vs
美森（MATX）与Cloudflare, Inc.（NET）财务数据对比。点击上方公司名可切换其他公司
美森的季度营收约是Cloudflare, Inc.的1.4倍（$851.9M vs $614.5M），美森净利率更高（16.8% vs -2.0%，领先18.8%），Cloudflare, Inc.同比增速更快（33.6% vs -4.3%），Cloudflare, Inc.自由现金流更多（$105.2M vs $42.2M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 8.6%）
美森公司（Matson, Inc.）是美国知名航运服务企业，总部位于夏威夷州火奴鲁鲁，成立于1882年。旗下子公司美森航运主营跨太平洋海运业务，服务覆盖夏威夷、阿拉斯加、关岛、密克罗尼西亚、太平洋诸岛、中国及日本等地区。
Cloudflare是总部位于美国加利福尼亚州旧金山的科技企业，提供内容分发网络（CDN）、云网络安全、DDoS防护等多元互联网服务，同时是ICANN认证的域名注册商。其服务作为网站访客与客户托管服务商之间的反向代理，可有效提升访问性能，抵御恶意流量。
MATX vs NET — 直观对比
营收规模更大
MATX
是对方的1.4倍
$614.5M
营收增速更快
NET
高出37.9%
-4.3%
净利率更高
MATX
高出18.8%
-2.0%
自由现金流更多
NET
多$63.0M
$42.2M
两年增速更快
NET
近两年复合增速
8.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $851.9M | $614.5M |
| 净利润 | $143.1M | $-12.1M |
| 毛利率 | — | 73.6% |
| 营业利润率 | 16.9% | -8.0% |
| 净利率 | 16.8% | -2.0% |
| 营收同比 | -4.3% | 33.6% |
| 净利润同比 | 11.8% | 6.0% |
| 每股收益（稀释后） | $4.47 | $-0.03 |
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MATXNET
| Q4 25 | $851.9M | $614.5M | ||
| Q3 25 | $880.1M | $562.0M | ||
| Q2 25 | $830.5M | $512.3M | ||
| Q1 25 | $782.0M | $479.1M | ||
| Q4 24 | $890.3M | $459.9M | ||
| Q3 24 | $962.0M | $430.1M | ||
| Q2 24 | $847.4M | $401.0M | ||
| Q1 24 | $722.1M | $378.6M |
净利润MATXNET
| Q4 25 | $143.1M | $-12.1M | ||
| Q3 25 | $134.7M | $-1.3M | ||
| Q2 25 | $94.7M | $-50.4M | ||
| Q1 25 | $72.3M | $-38.5M | ||
| Q4 24 | $128.0M | $-12.8M | ||
| Q3 24 | $199.1M | $-15.3M | ||
| Q2 24 | $113.2M | $-15.1M | ||
| Q1 24 | $36.1M | $-35.5M |
毛利率MATXNET
| Q4 25 | — | 73.6% | ||
| Q3 25 | — | 74.0% | ||
| Q2 25 | — | 74.9% | ||
| Q1 25 | — | 75.9% | ||
| Q4 24 | — | 76.4% | ||
| Q3 24 | — | 77.7% | ||
| Q2 24 | — | 77.8% | ||
| Q1 24 | — | 77.5% |
营业利润率MATXNET
| Q4 25 | 16.9% | -8.0% | ||
| Q3 25 | 18.3% | -6.7% | ||
| Q2 25 | 13.6% | -13.1% | ||
| Q1 25 | 10.5% | -11.1% | ||
| Q4 24 | 16.6% | -7.5% | ||
| Q3 24 | 25.2% | -7.2% | ||
| Q2 24 | 14.7% | -8.7% | ||
| Q1 24 | 5.1% | -14.4% |
净利率MATXNET
| Q4 25 | 16.8% | -2.0% | ||
| Q3 25 | 15.3% | -0.2% | ||
| Q2 25 | 11.4% | -9.8% | ||
| Q1 25 | 9.2% | -8.0% | ||
| Q4 24 | 14.4% | -2.8% | ||
| Q3 24 | 20.7% | -3.6% | ||
| Q2 24 | 13.4% | -3.8% | ||
| Q1 24 | 5.0% | -9.4% |
每股收益（稀释后）MATXNET
| Q4 25 | $4.47 | $-0.03 | ||
| Q3 25 | $4.24 | $0.00 | ||
| Q2 25 | $2.92 | $-0.15 | ||
| Q1 25 | $2.18 | $-0.11 | ||
| Q4 24 | $3.69 | $-0.05 | ||
| Q3 24 | $5.89 | $-0.04 | ||
| Q2 24 | $3.31 | $-0.04 | ||
| Q1 24 | $1.04 | $-0.10 |
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 | $141.9M | $943.5M |
| 总债务越低越好 | $361.2M | — |
| 股东权益账面价值 | $2.8B | $1.5B |
| 总资产 | $4.6B | $6.0B |
| 负债/权益比越低杠杆越低 | 0.13× | — |
8季度趋势，按日历期对齐
现金及短期投资MATXNET
| Q4 25 | $141.9M | $943.5M | ||
| Q3 25 | $92.7M | $1.1B | ||
| Q2 25 | $59.1M | $1.5B | ||
