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美泰（MAT）与PulteGroup（PHM）财务数据对比。点击上方公司名可切换其他公司
PulteGroup的季度营收约是美泰的1.9倍（$3.4B vs $1.8B），PulteGroup净利率更高（10.2% vs 6.0%，领先4.2%），美泰同比增速更快（7.3% vs -12.4%），过去两年美泰的营收复合增速更高（47.7% vs -13.9%）
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。
PulteGroup Inc.是总部位于美国佐治亚州亚特兰大的住宅建造企业，2023年按房屋交付量统计为美国第三大住宅建造商，自成立以来累计已建成超过77.5万套住宅，是美国住宅开发领域的领先企业之一。
MAT vs PHM — 直观对比
营收规模更大
PHM
是对方的1.9倍
$1.8B
营收增速更快
MAT
高出19.7%
-12.4%
净利率更高
PHM
高出4.2%
6.0%
两年增速更快
MAT
近两年复合增速
-13.9%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $3.4B |
| 净利润 | $106.2M | $347.0M |
| 毛利率 | 45.9% | — |
| 营业利润率 | 8.0% | — |
| 净利率 | 6.0% | 10.2% |
| 营收同比 | 7.3% | -12.4% |
| 净利润同比 | -24.6% | -33.6% |
| 每股收益（稀释后） | $0.32 | — |
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MATPHM
| Q1 26 | — | $3.4B | ||
| Q4 25 | $1.8B | $4.6B | ||
| Q3 25 | $1.7B | $4.4B | ||
| Q2 25 | $1.0B | $4.4B | ||
| Q1 25 | $826.6M | $3.9B | ||
| Q4 24 | $1.6B | $4.9B | ||
| Q3 24 | $1.8B | $4.5B | ||
| Q2 24 | $1.1B | $4.6B |
净利润MATPHM
| Q1 26 | — | $347.0M | ||
| Q4 25 | $106.2M | $501.6M | ||
| Q3 25 | $278.4M | $585.8M | ||
| Q2 25 | $53.4M | $608.5M | ||
| Q1 25 | $-40.3M | $522.8M | ||
| Q4 24 | $140.9M | $913.2M | ||
| Q3 24 | $372.4M | $697.9M | ||
| Q2 24 | $56.9M | $809.1M |
毛利率MATPHM
| Q1 26 | — | — | ||
| Q4 25 | 45.9% | — | ||
| Q3 25 | 50.0% | 27.8% | ||
| Q2 25 | 50.9% | 28.6% | ||
| Q1 25 | 49.4% | 28.8% | ||
| Q4 24 | 50.7% | — | ||
| Q3 24 | 53.1% | 30.4% | ||
| Q2 24 | 49.2% | 31.4% |
营业利润率MATPHM
| Q1 26 | — | — | ||
| Q4 25 | 8.0% | — | ||
| Q3 25 | 21.9% | — | ||
| Q2 25 | 7.7% | — | ||
| Q1 25 | -6.4% | — | ||
| Q4 24 | 9.6% | — | ||
| Q3 24 | 26.5% | — | ||
| Q2 24 | 7.7% | — |
净利率MATPHM
| Q1 26 | — | 10.2% | ||
| Q4 25 | 6.0% | 10.9% | ||
| Q3 25 | 16.0% | 13.3% | ||
| Q2 25 | 5.2% | 13.8% | ||
| Q1 25 | -4.9% | 13.4% | ||
| Q4 24 | 8.6% | 18.6% | ||
| Q3 24 | 20.2% | 15.6% | ||
| Q2 24 | 5.3% | 17.6% |
每股收益（稀释后）MATPHM
| Q1 26 | — | — | ||
| Q4 25 | $0.32 | $2.56 | ||
| Q3 25 | $0.88 | $2.96 | ||
| Q2 25 | $0.16 | $3.03 | ||
| Q1 25 | $-0.12 | $2.57 | ||
| Q4 24 | $0.40 | $4.41 | ||
| Q3 24 | $1.09 | $3.35 | ||
| Q2 24 | $0.17 | $3.83 |
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 | $1.8B |
| 总债务越低越好 | $2.3B | — |
| 股东权益账面价值 | $2.2B | $13.0B |
| 总资产 | $6.6B | $5.2B |
| 负债/权益比越低杠杆越低 | 1.04× | — |
8季度趋势，按日历期对齐
现金及短期投资MATPHM
| Q1 26 | — | $1.8B | ||
| Q4 25 | $1.2B | $2.0B | ||
| Q3 25 | $691.9M | $1.5B | ||
| Q2 25 | $870.5M | $1.2B | ||
| Q1 25 | $1.2B | $1.2B | ||
