vs
美泰（MAT）与新美亚（SANM）财务数据对比。点击上方公司名可切换其他公司
新美亚的季度营收约是美泰的1.8倍（$3.2B vs $1.8B），美泰净利率更高（6.0% vs 1.5%，领先4.5%），新美亚同比增速更快（59.0% vs 7.3%），过去两年美泰的营收复合增速更高（47.7% vs 31.9%）
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。
新美亚公司是总部位于美国加利福尼亚州圣何塞的电子制造服务（EMS）提供商，服务通信、计算机硬件领域的原始设备制造商（OEM）。集团拥有近80个生产基地，是全球规模最大的印刷电路板和背板独立制造商之一，2022年位列《财富》世界500强第482位。
MAT vs SANM — 直观对比
营收规模更大
SANM
是对方的1.8倍
$1.8B
营收增速更快
SANM
高出51.7%
7.3%
净利率更高
MAT
高出4.5%
1.5%
两年增速更快
MAT
近两年复合增速
31.9%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $3.2B |
| 净利润 | $106.2M | $49.3M |
| 毛利率 | 45.9% | 7.6% |
| 营业利润率 | 8.0% | 2.3% |
| 净利率 | 6.0% | 1.5% |
| 营收同比 | 7.3% | 59.0% |
| 净利润同比 | -24.6% | -24.2% |
| 每股收益（稀释后） | $0.32 | $0.89 |
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MATSANM
| Q4 25 | $1.8B | $3.2B | ||
| Q3 25 | $1.7B | $2.1B | ||
| Q2 25 | $1.0B | $2.0B | ||
| Q1 25 | $826.6M | $2.0B | ||
| Q4 24 | $1.6B | $2.0B | ||
| Q3 24 | $1.8B | $2.0B | ||
| Q2 24 | $1.1B | $1.8B | ||
| Q1 24 | $809.5M | $1.8B |
净利润MATSANM
| Q4 25 | $106.2M | $49.3M | ||
| Q3 25 | $278.4M | $48.1M | ||
| Q2 25 | $53.4M | $68.6M | ||
| Q1 25 | $-40.3M | $64.2M | ||
| Q4 24 | $140.9M | $65.0M | ||
| Q3 24 | $372.4M | $61.4M | ||
| Q2 24 | $56.9M | $51.6M | ||
| Q1 24 | $-28.3M | $52.5M |
毛利率MATSANM
| Q4 25 | 45.9% | 7.6% | ||
| Q3 25 | 50.0% | 9.1% | ||
| Q2 25 | 50.9% | 8.9% | ||
| Q1 25 | 49.4% | 8.9% | ||
| Q4 24 | 50.7% | 8.4% | ||
| Q3 24 | 53.1% | 8.5% | ||
| Q2 24 | 49.2% | 8.3% | ||
| Q1 24 | 48.0% | 8.4% |
营业利润率MATSANM
| Q4 25 | 8.0% | 2.3% | ||
| Q3 25 | 21.9% | 3.7% | ||
| Q2 25 | 7.7% | 4.7% | ||
| Q1 25 | -6.4% | 4.6% | ||
| Q4 24 | 9.6% | 4.4% | ||
| Q3 24 | 26.5% | 4.4% | ||
| Q2 24 | 7.7% | 4.5% | ||
| Q1 24 | -4.4% | 4.1% |
净利率MATSANM
| Q4 25 | 6.0% | 1.5% | ||
| Q3 25 | 16.0% | 2.3% | ||
| Q2 25 | 5.2% | 3.4% | ||
| Q1 25 | -4.9% | 3.2% | ||
| Q4 24 | 8.6% | 3.2% | ||
| Q3 24 | 20.2% | 3.0% | ||
| Q2 24 | 5.3% | 2.8% | ||
| Q1 24 | -3.5% | 2.9% |
每股收益（稀释后）MATSANM
| Q4 25 | $0.32 | $0.89 | ||
| Q3 25 | $0.88 | $0.88 | ||
| Q2 25 | $0.16 | $1.26 | ||
| Q1 25 | $-0.12 | $1.16 | ||
| Q4 24 | $0.40 | $1.16 | ||
| Q3 24 | $1.09 | $1.09 | ||
| Q2 24 | $0.17 | $0.91 | ||
| Q1 24 | $-0.08 | $0.93 |
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 | $1.4B |
| 总债务越低越好 | $2.3B | $2.2B |
| 股东权益账面价值 | $2.2B | $2.7B |
| 总资产 | $6.6B | $9.8B |
| 负债/权益比越低杠杆越低 | 1.04× | 0.82× |
8季度趋势，按日历期对齐
现金及短期投资MATSANM
| Q4 25 | $1.2B | $1.4B | ||
| Q3 25 | $691.9M | $926.3M | ||
| Q2 25 | $870.5M | $797.9M | ||
| Q1 25 | $1.2B | $647.1M | ||
| Q4 24 | $1.4B | $642.4M | ||
| Q3 24 | $723.5M | $625.9M | ||
