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玛斯特锁（MBC）与天宝（TRMB）财务数据对比。点击上方公司名可切换其他公司
天宝的季度营收约是玛斯特锁的1.5倍（$969.8M vs $644.6M），天宝净利率更高（16.1% vs -6.5%，领先22.7%），玛斯特锁同比增速更快（-3.5% vs -73.7%），天宝自由现金流更多（$360.9M vs $52.5M），过去两年天宝的营收复合增速更高（0.9% 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。
天宝（Trimble Inc.）是1978年成立的美国科技企业，总部位于科罗拉多州威斯敏斯特，于纳斯达克上市，为标普500成分股。公司面向建筑工程、地理空间测绘、交通物流等多个行业，提供软硬件产品及相关技术服务。
MBC vs TRMB — 直观对比
营收规模更大
TRMB
是对方的1.5倍
$644.6M
营收增速更快
MBC
高出70.2%
-73.7%
净利率更高
TRMB
高出22.7%
-6.5%
自由现金流更多
TRMB
多$308.4M
$52.5M
两年增速更快
TRMB
近两年复合增速
0.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $644.6M | $969.8M |
| 净利润 | $-42.0M | $156.6M |
| 毛利率 | 26.0% | 72.0% |
| 营业利润率 | -4.2% | 22.3% |
| 净利率 | -6.5% | 16.1% |
| 营收同比 | -3.5% | -73.7% |
| 净利润同比 | -400.0% | 73.6% |
| 每股收益（稀释后） | $-0.32 | $0.65 |
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MBCTRMB
| Q4 25 | $644.6M | $901.2M | ||
| Q3 25 | $698.9M | $875.7M | ||
| Q2 25 | $730.9M | $840.6M | ||
| Q1 25 | $660.3M | $983.4M | ||
| Q4 24 | $667.7M | — | ||
| Q3 24 | $718.1M | $875.8M | ||
| Q2 24 | $676.5M | $870.8M | ||
| Q1 24 | $638.1M | $953.3M |
净利润MBCTRMB
| Q4 25 | $-42.0M | $111.5M | ||
| Q3 25 | $18.1M | $89.2M | ||
| Q2 25 | $37.3M | $66.7M | ||
| Q1 25 | $13.3M | $90.2M | ||
| Q4 24 | $14.0M | — | ||
| Q3 24 | $29.1M | $40.6M | ||
| Q2 24 | $45.3M | $1.3B | ||
| Q1 24 | $37.5M | $57.2M |
毛利率MBCTRMB
| Q4 25 | 26.0% | 68.9% | ||
| Q3 25 | 31.2% | 68.3% | ||
| Q2 25 | 32.8% | 66.7% | ||
| Q1 25 | 30.6% | 69.3% | ||
| Q4 24 | 30.4% | — | ||
| Q3 24 | 33.1% | 65.7% | ||
| Q2 24 | 34.1% | 62.7% | ||
| Q1 24 | 32.1% | 62.3% |
营业利润率MBCTRMB
| Q4 25 | -4.2% | 16.7% | ||
| Q3 25 | 6.0% | 14.6% | ||
| Q2 25 | 9.2% | 11.6% | ||
| Q1 25 | 5.6% | 17.6% | ||
| Q4 24 | 5.6% | — | ||
| Q3 24 | 8.0% | 13.3% | ||
| Q2 24 | 11.5% | 7.1% | ||
| Q1 24 | 9.8% | 11.5% |
净利率MBCTRMB
| Q4 25 | -6.5% | 12.4% | ||
| Q3 25 | 2.6% | 10.2% | ||
| Q2 25 | 5.1% | 7.9% | ||
| Q1 25 | 2.0% | 9.2% | ||
| Q4 24 | 2.1% | — | ||
| Q3 24 | 4.1% | 4.6% | ||
| Q2 24 | 6.7% | 151.2% | ||
| Q1 24 | 5.9% | 6.0% |
每股收益（稀释后）MBCTRMB
| Q4 25 | $-0.32 | $0.46 | ||
| Q3 25 | $0.14 | $0.37 | ||
| Q2 25 | $0.29 | $0.27 | ||
| Q1 25 | $0.10 | $0.36 | ||
| Q4 24 | $0.10 | — | ||
| Q3 24 | $0.22 | $0.16 | ||
| Q2 24 | $0.35 | $5.34 | ||
| Q1 24 | $0.29 | $0.23 |
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 | $253.4M |
| 总债务越低越好 | — | $1.4B |
| 股东权益账面价值 | $1.3B | $5.8B |
| 总资产 | $3.1B | $9.3B |
| 负债/权益比越低杠杆越低 | — | 0.24× |
8季度趋势，按日历期对齐
现金及短期投资MBCTRMB
| Q4 25 | $183.3M | $232.7M | ||
