vs
Martin Marietta Materials（MLM）与罗塞塔石碑（STEP）财务数据对比。点击上方公司名可切换其他公司
Martin Marietta Materials的季度营收约是罗塞塔石碑的1.9倍（$1.1B vs $586.5M），Martin Marietta Materials净利率更高（24.5% vs -21.0%，领先45.5%），罗塞塔石碑同比增速更快（73.0% vs -30.1%），Martin Marietta Materials自由现金流更多（$424.0M vs $26.7M），过去两年罗塞塔石碑的营收复合增速更高（28.2% 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。
罗塞塔石碑是美国教育科技软件企业，开发语言学习、读写能力提升及脑训练类软件，旗下语言学习产品知名度极高。2013年公司收购Livemocha、Lexia Learning等品牌拓展教育科技业务矩阵，2021年正式成为IXL Learning的子公司。
MLM vs STEP — 直观对比
营收规模更大
MLM
是对方的1.9倍
$586.5M
营收增速更快
STEP
高出103.1%
-30.1%
净利率更高
MLM
高出45.5%
-21.0%
自由现金流更多
MLM
多$397.3M
$26.7M
两年增速更快
STEP
近两年复合增速
-4.5%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $586.5M |
| 净利润 | $279.0M | $-123.5M |
| 毛利率 | 35.0% | — |
| 营业利润率 | 24.6% | -33.2% |
| 净利率 | 24.5% | -21.0% |
| 营收同比 | -30.1% | 73.0% |
| 净利润同比 | -4.8% | 35.7% |
| 每股收益（稀释后） | $4.59 | $-1.55 |
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MLMSTEP
| Q4 25 | $1.1B | $586.5M | ||
| Q3 25 | $1.8B | $454.2M | ||
| Q2 25 | $1.8B | $364.3M | ||
| Q1 25 | $1.4B | $377.7M | ||
| Q4 24 | $1.6B | $339.0M | ||
| Q3 24 | $1.9B | $271.7M | ||
| Q2 24 | $1.8B | $186.4M | ||
| Q1 24 | $1.3B | $356.8M |
净利润MLMSTEP
| Q4 25 | $279.0M | $-123.5M | ||
| Q3 25 | $414.0M | $-366.1M | ||
| Q2 25 | $328.0M | $-38.4M | ||
| Q1 25 | $116.0M | $-18.5M | ||
| Q4 24 | $293.0M | $-192.0M | ||
| Q3 24 | $363.0M | $17.6M | ||
| Q2 24 | $294.0M | $13.3M | ||
| Q1 24 | $1.0B | $30.8M |
毛利率MLMSTEP
| 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MLMSTEP
| Q4 25 | 24.6% | -33.2% | ||
| Q3 25 | 27.4% | -148.8% | ||
| Q2 25 | 25.3% | -5.6% | ||
| Q1 25 | 14.3% | 2.6% | ||
| Q4 24 | 24.4% | -101.7% | ||
| Q3 24 | 25.9% | 21.3% | ||
| Q2 24 | 22.6% | 29.4% | ||
| Q1 24 | — | 26.5% |
净利率MLMSTEP
| Q4 25 | 24.5% | -21.0% | ||
| Q3 25 | 22.4% | -80.6% | ||
| Q2 25 | 18.1% | -10.5% | ||
| Q1 25 | 8.6% | -4.9% | ||
| Q4 24 | 18.0% | -56.6% | ||
| Q3 24 | 19.2% | 6.5% | ||
| Q2 24 | 16.7% | 7.2% | ||
| Q1 24 | 83.5% | 8.6% |
每股收益（稀释后）MLMSTEP
| Q4 25 | $4.59 | $-1.55 | ||
| Q3 25 | $6.85 | $-4.66 | ||
| Q2 25 | $5.43 | $-0.49 | ||
| Q1 25 | $1.90 | $-0.37 | ||
| Q4 24 | $4.87 | $-2.61 | ||
| Q3 24 | $5.91 | $0.26 | ||
| Q2 24 | $4.76 | $0.20 | ||
| Q1 24 | $16.87 | $0.47 |
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 | — |
| 总债务越低越好 | $5.3B | $270.2M |
| 股东权益账面价值 | $10.0B | $-378.8M |
| 总资产 | $18.7B | $5.2B |
| 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MLMSTEP
| Q4 25 | $67.0M | — | ||
| Q3 25 | $57.0M | — | ||
| Q2 25 | $225.0M | — | ||
| Q1 25 | $101.0M | — | ||
| Q4 24 | $670.0M | — | ||
| Q3 24 | $52.0M | — | ||
| Q2 24 | $109.0M | — | ||
| Q1 24 | $2.6B | — |
总债务MLMSTEP
| Q4 25 | $5.3B | $270.2M | ||
| Q3 25 | $5.5B | $269.9M | ||
| Q2 25 | $5.4B | $269.6M | ||
| Q1 25 | $5.4B | $269.3M | ||
| Q4 24 | $5.4B | $168.9M | ||
| Q3 24 | $4.0B | $172.3M | ||
| Q2 24 | $4.3B | $172.1M | ||
