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美泰（MAT）与西蒙地产集团（SPG）财务数据对比。点击上方公司名可切换其他公司
西蒙地产集团的季度营收约是美泰的1.0倍（$1.8B vs $1.8B），西蒙地产集团净利率更高（197.6% vs 6.0%，领先191.6%），西蒙地产集团同比增速更快（13.2% vs 7.3%），过去两年美泰的营收复合增速更高（47.7% vs 11.4%）
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。
西蒙地产集团是美国头部房地产投资信托企业，核心投资范畴涵盖购物中心、奥特莱斯、社区及生活方式中心，是美国规模最大的购物中心持有方，总部位于印第安纳州印第安纳波利斯，截至2024年12月末共持有232处物业的相关权益。
MAT vs SPG — 直观对比
营收规模更大
SPG
是对方的1.0倍
$1.8B
营收增速更快
SPG
高出5.9%
7.3%
净利率更高
SPG
高出191.6%
6.0%
两年增速更快
MAT
近两年复合增速
11.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $1.8B |
| 净利润 | $106.2M | $3.5B |
| 毛利率 | 45.9% | — |
| 营业利润率 | 8.0% | 49.7% |
| 净利率 | 6.0% | 197.6% |
| 营收同比 | 7.3% | 13.2% |
| 净利润同比 | -24.6% | 358.7% |
| 每股收益（稀释后） | $0.32 | $9.34 |
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MATSPG
| Q4 25 | $1.8B | $1.8B | ||
| Q3 25 | $1.7B | $1.6B | ||
| Q2 25 | $1.0B | $1.5B | ||
| Q1 25 | $826.6M | $1.5B | ||
| Q4 24 | $1.6B | $1.6B | ||
| Q3 24 | $1.8B | $1.5B | ||
| Q2 24 | $1.1B | $1.5B | ||
| Q1 24 | $809.5M | $1.4B |
净利润MATSPG
| Q4 25 | $106.2M | $3.5B | ||
| Q3 25 | $278.4M | $702.7M | ||
| Q2 25 | $53.4M | $643.7M | ||
| Q1 25 | $-40.3M | $477.9M | ||
| Q4 24 | $140.9M | $771.8M | ||
| Q3 24 | $372.4M | $546.7M | ||
| Q2 24 | $56.9M | $569.4M | ||
| Q1 24 | $-28.3M | $841.2M |
毛利率MATSPG
| Q4 25 | 45.9% | — | ||
| Q3 25 | 50.0% | — | ||
| Q2 25 | 50.9% | — | ||
| 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MATSPG
| Q4 25 | 8.0% | 49.7% | ||
| Q3 25 | 21.9% | 50.8% | ||
| Q2 25 | 7.7% | 49.7% | ||
| Q1 25 | -6.4% | 49.4% | ||
| Q4 24 | 9.6% | 52.8% | ||
| Q3 24 | 26.5% | 51.9% | ||
| Q2 24 | 7.7% | 51.7% | ||
| Q1 24 | -4.4% | 51.0% |
净利率MATSPG
| Q4 25 | 6.0% | 197.6% | ||
| Q3 25 | 16.0% | 43.9% | ||
| Q2 25 | 5.2% | 43.0% | ||
| Q1 25 | -4.9% | 32.4% | ||
| Q4 24 | 8.6% | 48.8% | ||
| Q3 24 | 20.2% | 36.9% | ||
| Q2 24 | 5.3% | 39.0% | ||
| Q1 24 | -3.5% | 58.3% |
每股收益（稀释后）MATSPG
| Q4 25 | $0.32 | $9.34 | ||
| Q3 25 | $0.88 | $1.86 | ||
| Q2 25 | $0.16 | $1.70 | ||
| Q1 25 | $-0.12 | $1.27 | ||
| Q4 24 | $0.40 | $2.04 | ||
| Q3 24 | $1.09 | $1.46 | ||
| Q2 24 | $0.17 | $1.51 | ||
| Q1 24 | $-0.08 | $2.25 |
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 | $823.1M |
| 总债务越低越好 | $2.3B | $28.4B |
| 股东权益账面价值 | $2.2B | $5.2B |
| 总资产 | $6.6B | $40.6B |
| 负债/权益比越低杠杆越低 | 1.04× | 5.46× |
8季度趋势，按日历期对齐
现金及短期投资MATSPG
| Q4 25 | $1.2B | $823.1M | ||
| Q3 25 | $691.9M | $1.6B | ||
| Q2 25 | $870.5M | $1.2B | ||
| Q1 25 | $1.2B | $1.4B | ||
| Q4 24 | $1.4B | $1.4B | ||
| Q3 24 | $723.5M | $2.5B | ||
