vs
Martin Marietta Materials（MLM）与Constellation Brands（STZ）财务数据对比。点击上方公司名可切换其他公司
Constellation Brands的季度营收约是Martin Marietta Materials的1.9倍（$2.2B vs $1.1B），Martin Marietta Materials净利率更高（24.5% vs 22.6%，领先1.9%），Constellation Brands同比增速更快（-9.8% vs -30.1%），Martin Marietta Materials自由现金流更多（$424.0M vs $370.9M），过去两年Constellation Brands的营收复合增速更高（1.9% 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。
Constellation Brands, Inc.是总部位于美国纽约州罗切斯特的《财富》500强企业，主营啤酒、葡萄酒及烈酒的生产与营销，按销售额计算是美国最大的啤酒进口商，在全美主要啤酒供应商中市场份额位列第三。公司还通过与Canopy Growth合作在医用及娱乐大麻领域有大额投资，现有约40处设施、近9000名员工。
MLM vs STZ — 直观对比
营收规模更大
STZ
是对方的1.9倍
$1.1B
营收增速更快
STZ
高出20.4%
-30.1%
净利率更高
MLM
高出1.9%
22.6%
自由现金流更多
MLM
多$53.1M
$370.9M
两年增速更快
STZ
近两年复合增速
-4.5%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $2.2B |
| 净利润 | $279.0M | $502.8M |
| 毛利率 | 35.0% | 53.2% |
| 营业利润率 | 24.6% | 31.1% |
| 净利率 | 24.5% | 22.6% |
| 营收同比 | -30.1% | -9.8% |
| 净利润同比 | -4.8% | -18.4% |
| 每股收益（稀释后） | $4.59 | — |
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MLMSTZ
| Q4 25 | $1.1B | $2.2B | ||
| Q3 25 | $1.8B | $2.5B | ||
| Q2 25 | $1.8B | $2.5B | ||
| Q1 25 | $1.4B | $2.2B | ||
| Q4 24 | $1.6B | $2.5B | ||
| Q3 24 | $1.9B | $2.9B | ||
| Q2 24 | $1.8B | $2.7B | ||
| Q1 24 | $1.3B | $2.1B |
净利润MLMSTZ
| Q4 25 | $279.0M | $502.8M | ||
| Q3 25 | $414.0M | $466.0M | ||
| Q2 25 | $328.0M | $516.1M | ||
| Q1 25 | $116.0M | $-375.3M | ||
| Q4 24 | $293.0M | $615.9M | ||
| Q3 24 | $363.0M | $-1.2B | ||
| Q2 24 | $294.0M | $877.0M | ||
| Q1 24 | $1.0B | $392.4M |
毛利率MLMSTZ
| Q4 25 | 35.0% | 53.2% | ||
| Q3 25 | 33.1% | 52.8% | ||
| Q2 25 | 30.0% | 50.4% | ||
| Q1 25 | 24.8% | 51.5% | ||
| Q4 24 | 30.0% | 52.1% | ||
| Q3 24 | 31.7% | 51.8% | ||
| Q2 24 | 29.3% | 52.7% | ||
| Q1 24 | 21.7% | 48.6% |
营业利润率MLMSTZ
| Q4 25 | 24.6% | 31.1% | ||
| Q3 25 | 27.4% | 35.2% | ||
| Q2 25 | 25.3% | 28.4% | ||
| Q1 25 | 14.3% | -6.9% | ||
| Q4 24 | 24.4% | 32.2% | ||
| Q3 24 | 25.9% | -42.1% | ||
| Q2 24 | 22.6% | 35.4% | ||
| Q1 24 | — | 29.4% |
净利率MLMSTZ
| Q4 25 | 24.5% | 22.6% | ||
| Q3 25 | 22.4% | 18.8% | ||
| Q2 25 | 18.1% | 20.5% | ||
| Q1 25 | 8.6% | -17.3% | ||
| Q4 24 | 18.0% | 25.0% | ||
| Q3 24 | 19.2% | -41.1% | ||
| Q2 24 | 16.7% | 32.9% | ||
| Q1 24 | 83.5% | 18.3% |
每股收益（稀释后）MLMSTZ
| Q4 25 | $4.59 | — | ||
| Q3 25 | $6.85 | — | ||
| Q2 25 | $5.43 | — | ||
| Q1 25 | $1.90 | — | ||
| Q4 24 | $4.87 | — | ||
| Q3 24 | $5.91 | — | ||
| Q2 24 | $4.76 | — | ||
| Q1 24 | $16.87 | — |
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 | $152.4M |
| 总债务越低越好 | $5.3B | $10.3B |
| 股东权益账面价值 | $10.0B | $7.7B |
| 总资产 | $18.7B | $21.7B |
| 负债/权益比越低杠杆越低 | 0.53× | 1.33× |
8季度趋势，按日历期对齐
现金及短期投资MLMSTZ
| Q4 25 | $67.0M | $152.4M | ||
| Q3 25 | $57.0M | $72.0M | ||
| Q2 25 | $225.0M | $73.9M | ||
| Q1 25 | $101.0M | $68.1M | ||
