vs
美泰（MAT）与西部数据（WDC）财务数据对比。点击上方公司名可切换其他公司
西部数据的季度营收约是美泰的1.7倍（$3.0B vs $1.8B），西部数据净利率更高（61.1% vs 6.0%，领先55.0%），西部数据同比增速更快（31.5% vs 7.3%），过去两年美泰的营收复合增速更高（47.7% vs -6.6%）
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。
西部数据（简称WD）是总部位于美国加利福尼亚州圣何塞的知名数据存储企业，成立于1970年，是全球最大的硬盘驱动器（HDD）制造商之一，产品覆盖消费级、企业级等多元存储场景，为全球客户提供高性能、高可靠性的存储解决方案。
MAT vs WDC — 直观对比
营收规模更大
WDC
是对方的1.7倍
$1.8B
营收增速更快
WDC
高出24.2%
7.3%
净利率更高
WDC
高出55.0%
6.0%
两年增速更快
MAT
近两年复合增速
-6.6%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $3.0B |
| 净利润 | $106.2M | $1.8B |
| 毛利率 | 45.9% | 45.7% |
| 营业利润率 | 8.0% | 30.1% |
| 净利率 | 6.0% | 61.1% |
| 营收同比 | 7.3% | 31.5% |
| 净利润同比 | -24.6% | 254.2% |
| 每股收益（稀释后） | $0.32 | $4.73 |
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MATWDC
| Q1 26 | — | $3.0B | ||
| Q4 25 | $1.8B | $2.8B | ||
| Q3 25 | $1.7B | — | ||
| Q2 25 | $1.0B | $-1.2B | ||
| Q1 25 | $826.6M | $2.3B | ||
| Q4 24 | $1.6B | $4.3B | ||
| Q3 24 | $1.8B | $4.1B | ||
| Q2 24 | $1.1B | $3.8B |
净利润MATWDC
| Q1 26 | — | $1.8B | ||
| Q4 25 | $106.2M | $1.2B | ||
| Q3 25 | $278.4M | — | ||
| Q2 25 | $53.4M | $282.0M | ||
| Q1 25 | $-40.3M | $520.0M | ||
| Q4 24 | $140.9M | $594.0M | ||
| Q3 24 | $372.4M | $493.0M | ||
| Q2 24 | $56.9M | $39.0M |
毛利率MATWDC
| Q1 26 | — | 45.7% | ||
| Q4 25 | 45.9% | 43.5% | ||
| Q3 25 | 50.0% | — | ||
| Q2 25 | 50.9% | — | ||
| Q1 25 | 49.4% | 39.8% | ||
| Q4 24 | 50.7% | 35.4% | ||
| Q3 24 | 53.1% | 37.9% | ||
| Q2 24 | 49.2% | 35.9% |
营业利润率MATWDC
| Q1 26 | — | 30.1% | ||
| Q4 25 | 8.0% | 28.1% | ||
| Q3 25 | 21.9% | — | ||
| Q2 25 | 7.7% | — | ||
| Q1 25 | -6.4% | 33.1% | ||
| Q4 24 | 9.6% | 19.9% | ||
| Q3 24 | 26.5% | 18.1% | ||
| Q2 24 | 7.7% | 5.7% |
净利率MATWDC
| Q1 26 | — | 61.1% | ||
| Q4 25 | 6.0% | 41.9% | ||
| Q3 25 | 16.0% | — | ||
| Q2 25 | 5.2% | -24.4% | ||
| Q1 25 | -4.9% | 22.7% | ||
| Q4 24 | 8.6% | 13.9% | ||
| Q3 24 | 20.2% | 12.0% | ||
| Q2 24 | 5.3% | 1.0% |
每股收益（稀释后）MATWDC
| Q1 26 | — | $4.73 | ||
| Q4 25 | $0.32 | $3.07 | ||
| Q3 25 | $0.88 | — | ||
| Q2 25 | $0.16 | $0.72 | ||
| Q1 25 | $-0.12 | $1.42 | ||
| Q4 24 | $0.40 | $1.63 | ||
| Q3 24 | $1.09 | $1.35 | ||
| 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 | $1.2B | $2.0B |
| 总债务越低越好 | $2.3B | $4.7B |
| 股东权益账面价值 | $2.2B | $7.1B |
| 总资产 | $6.6B | $15.6B |
| 负债/权益比越低杠杆越低 | 1.04× | 0.65× |
8季度趋势，按日历期对齐
现金及短期投资MATWDC
| Q1 26 | — | $2.0B | ||
| Q4 25 | $1.2B | $2.0B | ||
| Q3 25 | $691.9M | — | ||
| Q2 25 | $870.5M | $2.1B | ||
| Q1 25 | $1.2B | $3.5B | ||
