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Martin Marietta Materials（MLM）与Snap Inc（SNAP）财务数据对比。点击上方公司名可切换其他公司
Snap Inc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 2.6%，领先21.8%），Snap Inc同比增速更快（10.2% vs -30.1%），Martin Marietta Materials自由现金流更多（$424.0M vs $205.6M），过去两年Snap Inc的营收复合增速更高（19.9% 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。
Snap Inc.是一家美国科技企业，2011年9月16日由埃文·斯皮格尔、鲍比·墨菲和雷吉·布朗联合创立，总部位于加利福尼亚州圣莫尼卡。公司核心产品包括社交应用Snapchat、智能眼镜Spectacles、虚拟形象工具Bitmoji以及营销推广解决方案SnapBoost，2016年9月24日由原Snapchat Inc.更名为现名，覆盖社交、智能硬件等多元业务领域。
MLM vs SNAP — 直观对比
营收规模更大
SNAP
是对方的1.5倍
$1.1B
营收增速更快
SNAP
高出40.4%
-30.1%
净利率更高
MLM
高出21.8%
2.6%
自由现金流更多
MLM
多$218.4M
$205.6M
两年增速更快
SNAP
近两年复合增速
-4.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $1.7B |
| 净利润 | $279.0M | $45.2M |
| 毛利率 | 35.0% | 59.1% |
| 营业利润率 | 24.6% | 2.9% |
| 净利率 | 24.5% | 2.6% |
| 营收同比 | -30.1% | 10.2% |
| 净利润同比 | -4.8% | 396.7% |
| 每股收益（稀释后） | $4.59 | $0.03 |
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MLMSNAP
| Q4 25 | $1.1B | $1.7B | ||
| Q3 25 | $1.8B | $1.5B | ||
| Q2 25 | $1.8B | $1.3B | ||
| Q1 25 | $1.4B | $1.4B | ||
| Q4 24 | $1.6B | $1.6B | ||
| Q3 24 | $1.9B | $1.4B | ||
| Q2 24 | $1.8B | $1.2B | ||
| Q1 24 | $1.3B | $1.2B |
净利润MLMSNAP
| Q4 25 | $279.0M | $45.2M | ||
| Q3 25 | $414.0M | $-103.5M | ||
| Q2 25 | $328.0M | $-262.6M | ||
| Q1 25 | $116.0M | $-139.6M | ||
| Q4 24 | $293.0M | $9.1M | ||
| Q3 24 | $363.0M | $-153.2M | ||
| Q2 24 | $294.0M | $-248.6M | ||
| Q1 24 | $1.0B | $-305.1M |
毛利率MLMSNAP
| Q4 25 | 35.0% | 59.1% | ||
| Q3 25 | 33.1% | 55.3% | ||
| Q2 25 | 30.0% | 51.4% | ||
| Q1 25 | 24.8% | 53.1% | ||
| Q4 24 | 30.0% | 56.9% | ||
| Q3 24 | 31.7% | 53.5% | ||
| Q2 24 | 29.3% | 52.4% | ||
| Q1 24 | 21.7% | 51.9% |
营业利润率MLMSNAP
| Q4 25 | 24.6% | 2.9% | ||
| Q3 25 | 27.4% | -8.5% | ||
| Q2 25 | 25.3% | -19.3% | ||
| Q1 25 | 14.3% | -14.2% | ||
| Q4 24 | 24.4% | -1.7% | ||
| Q3 24 | 25.9% | -12.6% | ||
| Q2 24 | 22.6% | -20.5% | ||
| Q1 24 | — | -27.9% |
净利率MLMSNAP
| Q4 25 | 24.5% | 2.6% | ||
| Q3 25 | 22.4% | -6.9% | ||
| Q2 25 | 18.1% | -19.5% | ||
| Q1 25 | 8.6% | -10.2% | ||
| Q4 24 | 18.0% | 0.6% | ||
| Q3 24 | 19.2% | -11.2% | ||
| Q2 24 | 16.7% | -20.1% | ||
| Q1 24 | 83.5% | -25.5% |
每股收益（稀释后）MLMSNAP
| Q4 25 | $4.59 | $0.03 | ||
| Q3 25 | $6.85 | $-0.06 | ||
| Q2 25 | $5.43 | $-0.16 | ||
| Q1 25 | $1.90 | $-0.08 | ||
| Q4 24 | $4.87 | $0.01 | ||
| Q3 24 | $5.91 | $-0.09 | ||
| Q2 24 | $4.76 | $-0.15 | ||
| Q1 24 | $16.87 | $-0.19 |
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 | $2.9B |
| 总债务越低越好 | $5.3B | $3.5B |
| 股东权益账面价值 | $10.0B | $2.3B |
| 总资产 | $18.7B | $7.7B |
| 负债/权益比越低杠杆越低 | 0.53× | 1.55× |
8季度趋势，按日历期对齐
现金及短期投资MLMSNAP
| Q4 25 | $67.0M | $2.9B | ||
