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Martin Marietta Materials（MLM）与Vulcan Materials Company（VMC）财务数据对比。点击上方公司名可切换其他公司
Vulcan Materials Company的季度营收约是Martin Marietta Materials的1.7倍（$1.9B vs $1.1B），Martin Marietta Materials净利率更高（24.5% vs 13.2%，领先11.3%），Vulcan Materials Company同比增速更快（3.2% vs -30.1%），Martin Marietta Materials自由现金流更多（$424.0M vs $358.2M），过去两年Vulcan Materials Company的营收复合增速更高（11.2% 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。
Vulcan Materials Company是总部位于美国阿拉巴马州伯明翰的企业，主营建筑材料的生产、配送及销售，是美国最大的砂石、碎石、砂类建材生产商，拥有400多处运营网点，雇员约1.2万人，业务覆盖美国22个州、华盛顿特区及墨西哥、加拿大、巴哈马、美属维尔京群岛。
MLM vs VMC — 直观对比
营收规模更大
VMC
是对方的1.7倍
$1.1B
营收增速更快
VMC
高出33.3%
-30.1%
净利率更高
MLM
高出11.3%
13.2%
自由现金流更多
MLM
多$65.8M
$358.2M
两年增速更快
VMC
近两年复合增速
-4.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $1.9B |
| 净利润 | $279.0M | $252.0M |
| 毛利率 | 35.0% | 25.5% |
| 营业利润率 | 24.6% | 19.8% |
| 净利率 | 24.5% | 13.2% |
| 营收同比 | -30.1% | 3.2% |
| 净利润同比 | -4.8% | -14.2% |
| 每股收益（稀释后） | $4.59 | $1.90 |
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MLMVMC
| Q4 25 | $1.1B | $1.9B | ||
| Q3 25 | $1.8B | $2.3B | ||
| Q2 25 | $1.8B | $2.1B | ||
| Q1 25 | $1.4B | $1.6B | ||
| Q4 24 | $1.6B | $1.9B | ||
| Q3 24 | $1.9B | $2.0B | ||
| Q2 24 | $1.8B | $2.0B | ||
| Q1 24 | $1.3B | $1.5B |
净利润MLMVMC
| Q4 25 | $279.0M | $252.0M | ||
| Q3 25 | $414.0M | $374.9M | ||
| Q2 25 | $328.0M | $320.9M | ||
| Q1 25 | $116.0M | $128.9M | ||
| Q4 24 | $293.0M | $293.6M | ||
| Q3 24 | $363.0M | $207.6M | ||
| Q2 24 | $294.0M | $308.0M | ||
| Q1 24 | $1.0B | $102.7M |
毛利率MLMVMC
| Q4 25 | 35.0% | 25.5% | ||
| Q3 25 | 33.1% | 30.4% | ||
| Q2 25 | 30.0% | 29.7% | ||
| Q1 25 | 24.8% | 22.3% | ||
| Q4 24 | 30.0% | 29.0% | ||
| Q3 24 | 31.7% | 28.2% | ||
| Q2 24 | 29.3% | 29.4% | ||
| Q1 24 | 21.7% | 19.7% |
营业利润率MLMVMC
| Q4 25 | 24.6% | 19.8% | ||
| Q3 25 | 27.4% | 23.7% | ||
| Q2 25 | 25.3% | 22.4% | ||
| Q1 25 | 14.3% | 13.9% | ||
| Q4 24 | 24.4% | 21.6% | ||
| Q3 24 | 25.9% | 16.8% | ||
| Q2 24 | 22.6% | 22.5% | ||
| Q1 24 | — | 11.2% |
净利率MLMVMC
| Q4 25 | 24.5% | 13.2% | ||
| Q3 25 | 22.4% | 16.4% | ||
| Q2 25 | 18.1% | 15.3% | ||
| Q1 25 | 8.6% | 7.9% | ||
| Q4 24 | 18.0% | 15.8% | ||
| Q3 24 | 19.2% | 10.4% | ||
| Q2 24 | 16.7% | 15.3% | ||
| Q1 24 | 83.5% | 6.6% |
每股收益（稀释后）MLMVMC
| Q4 25 | $4.59 | $1.90 | ||
| Q3 25 | $6.85 | $2.82 | ||
| Q2 25 | $5.43 | $2.42 | ||
| Q1 25 | $1.90 | $0.97 | ||
| Q4 24 | $4.87 | $2.21 | ||
| Q3 24 | $5.91 | $1.56 | ||
| Q2 24 | $4.76 | $2.31 | ||
| Q1 24 | $16.87 | $0.77 |
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 | $183.3M |
| 总债务越低越好 | $5.3B | $4.4B |
| 股东权益账面价值 | $10.0B | $8.5B |
| 总资产 | $18.7B | $16.7B |
| 负债/权益比越低杠杆越低 | 0.53× | 0.51× |
8季度趋势，按日历期对齐
现金及短期投资MLMVMC
| Q4 25 | $67.0M | $183.3M | ||
| Q3 25 | $57.0M | $191.3M | ||
| Q2 25 | $225.0M | $347.4M | ||
