vs
美森（MATX）与RH（RH）财务数据对比。点击上方公司名可切换其他公司
RH的季度营收约是美森的1.0倍（$883.8M vs $851.9M），美森净利率更高（16.8% vs 4.1%，领先12.7%），RH同比增速更快（8.9% vs -4.3%），RH自由现金流更多（$83.0M vs $42.2M），过去两年RH的营收复合增速更高（9.4% 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。
RH是美国高端家居品牌，总部位于加利福尼亚州科尔特马德拉。品牌通过线下零售门店、产品目录和线上渠道发售家居商品，截至2018年8月，在美国和加拿大共运营70家展示馆、18家全系列设计展示馆、3家婴童家居展示馆，另有36家奥莱门店。
MATX vs RH — 直观对比
营收规模更大
RH
是对方的1.0倍
$851.9M
营收增速更快
RH
高出13.2%
-4.3%
净利率更高
MATX
高出12.7%
4.1%
自由现金流更多
RH
多$40.8M
$42.2M
两年增速更快
RH
近两年复合增速
8.6%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $851.9M | $883.8M |
| 净利润 | $143.1M | $36.3M |
| 毛利率 | — | 44.1% |
| 营业利润率 | 16.9% | 12.0% |
| 净利率 | 16.8% | 4.1% |
| 营收同比 | -4.3% | 8.9% |
| 净利润同比 | 11.8% | 9.3% |
| 每股收益（稀释后） | $4.47 | $1.83 |
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MATXRH
| Q4 25 | $851.9M | $883.8M | ||
| Q3 25 | $880.1M | $899.2M | ||
| Q2 25 | $830.5M | $814.0M | ||
| Q1 25 | $782.0M | $812.4M | ||
| Q4 24 | $890.3M | $811.7M | ||
| Q3 24 | $962.0M | $829.7M | ||
| Q2 24 | $847.4M | $727.0M | ||
| Q1 24 | $722.1M | $738.3M |
净利润MATXRH
| Q4 25 | $143.1M | $36.3M | ||
| Q3 25 | $134.7M | $51.7M | ||
| Q2 25 | $94.7M | $8.0M | ||
| Q1 25 | $72.3M | $13.9M | ||
| Q4 24 | $128.0M | $33.2M | ||
| Q3 24 | $199.1M | $29.0M | ||
| Q2 24 | $113.2M | $-3.6M | ||
| Q1 24 | $36.1M | $11.4M |
毛利率MATXRH
| Q4 25 | — | 44.1% | ||
| Q3 25 | — | 45.5% | ||
| Q2 25 | — | 43.7% | ||
| Q1 25 | — | 44.7% | ||
| Q4 24 | — | 44.5% | ||
| Q3 24 | — | 45.2% | ||
| Q2 24 | — | 43.5% | ||
| Q1 24 | — | 43.5% |
营业利润率MATXRH
| Q4 25 | 16.9% | 12.0% | ||
| Q3 25 | 18.3% | 14.3% | ||
| Q2 25 | 13.6% | 6.9% | ||
| Q1 25 | 10.5% | 8.7% | ||
| Q4 24 | 16.6% | 12.5% | ||
| Q3 24 | 25.2% | 11.6% | ||
| Q2 24 | 14.7% | 7.5% | ||
| Q1 24 | 5.1% | 8.7% |
净利率MATXRH
| Q4 25 | 16.8% | 4.1% | ||
| Q3 25 | 15.3% | 5.8% | ||
| Q2 25 | 11.4% | 1.0% | ||
| Q1 25 | 9.2% | 1.7% | ||
| Q4 24 | 14.4% | 4.1% | ||
| Q3 24 | 20.7% | 3.5% | ||
| Q2 24 | 13.4% | -0.5% | ||
| Q1 24 | 5.0% | 1.5% |
每股收益（稀释后）MATXRH
| Q4 25 | $4.47 | $1.83 | ||
| Q3 25 | $4.24 | $2.62 | ||
| Q2 25 | $2.92 | $0.40 | ||
| Q1 25 | $2.18 | $0.71 | ||
| Q4 24 | $3.69 | $1.66 | ||
| Q3 24 | $5.89 | $1.45 | ||
| Q2 24 | $3.31 | $-0.20 | ||
| Q1 24 | $1.04 | $0.91 |
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 | $43.1M |
| 总债务越低越好 | $361.2M | — |
| 股东权益账面价值 | $2.8B | $3.3M |
| 总资产 | $4.6B | $4.8B |
| 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MATXRH
| Q4 25 | $141.9M | $43.1M | ||
