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Martin Marietta Materials（MLM）与Rivian Automotive, Inc.（RIVN）财务数据对比。点击上方公司名可切换其他公司
Rivian Automotive, Inc.的季度营收约是Martin Marietta Materials的1.1倍（$1.3B vs $1.1B），Martin Marietta Materials净利率更高（24.5% vs -63.1%，领先87.5%），Rivian Automotive, Inc.同比增速更快（-25.8% vs -30.1%），Martin Marietta Materials自由现金流更多（$424.0M vs $-1.1B），过去两年Rivian Automotive, Inc.的营收复合增速更高（3.3% 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。
Rivian Automotive是2009年成立的美国电动汽车制造商及汽车科技企业，主打基于自研滑板平台打造的电动SUV、皮卡及EDV电动配送货车，旗下R1T皮卡于2021年末正式开启交付，还计划于2023年底前在美国和加拿大布局专属充电网络，其平台可适配新车型也可对外授权使用。
MLM vs RIVN — 直观对比
营收规模更大
RIVN
是对方的1.1倍
$1.1B
营收增速更快
RIVN
高出4.3%
-30.1%
净利率更高
MLM
高出87.5%
-63.1%
自由现金流更多
MLM
多$1.6B
$-1.1B
两年增速更快
RIVN
近两年复合增速
-4.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $1.3B |
| 净利润 | $279.0M | $-811.0M |
| 毛利率 | 35.0% | 9.3% |
| 营业利润率 | 24.6% | -64.8% |
| 净利率 | 24.5% | -63.1% |
| 营收同比 | -30.1% | -25.8% |
| 净利润同比 | -4.8% | -9.0% |
| 每股收益（稀释后） | $4.59 | $-0.66 |
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MLMRIVN
| Q4 25 | $1.1B | $1.3B | ||
| Q3 25 | $1.8B | $1.6B | ||
| Q2 25 | $1.8B | $1.3B | ||
| Q1 25 | $1.4B | $1.2B | ||
| Q4 24 | $1.6B | $1.7B | ||
| Q3 24 | $1.9B | $874.0M | ||
| Q2 24 | $1.8B | $1.2B | ||
| Q1 24 | $1.3B | $1.2B |
净利润MLMRIVN
| Q4 25 | $279.0M | $-811.0M | ||
| Q3 25 | $414.0M | $-1.2B | ||
| Q2 25 | $328.0M | $-1.1B | ||
| Q1 25 | $116.0M | $-545.0M | ||
| Q4 24 | $293.0M | $-744.0M | ||
| Q3 24 | $363.0M | $-1.1B | ||
| Q2 24 | $294.0M | $-1.5B | ||
| Q1 24 | $1.0B | $-1.4B |
毛利率MLMRIVN
| Q4 25 | 35.0% | 9.3% | ||
| Q3 25 | 33.1% | 1.5% | ||
| Q2 25 | 30.0% | -15.8% | ||
| Q1 25 | 24.8% | 16.6% | ||
| Q4 24 | 30.0% | 9.8% | ||
| Q3 24 | 31.7% | -44.9% | ||
| Q2 24 | 29.3% | -38.9% | ||
| Q1 24 | 21.7% | -43.8% |
营业利润率MLMRIVN
| Q4 25 | 24.6% | -64.8% | ||
| Q3 25 | 27.4% | -63.1% | ||
| Q2 25 | 25.3% | -85.5% | ||
| Q1 25 | 14.3% | -52.8% | ||
| Q4 24 | 24.4% | -38.1% | ||
| Q3 24 | 25.9% | -133.8% | ||
| Q2 24 | 22.6% | -118.7% | ||
| Q1 24 | — | -123.3% |
净利率MLMRIVN
| Q4 25 | 24.5% | -63.1% | ||
| Q3 25 | 22.4% | -75.3% | ||
| Q2 25 | 18.1% | -85.7% | ||
| Q1 25 | 8.6% | -44.0% | ||
| Q4 24 | 18.0% | -42.9% | ||
| Q3 24 | 19.2% | -125.9% | ||
| Q2 24 | 16.7% | -125.8% | ||
| Q1 24 | 83.5% | -120.1% |
每股收益（稀释后）MLMRIVN
| Q4 25 | $4.59 | $-0.66 | ||
| Q3 25 | $6.85 | $-0.96 | ||
| Q2 25 | $5.43 | $-0.97 | ||
| Q1 25 | $1.90 | $-0.48 | ||
| Q4 24 | $4.87 | $-0.67 | ||
| Q3 24 | $5.91 | $-1.08 | ||
| Q2 24 | $4.76 | $-1.46 | ||
| Q1 24 | $16.87 | $-1.48 |
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 | $6.1B |
| 总债务越低越好 | $5.3B | — |
| 股东权益账面价值 | $10.0B | $4.6B |
| 总资产 | $18.7B | $14.9B |
| 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MLMRIVN
