vs
美森（MATX）与UNITED THERAPEUTICS Corp（UTHR）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UNITED THERAPEUTICS Corp的1.1倍（$851.9M vs $790.2M），UNITED THERAPEUTICS Corp净利率更高（46.1% vs 16.8%，领先29.3%），UNITED THERAPEUTICS Corp同比增速更快（7.4% vs -4.3%），UNITED THERAPEUTICS Corp自由现金流更多（$173.3M vs $42.2M），过去两年美森的营收复合增速更高（8.6% vs 8.0%）
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。
United Therapeutics是美国生物技术企业，专注开发包含异种移植在内的器官移植相关药物与技术，多款产品布局肺部疾病及器官制造赛道，双总部位于马里兰州银泉与北卡罗来纳州三角研究园，在美加多地设有研发及运营分支机构。
MATX vs UTHR — 直观对比
营收规模更大
MATX
是对方的1.1倍
$790.2M
营收增速更快
UTHR
高出11.7%
-4.3%
净利率更高
UTHR
高出29.3%
16.8%
自由现金流更多
UTHR
多$131.1M
$42.2M
两年增速更快
MATX
近两年复合增速
8.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $851.9M | $790.2M |
| 净利润 | $143.1M | $364.3M |
| 毛利率 | — | 86.9% |
| 营业利润率 | 16.9% | 45.1% |
| 净利率 | 16.8% | 46.1% |
| 营收同比 | -4.3% | 7.4% |
| 净利润同比 | 11.8% | 20.9% |
| 每股收益（稀释后） | $4.47 | $7.66 |
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MATXUTHR
| Q4 25 | $851.9M | $790.2M | ||
| Q3 25 | $880.1M | $799.5M | ||
| Q2 25 | $830.5M | $798.6M | ||
| Q1 25 | $782.0M | $794.4M | ||
| Q4 24 | $890.3M | $735.9M | ||
| Q3 24 | $962.0M | $748.9M | ||
| Q2 24 | $847.4M | $714.9M | ||
| Q1 24 | $722.1M | $677.7M |
净利润MATXUTHR
| Q4 25 | $143.1M | $364.3M | ||
| Q3 25 | $134.7M | $338.7M | ||
| Q2 25 | $94.7M | $309.5M | ||
| Q1 25 | $72.3M | $322.2M | ||
| Q4 24 | $128.0M | $301.3M | ||
| Q3 24 | $199.1M | $309.1M | ||
| Q2 24 | $113.2M | $278.1M | ||
| Q1 24 | $36.1M | $306.6M |
毛利率MATXUTHR
| Q4 25 | — | 86.9% | ||
| Q3 25 | — | 87.4% | ||
| Q2 25 | — | 89.0% | ||
| Q1 25 | — | 88.4% | ||
| Q4 24 | — | 89.7% | ||
| Q3 24 | — | 88.9% | ||
| Q2 24 | — | 89.1% | ||
| Q1 24 | — | 89.2% |
营业利润率MATXUTHR
| Q4 25 | 16.9% | 45.1% | ||
| Q3 25 | 18.3% | 48.6% | ||
| Q2 25 | 13.6% | 45.6% | ||
| Q1 25 | 10.5% | 48.2% | ||
| Q4 24 | 16.6% | 48.6% | ||
| Q3 24 | 25.2% | 45.8% | ||
| Q2 24 | 14.7% | 44.7% | ||
| Q1 24 | 5.1% | 52.6% |
净利率MATXUTHR
| Q4 25 | 16.8% | 46.1% | ||
| Q3 25 | 15.3% | 42.4% | ||
| Q2 25 | 11.4% | 38.8% | ||
| Q1 25 | 9.2% | 40.6% | ||
| Q4 24 | 14.4% | 40.9% | ||
| Q3 24 | 20.7% | 41.3% | ||
| Q2 24 | 13.4% | 38.9% | ||
| Q1 24 | 5.0% | 45.2% |
每股收益（稀释后）MATXUTHR
| Q4 25 | $4.47 | $7.66 | ||
| Q3 25 | $4.24 | $7.16 | ||
| Q2 25 | $2.92 | $6.41 | ||
| Q1 25 | $2.18 | $6.63 | ||
| Q4 24 | $3.69 | $6.23 | ||
| Q3 24 | $5.89 | $6.39 | ||
| Q2 24 | $3.31 | $5.85 | ||
| Q1 24 | $1.04 | $6.17 |
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 | $2.9B |
| 总债务越低越好 | $361.2M | — |
| 股东权益账面价值 | $2.8B | $7.1B |
| 总资产 | $4.6B | $7.9B |
| 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MATXUTHR
