vs
Martin Marietta Materials（MLM）与TUTOR PERINI CORP（TPC）财务数据对比。点击上方公司名可切换其他公司
TUTOR PERINI CORP的季度营收约是Martin Marietta Materials的1.3倍（$1.5B vs $1.1B），Martin Marietta Materials净利率更高（24.5% vs 1.9%，领先22.6%），TUTOR PERINI CORP同比增速更快（41.2% vs -30.1%），Martin Marietta Materials自由现金流更多（$424.0M vs $98.7M），过去两年TUTOR PERINI CORP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。
Tutor Perini集团是美国顶尖的大型总承包商之一，2008年由Perini公司与Tutor-Saliba公司合并成立，总部位于加利福尼亚州西尔马。公司业务覆盖北美全境，2024年营收约43.3亿美元，核心业务涵盖桥梁、公路、隧道、机场、公共交通系统等民用基建项目，同时也涉足建筑工程领域。
MLM vs TPC — 直观对比
营收规模更大
TPC
是对方的1.3倍
$1.1B
营收增速更快
TPC
高出71.3%
-30.1%
净利率更高
MLM
高出22.6%
1.9%
自由现金流更多
MLM
多$325.3M
$98.7M
两年增速更快
TPC
近两年复合增速
-4.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $1.5B |
| 净利润 | $279.0M | $28.8M |
| 毛利率 | 35.0% | 9.8% |
| 营业利润率 | 24.6% | 3.3% |
| 净利率 | 24.5% | 1.9% |
| 营收同比 | -30.1% | 41.2% |
| 净利润同比 | -4.8% | 136.3% |
| 每股收益（稀释后） | $4.59 | $0.53 |
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MLMTPC
| Q4 25 | $1.1B | $1.5B | ||
| Q3 25 | $1.8B | $1.4B | ||
| Q2 25 | $1.8B | $1.4B | ||
| Q1 25 | $1.4B | $1.2B | ||
| Q4 24 | $1.6B | $1.1B | ||
| Q3 24 | $1.9B | $1.1B | ||
| Q2 24 | $1.8B | $1.1B | ||
| Q1 24 | $1.3B | $1.0B |
净利润MLMTPC
| Q4 25 | $279.0M | $28.8M | ||
| Q3 25 | $414.0M | $3.6M | ||
| Q2 25 | $328.0M | $20.0M | ||
| Q1 25 | $116.0M | $28.0M | ||
| Q4 24 | $293.0M | $-79.4M | ||
| Q3 24 | $363.0M | $-100.9M | ||
| Q2 24 | $294.0M | $812.0K | ||
| Q1 24 | $1.0B | $15.8M |
毛利率MLMTPC
| Q4 25 | 35.0% | 9.8% | ||
| Q3 25 | 33.1% | 12.0% | ||
| Q2 25 | 30.0% | 14.3% | ||
| Q1 25 | 24.8% | 10.8% | ||
| Q4 24 | 30.0% | -0.9% | ||
| Q3 24 | 31.7% | -2.4% | ||
| Q2 24 | 29.3% | 10.4% | ||
| Q1 24 | 21.7% | 11.0% |
营业利润率MLMTPC
| Q4 25 | 24.6% | 3.3% | ||
| Q3 25 | 27.4% | 2.8% | ||
| Q2 25 | 25.3% | 5.6% | ||
| Q1 25 | 14.3% | 5.2% | ||
| Q4 24 | 24.4% | -8.1% | ||
| Q3 24 | 25.9% | -9.9% | ||
| Q2 24 | 22.6% | 3.6% | ||
| Q1 24 | — | 4.7% |
净利率MLMTPC
| Q4 25 | 24.5% | 1.9% | ||
| Q3 25 | 22.4% | 0.3% | ||
| Q2 25 | 18.1% | 1.5% | ||
| Q1 25 | 8.6% | 2.2% | ||
| Q4 24 | 18.0% | -7.4% | ||
| Q3 24 | 19.2% | -9.3% | ||
| Q2 24 | 16.7% | 0.1% | ||
| Q1 24 | 83.5% | 1.5% |
每股收益（稀释后）MLMTPC
| Q4 25 | $4.59 | $0.53 | ||
| Q3 25 | $6.85 | $0.07 | ||
| Q2 25 | $5.43 | $0.38 | ||
| Q1 25 | $1.90 | $0.53 | ||
| Q4 24 | $4.87 | $-1.53 | ||
| Q3 24 | $5.91 | $-1.92 | ||
| Q2 24 | $4.76 | $0.02 | ||
| Q1 24 | $16.87 | $0.30 |
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 | $734.6M |
| 总债务越低越好 | $5.3B | $407.4M |
| 股东权益账面价值 | $10.0B | $1.2B |
| 总资产 | $18.7B | $5.2B |
| 负债/权益比越低杠杆越低 | 0.53× | 0.33× |
8季度趋势，按日历期对齐
现金及短期投资MLMTPC
| Q4 25 | $67.0M | $734.6M | ||
| Q3 25 | $57.0M | $695.7M | ||
| Q2 25 | $225.0M | $526.1M | ||
| Q1 25 | $101.0M | $276.5M | ||
| Q4 24 | $670.0M | $455.1M | ||
| Q3 24 | $52.0M | $287.4M | ||
| Q2 24 | $109.0M | $267.1M | ||
| Q1 24 | $2.6B | $358.3M |
总债务MLMTPC
| Q4 25 | $5.3B | $407.4M | ||
