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Mistras Group, Inc.（MG）与VSE CORP（VSEC）财务数据对比。点击上方公司名可切换其他公司
VSE CORP的季度营收约是Mistras Group, Inc.的1.7倍（$301.2M vs $181.5M）。VSE CORP净利率更高（4.5% vs 2.1%，领先2.4%）。Mistras Group, Inc.同比增速更快（5.1% vs 0.7%）。VSE CORP自由现金流更多（$30.9M vs $26.0M）。过去两年VSE CORP的营收复合增速更高（11.7% vs -0.8%）
Mistras集团是全球资产完整性与保护解决方案供应商，主营无损检测、工业实时监测、工程咨询等服务，核心客户覆盖油气、航空航天、发电、制造等领域，业务遍及北美、欧洲及亚太地区，可帮助客户提升运营安全性、延长资产寿命、降低非计划停机风险。
VSE Corporation是全球领先的后市场分销与维修服务供应商，依托两大核心业务板块助力客户提升高价值核心业务资产的运营效率与使用寿命。旗下航空板块为商用、公务及通用航空运营商提供售后零件配送、零部件与发动机附件的维护、维修及大修（MRO）服务，车队板块聚焦商用资产运维支持。
MG vs VSEC — 直观对比
营收规模更大
VSEC
是对方的1.7倍
$181.5M
营收增速更快
MG
高出4.3%
0.7%
净利率更高
VSEC
高出2.4%
2.1%
自由现金流更多
VSEC
多$4.9M
$26.0M
两年增速更快
VSEC
近两年复合增速
-0.8%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $181.5M | $301.2M |
| 净利润 | $3.8M | $13.6M |
| 毛利率 | 28.4% | — |
| 营业利润率 | 7.0% | 10.8% |
| 净利率 | 2.1% | 4.5% |
| 营收同比 | 5.1% | 0.7% |
| 净利润同比 | -27.4% | 3.9% |
| 每股收益（稀释后） | $0.12 | $0.64 |
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MGVSEC
| Q4 25 | $181.5M | $301.2M | ||
| Q3 25 | $195.5M | $282.9M | ||
| Q2 25 | $185.4M | $272.1M | ||
| Q1 25 | $161.6M | $256.0M | ||
| Q4 24 | $172.7M | $299.0M | ||
| Q3 24 | $182.7M | $273.6M | ||
| Q2 24 | $189.8M | $266.0M | ||
| Q1 24 | $184.4M | $241.5M |
净利润MGVSEC
| Q4 25 | $3.8M | $13.6M | ||
| Q3 25 | $13.1M | $3.9M | ||
| Q2 25 | $3.0M | $3.2M | ||
| Q1 25 | $-3.2M | $-9.0M | ||
| Q4 24 | $5.2M | $13.1M | ||
| Q3 24 | $6.4M | $11.7M | ||
| Q2 24 | $6.4M | $-2.8M | ||
| Q1 24 | $995.0K | $-6.6M |
毛利率MGVSEC
| Q4 25 | 28.4% | — | ||
| Q3 25 | 29.8% | — | ||
| Q2 25 | 29.1% | — | ||
| Q1 25 | 25.3% | — | ||
| Q4 24 | 26.5% | — | ||
| Q3 24 | 26.8% | — | ||
| Q2 24 | 27.1% | — | ||
| Q1 24 | 25.0% | — |
营业利润率MGVSEC
| Q4 25 | 7.0% | 10.8% | ||
| Q3 25 | 10.4% | 3.6% | ||
| Q2 25 | 4.5% | 8.3% | ||
| Q1 25 | -0.6% | 9.6% | ||
| Q4 24 | 6.1% | 9.2% | ||
| Q3 24 | 6.5% | 8.7% | ||
| Q2 24 | 6.3% | 2.3% | ||
| Q1 24 | 3.0% | 10.0% |
净利率MGVSEC
| Q4 25 | 2.1% | 4.5% | ||
| Q3 25 | 6.7% | 1.4% | ||
| Q2 25 | 1.6% | 1.2% | ||
| Q1 25 | -2.0% | -3.5% | ||
| Q4 24 | 3.0% | 4.4% | ||
| Q3 24 | 3.5% | 4.3% | ||
| Q2 24 | 3.4% | -1.0% | ||
| Q1 24 | 0.5% | -2.7% |
每股收益（稀释后）MGVSEC
| Q4 25 | $0.12 | $0.64 | ||
| Q3 25 | $0.41 | $0.19 | ||
| Q2 25 | $0.10 | $0.16 | ||
| Q1 25 | $-0.10 | $-0.44 | ||
| Q4 24 | $0.17 | $0.79 | ||
| Q3 24 | $0.20 | $0.63 | ||
| Q2 24 | $0.20 | $-0.16 | ||
| Q1 24 | $0.03 | $-0.41 |
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 | $28.0M | $69.4M |
| 总债务越低越好 | $178.0M | $292.8M |
| 股东权益账面价值 | $235.1M | $1.4B |
| 总资产 | $578.8M | $2.0B |
| 负债/权益比越低杠杆越低 | 0.76× | 0.20× |
8季度趋势，按日历期对齐
现金及短期投资MGVSEC
| Q4 25 | $28.0M | $69.4M | ||
| Q3 25 | $27.8M | $8.8M | ||
