vs
美泰（MAT）与WATSCO INC（WSO）财务数据对比。点击上方公司名可切换其他公司
WATSCO INC的季度营收约是美泰的1.8倍（$1.5B vs $862.2M），美泰净利率更高（7.1% vs 6.1%，领先1.0%），美泰同比增速更快（4.3% vs 0.1%），过去两年美泰的营收复合增速更高（-10.6% vs -15.3%）
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。
Watsco Inc.是美国暖通空调、供暖及制冷（HVAC/R）设备及相关零部件、耗材的专业分销商。公司成立至今已超60年，最初主营HVAC/R行业相关零部件、工具制造业务，1989年通过收购佛罗里达州南部的瑞姆品牌分销商Gemaire Distributors Inc，正式从制造赛道转向分销领域。
MAT vs WSO — 直观对比
营收规模更大
WSO
是对方的1.8倍
$862.2M
营收增速更快
MAT
高出4.2%
0.1%
净利率更高
MAT
高出1.0%
6.1%
两年增速更快
MAT
近两年复合增速
-15.3%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $862.2M | $1.5B |
| 净利润 | $61.0M | $92.9M |
| 毛利率 | 44.9% | 27.9% |
| 营业利润率 | — | 7.2% |
| 净利率 | 7.1% | 6.1% |
| 营收同比 | 4.3% | 0.1% |
| 净利润同比 | 251.4% | -1.7% |
| 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MATWSO
| Q1 26 | $862.2M | $1.5B | ||
| Q4 25 | $1.8B | $1.6B | ||
| Q3 25 | $1.7B | $2.1B | ||
| Q2 25 | $1.0B | $2.1B | ||
| Q1 25 | $826.6M | $1.5B | ||
| Q4 24 | $1.6B | $1.8B | ||
| Q3 24 | $1.8B | $2.2B | ||
| Q2 24 | $1.1B | $2.1B |
净利润MATWSO
| Q1 26 | $61.0M | $92.9M | ||
| Q4 25 | $106.2M | $71.7M | ||
| Q3 25 | $278.4M | $161.6M | ||
| Q2 25 | $53.4M | $183.6M | ||
| Q1 25 | $-40.3M | $80.1M | ||
| Q4 24 | $140.9M | $96.8M | ||
| Q3 24 | $372.4M | $171.0M | ||
| Q2 24 | $56.9M | $181.4M |
毛利率MATWSO
| Q1 26 | 44.9% | 27.9% | ||
| Q4 25 | 45.9% | 27.1% | ||
| Q3 25 | 50.0% | 27.5% | ||
| Q2 25 | 50.9% | 29.3% | ||
| Q1 25 | 49.4% | 28.1% | ||
| Q4 24 | 50.7% | 26.7% | ||
| Q3 24 | 53.1% | 26.2% | ||
| Q2 24 | 49.2% | 27.1% |
营业利润率MATWSO
| Q1 26 | — | 7.2% | ||
| Q4 25 | 8.0% | 6.4% | ||
| Q3 25 | 21.9% | 11.4% | ||
| Q2 25 | 7.7% | 13.2% | ||
| Q1 25 | -6.4% | 7.3% | ||
| Q4 24 | 9.6% | 7.8% | ||
| Q3 24 | 26.5% | 11.6% | ||
| Q2 24 | 7.7% | 12.6% |
净利率MATWSO
| Q1 26 | 7.1% | 6.1% | ||
| Q4 25 | 6.0% | 4.5% | ||
| Q3 25 | 16.0% | 7.8% | ||
| Q2 25 | 5.2% | 8.9% | ||
| Q1 25 | -4.9% | 5.2% | ||
| Q4 24 | 8.6% | 5.5% | ||
| Q3 24 | 20.2% | 7.9% | ||
| Q2 24 | 5.3% | 8.5% |
每股收益（稀释后）MATWSO
| Q1 26 | $0.20 | — | ||
| Q4 25 | $0.32 | $1.82 | ||
| Q3 25 | $0.88 | $3.98 | ||
| Q2 25 | $0.16 | $4.52 | ||
| Q1 25 | $-0.12 | $1.93 | ||
| Q4 24 | $0.40 | $2.42 | ||
| Q3 24 | $1.09 | $4.22 | ||
| Q2 24 | $0.17 | $4.49 |
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 | $392.7M |
| 总债务越低越好 | $2.3B | — |
| 股东权益账面价值 | $2.1B | $3.2B |
| 总资产 | $6.3B | $4.6B |
| 负债/权益比越低杠杆越低 | 1.11× | — |
8季度趋势，按日历期对齐
现金及短期投资MATWSO
| Q1 26 | $866.0M | $392.7M | ||
| Q4 25 | $1.2B | $733.3M | ||
| Q3 25 | $691.9M | $524.3M | ||
| Q2 25 | $870.5M | $293.0M | ||
