vs
美泰（MAT）与PVH CORP.（PVH）财务数据对比。点击上方公司名可切换其他公司
PVH CORP.的季度营收约是美泰的1.3倍（$2.3B vs $1.8B），美泰净利率更高（6.0% vs 0.2%，领先5.8%），美泰同比增速更快（7.3% vs 1.7%）
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。
PVH集团是源自美国的知名服饰企业，前身为Phillips-Van Heusen公司，旗下拥有Tommy Hilfiger、Calvin Klein等标志性时尚品牌，同时还获得Kenneth Cole New York、Michael Kors等品牌的授权经营许可，在全球服饰消费市场拥有广泛影响力。
MAT vs PVH — 直观对比
营收规模更大
PVH
是对方的1.3倍
$1.8B
营收增速更快
MAT
高出5.6%
1.7%
净利率更高
MAT
高出5.8%
0.2%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $2.3B |
| 净利润 | $106.2M | $4.2M |
| 毛利率 | 45.9% | 56.3% |
| 营业利润率 | 8.0% | 7.9% |
| 净利率 | 6.0% | 0.2% |
| 营收同比 | 7.3% | 1.7% |
| 净利润同比 | -24.6% | -96.8% |
| 每股收益（稀释后） | $0.32 | $0.09 |
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MATPVH
| Q4 25 | $1.8B | $2.3B | ||
| Q3 25 | $1.7B | $2.2B | ||
| Q2 25 | $1.0B | $2.0B | ||
| Q1 25 | $826.6M | — | ||
| Q4 24 | $1.6B | — | ||
| Q3 24 | $1.8B | — | ||
| Q2 24 | $1.1B | — | ||
| Q1 24 | $809.5M | — |
净利润MATPVH
| Q4 25 | $106.2M | $4.2M | ||
| Q3 25 | $278.4M | $224.2M | ||
| Q2 25 | $53.4M | $-44.8M | ||
| Q1 25 | $-40.3M | — | ||
| Q4 24 | $140.9M | — | ||
| Q3 24 | $372.4M | — | ||
| Q2 24 | $56.9M | — | ||
| Q1 24 | $-28.3M | — |
毛利率MATPVH
| Q4 25 | 45.9% | 56.3% | ||
| Q3 25 | 50.0% | 57.7% | ||
| Q2 25 | 50.9% | 58.6% | ||
| Q1 25 | 49.4% | — | ||
| Q4 24 | 50.7% | — | ||
| Q3 24 | 53.1% | — | ||
| Q2 24 | 49.2% | — | ||
| Q1 24 | 48.0% | — |
营业利润率MATPVH
| Q4 25 | 8.0% | 7.9% | ||
| Q3 25 | 21.9% | 6.1% | ||
| Q2 25 | 7.7% | -16.7% | ||
| Q1 25 | -6.4% | — | ||
| Q4 24 | 9.6% | — | ||
| Q3 24 | 26.5% | — | ||
| Q2 24 | 7.7% | — | ||
| Q1 24 | -4.4% | — |
净利率MATPVH
| Q4 25 | 6.0% | 0.2% | ||
| Q3 25 | 16.0% | 10.3% | ||
| Q2 25 | 5.2% | -2.3% | ||
| Q1 25 | -4.9% | — | ||
| Q4 24 | 8.6% | — | ||
| Q3 24 | 20.2% | — | ||
| Q2 24 | 5.3% | — | ||
| Q1 24 | -3.5% | — |
每股收益（稀释后）MATPVH
| Q4 25 | $0.32 | $0.09 | ||
| Q3 25 | $0.88 | $4.63 | ||
| Q2 25 | $0.16 | $-0.88 | ||
| Q1 25 | $-0.12 | — | ||
| Q4 24 | $0.40 | — | ||
| Q3 24 | $1.09 | — | ||
| Q2 24 | $0.17 | — | ||
| Q1 24 | $-0.08 | — |
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 | $158.2M |
| 总债务越低越好 | $2.3B | $2.3B |
| 股东权益账面价值 | $2.2B | $4.9B |
| 总资产 | $6.6B | $11.4B |
| 负债/权益比越低杠杆越低 | 1.04× | 0.46× |
8季度趋势，按日历期对齐
现金及短期投资MATPVH
| Q4 25 | $1.2B | $158.2M | ||
| Q3 25 | $691.9M | $248.8M | ||
| Q2 25 | $870.5M | $191.0M | ||
| Q1 25 | $1.2B | — | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $723.5M | — | ||
