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Martin Marietta Materials（MLM）与SELECT MEDICAL HOLDINGS CORP（SEM）财务数据对比。点击上方公司名可切换其他公司
SELECT MEDICAL HOLDINGS CORP的季度营收约是Martin Marietta Materials的1.2倍（$1.4B vs $1.1B），Martin Marietta Materials净利率更高（24.5% vs 1.4%，领先23.0%），SELECT MEDICAL HOLDINGS CORP同比增速更快（6.4% vs -30.1%），Martin Marietta Materials自由现金流更多（$424.0M vs $5.2M），过去两年SELECT MEDICAL HOLDINGS CORP的营收复合增速更高（2.8% 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。
Select Medical是总部位于美国宾夕法尼亚州的医疗健康企业，业务涵盖长期急症护理、住院康复医院运营，同时开设有职业健康与物理治疗诊所，母公司Select Medical Holdings在纽约证券交易所挂牌上市。
MLM vs SEM — 直观对比
营收规模更大
SEM
是对方的1.2倍
$1.1B
营收增速更快
SEM
高出36.6%
-30.1%
净利率更高
MLM
高出23.0%
1.4%
自由现金流更多
MLM
多$418.8M
$5.2M
两年增速更快
SEM
近两年复合增速
-4.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $1.4B |
| 净利润 | $279.0M | $20.2M |
| 毛利率 | 35.0% | — |
| 营业利润率 | 24.6% | 4.6% |
| 净利率 | 24.5% | 1.4% |
| 营收同比 | -30.1% | 6.4% |
| 净利润同比 | -4.8% | 225.7% |
| 每股收益（稀释后） | $4.59 | $0.17 |
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MLMSEM
| Q4 25 | $1.1B | $1.4B | ||
| Q3 25 | $1.8B | $1.4B | ||
| Q2 25 | $1.8B | $1.3B | ||
| Q1 25 | $1.4B | $1.4B | ||
| Q4 24 | $1.6B | $1.3B | ||
| Q3 24 | $1.9B | $1.3B | ||
| Q2 24 | $1.8B | $1.3B | ||
| Q1 24 | $1.3B | $1.3B |
净利润MLMSEM
| Q4 25 | $279.0M | $20.2M | ||
| Q3 25 | $414.0M | $28.8M | ||
| Q2 25 | $328.0M | $40.6M | ||
| Q1 25 | $116.0M | $56.7M | ||
| Q4 24 | $293.0M | $-16.1M | ||
| Q3 24 | $363.0M | $55.6M | ||
| Q2 24 | $294.0M | $77.6M | ||
| Q1 24 | $1.0B | $96.9M |
毛利率MLMSEM
| 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MLMSEM
| Q4 25 | 24.6% | 4.6% | ||
| Q3 25 | 27.4% | 5.4% | ||
| Q2 25 | 25.3% | 6.5% | ||
| Q1 25 | 14.3% | 8.3% | ||
| Q4 24 | 24.4% | 1.6% | ||
| Q3 24 | 25.9% | 4.3% | ||
| Q2 24 | 22.6% | 5.8% | ||
| Q1 24 | — | 9.0% |
净利率MLMSEM
| Q4 25 | 24.5% | 1.4% | ||
| Q3 25 | 22.4% | 2.1% | ||
| Q2 25 | 18.1% | 3.0% | ||
| Q1 25 | 8.6% | 4.2% | ||
| Q4 24 | 18.0% | -1.2% | ||
| Q3 24 | 19.2% | 4.4% | ||
| Q2 24 | 16.7% | 6.1% | ||
| Q1 24 | 83.5% | 7.3% |
每股收益（稀释后）MLMSEM
| Q4 25 | $4.59 | $0.17 | ||
| Q3 25 | $6.85 | $0.23 | ||
| Q2 25 | $5.43 | $0.32 | ||
| Q1 25 | $1.90 | $0.44 | ||
| Q4 24 | $4.87 | $-0.12 | ||
| Q3 24 | $5.91 | $0.43 | ||
| Q2 24 | $4.76 | $0.60 | ||
| Q1 24 | $16.87 | $0.75 |
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 | $26.5M |
| 总债务越低越好 | $5.3B | $1.8B |
| 股东权益账面价值 | $10.0B | $1.7B |
| 总资产 | $18.7B | $5.9B |
| 负债/权益比越低杠杆越低 | 0.53× | 1.06× |
8季度趋势，按日历期对齐
现金及短期投资MLMSEM
| Q4 25 | $67.0M | $26.5M | ||
| Q3 25 | $57.0M | $60.1M | ||
| Q2 25 | $225.0M | $52.3M | ||
| Q1 25 | $101.0M | $53.2M | ||
| Q4 24 | $670.0M | $59.7M | ||
| Q3 24 | $52.0M | $191.5M | ||
| Q2 24 | $109.0M | $111.2M | ||