| Q1 25 | $1.2B | $431.8M | ||
| Q4 24 | $1.4B | $781.9M | ||
| Q3 24 | $723.5M | $550.0M | ||
| Q2 24 | $722.4M | $424.9M |
总债务MATWSO
| Q1 26 | $2.3B | — | ||
| Q4 25 | $2.3B | $361.6M | ||
| Q3 25 | $2.3B | $340.8M | ||
| Q2 25 | $2.3B | $338.7M | ||
| Q1 25 | $2.3B | $346.4M | ||
| Q4 24 | $2.3B | $337.2M | ||
| Q3 24 | $2.3B | $321.0M | ||
| Q2 24 | $2.3B | $307.1M |
股东权益MATWSO
| Q1 26 | $2.1B | $3.2B | ||
| Q4 25 | $2.2B | $2.8B | ||
| Q3 25 | $2.3B | $2.8B | ||
| Q2 25 | $2.2B | $2.8B | ||
| Q1 25 | $2.1B | $2.7B | ||
| Q4 24 | $2.3B | $2.7B | ||
| Q3 24 | $2.3B | $2.7B | ||
| Q2 24 | $2.0B | $2.6B |
总资产MATWSO
| Q1 26 | $6.3B | $4.6B | ||
| Q4 25 | $6.6B | $4.4B | ||
| Q3 25 | $6.6B | $4.6B | ||
| Q2 25 | $6.2B | $4.7B | ||
| Q1 25 | $6.2B | $4.5B | ||
| Q4 24 | $6.5B | $4.5B | ||
| Q3 24 | $6.5B | $4.5B | ||
| Q2 24 | $5.9B | $4.4B |
负债/权益比MATWSO
| Q1 26 | 1.11× | — | ||
| Q4 25 | 1.04× | 0.13× | ||
| Q3 25 | 1.03× | 0.12× | ||
| Q2 25 | 1.08× | 0.12× | ||
| Q1 25 | 1.10× | 0.13× | ||
| Q4 24 | 1.03× | 0.13× | ||
| Q3 24 | 1.01× | 0.12× | ||
| Q2 24 | 1.18× | 0.12× |
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 | — | — |
| 自由现金流经营现金流 - 资本支出 | $-88.1M | — |
| 自由现金流率自由现金流/营收 | -10.2% | — |
| 资本支出强度资本支出/营收 | 7.6% | — |
| 现金转化率经营现金流/净利润 | — | — |
| 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MATWSO
| Q1 26 | — | — | ||
| Q4 25 | $796.6M | $399.8M | ||
| Q3 25 | $72.0M | $354.9M | ||
| Q2 25 | $-300.1M | $-7.4M | ||
| Q1 25 | $24.8M | $-177.6M | ||
| Q4 24 | $862.1M | $378.9M | ||
| Q3 24 | $155.8M | $232.8M | ||
| Q2 24 | $-252.9M | $57.7M |
自由现金流MATWSO
| Q1 26 | $-88.1M | — | ||
| Q4 25 | — | $388.5M | ||
| Q3 25 | — | $346.1M | ||
| Q2 25 | — | $-14.3M | ||
| Q1 25 | — | $-185.2M | ||
| Q4 24 | — | $370.9M | ||
| Q3 24 | — | $223.0M | ||
| Q2 24 | — | $51.3M |
自由现金流率MATWSO
| Q1 26 | -10.2% | — | ||
| Q4 25 | — | 24.6% | ||
| Q3 25 | — | 16.7% | ||
| Q2 25 | — | -0.7% | ||
| Q1 25 | — | -12.1% | ||
| Q4 24 | — | 21.1% | ||
| Q3 24 | — | 10.3% | ||
| Q2 24 | — | 2.4% |
资本支出强度MATWSO
| Q1 26 | 7.6% | — | ||
| Q4 25 | — | 0.7% | ||
| Q3 25 | — | 0.4% | ||
| Q2 25 | — | 0.3% | ||
| Q1 25 | — | 0.5% | ||
| Q4 24 | — | 0.5% | ||
| Q3 24 | — | 0.5% | ||
| Q2 24 | — | 0.3% |
现金转化率MATWSO
| Q1 26 | — | — | ||
| Q4 25 | 7.50× | 5.57× | ||
| Q3 25 | 0.26× | 2.20× | ||
| Q2 25 | -5.62× | -0.04× | ||
| Q1 25 | — | -2.22× | ||
| Q4 24 | 6.12× | 3.91× | ||
| Q3 24 | 0.42× | 1.36× | ||
| Q2 24 | -4.45× | 0.32× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
