vs
美世（MERC）与SSR MINING INC.（SSRM）财务数据对比。点击上方公司名可切换其他公司
SSR MINING INC.的季度营收约是美世的1.2倍（$521.7M vs $449.5M），SSR MINING INC.净利率更高（34.8% vs -68.7%，领先103.5%），SSR MINING INC.同比增速更快（61.4% vs -8.0%），SSR MINING INC.自由现金流更多（$106.4M vs $32.0M），过去两年SSR MINING INC.的营收复合增速更高（50.5% 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。
SSR Mining Inc.（前身为白银标准资源公司）总部位于美国科罗拉多州丹佛，主营金、银、铜、铅、锌矿产开采，拥有阿根廷最大的银矿，同时在美洲全境及土耳其开展矿产勘探业务。2020年与阿拉瑟黄金合并后迁至丹佛，现任总裁兼首席执行官为罗德尼·P·安塔尔。
MERC vs SSRM — 直观对比
营收规模更大
SSRM
是对方的1.2倍
$449.5M
营收增速更快
SSRM
高出69.4%
-8.0%
净利率更高
SSRM
高出103.5%
-68.7%
自由现金流更多
SSRM
多$74.4M
$32.0M
两年增速更快
SSRM
近两年复合增速
-9.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $449.5M | $521.7M |
| 净利润 | $-308.7M | $181.5M |
| 毛利率 | — | — |
| 营业利润率 | -62.0% | 38.8% |
| 净利率 | -68.7% | 34.8% |
| 营收同比 | -8.0% | 61.4% |
| 净利润同比 | -1947.7% | 3166.6% |
| 每股收益（稀释后） | $-4.61 | $0.84 |
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MERCSSRM
| Q4 25 | $449.5M | $521.7M | ||
| Q3 25 | $458.1M | $385.8M | ||
| Q2 25 | $453.5M | $405.5M | ||
| Q1 25 | $507.0M | $316.6M | ||
| Q4 24 | $488.4M | $323.2M | ||
| Q3 24 | $502.1M | $257.4M | ||
| Q2 24 | $499.4M | $184.8M | ||
| Q1 24 | $553.4M | $230.2M |
净利润MERCSSRM
| Q4 25 | $-308.7M | $181.5M | ||
| Q3 25 | $-80.8M | $65.4M | ||
| Q2 25 | $-86.1M | $90.1M | ||
| Q1 25 | $-22.3M | $58.8M | ||
| Q4 24 | $16.7M | $5.6M | ||
| Q3 24 | $-17.6M | $10.6M | ||
| Q2 24 | $-67.6M | $9.7M | ||
| Q1 24 | $-16.7M | $-287.1M |
营业利润率MERCSSRM
| Q4 25 | -62.0% | 38.8% | ||
| Q3 25 | -14.8% | 21.6% | ||
| Q2 25 | -12.9% | 26.9% | ||
| Q1 25 | 1.3% | 21.1% | ||
| Q4 24 | 10.3% | 10.6% | ||
| Q3 24 | 1.8% | 3.5% | ||
| Q2 24 | -8.8% | 5.8% | ||
| Q1 24 | -0.1% | -163.5% |
净利率MERCSSRM
| Q4 25 | -68.7% | 34.8% | ||
| Q3 25 | -17.6% | 17.0% | ||
| Q2 25 | -19.0% | 22.2% | ||
| Q1 25 | -4.4% | 18.6% | ||
| Q4 24 | 3.4% | 1.7% | ||
| Q3 24 | -3.5% | 4.1% | ||
| Q2 24 | -13.5% | 5.2% | ||
| Q1 24 | -3.0% | -124.7% |
每股收益（稀释后）MERCSSRM
| Q4 25 | $-4.61 | $0.84 | ||
| Q3 25 | $-1.21 | $0.31 | ||
| Q2 25 | $-1.29 | $0.42 | ||
| Q1 25 | $-0.33 | $0.28 | ||
| Q4 24 | $0.25 | $0.03 | ||
| Q3 24 | $-0.26 | $0.05 | ||
| Q2 24 | $-1.01 | $0.05 | ||
| Q1 24 | $-0.25 | $-1.42 |
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 | $575.6M |
| 总债务越低越好 | $1.6B | — |
| 股东权益账面价值 | $68.1M | $3.5B |
| 总资产 | $2.0B | $6.1B |
| 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MERCSSRM
| Q4 25 | $186.8M | $575.6M | ||
| Q3 25 | $98.1M | $445.4M | ||
| Q2 25 | $146.5M | $438.5M | ||
| Q1 25 | $181.5M | $341.3M | ||
| Q4 24 | $184.9M | $417.3M | ||
| Q3 24 | $239.0M | $365.8M | ||
| Q2 24 | $263.2M | $384.4M | ||