| Q1 24 | $4.3B | $148.8M |
股东权益MLMSTEP
| Q4 25 | $10.0B | $-378.8M | ||
| Q3 25 | $9.7B | $-233.5M | ||
| Q2 25 | $9.4B | $153.9M | ||
| Q1 25 | $9.1B | $179.4M | ||
| Q4 24 | $9.5B | $209.8M | ||
| Q3 24 | $9.2B | $397.5M | ||
| Q2 24 | $8.8B | $366.9M | ||
| Q1 24 | $8.9B | $324.5M |
总资产MLMSTEP
| Q4 25 | $18.7B | $5.2B | ||
| Q3 25 | $18.7B | $5.3B | ||
| Q2 25 | $18.1B | $4.8B | ||
| Q1 25 | $17.7B | $4.6B | ||
| Q4 24 | $18.2B | $4.3B | ||
| Q3 24 | $16.5B | $4.0B | ||
| Q2 24 | $16.3B | $3.8B | ||
| Q1 24 | $16.2B | $3.8B |
负债/权益比MLMSTEP
| Q4 25 | 0.53× | — | ||
| Q3 25 | 0.57× | — | ||
| Q2 25 | 0.58× | 1.75× | ||
| Q1 25 | 0.60× | 1.50× | ||
| Q4 24 | 0.57× | 0.81× | ||
| Q3 24 | 0.44× | 0.43× | ||
| Q2 24 | 0.49× | 0.47× | ||
| Q1 24 | 0.49× | 0.46× |
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 | $27.2M |
| 自由现金流经营现金流 - 资本支出 | $424.0M | $26.7M |
| 自由现金流率自由现金流/营收 | 37.2% | 4.6% |
| 资本支出强度资本支出/营收 | 18.0% | 0.1% |
| 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 | $18.6M |
8季度趋势，按日历期对齐
经营现金流MLMSTEP
| Q4 25 | $629.0M | $27.2M | ||
| Q3 25 | $551.0M | $16.2M | ||
| Q2 25 | $387.0M | $46.3M | ||
| Q1 25 | $218.0M | $-66.5M | ||
| Q4 24 | $686.0M | $27.6M | ||
| Q3 24 | $600.0M | $53.7M | ||
| Q2 24 | $1.0M | $50.2M | ||
| Q1 24 | $172.0M | $7.6M |
自由现金流MLMSTEP
| Q4 25 | $424.0M | $26.7M | ||
| Q3 25 | $361.0M | $15.9M | ||
| Q2 25 | $208.0M | $45.2M | ||
| Q1 25 | $-15.0M | $-69.2M | ||
| Q4 24 | $453.0M | $27.0M | ||
| Q3 24 | $317.0M | $52.4M | ||
| Q2 24 | $-138.0M | $49.6M | ||
| Q1 24 | $-28.0M | $6.7M |
自由现金流率MLMSTEP
| Q4 25 | 37.2% | 4.6% | ||
| Q3 25 | 19.6% | 3.5% | ||
| Q2 25 | 11.5% | 12.4% | ||
| Q1 25 | -1.1% | -18.3% | ||
| Q4 24 | 27.8% | 8.0% | ||
| Q3 24 | 16.8% | 19.3% | ||
| Q2 24 | -7.8% | 26.6% | ||
| Q1 24 | -2.2% | 1.9% |
资本支出强度MLMSTEP
| Q4 25 | 18.0% | 0.1% | ||
| Q3 25 | 10.3% | 0.1% | ||
| Q2 25 | 9.9% | 0.3% | ||
| Q1 25 | 17.2% | 0.7% | ||
| Q4 24 | 14.3% | 0.2% | ||
| Q3 24 | 15.0% | 0.5% | ||
| Q2 24 | 7.9% | 0.3% | ||
| Q1 24 | 16.0% | 0.3% |
现金转化率MLMSTEP
| Q4 25 | 2.25× | — | ||
| Q3 25 | 1.33× | — | ||
| Q2 25 | 1.18× | — | ||
| Q1 25 | 1.88× | — | ||
| Q4 24 | 2.34× | — | ||
| Q3 24 | 1.65× | 3.05× | ||
| Q2 24 | 0.00× | 3.76× | ||
| Q1 24 | 0.16× | 0.25× |
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% |
STEP
| Other | $210.1M | 36% |
| Management And Advisory Fees Net Focused Commingled Funds | $143.3M | 24% |
| Carried Interest Allocation Focused Commingled Funds | $85.1M | 15% |
| Carried Interest Allocation Separately Managed Accounts | $63.6M | 11% |
| Carried Interest Allocation Realized | $46.7M | 8% |
| Management And Advisory Fees Net Advisory And Other Services | $18.3M | 3% |
| Legacy Carried Interest Allocation Focused Commingled Funds | $10.3M | 2% |
| Income Based Incentive Fees | $6.0M | 1% |
| Management And Advisory Fees Net Fund Reimbursement Revenues | $3.1M | 1% |