| Q3 25 | $5.5B | $413.1M | ||
| Q2 25 | $5.4B | $419.4M | ||
| Q1 25 | $5.4B | $405.6M | ||
| Q4 24 | $5.4B | $534.1M | ||
| Q3 24 | $4.0B | $681.4M | ||
| Q2 24 | $4.3B | $676.4M | ||
| Q1 24 | $4.3B | $801.2M |
股东权益MLMTPC
| Q4 25 | $10.0B | $1.2B | ||
| Q3 25 | $9.7B | $1.2B | ||
| Q2 25 | $9.4B | $1.2B | ||
| Q1 25 | $9.1B | $1.2B | ||
| Q4 24 | $9.5B | $1.1B | ||
| Q3 24 | $9.2B | $1.2B | ||
| Q2 24 | $8.8B | $1.3B | ||
| Q1 24 | $8.9B | $1.3B |
总资产MLMTPC
| Q4 25 | $18.7B | $5.2B | ||
| Q3 25 | $18.7B | $5.2B | ||
| Q2 25 | $18.1B | $4.9B | ||
| Q1 25 | $17.7B | $4.5B | ||
| Q4 24 | $18.2B | $4.2B | ||
| Q3 24 | $16.5B | $4.4B | ||
| Q2 24 | $16.3B | $4.3B | ||
| Q1 24 | $16.2B | $4.4B |
负债/权益比MLMTPC
| Q4 25 | 0.53× | 0.33× | ||
| Q3 25 | 0.57× | 0.35× | ||
| Q2 25 | 0.58× | 0.35× | ||
| Q1 25 | 0.60× | 0.35× | ||
| Q4 24 | 0.57× | 0.47× | ||
| Q3 24 | 0.44× | 0.56× | ||
| Q2 24 | 0.49× | 0.52× | ||
| Q1 24 | 0.49× | 0.61× |
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 | $173.7M |
| 自由现金流经营现金流 - 资本支出 | $424.0M | $98.7M |
| 自由现金流率自由现金流/营收 | 37.2% | 6.5% |
| 资本支出强度资本支出/营收 | 18.0% | 5.0% |
| 现金转化率经营现金流/净利润 | 2.25× | 6.02× |
| 过去12个月自由现金流最近4个季度 | $978.0M | $567.2M |
8季度趋势，按日历期对齐
经营现金流MLMTPC
| Q4 25 | $629.0M | $173.7M | ||
| Q3 25 | $551.0M | $289.1M | ||
| Q2 25 | $387.0M | $262.4M | ||
| Q1 25 | $218.0M | $22.9M | ||
| Q4 24 | $686.0M | $329.6M | ||
| Q3 24 | $600.0M | $22.6M | ||
| Q2 24 | $1.0M | $53.1M | ||
| Q1 24 | $172.0M | $98.3M |
自由现金流MLMTPC
| Q4 25 | $424.0M | $98.7M | ||
| Q3 25 | $361.0M | $240.2M | ||
| Q2 25 | $208.0M | $235.6M | ||
| Q1 25 | $-15.0M | $-7.2M | ||
| Q4 24 | $453.0M | $320.4M | ||
| Q3 24 | $317.0M | $15.6M | ||
| Q2 24 | $-138.0M | $42.2M | ||
| Q1 24 | $-28.0M | $87.8M |
自由现金流率MLMTPC
| Q4 25 | 37.2% | 6.5% | ||
| Q3 25 | 19.6% | 17.0% | ||
| Q2 25 | 11.5% | 17.1% | ||
| Q1 25 | -1.1% | -0.6% | ||
| Q4 24 | 27.8% | 30.0% | ||
| Q3 24 | 16.8% | 1.4% | ||
| Q2 24 | -7.8% | 3.7% | ||
| Q1 24 | -2.2% | 8.4% |
资本支出强度MLMTPC
| Q4 25 | 18.0% | 5.0% | ||
| Q3 25 | 10.3% | 3.5% | ||
| Q2 25 | 9.9% | 2.0% | ||
| Q1 25 | 17.2% | 2.4% | ||
| Q4 24 | 14.3% | 0.9% | ||
| Q3 24 | 15.0% | 0.6% | ||
| Q2 24 | 7.9% | 1.0% | ||
| Q1 24 | 16.0% | 1.0% |
现金转化率MLMTPC
| Q4 25 | 2.25× | 6.02× | ||
| Q3 25 | 1.33× | 79.63× | ||
| Q2 25 | 1.18× | 13.14× | ||
| Q1 25 | 1.88× | 0.82× | ||
| Q4 24 | 2.34× | — | ||
| Q3 24 | 1.65× | — | ||
| Q2 24 | 0.00× | 65.44× | ||
| Q1 24 | 0.16× | 6.24× |
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% |
TPC
| State And Local Agencies | $591.1M | 39% |
| Mass Transit | $449.9M | 30% |
| Federal Agencies | $115.0M | 8% |
| Bridges | $100.5M | 7% |
| Military Facilities | $93.1M | 6% |
| Commercial And Industrial Facilities | $46.7M | 3% |
| Detention Facilities | $43.8M | 3% |
| Power And Energy | $35.8M | 2% |
| Multi Unit Residential | $25.9M | 2% |
| Education Facilities | $12.0M | 1% |
| Water | $3.6M | 0% |