| Q1 24 | $2.6B | $92.6M |
总债务MLMSEM
| Q4 25 | $5.3B | $1.8B | ||
| Q3 25 | $5.5B | $1.7B | ||
| Q2 25 | $5.4B | $1.8B | ||
| Q1 25 | $5.4B | $1.8B | ||
| Q4 24 | $5.4B | $1.7B | ||
| Q3 24 | $4.0B | $3.1B | ||
| Q2 24 | $4.3B | $3.6B | ||
| Q1 24 | $4.3B | $3.8B |
股东权益MLMSEM
| Q4 25 | $10.0B | $1.7B | ||
| Q3 25 | $9.7B | $1.7B | ||
| Q2 25 | $9.4B | $1.7B | ||
| Q1 25 | $9.1B | $1.7B | ||
| Q4 24 | $9.5B | $1.7B | ||
| Q3 24 | $9.2B | $1.9B | ||
| Q2 24 | $8.8B | $1.4B | ||
| Q1 24 | $8.9B | $1.4B |
总资产MLMSEM
| Q4 25 | $18.7B | $5.9B | ||
| Q3 25 | $18.7B | $5.7B | ||
| Q2 25 | $18.1B | $5.7B | ||
| Q1 25 | $17.7B | $5.7B | ||
| Q4 24 | $18.2B | $5.6B | ||
| Q3 24 | $16.5B | $8.0B | ||
| Q2 24 | $16.3B | $7.9B | ||
| Q1 24 | $16.2B | $7.9B |
负债/权益比MLMSEM
| Q4 25 | 0.53× | 1.06× | ||
| Q3 25 | 0.57× | 1.03× | ||
| Q2 25 | 0.58× | 1.10× | ||
| Q1 25 | 0.60× | 1.03× | ||
| Q4 24 | 0.57× | 1.01× | ||
| Q3 24 | 0.44× | 1.62× | ||
| Q2 24 | 0.49× | 2.54× | ||
| Q1 24 | 0.49× | 2.75× |
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 | $64.3M |
| 自由现金流经营现金流 - 资本支出 | $424.0M | $5.2M |
| 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% | 4.2% |
| 现金转化率经营现金流/净利润 | 2.25× | 3.19× |
| 过去12个月自由现金流最近4个季度 | $978.0M | $117.2M |
8季度趋势，按日历期对齐
经营现金流MLMSEM
| Q4 25 | $629.0M | $64.3M | ||
| Q3 25 | $551.0M | $175.3M | ||
| Q2 25 | $387.0M | $110.3M | ||
| Q1 25 | $218.0M | $-3.5M | ||
| Q4 24 | $686.0M | $125.4M | ||
| Q3 24 | $600.0M | $181.0M | ||
| Q2 24 | $1.0M | $278.2M | ||
| Q1 24 | $172.0M | $-66.7M |
自由现金流MLMSEM
| Q4 25 | $424.0M | $5.2M | ||
| Q3 25 | $361.0M | $122.2M | ||
| Q2 25 | $208.0M | $45.6M | ||
| Q1 25 | $-15.0M | $-55.8M | ||
| Q4 24 | $453.0M | $62.0M | ||
| Q3 24 | $317.0M | $130.3M | ||
| Q2 24 | $-138.0M | $222.6M | ||
| Q1 24 | $-28.0M | $-119.2M |
自由现金流率MLMSEM
| Q4 25 | 37.2% | 0.4% | ||
| Q3 25 | 19.6% | 9.0% | ||
| Q2 25 | 11.5% | 3.4% | ||
| Q1 25 | -1.1% | -4.1% | ||
| Q4 24 | 27.8% | 4.7% | ||
| Q3 24 | 16.8% | 10.2% | ||
| Q2 24 | -7.8% | 17.4% | ||
| Q1 24 | -2.2% | -9.0% |
资本支出强度MLMSEM
| Q4 25 | 18.0% | 4.2% | ||
| Q3 25 | 10.3% | 3.9% | ||
| Q2 25 | 9.9% | 4.8% | ||
| Q1 25 | 17.2% | 3.9% | ||
| Q4 24 | 14.3% | 4.8% | ||
| Q3 24 | 15.0% | 4.0% | ||
| Q2 24 | 7.9% | 4.3% | ||
| Q1 24 | 16.0% | 4.0% |
现金转化率MLMSEM
| Q4 25 | 2.25× | 3.19× | ||
| Q3 25 | 1.33× | 6.09× | ||
| Q2 25 | 1.18× | 2.72× | ||
| Q1 25 | 1.88× | -0.06× | ||
| Q4 24 | 2.34× | — | ||
| Q3 24 | 1.65× | 3.25× | ||
| Q2 24 | 0.00× | 3.59× | ||
| Q1 24 | 0.16× | -0.69× |
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% |
SEM
| Critical Illness Recovery Hospitals | $629.7M | 45% |
| Health Care Patient Service Non Medicare | $428.6M | 31% |
| Rehabilitation Hospitals | $339.2M | 24% |
