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Mativ Holdings, Inc.（MATV）与Waystar Holding Corp.（WAY）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Waystar Holding Corp.的1.5倍（$463.1M vs $313.9M），Mativ Holdings, Inc.净利率更高（21.8% vs 13.8%，领先8.0%），Waystar Holding Corp.同比增速更快（22.4% vs 1.0%），Waystar Holding Corp.自由现金流更多（$90.3M vs $8.0M），过去两年Waystar Holding Corp.的营收复合增速更高（15.7% 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。
Waystar Holding Corp是一家领先的医疗健康支付与营收周期管理解决方案提供商，服务覆盖美国各地的医疗机构、医疗系统和支付方，旗下工具可简化账单处理、理赔申请、患者缴费流程，帮助医疗机构降低行政负担、优化营收表现。
MATV vs WAY — 直观对比
营收规模更大
MATV
是对方的1.5倍
$313.9M
营收增速更快
WAY
高出21.4%
1.0%
净利率更高
MATV
高出8.0%
13.8%
自由现金流更多
WAY
多$82.3M
$8.0M
两年增速更快
WAY
近两年复合增速
-3.8%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $463.1M | $313.9M |
| 净利润 | $100.8M | $43.3M |
| 毛利率 | 18.8% | — |
| 营业利润率 | 2.2% | 25.6% |
| 净利率 | 21.8% | 13.8% |
| 营收同比 | 1.0% | 22.4% |
| 净利润同比 | 6620.0% | 47.9% |
| 每股收益（稀释后） | $1.87 | $0.42 |
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MATVWAY
| Q1 26 | — | $313.9M | ||
| Q4 25 | $463.1M | $303.5M | ||
| Q3 25 | $513.7M | $268.7M | ||
| Q2 25 | $525.4M | $270.7M | ||
| Q1 25 | $484.8M | $256.4M | ||
| Q4 24 | $458.6M | $244.1M | ||
| Q3 24 | $498.5M | $240.1M | ||
| Q2 24 | $523.8M | $234.5M |
净利润MATVWAY
| Q1 26 | — | $43.3M | ||
| Q4 25 | $100.8M | $20.0M | ||
| Q3 25 | $-3.2M | $30.6M | ||
| Q2 25 | $-9.5M | $32.2M | ||
| Q1 25 | $-425.5M | $29.3M | ||
| Q4 24 | $1.5M | $19.1M | ||
| Q3 24 | $-20.8M | $5.4M | ||
| Q2 24 | $-1.4M | $-27.7M |
毛利率MATVWAY
| Q1 26 | — | — | ||
| 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% | — |
营业利润率MATVWAY
| Q1 26 | — | 25.6% | ||
| Q4 25 | 2.2% | 19.4% | ||
| Q3 25 | 3.1% | 22.4% | ||
| Q2 25 | 3.8% | 24.0% | ||
| Q1 25 | -88.8% | 25.4% | ||
| Q4 24 | 0.6% | 21.8% | ||
| Q3 24 | 1.4% | 11.3% | ||
| Q2 24 | 2.0% | 3.5% |
净利率MATVWAY
| Q1 26 | — | 13.8% | ||
| Q4 25 | 21.8% | 6.6% | ||
| Q3 25 | -0.6% | 11.4% | ||
| Q2 25 | -1.8% | 11.9% | ||
| Q1 25 | -87.8% | 11.4% | ||
| Q4 24 | 0.3% | 7.8% | ||
| Q3 24 | -4.2% | 2.3% | ||
| Q2 24 | -0.3% | -11.8% |
每股收益（稀释后）MATVWAY
| Q1 26 | — | $0.42 | ||
| Q4 25 | $1.87 | $0.10 | ||
| Q3 25 | $-0.06 | $0.17 | ||
| Q2 25 | $-0.18 | $0.18 | ||
| Q1 25 | $-7.82 | $0.16 | ||
| Q4 24 | $0.03 | $0.18 | ||
| Q3 24 | $-0.38 | $0.03 | ||
| Q2 24 | $-0.03 | $-0.21 |
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 | $34.3M |
| 总债务越低越好 | $1.0B | $13.5M |
| 股东权益账面价值 | $498.7M | $3.9B |
| 总资产 | $2.1B | $5.8B |
| 负债/权益比越低杠杆越低 | 2.07× | 0.00× |
8季度趋势，按日历期对齐
现金及短期投资MATVWAY
| Q1 26 | — | $34.3M | ||
| Q4 25 | $84.2M | $61.4M | ||
