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Martin Marietta Materials（MLM）与先锋自然资源公司（PR）财务数据对比。点击上方公司名可切换其他公司
先锋自然资源公司的季度营收约是Martin Marietta Materials的1.0倍（$1.2B vs $1.1B），先锋自然资源公司净利率更高（29.0% vs 24.5%，领先4.6%），先锋自然资源公司同比增速更快（-9.8% vs -30.1%），过去两年先锋自然资源公司的营收复合增速更高（-3.0% 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。
先锋自然资源公司总部位于美国得克萨斯州欧文市，主要从事油气勘探业务，运营覆盖二叠纪盆地Spraberry产区的克莱恩页岩区块，是该区域最大的土地权益持有方，2024年5月被埃克森美孚收购。
MLM vs PR — 直观对比
营收规模更大
PR
是对方的1.0倍
$1.1B
营收增速更快
PR
高出20.4%
-30.1%
净利率更高
PR
高出4.6%
24.5%
两年增速更快
PR
近两年复合增速
-4.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $1.2B |
| 净利润 | $279.0M | $339.5M |
| 毛利率 | 35.0% | — |
| 营业利润率 | 24.6% | 23.1% |
| 净利率 | 24.5% | 29.0% |
| 营收同比 | -30.1% | -9.8% |
| 净利润同比 | -4.8% | 56.7% |
| 每股收益（稀释后） | $4.59 | $0.48 |
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MLMPR
| Q4 25 | $1.1B | $1.2B | ||
| Q3 25 | $1.8B | $1.3B | ||
| Q2 25 | $1.8B | $1.2B | ||
| Q1 25 | $1.4B | $1.4B | ||
| Q4 24 | $1.6B | $1.3B | ||
| Q3 24 | $1.9B | $1.2B | ||
| Q2 24 | $1.8B | $1.2B | ||
| Q1 24 | $1.3B | $1.2B |
净利润MLMPR
| Q4 25 | $279.0M | $339.5M | ||
| Q3 25 | $414.0M | $59.2M | ||
| Q2 25 | $328.0M | $207.1M | ||
| Q1 25 | $116.0M | $329.3M | ||
| Q4 24 | $293.0M | $216.7M | ||
| Q3 24 | $363.0M | $386.4M | ||
| Q2 24 | $294.0M | $235.1M | ||
| Q1 24 | $1.0B | $146.6M |
毛利率MLMPR
| 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MLMPR
| Q4 25 | 24.6% | 23.1% | ||
| Q3 25 | 27.4% | 29.6% | ||
| Q2 25 | 25.3% | 24.8% | ||
| Q1 25 | 14.3% | 36.6% | ||
| Q4 24 | 24.4% | 32.8% | ||
| Q3 24 | 25.9% | 32.5% | ||
| Q2 24 | 22.6% | 36.5% | ||
| Q1 24 | — | 37.7% |
净利率MLMPR
| Q4 25 | 24.5% | 29.0% | ||
| Q3 25 | 22.4% | 4.5% | ||
| Q2 25 | 18.1% | 17.3% | ||
| Q1 25 | 8.6% | 23.9% | ||
| Q4 24 | 18.0% | 16.7% | ||
| Q3 24 | 19.2% | 31.8% | ||
| Q2 24 | 16.7% | 18.9% | ||
| Q1 24 | 83.5% | 11.8% |
每股收益（稀释后）MLMPR
| Q4 25 | $4.59 | $0.48 | ||
| Q3 25 | $6.85 | $0.08 | ||
| Q2 25 | $5.43 | $0.28 | ||
| Q1 25 | $1.90 | $0.44 | ||
| Q4 24 | $4.87 | $0.31 | ||
| Q3 24 | $5.91 | $0.53 | ||
| Q2 24 | $4.76 | $0.36 | ||
| Q1 24 | $16.87 | $0.25 |
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 | $153.7M |
| 总债务越低越好 | $5.3B | $3.5B |
| 股东权益账面价值 | $10.0B | $10.3B |
| 总资产 | $18.7B | $17.9B |
| 负债/权益比越低杠杆越低 | 0.53× | 0.34× |
8季度趋势，按日历期对齐
现金及短期投资MLMPR
| Q4 25 | $67.0M | $153.7M | ||
| Q3 25 | $57.0M | $111.8M | ||
| Q2 25 | $225.0M | $451.0M | ||
| Q1 25 | $101.0M | $702.2M | ||
| Q4 24 | $670.0M | $479.3M | ||
| Q3 24 | $52.0M | $272.0M | ||
| Q2 24 | $109.0M | $47.8M | ||
