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玛斯特锁（MBC）与UiPath, Inc.（PATH）财务数据对比。点击上方公司名可切换其他公司
玛斯特锁的季度营收约是UiPath, Inc.的1.6倍（$644.6M vs $411.1M），UiPath, Inc.净利率更高（48.4% vs -6.5%，领先54.9%），UiPath, Inc.同比增速更快（15.9% vs -3.5%），玛斯特锁自由现金流更多（$52.5M vs $25.1M），过去两年UiPath, Inc.的营收复合增速更高（0.7% vs 0.5%）
玛斯特锁是美国知名安防产品供应商，1921年由锁匠发明家哈里·索雷夫创立，总部位于威斯康星州奥克里克，主营挂锁、密码锁、保险箱及相关安防产品，现为富俊创新集团旗下子公司，在全球安防锁具领域拥有较高的市场认可度。
UiPath是一家全球化软件企业，专注于开发人工智能、智能自动化及流程编排类软件，其产品支持用户搭建与调度AI代理，实现复杂业务流程、工作流的自动化运行，助力各行业客户提升运营效率、降低人力成本。
MBC vs PATH — 直观对比
营收规模更大
MBC
是对方的1.6倍
$411.1M
营收增速更快
PATH
高出19.4%
-3.5%
净利率更高
PATH
高出54.9%
-6.5%
自由现金流更多
MBC
多$27.4M
$25.1M
两年增速更快
PATH
近两年复合增速
0.5%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $644.6M | $411.1M |
| 净利润 | $-42.0M | $198.8M |
| 毛利率 | 26.0% | 83.3% |
| 营业利润率 | -4.2% | 3.2% |
| 净利率 | -6.5% | 48.4% |
| 营收同比 | -3.5% | 15.9% |
| 净利润同比 | -400.0% | 1966.2% |
| 每股收益（稀释后） | $-0.32 | $0.37 |
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MBCPATH
| Q4 25 | $644.6M | $411.1M | ||
| Q3 25 | $698.9M | $361.7M | ||
| Q2 25 | $730.9M | $356.6M | ||
| Q1 25 | $660.3M | $423.6M | ||
| Q4 24 | $667.7M | $354.7M | ||
| Q3 24 | $718.1M | $316.3M | ||
| Q2 24 | $676.5M | $335.1M | ||
| Q1 24 | $638.1M | $405.3M |
净利润MBCPATH
| Q4 25 | $-42.0M | $198.8M | ||
| Q3 25 | $18.1M | $1.6M | ||
| Q2 25 | $37.3M | $-22.6M | ||
| Q1 25 | $13.3M | $51.8M | ||
| Q4 24 | $14.0M | $-10.7M | ||
| Q3 24 | $29.1M | $-86.1M | ||
| Q2 24 | $45.3M | $-28.7M | ||
| Q1 24 | $37.5M | $33.9M |
毛利率MBCPATH
| Q4 25 | 26.0% | 83.3% | ||
| Q3 25 | 31.2% | 82.2% | ||
| Q2 25 | 32.8% | 82.1% | ||
| Q1 25 | 30.6% | 84.8% | ||
| Q4 24 | 30.4% | 82.0% | ||
| Q3 24 | 33.1% | 80.0% | ||
| Q2 24 | 34.1% | 83.5% | ||
| Q1 24 | 32.1% | 86.8% |
营业利润率MBCPATH
| Q4 25 | -4.2% | 3.2% | ||
| Q3 25 | 6.0% | -5.6% | ||
| Q2 25 | 9.2% | -4.6% | ||
| Q1 25 | 5.6% | 7.9% | ||
| Q4 24 | 5.6% | -12.2% | ||
| Q3 24 | 8.0% | -32.7% | ||
| Q2 24 | 11.5% | -14.8% | ||
| Q1 24 | 9.8% | 3.7% |
净利率MBCPATH
| Q4 25 | -6.5% | 48.4% | ||
| Q3 25 | 2.6% | 0.4% | ||
| Q2 25 | 5.1% | -6.3% | ||
| Q1 25 | 2.0% | 12.2% | ||
| Q4 24 | 2.1% | -3.0% | ||
| Q3 24 | 4.1% | -27.2% | ||
| Q2 24 | 6.7% | -8.6% | ||
| Q1 24 | 5.9% | 8.4% |
每股收益（稀释后）MBCPATH
| Q4 25 | $-0.32 | $0.37 | ||
| Q3 25 | $0.14 | $0.00 | ||
| Q2 25 | $0.29 | $-0.04 | ||
| Q1 25 | $0.10 | $0.09 | ||
| Q4 24 | $0.10 | $-0.02 | ||
| Q3 24 | $0.22 | $-0.15 | ||
| Q2 24 | $0.35 | $-0.05 | ||
| Q1 24 | $0.29 | $0.07 |
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 | $183.3M | $1.4B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.3B | $1.9B |
| 总资产 | $3.1B | $2.9B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资MBCPATH