| Q3 25 | $97.1M | $421.1M | ||
| Q2 25 | $95.6M | $290.3M | ||
| Q1 25 | $84.0M | $224.0M | ||
| Q4 24 | $94.3M | $182.1M | ||
| Q3 24 | $162.2M | $127.1M | ||
| Q2 24 | $133.4M | $68.4M |
总债务MATVWAY
| Q1 26 | — | $13.5M | ||
| Q4 25 | $1.0B | $1.5B | ||
| Q3 25 | $1.0B | — | ||
| Q2 25 | $1.1B | — | ||
| Q1 25 | $1.1B | — | ||
| Q4 24 | $1.1B | $1.2B | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | $1.2B | — |
股东权益MATVWAY
| Q1 26 | — | $3.9B | ||
| Q4 25 | $498.7M | $3.9B | ||
| Q3 25 | $397.4M | $3.2B | ||
| Q2 25 | $416.6M | $3.2B | ||
| Q1 25 | $428.2M | $3.1B | ||
| Q4 24 | $858.5M | $3.1B | ||
| Q3 24 | $882.3M | $3.1B | ||
| Q2 24 | $898.0M | $2.9B |
总资产MATVWAY
| Q1 26 | — | $5.8B | ||
| Q4 25 | $2.1B | $5.8B | ||
| Q3 25 | $2.0B | $4.7B | ||
| Q2 25 | $2.1B | $4.7B | ||
| Q1 25 | $2.1B | $4.6B | ||
| Q4 24 | $2.4B | $4.6B | ||
| Q3 24 | $2.6B | $4.5B | ||
| Q2 24 | $2.6B | $4.6B |
负债/权益比MATVWAY
| Q1 26 | — | 0.00× | ||
| Q4 25 | 2.07× | 0.38× | ||
| Q3 25 | 2.63× | — | ||
| Q2 25 | 2.66× | — | ||
| Q1 25 | 2.67× | — | ||
| Q4 24 | 1.30× | 0.40× | ||
| 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 | $84.9M |
| 自由现金流经营现金流 - 资本支出 | $8.0M | $90.3M |
| 自由现金流率自由现金流/营收 | 1.7% | 28.8% |
| 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× | 1.96× |
| 过去12个月自由现金流最近4个季度 | $93.8M | $314.6M |
8季度趋势，按日历期对齐
经营现金流MATVWAY
| Q1 26 | — | $84.9M | ||
| Q4 25 | $19.3M | $66.6M | ||
| Q3 25 | $72.8M | $82.0M | ||
| Q2 25 | $57.6M | $96.8M | ||
| Q1 25 | $-15.9M | $64.2M | ||
| Q4 24 | $24.1M | — | ||
| Q3 24 | $37.6M | $78.8M | ||
| Q2 24 | $46.1M | $15.4M |
自由现金流MATVWAY
| Q1 26 | — | $90.3M | ||
| Q4 25 | $8.0M | $57.2M | ||
| Q3 25 | $66.7M | $76.2M | ||
| Q2 25 | $48.9M | $91.0M | ||
| Q1 25 | $-29.8M | $58.8M | ||
| Q4 24 | $2.0M | — | ||
| Q3 24 | $25.5M | $70.2M | ||
| Q2 24 | $37.4M | $8.6M |
自由现金流率MATVWAY
| Q1 26 | — | 28.8% | ||
| Q4 25 | 1.7% | 18.9% | ||
| Q3 25 | 13.0% | 28.3% | ||
| Q2 25 | 9.3% | 33.6% | ||
| Q1 25 | -6.1% | 22.9% | ||
| Q4 24 | 0.4% | — | ||
| Q3 24 | 5.1% | 29.2% | ||
| Q2 24 | 7.1% | 3.7% |
资本支出强度MATVWAY
| Q1 26 | — | — | ||
| Q4 25 | 2.4% | 3.1% | ||
| Q3 25 | 1.2% | 2.2% | ||
| Q2 25 | 1.7% | 2.1% | ||
| Q1 25 | 2.9% | 2.1% | ||
| Q4 24 | 4.8% | — | ||
| Q3 24 | 2.4% | 3.6% | ||
| Q2 24 | 1.7% | 2.9% |
现金转化率MATVWAY
| Q1 26 | — | 1.96× | ||
| Q4 25 | 0.19× | 3.33× | ||
| Q3 25 | — | 2.68× | ||
| Q2 25 | — | 3.01× | ||
| Q1 25 | — | 2.20× | ||
| Q4 24 | 16.07× | — | ||
| Q3 24 | — | 14.56× | ||
| Q2 24 | — | — |
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% |
WAY
| Subscription | $172.2M | 55% |
| Volume-based | $139.5M | 44% |