| Q3 25 | $57.0M | $3.0B | ||
| Q2 25 | $225.0M | $2.9B | ||
| Q1 25 | $101.0M | $3.2B | ||
| Q4 24 | $670.0M | $3.4B | ||
| Q3 24 | $52.0M | $3.2B | ||
| Q2 24 | $109.0M | $3.1B | ||
| Q1 24 | $2.6B | $2.9B |
总债务MLMSNAP
| Q4 25 | $5.3B | $3.5B | ||
| Q3 25 | $5.5B | $3.5B | ||
| Q2 25 | $5.4B | $3.6B | ||
| Q1 25 | $5.4B | $3.6B | ||
| Q4 24 | $5.4B | $3.6B | ||
| Q3 24 | $4.0B | $3.6B | ||
| Q2 24 | $4.3B | $3.6B | ||
| Q1 24 | $4.3B | $3.3B |
股东权益MLMSNAP
| Q4 25 | $10.0B | $2.3B | ||
| Q3 25 | $9.7B | $2.2B | ||
| Q2 25 | $9.4B | $2.1B | ||
| Q1 25 | $9.1B | $2.3B | ||
| Q4 24 | $9.5B | $2.5B | ||
| Q3 24 | $9.2B | $2.2B | ||
| Q2 24 | $8.8B | $2.1B | ||
| Q1 24 | $8.9B | $2.1B |
总资产MLMSNAP
| Q4 25 | $18.7B | $7.7B | ||
| Q3 25 | $18.7B | $7.6B | ||
| Q2 25 | $18.1B | $7.4B | ||
| Q1 25 | $17.7B | $7.6B | ||
| Q4 24 | $18.2B | $7.9B | ||
| Q3 24 | $16.5B | $7.6B | ||
| Q2 24 | $16.3B | $7.4B | ||
| Q1 24 | $16.2B | $7.2B |
负债/权益比MLMSNAP
| Q4 25 | 0.53× | 1.55× | ||
| Q3 25 | 0.57× | 1.59× | ||
| Q2 25 | 0.58× | 1.73× | ||
| Q1 25 | 0.60× | 1.56× | ||
| Q4 24 | 0.57× | 1.49× | ||
| Q3 24 | 0.44× | 1.65× | ||
| Q2 24 | 0.49× | 1.76× | ||
| Q1 24 | 0.49× | 1.55× |
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 | $269.6M |
| 自由现金流经营现金流 - 资本支出 | $424.0M | $205.6M |
| 自由现金流率自由现金流/营收 | 37.2% | 12.0% |
| 资本支出强度资本支出/营收 | 18.0% | 3.7% |
| 现金转化率经营现金流/净利润 | 2.25× | 5.96× |
| 过去12个月自由现金流最近4个季度 | $978.0M | $437.2M |
8季度趋势，按日历期对齐
经营现金流MLMSNAP
| Q4 25 | $629.0M | $269.6M | ||
| Q3 25 | $551.0M | $146.5M | ||
| Q2 25 | $387.0M | $88.5M | ||
| Q1 25 | $218.0M | $151.6M | ||
| Q4 24 | $686.0M | $230.6M | ||
| Q3 24 | $600.0M | $115.9M | ||
| Q2 24 | $1.0M | $-21.4M | ||
| Q1 24 | $172.0M | $88.4M |
自由现金流MLMSNAP
| Q4 25 | $424.0M | $205.6M | ||
| Q3 25 | $361.0M | $93.4M | ||
| Q2 25 | $208.0M | $23.8M | ||
| Q1 25 | $-15.0M | $114.4M | ||
| Q4 24 | $453.0M | $182.4M | ||
| Q3 24 | $317.0M | $71.8M | ||
| Q2 24 | $-138.0M | $-73.4M | ||
| Q1 24 | $-28.0M | $37.9M |
自由现金流率MLMSNAP
| Q4 25 | 37.2% | 12.0% | ||
| Q3 25 | 19.6% | 6.2% | ||
| Q2 25 | 11.5% | 1.8% | ||
| Q1 25 | -1.1% | 8.4% | ||
| Q4 24 | 27.8% | 11.7% | ||
| Q3 24 | 16.8% | 5.2% | ||
| Q2 24 | -7.8% | -5.9% | ||
| Q1 24 | -2.2% | 3.2% |
资本支出强度MLMSNAP
| Q4 25 | 18.0% | 3.7% | ||
| Q3 25 | 10.3% | 3.5% | ||
| Q2 25 | 9.9% | 4.8% | ||
| Q1 25 | 17.2% | 2.7% | ||
| Q4 24 | 14.3% | 3.1% | ||
| Q3 24 | 15.0% | 3.2% | ||
| Q2 24 | 7.9% | 4.2% | ||
| Q1 24 | 16.0% | 4.2% |
现金转化率MLMSNAP
| Q4 25 | 2.25× | 5.96× | ||
| Q3 25 | 1.33× | — | ||
| Q2 25 | 1.18× | — | ||
| Q1 25 | 1.88× | — | ||
| Q4 24 | 2.34× | 25.34× | ||
| 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% |
SNAP
| Advertising Revenue | $1.5B | 86% |
| Other Revenue | $231.9M | 14% |
