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Martin Marietta Materials（MLM）与西蒙地产集团（SPG）财务数据对比。点击上方公司名可切换其他公司
西蒙地产集团的季度营收约是Martin Marietta Materials的1.6倍（$1.8B vs $1.1B），西蒙地产集团净利率更高（197.6% vs 24.5%，领先173.1%），西蒙地产集团同比增速更快（13.2% vs -30.1%），西蒙地产集团自由现金流更多（$948.8M vs $424.0M），过去两年西蒙地产集团的营收复合增速更高（11.4% 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。
西蒙地产集团是美国头部房地产投资信托企业，核心投资范畴涵盖购物中心、奥特莱斯、社区及生活方式中心，是美国规模最大的购物中心持有方，总部位于印第安纳州印第安纳波利斯，截至2024年12月末共持有232处物业的相关权益。
MLM vs SPG — 直观对比
营收规模更大
SPG
是对方的1.6倍
$1.1B
营收增速更快
SPG
高出43.4%
-30.1%
净利率更高
SPG
高出173.1%
24.5%
自由现金流更多
SPG
多$524.8M
$424.0M
两年增速更快
SPG
近两年复合增速
-4.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $1.8B |
| 净利润 | $279.0M | $3.5B |
| 毛利率 | 35.0% | — |
| 营业利润率 | 24.6% | 49.7% |
| 净利率 | 24.5% | 197.6% |
| 营收同比 | -30.1% | 13.2% |
| 净利润同比 | -4.8% | 358.7% |
| 每股收益（稀释后） | $4.59 | $9.34 |
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MLMSPG
| Q4 25 | $1.1B | $1.8B | ||
| Q3 25 | $1.8B | $1.6B | ||
| Q2 25 | $1.8B | $1.5B | ||
| Q1 25 | $1.4B | $1.5B | ||
| Q4 24 | $1.6B | $1.6B | ||
| Q3 24 | $1.9B | $1.5B | ||
| Q2 24 | $1.8B | $1.5B | ||
| Q1 24 | $1.3B | $1.4B |
净利润MLMSPG
| Q4 25 | $279.0M | $3.5B | ||
| Q3 25 | $414.0M | $702.7M | ||
| Q2 25 | $328.0M | $643.7M | ||
| Q1 25 | $116.0M | $477.9M | ||
| Q4 24 | $293.0M | $771.8M | ||
| Q3 24 | $363.0M | $546.7M | ||
| Q2 24 | $294.0M | $569.4M | ||
| Q1 24 | $1.0B | $841.2M |
毛利率MLMSPG
| 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MLMSPG
| Q4 25 | 24.6% | 49.7% | ||
| Q3 25 | 27.4% | 50.8% | ||
| Q2 25 | 25.3% | 49.7% | ||
| Q1 25 | 14.3% | 49.4% | ||
| Q4 24 | 24.4% | 52.8% | ||
| Q3 24 | 25.9% | 51.9% | ||
| Q2 24 | 22.6% | 51.7% | ||
| Q1 24 | — | 51.0% |
净利率MLMSPG
| Q4 25 | 24.5% | 197.6% | ||
| Q3 25 | 22.4% | 43.9% | ||
| Q2 25 | 18.1% | 43.0% | ||
| Q1 25 | 8.6% | 32.4% | ||
| Q4 24 | 18.0% | 48.8% | ||
| Q3 24 | 19.2% | 36.9% | ||
| Q2 24 | 16.7% | 39.0% | ||
| Q1 24 | 83.5% | 58.3% |
每股收益（稀释后）MLMSPG
| Q4 25 | $4.59 | $9.34 | ||
| Q3 25 | $6.85 | $1.86 | ||
| Q2 25 | $5.43 | $1.70 | ||
| Q1 25 | $1.90 | $1.27 | ||
| Q4 24 | $4.87 | $2.04 | ||
| Q3 24 | $5.91 | $1.46 | ||
| Q2 24 | $4.76 | $1.51 | ||
| Q1 24 | $16.87 | $2.25 |
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 | $823.1M |
| 总债务越低越好 | $5.3B | $28.4B |
| 股东权益账面价值 | $10.0B | $5.2B |
| 总资产 | $18.7B | $40.6B |
| 负债/权益比越低杠杆越低 | 0.53× | 5.46× |
8季度趋势，按日历期对齐
现金及短期投资MLMSPG
| Q4 25 | $67.0M | $823.1M | ||
| Q3 25 | $57.0M | $1.6B | ||
| Q2 25 | $225.0M | $1.2B | ||
| Q1 25 | $101.0M | $1.4B | ||
| Q4 24 | $670.0M | $1.4B | ||
| Q3 24 | $52.0M | $2.5B | ||
| Q2 24 | $109.0M | $2.5B | ||
| Q1 24 | $2.6B | $2.6B |
