vs
美泰（MAT）与OPEN TEXT CORP（OTEX）财务数据对比。点击上方公司名可切换其他公司
美泰的季度营收约是OPEN TEXT CORP的1.3倍（$1.8B vs $1.3B），OPEN TEXT CORP净利率更高（12.7% vs 6.0%，领先6.7%），美泰同比增速更快（7.3% vs -0.6%），过去两年美泰的营收复合增速更高（47.7% vs -4.3%）
美泰是美国知名玩具及娱乐企业，旗下影视制作部门美泰影业运营时间为2018年9月6日至2025年6月2日。其前身为2013年10月16日成立的美泰Playground Productions，更早可追溯至美泰娱乐、美泰工作室等集团原有娱乐业务品牌。
Open Text Corporation是全球知名的跨国软件企业，专注于信息管理类软件的研发与销售，业务覆盖全球众多国家和地区，可为各行业客户提供成熟的信息管理解决方案，助力企业高效管理数据资产，推进数字化转型落地。
MAT vs OTEX — 直观对比
营收规模更大
MAT
是对方的1.3倍
$1.3B
营收增速更快
MAT
高出7.9%
-0.6%
净利率更高
OTEX
高出6.7%
6.0%
两年增速更快
MAT
近两年复合增速
-4.3%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $1.3B |
| 净利润 | $106.2M | $168.1M |
| 毛利率 | 45.9% | 74.0% |
| 营业利润率 | 8.0% | 22.0% |
| 净利率 | 6.0% | 12.7% |
| 营收同比 | 7.3% | -0.6% |
| 净利润同比 | -24.6% | -26.9% |
| 每股收益（稀释后） | $0.32 | $0.66 |
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MATOTEX
| Q4 25 | $1.8B | $1.3B | ||
| Q3 25 | $1.7B | $1.3B | ||
| Q2 25 | $1.0B | $1.3B | ||
| Q1 25 | $826.6M | $1.3B | ||
| Q4 24 | $1.6B | $1.3B | ||
| Q3 24 | $1.8B | $1.3B | ||
| Q2 24 | $1.1B | $1.4B | ||
| Q1 24 | $809.5M | $1.4B |
净利润MATOTEX
| Q4 25 | $106.2M | $168.1M | ||
| Q3 25 | $278.4M | $146.6M | ||
| Q2 25 | $53.4M | $28.8M | ||
| Q1 25 | $-40.3M | $92.8M | ||
| Q4 24 | $140.9M | $229.9M | ||
| Q3 24 | $372.4M | $84.4M | ||
| Q2 24 | $56.9M | $248.2M | ||
| Q1 24 | $-28.3M | $98.3M |
毛利率MATOTEX
| Q4 25 | 45.9% | 74.0% | ||
| Q3 25 | 50.0% | 72.8% | ||
| Q2 25 | 50.9% | 72.3% | ||
| Q1 25 | 49.4% | 71.6% | ||
| Q4 24 | 50.7% | 73.3% | ||
| Q3 24 | 53.1% | 71.7% | ||
| Q2 24 | 49.2% | 72.5% | ||
| Q1 24 | 48.0% | 73.0% |
营业利润率MATOTEX
| Q4 25 | 8.0% | 22.0% | ||
| Q3 25 | 21.9% | 21.0% | ||
| Q2 25 | 7.7% | 13.9% | ||
| Q1 25 | -6.4% | 16.7% | ||
| Q4 24 | 9.6% | 22.2% | ||
| Q3 24 | 26.5% | 16.3% | ||
| Q2 24 | 7.7% | 14.2% | ||
| Q1 24 | -4.4% | 15.7% |
净利率MATOTEX
| Q4 25 | 6.0% | 12.7% | ||
| Q3 25 | 16.0% | 11.4% | ||
| Q2 25 | 5.2% | 2.2% | ||
| Q1 25 | -4.9% | 7.4% | ||
| Q4 24 | 8.6% | 17.2% | ||
| Q3 24 | 20.2% | 6.6% | ||
| Q2 24 | 5.3% | 18.2% | ||
| Q1 24 | -3.5% | 6.8% |
每股收益（稀释后）MATOTEX
| Q4 25 | $0.32 | $0.66 | ||
| Q3 25 | $0.88 | $0.58 | ||
| Q2 25 | $0.16 | $0.11 | ||
| Q1 25 | $-0.12 | $0.35 | ||
| Q4 24 | $0.40 | $0.87 | ||
| Q3 24 | $1.09 | $0.32 | ||
| Q2 24 | $0.17 | $0.91 | ||
| Q1 24 | $-0.08 | $0.36 |
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 | $1.2B | $1.3B |
| 总债务越低越好 | $2.3B | $6.4B |
| 股东权益账面价值 | $2.2B | $4.0B |
| 总资产 | $6.6B | $13.6B |
| 负债/权益比越低杠杆越低 | 1.04× | 1.58× |
8季度趋势，按日历期对齐
现金及短期投资MATOTEX
| Q4 25 | $1.2B | $1.3B | ||
| Q3 25 | $691.9M | $1.1B | ||
| Q2 25 | $870.5M | $1.2B | ||
| Q1 25 | $1.2B | $1.3B | ||
| Q4 24 | $1.4B | $1.1B | ||
| Q3 24 | $723.5M | $1.0B | ||
| Q2 24 | $722.4M | $1.3B | ||
| Q1 24 | $1.1B | $1.1B |
总债务MATOTEX
| Q4 25 | $2.3B | $6.4B | ||
| Q3 25 | $2.3B | $6.4B | ||
| Q2 25 | $2.3B | $6.4B | ||
| Q1 25 | $2.3B | $6.4B | ||
| Q4 24 | $2.3B | $6.4B | ||
| Q3 24 | $2.3B | $6.4B | ||
