vs
美泰（MAT）与Constellation Brands（STZ）财务数据对比。点击上方公司名可切换其他公司
Constellation Brands的季度营收约是美泰的2.6倍（$2.2B vs $862.2M），Constellation Brands净利率更高（22.6% vs 7.1%，领先15.5%），美泰同比增速更快（4.3% vs -9.8%），Constellation Brands自由现金流更多（$370.9M vs $-88.1M），过去两年Constellation Brands的营收复合增速更高（1.9% 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。
Constellation Brands, Inc.是总部位于美国纽约州罗切斯特的《财富》500强企业，主营啤酒、葡萄酒及烈酒的生产与营销，按销售额计算是美国最大的啤酒进口商，在全美主要啤酒供应商中市场份额位列第三。公司还通过与Canopy Growth合作在医用及娱乐大麻领域有大额投资，现有约40处设施、近9000名员工。
MAT vs STZ — 直观对比
营收规模更大
STZ
是对方的2.6倍
$862.2M
营收增速更快
MAT
高出14.1%
-9.8%
净利率更高
STZ
高出15.5%
7.1%
自由现金流更多
STZ
多$459.0M
$-88.1M
两年增速更快
STZ
近两年复合增速
-10.6%
损益表 — Q1 FY2026 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $862.2M | $2.2B |
| 净利润 | $61.0M | $502.8M |
| 毛利率 | 44.9% | 53.2% |
| 营业利润率 | — | 31.1% |
| 净利率 | 7.1% | 22.6% |
| 营收同比 | 4.3% | -9.8% |
| 净利润同比 | 251.4% | -18.4% |
| 每股收益（稀释后） | $0.20 | — |
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MATSTZ
| Q1 26 | $862.2M | — | ||
| Q4 25 | $1.8B | $2.2B | ||
| Q3 25 | $1.7B | $2.5B | ||
| Q2 25 | $1.0B | $2.5B | ||
| Q1 25 | $826.6M | $2.2B | ||
| Q4 24 | $1.6B | $2.5B | ||
| Q3 24 | $1.8B | $2.9B | ||
| Q2 24 | $1.1B | $2.7B |
净利润MATSTZ
| Q1 26 | $61.0M | — | ||
| Q4 25 | $106.2M | $502.8M | ||
| Q3 25 | $278.4M | $466.0M | ||
| Q2 25 | $53.4M | $516.1M | ||
| Q1 25 | $-40.3M | $-375.3M | ||
| Q4 24 | $140.9M | $615.9M | ||
| Q3 24 | $372.4M | $-1.2B | ||
| Q2 24 | $56.9M | $877.0M |
毛利率MATSTZ
| Q1 26 | 44.9% | — | ||
| Q4 25 | 45.9% | 53.2% | ||
| Q3 25 | 50.0% | 52.8% | ||
| Q2 25 | 50.9% | 50.4% | ||
| Q1 25 | 49.4% | 51.5% | ||
| Q4 24 | 50.7% | 52.1% | ||
| Q3 24 | 53.1% | 51.8% | ||
| Q2 24 | 49.2% | 52.7% |
营业利润率MATSTZ
| Q1 26 | — | — | ||
| Q4 25 | 8.0% | 31.1% | ||
| Q3 25 | 21.9% | 35.2% | ||
| Q2 25 | 7.7% | 28.4% | ||
| Q1 25 | -6.4% | -6.9% | ||
| Q4 24 | 9.6% | 32.2% | ||
| Q3 24 | 26.5% | -42.1% | ||
| Q2 24 | 7.7% | 35.4% |
净利率MATSTZ
| Q1 26 | 7.1% | — | ||
| Q4 25 | 6.0% | 22.6% | ||
| Q3 25 | 16.0% | 18.8% | ||
| Q2 25 | 5.2% | 20.5% | ||
| Q1 25 | -4.9% | -17.3% | ||
| Q4 24 | 8.6% | 25.0% | ||
| Q3 24 | 20.2% | -41.1% | ||
| Q2 24 | 5.3% | 32.9% |
每股收益（稀释后）MATSTZ
| Q1 26 | $0.20 | — | ||
| Q4 25 | $0.32 | — | ||
| Q3 25 | $0.88 | — | ||
| Q2 25 | $0.16 | — | ||
| Q1 25 | $-0.12 | — | ||
| Q4 24 | $0.40 | — | ||
| Q3 24 | $1.09 | — | ||
| Q2 24 | $0.17 | — |
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 | $152.4M |
| 总债务越低越好 | $2.3B | $10.3B |
| 股东权益账面价值 | $2.1B | $7.7B |
| 总资产 | $6.3B | $21.7B |
| 负债/权益比越低杠杆越低 | 1.11× | 1.33× |
8季度趋势，按日历期对齐
现金及短期投资MATSTZ
| Q1 26 | $866.0M | — | ||
| Q4 25 | $1.2B | $152.4M | ||
