vs
美世（MERC）与Reddit, Inc.（RDDT）财务数据对比。点击上方公司名可切换其他公司
Reddit, Inc.的季度营收约是美世的1.6倍（$725.6M vs $449.5M），Reddit, Inc.净利率更高（34.7% vs -68.7%，领先103.4%），Reddit, Inc.同比增速更快（69.7% vs -8.0%），Reddit, Inc.自由现金流更多（$263.6M vs $32.0M），过去两年Reddit, Inc.的营收复合增速更高（72.8% vs -9.9%）
美世是1945年成立的美国咨询公司，为全球专业服务集团威达信的四大运营子公司之一，总部位于纽约，在43个国家设有办事处，业务覆盖130个国家，主要为客户提供人力资源与金融咨询服务。
Reddit是美国知名的社交新闻聚合与论坛类社交媒体平台，注册用户可发布链接、文字帖、图片、视频等各类内容，其他用户可对内容进行点赞或点踩，内容按主题归类到用户创建的子板块中，获赞更高的内容会排在板块前列，热度足够的内容还将展示在全站首页。
MERC vs RDDT — 直观对比
营收规模更大
RDDT
是对方的1.6倍
$449.5M
营收增速更快
RDDT
高出77.6%
-8.0%
净利率更高
RDDT
高出103.4%
-68.7%
自由现金流更多
RDDT
多$231.6M
$32.0M
两年增速更快
RDDT
近两年复合增速
-9.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $449.5M | $725.6M |
| 净利润 | $-308.7M | $251.6M |
| 毛利率 | — | 91.9% |
| 营业利润率 | -62.0% | 31.9% |
| 净利率 | -68.7% | 34.7% |
| 营收同比 | -8.0% | 69.7% |
| 净利润同比 | -1947.7% | 254.2% |
| 每股收益（稀释后） | $-4.61 | $1.24 |
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MERCRDDT
| Q4 25 | $449.5M | $725.6M | ||
| Q3 25 | $458.1M | $584.9M | ||
| Q2 25 | $453.5M | $499.6M | ||
| Q1 25 | $507.0M | $392.4M | ||
| Q4 24 | $488.4M | $427.7M | ||
| Q3 24 | $502.1M | $348.4M | ||
| Q2 24 | $499.4M | $281.2M | ||
| Q1 24 | $553.4M | $243.0M |
净利润MERCRDDT
| Q4 25 | $-308.7M | $251.6M | ||
| Q3 25 | $-80.8M | $162.7M | ||
| Q2 25 | $-86.1M | $89.3M | ||
| Q1 25 | $-22.3M | $26.2M | ||
| Q4 24 | $16.7M | $71.0M | ||
| Q3 24 | $-17.6M | $29.9M | ||
| Q2 24 | $-67.6M | $-10.1M | ||
| Q1 24 | $-16.7M | $-575.1M |
毛利率MERCRDDT
| Q4 25 | — | 91.9% | ||
| Q3 25 | — | 91.0% | ||
| Q2 25 | — | 90.8% | ||
| Q1 25 | — | 90.5% | ||
| Q4 24 | — | 92.6% | ||
| Q3 24 | — | 90.1% | ||
| Q2 24 | — | 89.5% | ||
| Q1 24 | — | 88.6% |
营业利润率MERCRDDT
| Q4 25 | -62.0% | 31.9% | ||
| Q3 25 | -14.8% | 23.7% | ||
| Q2 25 | -12.9% | 13.6% | ||
| Q1 25 | 1.3% | 1.0% | ||
| Q4 24 | 10.3% | 12.4% | ||
| Q3 24 | 1.8% | 2.0% | ||
| Q2 24 | -8.8% | -11.0% | ||
| Q1 24 | -0.1% | -242.5% |
净利率MERCRDDT
| Q4 25 | -68.7% | 34.7% | ||
| Q3 25 | -17.6% | 27.8% | ||
| Q2 25 | -19.0% | 17.9% | ||
| Q1 25 | -4.4% | 6.7% | ||
| Q4 24 | 3.4% | 16.6% | ||
| Q3 24 | -3.5% | 8.6% | ||
| Q2 24 | -13.5% | -3.6% | ||
| Q1 24 | -3.0% | -236.7% |
每股收益（稀释后）MERCRDDT
| Q4 25 | $-4.61 | $1.24 | ||
| Q3 25 | $-1.21 | $0.80 | ||
| Q2 25 | $-1.29 | $0.45 | ||
| Q1 25 | $-0.33 | $0.13 | ||
| Q4 24 | $0.25 | $4.76 | ||
| Q3 24 | $-0.26 | $0.16 | ||
| Q2 24 | $-1.01 | $-0.06 | ||
| Q1 24 | $-0.25 | $-8.19 |
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 | $186.8M | $953.6M |
| 总债务越低越好 | $1.6B | — |
| 股东权益账面价值 | $68.1M | $2.9B |
| 总资产 | $2.0B | $3.2B |
| 负债/权益比越低杠杆越低 | 23.58× | — |
8季度趋势，按日历期对齐
现金及短期投资MERCRDDT
| Q4 25 | $186.8M | $953.6M | ||
| Q3 25 | $98.1M | $911.7M | ||
| Q2 25 | $146.5M | $734.1M | ||
| Q1 25 | $181.5M | $635.7M | ||
| Q4 24 | $184.9M | $562.1M | ||
| Q3 24 | $239.0M | $515.9M | ||
