vs
美泰（MAT）与Snap Inc（SNAP）财务数据对比。点击上方公司名可切换其他公司
Snap Inc的季度营收约是美泰的2.0倍（$1.7B vs $862.2M），美泰净利率更高（7.1% vs 2.6%，领先4.4%），Snap Inc同比增速更快（10.2% vs 4.3%），Snap Inc自由现金流更多（$205.6M vs $-88.1M），过去两年Snap Inc的营收复合增速更高（19.9% vs -10.6%）
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。
Snap Inc.是一家美国科技企业，2011年9月16日由埃文·斯皮格尔、鲍比·墨菲和雷吉·布朗联合创立，总部位于加利福尼亚州圣莫尼卡。公司核心产品包括社交应用Snapchat、智能眼镜Spectacles、虚拟形象工具Bitmoji以及营销推广解决方案SnapBoost，2016年9月24日由原Snapchat Inc.更名为现名，覆盖社交、智能硬件等多元业务领域。
MAT vs SNAP — 直观对比
营收规模更大
SNAP
是对方的2.0倍
$862.2M
营收增速更快
SNAP
高出5.9%
4.3%
净利率更高
MAT
高出4.4%
2.6%
自由现金流更多
SNAP
多$293.7M
$-88.1M
两年增速更快
SNAP
近两年复合增速
-10.6%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $862.2M | $1.7B |
| 净利润 | $61.0M | $45.2M |
| 毛利率 | 44.9% | 59.1% |
| 营业利润率 | — | 2.9% |
| 净利率 | 7.1% | 2.6% |
| 营收同比 | 4.3% | 10.2% |
| 净利润同比 | 251.4% | 396.7% |
| 每股收益（稀释后） | $0.20 | $0.03 |
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MATSNAP
| Q1 26 | $862.2M | — | ||
| Q4 25 | $1.8B | $1.7B | ||
| Q3 25 | $1.7B | $1.5B | ||
| Q2 25 | $1.0B | $1.3B | ||
| Q1 25 | $826.6M | $1.4B | ||
| Q4 24 | $1.6B | $1.6B | ||
| Q3 24 | $1.8B | $1.4B | ||
| Q2 24 | $1.1B | $1.2B |
净利润MATSNAP
| Q1 26 | $61.0M | — | ||
| Q4 25 | $106.2M | $45.2M | ||
| Q3 25 | $278.4M | $-103.5M | ||
| Q2 25 | $53.4M | $-262.6M | ||
| Q1 25 | $-40.3M | $-139.6M | ||
| Q4 24 | $140.9M | $9.1M | ||
| Q3 24 | $372.4M | $-153.2M | ||
| Q2 24 | $56.9M | $-248.6M |
毛利率MATSNAP
| Q1 26 | 44.9% | — | ||
| Q4 25 | 45.9% | 59.1% | ||
| Q3 25 | 50.0% | 55.3% | ||
| Q2 25 | 50.9% | 51.4% | ||
| Q1 25 | 49.4% | 53.1% | ||
| Q4 24 | 50.7% | 56.9% | ||
| Q3 24 | 53.1% | 53.5% | ||
| Q2 24 | 49.2% | 52.4% |
营业利润率MATSNAP
| Q1 26 | — | — | ||
| Q4 25 | 8.0% | 2.9% | ||
| Q3 25 | 21.9% | -8.5% | ||
| Q2 25 | 7.7% | -19.3% | ||
| Q1 25 | -6.4% | -14.2% | ||
| Q4 24 | 9.6% | -1.7% | ||
| Q3 24 | 26.5% | -12.6% | ||
| Q2 24 | 7.7% | -20.5% |
净利率MATSNAP
| Q1 26 | 7.1% | — | ||
| Q4 25 | 6.0% | 2.6% | ||
| Q3 25 | 16.0% | -6.9% | ||
| Q2 25 | 5.2% | -19.5% | ||
| Q1 25 | -4.9% | -10.2% | ||
| Q4 24 | 8.6% | 0.6% | ||
| Q3 24 | 20.2% | -11.2% | ||
| Q2 24 | 5.3% | -20.1% |
每股收益（稀释后）MATSNAP
| Q1 26 | $0.20 | — | ||
| Q4 25 | $0.32 | $0.03 | ||
| Q3 25 | $0.88 | $-0.06 | ||
| Q2 25 | $0.16 | $-0.16 | ||
| Q1 25 | $-0.12 | $-0.08 | ||
| Q4 24 | $0.40 | $0.01 | ||
| Q3 24 | $1.09 | $-0.09 | ||
| Q2 24 | $0.17 | $-0.15 |
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 | $866.0M | $2.9B |
| 总债务越低越好 | $2.3B | $3.5B |
| 股东权益账面价值 | $2.1B | $2.3B |
| 总资产 | $6.3B | $7.7B |
| 负债/权益比越低杠杆越低 | 1.11× | 1.55× |
8季度趋势，按日历期对齐
现金及短期投资MATSNAP
| Q1 26 | $866.0M | — | ||
| Q4 25 | $1.2B | $2.9B | ||