| Q2 24 | $2.3B | $6.4B | ||
| Q1 24 | $2.3B | $8.4B |
股东权益MATOTEX
| Q4 25 | $2.2B | $4.0B | ||
| Q3 25 | $2.3B | $4.0B | ||
| Q2 25 | $2.2B | $3.9B | ||
| Q1 25 | $2.1B | $4.1B | ||
| Q4 24 | $2.3B | $4.2B | ||
| Q3 24 | $2.3B | $4.1B | ||
| Q2 24 | $2.0B | $4.2B | ||
| Q1 24 | $2.0B | $4.1B |
总资产MATOTEX
| Q4 25 | $6.6B | $13.6B | ||
| Q3 25 | $6.6B | $13.5B | ||
| Q2 25 | $6.2B | $13.8B | ||
| Q1 25 | $6.2B | $13.8B | ||
| Q4 24 | $6.5B | $13.7B | ||
| Q3 24 | $6.5B | $13.8B | ||
| Q2 24 | $5.9B | $14.2B | ||
| Q1 24 | $6.1B | $16.4B |
负债/权益比MATOTEX
| Q4 25 | 1.04× | 1.58× | ||
| Q3 25 | 1.03× | 1.61× | ||
| Q2 25 | 1.08× | 1.62× | ||
| Q1 25 | 1.10× | 1.55× | ||
| Q4 24 | 1.03× | 1.51× | ||
| Q3 24 | 1.01× | 1.55× | ||
| Q2 24 | 1.18× | 1.52× | ||
| Q1 24 | 1.15× | 2.02× |
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 | $796.6M | $318.7M |
| 自由现金流经营现金流 - 资本支出 | — | $279.4M |
| 自由现金流率自由现金流/营收 | — | 21.1% |
| 资本支出强度资本支出/营收 | — | 3.0% |
| 现金转化率经营现金流/净利润 | 7.50× | 1.90× |
| 过去12个月自由现金流最近4个季度 | — | $878.5M |
8季度趋势，按日历期对齐
经营现金流MATOTEX
| Q4 25 | $796.6M | $318.7M | ||
| Q3 25 | $72.0M | $147.8M | ||
| Q2 25 | $-300.1M | $158.2M | ||
| Q1 25 | $24.8M | $402.2M | ||
| Q4 24 | $862.1M | $348.0M | ||
| Q3 24 | $155.8M | $-77.8M | ||
| Q2 24 | $-252.9M | $185.2M | ||
| Q1 24 | $35.5M | $384.7M |
自由现金流MATOTEX
| Q4 25 | — | $279.4M | ||
| Q3 25 | — | $101.2M | ||
| Q2 25 | — | $124.0M | ||
| Q1 25 | — | $373.8M | ||
| Q4 24 | — | $306.7M | ||
| Q3 24 | — | $-117.1M | ||
| Q2 24 | — | $145.2M | ||
| Q1 24 | — | $348.2M |
自由现金流率MATOTEX
| Q4 25 | — | 21.1% | ||
| Q3 25 | — | 7.9% | ||
| Q2 25 | — | 9.5% | ||
| Q1 25 | — | 29.8% | ||
| Q4 24 | — | 23.0% | ||
| Q3 24 | — | -9.2% | ||
| Q2 24 | — | 10.7% | ||
| Q1 24 | — | 24.1% |
资本支出强度MATOTEX
| Q4 25 | — | 3.0% | ||
| Q3 25 | — | 3.6% | ||
| Q2 25 | — | 2.6% | ||
| Q1 25 | — | 2.3% | ||
| Q4 24 | — | 3.1% | ||
| Q3 24 | — | 3.1% | ||
| Q2 24 | — | 2.9% | ||
| Q1 24 | — | 2.5% |
现金转化率MATOTEX
| Q4 25 | 7.50× | 1.90× | ||
| Q3 25 | 0.26× | 1.01× | ||
| Q2 25 | -5.62× | 5.49× | ||
| Q1 25 | — | 4.33× | ||
| Q4 24 | 6.12× | 1.51× | ||
| Q3 24 | 0.42× | -0.92× | ||
| Q2 24 | -4.45× | 0.75× | ||
| Q1 24 | — | 3.91× |
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
MAT
| North America Segment | $1.0B | 58% |
| International Segment | $745.6M | 42% |
OTEX
| Transferred At Point In Time | $184.2M | 14% |
| Cybersecurity Enterprise Product | $174.5M | 13% |
| Business Network Product | $159.8M | 12% |
| Business Network Cloud Services And Subscriptions | $151.4M | 11% |
| Content Cloud Services And Subscriptions | $137.9M | 10% |
| Cybersecurity SMB Consumer Product | $127.6M | 10% |
| Application Delivery Management Product | $120.1M | 9% |
| IT Operations Management Product | $113.3M | 9% |
| Professional Service And Other | $82.5M | 6% |
| Analytics Product | $58.1M | 4% |
| IT Operations Management Cloud Services And Subscriptions | $7.8M | 1% |
