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Mativ Holdings, Inc.（MATV）与PEGASYSTEMS INC（PEGA）财务数据对比。点击上方公司名可切换其他公司
Mativ Holdings, Inc.的季度营收约是PEGASYSTEMS INC的1.1倍（$463.1M vs $430.0M），Mativ Holdings, Inc.净利率更高（21.8% vs 7.6%，领先14.1%），Mativ Holdings, Inc.同比增速更快（1.0% vs -9.6%），PEGASYSTEMS INC自由现金流更多（$206.5M vs $8.0M），过去两年PEGASYSTEMS INC的营收复合增速更高（10.7% 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。
Pegasystems Inc.（简称Pega）是1983年成立的全球软件企业，总部位于美国马萨诸塞州沃尔瑟姆，1996年于纳斯达克上市，股票代码PEGA。公司主打低代码平台，面向企业客户提供工作流自动化、生成式AI驱动决策等相关解决方案。
MATV vs PEGA — 直观对比
营收规模更大
MATV
是对方的1.1倍
$430.0M
营收增速更快
MATV
高出10.6%
-9.6%
净利率更高
MATV
高出14.1%
7.6%
自由现金流更多
PEGA
多$198.5M
$8.0M
两年增速更快
PEGA
近两年复合增速
-3.8%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $463.1M | $430.0M |
| 净利润 | $100.8M | $32.8M |
| 毛利率 | 18.8% | 75.2% |
| 营业利润率 | 2.2% | 8.6% |
| 净利率 | 21.8% | 7.6% |
| 营收同比 | 1.0% | -9.6% |
| 净利润同比 | 6620.0% | — |
| 每股收益（稀释后） | $1.87 | $0.18 |
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MATVPEGA
| Q1 26 | — | $430.0M | ||
| Q4 25 | $463.1M | $504.3M | ||
| Q3 25 | $513.7M | $381.4M | ||
| Q2 25 | $525.4M | $384.5M | ||
| Q1 25 | $484.8M | $475.6M | ||
| Q4 24 | $458.6M | $490.8M | ||
| Q3 24 | $498.5M | $325.1M | ||
| Q2 24 | $523.8M | $351.2M |
净利润MATVPEGA
| Q1 26 | — | $32.8M | ||
| Q4 25 | $100.8M | $234.6M | ||
| Q3 25 | $-3.2M | $43.4M | ||
| Q2 25 | $-9.5M | $30.1M | ||
| Q1 25 | $-425.5M | $85.4M | ||
| Q4 24 | $1.5M | $119.1M | ||
| Q3 24 | $-20.8M | $-14.4M | ||
| Q2 24 | $-1.4M | $6.6M |
毛利率MATVPEGA
| Q1 26 | — | 75.2% | ||
| Q4 25 | 18.8% | 79.5% | ||
| Q3 25 | 19.3% | 72.2% | ||
| Q2 25 | 19.7% | 71.5% | ||
| Q1 25 | 15.0% | 78.5% | ||
| Q4 24 | 16.9% | 79.1% | ||
| Q3 24 | 18.8% | 70.2% | ||
| Q2 24 | 20.8% | 72.4% |
营业利润率MATVPEGA
| Q1 26 | — | 8.6% | ||
| Q4 25 | 2.2% | 20.7% | ||
| Q3 25 | 3.1% | 3.8% | ||
| Q2 25 | 3.8% | 4.5% | ||
| Q1 25 | -88.8% | 26.7% | ||
| Q4 24 | 0.6% | 29.1% | ||
| Q3 24 | 1.4% | -3.6% | ||
| Q2 24 | 2.0% | 3.7% |
净利率MATVPEGA
| Q1 26 | — | 7.6% | ||
| Q4 25 | 21.8% | 46.5% | ||
| Q3 25 | -0.6% | 11.4% | ||
| Q2 25 | -1.8% | 7.8% | ||
| Q1 25 | -87.8% | 18.0% | ||
| Q4 24 | 0.3% | 24.3% | ||
| Q3 24 | -4.2% | -4.4% | ||
| Q2 24 | -0.3% | 1.9% |
每股收益（稀释后）MATVPEGA
| Q1 26 | — | $0.18 | ||
| Q4 25 | $1.87 | $0.81 | ||
| Q3 25 | $-0.06 | $0.24 | ||
| Q2 25 | $-0.18 | $0.17 | ||
| Q1 25 | $-7.82 | $0.91 | ||
| Q4 24 | $0.03 | $1.35 | ||
| Q3 24 | $-0.38 | $-0.17 | ||
| Q2 24 | $-0.03 | $0.07 |
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 | $270.0M |
| 总债务越低越好 | $1.0B | — |
| 股东权益账面价值 | $498.7M | $705.9M |
| 总资产 | $2.1B | $1.6B |
| 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MATVPEGA