| Q1 25 | $122.0M | $204.5M | ||
| Q4 24 | $266.8M | $147.7M | ||
| Q3 24 | $270.3M | $182.9M | ||
| Q2 24 | $168.2M | $157.0M | ||
| Q1 24 | $25.9M | $254.4M |
总债务MATXNET
| Q4 25 | $361.2M | — | ||
| Q3 25 | $370.9M | — | ||
| Q2 25 | $341.3M | — | ||
| Q1 25 | $351.1M | — | ||
| Q4 24 | $361.2M | — | ||
| Q3 24 | $370.9M | — | ||
| Q2 24 | $381.0M | — | ||
| Q1 24 | $390.8M | — |
股东权益MATXNET
| Q4 25 | $2.8B | $1.5B | ||
| Q3 25 | $2.7B | $1.3B | ||
| Q2 25 | $2.6B | $1.2B | ||
| Q1 25 | $2.6B | $1.4B | ||
| Q4 24 | $2.7B | $1.0B | ||
| Q3 24 | $2.6B | $973.1M | ||
| Q2 24 | $2.4B | $881.5M | ||
| Q1 24 | $2.4B | $797.2M |
总资产MATXNET
| Q4 25 | $4.6B | $6.0B | ||
| Q3 25 | $4.6B | $5.8B | ||
| Q2 25 | $4.5B | $5.6B | ||
| Q1 25 | $4.5B | $3.7B | ||
| Q4 24 | $4.6B | $3.3B | ||
| Q3 24 | $4.4B | $3.1B | ||
| Q2 24 | $4.3B | $2.9B | ||
| Q1 24 | $4.2B | $2.8B |
负债/权益比MATXNET
| Q4 25 | 0.13× | — | ||
| Q3 25 | 0.14× | — | ||
| Q2 25 | 0.13× | — | ||
| Q1 25 | 0.13× | — | ||
| Q4 24 | 0.14× | — | ||
| Q3 24 | 0.15× | — | ||
| Q2 24 | 0.16× | — | ||
| Q1 24 | 0.16× | — |
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 | $176.9M | $190.4M |
| 自由现金流经营现金流 - 资本支出 | $42.2M | $105.2M |
| 自由现金流率自由现金流/营收 | 5.0% | 17.1% |
| 资本支出强度资本支出/营收 | 15.8% | 13.9% |
| 现金转化率经营现金流/净利润 | 1.24× | — |
| 过去12个月自由现金流最近4个季度 | $153.7M | $287.5M |
8季度趋势，按日历期对齐
经营现金流MATXNET
| Q4 25 | $176.9M | $190.4M | ||
| Q3 25 | $175.6M | $167.1M | ||
| Q2 25 | $105.6M | $99.8M | ||
| Q1 25 | $89.0M | $145.8M | ||
| Q4 24 | $174.7M | $127.3M | ||
| Q3 24 | $248.6M | $104.7M | ||
| Q2 24 | $307.9M | $74.8M | ||
| Q1 24 | $36.6M | $73.6M |
自由现金流MATXNET
| Q4 25 | $42.2M | $105.2M | ||
| Q3 25 | $92.4M | $82.5M | ||
| Q2 25 | $19.3M | $39.9M | ||
| Q1 25 | $-200.0K | $59.9M | ||
| Q4 24 | $49.3M | $54.2M | ||
| Q3 24 | $189.0M | $54.5M | ||
| Q2 24 | $238.1M | $45.2M | ||
| Q1 24 | $-18.7M | $41.5M |
自由现金流率MATXNET
| Q4 25 | 5.0% | 17.1% | ||
| Q3 25 | 10.5% | 14.7% | ||
| Q2 25 | 2.3% | 7.8% | ||
| Q1 25 | -0.0% | 12.5% | ||
| Q4 24 | 5.5% | 11.8% | ||
| Q3 24 | 19.6% | 12.7% | ||
| Q2 24 | 28.1% | 11.3% | ||
| Q1 24 | -2.6% | 11.0% |
资本支出强度MATXNET
| Q4 25 | 15.8% | 13.9% | ||
| Q3 25 | 9.5% | 15.1% | ||
| Q2 25 | 10.4% | 11.7% | ||
| Q1 25 | 11.4% | 17.9% | ||
| Q4 24 | 14.1% | 15.9% | ||
| Q3 24 | 6.2% | 11.7% | ||
| Q2 24 | 8.2% | 7.4% | ||
| Q1 24 | 7.7% | 8.5% |
现金转化率MATXNET
| Q4 25 | 1.24× | — | ||
| Q3 25 | 1.30× | — | ||
| Q2 25 | 1.12× | — | ||
| Q1 25 | 1.23× | — | ||
| Q4 24 | 1.36× | — | ||
| Q3 24 | 1.25× | — | ||
| Q2 24 | 2.72× | — | ||
| Q1 24 | 1.01× | — |
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
MATX
| Ocean Transportation Segment | $704.2M | 83% |
| Logistics Services Segment | $147.7M | 17% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
