vs
Martin Marietta Materials（MLM）与北极星（PII）财务数据对比。点击上方公司名可切换其他公司
北极星的季度营收约是Martin Marietta Materials的1.5倍（$1.7B vs $1.1B），Martin Marietta Materials净利率更高（24.5% vs -2.8%，领先27.3%），北极星同比增速更快（8.0% vs -30.1%），Martin Marietta Materials自由现金流更多（$424.0M vs $-342.5M），过去两年Martin Marietta Materials的营收复合增速更高（-4.5% vs -8.0%）
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。
北极星公司（Polaris Inc.）是总部位于美国明尼苏达州麦地那的机动车制造企业，创立于明尼苏达州罗索，当地目前仍保留其工程研发与生产设施。公司曾通过胜利摩托子公司生产摩托车，2011年收购印第安摩托品牌后转由该子公司运营摩托业务，此前还曾生产私人水上摩托艇产品。
MLM vs PII — 直观对比
营收规模更大
PII
是对方的1.5倍
$1.1B
营收增速更快
PII
高出38.1%
-30.1%
净利率更高
MLM
高出27.3%
-2.8%
自由现金流更多
MLM
多$766.5M
$-342.5M
两年增速更快
MLM
近两年复合增速
-8.0%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $1.7B |
| 净利润 | $279.0M | $-47.2M |
| 毛利率 | 35.0% | 20.2% |
| 营业利润率 | 24.6% | 76.5% |
| 净利率 | 24.5% | -2.8% |
| 营收同比 | -30.1% | 8.0% |
| 净利润同比 | -4.8% | 29.0% |
| 每股收益（稀释后） | $4.59 | $-0.83 |
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MLMPII
| Q1 26 | — | $1.7B | ||
| Q4 25 | $1.1B | $1.9B | ||
| Q3 25 | $1.8B | $1.8B | ||
| Q2 25 | $1.8B | $1.9B | ||
| Q1 25 | $1.4B | $1.5B | ||
| Q4 24 | $1.6B | $1.8B | ||
| Q3 24 | $1.9B | $1.7B | ||
| Q2 24 | $1.8B | $2.0B |
净利润MLMPII
| Q1 26 | — | $-47.2M | ||
| Q4 25 | $279.0M | $-303.6M | ||
| Q3 25 | $414.0M | $-15.8M | ||
| Q2 25 | $328.0M | $-79.3M | ||
| Q1 25 | $116.0M | $-66.8M | ||
| Q4 24 | $293.0M | $10.6M | ||
| Q3 24 | $363.0M | $27.7M | ||
| Q2 24 | $294.0M | $68.7M |
毛利率MLMPII
| Q1 26 | — | 20.2% | ||
| Q4 25 | 35.0% | 20.0% | ||
| Q3 25 | 33.1% | 20.7% | ||
| Q2 25 | 30.0% | 19.4% | ||
| Q1 25 | 24.8% | 16.0% | ||
| Q4 24 | 30.0% | 20.4% | ||
| Q3 24 | 31.7% | 20.6% | ||
| Q2 24 | 29.3% | 21.6% |
营业利润率MLMPII
| Q1 26 | — | 76.5% | ||
| Q4 25 | 24.6% | -16.7% | ||
| Q3 25 | 27.4% | 1.1% | ||
| Q2 25 | 25.3% | -0.7% | ||
| Q1 25 | 14.3% | -2.4% | ||
| Q4 24 | 24.4% | 3.7% | ||
| Q3 24 | 25.9% | 3.8% | ||
| Q2 24 | 22.6% | 6.1% |
净利率MLMPII
| Q1 26 | — | -2.8% | ||
| Q4 25 | 24.5% | -15.8% | ||
| Q3 25 | 22.4% | -0.9% | ||
| Q2 25 | 18.1% | -4.3% | ||
| Q1 25 | 8.6% | -4.3% | ||
| Q4 24 | 18.0% | 0.6% | ||
| Q3 24 | 19.2% | 1.6% | ||
| Q2 24 | 16.7% | 3.5% |
每股收益（稀释后）MLMPII
| Q1 26 | — | $-0.83 | ||
| Q4 25 | $4.59 | $-5.34 | ||
| Q3 25 | $6.85 | $-0.28 | ||
| Q2 25 | $5.43 | $-1.39 | ||
| Q1 25 | $1.90 | $-1.17 | ||
| Q4 24 | $4.87 | $0.18 | ||
| Q3 24 | $5.91 | $0.49 | ||
| Q2 24 | $4.76 | $1.21 |
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 | $282.0M |
| 总债务越低越好 | $5.3B | — |
| 股东权益账面价值 | $10.0B | $750.4M |
| 总资产 | $18.7B | $5.2B |
| 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MLMPII
| Q1 26 | — | $282.0M | ||
| Q4 25 | $67.0M | $138.0M | ||