| Q3 25 | $691.9M | $3.0B | ||
| Q2 25 | $870.5M | $2.9B | ||
| Q1 25 | $1.2B | $3.2B | ||
| Q4 24 | $1.4B | $3.4B | ||
| Q3 24 | $723.5M | $3.2B | ||
| Q2 24 | $722.4M | $3.1B |
总债务MATSNAP
| Q1 26 | $2.3B | — | ||
| Q4 25 | $2.3B | $3.5B | ||
| Q3 25 | $2.3B | $3.5B | ||
| Q2 25 | $2.3B | $3.6B | ||
| Q1 25 | $2.3B | $3.6B | ||
| Q4 24 | $2.3B | $3.6B | ||
| Q3 24 | $2.3B | $3.6B | ||
| Q2 24 | $2.3B | $3.6B |
股东权益MATSNAP
| Q1 26 | $2.1B | — | ||
| Q4 25 | $2.2B | $2.3B | ||
| Q3 25 | $2.3B | $2.2B | ||
| Q2 25 | $2.2B | $2.1B | ||
| Q1 25 | $2.1B | $2.3B | ||
| Q4 24 | $2.3B | $2.5B | ||
| Q3 24 | $2.3B | $2.2B | ||
| Q2 24 | $2.0B | $2.1B |
总资产MATSNAP
| Q1 26 | $6.3B | — | ||
| Q4 25 | $6.6B | $7.7B | ||
| Q3 25 | $6.6B | $7.6B | ||
| Q2 25 | $6.2B | $7.4B | ||
| Q1 25 | $6.2B | $7.6B | ||
| Q4 24 | $6.5B | $7.9B | ||
| Q3 24 | $6.5B | $7.6B | ||
| Q2 24 | $5.9B | $7.4B |
负债/权益比MATSNAP
| Q1 26 | 1.11× | — | ||
| Q4 25 | 1.04× | 1.55× | ||
| Q3 25 | 1.03× | 1.59× | ||
| Q2 25 | 1.08× | 1.73× | ||
| Q1 25 | 1.10× | 1.56× | ||
| Q4 24 | 1.03× | 1.49× | ||
| Q3 24 | 1.01× | 1.65× | ||
| Q2 24 | 1.18× | 1.76× |
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 | — | $269.6M |
| 自由现金流经营现金流 - 资本支出 | $-88.1M | $205.6M |
| 自由现金流率自由现金流/营收 | -10.2% | 12.0% |
| 资本支出强度资本支出/营收 | 7.6% | 3.7% |
| 现金转化率经营现金流/净利润 | — | 5.96× |
| 过去12个月自由现金流最近4个季度 | — | $437.2M |
8季度趋势，按日历期对齐
经营现金流MATSNAP
| Q1 26 | — | — | ||
| Q4 25 | $796.6M | $269.6M | ||
| Q3 25 | $72.0M | $146.5M | ||
| Q2 25 | $-300.1M | $88.5M | ||
| Q1 25 | $24.8M | $151.6M | ||
| Q4 24 | $862.1M | $230.6M | ||
| Q3 24 | $155.8M | $115.9M | ||
| Q2 24 | $-252.9M | $-21.4M |
自由现金流MATSNAP
| Q1 26 | $-88.1M | — | ||
| Q4 25 | — | $205.6M | ||
| Q3 25 | — | $93.4M | ||
| Q2 25 | — | $23.8M | ||
| Q1 25 | — | $114.4M | ||
| Q4 24 | — | $182.4M | ||
| Q3 24 | — | $71.8M | ||
| Q2 24 | — | $-73.4M |
自由现金流率MATSNAP
| Q1 26 | -10.2% | — | ||
| Q4 25 | — | 12.0% | ||
| Q3 25 | — | 6.2% | ||
| Q2 25 | — | 1.8% | ||
| Q1 25 | — | 8.4% | ||
| Q4 24 | — | 11.7% | ||
| Q3 24 | — | 5.2% | ||
| Q2 24 | — | -5.9% |
资本支出强度MATSNAP
| Q1 26 | 7.6% | — | ||
| Q4 25 | — | 3.7% | ||
| Q3 25 | — | 3.5% | ||
| Q2 25 | — | 4.8% | ||
| Q1 25 | — | 2.7% | ||
| Q4 24 | — | 3.1% | ||
| Q3 24 | — | 3.2% | ||
| Q2 24 | — | 4.2% |
现金转化率MATSNAP
| Q1 26 | — | — | ||
| Q4 25 | 7.50× | 5.96× | ||
| Q3 25 | 0.26× | — | ||
| Q2 25 | -5.62× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 6.12× | 25.34× | ||
| Q3 24 | 0.42× | — | ||
| Q2 24 | -4.45× | — |
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
暂无分部数据
SNAP
| Advertising Revenue | $1.5B | 86% |
| Other Revenue | $231.9M | 14% |
