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美森（MATX）与Ryman Hospitality Properties, Inc.（RHP）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Ryman Hospitality Properties, Inc.的1.2倍（$851.9M vs $737.8M），美森净利率更高（16.8% vs 10.1%，领先6.7%），Ryman Hospitality Properties, Inc.同比增速更快（13.9% vs -4.3%），Ryman Hospitality Properties, Inc.自由现金流更多（$58.5M vs $42.2M），过去两年Ryman Hospitality Properties, Inc.的营收复合增速更高（18.2% 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。
莱曼酒店地产是一家主营酒店、度假村、娱乐及媒体业务的企业，得名于旗下位于田纳西州纳什维尔的国家历史地标莱曼礼堂。公司历史可追溯至曾为俄克拉荷马出版公司子公司时期，1983年收购WSM公司后奠定现代业务基础，同时将知名演出IP大奥普里等核心资产纳入麾下。
MATX vs RHP — 直观对比
营收规模更大
MATX
是对方的1.2倍
$737.8M
营收增速更快
RHP
高出18.2%
-4.3%
净利率更高
MATX
高出6.7%
10.1%
自由现金流更多
RHP
多$16.3M
$42.2M
两年增速更快
RHP
近两年复合增速
8.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $851.9M | $737.8M |
| 净利润 | $143.1M | $74.5M |
| 毛利率 | — | 41.4% |
| 营业利润率 | 16.9% | 19.4% |
| 净利率 | 16.8% | 10.1% |
| 营收同比 | -4.3% | 13.9% |
| 净利润同比 | 11.8% | 3.0% |
| 每股收益（稀释后） | $4.47 | $1.12 |
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MATXRHP
| Q4 25 | $851.9M | $737.8M | ||
| Q3 25 | $880.1M | $592.5M | ||
| Q2 25 | $830.5M | $659.5M | ||
| Q1 25 | $782.0M | $587.3M | ||
| Q4 24 | $890.3M | $647.6M | ||
| Q3 24 | $962.0M | $550.0M | ||
| Q2 24 | $847.4M | $613.3M | ||
| Q1 24 | $722.1M | $528.3M |
净利润MATXRHP
| Q4 25 | $143.1M | $74.5M | ||
| Q3 25 | $134.7M | $34.9M | ||
| Q2 25 | $94.7M | $71.8M | ||
| Q1 25 | $72.3M | $63.0M | ||
| Q4 24 | $128.0M | $72.3M | ||
| Q3 24 | $199.1M | $59.0M | ||
| Q2 24 | $113.2M | $100.8M | ||
| Q1 24 | $36.1M | $42.8M |
毛利率MATXRHP
| Q4 25 | — | 41.4% | ||
| Q3 25 | — | 40.9% | ||
| Q2 25 | — | 49.7% | ||
| Q1 25 | — | 44.4% | ||
| Q4 24 | — | 40.4% | ||
| Q3 24 | — | 43.1% | ||
| Q2 24 | — | 48.4% | ||
| Q1 24 | — | 41.5% |
营业利润率MATXRHP
| Q4 25 | 16.9% | 19.4% | ||
| Q3 25 | 18.3% | 15.0% | ||
| Q2 25 | 13.6% | 21.1% | ||
| Q1 25 | 10.5% | 19.8% | ||
| Q4 24 | 16.6% | 18.6% | ||
| Q3 24 | 25.2% | 19.3% | ||
| Q2 24 | 14.7% | 27.4% | ||
| Q1 24 | 5.1% | 18.2% |
净利率MATXRHP
| Q4 25 | 16.8% | 10.1% | ||
| Q3 25 | 15.3% | 5.9% | ||
| Q2 25 | 11.4% | 10.9% | ||
| Q1 25 | 9.2% | 10.7% | ||
| Q4 24 | 14.4% | 11.2% | ||
| Q3 24 | 20.7% | 10.7% | ||
| Q2 24 | 13.4% | 16.4% | ||
| Q1 24 | 5.0% | 8.1% |
每股收益（稀释后）MATXRHP
| Q4 25 | $4.47 | $1.12 | ||
| Q3 25 | $4.24 | $0.53 | ||
| Q2 25 | $2.92 | $1.12 | ||
| Q1 25 | $2.18 | $1.00 | ||
| Q4 24 | $3.69 | $1.12 | ||
| Q3 24 | $5.89 | $0.94 | ||
| Q2 24 | $3.31 | $1.65 | ||
| Q1 24 | $1.04 | $0.67 |
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 | $471.4M |
| 总债务越低越好 | $361.2M | — |
| 股东权益账面价值 | $2.8B | $750.2M |
| 总资产 | $4.6B | $6.2B |
| 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MATXRHP
| Q4 25 | $141.9M | $471.4M | ||
| Q3 25 | $92.7M | $483.3M | ||
