vs
美森（MATX）与希悦尔（SEE）财务数据对比。点击上方公司名可切换其他公司
希悦尔的季度营收约是美森的1.6倍（$1.4B vs $851.9M），美森净利率更高（16.8% vs 3.1%，领先13.7%），希悦尔同比增速更快（2.6% vs -4.3%），希悦尔自由现金流更多（$257.7M vs $42.2M），过去两年美森的营收复合增速更高（8.6% vs 2.7%）
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。
希悦尔是全球领先的包装与防护解决方案供应商，核心产品包括缓冲防护材料、食品保鲜包装、可持续减废包装系统，服务覆盖电商、零售、食品饮料、工业制造等多个海内外领域。
MATX vs SEE — 直观对比
营收规模更大
SEE
是对方的1.6倍
$851.9M
营收增速更快
SEE
高出6.9%
-4.3%
净利率更高
MATX
高出13.7%
3.1%
自由现金流更多
SEE
多$215.5M
$42.2M
两年增速更快
MATX
近两年复合增速
2.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $851.9M | $1.4B |
| 净利润 | $143.1M | $43.8M |
| 毛利率 | — | 28.6% |
| 营业利润率 | 16.9% | 11.4% |
| 净利率 | 16.8% | 3.1% |
| 营收同比 | -4.3% | 2.6% |
| 净利润同比 | 11.8% | 700.0% |
| 每股收益（稀释后） | $4.47 | $0.30 |
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MATXSEE
| Q4 25 | $851.9M | $1.4B | ||
| Q3 25 | $880.1M | $1.3B | ||
| Q2 25 | $830.5M | $1.3B | ||
| Q1 25 | $782.0M | $1.3B | ||
| Q4 24 | $890.3M | $1.4B | ||
| Q3 24 | $962.0M | $1.3B | ||
| Q2 24 | $847.4M | $1.3B | ||
| Q1 24 | $722.1M | $1.3B |
净利润MATXSEE
| Q4 25 | $143.1M | $43.8M | ||
| Q3 25 | $134.7M | $255.1M | ||
| Q2 25 | $94.7M | $93.1M | ||
| Q1 25 | $72.3M | $113.5M | ||
| Q4 24 | $128.0M | $-7.3M | ||
| Q3 24 | $199.1M | $91.7M | ||
| Q2 24 | $113.2M | $98.3M | ||
| Q1 24 | $36.1M | $82.0M |
毛利率MATXSEE
| Q4 25 | — | 28.6% | ||
| Q3 25 | — | 29.8% | ||
| Q2 25 | — | 30.7% | ||
| Q1 25 | — | 30.9% | ||
| Q4 24 | — | 30.0% | ||
| Q3 24 | — | 30.1% | ||
| Q2 24 | — | 31.2% | ||
| Q1 24 | — | 30.3% |
营业利润率MATXSEE
| Q4 25 | 16.9% | 11.4% | ||
| Q3 25 | 18.3% | 13.8% | ||
| Q2 25 | 13.6% | 15.0% | ||
| Q1 25 | 10.5% | 14.5% | ||
| Q4 24 | 16.6% | 11.7% | ||
| Q3 24 | 25.2% | 13.9% | ||
| Q2 24 | 14.7% | 15.4% | ||
| Q1 24 | 5.1% | 14.0% |
净利率MATXSEE
| Q4 25 | 16.8% | 3.1% | ||
| Q3 25 | 15.3% | 19.0% | ||
| Q2 25 | 11.4% | 7.0% | ||
| Q1 25 | 9.2% | 9.0% | ||
| Q4 24 | 14.4% | -0.5% | ||
| Q3 24 | 20.7% | 6.9% | ||
| Q2 24 | 13.4% | 7.4% | ||
| Q1 24 | 5.0% | 6.2% |
每股收益（稀释后）MATXSEE
| Q4 25 | $4.47 | $0.30 | ||
| Q3 25 | $4.24 | $1.73 | ||
| Q2 25 | $2.92 | $0.63 | ||
| Q1 25 | $2.18 | $0.77 | ||
| Q4 24 | $3.69 | $-0.05 | ||
| Q3 24 | $5.89 | $0.63 | ||
| Q2 24 | $3.31 | $0.67 | ||
| Q1 24 | $1.04 | $0.56 |
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 | $344.0M |
| 总债务越低越好 | $361.2M | $3.3B |
| 股东权益账面价值 | $2.8B | $1.2B |
| 总资产 | $4.6B | $7.0B |
| 负债/权益比越低杠杆越低 | 0.13× | 2.65× |
8季度趋势，按日历期对齐
现金及短期投资MATXSEE
| Q4 25 | $141.9M | $344.0M | ||
| Q3 25 | $92.7M | $282.5M | ||
| Q2 25 | $59.1M | $354.4M | ||
| Q1 25 | $122.0M | $335.2M | ||
| Q4 24 | $266.8M | $371.8M | ||
| Q3 24 | $270.3M | $386.0M | ||
| Q2 24 | $168.2M | $388.6M | ||
| Q1 24 | $25.9M | $352.8M |