| Q4 24 | $670.0M | $73.7M | ||
| Q3 24 | $52.0M | $64.6M | ||
| Q2 24 | $109.0M | $73.8M | ||
| Q1 24 | $2.6B | $152.4M |
总债务MLMSTZ
| Q4 25 | $5.3B | $10.3B | ||
| Q3 25 | $5.5B | $10.3B | ||
| Q2 25 | $5.4B | $11.2B | ||
| Q1 25 | $5.4B | $10.7B | ||
| Q4 24 | $5.4B | $10.7B | ||
| Q3 24 | $4.0B | $11.1B | ||
| Q2 24 | $4.3B | $11.1B | ||
| Q1 24 | $4.3B | $11.6B |
股东权益MLMSTZ
| Q4 25 | $10.0B | $7.7B | ||
| Q3 25 | $9.7B | $7.5B | ||
| Q2 25 | $9.4B | $7.3B | ||
| Q1 25 | $9.1B | $6.9B | ||
| Q4 24 | $9.5B | $7.8B | ||
| Q3 24 | $9.2B | $7.9B | ||
| Q2 24 | $8.8B | $10.3B | ||
| Q1 24 | $8.9B | $9.7B |
总资产MLMSTZ
| Q4 25 | $18.7B | $21.7B | ||
| Q3 25 | $18.7B | $21.4B | ||
| Q2 25 | $18.1B | $22.3B | ||
| Q1 25 | $17.7B | $21.7B | ||
| Q4 24 | $18.2B | $22.8B | ||
| Q3 24 | $16.5B | $23.1B | ||
| Q2 24 | $16.3B | $26.1B | ||
| Q1 24 | $16.2B | $25.7B |
负债/权益比MLMSTZ
| Q4 25 | 0.53× | 1.33× | ||
| Q3 25 | 0.57× | 1.37× | ||
| Q2 25 | 0.58× | 1.54× | ||
| Q1 25 | 0.60× | 1.55× | ||
| Q4 24 | 0.57× | 1.37× | ||
| Q3 24 | 0.44× | 1.41× | ||
| Q2 24 | 0.49× | 1.08× | ||
| Q1 24 | 0.49× | 1.19× |
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 | $616.9M |
| 自由现金流经营现金流 - 资本支出 | $424.0M | $370.9M |
| 自由现金流率自由现金流/营收 | 37.2% | 16.7% |
| 资本支出强度资本支出/营收 | 18.0% | 11.1% |
| 现金转化率经营现金流/净利润 | 2.25× | 1.23× |
| 过去12个月自由现金流最近4个季度 | $978.0M | $1.8B |
8季度趋势，按日历期对齐
经营现金流MLMSTZ
| Q4 25 | $629.0M | $616.9M | ||
| Q3 25 | $551.0M | $852.1M | ||
| Q2 25 | $387.0M | $637.2M | ||
| Q1 25 | $218.0M | $594.7M | ||
| Q4 24 | $686.0M | $685.2M | ||
| Q3 24 | $600.0M | $1.2B | ||
| Q2 24 | $1.0M | $690.5M | ||
| Q1 24 | $172.0M | $433.2M |
自由现金流MLMSTZ
| Q4 25 | $424.0M | $370.9M | ||
| Q3 25 | $361.0M | $634.8M | ||
| Q2 25 | $208.0M | $444.4M | ||
| Q1 25 | $-15.0M | $312.1M | ||
| Q4 24 | $453.0M | $456.8M | ||
| Q3 24 | $317.0M | $854.0M | ||
| Q2 24 | $-138.0M | $315.2M | ||
| Q1 24 | $-28.0M | $76.0M |
自由现金流率MLMSTZ
| Q4 25 | 37.2% | 16.7% | ||
| Q3 25 | 19.6% | 25.6% | ||
| Q2 25 | 11.5% | 17.7% | ||
| Q1 25 | -1.1% | 14.4% | ||
| Q4 24 | 27.8% | 18.5% | ||
| Q3 24 | 16.8% | 29.3% | ||
| Q2 24 | -7.8% | 11.8% | ||
| Q1 24 | -2.2% | 3.6% |
资本支出强度MLMSTZ
| Q4 25 | 18.0% | 11.1% | ||
| Q3 25 | 10.3% | 8.8% | ||
| Q2 25 | 9.9% | 7.7% | ||
| Q1 25 | 17.2% | 13.1% | ||
| Q4 24 | 14.3% | 9.3% | ||
| Q3 24 | 15.0% | 11.2% | ||
| Q2 24 | 7.9% | 14.1% | ||
| Q1 24 | 16.0% | 16.7% |
现金转化率MLMSTZ
| Q4 25 | 2.25× | 1.23× | ||
| Q3 25 | 1.33× | 1.83× | ||
| Q2 25 | 1.18× | 1.23× | ||
| Q1 25 | 1.88× | — | ||
| Q4 24 | 2.34× | 1.11× | ||
| Q3 24 | 1.65× | — | ||
| Q2 24 | 0.00× | 0.79× | ||
| Q1 24 | 0.16× | 1.10× |
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% |
STZ
| Beer | $2.0B | 90% |
| Constellation Wines And Spirits | $213.1M | 10% |