| Q2 24 | $722.4M | — | ||
| Q1 24 | $1.1B | — |
总债务MATPVH
| Q4 25 | $2.3B | $2.3B | ||
| Q3 25 | $2.3B | $2.3B | ||
| Q2 25 | $2.3B | $2.2B | ||
| Q1 25 | $2.3B | — | ||
| Q4 24 | $2.3B | — | ||
| Q3 24 | $2.3B | — | ||
| Q2 24 | $2.3B | — | ||
| Q1 24 | $2.3B | — |
股东权益MATPVH
| Q4 25 | $2.2B | $4.9B | ||
| Q3 25 | $2.3B | $4.9B | ||
| Q2 25 | $2.2B | $4.6B | ||
| Q1 25 | $2.1B | — | ||
| Q4 24 | $2.3B | — | ||
| Q3 24 | $2.3B | — | ||
| Q2 24 | $2.0B | — | ||
| Q1 24 | $2.0B | — |
总资产MATPVH
| Q4 25 | $6.6B | $11.4B | ||
| Q3 25 | $6.6B | $11.6B | ||
| Q2 25 | $6.2B | $10.7B | ||
| Q1 25 | $6.2B | — | ||
| Q4 24 | $6.5B | — | ||
| Q3 24 | $6.5B | — | ||
| Q2 24 | $5.9B | — | ||
| Q1 24 | $6.1B | — |
负债/权益比MATPVH
| Q4 25 | 1.04× | 0.46× | ||
| Q3 25 | 1.03× | 0.47× | ||
| Q2 25 | 1.08× | 0.48× | ||
| Q1 25 | 1.10× | — | ||
| Q4 24 | 1.03× | — | ||
| Q3 24 | 1.01× | — | ||
| Q2 24 | 1.18× | — | ||
| Q1 24 | 1.15× | — |
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 | $-44.5M |
| 自由现金流经营现金流 - 资本支出 | — | $-85.1M |
| 自由现金流率自由现金流/营收 | — | -3.7% |
| 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 | 7.50× | -10.60× |
| 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MATPVH
| Q4 25 | $796.6M | $-44.5M | ||
| Q3 25 | $72.0M | $213.1M | ||
| Q2 25 | $-300.1M | $-71.4M | ||
| Q1 25 | $24.8M | — | ||
| Q4 24 | $862.1M | — | ||
| Q3 24 | $155.8M | — | ||
| Q2 24 | $-252.9M | — | ||
| Q1 24 | $35.5M | — |
自由现金流MATPVH
| Q4 25 | — | $-85.1M | ||
| Q3 25 | — | $181.9M | ||
| Q2 25 | — | $-98.1M | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
自由现金流率MATPVH
| Q4 25 | — | -3.7% | ||
| Q3 25 | — | 8.4% | ||
| Q2 25 | — | -4.9% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
资本支出强度MATPVH
| Q4 25 | — | 1.8% | ||
| Q3 25 | — | 1.4% | ||
| Q2 25 | — | 1.3% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
现金转化率MATPVH
| Q4 25 | 7.50× | -10.60× | ||
| Q3 25 | 0.26× | 0.95× | ||
| Q2 25 | -5.62× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 6.12× | — | ||
| Q3 24 | 0.42× | — | ||
| Q2 24 | -4.45× | — | ||
| Q1 24 | — | — |
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% |
PVH
| Sales Channel Salesto Wholesale Customers | $1.0B | 44% |
| Sales Channel Sales To Owned And Operated Retail Customers | $868.0M | 38% |
| Sales Channel Sales To Owned And Operated Digital Retail Customers | $186.6M | 8% |
| Licensing | $99.5M | 4% |
| Other | $75.8M | 3% |
| Heritage Brands | $51.3M | 2% |
