vs
美世（MERC）与ROYAL GOLD INC（RGLD）财务数据对比。点击上方公司名可切换其他公司
美世的季度营收约是ROYAL GOLD INC的1.2倍（$449.5M vs $375.3M），ROYAL GOLD INC净利率更高（24.9% vs -68.7%，领先93.6%），ROYAL GOLD INC同比增速更快（85.3% vs -8.0%），过去两年ROYAL GOLD INC的营收复合增速更高（58.8% 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。
Royal Gold Inc.是全球领先的贵金属流权与特许权经营企业，收购并管理多元化的矿业项目流权、净熔炼收益特许权及相关权益，资产覆盖黄金、白银、铜等品类，业务遍及多地区，无需直接承担采矿运营风险。
MERC vs RGLD — 直观对比
营收规模更大
MERC
是对方的1.2倍
$375.3M
营收增速更快
RGLD
高出93.3%
-8.0%
净利率更高
RGLD
高出93.6%
-68.7%
两年增速更快
RGLD
近两年复合增速
-9.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $449.5M | $375.3M |
| 净利润 | $-308.7M | $93.6M |
| 毛利率 | — | 64.6% |
| 营业利润率 | -62.0% | 56.2% |
| 净利率 | -68.7% | 24.9% |
| 营收同比 | -8.0% | 85.3% |
| 净利润同比 | -1947.7% | -12.8% |
| 每股收益（稀释后） | $-4.61 | $1.04 |
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MERCRGLD
| Q4 25 | $449.5M | $375.3M | ||
| Q3 25 | $458.1M | $252.1M | ||
| Q2 25 | $453.5M | $209.6M | ||
| Q1 25 | $507.0M | $193.4M | ||
| Q4 24 | $488.4M | $202.6M | ||
| Q3 24 | $502.1M | $193.8M | ||
| Q2 24 | $499.4M | $174.1M | ||
| Q1 24 | $553.4M | $148.9M |
净利润MERCRGLD
| Q4 25 | $-308.7M | $93.6M | ||
| Q3 25 | $-80.8M | $126.8M | ||
| Q2 25 | $-86.1M | $132.3M | ||
| Q1 25 | $-22.3M | $113.5M | ||
| Q4 24 | $16.7M | $107.4M | ||
| Q3 24 | $-17.6M | $96.2M | ||
| Q2 24 | $-67.6M | $81.2M | ||
| Q1 24 | $-16.7M | $47.2M |
毛利率MERCRGLD
| Q4 25 | — | 64.6% | ||
| Q3 25 | — | 73.6% | ||
| Q2 25 | — | 72.6% | ||
| Q1 25 | — | 69.4% | ||
| Q4 24 | — | 70.3% | ||
| Q3 24 | — | 66.6% | ||
| Q2 24 | — | 64.7% | ||
| Q1 24 | — | 58.4% |
营业利润率MERCRGLD
| Q4 25 | -62.0% | 56.2% | ||
| Q3 25 | -14.8% | 64.4% | ||
| Q2 25 | -12.9% | 67.7% | ||
| Q1 25 | 1.3% | 63.6% | ||
| Q4 24 | 10.3% | 65.9% | ||
| Q3 24 | 1.8% | 61.3% | ||
| Q2 24 | -8.8% | 58.6% | ||
| Q1 24 | -0.1% | 50.7% |
净利率MERCRGLD
| Q4 25 | -68.7% | 24.9% | ||
| Q3 25 | -17.6% | 50.3% | ||
| Q2 25 | -19.0% | 63.1% | ||
| Q1 25 | -4.4% | 58.7% | ||
| Q4 24 | 3.4% | 53.0% | ||
| Q3 24 | -3.5% | 49.7% | ||
| Q2 24 | -13.5% | 46.6% | ||
| Q1 24 | -3.0% | 31.7% |
每股收益（稀释后）MERCRGLD
| Q4 25 | $-4.61 | $1.04 | ||
| Q3 25 | $-1.21 | $1.92 | ||
| Q2 25 | $-1.29 | $2.01 | ||
| Q1 25 | $-0.33 | $1.72 | ||
| Q4 24 | $0.25 | $1.63 | ||
| Q3 24 | $-0.26 | $1.46 | ||
| Q2 24 | $-1.01 | $1.23 | ||
| Q1 24 | $-0.25 | $0.72 |
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 | $233.7M |
| 总债务越低越好 | $1.6B | — |
| 股东权益账面价值 | $68.1M | $7.2B |
| 总资产 | $2.0B | $9.5B |
| 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MERCRGLD
| Q4 25 | $186.8M | $233.7M | ||
| Q3 25 | $98.1M | $172.8M | ||
| Q2 25 | $146.5M | $248.2M | ||
| Q1 25 | $181.5M | $240.8M | ||
