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美森（MATX）与罗塞塔石碑（STEP）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罗塞塔石碑的1.5倍（$851.9M vs $586.5M），美森净利率更高（16.8% vs -21.0%，领先37.8%），罗塞塔石碑同比增速更快（73.0% vs -4.3%），美森自由现金流更多（$42.2M vs $26.7M），过去两年罗塞塔石碑的营收复合增速更高（28.2% 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。
罗塞塔石碑是美国教育科技软件企业，开发语言学习、读写能力提升及脑训练类软件，旗下语言学习产品知名度极高。2013年公司收购Livemocha、Lexia Learning等品牌拓展教育科技业务矩阵，2021年正式成为IXL Learning的子公司。
MATX vs STEP — 直观对比
营收规模更大
MATX
是对方的1.5倍
$586.5M
营收增速更快
STEP
高出77.3%
-4.3%
净利率更高
MATX
高出37.8%
-21.0%
自由现金流更多
MATX
多$15.5M
$26.7M
两年增速更快
STEP
近两年复合增速
8.6%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $851.9M | $586.5M |
| 净利润 | $143.1M | $-123.5M |
| 毛利率 | — | — |
| 营业利润率 | 16.9% | -33.2% |
| 净利率 | 16.8% | -21.0% |
| 营收同比 | -4.3% | 73.0% |
| 净利润同比 | 11.8% | 35.7% |
| 每股收益（稀释后） | $4.47 | $-1.55 |
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MATXSTEP
| Q4 25 | $851.9M | $586.5M | ||
| Q3 25 | $880.1M | $454.2M | ||
| Q2 25 | $830.5M | $364.3M | ||
| Q1 25 | $782.0M | $377.7M | ||
| Q4 24 | $890.3M | $339.0M | ||
| Q3 24 | $962.0M | $271.7M | ||
| Q2 24 | $847.4M | $186.4M | ||
| Q1 24 | $722.1M | $356.8M |
净利润MATXSTEP
| Q4 25 | $143.1M | $-123.5M | ||
| Q3 25 | $134.7M | $-366.1M | ||
| Q2 25 | $94.7M | $-38.4M | ||
| Q1 25 | $72.3M | $-18.5M | ||
| Q4 24 | $128.0M | $-192.0M | ||
| Q3 24 | $199.1M | $17.6M | ||
| Q2 24 | $113.2M | $13.3M | ||
| Q1 24 | $36.1M | $30.8M |
营业利润率MATXSTEP
| Q4 25 | 16.9% | -33.2% | ||
| Q3 25 | 18.3% | -148.8% | ||
| Q2 25 | 13.6% | -5.6% | ||
| Q1 25 | 10.5% | 2.6% | ||
| Q4 24 | 16.6% | -101.7% | ||
| Q3 24 | 25.2% | 21.3% | ||
| Q2 24 | 14.7% | 29.4% | ||
| Q1 24 | 5.1% | 26.5% |
净利率MATXSTEP
| Q4 25 | 16.8% | -21.0% | ||
| Q3 25 | 15.3% | -80.6% | ||
| Q2 25 | 11.4% | -10.5% | ||
| Q1 25 | 9.2% | -4.9% | ||
| Q4 24 | 14.4% | -56.6% | ||
| Q3 24 | 20.7% | 6.5% | ||
| Q2 24 | 13.4% | 7.2% | ||
| Q1 24 | 5.0% | 8.6% |
每股收益（稀释后）MATXSTEP
| Q4 25 | $4.47 | $-1.55 | ||
| Q3 25 | $4.24 | $-4.66 | ||
| Q2 25 | $2.92 | $-0.49 | ||
| Q1 25 | $2.18 | $-0.37 | ||
| Q4 24 | $3.69 | $-2.61 | ||
| Q3 24 | $5.89 | $0.26 | ||
| Q2 24 | $3.31 | $0.20 | ||
| Q1 24 | $1.04 | $0.47 |
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 | — |
| 总债务越低越好 | $361.2M | $270.2M |
| 股东权益账面价值 | $2.8B | $-378.8M |
| 总资产 | $4.6B | $5.2B |
| 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MATXSTEP
| Q4 25 | $141.9M | — | ||
| Q3 25 | $92.7M | — | ||
| 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MATXSTEP
| Q4 25 | $361.2M | $270.2M | ||
| Q3 25 | $370.9M | $269.9M | ||
| Q2 25 | $341.3M | $269.6M | ||
| Q1 25 | $351.1M | $269.3M | ||
| Q4 24 | $361.2M | $168.9M | ||
| Q3 24 | $370.9M | $172.3M | ||
| Q2 24 | $381.0M | $172.1M | ||
| Q1 24 | $390.8M | $148.8M |
股东权益MATXSTEP
