vs
美森（MATX）与盛思阳（TSE）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盛思阳的1.3倍（$851.9M vs $662.6M），美森净利率更高（16.8% vs -37.9%，领先54.7%），美森同比增速更快（-4.3% vs -19.3%），美森自由现金流更多（$42.2M vs $6.6M），过去两年美森的营收复合增速更高（8.6% vs -14.4%）
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。
盛思阳（Trinseo）是一家专注于塑料与乳胶粘合剂生产的材料企业。该公司原隶属于陶氏化学公司，2009年陶氏将其分拆待售，2010年相关资产以斯泰隆（Styron）之名作价16.3亿美元出售给贝恩资本。2016年贝恩清仓全部持股， Trinseo自此成为完全独立的公众上市公司。
MATX vs TSE — 直观对比
营收规模更大
MATX
是对方的1.3倍
$662.6M
营收增速更快
MATX
高出15.0%
-19.3%
净利率更高
MATX
高出54.7%
-37.9%
自由现金流更多
MATX
多$35.6M
$6.6M
两年增速更快
MATX
近两年复合增速
-14.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $851.9M | $662.6M |
| 净利润 | $143.1M | $-251.4M |
| 毛利率 | — | 4.2% |
| 营业利润率 | 16.9% | -24.7% |
| 净利率 | 16.8% | -37.9% |
| 营收同比 | -4.3% | -19.3% |
| 净利润同比 | 11.8% | -113.2% |
| 每股收益（稀释后） | $4.47 | $-7.02 |
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MATXTSE
| Q4 25 | $851.9M | $662.6M | ||
| Q3 25 | $880.1M | $743.2M | ||
| Q2 25 | $830.5M | $784.3M | ||
| Q1 25 | $782.0M | $784.8M | ||
| Q4 24 | $890.3M | $821.5M | ||
| Q3 24 | $962.0M | $867.7M | ||
| Q2 24 | $847.4M | $920.0M | ||
| Q1 24 | $722.1M | $904.0M |
净利润MATXTSE
| Q4 25 | $143.1M | $-251.4M | ||
| Q3 25 | $134.7M | $-109.7M | ||
| Q2 25 | $94.7M | $-105.5M | ||
| Q1 25 | $72.3M | $-79.0M | ||
| Q4 24 | $128.0M | $-117.9M | ||
| Q3 24 | $199.1M | $-87.3M | ||
| Q2 24 | $113.2M | $-67.8M | ||
| Q1 24 | $36.1M | $-75.5M |
毛利率MATXTSE
| Q4 25 | — | 4.2% | ||
| Q3 25 | — | 5.0% | ||
| Q2 25 | — | 4.7% | ||
| Q1 25 | — | 8.1% | ||
| Q4 24 | — | 6.8% | ||
| Q3 24 | — | 9.3% | ||
| Q2 24 | — | 7.4% | ||
| Q1 24 | — | 6.7% |
营业利润率MATXTSE
| Q4 25 | 16.9% | -24.7% | ||
| Q3 25 | 18.3% | -3.8% | ||
| Q2 25 | 13.6% | -4.2% | ||
| Q1 25 | 10.5% | -3.7% | ||
| Q4 24 | 16.6% | -5.4% | ||
| Q3 24 | 25.2% | -1.4% | ||
| Q2 24 | 14.7% | 1.5% | ||
| Q1 24 | 5.1% | -0.4% |
净利率MATXTSE
| Q4 25 | 16.8% | -37.9% | ||
| Q3 25 | 15.3% | -14.8% | ||
| Q2 25 | 11.4% | -13.5% | ||
| Q1 25 | 9.2% | -10.1% | ||
| Q4 24 | 14.4% | -14.4% | ||
| Q3 24 | 20.7% | -10.1% | ||
| Q2 24 | 13.4% | -7.4% | ||
| Q1 24 | 5.0% | -8.4% |
每股收益（稀释后）MATXTSE
| Q4 25 | $4.47 | $-7.02 | ||
| Q3 25 | $4.24 | $-3.05 | ||
| Q2 25 | $2.92 | $-2.95 | ||
| Q1 25 | $2.18 | $-2.22 | ||
| Q4 24 | $3.69 | $-3.33 | ||
| Q3 24 | $5.89 | $-2.47 | ||
| Q2 24 | $3.31 | $-1.92 | ||
| Q1 24 | $1.04 | $-2.14 |
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 | $146.7M |
| 总债务越低越好 | $361.2M | $2.5B |
| 股东权益账面价值 | $2.8B | $-1.1B |
| 总资产 | $4.6B | $2.3B |
| 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MATXTSE
| Q4 25 | $141.9M | $146.7M | ||
| Q3 25 | $92.7M | $112.1M | ||
