
| Q1 25 | 1.8% | — | ||
| Q4 24 | 3.1% | — | ||
| Q3 24 | 1.9% | — | ||
| Q2 24 | 2.1% | — |
现金转化率MASWTM
| Q1 26 | — | — | ||
| Q4 25 | 2.53× | 0.06× | ||
| Q3 25 | 2.41× | 3.16× | ||
| Q2 25 | 1.13× | 1.44× | ||
| Q1 25 | -0.85× | -1.19× | ||
| Q4 24 | 2.24× | — | ||
| Q3 24 | 2.49× | 1.51× | ||
| Q2 24 | 1.34× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
