vs
美世（MERC）与RAYONIER ADVANCED MATERIALS INC.（RYAM）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RAYONIER ADVANCED MATERIALS INC.的1.1倍（$449.5M vs $417.5M）。RAYONIER ADVANCED MATERIALS INC.净利率更高（-5.0% vs -68.7%，领先63.6%）。RAYONIER ADVANCED MATERIALS INC.同比增速更快（-1.2% vs -8.0%）。过去两年RAYONIER ADVANCED MATERIALS INC.的营收复合增速更高（3.8% 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。
RYAM（原雷尼尔先进材料公司）是一家美国全球性纤维素技术企业，主打高纯度特种纤维素产品，所生产的天然聚合物广泛应用于过滤器生产、食品加工、医药制造及各类工业领域，同时也为造纸和包装行业供应相关产品，在纤维素技术领域拥有较高的行业认可度。
MERC vs RYAM — 直观对比
营收规模更大
MERC
是对方的1.1倍
$417.5M
营收增速更快
RYAM
高出6.8%
-8.0%
净利率更高
RYAM
高出63.6%
-68.7%
两年增速更快
RYAM
近两年复合增速
-9.9%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $449.5M | $417.5M |
| 净利润 | $-308.7M | $-21.1M |
| 毛利率 | — | 8.9% |
| 营业利润率 | -62.0% | 2.6% |
| 净利率 | -68.7% | -5.0% |
| 营收同比 | -8.0% | -1.2% |
| 净利润同比 | -1947.7% | -31.9% |
| 每股收益（稀释后） | $-4.61 | $-0.33 |
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MERCRYAM
| Q4 25 | $449.5M | $417.5M | ||
| Q3 25 | $458.1M | $352.8M | ||
| Q2 25 | $453.5M | $340.0M | ||
| Q1 25 | $507.0M | $356.0M | ||
| Q4 24 | $488.4M | $422.5M | ||
| Q3 24 | $502.1M | $401.1M | ||
| Q2 24 | $499.4M | $419.0M | ||
| Q1 24 | $553.4M | $387.7M |
净利润MERCRYAM
| Q4 25 | $-308.7M | $-21.1M | ||
| Q3 25 | $-80.8M | $-4.5M | ||
| Q2 25 | $-86.1M | $-363.2M | ||
| Q1 25 | $-22.3M | $-32.0M | ||
| Q4 24 | $16.7M | $-16.0M | ||
| Q3 24 | $-17.6M | $-32.6M | ||
| Q2 24 | $-67.6M | $11.4M | ||
| Q1 24 | $-16.7M | $-1.6M |
毛利率MERCRYAM
| Q4 25 | — | 8.9% | ||
| Q3 25 | — | 9.7% | ||
| Q2 25 | — | 7.0% | ||
| Q1 25 | — | 6.8% | ||
| Q4 24 | — | 8.7% | ||
| Q3 24 | — | 10.9% | ||
| Q2 24 | — | 11.5% | ||
| Q1 24 | — | 9.5% |
营业利润率MERCRYAM
| Q4 25 | -62.0% | 2.6% | ||
| Q3 25 | -14.8% | 2.8% | ||
| Q2 25 | -12.9% | -0.4% | ||
| Q1 25 | 1.3% | -4.2% | ||
| Q4 24 | 10.3% | 2.6% | ||
| Q3 24 | 1.8% | -4.2% | ||
| Q2 24 | -8.8% | 6.7% | ||
| Q1 24 | -0.1% | 4.4% |
净利率MERCRYAM
| Q4 25 | -68.7% | -5.0% | ||
| Q3 25 | -17.6% | -1.3% | ||
| Q2 25 | -19.0% | -106.8% | ||
| Q1 25 | -4.4% | -9.0% | ||
| Q4 24 | 3.4% | -3.8% | ||
| Q3 24 | -3.5% | -8.1% | ||
| Q2 24 | -13.5% | 2.7% | ||
| Q1 24 | -3.0% | -0.4% |
每股收益（稀释后）MERCRYAM
| Q4 25 | $-4.61 | $-0.33 | ||
| Q3 25 | $-1.21 | $-0.07 | ||
| Q2 25 | $-1.29 | $-5.44 | ||
| Q1 25 | $-0.33 | $-0.49 | ||
| Q4 24 | $0.25 | $-0.25 | ||
| Q3 24 | $-0.26 | $-0.49 | ||
| Q2 24 | $-1.01 | $0.17 | ||
| Q1 24 | $-0.25 | $-0.02 |