总债务MLMSPG
| Q4 25 | $5.3B | $28.4B | ||
| Q3 25 | $5.5B | $25.8B | ||
| Q2 25 | $5.4B | $25.4B | ||
| Q1 25 | $5.4B | $24.8B | ||
| Q4 24 | $5.4B | $24.3B | ||
| Q3 24 | $4.0B | $25.4B | ||
| Q2 24 | $4.3B | $25.3B | ||
| Q1 24 | $4.3B | $25.5B |
股东权益MLMSPG
| Q4 25 | $10.0B | $5.2B | ||
| Q3 25 | $9.7B | $2.3B | ||
| Q2 25 | $9.4B | $2.5B | ||
| Q1 25 | $9.1B | $2.6B | ||
| Q4 24 | $9.5B | $2.9B | ||
| Q3 24 | $9.2B | $2.7B | ||
| Q2 24 | $8.8B | $2.9B | ||
| Q1 24 | $8.9B | $3.1B |
总资产MLMSPG
| Q4 25 | $18.7B | $40.6B | ||
| Q3 25 | $18.7B | $33.6B | ||
| Q2 25 | $18.1B | $33.3B | ||
| Q1 25 | $17.7B | $32.5B | ||
| Q4 24 | $18.2B | $32.4B | ||
| Q3 24 | $16.5B | $33.3B | ||
| Q2 24 | $16.3B | $33.4B | ||
| Q1 24 | $16.2B | $33.7B |
负债/权益比MLMSPG
| Q4 25 | 0.53× | 5.46× | ||
| Q3 25 | 0.57× | 10.98× | ||
| Q2 25 | 0.58× | 10.36× | ||
| Q1 25 | 0.60× | 9.50× | ||
| Q4 24 | 0.57× | 8.25× | ||
| Q3 24 | 0.44× | 9.37× | ||
| Q2 24 | 0.49× | 8.59× | ||
| Q1 24 | 0.49× | 8.22× |
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 | $1.2B |
| 自由现金流经营现金流 - 资本支出 | $424.0M | $948.8M |
| 自由现金流率自由现金流/营收 | 37.2% | 53.0% |
| 资本支出强度资本支出/营收 | 18.0% | 14.2% |
| 现金转化率经营现金流/净利润 | 2.25× | 0.34× |
| 过去12个月自由现金流最近4个季度 | $978.0M | $3.2B |
8季度趋势，按日历期对齐
经营现金流MLMSPG
| Q4 25 | $629.0M | $1.2B | ||
| Q3 25 | $551.0M | $890.3M | ||
| Q2 25 | $387.0M | $1.2B | ||
| Q1 25 | $218.0M | $827.2M | ||
| Q4 24 | $686.0M | $1.1B | ||
| Q3 24 | $600.0M | $892.9M | ||
| Q2 24 | $1.0M | $1.1B | ||
| Q1 24 | $172.0M | $773.1M |
自由现金流MLMSPG
| Q4 25 | $424.0M | $948.8M | ||
| Q3 25 | $361.0M | $685.0M | ||
| Q2 25 | $208.0M | $971.3M | ||
| Q1 25 | $-15.0M | $597.0M | ||
| Q4 24 | $453.0M | $867.7M | ||
| Q3 24 | $317.0M | $706.5M | ||
| Q2 24 | $-138.0M | $874.8M | ||
| Q1 24 | $-28.0M | $610.1M |
自由现金流率MLMSPG
| Q4 25 | 37.2% | 53.0% | ||
| Q3 25 | 19.6% | 42.8% | ||
| Q2 25 | 11.5% | 64.8% | ||
| Q1 25 | -1.1% | 40.5% | ||
| Q4 24 | 27.8% | 54.8% | ||
| Q3 24 | 16.8% | 47.7% | ||
| Q2 24 | -7.8% | 60.0% | ||
| Q1 24 | -2.2% | 42.3% |
资本支出强度MLMSPG
| Q4 25 | 18.0% | 14.2% | ||
| Q3 25 | 10.3% | 12.8% | ||
| Q2 25 | 9.9% | 16.3% | ||
| Q1 25 | 17.2% | 15.6% | ||
| Q4 24 | 14.3% | 13.8% | ||
| Q3 24 | 15.0% | 12.6% | ||
| Q2 24 | 7.9% | 12.9% | ||
| Q1 24 | 16.0% | 11.3% |
现金转化率MLMSPG
| Q4 25 | 2.25× | 0.34× | ||
| Q3 25 | 1.33× | 1.27× | ||
| Q2 25 | 1.18× | 1.89× | ||
| Q1 25 | 1.88× | 1.73× | ||
| Q4 24 | 2.34× | 1.41× | ||
| Q3 24 | 1.65× | 1.63× | ||
| Q2 24 | 0.00× | 1.87× | ||
| Q1 24 | 0.16× | 0.92× |
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% |
SPG
| Real Estate Segment | $1.7B | 95% |
| Other | $86.3M | 5% |