| Q3 25 | $114.8M | $265.9M | ||
| Q2 25 | $120.1M | $290.0M | ||
| Q1 25 | $113.5M | $738.8M | ||
| Q4 24 | $120.6M | — | ||
| Q3 24 | $108.4M | $1.0B | ||
| Q2 24 | $189.4M | $944.1M | ||
| Q1 24 | $153.7M | $255.1M |
总债务MBCTRMB
| Q4 25 | — | $1.4B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $1.4B | ||
| Q4 24 | $1.0B | — | ||
| Q3 24 | $1.1B | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益MBCTRMB
| Q4 25 | $1.3B | $5.8B | ||
| Q3 25 | $1.4B | $5.7B | ||
| Q2 25 | $1.4B | $5.4B | ||
| Q1 25 | $1.3B | $5.7B | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.3B | $5.9B | ||
| Q2 24 | $1.3B | $5.6B | ||
| Q1 24 | $1.2B | $4.3B |
总资产MBCTRMB
| Q4 25 | $3.1B | $9.0B | ||
| Q3 25 | $3.0B | $9.1B | ||
| Q2 25 | $3.0B | $8.9B | ||
| Q1 25 | $3.0B | $9.5B | ||
| Q4 24 | $2.9B | — | ||
| Q3 24 | $3.0B | $9.9B | ||
| Q2 24 | $2.4B | $9.6B | ||
| Q1 24 | $2.4B | $9.3B |
负债/权益比MBCTRMB
| Q4 25 | — | 0.24× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.24× | ||
| 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 | $386.2M |
| 自由现金流经营现金流 - 资本支出 | $52.5M | $360.9M |
| 自由现金流率自由现金流/营收 | 8.1% | 37.2% |
| 资本支出强度资本支出/营收 | 5.3% | 2.6% |
| 现金转化率经营现金流/净利润 | — | 2.47× |
| 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MBCTRMB
| Q4 25 | $86.9M | — | ||
| Q3 25 | $55.4M | $123.8M | ||
| Q2 25 | $84.8M | $155.6M | ||
| Q1 25 | $-31.4M | $115.1M | ||
| Q4 24 | $115.1M | — | ||
| Q3 24 | $80.8M | $94.9M | ||
| Q2 24 | $77.4M | $87.6M | ||
| Q1 24 | $18.7M | $233.8M |
自由现金流MBCTRMB
| Q4 25 | $52.5M | — | ||
| Q3 25 | $39.5M | $116.6M | ||
| Q2 25 | $66.7M | $149.0M | ||
| Q1 25 | $-41.2M | $109.0M | ||
| Q4 24 | $68.8M | — | ||
| Q3 24 | $64.5M | $88.5M | ||
| Q2 24 | $66.1M | $73.3M | ||
| Q1 24 | $11.7M | $227.0M |
自由现金流率MBCTRMB
| Q4 25 | 8.1% | — | ||
| Q3 25 | 5.7% | 13.3% | ||
| Q2 25 | 9.1% | 17.7% | ||
| Q1 25 | -6.2% | 11.1% | ||
| Q4 24 | 10.3% | — | ||
| Q3 24 | 9.0% | 10.1% | ||
| Q2 24 | 9.8% | 8.4% | ||
| Q1 24 | 1.8% | 23.8% |
资本支出强度MBCTRMB
| Q4 25 | 5.3% | — | ||
| Q3 25 | 2.3% | 0.8% | ||
| Q2 25 | 2.5% | 0.8% | ||
| Q1 25 | 1.5% | 0.6% | ||
| Q4 24 | 6.9% | — | ||
| Q3 24 | 2.3% | 0.7% | ||
| Q2 24 | 1.7% | 1.6% | ||
| Q1 24 | 1.1% | 0.7% |
现金转化率MBCTRMB
| Q4 25 | — | — | ||
| Q3 25 | 3.06× | 1.39× | ||
| Q2 25 | 2.27× | 2.33× | ||
| Q1 25 | -2.36× | 1.28× | ||
| Q4 24 | 8.22× | — | ||
| Q3 24 | 2.78× | 2.34× | ||
| Q2 24 | 1.71× | 0.07× | ||
| Q1 24 | 0.50× | 4.09× |
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% |
TRMB
| Subscription and services | $701.5M | 72% |
| Product | $268.3M | 28% |