| Q2 24 | $722.4M | $2.5B | ||
| Q1 24 | $1.1B | $2.6B |
总债务MATSPG
| Q4 25 | $2.3B | $28.4B | ||
| Q3 25 | $2.3B | $25.8B | ||
| Q2 25 | $2.3B | $25.4B | ||
| Q1 25 | $2.3B | $24.8B | ||
| Q4 24 | $2.3B | $24.3B | ||
| Q3 24 | $2.3B | $25.4B | ||
| Q2 24 | $2.3B | $25.3B | ||
| Q1 24 | $2.3B | $25.5B |
股东权益MATSPG
| Q4 25 | $2.2B | $5.2B | ||
| Q3 25 | $2.3B | $2.3B | ||
| Q2 25 | $2.2B | $2.5B | ||
| Q1 25 | $2.1B | $2.6B | ||
| Q4 24 | $2.3B | $2.9B | ||
| Q3 24 | $2.3B | $2.7B | ||
| Q2 24 | $2.0B | $2.9B | ||
| Q1 24 | $2.0B | $3.1B |
总资产MATSPG
| Q4 25 | $6.6B | $40.6B | ||
| Q3 25 | $6.6B | $33.6B | ||
| Q2 25 | $6.2B | $33.3B | ||
| Q1 25 | $6.2B | $32.5B | ||
| Q4 24 | $6.5B | $32.4B | ||
| Q3 24 | $6.5B | $33.3B | ||
| Q2 24 | $5.9B | $33.4B | ||
| Q1 24 | $6.1B | $33.7B |
负债/权益比MATSPG
| Q4 25 | 1.04× | 5.46× | ||
| Q3 25 | 1.03× | 10.98× | ||
| Q2 25 | 1.08× | 10.36× | ||
| Q1 25 | 1.10× | 9.50× | ||
| Q4 24 | 1.03× | 8.25× | ||
| Q3 24 | 1.01× | 9.37× | ||
| Q2 24 | 1.18× | 8.59× | ||
| Q1 24 | 1.15× | 8.22× |
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 | $1.2B |
| 自由现金流经营现金流 - 资本支出 | — | $948.8M |
| 自由现金流率自由现金流/营收 | — | 53.0% |
| 资本支出强度资本支出/营收 | — | 14.2% |
| 现金转化率经营现金流/净利润 | 7.50× | 0.34× |
| 过去12个月自由现金流最近4个季度 | — | $3.2B |
8季度趋势，按日历期对齐
经营现金流MATSPG
| Q4 25 | $796.6M | $1.2B | ||
| Q3 25 | $72.0M | $890.3M | ||
| Q2 25 | $-300.1M | $1.2B | ||
| Q1 25 | $24.8M | $827.2M | ||
| Q4 24 | $862.1M | $1.1B | ||
| Q3 24 | $155.8M | $892.9M | ||
| Q2 24 | $-252.9M | $1.1B | ||
| Q1 24 | $35.5M | $773.1M |
自由现金流MATSPG
| Q4 25 | — | $948.8M | ||
| Q3 25 | — | $685.0M | ||
| Q2 25 | — | $971.3M | ||
| Q1 25 | — | $597.0M | ||
| Q4 24 | — | $867.7M | ||
| Q3 24 | — | $706.5M | ||
| Q2 24 | — | $874.8M | ||
| Q1 24 | — | $610.1M |
自由现金流率MATSPG
| Q4 25 | — | 53.0% | ||
| Q3 25 | — | 42.8% | ||
| Q2 25 | — | 64.8% | ||
| Q1 25 | — | 40.5% | ||
| Q4 24 | — | 54.8% | ||
| Q3 24 | — | 47.7% | ||
| Q2 24 | — | 60.0% | ||
| Q1 24 | — | 42.3% |
资本支出强度MATSPG
| Q4 25 | — | 14.2% | ||
| Q3 25 | — | 12.8% | ||
| Q2 25 | — | 16.3% | ||
| Q1 25 | — | 15.6% | ||
| Q4 24 | — | 13.8% | ||
| Q3 24 | — | 12.6% | ||
| Q2 24 | — | 12.9% | ||
| Q1 24 | — | 11.3% |
现金转化率MATSPG
| Q4 25 | 7.50× | 0.34× | ||
| Q3 25 | 0.26× | 1.27× | ||
| Q2 25 | -5.62× | 1.89× | ||
| Q1 25 | — | 1.73× | ||
| Q4 24 | 6.12× | 1.41× | ||
| Q3 24 | 0.42× | 1.63× | ||
| Q2 24 | -4.45× | 1.87× | ||
| Q1 24 | — | 0.92× |
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% |
SPG
| Real Estate Segment | $1.7B | 95% |
| Other | $86.3M | 5% |
