vs
美泰（MAT）与硕腾（ZTS）财务数据对比。点击上方公司名可切换其他公司
硕腾的季度营收约是美泰的2.8倍（$2.4B vs $862.2M），硕腾净利率更高（25.3% vs 7.1%，领先18.2%），美泰同比增速更快（4.3% vs 3.0%），硕腾自由现金流更多（$732.0M vs $-88.1M），过去两年硕腾的营收复合增速更高（4.4% 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。
硕腾是全球规模最大的动物保健制药企业，专注于宠物与家畜用药品、疫苗的研发和生产，前身为制药巨头辉瑞旗下的动物保健业务板块，辉瑞剥离多数股权后成为完全独立的企业。目前公司产品直销约45个国家，在全球超过100个国家和地区销售，海外业务占总营收的50%左右。
MAT vs ZTS — 直观对比
营收规模更大
ZTS
是对方的2.8倍
$862.2M
营收增速更快
MAT
高出1.3%
3.0%
净利率更高
ZTS
高出18.2%
7.1%
自由现金流更多
ZTS
多$820.1M
$-88.1M
两年增速更快
ZTS
近两年复合增速
-10.6%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $862.2M | $2.4B |
| 净利润 | $61.0M | $603.0M |
| 毛利率 | 44.9% | 70.2% |
| 营业利润率 | — | 31.9% |
| 净利率 | 7.1% | 25.3% |
| 营收同比 | 4.3% | 3.0% |
| 净利润同比 | 251.4% | 3.8% |
| 每股收益（稀释后） | $0.20 | $1.37 |
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MATZTS
| Q1 26 | $862.2M | — | ||
| Q4 25 | $1.8B | $2.4B | ||
| Q3 25 | $1.7B | $2.4B | ||
| Q2 25 | $1.0B | $2.5B | ||
| Q1 25 | $826.6M | $2.2B | ||
| Q4 24 | $1.6B | $2.3B | ||
| Q3 24 | $1.8B | $2.4B | ||
| Q2 24 | $1.1B | $2.4B |
净利润MATZTS
| Q1 26 | $61.0M | — | ||
| Q4 25 | $106.2M | $603.0M | ||
| Q3 25 | $278.4M | $721.0M | ||
| Q2 25 | $53.4M | $718.0M | ||
| Q1 25 | $-40.3M | $631.0M | ||
| Q4 24 | $140.9M | $581.0M | ||
| Q3 24 | $372.4M | $682.0M | ||
| Q2 24 | $56.9M | $624.0M |
毛利率MATZTS
| Q1 26 | 44.9% | — | ||
| Q4 25 | 45.9% | 70.2% | ||
| Q3 25 | 50.0% | 71.5% | ||
| Q2 25 | 50.9% | 73.6% | ||
| Q1 25 | 49.4% | 72.0% | ||
| Q4 24 | 50.7% | 69.5% | ||
| Q3 24 | 53.1% | 70.6% | ||
| Q2 24 | 49.2% | 71.7% |
营业利润率MATZTS
| Q1 26 | — | — | ||
| Q4 25 | 8.0% | 31.9% | ||
| Q3 25 | 21.9% | 37.0% | ||
| Q2 25 | 7.7% | 36.7% | ||
| Q1 25 | -6.4% | 36.5% | ||
| Q4 24 | 9.6% | 31.6% | ||
| Q3 24 | 26.5% | 36.6% | ||
| Q2 24 | 7.7% | 33.0% |
净利率MATZTS
| Q1 26 | 7.1% | — | ||
| Q4 25 | 6.0% | 25.3% | ||
| Q3 25 | 16.0% | 30.0% | ||
| Q2 25 | 5.2% | 29.2% | ||
| Q1 25 | -4.9% | 28.4% | ||
| Q4 24 | 8.6% | 25.1% | ||
| Q3 24 | 20.2% | 28.6% | ||
| Q2 24 | 5.3% | 26.4% |
每股收益（稀释后）MATZTS
| Q1 26 | $0.20 | — | ||
| Q4 25 | $0.32 | $1.37 | ||
| Q3 25 | $0.88 | $1.63 | ||
| Q2 25 | $0.16 | $1.61 | ||
| Q1 25 | $-0.12 | $1.41 | ||
| Q4 24 | $0.40 | $1.29 | ||
| Q3 24 | $1.09 | $1.50 | ||
| Q2 24 | $0.17 | $1.37 |
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 | — |
| 总债务越低越好 | $2.3B | — |
| 股东权益账面价值 | $2.1B | $3.3B |
| 总资产 | $6.3B | $15.5B |
| 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MATZTS
| Q1 26 | $866.0M | — | ||
| Q4 25 | $1.2B | — | ||
| Q3 25 | $691.9M | $2.1B | ||
| Q2 25 | $870.5M | $1.4B | ||
| Q1 25 | $1.2B | $1.7B | ||
| Q4 24 | $1.4B | $2.0B | ||
| Q3 24 | $723.5M | $1.7B | ||
| Q2 24 | $722.4M | $1.6B |