| Q3 25 | $92.7M | $34.6M | ||
| Q2 25 | $59.1M | $46.1M | ||
| Q1 25 | $122.0M | $30.4M | ||
| Q4 24 | $266.8M | $87.0M | ||
| Q3 24 | $270.3M | $78.3M | ||
| Q2 24 | $168.2M | $101.8M | ||
| Q1 24 | $25.9M | $123.7M |
总债务MATXRH
| 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MATXRH
| Q4 25 | $2.8B | $3.3M | ||
| Q3 25 | $2.7B | $-40.9M | ||
| Q2 25 | $2.6B | $-110.8M | ||
| Q1 25 | $2.6B | $-163.6M | ||
| Q4 24 | $2.7B | $-183.0M | ||
| Q3 24 | $2.6B | $-234.7M | ||
| Q2 24 | $2.4B | $-289.9M | ||
| Q1 24 | $2.4B | $-297.4M |
总资产MATXRH
| Q4 25 | $4.6B | $4.8B | ||
| Q3 25 | $4.6B | $4.7B | ||
| Q2 25 | $4.5B | $4.7B | ||
| Q1 25 | $4.5B | $4.6B | ||
| Q4 24 | $4.6B | $4.5B | ||
| Q3 24 | $4.4B | $4.4B | ||
| Q2 24 | $4.3B | $4.2B | ||
| Q1 24 | $4.2B | $4.1B |
负债/权益比MATXRH
| 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 | $131.9M |
| 自由现金流经营现金流 - 资本支出 | $42.2M | $83.0M |
| 自由现金流率自由现金流/营收 | 5.0% | 9.4% |
| 资本支出强度资本支出/营收 | 15.8% | 5.5% |
| 现金转化率经营现金流/净利润 | 1.24× | 3.64× |
| 过去12个月自由现金流最近4个季度 | $153.7M | $128.1M |
8季度趋势，按日历期对齐
经营现金流MATXRH
| Q4 25 | $176.9M | $131.9M | ||
| Q3 25 | $175.6M | $137.7M | ||
| Q2 25 | $105.6M | $86.6M | ||
| Q1 25 | $89.0M | $-18.8M | ||
| Q4 24 | $174.7M | $-31.4M | ||
| Q3 24 | $248.6M | $11.2M | ||
| Q2 24 | $307.9M | $56.1M | ||
| Q1 24 | $36.6M | $-114.0M |
自由现金流MATXRH
| Q4 25 | $42.2M | $83.0M | ||
| Q3 25 | $92.4M | $80.7M | ||
| Q2 25 | $19.3M | $34.1M | ||
| Q1 25 | $-200.0K | $-69.7M | ||
| Q4 24 | $49.3M | $-96.0M | ||
| Q3 24 | $189.0M | $-37.9M | ||
| Q2 24 | $238.1M | $-10.1M | ||
| Q1 24 | $-18.7M | $-251.5M |
自由现金流率MATXRH
| Q4 25 | 5.0% | 9.4% | ||
| Q3 25 | 10.5% | 9.0% | ||
| Q2 25 | 2.3% | 4.2% | ||
| Q1 25 | -0.0% | -8.6% | ||
| Q4 24 | 5.5% | -11.8% | ||
| Q3 24 | 19.6% | -4.6% | ||
| Q2 24 | 28.1% | -1.4% | ||
| Q1 24 | -2.6% | -34.1% |
资本支出强度MATXRH
| Q4 25 | 15.8% | 5.5% | ||
| Q3 25 | 9.5% | 6.3% | ||
| Q2 25 | 10.4% | 6.5% | ||
| Q1 25 | 11.4% | 6.3% | ||
| Q4 24 | 14.1% | 8.0% | ||
| Q3 24 | 6.2% | 5.9% | ||
| Q2 24 | 8.2% | 9.1% | ||
| Q1 24 | 7.7% | 18.6% |
现金转化率MATXRH
| Q4 25 | 1.24× | 3.64× | ||
| Q3 25 | 1.30× | 2.66× | ||
| Q2 25 | 1.12× | 10.78× | ||
| Q1 25 | 1.23× | -1.35× | ||
| Q4 24 | 1.36× | -0.95× | ||
| Q3 24 | 1.25× | 0.39× | ||
| Q2 24 | 2.72× | — | ||
| Q1 24 | 1.01× | -10.01× |
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% |
RH
| RH Segment | $835.8M | 95% |
| Waterworks Segment | $48.0M | 5% |
| Gift Card And Merchandise Credit | $4.5M | 1% |
