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Mativ Holdings, Inc.（MATV）与UNITED THERAPEUTICS Corp（UTHR）财务数据对比。点击上方公司名可切换其他公司
UNITED THERAPEUTICS Corp的季度营收约是Mativ Holdings, Inc.的1.7倍（$790.2M vs $463.1M），UNITED THERAPEUTICS Corp净利率更高（46.1% vs 21.8%，领先24.3%），UNITED THERAPEUTICS Corp同比增速更快（7.4% vs 1.0%），UNITED THERAPEUTICS Corp自由现金流更多（$173.3M vs $8.0M），过去两年UNITED THERAPEUTICS Corp的营收复合增速更高（8.0% 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。
United Therapeutics是美国生物技术企业，专注开发包含异种移植在内的器官移植相关药物与技术，多款产品布局肺部疾病及器官制造赛道，双总部位于马里兰州银泉与北卡罗来纳州三角研究园，在美加多地设有研发及运营分支机构。
MATV vs UTHR — 直观对比
营收规模更大
UTHR
是对方的1.7倍
$463.1M
营收增速更快
UTHR
高出6.4%
1.0%
净利率更高
UTHR
高出24.3%
21.8%
自由现金流更多
UTHR
多$165.3M
$8.0M
两年增速更快
UTHR
近两年复合增速
-3.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $463.1M | $790.2M |
| 净利润 | $100.8M | $364.3M |
| 毛利率 | 18.8% | 86.9% |
| 营业利润率 | 2.2% | 45.1% |
| 净利率 | 21.8% | 46.1% |
| 营收同比 | 1.0% | 7.4% |
| 净利润同比 | 6620.0% | 20.9% |
| 每股收益（稀释后） | $1.87 | $7.66 |
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MATVUTHR
| Q4 25 | $463.1M | $790.2M | ||
| Q3 25 | $513.7M | $799.5M | ||
| Q2 25 | $525.4M | $798.6M | ||
| Q1 25 | $484.8M | $794.4M | ||
| Q4 24 | $458.6M | $735.9M | ||
| Q3 24 | $498.5M | $748.9M | ||
| Q2 24 | $523.8M | $714.9M | ||
| Q1 24 | $500.2M | $677.7M |
净利润MATVUTHR
| Q4 25 | $100.8M | $364.3M | ||
| Q3 25 | $-3.2M | $338.7M | ||
| Q2 25 | $-9.5M | $309.5M | ||
| Q1 25 | $-425.5M | $322.2M | ||
| Q4 24 | $1.5M | $301.3M | ||
| Q3 24 | $-20.8M | $309.1M | ||
| Q2 24 | $-1.4M | $278.1M | ||
| Q1 24 | $-28.0M | $306.6M |
毛利率MATVUTHR
| Q4 25 | 18.8% | 86.9% | ||
| Q3 25 | 19.3% | 87.4% | ||
| Q2 25 | 19.7% | 89.0% | ||
| Q1 25 | 15.0% | 88.4% | ||
| Q4 24 | 16.9% | 89.7% | ||
| Q3 24 | 18.8% | 88.9% | ||
| Q2 24 | 20.8% | 89.1% | ||
| Q1 24 | 16.8% | 89.2% |
营业利润率MATVUTHR
| Q4 25 | 2.2% | 45.1% | ||
| Q3 25 | 3.1% | 48.6% | ||
| Q2 25 | 3.8% | 45.6% | ||
| Q1 25 | -88.8% | 48.2% | ||
| Q4 24 | 0.6% | 48.6% | ||
| Q3 24 | 1.4% | 45.8% | ||
| Q2 24 | 2.0% | 44.7% | ||
| Q1 24 | -2.8% | 52.6% |
净利率MATVUTHR
| Q4 25 | 21.8% | 46.1% | ||
| Q3 25 | -0.6% | 42.4% | ||
| Q2 25 | -1.8% | 38.8% | ||
| Q1 25 | -87.8% | 40.6% | ||
| Q4 24 | 0.3% | 40.9% | ||
| Q3 24 | -4.2% | 41.3% | ||
| Q2 24 | -0.3% | 38.9% | ||
| Q1 24 | -5.6% | 45.2% |
每股收益（稀释后）MATVUTHR
| Q4 25 | $1.87 | $7.66 | ||
| Q3 25 | $-0.06 | $7.16 | ||
| Q2 25 | $-0.18 | $6.41 | ||
| Q1 25 | $-7.82 | $6.63 | ||
| Q4 24 | $0.03 | $6.23 | ||
| Q3 24 | $-0.38 | $6.39 | ||
| Q2 24 | $-0.03 | $5.85 | ||
| Q1 24 | $-0.52 | $6.17 |
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 | $2.9B |
| 总债务越低越好 | $1.0B | — |
| 股东权益账面价值 | $498.7M | $7.1B |
| 总资产 | $2.1B | $7.9B |
