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美森（MATX）与ADVANCED DRAINAGE SYSTEMS, INC.（WMS）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ADVANCED DRAINAGE SYSTEMS, INC.的1.2倍（$851.9M vs $693.4M），美森净利率更高（16.8% vs 13.5%，领先3.3%），ADVANCED DRAINAGE SYSTEMS, INC.同比增速更快（0.4% vs -4.3%），ADVANCED DRAINAGE SYSTEMS, INC.自由现金流更多（$183.6M vs $42.2M），过去两年美森的营收复合增速更高（8.6% vs 3.0%）
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。
Advanced Drainage Systems（简称ADS）是一家美国企业，主营聚丙烯、聚乙烯管材，塑料渗滤场系统、化粪池及配套配件、雨水调蓄设施、PVC排水构件、管件、水过滤与分离设备的设计、生产及销售，是美国规模最大的高密度聚乙烯管道生产商，总部位于俄亥俄州希利厄德。
MATX vs WMS — 直观对比
营收规模更大
MATX
是对方的1.2倍
$693.4M
营收增速更快
WMS
高出4.7%
-4.3%
净利率更高
MATX
高出3.3%
13.5%
自由现金流更多
WMS
多$141.4M
$42.2M
两年增速更快
MATX
近两年复合增速
3.0%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $851.9M | $693.4M |
| 净利润 | $143.1M | $93.6M |
| 毛利率 | — | 37.4% |
| 营业利润率 | 16.9% | 19.7% |
| 净利率 | 16.8% | 13.5% |
| 营收同比 | -4.3% | 0.4% |
| 净利润同比 | 11.8% | 15.3% |
| 每股收益（稀释后） | $4.47 | $1.19 |
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MATXWMS
| Q4 25 | $851.9M | $693.4M | ||
| Q3 25 | $880.1M | $850.4M | ||
| Q2 25 | $830.5M | $829.9M | ||
| Q1 25 | $782.0M | $615.8M | ||
| Q4 24 | $890.3M | $690.5M | ||
| Q3 24 | $962.0M | $782.6M | ||
| Q2 24 | $847.4M | $815.3M | ||
| Q1 24 | $722.1M | $653.8M |
净利润MATXWMS
| Q4 25 | $143.1M | $93.6M | ||
| Q3 25 | $134.7M | $156.0M | ||
| Q2 25 | $94.7M | $143.9M | ||
| Q1 25 | $72.3M | $77.2M | ||
| Q4 24 | $128.0M | $81.2M | ||
| Q3 24 | $199.1M | $130.4M | ||
| Q2 24 | $113.2M | $161.4M | ||
| Q1 24 | $36.1M | $94.8M |
毛利率MATXWMS
| Q4 25 | — | 37.4% | ||
| Q3 25 | — | 40.0% | ||
| Q2 25 | — | 39.8% | ||
| Q1 25 | — | 36.7% | ||
| Q4 24 | — | 35.0% | ||
| Q3 24 | — | 37.6% | ||
| Q2 24 | — | 40.8% | ||
| Q1 24 | — | 38.5% |
营业利润率MATXWMS
| Q4 25 | 16.9% | 19.7% | ||
| Q3 25 | 18.3% | 26.3% | ||
| Q2 25 | 13.6% | 24.8% | ||
| Q1 25 | 10.5% | 19.0% | ||
| Q4 24 | 16.6% | 18.4% | ||
| Q3 24 | 25.2% | 23.9% | ||
| Q2 24 | 14.7% | 27.7% | ||
| Q1 24 | 5.1% | 20.7% |
净利率MATXWMS
| Q4 25 | 16.8% | 13.5% | ||
| Q3 25 | 15.3% | 18.3% | ||
| Q2 25 | 11.4% | 17.3% | ||
| Q1 25 | 9.2% | 12.5% | ||
| Q4 24 | 14.4% | 11.8% | ||
| Q3 24 | 20.7% | 16.7% | ||
| Q2 24 | 13.4% | 19.8% | ||
| Q1 24 | 5.0% | 14.5% |
每股收益（稀释后）MATXWMS
| Q4 25 | $4.47 | $1.19 | ||
| Q3 25 | $4.24 | $1.99 | ||
| Q2 25 | $2.92 | $1.84 | ||
| Q1 25 | $2.18 | $0.99 | ||
| Q4 24 | $3.69 | $1.04 | ||
| Q3 24 | $5.89 | $1.67 | ||
| Q2 24 | $3.31 | $2.06 | ||
| Q1 24 | $1.04 | $1.22 |
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 | $1.0B |
| 总债务越低越好 | $361.2M | — |
| 股东权益账面价值 | $2.8B | $1.9B |
| 总资产 | $4.6B | $4.1B |
| 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MATXWMS
| Q4 25 | $141.9M | $1.0B | ||
| Q3 25 | $92.7M | $812.9M | ||
| Q2 25 | $59.1M | $638.3M | ||
| Q1 25 | $122.0M | $463.3M | ||