| Q1 25 | $101.0M | $181.3M | ||
| Q4 24 | $670.0M | $559.7M | ||
| Q3 24 | $52.0M | $433.2M | ||
| Q2 24 | $109.0M | $111.0M | ||
| Q1 24 | $2.6B | $292.4M |
总债务MLMVMC
| Q4 25 | $5.3B | $4.4B | ||
| Q3 25 | $5.5B | $4.4B | ||
| Q2 25 | $5.4B | $4.4B | ||
| Q1 25 | $5.4B | $4.9B | ||
| Q4 24 | $5.4B | $5.3B | ||
| Q3 24 | $4.0B | $3.3B | ||
| Q2 24 | $4.3B | $3.3B | ||
| Q1 24 | $4.3B | $3.3B |
股东权益MLMVMC
| Q4 25 | $10.0B | $8.5B | ||
| Q3 25 | $9.7B | $8.7B | ||
| Q2 25 | $9.4B | $8.4B | ||
| Q1 25 | $9.1B | $8.1B | ||
| Q4 24 | $9.5B | $8.1B | ||
| Q3 24 | $9.2B | $7.9B | ||
| Q2 24 | $8.8B | $7.7B | ||
| Q1 24 | $8.9B | $7.5B |
总资产MLMVMC
| Q4 25 | $18.7B | $16.7B | ||
| Q3 25 | $18.7B | $17.0B | ||
| Q2 25 | $18.1B | $17.0B | ||
| Q1 25 | $17.7B | $16.7B | ||
| Q4 24 | $18.2B | $17.1B | ||
| Q3 24 | $16.5B | $14.4B | ||
| Q2 24 | $16.3B | $14.2B | ||
| Q1 24 | $16.2B | $13.9B |
负债/权益比MLMVMC
| Q4 25 | 0.53× | 0.51× | ||
| Q3 25 | 0.57× | 0.50× | ||
| Q2 25 | 0.58× | 0.52× | ||
| Q1 25 | 0.60× | 0.60× | ||
| Q4 24 | 0.57× | 0.65× | ||
| Q3 24 | 0.44× | 0.42× | ||
| Q2 24 | 0.49× | 0.43× | ||
| Q1 24 | 0.49× | 0.44× |
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 | $543.0M |
| 自由现金流经营现金流 - 资本支出 | $424.0M | $358.2M |
| 自由现金流率自由现金流/营收 | 37.2% | 18.7% |
| 资本支出强度资本支出/营收 | 18.0% | 9.7% |
| 现金转化率经营现金流/净利润 | 2.25× | 2.15× |
| 过去12个月自由现金流最近4个季度 | $978.0M | $1.1B |
8季度趋势，按日历期对齐
经营现金流MLMVMC
| Q4 25 | $629.0M | $543.0M | ||
| Q3 25 | $551.0M | $676.8M | ||
| Q2 25 | $387.0M | $341.7M | ||
| Q1 25 | $218.0M | $251.5M | ||
| Q4 24 | $686.0M | $440.1M | ||
| Q3 24 | $600.0M | $595.0M | ||
| Q2 24 | $1.0M | $201.1M | ||
| Q1 24 | $172.0M | $173.4M |
自由现金流MLMVMC
| Q4 25 | $424.0M | $358.2M | ||
| Q3 25 | $361.0M | $454.8M | ||
| Q2 25 | $208.0M | $238.8M | ||
| Q1 25 | $-15.0M | $83.5M | ||
| Q4 24 | $453.0M | $277.6M | ||
| Q3 24 | $317.0M | $498.2M | ||
| Q2 24 | $-138.0M | $9.7M | ||
| Q1 24 | $-28.0M | $20.6M |
自由现金流率MLMVMC
| Q4 25 | 37.2% | 18.7% | ||
| Q3 25 | 19.6% | 19.8% | ||
| Q2 25 | 11.5% | 11.4% | ||
| Q1 25 | -1.1% | 5.1% | ||
| Q4 24 | 27.8% | 15.0% | ||
| Q3 24 | 16.8% | 24.9% | ||
| Q2 24 | -7.8% | 0.5% | ||
| Q1 24 | -2.2% | 1.3% |
资本支出强度MLMVMC
| Q4 25 | 18.0% | 9.7% | ||
| Q3 25 | 10.3% | 9.7% | ||
| Q2 25 | 9.9% | 4.9% | ||
| Q1 25 | 17.2% | 10.3% | ||
| Q4 24 | 14.3% | 8.8% | ||
| Q3 24 | 15.0% | 4.8% | ||
| Q2 24 | 7.9% | 9.5% | ||
| Q1 24 | 16.0% | 9.9% |
现金转化率MLMVMC
| Q4 25 | 2.25× | 2.15× | ||
| Q3 25 | 1.33× | 1.81× | ||
| Q2 25 | 1.18× | 1.06× | ||
| Q1 25 | 1.88× | 1.95× | ||
| Q4 24 | 2.34× | 1.50× | ||
| Q3 24 | 1.65× | 2.87× | ||
| Q2 24 | 0.00× | 0.65× | ||
| Q1 24 | 0.16× | 1.69× |
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% |
VMC
| Revenue Excluding Freight Delivery | $1.7B | 87% |
| Concrete | $79.6M | 4% |
| Services | $76.3M | 4% |
| Asphalt | $59.9M | 3% |
