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Mativ Holdings, Inc.（MATV）与明晟（MSCI）财务数据对比。点击上方公司名可切换其他公司
明晟的季度营收约是Mativ Holdings, Inc.的1.8倍（$822.5M vs $463.1M），明晟净利率更高（34.6% vs 21.8%，领先12.8%），明晟同比增速更快（10.6% vs 1.0%），明晟自由现金流更多（$488.7M vs $8.0M），过去两年明晟的营收复合增速更高（10.0% vs -3.8%）
Mativ Holdings是一家全球特种材料制造商，主要生产高性能先进聚合物、无纺布、过滤解决方案及功能性涂层材料，服务医疗、工业、消费品、航空航天、能源等领域，业务遍及北美、欧洲及亚太地区。
MSCI（明晟）是总部位于美国纽约的金融服务企业，为全球市场提供股票、固定收益、房地产指数、多资产组合分析工具及ESG、气候金融相关产品，旗下运营MSCI全球指数、MSCI新兴市场指数、MSCI全球所有国家（ACWI）指数等多款知名指数产品。
MATV vs MSCI — 直观对比
营收规模更大
MSCI
是对方的1.8倍
$463.1M
营收增速更快
MSCI
高出9.6%
1.0%
净利率更高
MSCI
高出12.8%
21.8%
自由现金流更多
MSCI
多$480.7M
$8.0M
两年增速更快
MSCI
近两年复合增速
-3.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $463.1M | $822.5M |
| 净利润 | $100.8M | $284.7M |
| 毛利率 | 18.8% | — |
| 营业利润率 | 2.2% | 56.4% |
| 净利率 | 21.8% | 34.6% |
| 营收同比 | 1.0% | 10.6% |
| 净利润同比 | 6620.0% | -6.8% |
| 每股收益（稀释后） | $1.87 | $3.81 |
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MATVMSCI
| Q4 25 | $463.1M | $822.5M | ||
| Q3 25 | $513.7M | $793.4M | ||
| Q2 25 | $525.4M | $772.7M | ||
| Q1 25 | $484.8M | $745.8M | ||
| Q4 24 | $458.6M | $743.5M | ||
| Q3 24 | $498.5M | $724.7M | ||
| Q2 24 | $523.8M | $707.9M | ||
| Q1 24 | $500.2M | $680.0M |
净利润MATVMSCI
| Q4 25 | $100.8M | $284.7M | ||
| Q3 25 | $-3.2M | $325.4M | ||
| Q2 25 | $-9.5M | $303.6M | ||
| Q1 25 | $-425.5M | $288.6M | ||
| Q4 24 | $1.5M | $305.5M | ||
| Q3 24 | $-20.8M | $280.9M | ||
| Q2 24 | $-1.4M | $266.8M | ||
| Q1 24 | $-28.0M | $256.0M |
毛利率MATVMSCI
| Q4 25 | 18.8% | — | ||
| Q3 25 | 19.3% | — | ||
| Q2 25 | 19.7% | — | ||
| Q1 25 | 15.0% | — | ||
| Q4 24 | 16.9% | — | ||
| Q3 24 | 18.8% | — | ||
| Q2 24 | 20.8% | — | ||
| Q1 24 | 16.8% | — |
营业利润率MATVMSCI
| Q4 25 | 2.2% | 56.4% | ||
| Q3 25 | 3.1% | 56.4% | ||
| Q2 25 | 3.8% | 55.0% | ||
| Q1 25 | -88.8% | 50.6% | ||
| Q4 24 | 0.6% | 54.5% | ||
| Q3 24 | 1.4% | 55.4% | ||
| Q2 24 | 2.0% | 54.0% | ||
| Q1 24 | -2.8% | 49.9% |
净利率MATVMSCI
| Q4 25 | 21.8% | 34.6% | ||
| Q3 25 | -0.6% | 41.0% | ||
| Q2 25 | -1.8% | 39.3% | ||
| Q1 25 | -87.8% | 38.7% | ||
| Q4 24 | 0.3% | 41.1% | ||
| Q3 24 | -4.2% | 38.8% | ||
| Q2 24 | -0.3% | 37.7% | ||
| Q1 24 | -5.6% | 37.6% |
每股收益（稀释后）MATVMSCI
| Q4 25 | $1.87 | $3.81 | ||
| Q3 25 | $-0.06 | $4.25 | ||
| Q2 25 | $-0.18 | $3.92 | ||
| Q1 25 | $-7.82 | $3.71 | ||
| Q4 24 | $0.03 | $3.89 | ||
| Q3 24 | $-0.38 | $3.57 | ||
| Q2 24 | $-0.03 | $3.37 | ||
| Q1 24 | $-0.52 | $3.22 |
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 | $84.2M | $515.3M |
| 总债务越低越好 | $1.0B | $6.2B |
| 股东权益账面价值 | $498.7M | $-2.7B |
| 总资产 | $2.1B | $5.7B |
| 负债/权益比越低杠杆越低 | 2.07× | — |
8季度趋势，按日历期对齐
现金及短期投资MATVMSCI
| Q4 25 | $84.2M | $515.3M | ||
| Q3 25 | $97.1M | $400.1M | ||
| Q2 25 | $95.6M | $347.3M | ||
| Q1 25 | $84.0M | $360.7M | ||
| Q4 24 | $94.3M | $409.4M | ||
| Q3 24 | $162.2M | $501.0M | ||
| Q2 24 | $133.4M | $451.4M | ||
