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Martin Marietta Materials（MLM）与明晟（MSCI）财务数据对比。点击上方公司名可切换其他公司
Martin Marietta Materials的季度营收约是明晟的1.4倍（$1.1B vs $822.5M），明晟净利率更高（34.6% vs 24.5%，领先10.1%），明晟同比增速更快（10.6% vs -30.1%），明晟自由现金流更多（$488.7M vs $424.0M），过去两年明晟的营收复合增速更高（10.0% vs -4.5%）
马丁·玛丽埃塔材料公司是美国大型集料及重型建筑材料供应商，业务覆盖美国26个州、加拿大及加勒比地区，主要为道路、人行道、地基等各类基建项目提供所需原材料。
MSCI（明晟）是总部位于美国纽约的金融服务企业，为全球市场提供股票、固定收益、房地产指数、多资产组合分析工具及ESG、气候金融相关产品，旗下运营MSCI全球指数、MSCI新兴市场指数、MSCI全球所有国家（ACWI）指数等多款知名指数产品。
MLM vs MSCI — 直观对比
营收规模更大
MLM
是对方的1.4倍
$822.5M
营收增速更快
MSCI
高出40.8%
-30.1%
净利率更高
MSCI
高出10.1%
24.5%
自由现金流更多
MSCI
多$64.7M
$424.0M
两年增速更快
MSCI
近两年复合增速
-4.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $822.5M |
| 净利润 | $279.0M | $284.7M |
| 毛利率 | 35.0% | — |
| 营业利润率 | 24.6% | 56.4% |
| 净利率 | 24.5% | 34.6% |
| 营收同比 | -30.1% | 10.6% |
| 净利润同比 | -4.8% | -6.8% |
| 每股收益（稀释后） | $4.59 | $3.81 |
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MLMMSCI
| Q4 25 | $1.1B | $822.5M | ||
| Q3 25 | $1.8B | $793.4M | ||
| Q2 25 | $1.8B | $772.7M | ||
| Q1 25 | $1.4B | $745.8M | ||
| Q4 24 | $1.6B | $743.5M | ||
| Q3 24 | $1.9B | $724.7M | ||
| Q2 24 | $1.8B | $707.9M | ||
| Q1 24 | $1.3B | $680.0M |
净利润MLMMSCI
| Q4 25 | $279.0M | $284.7M | ||
| Q3 25 | $414.0M | $325.4M | ||
| Q2 25 | $328.0M | $303.6M | ||
| Q1 25 | $116.0M | $288.6M | ||
| Q4 24 | $293.0M | $305.5M | ||
| Q3 24 | $363.0M | $280.9M | ||
| Q2 24 | $294.0M | $266.8M | ||
| Q1 24 | $1.0B | $256.0M |
毛利率MLMMSCI
| Q4 25 | 35.0% | — | ||
| Q3 25 | 33.1% | — | ||
| Q2 25 | 30.0% | — | ||
| Q1 25 | 24.8% | — | ||
| Q4 24 | 30.0% | — | ||
| Q3 24 | 31.7% | — | ||
| Q2 24 | 29.3% | — | ||
| Q1 24 | 21.7% | — |
营业利润率MLMMSCI
| Q4 25 | 24.6% | 56.4% | ||
| Q3 25 | 27.4% | 56.4% | ||
| Q2 25 | 25.3% | 55.0% | ||
| Q1 25 | 14.3% | 50.6% | ||
| Q4 24 | 24.4% | 54.5% | ||
| Q3 24 | 25.9% | 55.4% | ||
| Q2 24 | 22.6% | 54.0% | ||
| Q1 24 | — | 49.9% |
净利率MLMMSCI
| Q4 25 | 24.5% | 34.6% | ||
| Q3 25 | 22.4% | 41.0% | ||
| Q2 25 | 18.1% | 39.3% | ||
| Q1 25 | 8.6% | 38.7% | ||
| Q4 24 | 18.0% | 41.1% | ||
| Q3 24 | 19.2% | 38.8% | ||
| Q2 24 | 16.7% | 37.7% | ||
| Q1 24 | 83.5% | 37.6% |
每股收益（稀释后）MLMMSCI
| Q4 25 | $4.59 | $3.81 | ||
| Q3 25 | $6.85 | $4.25 | ||
| Q2 25 | $5.43 | $3.92 | ||
| Q1 25 | $1.90 | $3.71 | ||
| Q4 24 | $4.87 | $3.89 | ||
| Q3 24 | $5.91 | $3.57 | ||
| Q2 24 | $4.76 | $3.37 | ||
| Q1 24 | $16.87 | $3.22 |
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 | $67.0M | $515.3M |
| 总债务越低越好 | $5.3B | $6.2B |
| 股东权益账面价值 | $10.0B | $-2.7B |
| 总资产 | $18.7B | $5.7B |
| 负债/权益比越低杠杆越低 | 0.53× | — |
8季度趋势，按日历期对齐
现金及短期投资MLMMSCI
| Q4 25 | $67.0M | $515.3M | ||
| Q3 25 | $57.0M | $400.1M | ||
| Q2 25 | $225.0M | $347.3M | ||
| Q1 25 | $101.0M | $360.7M | ||
| Q4 24 | $670.0M | $409.4M | ||
| Q3 24 | $52.0M | $501.0M | ||
| Q2 24 | $109.0M | $451.4M | ||
| Q1 24 | $2.6B | $519.3M |
总债务MLMMSCI
| Q4 25 | $5.3B | $6.2B | ||
