vs
MUELLER INDUSTRIES INC（MLI）与晨星（MORN）财务数据对比。点击上方公司名可切换其他公司
MUELLER INDUSTRIES INC的季度营收约是晨星的1.5倍（$962.4M vs $641.1M），晨星净利率更高（18.0% vs 16.0%，领先2.0%），晨星同比增速更快（8.5% vs 4.2%），晨星自由现金流更多（$161.3M vs $121.4M），过去两年晨星的营收复合增速更高（8.7% vs 6.4%）
Mueller Industries是美国知名工业制造企业，1917年正式成立，总部坐落于美国田纳西州孟菲斯市，主营管道产品、工业金属及暖通制冷设备，2022年入选《财富》1000强榜单，是年营收达数十亿美元的公开上市企业。
晨星（Morningstar, Inc.）是总部位于美国伊利诺伊州芝加哥的金融服务机构，由乔·曼苏托于1984年创立，面向全球提供全方位的投资研究、投资管理等专业服务，是全球颇具知名度的投资资讯服务提供商。
MLI vs MORN — 直观对比
营收规模更大
MLI
是对方的1.5倍
$641.1M
营收增速更快
MORN
高出4.3%
4.2%
净利率更高
MORN
高出2.0%
16.0%
自由现金流更多
MORN
多$39.9M
$121.4M
两年增速更快
MORN
近两年复合增速
6.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $962.4M | $641.1M |
| 净利润 | $153.7M | $115.1M |
| 毛利率 | — | 61.1% |
| 营业利润率 | 17.9% | 24.9% |
| 净利率 | 16.0% | 18.0% |
| 营收同比 | 4.2% | 8.5% |
| 净利润同比 | 11.7% | -1.5% |
| 每股收益（稀释后） | $1.37 | $2.79 |
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MLIMORN
| Q4 25 | $962.4M | $641.1M | ||
| Q3 25 | $1.1B | $617.4M | ||
| Q2 25 | $1.1B | $605.1M | ||
| Q1 25 | $1.0B | $581.9M | ||
| Q4 24 | $923.5M | $591.0M | ||
| Q3 24 | $997.8M | $569.4M | ||
| Q2 24 | $997.7M | $571.9M | ||
| Q1 24 | $849.7M | $542.8M |
净利润MLIMORN
| Q4 25 | $153.7M | $115.1M | ||
| Q3 25 | $208.1M | $91.6M | ||
| Q2 25 | $245.9M | $89.0M | ||
| Q1 25 | $157.4M | $78.5M | ||
| Q4 24 | $137.7M | $116.9M | ||
| Q3 24 | $168.7M | $119.7M | ||
| Q2 24 | $160.2M | $69.1M | ||
| Q1 24 | $138.4M | $64.2M |
毛利率MLIMORN
| Q4 25 | — | 61.1% | ||
| Q3 25 | — | 60.9% | ||
| Q2 25 | — | 61.9% | ||
| Q1 25 | — | 60.2% | ||
| Q4 24 | — | 60.7% | ||
| Q3 24 | 27.6% | 60.9% | ||
| Q2 24 | 27.3% | 61.1% | ||
| Q1 24 | 28.4% | 59.8% |
营业利润率MLIMORN
| Q4 25 | 17.9% | 24.9% | ||
| Q3 25 | 25.6% | 20.7% | ||
| Q2 25 | 26.7% | 20.7% | ||
| Q1 25 | 20.6% | 19.6% | ||
| Q4 24 | 18.4% | 28.5% | ||
| Q3 24 | 20.7% | 20.3% | ||
| Q2 24 | 21.0% | 19.0% | ||
| Q1 24 | 21.6% | 17.1% |
净利率MLIMORN
| Q4 25 | 16.0% | 18.0% | ||
| Q3 25 | 19.3% | 14.8% | ||
| Q2 25 | 21.6% | 14.7% | ||
| Q1 25 | 15.7% | 13.5% | ||
| Q4 24 | 14.9% | 19.8% | ||
| Q3 24 | 16.9% | 21.0% | ||
| Q2 24 | 16.1% | 12.1% | ||
| Q1 24 | 16.3% | 11.8% |
每股收益（稀释后）MLIMORN
| Q4 25 | $1.37 | $2.79 | ||
| Q3 25 | $1.88 | $2.17 | ||
| Q2 25 | $2.22 | $2.09 | ||
| Q1 25 | $1.39 | $1.82 | ||
| Q4 24 | $1.21 | $2.72 | ||
| Q3 24 | $1.48 | $2.77 | ||
| Q2 24 | $1.41 | $1.60 | ||
| Q1 24 | $1.21 | $1.49 |
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 | $1.4B | $528.7M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $3.2B | $1.2B |
| 总资产 | $3.7B | $3.6B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资MLIMORN
| Q4 25 | $1.4B | $528.7M | ||
| Q3 25 | $1.3B | $40.3M | ||
| Q2 25 | $1.1B | $38.1M | ||
| Q1 25 | $873.6M | $47.7M | ||
| Q4 24 | $1.1B | $551.0M | ||
| Q3 24 | $969.6M | $48.8M | ||
| Q2 24 | $825.7M | $48.0M | ||
| Q1 24 | $1.4B | $55.4M |
总债务MLIMORN
| Q4 25 | — | — | ||
| Q3 25 | — | $848.9M | ||
| Q2 25 | — | $838.8M | ||
