vs
Martin Marietta Materials（MLM）与NATIONAL FUEL GAS CO（NFG）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NATIONAL FUEL GAS CO的1.8倍（$1.1B vs $637.9M），NATIONAL FUEL GAS CO净利率更高（28.5% vs 24.5%，领先4.0%），NATIONAL FUEL GAS CO同比增速更快（24.1% vs -30.1%），Martin Marietta Materials自由现金流更多（$424.0M vs $-2.7M），过去两年NATIONAL FUEL GAS CO的营收复合增速更高（6.9% 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。
该多元化能源企业成立于1902年，总部位于美国纽约州威廉斯维尔，总资产达62亿美元，下设勘探与生产、管道与存储、燃气集输、公用事业、能源营销五大运营板块，业务覆盖能源产业链上下游多个核心环节。
MLM vs NFG — 直观对比
营收规模更大
MLM
是对方的1.8倍
$637.9M
营收增速更快
NFG
高出54.3%
-30.1%
净利率更高
NFG
高出4.0%
24.5%
自由现金流更多
MLM
多$426.7M
$-2.7M
两年增速更快
NFG
近两年复合增速
-4.5%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $637.9M |
| 净利润 | $279.0M | $181.6M |
| 毛利率 | 35.0% | 86.6% |
| 营业利润率 | 24.6% | 43.3% |
| 净利率 | 24.5% | 28.5% |
| 营收同比 | -30.1% | 24.1% |
| 净利润同比 | -4.8% | 303.8% |
| 每股收益（稀释后） | $4.59 | $1.98 |
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MLMNFG
| Q4 25 | $1.1B | $637.9M | ||
| Q3 25 | $1.8B | $443.1M | ||
| Q2 25 | $1.8B | $527.4M | ||
| Q1 25 | $1.4B | $734.8M | ||
| Q4 24 | $1.6B | $513.8M | ||
| Q3 24 | $1.9B | $310.0M | ||
| Q2 24 | $1.8B | $338.6M | ||
| Q1 24 | $1.3B | $558.7M |
净利润MLMNFG
| Q4 25 | $279.0M | $181.6M | ||
| Q3 25 | $414.0M | $107.3M | ||
| Q2 25 | $328.0M | $149.8M | ||
| Q1 25 | $116.0M | $216.4M | ||
| Q4 24 | $293.0M | $45.0M | ||
| Q3 24 | $363.0M | $-167.6M | ||
| Q2 24 | $294.0M | $-54.2M | ||
| Q1 24 | $1.0B | $166.3M |
毛利率MLMNFG
| Q4 25 | 35.0% | 86.6% | ||
| Q3 25 | 33.1% | — | ||
| Q2 25 | 30.0% | 94.7% | ||
| Q1 25 | 24.8% | 81.6% | ||
| Q4 24 | 30.0% | 87.3% | ||
| Q3 24 | 31.7% | — | ||
| Q2 24 | 29.3% | 98.5% | ||
| Q1 24 | 21.7% | 81.0% |
营业利润率MLMNFG
| Q4 25 | 24.6% | 43.3% | ||
| Q3 25 | 27.4% | 40.6% | ||
| Q2 25 | 25.3% | 43.7% | ||
| Q1 25 | 14.3% | 43.2% | ||
| Q4 24 | 24.4% | 16.8% | ||
| Q3 24 | 25.9% | -63.4% | ||
| Q2 24 | 22.6% | -15.2% | ||
| Q1 24 | — | 44.9% |
净利率MLMNFG
| Q4 25 | 24.5% | 28.5% | ||
| Q3 25 | 22.4% | 24.2% | ||
| Q2 25 | 18.1% | 28.4% | ||
| Q1 25 | 8.6% | 29.4% | ||
| Q4 24 | 18.0% | 8.8% | ||
| Q3 24 | 19.2% | -54.1% | ||
| Q2 24 | 16.7% | -16.0% | ||
| Q1 24 | 83.5% | 29.8% |
每股收益（稀释后）MLMNFG
| Q4 25 | $4.59 | $1.98 | ||
| Q3 25 | $6.85 | $1.18 | ||
| Q2 25 | $5.43 | $1.64 | ||
| Q1 25 | $1.90 | $2.37 | ||
| Q4 24 | $4.87 | $0.49 | ||
| Q3 24 | $5.91 | $-1.81 | ||
| Q2 24 | $4.76 | $-0.59 | ||
| Q1 24 | $16.87 | $1.80 |
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 | $271.4M |
| 总债务越低越好 | $5.3B | $2.7B |
| 股东权益账面价值 | $10.0B | $3.6B |
| 总资产 | $18.7B | $9.2B |
| 负债/权益比越低杠杆越低 | 0.53× | 0.75× |
8季度趋势，按日历期对齐
现金及短期投资MLMNFG
| Q4 25 | $67.0M | $271.4M | ||
| Q3 25 | $57.0M | $43.2M | ||
| Q2 25 | $225.0M | $39.3M | ||
| Q1 25 | $101.0M | $40.0M | ||
| Q4 24 | $670.0M | $48.7M | ||
| Q3 24 | $52.0M | $38.2M | ||
| Q2 24 | $109.0M | $81.4M | ||
