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美森（MATX）与沃茨水工业（WTS）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沃茨水工业的1.3倍（$851.9M vs $677.3M），美森净利率更高（16.8% vs 14.7%，领先2.1%），沃茨水工业同比增速更快（21.4% vs -4.3%），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 6.5%）
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。
沃茨水工业旗下AERCO是暖通管道领域的商用冷凝锅炉、高效热水设备及能量回收系统供应商，服务覆盖教育、住宿、政府、办公楼、医疗、工业、多户型住宅等多元市场，1949年推出行业首款半即热式无罐蒸汽热水器，1988年推出首款冷凝全调制设备。
MATX vs WTS — 直观对比
营收规模更大
MATX
是对方的1.3倍
$677.3M
营收增速更快
WTS
高出25.7%
-4.3%
净利率更高
MATX
高出2.1%
14.7%
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
6.5%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $851.9M | $677.3M |
| 净利润 | $143.1M | $99.6M |
| 毛利率 | — | 48.1% |
| 营业利润率 | 16.9% | 19.6% |
| 净利率 | 16.8% | 14.7% |
| 营收同比 | -4.3% | 21.4% |
| 净利润同比 | 11.8% | 34.6% |
| 每股收益（稀释后） | $4.47 | $2.97 |
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MATXWTS
| Q1 26 | — | $677.3M | ||
| Q4 25 | $851.9M | $625.1M | ||
| Q3 25 | $880.1M | $611.7M | ||
| Q2 25 | $830.5M | $643.7M | ||
| Q1 25 | $782.0M | $558.0M | ||
| Q4 24 | $890.3M | $540.4M | ||
| Q3 24 | $962.0M | $543.6M | ||
| Q2 24 | $847.4M | $597.3M |
净利润MATXWTS
| Q1 26 | — | $99.6M | ||
| Q4 25 | $143.1M | $83.7M | ||
| Q3 25 | $134.7M | $82.2M | ||
| Q2 25 | $94.7M | $100.9M | ||
| Q1 25 | $72.3M | $74.0M | ||
| Q4 24 | $128.0M | $67.5M | ||
| Q3 24 | $199.1M | $69.1M | ||
| Q2 24 | $113.2M | $82.0M |
毛利率MATXWTS
| Q1 26 | — | 48.1% | ||
| Q4 25 | — | 49.5% | ||
| Q3 25 | — | 48.8% | ||
| Q2 25 | — | 50.6% | ||
| Q1 25 | — | 48.8% | ||
| Q4 24 | — | 46.7% | ||
| Q3 24 | — | 47.3% | ||
| Q2 24 | — | 47.7% |
营业利润率MATXWTS
| Q1 26 | — | 19.6% | ||
| Q4 25 | 16.9% | 18.2% | ||
| Q3 25 | 18.3% | 18.2% | ||
| Q2 25 | 13.6% | 21.0% | ||
| Q1 25 | 10.5% | 15.7% | ||
| Q4 24 | 16.6% | 16.5% | ||
| Q3 24 | 25.2% | 17.1% | ||
| Q2 24 | 14.7% | 18.7% |
净利率MATXWTS
| Q1 26 | — | 14.7% | ||
| Q4 25 | 16.8% | 13.4% | ||
| Q3 25 | 15.3% | 13.4% | ||
| Q2 25 | 11.4% | 15.7% | ||
| Q1 25 | 9.2% | 13.3% | ||
| Q4 24 | 14.4% | 12.5% | ||
| Q3 24 | 20.7% | 12.7% | ||
| Q2 24 | 13.4% | 13.7% |
每股收益（稀释后）MATXWTS
| Q1 26 | — | $2.97 | ||
| Q4 25 | $4.47 | $2.50 | ||
| Q3 25 | $4.24 | $2.45 | ||
| Q2 25 | $2.92 | $3.01 | ||
| Q1 25 | $2.18 | $2.21 | ||
| Q4 24 | $3.69 | $2.02 | ||
| Q3 24 | $5.89 | $2.06 | ||
| Q2 24 | $3.31 | $2.44 |
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 | $374.7M |
| 总债务越低越好 | $361.2M | $197.8M |
| 股东权益账面价值 | $2.8B | $2.1B |
| 总资产 | $4.6B | $2.9B |
| 负债/权益比越低杠杆越低 | 0.13× | 0.09× |