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 | $75.4M |
| 总债务越低越好 | $1.6B | $758.1M |
| 股东权益账面价值 | $68.1M | $316.6M |
| 总资产 | $2.0B | $1.8B |
| 负债/权益比越低杠杆越低 | 23.58× | 2.39× |
8季度趋势，按日历期对齐
现金及短期投资MERCRYAM
| Q4 25 | $186.8M | $75.4M | ||
| Q3 25 | $98.1M | $77.0M | ||
| Q2 25 | $146.5M | $70.7M | ||
| Q1 25 | $181.5M | $129.9M | ||
| Q4 24 | $184.9M | $125.2M | ||
| Q3 24 | $239.0M | $136.1M | ||
| Q2 24 | $263.2M | $114.1M | ||
| Q1 24 | $274.3M | $54.6M |
总债务MERCRYAM
| Q4 25 | $1.6B | $758.1M | ||
| Q3 25 | $1.5B | $763.5M | ||
| Q2 25 | $1.5B | $720.4M | ||
| Q1 25 | $1.5B | $707.0M | ||
| Q4 24 | $1.5B | $706.4M | ||
| Q3 24 | $1.6B | $747.7M | ||
| Q2 24 | $1.6B | $752.8M | ||
| Q1 24 | $1.6B | $755.6M |
股东权益MERCRYAM
| Q4 25 | $68.1M | $316.6M | ||
| Q3 25 | $359.5M | $338.2M | ||
| Q2 25 | $446.5M | $342.3M | ||
| Q1 25 | $437.4M | $688.1M | ||
| Q4 24 | $429.8M | $713.9M | ||
| Q3 24 | $516.8M | $732.7M | ||
| Q2 24 | $487.7M | $755.1M | ||
| Q1 24 | $573.6M | $741.8M |
总资产MERCRYAM
| Q4 25 | $2.0B | $1.8B | ||
| Q3 25 | $2.3B | $1.8B | ||
| Q2 25 | $2.4B | $1.8B | ||
| Q1 25 | $2.3B | $2.1B | ||
| Q4 24 | $2.3B | $2.1B | ||
| Q3 24 | $2.5B | $2.2B | ||
| Q2 24 | $2.5B | $2.2B | ||
| Q1 24 | $2.6B | $2.1B |
负债/权益比MERCRYAM
| Q4 25 | 23.58× | 2.39× | ||
| Q3 25 | 4.30× | 2.26× | ||
| Q2 25 | 3.42× | 2.10× | ||
| Q1 25 | 3.44× | 1.03× | ||
| Q4 24 | 3.43× | 0.99× | ||
| Q3 24 | 3.09× | 1.02× | ||
| Q2 24 | 3.22× | 1.00× | ||
| Q1 24 | 2.82× | 1.02× |
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 | $32.3M |
| 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 | — | — |
| 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MERCRYAM
| Q4 25 | $46.2M | $32.3M | ||
| Q3 25 | $-30.1M | $-17.8M | ||
| Q2 25 | $-4.5M | $-30.2M | ||
| Q1 25 | $-3.0M | $39.6M | ||
| Q4 24 | $71.2M | $54.9M | ||
| Q3 24 | $-13.9M | $49.8M | ||
| Q2 24 | $62.2M | $87.6M | ||
| Q1 24 | $-29.2M | $11.3M |
自由现金流MERCRYAM
| 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MERCRYAM
| 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MERCRYAM
| 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MERCRYAM
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 4.26× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 7.69× | ||
| 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% |
RYAM
| Cellulose Specialties | $249.6M | 60% |
| Other | $86.2M | 21% |
| Paperboard | $44.2M | 11% |
| High Yield Pulp | $28.3M | 7% |
| Biomaterials | $9.2M | 2% |