| Q2 24 | $263.2M | $468.0M | ||
| Q1 24 | $274.3M | $968.5M |
总债务MERCRDDT
| Q4 25 | $1.6B | — | ||
| Q3 25 | $1.5B | — | ||
| Q2 25 | $1.5B | — | ||
| Q1 25 | $1.5B | — | ||
| Q4 24 | $1.5B | — | ||
| Q3 24 | $1.6B | — | ||
| Q2 24 | $1.6B | — | ||
| Q1 24 | $1.6B | — |
股东权益MERCRDDT
| Q4 25 | $68.1M | $2.9B | ||
| Q3 25 | $359.5M | $2.6B | ||
| Q2 25 | $446.5M | $2.4B | ||
| Q1 25 | $437.4M | $2.2B | ||
| Q4 24 | $429.8M | $2.1B | ||
| Q3 24 | $516.8M | $2.0B | ||
| Q2 24 | $487.7M | $1.9B | ||
| Q1 24 | $573.6M | $1.8B |
总资产MERCRDDT
| Q4 25 | $2.0B | $3.2B | ||
| Q3 25 | $2.3B | $2.9B | ||
| Q2 25 | $2.4B | $2.6B | ||
| Q1 25 | $2.3B | $2.4B | ||
| Q4 24 | $2.3B | $2.3B | ||
| Q3 24 | $2.5B | $2.2B | ||
| Q2 24 | $2.5B | $2.1B | ||
| Q1 24 | $2.6B | $2.0B |
负债/权益比MERCRDDT
| Q4 25 | 23.58× | — | ||
| Q3 25 | 4.30× | — | ||
| Q2 25 | 3.42× | — | ||
| Q1 25 | 3.44× | — | ||
| Q4 24 | 3.43× | — | ||
| Q3 24 | 3.09× | — | ||
| Q2 24 | 3.22× | — | ||
| Q1 24 | 2.82× | — |
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 | $46.2M | $266.8M |
| 自由现金流经营现金流 - 资本支出 | $32.0M | $263.6M |
| 自由现金流率自由现金流/营收 | 7.1% | 36.3% |
| 资本支出强度资本支出/营收 | 3.1% | 0.4% |
| 现金转化率经营现金流/净利润 | — | 1.06× |
| 过去12个月自由现金流最近4个季度 | $-80.0M | $684.2M |
8季度趋势，按日历期对齐
经营现金流MERCRDDT
| Q4 25 | $46.2M | $266.8M | ||
| Q3 25 | $-30.1M | $185.2M | ||
| Q2 25 | $-4.5M | $111.3M | ||
| Q1 25 | $-3.0M | $127.6M | ||
| Q4 24 | $71.2M | $90.0M | ||
| Q3 24 | $-13.9M | $71.6M | ||
| Q2 24 | $62.2M | $28.4M | ||
| Q1 24 | $-29.2M | $32.1M |
自由现金流MERCRDDT
| Q4 25 | $32.0M | $263.6M | ||
| Q3 25 | $-60.1M | $183.1M | ||
| Q2 25 | $-28.9M | $110.8M | ||
| Q1 25 | $-23.1M | $126.6M | ||
| Q4 24 | $50.4M | $89.2M | ||
| Q3 24 | $-41.2M | $70.3M | ||
| Q2 24 | $44.3M | $27.2M | ||
| Q1 24 | $-47.7M | $29.2M |
自由现金流率MERCRDDT
| Q4 25 | 7.1% | 36.3% | ||
| Q3 25 | -13.1% | 31.3% | ||
| Q2 25 | -6.4% | 22.2% | ||
| Q1 25 | -4.6% | 32.3% | ||
| Q4 24 | 10.3% | 20.8% | ||
| Q3 24 | -8.2% | 20.2% | ||
| Q2 24 | 8.9% | 9.7% | ||
| Q1 24 | -8.6% | 12.0% |
资本支出强度MERCRDDT
| Q4 25 | 3.1% | 0.4% | ||
| Q3 25 | 6.6% | 0.4% | ||
| Q2 25 | 5.4% | 0.1% | ||
| Q1 25 | 4.0% | 0.2% | ||
| Q4 24 | 4.2% | 0.2% | ||
| Q3 24 | 5.4% | 0.4% | ||
| Q2 24 | 3.6% | 0.4% | ||
| Q1 24 | 3.3% | 1.2% |
现金转化率MERCRDDT
| Q4 25 | — | 1.06× | ||
| Q3 25 | — | 1.14× | ||
| Q2 25 | — | 1.25× | ||
| Q1 25 | — | 4.88× | ||
| Q4 24 | 4.26× | 1.27× | ||
| Q3 24 | — | 2.40× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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
MERC
| Other | $215.3M | 48% |
| Solid Wood | $110.2M | 25% |
| Lumber | $54.9M | 12% |
| Pallets | $23.7M | 5% |
| Energyandchemicals | $18.7M | 4% |
| Manufactured Products | $14.1M | 3% |
| Biofuels | $10.0M | 2% |
| Wood Residuals | $2.6M | 1% |
RDDT
| Advertising | $689.7M | 95% |
| Other Revenue | $35.9M | 5% |