| Q1 25 | — | $803.7M | ||
| Q4 24 | — | $698.6M | ||
| Q3 24 | — | $864.7M | ||
| Q2 24 | — | $899.6M | ||
| Q1 24 | — | $917.3M |
股东权益MLIMORN
| Q4 25 | $3.2B | $1.2B | ||
| Q3 25 | $3.1B | $1.5B | ||
| Q2 25 | $2.9B | $1.6B | ||
| Q1 25 | $2.7B | $1.6B | ||
| Q4 24 | $2.8B | $1.6B | ||
| Q3 24 | $2.7B | $1.6B | ||
| Q2 24 | $2.5B | $1.4B | ||
| Q1 24 | $2.4B | $1.4B |
总资产MLIMORN
| Q4 25 | $3.7B | $3.6B | ||
| Q3 25 | $3.7B | $3.6B | ||
| Q2 25 | $3.5B | $3.6B | ||
| Q1 25 | $3.2B | $3.6B | ||
| Q4 24 | $3.3B | $3.5B | ||
| Q3 24 | $3.2B | $3.6B | ||
| Q2 24 | $3.1B | $3.4B | ||
| Q1 24 | $2.9B | $3.4B |
负债/权益比MLIMORN
| Q4 25 | — | — | ||
| Q3 25 | — | 0.56× | ||
| Q2 25 | — | 0.52× | ||
| Q1 25 | — | 0.50× | ||
| Q4 24 | — | 0.43× | ||
| Q3 24 | — | 0.55× | ||
| Q2 24 | — | 0.63× | ||
| Q1 24 | — | 0.66× |
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 | $141.2M | $204.0M |
| 自由现金流经营现金流 - 资本支出 | $121.4M | $161.3M |
| 自由现金流率自由现金流/营收 | 12.6% | 25.2% |
| 资本支出强度资本支出/营收 | 2.1% | 6.7% |
| 现金转化率经营现金流/净利润 | 0.92× | 1.77× |
| 过去12个月自由现金流最近4个季度 | $686.6M | $442.6M |
8季度趋势，按日历期对齐
经营现金流MLIMORN
| Q4 25 | $141.2M | $204.0M | ||
| Q3 25 | $310.1M | $195.7M | ||
| Q2 25 | $190.6M | $99.0M | ||
| Q1 25 | $113.6M | $91.0M | ||
| Q4 24 | $140.1M | $153.4M | ||
| Q3 24 | $231.4M | $191.9M | ||
| Q2 24 | $100.8M | $152.7M | ||
| Q1 24 | $173.6M | $93.6M |
自由现金流MLIMORN
| Q4 25 | $121.4M | $161.3M | ||
| Q3 25 | $291.8M | $160.1M | ||
| Q2 25 | $176.5M | $62.4M | ||
| Q1 25 | $97.0M | $58.8M | ||
| Q4 24 | $111.2M | $112.8M | ||
| Q3 24 | $205.7M | $155.8M | ||
| Q2 24 | $91.6M | $120.8M | ||
| Q1 24 | $157.2M | $59.5M |
自由现金流率MLIMORN
| Q4 25 | 12.6% | 25.2% | ||
| Q3 25 | 27.1% | 25.9% | ||
| Q2 25 | 15.5% | 10.3% | ||
| Q1 25 | 9.7% | 10.1% | ||
| Q4 24 | 12.0% | 19.1% | ||
| Q3 24 | 20.6% | 27.4% | ||
| Q2 24 | 9.2% | 21.1% | ||
| Q1 24 | 18.5% | 11.0% |
资本支出强度MLIMORN
| Q4 25 | 2.1% | 6.7% | ||
| Q3 25 | 1.7% | 5.8% | ||
| Q2 25 | 1.2% | 6.0% | ||
| Q1 25 | 1.7% | 5.5% | ||
| Q4 24 | 3.1% | 6.9% | ||
| Q3 24 | 2.6% | 6.3% | ||
| Q2 24 | 0.9% | 5.6% | ||
| Q1 24 | 1.9% | 6.3% |
现金转化率MLIMORN
| Q4 25 | 0.92× | 1.77× | ||
| Q3 25 | 1.49× | 2.14× | ||
| Q2 25 | 0.78× | 1.11× | ||
| Q1 25 | 0.72× | 1.16× | ||
| Q4 24 | 1.02× | 1.31× | ||
| Q3 24 | 1.37× | 1.60× | ||
| Q2 24 | 0.63× | 2.21× | ||
| Q1 24 | 1.25× | 1.46× |
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
MLI
| Tube And Fittings | $484.6M | 50% |
| Industrial Metals | $252.2M | 26% |
| Valves And Plumbing Specialties | $122.5M | 13% |
| Flex Duct And Other HVAC Components | $80.8M | 8% |
| Other Products | $14.9M | 2% |
MORN
| Pitch Book Segment | $172.6M | 27% |
| Morningstar Credit Segment | $166.7M | 26% |
| Transaction Based | $113.1M | 18% |
| Asset Based | $90.2M | 14% |
| Morningstar Retirement Segment | $38.1M | 6% |
| Morningstar Sustainalytics | $27.8M | 4% |
| Morningstar Indexes | $22.5M | 4% |
| Morningstar Wealth Segment | $2.3M | 0% |
