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美森（MATX）与SCANSOURCE, INC.（SCSC）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SCANSOURCE, INC.的1.1倍（$851.9M vs $766.5M），美森净利率更高（16.8% vs 2.2%，领先14.6%），SCANSOURCE, INC.同比增速更快（2.5% vs -4.3%），美森自由现金流更多（$42.2M vs $28.9M），过去两年美森的营收复合增速更高（8.6% vs 0.9%）
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。
ScanSource是全球领先的专业技术分销商，主营销售点系统、条码扫描设备、网络安全产品、云服务及通信解决方案，面向北美、拉美、欧洲的增值经销商、服务提供商及企业客户，覆盖零售、医疗、工业、公共部门等领域。
MATX vs SCSC — 直观对比
营收规模更大
MATX
是对方的1.1倍
$766.5M
营收增速更快
SCSC
高出6.9%
-4.3%
净利率更高
MATX
高出14.6%
2.2%
自由现金流更多
MATX
多$13.3M
$28.9M
两年增速更快
MATX
近两年复合增速
0.9%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $851.9M | $766.5M |
| 净利润 | $143.1M | $16.5M |
| 毛利率 | — | 13.4% |
| 营业利润率 | 16.9% | 2.3% |
| 净利率 | 16.8% | 2.2% |
| 营收同比 | -4.3% | 2.5% |
| 净利润同比 | 11.8% | -3.3% |
| 每股收益（稀释后） | $4.47 | $0.75 |
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MATXSCSC
| Q4 25 | $851.9M | $766.5M | ||
| Q3 25 | $880.1M | $739.6M | ||
| Q2 25 | $830.5M | $812.9M | ||
| Q1 25 | $782.0M | $704.8M | ||
| Q4 24 | $890.3M | $747.5M | ||
| Q3 24 | $962.0M | $775.6M | ||
| Q2 24 | $847.4M | $746.1M | ||
| Q1 24 | $722.1M | $752.6M |
净利润MATXSCSC
| Q4 25 | $143.1M | $16.5M | ||
| Q3 25 | $134.7M | $19.9M | ||
| Q2 25 | $94.7M | $20.1M | ||
| Q1 25 | $72.3M | $17.4M | ||
| Q4 24 | $128.0M | $17.1M | ||
| Q3 24 | $199.1M | $17.0M | ||
| Q2 24 | $113.2M | $16.1M | ||
| Q1 24 | $36.1M | $12.8M |
毛利率MATXSCSC
| Q4 25 | — | 13.4% | ||
| Q3 25 | — | 14.5% | ||
| Q2 25 | — | 12.9% | ||
| Q1 25 | — | 14.2% | ||
| Q4 24 | — | 13.6% | ||
| Q3 24 | — | 13.1% | ||
| Q2 24 | — | 13.0% | ||
| Q1 24 | — | 12.6% |
营业利润率MATXSCSC
| Q4 25 | 16.9% | 2.3% | ||
| Q3 25 | 18.3% | 3.5% | ||
| Q2 25 | 13.6% | 3.3% | ||
| Q1 25 | 10.5% | 3.2% | ||
| Q4 24 | 16.6% | 2.5% | ||
| Q3 24 | 25.2% | 2.3% | ||
| Q2 24 | 14.7% | 2.9% | ||
| Q1 24 | 5.1% | 2.3% |
净利率MATXSCSC
| Q4 25 | 16.8% | 2.2% | ||
| Q3 25 | 15.3% | 2.7% | ||
| Q2 25 | 11.4% | 2.5% | ||
| Q1 25 | 9.2% | 2.5% | ||
| Q4 24 | 14.4% | 2.3% | ||
| Q3 24 | 20.7% | 2.2% | ||
| Q2 24 | 13.4% | 2.2% | ||
| Q1 24 | 5.0% | 1.7% |
每股收益（稀释后）MATXSCSC
| Q4 25 | $4.47 | $0.75 | ||
| Q3 25 | $4.24 | $0.89 | ||
| Q2 25 | $2.92 | $0.87 | ||
| Q1 25 | $2.18 | $0.74 | ||
| Q4 24 | $3.69 | $0.70 | ||
| Q3 24 | $5.89 | $0.69 | ||
| Q2 24 | $3.31 | $0.66 | ||
| Q1 24 | $1.04 | $0.50 |
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 | $83.5M |
| 总债务越低越好 | $361.2M | — |
| 股东权益账面价值 | $2.8B | $910.9M |
| 总资产 | $4.6B | $1.7B |