| Q1 24 | $2.6B | $50.8M |
总债务MLMNFG
| Q4 25 | $5.3B | $2.7B | ||
| Q3 25 | $5.5B | $2.7B | ||
| Q2 25 | $5.4B | $2.7B | ||
| Q1 25 | $5.4B | $2.7B | ||
| Q4 24 | $5.4B | $2.7B | ||
| Q3 24 | $4.0B | $2.7B | ||
| Q2 24 | $4.3B | $2.7B | ||
| Q1 24 | $4.3B | $2.4B |
股东权益MLMNFG
| Q4 25 | $10.0B | $3.6B | ||
| Q3 25 | $9.7B | $3.1B | ||
| Q2 25 | $9.4B | $3.0B | ||
| Q1 25 | $9.1B | $2.8B | ||
| Q4 24 | $9.5B | $-76.2M | ||
| Q3 24 | $9.2B | $-15.5M | ||
| Q2 24 | $8.8B | $5.0M | ||
| Q1 24 | $8.9B | $75.3M |
总资产MLMNFG
| Q4 25 | $18.7B | $9.2B | ||
| Q3 25 | $18.7B | $8.7B | ||
| Q2 25 | $18.1B | $8.4B | ||
| Q1 25 | $17.7B | $8.5B | ||
| Q4 24 | $18.2B | $8.3B | ||
| Q3 24 | $16.5B | $8.3B | ||
| Q2 24 | $16.3B | $8.5B | ||
| Q1 24 | $16.2B | $8.7B |
负债/权益比MLMNFG
| Q4 25 | 0.53× | 0.75× | ||
| Q3 25 | 0.57× | 0.87× | ||
| Q2 25 | 0.58× | 0.90× | ||
| Q1 25 | 0.60× | 0.99× | ||
| Q4 24 | 0.57× | — | ||
| Q3 24 | 0.44× | — | ||
| Q2 24 | 0.49× | 532.10× | ||
| Q1 24 | 0.49× | 31.68× |
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 | $274.9M |
| 自由现金流经营现金流 - 资本支出 | $424.0M | $-2.7M |
| 自由现金流率自由现金流/营收 | 37.2% | -0.4% |
| 资本支出强度资本支出/营收 | 18.0% | 43.5% |
| 现金转化率经营现金流/净利润 | 2.25× | 1.51× |
| 过去12个月自由现金流最近4个季度 | $978.0M | $204.8M |
8季度趋势，按日历期对齐
经营现金流MLMNFG
| Q4 25 | $629.0M | $274.9M | ||
| Q3 25 | $551.0M | $237.8M | ||
| Q2 25 | $387.0M | $388.4M | ||
| Q1 25 | $218.0M | $253.8M | ||
| Q4 24 | $686.0M | $220.1M | ||
| Q3 24 | $600.0M | $197.9M | ||
| Q2 24 | $1.0M | $281.8M | ||
| Q1 24 | $172.0M | $315.3M |
自由现金流MLMNFG
| Q4 25 | $424.0M | $-2.7M | ||
| Q3 25 | $361.0M | $-47.8M | ||
| Q2 25 | $208.0M | $195.3M | ||
| Q1 25 | $-15.0M | $59.9M | ||
| Q4 24 | $453.0M | $-20.3M | ||
| Q3 24 | $317.0M | $-49.1M | ||
| Q2 24 | $-138.0M | $79.5M | ||
| Q1 24 | $-28.0M | $80.3M |
自由现金流率MLMNFG
| Q4 25 | 37.2% | -0.4% | ||
| Q3 25 | 19.6% | -10.8% | ||
| Q2 25 | 11.5% | 37.0% | ||
| Q1 25 | -1.1% | 8.2% | ||
| Q4 24 | 27.8% | -4.0% | ||
| Q3 24 | 16.8% | -15.8% | ||
| Q2 24 | -7.8% | 23.5% | ||
| Q1 24 | -2.2% | 14.4% |
资本支出强度MLMNFG
| Q4 25 | 18.0% | 43.5% | ||
| Q3 25 | 10.3% | 64.4% | ||
| Q2 25 | 9.9% | 36.6% | ||
| Q1 25 | 17.2% | 26.4% | ||
| Q4 24 | 14.3% | 46.8% | ||
| Q3 24 | 15.0% | 79.7% | ||
| Q2 24 | 7.9% | 59.7% | ||
| Q1 24 | 16.0% | 42.1% |
现金转化率MLMNFG
| Q4 25 | 2.25× | 1.51× | ||
| Q3 25 | 1.33× | 2.21× | ||
| Q2 25 | 1.18× | 2.59× | ||
| Q1 25 | 1.88× | 1.17× | ||
| Q4 24 | 2.34× | 4.89× | ||
| Q3 24 | 1.65× | — | ||
| Q2 24 | 0.00× | — | ||
| Q1 24 | 0.16× | 1.90× |
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% |
NFG
| Natural Gas Production | $302.5M | 47% |
| Natural Gas Residential Sales | $198.0M | 31% |
| Pipeline And Storage | $69.2M | 11% |
| Natural Gas Commercial Sales | $27.9M | 4% |
| Natural Gas Storage | $25.1M | 4% |
| Other | $4.1M | 1% |
| Natural Gas Midstream | $2.8M | 0% |
