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美森（MATX）与NGL Energy Partners LP（NGL）财务数据对比。点击上方公司名可切换其他公司
NGL Energy Partners LP的季度营收约是美森的1.1倍（$909.8M vs $851.9M），美森净利率更高（16.8% vs 5.2%，领先11.6%），美森同比增速更快（-4.3% vs -41.3%），NGL Energy Partners LP自由现金流更多（$45.7M vs $42.2M），过去两年美森的营收复合增速更高（8.6% vs -6.4%）
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。
NGL Energy Partners LP是一家总部位于美国的中游能源服务企业，主营原油、液化天然气、可再生燃料的运输、存储及物流服务，同时为上游能源生产商提供水资源管理解决方案，业务主要覆盖北美市场。
MATX vs NGL — 直观对比
营收规模更大
NGL
是对方的1.1倍
$851.9M
营收增速更快
MATX
高出37.0%
-41.3%
净利率更高
MATX
高出11.6%
5.2%
自由现金流更多
NGL
多$3.5M
$42.2M
两年增速更快
MATX
近两年复合增速
-6.4%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $851.9M | $909.8M |
| 净利润 | $143.1M | $47.2M |
| 毛利率 | — | 29.0% |
| 营业利润率 | 16.9% | 12.1% |
| 净利率 | 16.8% | 5.2% |
| 营收同比 | -4.3% | -41.3% |
| 净利润同比 | 11.8% | 249.3% |
| 每股收益（稀释后） | $4.47 | — |
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MATXNGL
| Q4 25 | $851.9M | $909.8M | ||
| Q3 25 | $880.1M | $674.7M | ||
| Q2 25 | $830.5M | $622.2M | ||
| Q1 25 | $782.0M | $971.1M | ||
| Q4 24 | $890.3M | $982.4M | ||
| Q3 24 | $962.0M | $756.5M | ||
| Q2 24 | $847.4M | $759.2M | ||
| Q1 24 | $722.1M | $1.0B |
净利润MATXNGL
| Q4 25 | $143.1M | $47.2M | ||
| Q3 25 | $134.7M | $29.3M | ||
| Q2 25 | $94.7M | $68.9M | ||
| Q1 25 | $72.3M | $13.7M | ||
| Q4 24 | $128.0M | $13.5M | ||
| Q3 24 | $199.1M | $2.5M | ||
| Q2 24 | $113.2M | $9.7M | ||
| Q1 24 | $36.1M | $-236.8M |
毛利率MATXNGL
| Q4 25 | — | 29.0% | ||
| Q3 25 | — | 37.6% | ||
| Q2 25 | — | 38.5% | ||
| Q1 25 | — | 26.9% | ||
| Q4 24 | — | 25.1% | ||
| Q3 24 | — | 30.9% | ||
| Q2 24 | — | 29.0% | ||
| Q1 24 | — | 21.8% |
营业利润率MATXNGL
| Q4 25 | 16.9% | 12.1% | ||
| Q3 25 | 18.3% | 14.0% | ||
| Q2 25 | 13.6% | 15.7% | ||
| Q1 25 | 10.5% | 8.4% | ||
| Q4 24 | 16.6% | 8.6% | ||
| Q3 24 | 25.2% | 10.8% | ||
| Q2 24 | 14.7% | 10.8% | ||
| Q1 24 | 5.1% | -9.4% |
净利率MATXNGL
| Q4 25 | 16.8% | 5.2% | ||
| Q3 25 | 15.3% | 4.3% | ||
| Q2 25 | 11.4% | 11.1% | ||
| Q1 25 | 9.2% | 1.4% | ||
| Q4 24 | 14.4% | 1.4% | ||
| Q3 24 | 20.7% | 0.3% | ||
| Q2 24 | 13.4% | 1.3% | ||
| Q1 24 | 5.0% | -22.8% |
每股收益（稀释后）MATXNGL
| Q4 25 | $4.47 | — | ||
| Q3 25 | $4.24 | — | ||
| Q2 25 | $2.92 | — | ||
| Q1 25 | $2.18 | — | ||
| Q4 24 | $3.69 | — | ||
| Q3 24 | $5.89 | — | ||
| Q2 24 | $3.31 | — | ||
| Q1 24 | $1.04 | — |
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 | $6.5M |
| 总债务越低越好 | $361.2M | $2.9B |
| 股东权益账面价值 | $2.8B | — |
| 总资产 | $4.6B | $4.4B |
| 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MATXNGL
| Q4 25 | $141.9M | $6.5M | ||
| Q3 25 | $92.7M | $8.7M | ||
| Q2 25 | $59.1M | $5.4M | ||
| Q1 25 | $122.0M | $13.5M | ||
| Q4 24 | $266.8M | $5.7M | ||