| Q4 24 | $184.9M | $195.5M | ||
| Q3 24 | $239.0M | $127.9M | ||
| Q2 24 | $263.2M | $74.2M | ||
| Q1 24 | $274.3M | $137.9M |
总债务MERCRGLD
| Q4 25 | $1.6B | — | ||
| Q3 25 | $1.5B | — | ||
| Q2 25 | $1.5B | — | ||
| Q1 25 | $1.5B | — | ||
| Q4 24 | $1.5B | — | ||
| Q3 24 | $1.6B | $0 | ||
| Q2 24 | $1.6B | $50.0M | ||
| Q1 24 | $1.6B | — |
股东权益MERCRGLD
| Q4 25 | $68.1M | $7.2B | ||
| Q3 25 | $359.5M | $3.4B | ||
| Q2 25 | $446.5M | $3.3B | ||
| Q1 25 | $437.4M | $3.2B | ||
| Q4 24 | $429.8M | $3.1B | ||
| Q3 24 | $516.8M | $3.0B | ||
| Q2 24 | $487.7M | $3.0B | ||
| Q1 24 | $573.6M | $2.9B |
总资产MERCRGLD
| Q4 25 | $2.0B | $9.5B | ||
| Q3 25 | $2.3B | $4.5B | ||
| Q2 25 | $2.4B | $3.6B | ||
| Q1 25 | $2.3B | $3.5B | ||
| Q4 24 | $2.3B | $3.4B | ||
| Q3 24 | $2.5B | $3.3B | ||
| Q2 24 | $2.5B | $3.3B | ||
| Q1 24 | $2.6B | $3.3B |
负债/权益比MERCRGLD
| Q4 25 | 23.58× | — | ||
| Q3 25 | 4.30× | — | ||
| Q2 25 | 3.42× | — | ||
| Q1 25 | 3.44× | — | ||
| Q4 24 | 3.43× | — | ||
| Q3 24 | 3.09× | 0.00× | ||
| Q2 24 | 3.22× | 0.02× | ||
| 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 | $241.7M |
| 自由现金流经营现金流 - 资本支出 | $32.0M | — |
| 自由现金流率自由现金流/营收 | 7.1% | — |
| 资本支出强度资本支出/营收 | 3.1% | — |
| 现金转化率经营现金流/净利润 | — | 2.58× |
| 过去12个月自由现金流最近4个季度 | $-80.0M | — |
8季度趋势，按日历期对齐
经营现金流MERCRGLD
| Q4 25 | $46.2M | $241.7M | ||
| Q3 25 | $-30.1M | $174.0M | ||
| Q2 25 | $-4.5M | $152.8M | ||
| Q1 25 | $-3.0M | $136.4M | ||
| Q4 24 | $71.2M | $141.1M | ||
| Q3 24 | $-13.9M | $136.7M | ||
| Q2 24 | $62.2M | $113.5M | ||
| Q1 24 | $-29.2M | $138.3M |
自由现金流MERCRGLD
| Q4 25 | $32.0M | — | ||
| Q3 25 | $-60.1M | — | ||
| Q2 25 | $-28.9M | — | ||
| Q1 25 | $-23.1M | — | ||
| Q4 24 | $50.4M | — | ||
| Q3 24 | $-41.2M | — | ||
| Q2 24 | $44.3M | — | ||
| Q1 24 | $-47.7M | — |
自由现金流率MERCRGLD
| Q4 25 | 7.1% | — | ||
| Q3 25 | -13.1% | — | ||
| Q2 25 | -6.4% | — | ||
| Q1 25 | -4.6% | — | ||
| Q4 24 | 10.3% | — | ||
| Q3 24 | -8.2% | — | ||
| Q2 24 | 8.9% | — | ||
| Q1 24 | -8.6% | — |
资本支出强度MERCRGLD
| Q4 25 | 3.1% | — | ||
| Q3 25 | 6.6% | — | ||
| Q2 25 | 5.4% | — | ||
| Q1 25 | 4.0% | — | ||
| Q4 24 | 4.2% | — | ||
| Q3 24 | 5.4% | — | ||
| Q2 24 | 3.6% | — | ||
| Q1 24 | 3.3% | — |
现金转化率MERCRGLD
| Q4 25 | — | 2.58× | ||
| Q3 25 | — | 1.37× | ||
| Q2 25 | — | 1.15× | ||
| Q1 25 | — | 1.20× | ||
| Q4 24 | 4.26× | 1.31× | ||
| Q3 24 | — | 1.42× | ||
| Q2 24 | — | 1.40× | ||
| Q1 24 | — | 2.93× |
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% |
RGLD
| Gold | $216.9M | 58% |
| Pueblo Viejo | $47.3M | 13% |
| Andacollo | $32.6M | 9% |
| Silver | $32.1M | 9% |
| Other | $27.2M | 7% |
| Copper | $13.7M | 4% |
| Cortez Legacy Zone | $5.4M | 1% |