| Q4 25 | $183.3M | $1.4B | ||
| Q3 25 | $114.8M | $1.4B | ||
| Q2 25 | $120.1M | $1.6B | ||
| Q1 25 | $113.5M | $1.6B | ||
| Q4 24 | $120.6M | $1.6B | ||
| Q3 24 | $108.4M | $1.7B | ||
| Q2 24 | $189.4M | $1.9B | ||
| Q1 24 | $153.7M | $1.9B |
总债务MBCPATH
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.0B | — | ||
| Q3 24 | $1.1B | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益MBCPATH
| Q4 25 | $1.3B | $1.9B | ||
| Q3 25 | $1.4B | $1.7B | ||
| Q2 25 | $1.4B | $1.7B | ||
| Q1 25 | $1.3B | $1.8B | ||
| Q4 24 | $1.3B | $1.7B | ||
| Q3 24 | $1.3B | $1.8B | ||
| Q2 24 | $1.3B | $2.0B | ||
| Q1 24 | $1.2B | $2.0B |
总资产MBCPATH
| Q4 25 | $3.1B | $2.9B | ||
| Q3 25 | $3.0B | $2.6B | ||
| Q2 25 | $3.0B | $2.6B | ||
| Q1 25 | $3.0B | $2.9B | ||
| Q4 24 | $2.9B | $2.7B | ||
| Q3 24 | $3.0B | $2.7B | ||
| Q2 24 | $2.4B | $2.8B | ||
| Q1 24 | $2.4B | $3.0B |
负债/权益比MBCPATH
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.79× | — | ||
| Q3 24 | 0.83× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $86.9M | $28.3M |
| 自由现金流经营现金流 - 资本支出 | $52.5M | $25.1M |
| 自由现金流率自由现金流/营收 | 8.1% | 6.1% |
| 资本支出强度资本支出/营收 | 5.3% | 0.8% |
| 现金转化率经营现金流/净利润 | — | 0.14× |
| 过去12个月自由现金流最近4个季度 | $117.5M | — |
8季度趋势，按日历期对齐
经营现金流MBCPATH
| Q4 25 | $86.9M | $28.3M | ||
| Q3 25 | $55.4M | $41.6M | ||
| Q2 25 | $84.8M | $119.0M | ||
| Q1 25 | $-31.4M | $146.1M | ||
| Q4 24 | $115.1M | $28.1M | ||
| Q3 24 | $80.8M | $46.4M | ||
| Q2 24 | $77.4M | $100.0M | ||
| Q1 24 | $18.7M | $145.6M |
自由现金流MBCPATH
| Q4 25 | $52.5M | $25.1M | ||
| Q3 25 | $39.5M | — | ||
| Q2 25 | $66.7M | $106.2M | ||
| Q1 25 | $-41.2M | $138.7M | ||
| Q4 24 | $68.8M | $23.2M | ||
| Q3 24 | $64.5M | $45.0M | ||
| Q2 24 | $66.1M | $98.8M | ||
| Q1 24 | $11.7M | $141.8M |
自由现金流率MBCPATH
| Q4 25 | 8.1% | 6.1% | ||
| Q3 25 | 5.7% | — | ||
| Q2 25 | 9.1% | 29.8% | ||
| Q1 25 | -6.2% | 32.7% | ||
| Q4 24 | 10.3% | 6.5% | ||
| Q3 24 | 9.0% | 14.2% | ||
| Q2 24 | 9.8% | 29.5% | ||
| Q1 24 | 1.8% | 35.0% |
资本支出强度MBCPATH
| Q4 25 | 5.3% | 0.8% | ||
| Q3 25 | 2.3% | 0.0% | ||
| Q2 25 | 2.5% | 3.6% | ||
| Q1 25 | 1.5% | 1.7% | ||
| Q4 24 | 6.9% | 1.4% | ||
| Q3 24 | 2.3% | 0.4% | ||
| Q2 24 | 1.7% | 0.4% | ||
| Q1 24 | 1.1% | 0.9% |
现金转化率MBCPATH
| Q4 25 | — | 0.14× | ||
| Q3 25 | 3.06× | 26.25× | ||
| Q2 25 | 2.27× | — | ||
| Q1 25 | -2.36× | 2.82× | ||
| Q4 24 | 8.22× | — | ||
| Q3 24 | 2.78× | — | ||
| Q2 24 | 1.71× | — | ||
| Q1 24 | 0.50× | 4.29× |
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
MBC
| Dealers | $345.7M | 54% |
| Retail | $220.0M | 34% |
| Builders | $78.9M | 12% |
PATH
| Subscription Services | $247.6M | 60% |
| License | $150.0M | 36% |
| Professional Services And Other | $13.5M | 3% |