| Q3 24 | $270.3M | $4.5M | ||
| Q2 24 | $168.2M | $5.3M | ||
| Q1 24 | $25.9M | $38.9M |
总债务MATXNGL
| Q4 25 | $361.2M | $2.9B | ||
| Q3 25 | $370.9M | $2.9B | ||
| Q2 25 | $341.3M | $2.9B | ||
| Q1 25 | $351.1M | $3.0B | ||
| Q4 24 | $361.2M | $3.1B | ||
| Q3 24 | $370.9M | $3.1B | ||
| Q2 24 | $381.0M | $3.0B | ||
| Q1 24 | $390.8M | $2.9B |
股东权益MATXNGL
| Q4 25 | $2.8B | — | ||
| Q3 25 | $2.7B | — | ||
| Q2 25 | $2.6B | — | ||
| Q1 25 | $2.6B | — | ||
| Q4 24 | $2.7B | — | ||
| Q3 24 | $2.6B | — | ||
| Q2 24 | $2.4B | — | ||
| Q1 24 | $2.4B | — |
总资产MATXNGL
| Q4 25 | $4.6B | $4.4B | ||
| Q3 25 | $4.6B | $4.3B | ||
| Q2 25 | $4.5B | $4.2B | ||
| Q1 25 | $4.5B | $4.6B | ||
| Q4 24 | $4.6B | $4.8B | ||
| Q3 24 | $4.4B | $4.9B | ||
| Q2 24 | $4.3B | $4.8B | ||
| Q1 24 | $4.2B | $5.0B |
负债/权益比MATXNGL
| 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 | $182.3M |
| 自由现金流经营现金流 - 资本支出 | $42.2M | $45.7M |
| 自由现金流率自由现金流/营收 | 5.0% | 5.0% |
| 资本支出强度资本支出/营收 | 15.8% | 15.0% |
| 现金转化率经营现金流/净利润 | 1.24× | 3.86× |
| 过去12个月自由现金流最近4个季度 | $153.7M | $126.7M |
8季度趋势，按日历期对齐
经营现金流MATXNGL
| Q4 25 | $176.9M | $182.3M | ||
| Q3 25 | $175.6M | $40.5M | ||
| Q2 25 | $105.6M | $33.2M | ||
| Q1 25 | $89.0M | $155.0M | ||
| Q4 24 | $174.7M | $153.8M | ||
| Q3 24 | $248.6M | $6.7M | ||
| Q2 24 | $307.9M | $-18.1M | ||
| Q1 24 | $36.6M | $152.2M |
自由现金流MATXNGL
| Q4 25 | $42.2M | $45.7M | ||
| Q3 25 | $92.4M | $9.5M | ||
| Q2 25 | $19.3M | $11.1M | ||
| Q1 25 | $-200.0K | $60.4M | ||
| Q4 24 | $49.3M | $152.1M | ||
| Q3 24 | $189.0M | $-82.9M | ||
| Q2 24 | $238.1M | $-78.0M | ||
| Q1 24 | $-18.7M | $119.8M |
自由现金流率MATXNGL
| Q4 25 | 5.0% | 5.0% | ||
| Q3 25 | 10.5% | 1.4% | ||
| Q2 25 | 2.3% | 1.8% | ||
| Q1 25 | -0.0% | 6.2% | ||
| Q4 24 | 5.5% | 15.5% | ||
| Q3 24 | 19.6% | -11.0% | ||
| Q2 24 | 28.1% | -10.3% | ||
| Q1 24 | -2.6% | 11.5% |
资本支出强度MATXNGL
| Q4 25 | 15.8% | 15.0% | ||
| Q3 25 | 9.5% | 4.6% | ||
| Q2 25 | 10.4% | 3.6% | ||
| Q1 25 | 11.4% | 9.7% | ||
| Q4 24 | 14.1% | 0.2% | ||
| Q3 24 | 6.2% | 11.8% | ||
| Q2 24 | 8.2% | 7.9% | ||
| Q1 24 | 7.7% | 3.1% |
现金转化率MATXNGL
| Q4 25 | 1.24× | 3.86× | ||
| Q3 25 | 1.30× | 1.38× | ||
| Q2 25 | 1.12× | 0.48× | ||
| Q1 25 | 1.23× | 11.29× | ||
| Q4 24 | 1.36× | 11.39× | ||
| Q3 24 | 1.25× | 2.74× | ||
| Q2 24 | 2.72× | -1.87× | ||
| 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% |
NGL
| Water Solutions Segment | $208.6M | 23% |
| Services | $193.3M | 21% |
| Butane | $192.5M | 21% |
| Service Fees | $182.8M | 20% |
| Public Utilities Inventory Propane | $93.9M | 10% |
| Crude Oil | $23.3M | 3% |
| Crude Oil Transportation And Other | $6.5M | 1% |
| Liquids Logistics Segment | $2.5M | 0% |
| Crude Oil Logistics Segment | $1.2M | 0% |