| Q2 24 | $722.4M | $657.7M | ||
| Q1 24 | $1.1B | $650.9M |
总债务MATSANM
| Q4 25 | $2.3B | $2.2B | ||
| Q3 25 | $2.3B | $300.5M | ||
| Q2 25 | $2.3B | — | ||
| Q1 25 | $2.3B | — | ||
| Q4 24 | $2.3B | — | ||
| Q3 24 | $2.3B | — | ||
| Q2 24 | $2.3B | — | ||
| Q1 24 | $2.3B | — |
股东权益MATSANM
| Q4 25 | $2.2B | $2.7B | ||
| Q3 25 | $2.3B | $2.5B | ||
| Q2 25 | $2.2B | $2.5B | ||
| Q1 25 | $2.1B | $2.4B | ||
| Q4 24 | $2.3B | $2.4B | ||
| Q3 24 | $2.3B | $2.4B | ||
| Q2 24 | $2.0B | $2.3B | ||
| Q1 24 | $2.0B | $2.3B |
总资产MATSANM
| Q4 25 | $6.6B | $9.8B | ||
| Q3 25 | $6.6B | $5.9B | ||
| Q2 25 | $6.2B | $5.2B | ||
| Q1 25 | $6.2B | $5.0B | ||
| Q4 24 | $6.5B | $4.8B | ||
| Q3 24 | $6.5B | $4.8B | ||
| Q2 24 | $5.9B | $4.7B | ||
| Q1 24 | $6.1B | $4.7B |
负债/权益比MATSANM
| Q4 25 | 1.04× | 0.82× | ||
| Q3 25 | 1.03× | 0.12× | ||
| Q2 25 | 1.08× | — | ||
| 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 | $178.7M |
| 自由现金流经营现金流 - 资本支出 | — | $91.9M |
| 自由现金流率自由现金流/营收 | — | 2.9% |
| 资本支出强度资本支出/营收 | — | 2.7% |
| 现金转化率经营现金流/净利润 | 7.50× | 3.63× |
| 过去12个月自由现金流最近4个季度 | — | $518.3M |
8季度趋势，按日历期对齐
经营现金流MATSANM
| Q4 25 | $796.6M | $178.7M | ||
| Q3 25 | $72.0M | $199.1M | ||
| Q2 25 | $-300.1M | $200.8M | ||
| Q1 25 | $24.8M | $156.9M | ||
| Q4 24 | $862.1M | $63.9M | ||
| Q3 24 | $155.8M | $51.9M | ||
| Q2 24 | $-252.9M | $90.0M | ||
| Q1 24 | $35.5M | $72.3M |
自由现金流MATSANM
| Q4 25 | — | $91.9M | ||
| Q3 25 | — | $136.6M | ||
| Q2 25 | — | $163.7M | ||
| Q1 25 | — | $126.1M | ||
| Q4 24 | — | $46.9M | ||
| Q3 24 | — | $27.2M | ||
| Q2 24 | — | $67.2M | ||
| Q1 24 | — | $42.7M |
自由现金流率MATSANM
| Q4 25 | — | 2.9% | ||
| Q3 25 | — | 6.5% | ||
| Q2 25 | — | 8.0% | ||
| Q1 25 | — | 6.4% | ||
| Q4 24 | — | 2.3% | ||
| Q3 24 | — | 1.4% | ||
| Q2 24 | — | 3.7% | ||
| Q1 24 | — | 2.3% |
资本支出强度MATSANM
| Q4 25 | — | 2.7% | ||
| Q3 25 | — | 3.0% | ||
| Q2 25 | — | 1.8% | ||
| Q1 25 | — | 1.5% | ||
| Q4 24 | — | 0.9% | ||
| Q3 24 | — | 1.2% | ||
| Q2 24 | — | 1.2% | ||
| Q1 24 | — | 1.6% |
现金转化率MATSANM
| Q4 25 | 7.50× | 3.63× | ||
| Q3 25 | 0.26× | 4.14× | ||
| Q2 25 | -5.62× | 2.93× | ||
| Q1 25 | — | 2.44× | ||
| Q4 24 | 6.12× | 0.98× | ||
| Q3 24 | 0.42× | 0.85× | ||
| Q2 24 | -4.45× | 1.74× | ||
| Q1 24 | — | 1.38× |
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% |
SANM
| Industrial And Energy Medical Defense And Aerospace And Automotive And Transportation | $1.2B | 38% |
| ZT Systems | $1.1B | 34% |
| Other Segments CPS | $434.3M | 14% |
| CPS Third Party Revenue | $412.7M | 13% |
| Change In Accounting Method Accounted For As Change In Estimate | $2.7M | 0% |