| 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MATVUTHR
| Q4 25 | $84.2M | $2.9B | ||
| Q3 25 | $97.1M | $2.8B | ||
| Q2 25 | $95.6M | $3.0B | ||
| Q1 25 | $84.0M | $3.3B | ||
| Q4 24 | $94.3M | $3.3B | ||
| Q3 24 | $162.2M | $3.3B | ||
| Q2 24 | $133.4M | $3.0B | ||
| Q1 24 | $128.9M | $2.7B |
总债务MATVUTHR
| 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 | — | ||
| Q1 24 | $1.2B | — |
股东权益MATVUTHR
| Q4 25 | $498.7M | $7.1B | ||
| Q3 25 | $397.4M | $6.6B | ||
| Q2 25 | $416.6M | $7.2B | ||
| Q1 25 | $428.2M | $6.8B | ||
| Q4 24 | $858.5M | $6.4B | ||
| Q3 24 | $882.3M | $6.1B | ||
| Q2 24 | $898.0M | $5.7B | ||
| Q1 24 | $906.9M | $5.3B |
总资产MATVUTHR
| Q4 25 | $2.1B | $7.9B | ||
| Q3 25 | $2.0B | $7.4B | ||
| Q2 25 | $2.1B | $7.9B | ||
| Q1 25 | $2.1B | $7.7B | ||
| Q4 24 | $2.4B | $7.4B | ||
| Q3 24 | $2.6B | $7.1B | ||
| Q2 24 | $2.6B | $6.7B | ||
| Q1 24 | $2.7B | $6.5B |
负债/权益比MATVUTHR
| 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 | $346.2M |
| 自由现金流经营现金流 - 资本支出 | $8.0M | $173.3M |
| 自由现金流率自由现金流/营收 | 1.7% | 21.9% |
| 资本支出强度资本支出/营收 | 2.4% | 21.9% |
| 现金转化率经营现金流/净利润 | 0.19× | 0.95× |
| 过去12个月自由现金流最近4个季度 | $93.8M | $1.0B |
8季度趋势，按日历期对齐
经营现金流MATVUTHR
| Q4 25 | $19.3M | $346.2M | ||
| Q3 25 | $72.8M | $562.1M | ||
| Q2 25 | $57.6M | $191.7M | ||
| Q1 25 | $-15.9M | $461.2M | ||
| Q4 24 | $24.1M | $341.2M | ||
| Q3 24 | $37.6M | $377.2M | ||
| Q2 24 | $46.1M | $232.2M | ||
| Q1 24 | $-13.0M | $376.5M |
自由现金流MATVUTHR
| Q4 25 | $8.0M | $173.3M | ||
| Q3 25 | $66.7M | $351.6M | ||
| Q2 25 | $48.9M | $129.5M | ||
| Q1 25 | $-29.8M | $386.3M | ||
| Q4 24 | $2.0M | $254.5M | ||
| Q3 24 | $25.5M | $300.7M | ||
| Q2 24 | $37.4M | $187.1M | ||
| Q1 24 | $-25.1M | $338.3M |
自由现金流率MATVUTHR
| Q4 25 | 1.7% | 21.9% | ||
| Q3 25 | 13.0% | 44.0% | ||
| Q2 25 | 9.3% | 16.2% | ||
| Q1 25 | -6.1% | 48.6% | ||
| Q4 24 | 0.4% | 34.6% | ||
| Q3 24 | 5.1% | 40.2% | ||
| Q2 24 | 7.1% | 26.2% | ||
| Q1 24 | -5.0% | 49.9% |
资本支出强度MATVUTHR
| Q4 25 | 2.4% | 21.9% | ||
| Q3 25 | 1.2% | 26.3% | ||
| Q2 25 | 1.7% | 7.8% | ||
| Q1 25 | 2.9% | 9.4% | ||
| Q4 24 | 4.8% | 11.8% | ||
| Q3 24 | 2.4% | 10.2% | ||
| Q2 24 | 1.7% | 6.3% | ||
| Q1 24 | 2.4% | 5.6% |
现金转化率MATVUTHR
| Q4 25 | 0.19× | 0.95× | ||
| Q3 25 | — | 1.66× | ||
| Q2 25 | — | 0.62× | ||
| Q1 25 | — | 1.43× | ||
| Q4 24 | 16.07× | 1.13× | ||
| Q3 24 | — | 1.22× | ||
| Q2 24 | — | 0.83× | ||
| Q1 24 | — | 1.23× |
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% |
UTHR
| Tyvaso DPI | $338.6M | 43% |
| Remodulin | $128.0M | 16% |
| Nebulized Tyvaso | $125.7M | 16% |
| Orenitram | $121.2M | 15% |
| Unituxin | $62.3M | 8% |
| Adcirca | $7.8M | 1% |
| Other | $6.6M | 1% |