8季度趋势，按日历期对齐
现金及短期投资MATXWTS
| Q1 26 | — | $374.7M | ||
| Q4 25 | $141.9M | $405.5M | ||
| Q3 25 | $92.7M | $457.7M | ||
| Q2 25 | $59.1M | $369.3M | ||
| Q1 25 | $122.0M | $336.8M | ||
| Q4 24 | $266.8M | $386.9M | ||
| Q3 24 | $270.3M | $303.9M | ||
| Q2 24 | $168.2M | $279.4M |
总债务MATXWTS
| Q1 26 | — | $197.8M | ||
| 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 | — |
股东权益MATXWTS
| Q1 26 | — | $2.1B | ||
| Q4 25 | $2.8B | $2.0B | ||
| Q3 25 | $2.7B | $2.0B | ||
| Q2 25 | $2.6B | $1.9B | ||
| Q1 25 | $2.6B | $1.8B | ||
| Q4 24 | $2.7B | $1.7B | ||
| Q3 24 | $2.6B | $1.7B | ||
| Q2 24 | $2.4B | $1.6B |
总资产MATXWTS
| Q1 26 | — | $2.9B | ||
| Q4 25 | $4.6B | $2.9B | ||
| Q3 25 | $4.6B | $2.7B | ||
| Q2 25 | $4.5B | $2.6B | ||
| Q1 25 | $4.5B | $2.5B | ||
| Q4 24 | $4.6B | $2.4B | ||
| Q3 24 | $4.4B | $2.4B | ||
| Q2 24 | $4.3B | $2.4B |
负债/权益比MATXWTS
| Q1 26 | — | 0.09× | ||
| 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× | — |
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 | $17.9M |
| 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% | — |
| 现金转化率经营现金流/净利润 | 1.24× | 0.18× |
| 过去12个月自由现金流最近4个季度 | $153.7M | $317.3M |
8季度趋势，按日历期对齐
经营现金流MATXWTS
| Q1 26 | — | $17.9M | ||
| Q4 25 | $176.9M | $154.7M | ||
| Q3 25 | $175.6M | $122.4M | ||
| Q2 25 | $105.6M | $69.7M | ||
| Q1 25 | $89.0M | $55.2M | ||
| Q4 24 | $174.7M | $139.5M | ||
| Q3 24 | $248.6M | $90.7M | ||
| Q2 24 | $307.9M | $85.3M |
自由现金流MATXWTS
| Q1 26 | — | $6.6M | ||
| Q4 25 | $42.2M | $140.3M | ||
| Q3 25 | $92.4M | $110.9M | ||
| Q2 25 | $19.3M | $59.5M | ||
| Q1 25 | $-200.0K | $45.6M | ||
| Q4 24 | $49.3M | $127.5M | ||
| Q3 24 | $189.0M | $84.3M | ||
| Q2 24 | $238.1M | $78.5M |
自由现金流率MATXWTS
| Q1 26 | — | 1.0% | ||
| Q4 25 | 5.0% | 22.4% | ||
| Q3 25 | 10.5% | 18.1% | ||
| Q2 25 | 2.3% | 9.2% | ||
| Q1 25 | -0.0% | 8.2% | ||
| Q4 24 | 5.5% | 23.6% | ||
| Q3 24 | 19.6% | 15.5% | ||
| Q2 24 | 28.1% | 13.1% |
资本支出强度MATXWTS
| Q1 26 | — | — | ||
| Q4 25 | 15.8% | 2.3% | ||
| Q3 25 | 9.5% | 1.9% | ||
| Q2 25 | 10.4% | 1.6% | ||
| Q1 25 | 11.4% | 1.7% | ||
| Q4 24 | 14.1% | 2.2% | ||
| Q3 24 | 6.2% | 1.2% | ||
| Q2 24 | 8.2% | 1.1% |
现金转化率MATXWTS
| Q1 26 | — | 0.18× | ||
| Q4 25 | 1.24× | 1.85× | ||
| Q3 25 | 1.30× | 1.49× | ||
| Q2 25 | 1.12× | 0.69× | ||
| Q1 25 | 1.23× | 0.75× | ||
| Q4 24 | 1.36× | 2.07× | ||
| Q3 24 | 1.25× | 1.31× | ||
| Q2 24 | 2.72× | 1.04× |
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% |
WTS
| segment net | $517.8M | 76% |
| Other | $159.5M | 24% |