| 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MATXSCSC
| Q4 25 | $141.9M | $83.5M | ||
| Q3 25 | $92.7M | $124.9M | ||
| Q2 25 | $59.1M | $126.2M | ||
| Q1 25 | $122.0M | $146.3M | ||
| Q4 24 | $266.8M | $110.5M | ||
| Q3 24 | $270.3M | $145.0M | ||
| Q2 24 | $168.2M | $185.5M | ||
| Q1 24 | $25.9M | $159.1M |
总债务MATXSCSC
| 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MATXSCSC
| Q4 25 | $2.8B | $910.9M | ||
| Q3 25 | $2.7B | $914.0M | ||
| Q2 25 | $2.6B | $906.4M | ||
| Q1 25 | $2.6B | $901.7M | ||
| Q4 24 | $2.7B | $900.7M | ||
| Q3 24 | $2.6B | $920.9M | ||
| Q2 24 | $2.4B | $924.3M | ||
| Q1 24 | $2.4B | $944.1M |
总资产MATXSCSC
| Q4 25 | $4.6B | $1.7B | ||
| Q3 25 | $4.6B | $1.7B | ||
| Q2 25 | $4.5B | $1.8B | ||
| Q1 25 | $4.5B | $1.7B | ||
| Q4 24 | $4.6B | $1.7B | ||
| Q3 24 | $4.4B | $1.8B | ||
| Q2 24 | $4.3B | $1.8B | ||
| Q1 24 | $4.2B | $1.8B |
负债/权益比MATXSCSC
| 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 | $30.8M |
| 自由现金流经营现金流 - 资本支出 | $42.2M | $28.9M |
| 自由现金流率自由现金流/营收 | 5.0% | 3.8% |
| 资本支出强度资本支出/营收 | 15.8% | 0.3% |
| 现金转化率经营现金流/净利润 | 1.24× | 1.87× |
| 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MATXSCSC
| Q4 25 | $176.9M | $30.8M | ||
| Q3 25 | $175.6M | $23.2M | ||
| Q2 25 | $105.6M | — | ||
| Q1 25 | $89.0M | $66.1M | ||
| Q4 24 | $174.7M | $-6.2M | ||
| Q3 24 | $248.6M | $44.8M | ||
| Q2 24 | $307.9M | — | ||
| Q1 24 | $36.6M | $160.2M |
自由现金流MATXSCSC
| Q4 25 | $42.2M | $28.9M | ||
| Q3 25 | $92.4M | $20.8M | ||
| Q2 25 | $19.3M | — | ||
| Q1 25 | $-200.0K | $64.6M | ||
| Q4 24 | $49.3M | $-8.2M | ||
| Q3 24 | $189.0M | $42.5M | ||
| Q2 24 | $238.1M | — | ||
| Q1 24 | $-18.7M | $157.7M |
自由现金流率MATXSCSC
| Q4 25 | 5.0% | 3.8% | ||
| Q3 25 | 10.5% | 2.8% | ||
| Q2 25 | 2.3% | — | ||
| Q1 25 | -0.0% | 9.2% | ||
| Q4 24 | 5.5% | -1.1% | ||
| Q3 24 | 19.6% | 5.5% | ||
| Q2 24 | 28.1% | — | ||
| Q1 24 | -2.6% | 21.0% |
资本支出强度MATXSCSC
| Q4 25 | 15.8% | 0.3% | ||
| Q3 25 | 9.5% | 0.3% | ||
| Q2 25 | 10.4% | 0.3% | ||
| Q1 25 | 11.4% | 0.2% | ||
| Q4 24 | 14.1% | 0.3% | ||
| Q3 24 | 6.2% | 0.3% | ||
| Q2 24 | 8.2% | 0.2% | ||
| Q1 24 | 7.7% | 0.3% |
现金转化率MATXSCSC
| Q4 25 | 1.24× | 1.87× | ||
| Q3 25 | 1.30× | 1.17× | ||
| Q2 25 | 1.12× | — | ||
| Q1 25 | 1.23× | 3.79× | ||
| Q4 24 | 1.36× | -0.36× | ||
| Q3 24 | 1.25× | 2.64× | ||
| Q2 24 | 2.72× | — | ||
| Q1 24 | 1.01× | 12.51× |
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% |
SCSC
| Products And Services | $723.4M | 94% |
| Intelisys Advisory | $25.0M | 3% |
| Recurring Revenue | $18.2M | 2% |