| Q4 24 | $1.4B | $2.3B | ||
| Q3 24 | $723.5M | $1.7B | ||
| Q2 24 | $722.4M | $1.9B |
总债务MATWDC
| Q1 26 | — | $4.7B | ||
| Q4 25 | $2.3B | $4.7B | ||
| Q3 25 | $2.3B | — | ||
| Q2 25 | $2.3B | $4.7B | ||
| Q1 25 | $2.3B | $7.3B | ||
| Q4 24 | $2.3B | $7.4B | ||
| Q3 24 | $2.3B | $7.4B | ||
| Q2 24 | $2.3B | $7.4B |
股东权益MATWDC
| Q1 26 | — | $7.1B | ||
| Q4 25 | $2.2B | $5.9B | ||
| Q3 25 | $2.3B | — | ||
| Q2 25 | $2.2B | $5.3B | ||
| Q1 25 | $2.1B | $5.2B | ||
| Q4 24 | $2.3B | $12.1B | ||
| Q3 24 | $2.3B | $11.6B | ||
| Q2 24 | $2.0B | $10.8B |
总资产MATWDC
| Q1 26 | — | $15.6B | ||
| Q4 25 | $6.6B | $14.4B | ||
| Q3 25 | $6.6B | — | ||
| Q2 25 | $6.2B | $14.0B | ||
| Q1 25 | $6.2B | $16.4B | ||
| Q4 24 | $6.5B | $25.5B | ||
| Q3 24 | $6.5B | $24.8B | ||
| Q2 24 | $5.9B | $24.2B |
负债/权益比MATWDC
| Q1 26 | — | 0.65× | ||
| Q4 25 | 1.04× | 0.80× | ||
| Q3 25 | 1.03× | — | ||
| Q2 25 | 1.08× | 0.89× | ||
| Q1 25 | 1.10× | 1.42× | ||
| Q4 24 | 1.03× | 0.61× | ||
| Q3 24 | 1.01× | 0.64× | ||
| Q2 24 | 1.18× | 0.69× |
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 | — |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | 7.50× | — |
| 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MATWDC
| Q1 26 | — | — | ||
| Q4 25 | $796.6M | $672.0M | ||
| Q3 25 | $72.0M | — | ||
| Q2 25 | $-300.1M | $746.0M | ||
| Q1 25 | $24.8M | $508.0M | ||
| Q4 24 | $862.1M | $403.0M | ||
| Q3 24 | $155.8M | $34.0M | ||
| Q2 24 | $-252.9M | $366.0M |
自由现金流MATWDC
| Q1 26 | — | — | ||
| Q4 25 | — | $599.0M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $675.0M | ||
| Q1 25 | — | $379.0M | ||
| Q4 24 | — | $287.0M | ||
| Q3 24 | — | $-62.0M | ||
| Q2 24 | — | $250.0M |
自由现金流率MATWDC
| Q1 26 | — | — | ||
| Q4 25 | — | 21.3% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | -58.5% | ||
| Q1 25 | — | 16.5% | ||
| Q4 24 | — | 6.7% | ||
| Q3 24 | — | -1.5% | ||
| Q2 24 | — | 6.6% |
资本支出强度MATWDC
| Q1 26 | — | — | ||
| Q4 25 | — | 2.6% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | -6.2% | ||
| Q1 25 | — | 5.6% | ||
| Q4 24 | — | 2.7% | ||
| Q3 24 | — | 2.3% | ||
| Q2 24 | — | 3.1% |
现金转化率MATWDC
| Q1 26 | — | — | ||
| Q4 25 | 7.50× | 0.57× | ||
| Q3 25 | 0.26× | — | ||
| Q2 25 | -5.62× | 2.65× | ||
| Q1 25 | — | 0.98× | ||
| Q4 24 | 6.12× | 0.68× | ||
| Q3 24 | 0.42× | 0.07× | ||
| Q2 24 | -4.45× | 9.38× |
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% |
WDC
| Cloud | $2.7B | 89% |
| Client Devices | $176.0M | 6% |
| Consumer | $168.0M | 6% |