| Q1 26 | — | $270.0M | ||
| Q4 25 | $84.2M | $425.8M | ||
| Q3 25 | $97.1M | $351.4M | ||
| Q2 25 | $95.6M | $411.6M | ||
| Q1 25 | $84.0M | $371.7M | ||
| Q4 24 | $94.3M | $740.0M | ||
| Q3 24 | $162.2M | $703.0M | ||
| Q2 24 | $133.4M | $665.1M |
总债务MATVPEGA
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | — | ||
| Q3 25 | $1.0B | — | ||
| Q2 25 | $1.1B | — | ||
| Q1 25 | $1.1B | — | ||
| Q4 24 | $1.1B | — | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | $1.2B | — |
股东权益MATVPEGA
| Q1 26 | — | $705.9M | ||
| Q4 25 | $498.7M | $787.4M | ||
| Q3 25 | $397.4M | $596.8M | ||
| Q2 25 | $416.6M | $624.5M | ||
| Q1 25 | $428.2M | $611.3M | ||
| Q4 24 | $858.5M | $585.5M | ||
| Q3 24 | $882.3M | $473.0M | ||
| Q2 24 | $898.0M | $435.4M |
总资产MATVPEGA
| Q1 26 | — | $1.6B | ||
| Q4 25 | $2.1B | $1.6B | ||
| Q3 25 | $2.0B | $1.3B | ||
| Q2 25 | $2.1B | $1.3B | ||
| Q1 25 | $2.1B | $1.3B | ||
| Q4 24 | $2.4B | $1.8B | ||
| Q3 24 | $2.6B | $1.6B | ||
| Q2 24 | $2.6B | $1.5B |
负债/权益比MATVPEGA
| Q1 26 | — | — | ||
| 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× | — |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $8.0M | $206.5M |
| 自由现金流率自由现金流/营收 | 1.7% | 48.0% |
| 资本支出强度资本支出/营收 | 2.4% | — |
| 现金转化率经营现金流/净利润 | 0.19× | — |
| 过去12个月自由现金流最近4个季度 | $93.8M | $494.9M |
8季度趋势，按日历期对齐
经营现金流MATVPEGA
| Q1 26 | — | — | ||
| Q4 25 | $19.3M | $158.4M | ||
| Q3 25 | $72.8M | $56.3M | ||
| Q2 25 | $57.6M | $86.3M | ||
| Q1 25 | $-15.9M | $204.2M | ||
| Q4 24 | $24.1M | $95.2M | ||
| Q3 24 | $37.6M | $30.5M | ||
| Q2 24 | $46.1M | $40.1M |
自由现金流MATVPEGA
| Q1 26 | — | $206.5M | ||
| Q4 25 | $8.0M | $152.4M | ||
| Q3 25 | $66.7M | $51.8M | ||
| Q2 25 | $48.9M | $84.1M | ||
| Q1 25 | $-29.8M | $202.3M | ||
| Q4 24 | $2.0M | $92.4M | ||
| Q3 24 | $25.5M | $27.4M | ||
| Q2 24 | $37.4M | $38.8M |
自由现金流率MATVPEGA
| Q1 26 | — | 48.0% | ||
| Q4 25 | 1.7% | 30.2% | ||
| Q3 25 | 13.0% | 13.6% | ||
| Q2 25 | 9.3% | 21.9% | ||
| Q1 25 | -6.1% | 42.5% | ||
| Q4 24 | 0.4% | 18.8% | ||
| Q3 24 | 5.1% | 8.4% | ||
| Q2 24 | 7.1% | 11.1% |
资本支出强度MATVPEGA
| Q1 26 | — | — | ||
| Q4 25 | 2.4% | 1.2% | ||
| Q3 25 | 1.2% | 1.2% | ||
| Q2 25 | 1.7% | 0.6% | ||
| Q1 25 | 2.9% | 0.4% | ||
| Q4 24 | 4.8% | 0.6% | ||
| Q3 24 | 2.4% | 0.9% | ||
| Q2 24 | 1.7% | 0.4% |
现金转化率MATVPEGA
| Q1 26 | — | — | ||
| Q4 25 | 0.19× | 0.68× | ||
| Q3 25 | — | 1.30× | ||
| Q2 25 | — | 2.87× | ||
| Q1 25 | — | 2.39× | ||
| Q4 24 | 16.07× | 0.80× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 6.06× |
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% |
PEGA
| Pega Cloud | $205.0M | 48% |
| Subscription license | $94.9M | 22% |
| Maintenance | $75.3M | 18% |
| Consulting | $54.8M | 13% |