总债务MATXSEE
| Q4 25 | $361.2M | $3.3B | ||
| Q3 25 | $370.9M | $4.0B | ||
| Q2 25 | $341.3M | $4.0B | ||
| Q1 25 | $351.1M | $4.2B | ||
| Q4 24 | $361.2M | $4.2B | ||
| Q3 24 | $370.9M | $4.3B | ||
| Q2 24 | $381.0M | $4.4B | ||
| Q1 24 | $390.8M | $4.5B |
股东权益MATXSEE
| Q4 25 | $2.8B | $1.2B | ||
| Q3 25 | $2.7B | $1.2B | ||
| Q2 25 | $2.6B | $953.1M | ||
| Q1 25 | $2.6B | $797.9M | ||
| Q4 24 | $2.7B | $624.5M | ||
| Q3 24 | $2.6B | $771.2M | ||
| Q2 24 | $2.4B | $650.1M | ||
| Q1 24 | $2.4B | $598.3M |
总资产MATXSEE
| Q4 25 | $4.6B | $7.0B | ||
| Q3 25 | $4.6B | $7.1B | ||
| Q2 25 | $4.5B | $7.2B | ||
| Q1 25 | $4.5B | $7.0B | ||
| Q4 24 | $4.6B | $7.0B | ||
| Q3 24 | $4.4B | $7.3B | ||
| Q2 24 | $4.3B | $7.3B | ||
| Q1 24 | $4.2B | $7.2B |
负债/权益比MATXSEE
| Q4 25 | 0.13× | 2.65× | ||
| Q3 25 | 0.14× | 3.34× | ||
| Q2 25 | 0.13× | 4.18× | ||
| Q1 25 | 0.13× | 5.26× | ||
| Q4 24 | 0.14× | 6.72× | ||
| Q3 24 | 0.15× | 5.62× | ||
| Q2 24 | 0.16× | 6.81× | ||
| Q1 24 | 0.16× | 7.49× |
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 | $293.6M |
| 自由现金流经营现金流 - 资本支出 | $42.2M | $257.7M |
| 自由现金流率自由现金流/营收 | 5.0% | 18.5% |
| 资本支出强度资本支出/营收 | 15.8% | 2.6% |
| 现金转化率经营现金流/净利润 | 1.24× | 6.70× |
| 过去12个月自由现金流最近4个季度 | $153.7M | $458.5M |
8季度趋势，按日历期对齐
经营现金流MATXSEE
| Q4 25 | $176.9M | $293.6M | ||
| Q3 25 | $175.6M | $165.9M | ||
| Q2 25 | $105.6M | $136.6M | ||
| Q1 25 | $89.0M | $31.9M | ||
| Q4 24 | $174.7M | $244.2M | ||
| Q3 24 | $248.6M | $170.5M | ||
| Q2 24 | $307.9M | $188.2M | ||
| Q1 24 | $36.6M | $125.1M |
自由现金流MATXSEE
| Q4 25 | $42.2M | $257.7M | ||
| Q3 25 | $92.4M | $119.6M | ||
| Q2 25 | $19.3M | $93.2M | ||
| Q1 25 | $-200.0K | $-12.0M | ||
| Q4 24 | $49.3M | $185.1M | ||
| Q3 24 | $189.0M | $115.2M | ||
| Q2 24 | $238.1M | $129.5M | ||
| Q1 24 | $-18.7M | $78.0M |
自由现金流率MATXSEE
| Q4 25 | 5.0% | 18.5% | ||
| Q3 25 | 10.5% | 8.9% | ||
| Q2 25 | 2.3% | 7.0% | ||
| Q1 25 | -0.0% | -0.9% | ||
| Q4 24 | 5.5% | 13.6% | ||
| Q3 24 | 19.6% | 8.6% | ||
| Q2 24 | 28.1% | 9.7% | ||
| Q1 24 | -2.6% | 5.9% |
资本支出强度MATXSEE
| Q4 25 | 15.8% | 2.6% | ||
| Q3 25 | 9.5% | 3.4% | ||
| Q2 25 | 10.4% | 3.3% | ||
| Q1 25 | 11.4% | 3.5% | ||
| Q4 24 | 14.1% | 4.4% | ||
| Q3 24 | 6.2% | 4.1% | ||
| Q2 24 | 8.2% | 4.4% | ||
| Q1 24 | 7.7% | 3.6% |
现金转化率MATXSEE
| Q4 25 | 1.24× | 6.70× | ||
| Q3 25 | 1.30× | 0.65× | ||
| Q2 25 | 1.12× | 1.47× | ||
| Q1 25 | 1.23× | 0.28× | ||
| Q4 24 | 1.36× | — | ||
| Q3 24 | 1.25× | 1.86× | ||
| Q2 24 | 2.72× | 1.91× | ||
| Q1 24 | 1.01× | 1.53× |
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% |
SEE
| Protective Segment | $1.1B | 78% |
| Other | $292.0M | 21% |
| Pension Plans Defined Benefit | $7.9M | 1% |