| Q4 25 | $141.9M | $2.9B | ||
| Q3 25 | $92.7M | $2.8B | ||
| Q2 25 | $59.1M | $3.0B | ||
| Q1 25 | $122.0M | $3.3B | ||
| Q4 24 | $266.8M | $3.3B | ||
| Q3 24 | $270.3M | $3.3B | ||
| Q2 24 | $168.2M | $3.0B | ||
| Q1 24 | $25.9M | $2.7B |
总债务MATXUTHR
| 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MATXUTHR
| Q4 25 | $2.8B | $7.1B | ||
| Q3 25 | $2.7B | $6.6B | ||
| Q2 25 | $2.6B | $7.2B | ||
| Q1 25 | $2.6B | $6.8B | ||
| Q4 24 | $2.7B | $6.4B | ||
| Q3 24 | $2.6B | $6.1B | ||
| Q2 24 | $2.4B | $5.7B | ||
| Q1 24 | $2.4B | $5.3B |
总资产MATXUTHR
| Q4 25 | $4.6B | $7.9B | ||
| Q3 25 | $4.6B | $7.4B | ||
| Q2 25 | $4.5B | $7.9B | ||
| Q1 25 | $4.5B | $7.7B | ||
| Q4 24 | $4.6B | $7.4B | ||
| Q3 24 | $4.4B | $7.1B | ||
| Q2 24 | $4.3B | $6.7B | ||
| Q1 24 | $4.2B | $6.5B |
负债/权益比MATXUTHR
| 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 | $346.2M |
| 自由现金流经营现金流 - 资本支出 | $42.2M | $173.3M |
| 自由现金流率自由现金流/营收 | 5.0% | 21.9% |
| 资本支出强度资本支出/营收 | 15.8% | 21.9% |
| 现金转化率经营现金流/净利润 | 1.24× | 0.95× |
| 过去12个月自由现金流最近4个季度 | $153.7M | $1.0B |
8季度趋势，按日历期对齐
经营现金流MATXUTHR
| Q4 25 | $176.9M | $346.2M | ||
| Q3 25 | $175.6M | $562.1M | ||
| Q2 25 | $105.6M | $191.7M | ||
| Q1 25 | $89.0M | $461.2M | ||
| Q4 24 | $174.7M | $341.2M | ||
| Q3 24 | $248.6M | $377.2M | ||
| Q2 24 | $307.9M | $232.2M | ||
| Q1 24 | $36.6M | $376.5M |
自由现金流MATXUTHR
| Q4 25 | $42.2M | $173.3M | ||
| Q3 25 | $92.4M | $351.6M | ||
| Q2 25 | $19.3M | $129.5M | ||
| Q1 25 | $-200.0K | $386.3M | ||
| Q4 24 | $49.3M | $254.5M | ||
| Q3 24 | $189.0M | $300.7M | ||
| Q2 24 | $238.1M | $187.1M | ||
| Q1 24 | $-18.7M | $338.3M |
自由现金流率MATXUTHR
| Q4 25 | 5.0% | 21.9% | ||
| Q3 25 | 10.5% | 44.0% | ||
| Q2 25 | 2.3% | 16.2% | ||
| Q1 25 | -0.0% | 48.6% | ||
| Q4 24 | 5.5% | 34.6% | ||
| Q3 24 | 19.6% | 40.2% | ||
| Q2 24 | 28.1% | 26.2% | ||
| Q1 24 | -2.6% | 49.9% |
资本支出强度MATXUTHR
| Q4 25 | 15.8% | 21.9% | ||
| Q3 25 | 9.5% | 26.3% | ||
| Q2 25 | 10.4% | 7.8% | ||
| Q1 25 | 11.4% | 9.4% | ||
| Q4 24 | 14.1% | 11.8% | ||
| Q3 24 | 6.2% | 10.2% | ||
| Q2 24 | 8.2% | 6.3% | ||
| Q1 24 | 7.7% | 5.6% |
现金转化率MATXUTHR
| Q4 25 | 1.24× | 0.95× | ||
| Q3 25 | 1.30× | 1.66× | ||
| Q2 25 | 1.12× | 0.62× | ||
| Q1 25 | 1.23× | 1.43× | ||
| Q4 24 | 1.36× | 1.13× | ||
| Q3 24 | 1.25× | 1.22× | ||
| Q2 24 | 2.72× | 0.83× | ||
| Q1 24 | 1.01× | 1.23× |
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% |
UTHR
| Tyvaso DPI | $338.6M | 43% |
| Remodulin | $128.0M | 16% |
| Nebulized Tyvaso | $125.7M | 16% |
| Orenitram | $121.2M | 15% |
| Unituxin | $62.3M | 8% |
| Adcirca | $7.8M | 1% |
| Other | $6.6M | 1% |