总债务MATZTS
| Q1 26 | $2.3B | — | ||
| Q4 25 | $2.3B | — | ||
| Q3 25 | $2.3B | — | ||
| Q2 25 | $2.3B | — | ||
| Q1 25 | $2.3B | — | ||
| Q4 24 | $2.3B | — | ||
| Q3 24 | $2.3B | — | ||
| Q2 24 | $2.3B | — |
股东权益MATZTS
| Q1 26 | $2.1B | — | ||
| Q4 25 | $2.2B | $3.3B | ||
| Q3 25 | $2.3B | $5.4B | ||
| Q2 25 | $2.2B | $5.0B | ||
| Q1 25 | $2.1B | $4.7B | ||
| Q4 24 | $2.3B | $4.8B | ||
| Q3 24 | $2.3B | $5.2B | ||
| Q2 24 | $2.0B | $5.0B |
总资产MATZTS
| Q1 26 | $6.3B | — | ||
| Q4 25 | $6.6B | $15.5B | ||
| Q3 25 | $6.6B | $15.2B | ||
| Q2 25 | $6.2B | $14.5B | ||
| Q1 25 | $6.2B | $14.1B | ||
| Q4 24 | $6.5B | $14.2B | ||
| Q3 24 | $6.5B | $14.4B | ||
| Q2 24 | $5.9B | $14.2B |
负债/权益比MATZTS
| Q1 26 | 1.11× | — | ||
| Q4 25 | 1.04× | — | ||
| Q3 25 | 1.03× | — | ||
| Q2 25 | 1.08× | — | ||
| Q1 25 | 1.10× | — | ||
| Q4 24 | 1.03× | — | ||
| Q3 24 | 1.01× | — | ||
| Q2 24 | 1.18× | — |
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 | — | $893.0M |
| 自由现金流经营现金流 - 资本支出 | $-88.1M | $732.0M |
| 自由现金流率自由现金流/营收 | -10.2% | 30.7% |
| 资本支出强度资本支出/营收 | 7.6% | 6.7% |
| 现金转化率经营现金流/净利润 | — | 1.48× |
| 过去12个月自由现金流最近4个季度 | — | $2.3B |
8季度趋势，按日历期对齐
经营现金流MATZTS
| Q1 26 | — | — | ||
| Q4 25 | $796.6M | $893.0M | ||
| Q3 25 | $72.0M | $938.0M | ||
| Q2 25 | $-300.1M | $486.0M | ||
| Q1 25 | $24.8M | $587.0M | ||
| Q4 24 | $862.1M | $905.0M | ||
| Q3 24 | $155.8M | $951.0M | ||
| Q2 24 | $-252.9M | $502.0M |
自由现金流MATZTS
| Q1 26 | $-88.1M | — | ||
| Q4 25 | — | $732.0M | ||
| Q3 25 | — | $805.0M | ||
| Q2 25 | — | $308.0M | ||
| Q1 25 | — | $438.0M | ||
| Q4 24 | — | $689.0M | ||
| Q3 24 | — | $784.0M | ||
| Q2 24 | — | $370.0M |
自由现金流率MATZTS
| Q1 26 | -10.2% | — | ||
| Q4 25 | — | 30.7% | ||
| Q3 25 | — | 33.5% | ||
| Q2 25 | — | 12.5% | ||
| Q1 25 | — | 19.7% | ||
| Q4 24 | — | 29.7% | ||
| Q3 24 | — | 32.8% | ||
| Q2 24 | — | 15.7% |
资本支出强度MATZTS
| Q1 26 | 7.6% | — | ||
| Q4 25 | — | 6.7% | ||
| Q3 25 | — | 5.5% | ||
| Q2 25 | — | 7.2% | ||
| Q1 25 | — | 6.7% | ||
| Q4 24 | — | 9.3% | ||
| Q3 24 | — | 7.0% | ||
| Q2 24 | — | 5.6% |
现金转化率MATZTS
| Q1 26 | — | — | ||
| Q4 25 | 7.50× | 1.48× | ||
| Q3 25 | 0.26× | 1.30× | ||
| Q2 25 | -5.62× | 0.68× | ||
| Q1 25 | — | 0.93× | ||
| Q4 24 | 6.12× | 1.56× | ||
| Q3 24 | 0.42× | 1.39× | ||
| Q2 24 | -4.45× | 0.80× |
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
ZTS
| Other | $1.3B | 56% |
| Livestock | $234.0M | 10% |
| Pain Sedation | $209.0M | 9% |
| Other Pharmaceuticals | $188.0M | 8% |
| Swine | $125.0M | 5% |
| Poultry | $117.0M | 5% |
| Fish | $81.0M | 3% |
| Other Non Pharmaceuticals | $70.0M | 3% |
| Manufactured Product Other | $18.0M | 1% |
| Medicated Feed Additives | $12.0M | 1% |