| Q1 24 | $128.9M | $519.3M |
总债务MATVMSCI
| Q4 25 | $1.0B | $6.2B | ||
| Q3 25 | $1.0B | $5.5B | ||
| Q2 25 | $1.1B | $4.5B | ||
| Q1 25 | $1.1B | $4.5B | ||
| Q4 24 | $1.1B | $4.5B | ||
| Q3 24 | $1.2B | $4.5B | ||
| Q2 24 | $1.2B | $4.5B | ||
| Q1 24 | $1.2B | $4.5B |
股东权益MATVMSCI
| Q4 25 | $498.7M | $-2.7B | ||
| Q3 25 | $397.4M | $-1.9B | ||
| Q2 25 | $416.6M | $-886.2M | ||
| Q1 25 | $428.2M | $-958.6M | ||
| Q4 24 | $858.5M | $-940.0M | ||
| Q3 24 | $882.3M | $-751.0M | ||
| Q2 24 | $898.0M | $-734.5M | ||
| Q1 24 | $906.9M | $-650.5M |
总资产MATVMSCI
| Q4 25 | $2.1B | $5.7B | ||
| Q3 25 | $2.0B | $5.4B | ||
| Q2 25 | $2.1B | $5.4B | ||
| Q1 25 | $2.1B | $5.3B | ||
| Q4 24 | $2.4B | $5.4B | ||
| Q3 24 | $2.6B | $5.4B | ||
| Q2 24 | $2.6B | $5.5B | ||
| Q1 24 | $2.7B | $5.5B |
负债/权益比MATVMSCI
| Q4 25 | 2.07× | — | ||
| Q3 25 | 2.63× | — | ||
| Q2 25 | 2.66× | — | ||
| Q1 25 | 2.67× | — | ||
| Q4 24 | 1.30× | — | ||
| Q3 24 | 1.32× | — | ||
| Q2 24 | 1.29× | — | ||
| Q1 24 | 1.30× | — |
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 | $19.3M | $501.1M |
| 自由现金流经营现金流 - 资本支出 | $8.0M | $488.7M |
| 自由现金流率自由现金流/营收 | 1.7% | 59.4% |
| 资本支出强度资本支出/营收 | 2.4% | 1.5% |
| 现金转化率经营现金流/净利润 | 0.19× | 1.76× |
| 过去12个月自由现金流最近4个季度 | $93.8M | $1.5B |
8季度趋势，按日历期对齐
经营现金流MATVMSCI
| Q4 25 | $19.3M | $501.1M | ||
| Q3 25 | $72.8M | $449.4M | ||
| Q2 25 | $57.6M | $336.1M | ||
| Q1 25 | $-15.9M | $301.7M | ||
| Q4 24 | $24.1M | $430.6M | ||
| Q3 24 | $37.6M | $421.6M | ||
| Q2 24 | $46.1M | $349.2M | ||
| Q1 24 | $-13.0M | $300.1M |
自由现金流MATVMSCI
| Q4 25 | $8.0M | $488.7M | ||
| Q3 25 | $66.7M | $445.5M | ||
| Q2 25 | $48.9M | $324.7M | ||
| Q1 25 | $-29.8M | $290.2M | ||
| Q4 24 | $2.0M | $416.4M | ||
| Q3 24 | $25.5M | $415.0M | ||
| Q2 24 | $37.4M | $340.6M | ||
| Q1 24 | $-25.1M | $295.9M |
自由现金流率MATVMSCI
| Q4 25 | 1.7% | 59.4% | ||
| Q3 25 | 13.0% | 56.2% | ||
| Q2 25 | 9.3% | 42.0% | ||
| Q1 25 | -6.1% | 38.9% | ||
| Q4 24 | 0.4% | 56.0% | ||
| Q3 24 | 5.1% | 57.3% | ||
| Q2 24 | 7.1% | 48.1% | ||
| Q1 24 | -5.0% | 43.5% |
资本支出强度MATVMSCI
| Q4 25 | 2.4% | 1.5% | ||
| Q3 25 | 1.2% | 0.5% | ||
| Q2 25 | 1.7% | 1.5% | ||
| Q1 25 | 2.9% | 1.5% | ||
| Q4 24 | 4.8% | 1.9% | ||
| Q3 24 | 2.4% | 0.9% | ||
| Q2 24 | 1.7% | 1.2% | ||
| Q1 24 | 2.4% | 0.6% |
现金转化率MATVMSCI
| Q4 25 | 0.19× | 1.76× | ||
| Q3 25 | — | 1.38× | ||
| Q2 25 | — | 1.11× | ||
| Q1 25 | — | 1.05× | ||
| Q4 24 | 16.07× | 1.41× | ||
| Q3 24 | — | 1.50× | ||
| Q2 24 | — | 1.31× | ||
| Q1 24 | — | 1.17× |
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
MATV
| Other | $208.7M | 45% |
| SAS Segment | $157.4M | 34% |
| FAM Segment | $97.0M | 21% |
MSCI
| Recurring Subscriptions | $246.4M | 30% |
| Asset Based Fees | $211.7M | 26% |
| Analytics Segment | $182.3M | 22% |
| Sustainability And Climate Segment | $90.3M | 11% |
| Other | $70.9M | 9% |
| Non Recurring | $21.1M | 3% |