| Q2 25 | $20.0M | $16.9M | ||
| Q1 25 | $18.5M | $5.7M | ||
| Q4 24 | $18.3M | $29.0M | ||
| Q3 24 | $20.4M | $7.9M | ||
| Q2 24 | $17.2M | $19.0M | ||
| Q1 24 | $16.9M | $10.6M |
总债务MGVSEC
| Q4 25 | $178.0M | $292.8M | ||
| Q3 25 | $202.3M | $356.1M | ||
| Q2 25 | $189.4M | $379.2M | ||
| Q1 25 | $171.9M | $465.0M | ||
| Q4 24 | $169.6M | $430.2M | ||
| Q3 24 | $189.7M | $450.3M | ||
| Q2 24 | $199.7M | $463.5M | ||
| Q1 24 | $198.4M | $481.6M |
股东权益MGVSEC
| Q4 25 | $235.1M | $1.4B | ||
| Q3 25 | $227.4M | $983.3M | ||
| Q2 25 | $215.8M | $979.5M | ||
| Q1 25 | $198.7M | $975.7M | ||
| Q4 24 | $198.6M | $988.2M | ||
| Q3 24 | $205.2M | $787.8M | ||
| Q2 24 | $193.2M | $781.3M | ||
| Q1 24 | $187.1M | $612.7M |
总资产MGVSEC
| Q4 25 | $578.8M | $2.0B | ||
| Q3 25 | $596.3M | $1.6B | ||
| Q2 25 | $571.0M | $1.6B | ||
| Q1 25 | $526.8M | $1.7B | ||
| Q4 24 | $523.0M | $1.7B | ||
| Q3 24 | $551.7M | $1.5B | ||
| Q2 24 | $548.1M | $1.5B | ||
| Q1 24 | $542.1M | $1.3B |
负债/权益比MGVSEC
| Q4 25 | 0.76× | 0.20× | ||
| Q3 25 | 0.89× | 0.36× | ||
| Q2 25 | 0.88× | 0.39× | ||
| Q1 25 | 0.87× | 0.48× | ||
| Q4 24 | 0.85× | 0.44× | ||
| Q3 24 | 0.92× | 0.57× | ||
| Q2 24 | 1.03× | 0.59× | ||
| Q1 24 | 1.06× | 0.79× |
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 | $32.1M | $37.6M |
| 自由现金流经营现金流 - 资本支出 | $26.0M | $30.9M |
| 自由现金流率自由现金流/营收 | 14.3% | 10.3% |
| 资本支出强度资本支出/营收 | 3.4% | 2.2% |
| 现金转化率经营现金流/净利润 | 8.55× | 2.77× |
| 过去12个月自由现金流最近4个季度 | $8.3M | $5.7M |
8季度趋势，按日历期对齐
经营现金流MGVSEC
| Q4 25 | $32.1M | $37.6M | ||
| Q3 25 | $4.5M | $24.1M | ||
| Q2 25 | $-9.3M | $11.9M | ||
| Q1 25 | $5.6M | $-46.6M | ||
| Q4 24 | $25.7M | $55.4M | ||
| Q3 24 | $19.4M | $10.2M | ||
| Q2 24 | $4.5M | $-17.5M | ||
| Q1 24 | $604.0K | $-79.1M |
自由现金流MGVSEC
| Q4 25 | $26.0M | $30.9M | ||
| Q3 25 | $-4.1M | $18.0M | ||
| Q2 25 | $-14.7M | $6.3M | ||
| Q1 25 | $1.1M | $-49.5M | ||
| Q4 24 | $22.1M | $52.1M | ||
| Q3 24 | $14.6M | $4.4M | ||
| Q2 24 | $-284.0K | $-21.5M | ||
| Q1 24 | $-4.2M | $-86.8M |
自由现金流率MGVSEC
| Q4 25 | 14.3% | 10.3% | ||
| Q3 25 | -2.1% | 6.4% | ||
| Q2 25 | -7.9% | 2.3% | ||
| Q1 25 | 0.7% | -19.3% | ||
| Q4 24 | 12.8% | 17.4% | ||
| Q3 24 | 8.0% | 1.6% | ||
| Q2 24 | -0.1% | -8.1% | ||
| Q1 24 | -2.3% | -35.9% |
资本支出强度MGVSEC
| Q4 25 | 3.4% | 2.2% | ||
| Q3 25 | 4.4% | 2.1% | ||
| Q2 25 | 2.9% | 2.1% | ||
| Q1 25 | 2.8% | 1.1% | ||
| Q4 24 | 2.1% | 1.1% | ||
| Q3 24 | 2.6% | 2.1% | ||
| Q2 24 | 2.5% | 1.5% | ||
| Q1 24 | 2.6% | 3.2% |
现金转化率MGVSEC
| Q4 25 | 8.55× | 2.77× | ||
| Q3 25 | 0.34× | 6.16× | ||
| Q2 25 | -3.07× | 3.72× | ||
| Q1 25 | — | — | ||
| Q4 24 | 4.96× | 4.24× | ||
| Q3 24 | 3.02× | 0.87× | ||
| Q2 24 | 0.71× | — | ||
| Q1 24 | 0.61× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