| Q1 24 | $274.3M | $492.0M |
总债务MERCSSRM
| Q4 25 | $1.6B | — | ||
| Q3 25 | $1.5B | — | ||
| Q2 25 | $1.5B | — | ||
| Q1 25 | $1.5B | — | ||
| Q4 24 | $1.5B | $228.6M | ||
| Q3 24 | $1.6B | $228.3M | ||
| Q2 24 | $1.6B | $228.0M | ||
| Q1 24 | $1.6B | $228.7M |
股东权益MERCSSRM
| Q4 25 | $68.1M | $3.5B | ||
| Q3 25 | $359.5M | $3.3B | ||
| Q2 25 | $446.5M | $3.3B | ||
| Q1 25 | $437.4M | $3.2B | ||
| Q4 24 | $429.8M | $3.1B | ||
| Q3 24 | $516.8M | $3.1B | ||
| Q2 24 | $487.7M | $3.1B | ||
| Q1 24 | $573.6M | $3.1B |
总资产MERCSSRM
| Q4 25 | $2.0B | $6.1B | ||
| Q3 25 | $2.3B | $5.9B | ||
| Q2 25 | $2.4B | $5.8B | ||
| Q1 25 | $2.3B | $5.6B | ||
| Q4 24 | $2.3B | $5.2B | ||
| Q3 24 | $2.5B | $5.1B | ||
| Q2 24 | $2.5B | $5.2B | ||
| Q1 24 | $2.6B | $5.3B |
负债/权益比MERCSSRM
| Q4 25 | 23.58× | — | ||
| Q3 25 | 4.30× | — | ||
| Q2 25 | 3.42× | — | ||
| Q1 25 | 3.44× | — | ||
| Q4 24 | 3.43× | 0.07× | ||
| Q3 24 | 3.09× | 0.07× | ||
| Q2 24 | 3.22× | 0.07× | ||
| Q1 24 | 2.82× | 0.07× |
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 | $172.1M |
| 自由现金流经营现金流 - 资本支出 | $32.0M | $106.4M |
| 自由现金流率自由现金流/营收 | 7.1% | 20.4% |
| 资本支出强度资本支出/营收 | 3.1% | 12.6% |
| 现金转化率经营现金流/净利润 | — | 0.95× |
| 过去12个月自由现金流最近4个季度 | $-80.0M | $241.6M |
8季度趋势，按日历期对齐
经营现金流MERCSSRM
| Q4 25 | $46.2M | $172.1M | ||
| Q3 25 | $-30.1M | $57.2M | ||
| Q2 25 | $-4.5M | $157.8M | ||
| Q1 25 | $-3.0M | $84.8M | ||
| Q4 24 | $71.2M | $95.0M | ||
| Q3 24 | $-13.9M | $-1.3M | ||
| Q2 24 | $62.2M | $-78.1M | ||
| Q1 24 | $-29.2M | $24.6M |
自由现金流MERCSSRM
| Q4 25 | $32.0M | $106.4M | ||
| Q3 25 | $-60.1M | $-2.4M | ||
| Q2 25 | $-28.9M | $98.4M | ||
| Q1 25 | $-23.1M | $39.3M | ||
| Q4 24 | $50.4M | $56.4M | ||
| Q3 24 | $-41.2M | $-34.1M | ||
| Q2 24 | $44.3M | $-116.3M | ||
| Q1 24 | $-47.7M | $-9.4M |
自由现金流率MERCSSRM
| Q4 25 | 7.1% | 20.4% | ||
| Q3 25 | -13.1% | -0.6% | ||
| Q2 25 | -6.4% | 24.3% | ||
| Q1 25 | -4.6% | 12.4% | ||
| Q4 24 | 10.3% | 17.5% | ||
| Q3 24 | -8.2% | -13.2% | ||
| Q2 24 | 8.9% | -62.9% | ||
| Q1 24 | -8.6% | -4.1% |
资本支出强度MERCSSRM
| Q4 25 | 3.1% | 12.6% | ||
| Q3 25 | 6.6% | 15.4% | ||
| Q2 25 | 5.4% | 14.7% | ||
| Q1 25 | 4.0% | 14.4% | ||
| Q4 24 | 4.2% | 11.9% | ||
| Q3 24 | 5.4% | 12.7% | ||
| Q2 24 | 3.6% | 20.7% | ||
| Q1 24 | 3.3% | 14.8% |
现金转化率MERCSSRM
| Q4 25 | — | 0.95× | ||
| Q3 25 | — | 0.87× | ||
| Q2 25 | — | 1.75× | ||
| Q1 25 | — | 1.44× | ||
| Q4 24 | 4.26× | 17.10× | ||
| Q3 24 | — | -0.13× | ||
| Q2 24 | — | -8.06× | ||
| 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% |
SSRM
| Gold | $369.3M | 71% |
| Concentrate Sales | $124.4M | 24% |
| Other | $19.1M | 4% |
| Lead | $9.0M | 2% |