| Q2 25 | $59.1M | $420.6M | ||
| Q1 25 | $122.0M | $413.9M | ||
| Q4 24 | $266.8M | $477.7M | ||
| Q3 24 | $270.3M | $534.9M | ||
| Q2 24 | $168.2M | $498.4M | ||
| Q1 24 | $25.9M | $465.3M |
总债务MATXRHP
| 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MATXRHP
| Q4 25 | $2.8B | $750.2M | ||
| Q3 25 | $2.7B | $758.5M | ||
| Q2 25 | $2.6B | $800.4M | ||
| Q1 25 | $2.6B | $531.5M | ||
| Q4 24 | $2.7B | $549.0M | ||
| Q3 24 | $2.6B | $551.9M | ||
| Q2 24 | $2.4B | $562.6M | ||
| Q1 24 | $2.4B | $529.9M |
总资产MATXRHP
| Q4 25 | $4.6B | $6.2B | ||
| Q3 25 | $4.6B | $6.2B | ||
| Q2 25 | $4.5B | $6.1B | ||
| Q1 25 | $4.5B | $5.2B | ||
| Q4 24 | $4.6B | $5.2B | ||
| Q3 24 | $4.4B | $5.2B | ||
| Q2 24 | $4.3B | $5.1B | ||
| Q1 24 | $4.2B | $5.1B |
负债/权益比MATXRHP
| 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 | $164.7M |
| 自由现金流经营现金流 - 资本支出 | $42.2M | $58.5M |
| 自由现金流率自由现金流/营收 | 5.0% | 7.9% |
| 资本支出强度资本支出/营收 | 15.8% | 14.4% |
| 现金转化率经营现金流/净利润 | 1.24× | 2.21× |
| 过去12个月自由现金流最近4个季度 | $153.7M | $232.4M |
8季度趋势，按日历期对齐
经营现金流MATXRHP
| Q4 25 | $176.9M | $164.7M | ||
| Q3 25 | $175.6M | $205.2M | ||
| Q2 25 | $105.6M | $122.5M | ||
| Q1 25 | $89.0M | $98.2M | ||
| Q4 24 | $174.7M | $166.6M | ||
| Q3 24 | $248.6M | $218.1M | ||
| Q2 24 | $307.9M | $184.3M | ||
| Q1 24 | $36.6M | $7.5M |
自由现金流MATXRHP
| Q4 25 | $42.2M | $58.5M | ||
| Q3 25 | $92.4M | $135.4M | ||
| Q2 25 | $19.3M | $53.0M | ||
| Q1 25 | $-200.0K | $-14.5M | ||
| Q4 24 | $49.3M | $76.0M | ||
| Q3 24 | $189.0M | $85.7M | ||
| Q2 24 | $238.1M | $78.8M | ||
| Q1 24 | $-18.7M | $-72.0M |
自由现金流率MATXRHP
| Q4 25 | 5.0% | 7.9% | ||
| Q3 25 | 10.5% | 22.9% | ||
| Q2 25 | 2.3% | 8.0% | ||
| Q1 25 | -0.0% | -2.5% | ||
| Q4 24 | 5.5% | 11.7% | ||
| Q3 24 | 19.6% | 15.6% | ||
| Q2 24 | 28.1% | 12.9% | ||
| Q1 24 | -2.6% | -13.6% |
资本支出强度MATXRHP
| Q4 25 | 15.8% | 14.4% | ||
| Q3 25 | 9.5% | 11.8% | ||
| Q2 25 | 10.4% | 10.5% | ||
| Q1 25 | 11.4% | 19.2% | ||
| Q4 24 | 14.1% | 14.0% | ||
| Q3 24 | 6.2% | 24.1% | ||
| Q2 24 | 8.2% | 17.2% | ||
| Q1 24 | 7.7% | 15.0% |
现金转化率MATXRHP
| Q4 25 | 1.24× | 2.21× | ||
| Q3 25 | 1.30× | 5.88× | ||
| Q2 25 | 1.12× | 1.71× | ||
| Q1 25 | 1.23× | 1.56× | ||
| Q4 24 | 1.36× | 2.30× | ||
| Q3 24 | 1.25× | 3.70× | ||
| Q2 24 | 2.72× | 1.83× | ||
| Q1 24 | 1.01× | 0.17× |
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% |
RHP
| Hotel Other | $157.7M | 21% |
| Gaylord Opryland | $147.4M | 20% |
| Hotel Transient Rooms | $93.6M | 13% |
| Hotel Food And Beverage Outlets | $92.2M | 12% |
| Gaylord Palms | $88.2M | 12% |
| Jw Marriott Hill Country | $53.7M | 7% |
| Entertainment Admissions And Ticketing | $43.1M | 6% |
| Entertainment Food And Beverage | $38.1M | 5% |
| Entertainment Retail And Other | $28.3M | 4% |
| Ac Hotel | $2.4M | 0% |