| Q3 25 | $691.9M | $72.0M | ||
| Q2 25 | $870.5M | $73.9M | ||
| Q1 25 | $1.2B | $68.1M | ||
| Q4 24 | $1.4B | $73.7M | ||
| Q3 24 | $723.5M | $64.6M | ||
| Q2 24 | $722.4M | $73.8M |
总债务MATSTZ
| Q1 26 | $2.3B | — | ||
| Q4 25 | $2.3B | $10.3B | ||
| Q3 25 | $2.3B | $10.3B | ||
| Q2 25 | $2.3B | $11.2B | ||
| Q1 25 | $2.3B | $10.7B | ||
| Q4 24 | $2.3B | $10.7B | ||
| Q3 24 | $2.3B | $11.1B | ||
| Q2 24 | $2.3B | $11.1B |
股东权益MATSTZ
| Q1 26 | $2.1B | — | ||
| Q4 25 | $2.2B | $7.7B | ||
| Q3 25 | $2.3B | $7.5B | ||
| Q2 25 | $2.2B | $7.3B | ||
| Q1 25 | $2.1B | $6.9B | ||
| Q4 24 | $2.3B | $7.8B | ||
| Q3 24 | $2.3B | $7.9B | ||
| Q2 24 | $2.0B | $10.3B |
总资产MATSTZ
| Q1 26 | $6.3B | — | ||
| Q4 25 | $6.6B | $21.7B | ||
| Q3 25 | $6.6B | $21.4B | ||
| Q2 25 | $6.2B | $22.3B | ||
| Q1 25 | $6.2B | $21.7B | ||
| Q4 24 | $6.5B | $22.8B | ||
| Q3 24 | $6.5B | $23.1B | ||
| Q2 24 | $5.9B | $26.1B |
负债/权益比MATSTZ
| Q1 26 | 1.11× | — | ||
| Q4 25 | 1.04× | 1.33× | ||
| Q3 25 | 1.03× | 1.37× | ||
| Q2 25 | 1.08× | 1.54× | ||
| Q1 25 | 1.10× | 1.55× | ||
| Q4 24 | 1.03× | 1.37× | ||
| Q3 24 | 1.01× | 1.41× | ||
| Q2 24 | 1.18× | 1.08× |
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 | — | $616.9M |
| 自由现金流经营现金流 - 资本支出 | $-88.1M | $370.9M |
| 自由现金流率自由现金流/营收 | -10.2% | 16.7% |
| 资本支出强度资本支出/营收 | 7.6% | 11.1% |
| 现金转化率经营现金流/净利润 | — | 1.23× |
| 过去12个月自由现金流最近4个季度 | — | $1.8B |
8季度趋势，按日历期对齐
经营现金流MATSTZ
| Q1 26 | — | — | ||
| Q4 25 | $796.6M | $616.9M | ||
| Q3 25 | $72.0M | $852.1M | ||
| Q2 25 | $-300.1M | $637.2M | ||
| Q1 25 | $24.8M | $594.7M | ||
| Q4 24 | $862.1M | $685.2M | ||
| Q3 24 | $155.8M | $1.2B | ||
| Q2 24 | $-252.9M | $690.5M |
自由现金流MATSTZ
| Q1 26 | $-88.1M | — | ||
| Q4 25 | — | $370.9M | ||
| Q3 25 | — | $634.8M | ||
| Q2 25 | — | $444.4M | ||
| Q1 25 | — | $312.1M | ||
| Q4 24 | — | $456.8M | ||
| Q3 24 | — | $854.0M | ||
| Q2 24 | — | $315.2M |
自由现金流率MATSTZ
| Q1 26 | -10.2% | — | ||
| Q4 25 | — | 16.7% | ||
| Q3 25 | — | 25.6% | ||
| Q2 25 | — | 17.7% | ||
| Q1 25 | — | 14.4% | ||
| Q4 24 | — | 18.5% | ||
| Q3 24 | — | 29.3% | ||
| Q2 24 | — | 11.8% |
资本支出强度MATSTZ
| Q1 26 | 7.6% | — | ||
| Q4 25 | — | 11.1% | ||
| Q3 25 | — | 8.8% | ||
| Q2 25 | — | 7.7% | ||
| Q1 25 | — | 13.1% | ||
| Q4 24 | — | 9.3% | ||
| Q3 24 | — | 11.2% | ||
| Q2 24 | — | 14.1% |
现金转化率MATSTZ
| Q1 26 | — | — | ||
| Q4 25 | 7.50× | 1.23× | ||
| Q3 25 | 0.26× | 1.83× | ||
| Q2 25 | -5.62× | 1.23× | ||
| Q1 25 | — | — | ||
| Q4 24 | 6.12× | 1.11× | ||
| Q3 24 | 0.42× | — | ||
| Q2 24 | -4.45× | 0.79× |
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
STZ
| Beer | $2.0B | 90% |
| Constellation Wines And Spirits | $213.1M | 10% |