| Q4 24 | $1.4B | $1.6B | ||
| Q3 24 | $723.5M | $1.4B | ||
| Q2 24 | $722.4M | $1.4B |
总债务MATPHM
| Q1 26 | — | — | ||
| Q4 25 | $2.3B | $43.9M | ||
| Q3 25 | $2.3B | — | ||
| Q2 25 | $2.3B | — | ||
| Q1 25 | $2.3B | — | ||
| Q4 24 | $2.3B | $31.1M | ||
| Q3 24 | $2.3B | — | ||
| Q2 24 | $2.3B | — |
股东权益MATPHM
| Q1 26 | — | $13.0B | ||
| Q4 25 | $2.2B | $13.0B | ||
| Q3 25 | $2.3B | $12.8B | ||
| Q2 25 | $2.2B | $12.6B | ||
| Q1 25 | $2.1B | $12.3B | ||
| Q4 24 | $2.3B | $12.1B | ||
| Q3 24 | $2.3B | $11.6B | ||
| Q2 24 | $2.0B | $11.2B |
总资产MATPHM
| Q1 26 | — | $5.2B | ||
| Q4 25 | $6.6B | $18.0B | ||
| Q3 25 | $6.6B | $17.9B | ||
| Q2 25 | $6.2B | $17.6B | ||
| Q1 25 | $6.2B | $17.3B | ||
| Q4 24 | $6.5B | $17.4B | ||
| Q3 24 | $6.5B | $17.0B | ||
| Q2 24 | $5.9B | $16.5B |
负债/权益比MATPHM
| Q1 26 | — | — | ||
| Q4 25 | 1.04× | 0.00× | ||
| Q3 25 | 1.03× | — | ||
| Q2 25 | 1.08× | — | ||
| Q1 25 | 1.10× | — | ||
| Q4 24 | 1.03× | 0.00× | ||
| Q3 24 | 1.01× | — | ||
| Q2 24 | 1.18× | — |
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 | $159.8M |
| 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 | — | 0.7% |
| 现金转化率经营现金流/净利润 | 7.50× | 0.46× |
| 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MATPHM
| Q1 26 | — | $159.8M | ||
| Q4 25 | $796.6M | $771.1M | ||
| Q3 25 | $72.0M | $678.4M | ||
| Q2 25 | $-300.1M | $287.5M | ||
| Q1 25 | $24.8M | $134.2M | ||
| Q4 24 | $862.1M | $567.6M | ||
| Q3 24 | $155.8M | $455.9M | ||
| Q2 24 | $-252.9M | $417.5M |
自由现金流MATPHM
| Q1 26 | — | — | ||
| Q4 25 | — | $739.8M | ||
| Q3 25 | — | $651.1M | ||
| Q2 25 | — | $253.0M | ||
| Q1 25 | — | $104.6M | ||
| Q4 24 | — | $543.1M | ||
| Q3 24 | — | $417.2M | ||
| Q2 24 | — | $386.2M |
自由现金流率MATPHM
| Q1 26 | — | — | ||
| Q4 25 | — | 16.0% | ||
| Q3 25 | — | 14.8% | ||
| Q2 25 | — | 5.7% | ||
| Q1 25 | — | 2.7% | ||
| Q4 24 | — | 11.0% | ||
| Q3 24 | — | 9.3% | ||
| Q2 24 | — | 8.4% |
资本支出强度MATPHM
| Q1 26 | — | 0.7% | ||
| Q4 25 | — | 0.7% | ||
| Q3 25 | — | 0.6% | ||
| Q2 25 | — | 0.8% | ||
| Q1 25 | — | 0.8% | ||
| Q4 24 | — | 0.5% | ||
| Q3 24 | — | 0.9% | ||
| Q2 24 | — | 0.7% |
现金转化率MATPHM
| Q1 26 | — | 0.46× | ||
| Q4 25 | 7.50× | 1.54× | ||
| Q3 25 | 0.26× | 1.16× | ||
| Q2 25 | -5.62× | 0.47× | ||
| Q1 25 | — | 0.26× | ||
| Q4 24 | 6.12× | 0.62× | ||
| Q3 24 | 0.42× | 0.65× | ||
| Q2 24 | -4.45× | 0.52× |
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% |
PHM
| Home sale revenues | $3.3B | 97% |
| Financial Services | $71.7M | 2% |
| Land sale and other revenues | $29.3M | 1% |
