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美森（MATX）与PELOTON INTERACTIVE, INC.（PTON）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PELOTON INTERACTIVE, INC.的1.3倍（$851.9M vs $656.5M），美森净利率更高（16.8% vs -5.9%，领先22.7%），PELOTON INTERACTIVE, INC.同比增速更快（-2.6% vs -4.3%），PELOTON INTERACTIVE, INC.自由现金流更多（$71.0M vs $42.2M）
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。
派乐腾（Peloton Interactive）是总部位于美国纽约的健身设备与媒体服务商，主打搭载联网触控屏的动感单车、跑步机、室内划船器等产品，用户付费订阅即可观看直播和录播健身课程，设备内置传感器可追踪运动功率等数据，为用户提供实时运动表现反馈，还支持排行榜功能与其他用户互动比拼。
MATX vs PTON — 直观对比
营收规模更大
MATX
是对方的1.3倍
$656.5M
营收增速更快
PTON
高出1.7%
-4.3%
净利率更高
MATX
高出22.7%
-5.9%
自由现金流更多
PTON
多$28.8M
$42.2M
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $851.9M | $656.5M |
| 净利润 | $143.1M | $-38.8M |
| 毛利率 | — | 50.5% |
| 营业利润率 | 16.9% | -2.2% |
| 净利率 | 16.8% | -5.9% |
| 营收同比 | -4.3% | -2.6% |
| 净利润同比 | 11.8% | 57.8% |
| 每股收益（稀释后） | $4.47 | $-0.09 |
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MATXPTON
| Q4 25 | $851.9M | $656.5M | ||
| Q3 25 | $880.1M | $550.8M | ||
| Q2 25 | $830.5M | — | ||
| Q1 25 | $782.0M | — | ||
| Q4 24 | $890.3M | — | ||
| Q3 24 | $962.0M | — | ||
| Q2 24 | $847.4M | — | ||
| Q1 24 | $722.1M | — |
净利润MATXPTON
| Q4 25 | $143.1M | $-38.8M | ||
| Q3 25 | $134.7M | $13.9M | ||
| Q2 25 | $94.7M | — | ||
| Q1 25 | $72.3M | — | ||
| Q4 24 | $128.0M | — | ||
| Q3 24 | $199.1M | — | ||
| Q2 24 | $113.2M | — | ||
| Q1 24 | $36.1M | — |
毛利率MATXPTON
| Q4 25 | — | 50.5% | ||
| Q3 25 | — | 51.5% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
营业利润率MATXPTON
| Q4 25 | 16.9% | -2.2% | ||
| Q3 25 | 18.3% | 7.5% | ||
| Q2 25 | 13.6% | — | ||
| Q1 25 | 10.5% | — | ||
| Q4 24 | 16.6% | — | ||
| Q3 24 | 25.2% | — | ||
| Q2 24 | 14.7% | — | ||
| Q1 24 | 5.1% | — |
净利率MATXPTON
| Q4 25 | 16.8% | -5.9% | ||
| Q3 25 | 15.3% | 2.5% | ||
| Q2 25 | 11.4% | — | ||
| Q1 25 | 9.2% | — | ||
| Q4 24 | 14.4% | — | ||
| Q3 24 | 20.7% | — | ||
| Q2 24 | 13.4% | — | ||
| Q1 24 | 5.0% | — |
每股收益（稀释后）MATXPTON
| Q4 25 | $4.47 | $-0.09 | ||
| Q3 25 | $4.24 | $0.03 | ||
| 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 | $1.2B |
| 总债务越低越好 | $361.2M | $1.5B |
| 股东权益账面价值 | $2.8B | $-326.7M |
| 总资产 | $4.6B | $2.2B |
| 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MATXPTON
| Q4 25 | $141.9M | $1.2B | ||
| Q3 25 | $92.7M | $1.1B | ||
| Q2 25 | $59.1M | — | ||
| Q1 25 | $122.0M | — | ||
| Q4 24 | $266.8M | — | ||
| Q3 24 | $270.3M | — | ||
| Q2 24 | $168.2M | — | ||
| Q1 24 | $25.9M | — |
总债务MATXPTON
| Q4 25 | $361.2M | $1.5B | ||
| Q3 25 | $370.9M | $1.5B | ||
| 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MATXPTON
| Q4 25 | $2.8B | $-326.7M | ||
| Q3 25 | $2.7B | $-347.0M | ||
| 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MATXPTON
| Q4 25 | $4.6B | $2.2B | ||
| Q3 25 | $4.6B | $2.2B | ||
| Q2 25 | $4.5B | — | ||
| Q1 25 | $4.5B | — | ||
| Q4 24 | $4.6B | — | ||
| Q3 24 | $4.4B | — | ||
| Q2 24 | $4.3B | — | ||
| Q1 24 | $4.2B | — |
负债/权益比MATXPTON
| 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 | $71.9M |
| 自由现金流经营现金流 - 资本支出 | $42.2M | $71.0M |
| 自由现金流率自由现金流/营收 | 5.0% | 10.8% |
| 资本支出强度资本支出/营收 | 15.8% | 0.1% |
| 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 | — |
8季度趋势，按日历期对齐
经营现金流MATXPTON
| Q4 25 | $176.9M | $71.9M | ||
| Q3 25 | $175.6M | $71.9M | ||
| Q2 25 | $105.6M | — | ||
| Q1 25 | $89.0M | — | ||
| Q4 24 | $174.7M | — | ||
| Q3 24 | $248.6M | — | ||
| Q2 24 | $307.9M | — | ||
| Q1 24 | $36.6M | — |
自由现金流MATXPTON
| Q4 25 | $42.2M | $71.0M | ||
| Q3 25 | $92.4M | $67.4M | ||
| Q2 25 | $19.3M | — | ||
| Q1 25 | $-200.0K | — | ||
| Q4 24 | $49.3M | — | ||
| Q3 24 | $189.0M | — | ||
| Q2 24 | $238.1M | — | ||
| Q1 24 | $-18.7M | — |
自由现金流率MATXPTON
| Q4 25 | 5.0% | 10.8% | ||
| Q3 25 | 10.5% | 12.2% | ||
| Q2 25 | 2.3% | — | ||
| Q1 25 | -0.0% | — | ||
| Q4 24 | 5.5% | — | ||
| Q3 24 | 19.6% | — | ||
| Q2 24 | 28.1% | — | ||
| Q1 24 | -2.6% | — |
资本支出强度MATXPTON
| Q4 25 | 15.8% | 0.1% | ||
| Q3 25 | 9.5% | 0.8% | ||
| Q2 25 | 10.4% | — | ||
| Q1 25 | 11.4% | — | ||
| Q4 24 | 14.1% | — | ||
| Q3 24 | 6.2% | — | ||
| Q2 24 | 8.2% | — | ||
| Q1 24 | 7.7% | — |
现金转化率MATXPTON
| Q4 25 | 1.24× | — | ||
| Q3 25 | 1.30× | 5.17× | ||
| 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% |
PTON
| Subscription And Circulation | $412.6M | 63% |
| Connected Fitness Products Segment | $243.9M | 37% |
| Product Warranty | $4.0M | 1% |