| Q3 25 | $57.0M | $335.5M | ||
| Q2 25 | $225.0M | $324.3M | ||
| Q1 25 | $101.0M | $291.7M | ||
| Q4 24 | $670.0M | $287.8M | ||
| Q3 24 | $52.0M | $291.3M | ||
| Q2 24 | $109.0M | $322.7M |
总债务MLMPII
| Q1 26 | — | — | ||
| Q4 25 | $5.3B | $1.5B | ||
| Q3 25 | $5.5B | $1.3B | ||
| Q2 25 | $5.4B | $1.4B | ||
| Q1 25 | $5.4B | $1.6B | ||
| Q4 24 | $5.4B | $1.6B | ||
| Q3 24 | $4.0B | $1.7B | ||
| Q2 24 | $4.3B | $2.1B |
股东权益MLMPII
| Q1 26 | — | $750.4M | ||
| Q4 25 | $10.0B | $828.4M | ||
| Q3 25 | $9.7B | $1.1B | ||
| Q2 25 | $9.4B | $1.2B | ||
| Q1 25 | $9.1B | $1.2B | ||
| Q4 24 | $9.5B | $1.3B | ||
| Q3 24 | $9.2B | $1.3B | ||
| Q2 24 | $8.8B | $1.3B |
总资产MLMPII
| Q1 26 | — | $5.2B | ||
| Q4 25 | $18.7B | $4.9B | ||
| Q3 25 | $18.7B | $5.3B | ||
| Q2 25 | $18.1B | $5.4B | ||
| Q1 25 | $17.7B | $5.5B | ||
| Q4 24 | $18.2B | $5.5B | ||
| Q3 24 | $16.5B | $5.6B | ||
| Q2 24 | $16.3B | $5.7B |
负债/权益比MLMPII
| Q1 26 | — | — | ||
| Q4 25 | 0.53× | 1.82× | ||
| Q3 25 | 0.57× | 1.13× | ||
| Q2 25 | 0.58× | 1.17× | ||
| Q1 25 | 0.60× | 1.32× | ||
| Q4 24 | 0.57× | 1.27× | ||
| Q3 24 | 0.44× | 1.29× | ||
| Q2 24 | 0.49× | 1.56× |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $424.0M | $-342.5M |
| 自由现金流率自由现金流/营收 | 37.2% | -20.6% |
| 资本支出强度资本支出/营收 | 18.0% | — |
| 现金转化率经营现金流/净利润 | 2.25× | — |
| 过去12个月自由现金流最近4个季度 | $978.0M | $168.0M |
8季度趋势，按日历期对齐
经营现金流MLMPII
| Q1 26 | — | — | ||
| Q4 25 | $629.0M | $178.7M | ||
| Q3 25 | $551.0M | $158.8M | ||
| Q2 25 | $387.0M | $320.3M | ||
| Q1 25 | $218.0M | $83.2M | ||
| Q4 24 | $686.0M | $206.3M | ||
| Q3 24 | $600.0M | $21.0M | ||
| Q2 24 | $1.0M | $146.3M |
自由现金流MLMPII
| Q1 26 | — | $-342.5M | ||
| Q4 25 | $424.0M | $114.0M | ||
| Q3 25 | $361.0M | $116.7M | ||
| Q2 25 | $208.0M | $279.8M | ||
| Q1 25 | $-15.0M | $47.6M | ||
| Q4 24 | $453.0M | $137.3M | ||
| Q3 24 | $317.0M | $-32.4M | ||
| Q2 24 | $-138.0M | $79.1M |
自由现金流率MLMPII
| Q1 26 | — | -20.6% | ||
| Q4 25 | 37.2% | 5.9% | ||
| Q3 25 | 19.6% | 6.3% | ||
| Q2 25 | 11.5% | 15.1% | ||
| Q1 25 | -1.1% | 3.1% | ||
| Q4 24 | 27.8% | 7.8% | ||
| Q3 24 | 16.8% | -1.9% | ||
| Q2 24 | -7.8% | 4.0% |
资本支出强度MLMPII
| Q1 26 | — | — | ||
| Q4 25 | 18.0% | 3.4% | ||
| Q3 25 | 10.3% | 2.3% | ||
| Q2 25 | 9.9% | 2.2% | ||
| Q1 25 | 17.2% | 2.3% | ||
| Q4 24 | 14.3% | 3.9% | ||
| Q3 24 | 15.0% | 3.1% | ||
| Q2 24 | 7.9% | 3.4% |
现金转化率MLMPII
| Q1 26 | — | — | ||
| Q4 25 | 2.25× | — | ||
| Q3 25 | 1.33× | — | ||
| Q2 25 | 1.18× | — | ||
| Q1 25 | 1.88× | — | ||
| Q4 24 | 2.34× | 19.46× | ||
| Q3 24 | 1.65× | 0.76× | ||
| Q2 24 | 0.00× | 2.13× |
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% |
PII
暂无分部数据