| Q1 24 | $2.6B | $12.7M |
总债务MLMPR
| Q4 25 | $5.3B | $3.5B | ||
| Q3 25 | $5.5B | $3.5B | ||
| Q2 25 | $5.4B | $4.0B | ||
| Q1 25 | $5.4B | $4.0B | ||
| Q4 24 | $5.4B | $4.2B | ||
| Q3 24 | $4.0B | $4.2B | ||
| Q2 24 | $4.3B | $3.9B | ||
| Q1 24 | $4.3B | $3.9B |
股东权益MLMPR
| Q4 25 | $10.0B | $10.3B | ||
| Q3 25 | $9.7B | $10.0B | ||
| Q2 25 | $9.4B | $9.5B | ||
| Q1 25 | $9.1B | $9.4B | ||
| Q4 24 | $9.5B | $9.1B | ||
| Q3 24 | $9.2B | $9.0B | ||
| Q2 24 | $8.8B | $8.3B | ||
| Q1 24 | $8.9B | $7.0B |
总资产MLMPR
| Q4 25 | $18.7B | $17.9B | ||
| Q3 25 | $18.7B | $17.3B | ||
| Q2 25 | $18.1B | $17.5B | ||
| Q1 25 | $17.7B | $17.1B | ||
| Q4 24 | $18.2B | $16.9B | ||
| Q3 24 | $16.5B | $16.6B | ||
| Q2 24 | $16.3B | $15.4B | ||
| Q1 24 | $16.2B | $15.1B |
负债/权益比MLMPR
| Q4 25 | 0.53× | 0.34× | ||
| Q3 25 | 0.57× | 0.35× | ||
| Q2 25 | 0.58× | 0.42× | ||
| Q1 25 | 0.60× | 0.43× | ||
| Q4 24 | 0.57× | 0.46× | ||
| Q3 24 | 0.44× | 0.47× | ||
| Q2 24 | 0.49× | 0.46× | ||
| Q1 24 | 0.49× | 0.56× |
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 | $904.3M |
| 自由现金流经营现金流 - 资本支出 | $424.0M | — |
| 自由现金流率自由现金流/营收 | 37.2% | — |
| 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× | 2.66× |
| 过去12个月自由现金流最近4个季度 | $978.0M | — |
8季度趋势，按日历期对齐
经营现金流MLMPR
| Q4 25 | $629.0M | $904.3M | ||
| Q3 25 | $551.0M | $766.5M | ||
| Q2 25 | $387.0M | $1.0B | ||
| Q1 25 | $218.0M | $898.0M | ||
| Q4 24 | $686.0M | $871.6M | ||
| Q3 24 | $600.0M | $954.4M | ||
| Q2 24 | $1.0M | $938.4M | ||
| Q1 24 | $172.0M | $647.6M |
自由现金流MLMPR
| Q4 25 | $424.0M | — | ||
| Q3 25 | $361.0M | — | ||
| Q2 25 | $208.0M | — | ||
| Q1 25 | $-15.0M | — | ||
| Q4 24 | $453.0M | — | ||
| Q3 24 | $317.0M | — | ||
| Q2 24 | $-138.0M | — | ||
| Q1 24 | $-28.0M | — |
自由现金流率MLMPR
| Q4 25 | 37.2% | — | ||
| Q3 25 | 19.6% | — | ||
| Q2 25 | 11.5% | — | ||
| Q1 25 | -1.1% | — | ||
| Q4 24 | 27.8% | — | ||
| Q3 24 | 16.8% | — | ||
| Q2 24 | -7.8% | — | ||
| Q1 24 | -2.2% | — |
资本支出强度MLMPR
| Q4 25 | 18.0% | — | ||
| Q3 25 | 10.3% | — | ||
| Q2 25 | 9.9% | — | ||
| Q1 25 | 17.2% | — | ||
| Q4 24 | 14.3% | — | ||
| Q3 24 | 15.0% | — | ||
| Q2 24 | 7.9% | — | ||
| Q1 24 | 16.0% | — |
现金转化率MLMPR
| Q4 25 | 2.25× | 2.66× | ||
| Q3 25 | 1.33× | 12.94× | ||
| Q2 25 | 1.18× | 5.01× | ||
| Q1 25 | 1.88× | 2.73× | ||
| Q4 24 | 2.34× | 4.02× | ||
| Q3 24 | 1.65× | 2.47× | ||
| Q2 24 | 0.00× | 3.99× | ||
| Q1 24 | 0.16× | 4.42× |
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% |
PR
| Crude Oil | $1.0B | 87% |
| Natural Gas Liquids Reserves | $145.1M | 12% |