| Q3 25 | $5.5B | $5.5B | ||
| Q2 25 | $5.4B | $4.5B | ||
| Q1 25 | $5.4B | $4.5B | ||
| Q4 24 | $5.4B | $4.5B | ||
| Q3 24 | $4.0B | $4.5B | ||
| Q2 24 | $4.3B | $4.5B | ||
| Q1 24 | $4.3B | $4.5B |
股东权益MLMMSCI
| Q4 25 | $10.0B | $-2.7B | ||
| Q3 25 | $9.7B | $-1.9B | ||
| Q2 25 | $9.4B | $-886.2M | ||
| Q1 25 | $9.1B | $-958.6M | ||
| Q4 24 | $9.5B | $-940.0M | ||
| Q3 24 | $9.2B | $-751.0M | ||
| Q2 24 | $8.8B | $-734.5M | ||
| Q1 24 | $8.9B | $-650.5M |
总资产MLMMSCI
| Q4 25 | $18.7B | $5.7B | ||
| Q3 25 | $18.7B | $5.4B | ||
| Q2 25 | $18.1B | $5.4B | ||
| Q1 25 | $17.7B | $5.3B | ||
| Q4 24 | $18.2B | $5.4B | ||
| Q3 24 | $16.5B | $5.4B | ||
| Q2 24 | $16.3B | $5.5B | ||
| Q1 24 | $16.2B | $5.5B |
负债/权益比MLMMSCI
| Q4 25 | 0.53× | — | ||
| Q3 25 | 0.57× | — | ||
| Q2 25 | 0.58× | — | ||
| Q1 25 | 0.60× | — | ||
| Q4 24 | 0.57× | — | ||
| Q3 24 | 0.44× | — | ||
| Q2 24 | 0.49× | — | ||
| Q1 24 | 0.49× | — |
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 | $629.0M | $501.1M |
| 自由现金流经营现金流 - 资本支出 | $424.0M | $488.7M |
| 自由现金流率自由现金流/营收 | 37.2% | 59.4% |
| 资本支出强度资本支出/营收 | 18.0% | 1.5% |
| 现金转化率经营现金流/净利润 | 2.25× | 1.76× |
| 过去12个月自由现金流最近4个季度 | $978.0M | $1.5B |
8季度趋势，按日历期对齐
经营现金流MLMMSCI
| Q4 25 | $629.0M | $501.1M | ||
| Q3 25 | $551.0M | $449.4M | ||
| Q2 25 | $387.0M | $336.1M | ||
| Q1 25 | $218.0M | $301.7M | ||
| Q4 24 | $686.0M | $430.6M | ||
| Q3 24 | $600.0M | $421.6M | ||
| Q2 24 | $1.0M | $349.2M | ||
| Q1 24 | $172.0M | $300.1M |
自由现金流MLMMSCI
| Q4 25 | $424.0M | $488.7M | ||
| Q3 25 | $361.0M | $445.5M | ||
| Q2 25 | $208.0M | $324.7M | ||
| Q1 25 | $-15.0M | $290.2M | ||
| Q4 24 | $453.0M | $416.4M | ||
| Q3 24 | $317.0M | $415.0M | ||
| Q2 24 | $-138.0M | $340.6M | ||
| Q1 24 | $-28.0M | $295.9M |
自由现金流率MLMMSCI
| Q4 25 | 37.2% | 59.4% | ||
| Q3 25 | 19.6% | 56.2% | ||
| Q2 25 | 11.5% | 42.0% | ||
| Q1 25 | -1.1% | 38.9% | ||
| Q4 24 | 27.8% | 56.0% | ||
| Q3 24 | 16.8% | 57.3% | ||
| Q2 24 | -7.8% | 48.1% | ||
| Q1 24 | -2.2% | 43.5% |
资本支出强度MLMMSCI
| Q4 25 | 18.0% | 1.5% | ||
| Q3 25 | 10.3% | 0.5% | ||
| Q2 25 | 9.9% | 1.5% | ||
| Q1 25 | 17.2% | 1.5% | ||
| Q4 24 | 14.3% | 1.9% | ||
| Q3 24 | 15.0% | 0.9% | ||
| Q2 24 | 7.9% | 1.2% | ||
| Q1 24 | 16.0% | 0.6% |
现金转化率MLMMSCI
| Q4 25 | 2.25× | 1.76× | ||
| Q3 25 | 1.33× | 1.38× | ||
| Q2 25 | 1.18× | 1.11× | ||
| Q1 25 | 1.88× | 1.05× | ||
| Q4 24 | 2.34× | 1.41× | ||
| Q3 24 | 1.65× | 1.50× | ||
| Q2 24 | 0.00× | 1.31× | ||
| Q1 24 | 0.16× | 1.17× |
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
MLM
| Building Materials Business East Group | $774.0M | 68% |
| Building Materials Business West Group | $233.0M | 20% |
| Services | $88.0M | 8% |
| Other | $45.0M | 4% |
MSCI
| Recurring Subscriptions | $246.4M | 30% |
| Asset Based Fees | $211.7M | 26% |
| Analytics Segment | $182.3M | 22% |
| Sustainability And Climate Segment | $90.3M | 11% |
| Other | $70.9M | 9% |
| Non Recurring | $21.1M | 3% |