| Q4 25 | $67.0M | $6.1B | ||
| Q3 25 | $57.0M | $7.1B | ||
| Q2 25 | $225.0M | $7.5B | ||
| Q1 25 | $101.0M | $7.2B | ||
| Q4 24 | $670.0M | $7.7B | ||
| Q3 24 | $52.0M | $6.7B | ||
| Q2 24 | $109.0M | $7.9B | ||
| Q1 24 | $2.6B | $7.9B |
总债务MLMRIVN
| Q4 25 | $5.3B | — | ||
| Q3 25 | $5.5B | — | ||
| Q2 25 | $5.4B | — | ||
| Q1 25 | $5.4B | — | ||
| Q4 24 | $5.4B | — | ||
| Q3 24 | $4.0B | — | ||
| Q2 24 | $4.3B | $5.5B | ||
| Q1 24 | $4.3B | $4.4B |
股东权益MLMRIVN
| Q4 25 | $10.0B | $4.6B | ||
| Q3 25 | $9.7B | $5.1B | ||
| Q2 25 | $9.4B | $6.1B | ||
| Q1 25 | $9.1B | $6.2B | ||
| Q4 24 | $9.5B | $6.6B | ||
| Q3 24 | $9.2B | $5.9B | ||
| Q2 24 | $8.8B | $6.8B | ||
| Q1 24 | $8.9B | $8.1B |
总资产MLMRIVN
| Q4 25 | $18.7B | $14.9B | ||
| Q3 25 | $18.7B | $15.2B | ||
| Q2 25 | $18.1B | $15.6B | ||
| Q1 25 | $17.7B | $15.5B | ||
| Q4 24 | $18.2B | $15.4B | ||
| Q3 24 | $16.5B | $14.3B | ||
| Q2 24 | $16.3B | $15.4B | ||
| Q1 24 | $16.2B | $15.7B |
负债/权益比MLMRIVN
| 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× | 0.81× | ||
| Q1 24 | 0.49× | 0.55× |
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 | $-681.0M |
| 自由现金流经营现金流 - 资本支出 | $424.0M | $-1.1B |
| 自由现金流率自由现金流/营收 | 37.2% | -89.0% |
| 资本支出强度资本支出/营收 | 18.0% | 36.0% |
| 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 | $-2.5B |
8季度趋势，按日历期对齐
经营现金流MLMRIVN
| Q4 25 | $629.0M | $-681.0M | ||
| Q3 25 | $551.0M | $26.0M | ||
| Q2 25 | $387.0M | $64.0M | ||
| Q1 25 | $218.0M | $-188.0M | ||
| Q4 24 | $686.0M | $1.2B | ||
| Q3 24 | $600.0M | $-876.0M | ||
| Q2 24 | $1.0M | $-754.0M | ||
| Q1 24 | $172.0M | $-1.3B |
自由现金流MLMRIVN
| Q4 25 | $424.0M | $-1.1B | ||
| Q3 25 | $361.0M | $-421.0M | ||
| Q2 25 | $208.0M | $-398.0M | ||
| Q1 25 | $-15.0M | $-526.0M | ||
| Q4 24 | $453.0M | $856.0M | ||
| Q3 24 | $317.0M | $-1.2B | ||
| Q2 24 | $-138.0M | $-1.0B | ||
| Q1 24 | $-28.0M | $-1.5B |
自由现金流率MLMRIVN
| Q4 25 | 37.2% | -89.0% | ||
| Q3 25 | 19.6% | -27.0% | ||
| Q2 25 | 11.5% | -30.5% | ||
| Q1 25 | -1.1% | -42.4% | ||
| Q4 24 | 27.8% | 49.4% | ||
| Q3 24 | 16.8% | -131.9% | ||
| Q2 24 | -7.8% | -89.6% | ||
| Q1 24 | -2.2% | -126.5% |
资本支出强度MLMRIVN
| Q4 25 | 18.0% | 36.0% | ||
| Q3 25 | 10.3% | 28.7% | ||
| Q2 25 | 9.9% | 35.5% | ||
| Q1 25 | 17.2% | 27.3% | ||
| Q4 24 | 14.3% | 18.9% | ||
| Q3 24 | 15.0% | 31.7% | ||
| Q2 24 | 7.9% | 24.4% | ||
| Q1 24 | 16.0% | 21.1% |
现金转化率MLMRIVN
| Q4 25 | 2.25× | — | ||
| Q3 25 | 1.33× | — | ||
| Q2 25 | 1.18× | — | ||
| Q1 25 | 1.88× | — | ||
| Q4 24 | 2.34× | — | ||
| Q3 24 | 1.65× | — | ||
| Q2 24 | 0.00× | — | ||
| Q1 24 | 0.16× | — |
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% |
RIVN
| Automotive Segment | $839.0M | 65% |
| Software And Services Segment | $447.0M | 35% |
| Regulatory Credits | $30.0M | 2% |