| Q2 25 | $59.1M | $137.0M | ||
| Q1 25 | $122.0M | $126.1M | ||
| Q4 24 | $266.8M | $209.8M | ||
| Q3 24 | $270.3M | $165.3M | ||
| Q2 24 | $168.2M | $105.6M | ||
| Q1 24 | $25.9M | $166.4M |
总债务MATXTSE
| Q4 25 | $361.2M | $2.5B | ||
| Q3 25 | $370.9M | $2.5B | ||
| Q2 25 | $341.3M | $2.5B | ||
| Q1 25 | $351.1M | $2.5B | ||
| Q4 24 | $361.2M | $2.4B | ||
| Q3 24 | $370.9M | $2.4B | ||
| Q2 24 | $381.0M | $2.3B | ||
| Q1 24 | $390.8M | $2.3B |
股东权益MATXTSE
| Q4 25 | $2.8B | $-1.1B | ||
| Q3 25 | $2.7B | $-861.6M | ||
| Q2 25 | $2.6B | $-750.3M | ||
| Q1 25 | $2.6B | $-679.2M | ||
| Q4 24 | $2.7B | $-619.9M | ||
| Q3 24 | $2.6B | $-480.0M | ||
| Q2 24 | $2.4B | $-413.8M | ||
| Q1 24 | $2.4B | $-348.0M |
总资产MATXTSE
| Q4 25 | $4.6B | $2.3B | ||
| Q3 25 | $4.6B | $2.5B | ||
| Q2 25 | $4.5B | $2.6B | ||
| Q1 25 | $4.5B | $2.7B | ||
| Q4 24 | $4.6B | $2.6B | ||
| Q3 24 | $4.4B | $2.9B | ||
| Q2 24 | $4.3B | $2.8B | ||
| Q1 24 | $4.2B | $3.0B |
负债/权益比MATXTSE
| 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 | $22.6M |
| 自由现金流经营现金流 - 资本支出 | $42.2M | $6.6M |
| 自由现金流率自由现金流/营收 | 5.0% | 1.0% |
| 资本支出强度资本支出/营收 | 15.8% | 2.4% |
| 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 | $-153.4M |
8季度趋势，按日历期对齐
经营现金流MATXTSE
| Q4 25 | $176.9M | $22.6M | ||
| Q3 25 | $175.6M | $-21.6M | ||
| Q2 25 | $105.6M | $6.8M | ||
| Q1 25 | $89.0M | $-110.2M | ||
| Q4 24 | $174.7M | $85.1M | ||
| Q3 24 | $248.6M | $8.8M | ||
| Q2 24 | $307.9M | $-41.9M | ||
| Q1 24 | $36.6M | $-66.2M |
自由现金流MATXTSE
| Q4 25 | $42.2M | $6.6M | ||
| Q3 25 | $92.4M | $-38.1M | ||
| Q2 25 | $19.3M | $-3.0M | ||
| Q1 25 | $-200.0K | $-118.9M | ||
| Q4 24 | $49.3M | $63.9M | ||
| Q3 24 | $189.0M | $-3.4M | ||
| Q2 24 | $238.1M | $-56.1M | ||
| Q1 24 | $-18.7M | $-81.9M |
自由现金流率MATXTSE
| Q4 25 | 5.0% | 1.0% | ||
| Q3 25 | 10.5% | -5.1% | ||
| Q2 25 | 2.3% | -0.4% | ||
| Q1 25 | -0.0% | -15.2% | ||
| Q4 24 | 5.5% | 7.8% | ||
| Q3 24 | 19.6% | -0.4% | ||
| Q2 24 | 28.1% | -6.1% | ||
| Q1 24 | -2.6% | -9.1% |
资本支出强度MATXTSE
| Q4 25 | 15.8% | 2.4% | ||
| Q3 25 | 9.5% | 2.2% | ||
| Q2 25 | 10.4% | 1.2% | ||
| Q1 25 | 11.4% | 1.1% | ||
| Q4 24 | 14.1% | 2.6% | ||
| Q3 24 | 6.2% | 1.4% | ||
| Q2 24 | 8.2% | 1.5% | ||
| Q1 24 | 7.7% | 1.7% |
现金转化率MATXTSE
| Q4 25 | 1.24× | — | ||
| Q3 25 | 1.30× | — | ||
| Q2 25 | 1.12× | — | ||
| Q1 25 | 1.23× | — | ||
| Q4 24 | 1.36× | — | ||
| Q3 24 | 1.25× | — | ||
| Q2 24 | 2.72× | — | ||
| Q1 24 | 1.01× | — |
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% |
TSE
| Other | $325.2M | 49% |
| Asia Pacific | $142.2M | 21% |
| Engineered Materials | $105.0M | 16% |
| Latex | $59.9M | 9% |
| Polymer Solutions | $30.3M | 5% |