| Q4 25 | $2.8B | $-378.8M | ||
| Q3 25 | $2.7B | $-233.5M | ||
| Q2 25 | $2.6B | $153.9M | ||
| Q1 25 | $2.6B | $179.4M | ||
| Q4 24 | $2.7B | $209.8M | ||
| Q3 24 | $2.6B | $397.5M | ||
| Q2 24 | $2.4B | $366.9M | ||
| Q1 24 | $2.4B | $324.5M |
总资产MATXSTEP
| Q4 25 | $4.6B | $5.2B | ||
| Q3 25 | $4.6B | $5.3B | ||
| Q2 25 | $4.5B | $4.8B | ||
| Q1 25 | $4.5B | $4.6B | ||
| Q4 24 | $4.6B | $4.3B | ||
| Q3 24 | $4.4B | $4.0B | ||
| Q2 24 | $4.3B | $3.8B | ||
| Q1 24 | $4.2B | $3.8B |
负债/权益比MATXSTEP
| Q4 25 | 0.13× | — | ||
| Q3 25 | 0.14× | — | ||
| Q2 25 | 0.13× | 1.75× | ||
| Q1 25 | 0.13× | 1.50× | ||
| Q4 24 | 0.14× | 0.81× | ||
| Q3 24 | 0.15× | 0.43× | ||
| Q2 24 | 0.16× | 0.47× | ||
| Q1 24 | 0.16× | 0.46× |
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 | $27.2M |
| 自由现金流经营现金流 - 资本支出 | $42.2M | $26.7M |
| 自由现金流率自由现金流/营收 | 5.0% | 4.6% |
| 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 | $18.6M |
8季度趋势，按日历期对齐
经营现金流MATXSTEP
| Q4 25 | $176.9M | $27.2M | ||
| Q3 25 | $175.6M | $16.2M | ||
| Q2 25 | $105.6M | $46.3M | ||
| Q1 25 | $89.0M | $-66.5M | ||
| Q4 24 | $174.7M | $27.6M | ||
| Q3 24 | $248.6M | $53.7M | ||
| Q2 24 | $307.9M | $50.2M | ||
| Q1 24 | $36.6M | $7.6M |
自由现金流MATXSTEP
| Q4 25 | $42.2M | $26.7M | ||
| Q3 25 | $92.4M | $15.9M | ||
| Q2 25 | $19.3M | $45.2M | ||
| Q1 25 | $-200.0K | $-69.2M | ||
| Q4 24 | $49.3M | $27.0M | ||
| Q3 24 | $189.0M | $52.4M | ||
| Q2 24 | $238.1M | $49.6M | ||
| Q1 24 | $-18.7M | $6.7M |
自由现金流率MATXSTEP
| Q4 25 | 5.0% | 4.6% | ||
| Q3 25 | 10.5% | 3.5% | ||
| Q2 25 | 2.3% | 12.4% | ||
| Q1 25 | -0.0% | -18.3% | ||
| Q4 24 | 5.5% | 8.0% | ||
| Q3 24 | 19.6% | 19.3% | ||
| Q2 24 | 28.1% | 26.6% | ||
| Q1 24 | -2.6% | 1.9% |
资本支出强度MATXSTEP
| Q4 25 | 15.8% | 0.1% | ||
| Q3 25 | 9.5% | 0.1% | ||
| Q2 25 | 10.4% | 0.3% | ||
| Q1 25 | 11.4% | 0.7% | ||
| Q4 24 | 14.1% | 0.2% | ||
| Q3 24 | 6.2% | 0.5% | ||
| Q2 24 | 8.2% | 0.3% | ||
| Q1 24 | 7.7% | 0.3% |
现金转化率MATXSTEP
| Q4 25 | 1.24× | — | ||
| Q3 25 | 1.30× | — | ||
| Q2 25 | 1.12× | — | ||
| Q1 25 | 1.23× | — | ||
| Q4 24 | 1.36× | — | ||
| Q3 24 | 1.25× | 3.05× | ||
| Q2 24 | 2.72× | 3.76× | ||
| Q1 24 | 1.01× | 0.25× |
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% |
STEP
| Other | $210.1M | 36% |
| Management And Advisory Fees Net Focused Commingled Funds | $143.3M | 24% |
| Carried Interest Allocation Focused Commingled Funds | $85.1M | 15% |
| Carried Interest Allocation Separately Managed Accounts | $63.6M | 11% |
| Carried Interest Allocation Realized | $46.7M | 8% |
| Management And Advisory Fees Net Advisory And Other Services | $18.3M | 3% |
| Legacy Carried Interest Allocation Focused Commingled Funds | $10.3M | 2% |
| Income Based Incentive Fees | $6.0M | 1% |
| Management And Advisory Fees Net Fund Reimbursement Revenues | $3.1M | 1% |
