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Martin Marietta Materials（MLM）与VinFast Auto Ltd.（VFS）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VinFast Auto Ltd.的1.6倍（$1.1B vs $718.6M），Martin Marietta Materials净利率更高（24.5% vs -2.8%，领先27.3%）
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。
VinFast Auto Ltd.是越南跨国汽车企业，由越南最大私营综合企业集团之一Vingroup创立。Vingroup由越南知名企业家潘日旺创办，业务覆盖地产、零售、医疗、科技等多个领域，是越南本土头部企业集团。
MLM vs VFS — 直观对比
营收规模更大
MLM
是对方的1.6倍
$718.6M
净利率更高
MLM
高出27.3%
-2.8%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $718.6M |
| 净利润 | $279.0M | $-20.0M |
| 毛利率 | 35.0% | — |
| 营业利润率 | 24.6% | -96.1% |
| 净利率 | 24.5% | -2.8% |
| 营收同比 | -30.1% | — |
| 净利润同比 | -4.8% | — |
| 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MLMVFS
| Q4 25 | $1.1B | — | ||
| Q3 25 | $1.8B | $718.6M | ||
| Q2 25 | $1.8B | $663.0M | ||
| Q1 25 | $1.4B | $656.5M | ||
| Q4 24 | $1.6B | — | ||
| Q3 24 | $1.9B | $511.6M | ||
| Q2 24 | $1.8B | — | ||
| Q1 24 | $1.3B | $302.6M |
净利润MLMVFS
| Q4 25 | $279.0M | — | ||
| Q3 25 | $414.0M | $-20.0M | ||
| Q2 25 | $328.0M | $-51.8M | ||
| Q1 25 | $116.0M | $-26.1M | ||
| Q4 24 | $293.0M | — | ||
| Q3 24 | $363.0M | $-10.4M | ||
| Q2 24 | $294.0M | — | ||
| Q1 24 | $1.0B | $-618.3M |
毛利率MLMVFS
| 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MLMVFS
| Q4 25 | 24.6% | — | ||
| Q3 25 | 27.4% | -96.1% | ||
| Q2 25 | 25.3% | -79.0% | ||
| Q1 25 | 14.3% | -74.0% | ||
| Q4 24 | 24.4% | — | ||
| Q3 24 | 25.9% | -65.9% | ||
| Q2 24 | 22.6% | — | ||
| Q1 24 | — | -139.4% |
净利率MLMVFS
| Q4 25 | 24.5% | — | ||
| Q3 25 | 22.4% | -2.8% | ||
| Q2 25 | 18.1% | -7.8% | ||
| Q1 25 | 8.6% | -4.0% | ||
| Q4 24 | 18.0% | — | ||
| Q3 24 | 19.2% | -2.0% | ||
| Q2 24 | 16.7% | — | ||
| Q1 24 | 83.5% | -204.3% |
每股收益（稀释后）MLMVFS
| 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 | $8.8M |
| 总债务越低越好 | $5.3B | — |
| 股东权益账面价值 | $10.0B | — |
| 总资产 | $18.7B | $183.2M |
| 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MLMVFS
| Q4 25 | $67.0M | — | ||
| Q3 25 | $57.0M | $8.8M | ||
| Q2 25 | $225.0M | $650.0M | ||
| Q1 25 | $101.0M | $2.4M | ||
| Q4 24 | $670.0M | — | ||
| Q3 24 | $52.0M | $1.9M | ||
| Q2 24 | $109.0M | — | ||
| Q1 24 | $2.6B | $3.0M |
总债务MLMVFS
| Q4 25 | $5.3B | — | ||
| Q3 25 | $5.5B | — | ||
| Q2 25 | $5.4B | — | ||
| Q1 25 | $5.4B | — | ||
| Q4 24 | $5.4B | — | ||
| Q3 24 | $4.0B | — | ||
| Q2 24 | $4.3B | — | ||
| Q1 24 | $4.3B | — |
股东权益MLMVFS
| Q4 25 | $10.0B | — | ||
| Q3 25 | $9.7B | — | ||
| Q2 25 | $9.4B | $-7.2B | ||
| Q1 25 | $9.1B | — | ||
| Q4 24 | $9.5B | — | ||
| Q3 24 | $9.2B | — | ||
| Q2 24 | $8.8B | — | ||
| Q1 24 | $8.9B | — |
总资产MLMVFS
| Q4 25 | $18.7B | — | ||
| Q3 25 | $18.7B | $183.2M | ||
| Q2 25 | $18.1B | $7.2B | ||
| Q1 25 | $17.7B | $158.2M | ||
| Q4 24 | $18.2B | — | ||
| Q3 24 | $16.5B | $151.8M | ||
| Q2 24 | $16.3B | — | ||
| Q1 24 | $16.2B | $145.6M |
负债/权益比MLMVFS
| Q4 25 | 0.53× | — | ||
| Q3 25 | 0.57× | — | ||
| Q2 25 | 0.58× | — | ||
| Q1 25 | 0.60× | — | ||
| Q4 24 | 0.57× | — | ||
| Q3 24 | 0.44× | — | ||
| Q2 24 | 0.49× | — | ||
| Q1 24 | 0.49× | — |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $424.0M | — |
| 自由现金流率自由现金流/营收 | 37.2% | — |
| 资本支出强度资本支出/营收 | 18.0% | — |
| 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 | — |
8季度趋势，按日历期对齐
经营现金流MLMVFS
| Q4 25 | $629.0M | — | ||
| Q3 25 | $551.0M | — | ||
| Q2 25 | $387.0M | — | ||
| Q1 25 | $218.0M | — | ||
| Q4 24 | $686.0M | — | ||
| Q3 24 | $600.0M | — | ||
| Q2 24 | $1.0M | — | ||
| Q1 24 | $172.0M | — |
自由现金流MLMVFS
| Q4 25 | $424.0M | — | ||
| Q3 25 | $361.0M | — | ||
| Q2 25 | $208.0M | — | ||
| Q1 25 | $-15.0M | — | ||
| Q4 24 | $453.0M | — | ||
| Q3 24 | $317.0M | — | ||
| Q2 24 | $-138.0M | — | ||
| Q1 24 | $-28.0M | — |
自由现金流率MLMVFS
| Q4 25 | 37.2% | — | ||
| Q3 25 | 19.6% | — | ||
| Q2 25 | 11.5% | — | ||
| Q1 25 | -1.1% | — | ||
| Q4 24 | 27.8% | — | ||
| Q3 24 | 16.8% | — | ||
| Q2 24 | -7.8% | — | ||
| Q1 24 | -2.2% | — |
资本支出强度MLMVFS
| Q4 25 | 18.0% | — | ||
| Q3 25 | 10.3% | — | ||
| Q2 25 | 9.9% | — | ||
| Q1 25 | 17.2% | — | ||
| Q4 24 | 14.3% | — | ||
| Q3 24 | 15.0% | — | ||
| Q2 24 | 7.9% | — | ||
| Q1 24 | 16.0% | — |
现金转化率MLMVFS
| Q4 25 | 2.25× | — | ||
| Q3 25 | 1.33× | — | ||
| Q2 25 | 1.18× | — | ||
| Q1 25 | 1.88× | — | ||
| Q4 24 | 2.34× | — | ||
| 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% |
VFS
| Sales of vehicles | $662.9M | 92% |
| Sales of spare parts and components | $41.3M | 6% |
| Revenue from leasing activities | $12.3M | 2% |
| Finance income | $2.4M | 0% |
| Rendering of services | $1.2M | 0% |