| Q4 24 | $266.8M | $488.9M | ||
| Q3 24 | $270.3M | $613.0M | ||
| Q2 24 | $168.2M | $541.6M | ||
| Q1 24 | $25.9M | $490.2M |
总债务MATXWMS
| Q4 25 | $361.2M | — | ||
| Q3 25 | $370.9M | — | ||
| Q2 25 | $341.3M | — | ||
| Q1 25 | $351.1M | $1.3B | ||
| Q4 24 | $361.2M | — | ||
| Q3 24 | $370.9M | — | ||
| Q2 24 | $381.0M | — | ||
| Q1 24 | $390.8M | $1.3B |
股东权益MATXWMS
| Q4 25 | $2.8B | $1.9B | ||
| Q3 25 | $2.7B | $1.8B | ||
| Q2 25 | $2.6B | $1.7B | ||
| Q1 25 | $2.6B | $1.5B | ||
| Q4 24 | $2.7B | $1.5B | ||
| Q3 24 | $2.6B | $1.4B | ||
| Q2 24 | $2.4B | $1.3B | ||
| Q1 24 | $2.4B | $1.2B |
总资产MATXWMS
| Q4 25 | $4.6B | $4.1B | ||
| Q3 25 | $4.6B | $4.1B | ||
| Q2 25 | $4.5B | $3.9B | ||
| Q1 25 | $4.5B | $3.7B | ||
| Q4 24 | $4.6B | $3.6B | ||
| Q3 24 | $4.4B | $3.5B | ||
| Q2 24 | $4.3B | $3.4B | ||
| Q1 24 | $4.2B | $3.3B |
负债/权益比MATXWMS
| Q4 25 | 0.13× | — | ||
| Q3 25 | 0.14× | — | ||
| Q2 25 | 0.13× | — | ||
| Q1 25 | 0.13× | 0.83× | ||
| Q4 24 | 0.14× | — | ||
| Q3 24 | 0.15× | — | ||
| Q2 24 | 0.16× | — | ||
| Q1 24 | 0.16× | 1.11× |
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 | $269.3M |
| 自由现金流经营现金流 - 资本支出 | $42.2M | $183.6M |
| 自由现金流率自由现金流/营收 | 5.0% | 26.5% |
| 资本支出强度资本支出/营收 | 15.8% | 12.4% |
| 现金转化率经营现金流/净利润 | 1.24× | 2.88× |
| 过去12个月自由现金流最近4个季度 | $153.7M | $577.1M |
8季度趋势，按日历期对齐
经营现金流MATXWMS
| Q4 25 | $176.9M | $269.3M | ||
| Q3 25 | $175.6M | $234.9M | ||
| Q2 25 | $105.6M | $275.0M | ||
| Q1 25 | $89.0M | $41.2M | ||
| Q4 24 | $174.7M | $189.9M | ||
| Q3 24 | $248.6M | $166.9M | ||
| Q2 24 | $307.9M | $183.4M | ||
| Q1 24 | $36.6M | $17.7M |
自由现金流MATXWMS
| Q4 25 | $42.2M | $183.6M | ||
| Q3 25 | $92.4M | $176.4M | ||
| Q2 25 | $19.3M | $222.4M | ||
| Q1 25 | $-200.0K | $-5.3M | ||
| Q4 24 | $49.3M | $135.7M | ||
| Q3 24 | $189.0M | $112.4M | ||
| Q2 24 | $238.1M | $125.7M | ||
| Q1 24 | $-18.7M | $-29.8M |
自由现金流率MATXWMS
| Q4 25 | 5.0% | 26.5% | ||
| Q3 25 | 10.5% | 20.7% | ||
| Q2 25 | 2.3% | 26.8% | ||
| Q1 25 | -0.0% | -0.9% | ||
| Q4 24 | 5.5% | 19.7% | ||
| Q3 24 | 19.6% | 14.4% | ||
| Q2 24 | 28.1% | 15.4% | ||
| Q1 24 | -2.6% | -4.6% |
资本支出强度MATXWMS
| Q4 25 | 15.8% | 12.4% | ||
| Q3 25 | 9.5% | 6.9% | ||
| Q2 25 | 10.4% | 6.3% | ||
| Q1 25 | 11.4% | 7.6% | ||
| Q4 24 | 14.1% | 7.9% | ||
| Q3 24 | 6.2% | 7.0% | ||
| Q2 24 | 8.2% | 7.1% | ||
| Q1 24 | 7.7% | 7.3% |
现金转化率MATXWMS
| Q4 25 | 1.24× | 2.88× | ||
| Q3 25 | 1.30× | 1.51× | ||
| Q2 25 | 1.12× | 1.91× | ||
| Q1 25 | 1.23× | 0.53× | ||
| Q4 24 | 1.36× | 2.34× | ||
| Q3 24 | 1.25× | 1.28× | ||
| Q2 24 | 2.72× | 1.14× | ||
| Q1 24 | 1.01× | 0.19× |
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% |
WMS
| Reportable Segment Aggregation Before Other Operating Segment | $557.3M | 80% |
| Other | $85.5M | 12% |
| Pipe | $35.5M | 5% |
| Allied Products And Other | $15.0M | 2% |
