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Martin Marietta Materials（MLM）与Ventas（VTR）财务数据对比。点击上方公司名可切换其他公司
Ventas的季度营收约是Martin Marietta Materials的1.5倍（$1.7B vs $1.1B），Martin Marietta Materials净利率更高（24.5% vs 3.6%，领先20.9%），Ventas同比增速更快（22.0% vs -30.1%），过去两年Ventas的营收复合增速更高（17.5% 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。
Ventas是一家领先的医疗地产投资信托企业，旗下资产涵盖养老社区、医疗办公楼、生命科学研究设施及康复医疗中心等，主要在北美、英国地区运营，为医疗服务及生命科学机构提供专业物业解决方案。
MLM vs VTR — 直观对比
营收规模更大
VTR
是对方的1.5倍
$1.1B
营收增速更快
VTR
高出52.2%
-30.1%
净利率更高
MLM
高出20.9%
3.6%
两年增速更快
VTR
近两年复合增速
-4.5%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $1.7B |
| 净利润 | $279.0M | $59.0M |
| 毛利率 | 35.0% | — |
| 营业利润率 | 24.6% | — |
| 净利率 | 24.5% | 3.6% |
| 营收同比 | -30.1% | 22.0% |
| 净利润同比 | -4.8% | 19.0% |
| 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MLMVTR
| Q1 26 | — | $1.7B | ||
| Q4 25 | $1.1B | $1.6B | ||
| Q3 25 | $1.8B | $1.5B | ||
| Q2 25 | $1.8B | $1.4B | ||
| Q1 25 | $1.4B | $1.4B | ||
| Q4 24 | $1.6B | $1.3B | ||
| Q3 24 | $1.9B | $1.2B | ||
| Q2 24 | $1.8B | $1.2B |
净利润MLMVTR
| Q1 26 | — | $59.0M | ||
| Q4 25 | $279.0M | $73.0M | ||
| Q3 25 | $414.0M | $68.7M | ||
| Q2 25 | $328.0M | $71.5M | ||
| Q1 25 | $116.0M | $48.4M | ||
| Q4 24 | $293.0M | $58.7M | ||
| Q3 24 | $363.0M | $21.0M | ||
| Q2 24 | $294.0M | $21.2M |
毛利率MLMVTR
| Q1 26 | — | — | ||
| 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% | — |
营业利润率MLMVTR
| Q1 26 | — | — | ||
| Q4 25 | 24.6% | 4.9% | ||
| Q3 25 | 27.4% | 3.0% | ||
| Q2 25 | 25.3% | 3.0% | ||
| Q1 25 | 14.3% | 3.0% | ||
| Q4 24 | 24.4% | -0.0% | ||
| Q3 24 | 25.9% | 1.5% | ||
| Q2 24 | 22.6% | -1.6% |
净利率MLMVTR
| Q1 26 | — | 3.6% | ||
| Q4 25 | 24.5% | 4.7% | ||
| Q3 25 | 22.4% | 4.6% | ||
| Q2 25 | 18.1% | 5.0% | ||
| Q1 25 | 8.6% | 3.6% | ||
| Q4 24 | 18.0% | 4.6% | ||
| Q3 24 | 19.2% | 1.7% | ||
| Q2 24 | 16.7% | 1.8% |
每股收益（稀释后）MLMVTR
| Q1 26 | — | — | ||
| Q4 25 | $4.59 | $0.15 | ||
| Q3 25 | $6.85 | $0.14 | ||
| Q2 25 | $5.43 | $0.15 | ||
| Q1 25 | $1.90 | $0.10 | ||
| Q4 24 | $4.87 | $0.13 | ||
| Q3 24 | $5.91 | $0.05 | ||
| Q2 24 | $4.76 | $0.05 |
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 | $183.6M |
| 总债务越低越好 | $5.3B | — |
| 股东权益账面价值 | $10.0B | $13.2B |
| 总资产 | $18.7B | $27.7B |
| 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MLMVTR
| Q1 26 | — | $183.6M | ||
| Q4 25 | $67.0M | $741.1M | ||
| Q3 25 | $57.0M | $188.6M | ||
| Q2 25 | $225.0M | $614.2M | ||
| Q1 25 | $101.0M | $182.3M | ||
| Q4 24 | $670.0M | $897.9M | ||
| Q3 24 | $52.0M | $1.1B | ||
| Q2 24 | $109.0M | $557.1M |
总债务MLMVTR
| Q1 26 | — | — | ||
| Q4 25 | $5.3B | $13.0B | ||
| Q3 25 | $5.5B | — | ||
| Q2 25 | $5.4B | — | ||
| Q1 25 | $5.4B | — | ||
| Q4 24 | $5.4B | $13.5B | ||
| Q3 24 | $4.0B | — | ||
| Q2 24 | $4.3B | — |
股东权益MLMVTR
| Q1 26 | — | $13.2B | ||
| Q4 25 | $10.0B | $12.5B | ||
| Q3 25 | $9.7B | $12.4B | ||
| Q2 25 | $9.4B | $11.5B | ||
| Q1 25 | $9.1B | $11.5B | ||
| Q4 24 | $9.5B | $10.8B | ||
| Q3 24 | $9.2B | $9.8B | ||
| Q2 24 | $8.8B | $9.6B |
总资产MLMVTR
| Q1 26 | — | $27.7B | ||
| Q4 25 | $18.7B | $27.6B | ||
| Q3 25 | $18.7B | $26.9B | ||
| Q2 25 | $18.1B | $26.5B | ||
| Q1 25 | $17.7B | $26.0B | ||
| Q4 24 | $18.2B | $26.2B | ||
| Q3 24 | $16.5B | $25.3B | ||
| Q2 24 | $16.3B | $24.5B |
负债/权益比MLMVTR
| Q1 26 | — | — | ||
| Q4 25 | 0.53× | 1.04× | ||
| Q3 25 | 0.57× | — | ||
| Q2 25 | 0.58× | — | ||
| Q1 25 | 0.60× | — | ||
| Q4 24 | 0.57× | 1.26× | ||
| Q3 24 | 0.44× | — | ||
| Q2 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MLMVTR
| Q1 26 | — | — | ||
| Q4 25 | $629.0M | $471.7M | ||
| Q3 25 | $551.0M | $378.6M | ||
| Q2 25 | $387.0M | $475.3M | ||
| Q1 25 | $218.0M | $321.1M | ||
| Q4 24 | $686.0M | $373.6M | ||
| Q3 24 | $600.0M | $353.7M | ||
| Q2 24 | $1.0M | $335.9M |
自由现金流MLMVTR
| Q1 26 | — | — | ||
| 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 | — |
自由现金流率MLMVTR
| Q1 26 | — | — | ||
| 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% | — |
资本支出强度MLMVTR
| Q1 26 | — | — | ||
| 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% | — |
现金转化率MLMVTR
| Q1 26 | — | — | ||
| Q4 25 | 2.25× | 6.46× | ||
| Q3 25 | 1.33× | 5.51× | ||
| Q2 25 | 1.18× | 6.65× | ||
| Q1 25 | 1.88× | 6.64× | ||
| Q4 24 | 2.34× | 6.36× | ||
| Q3 24 | 1.65× | 16.84× | ||
| Q2 24 | 0.00× | 15.87× |
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% |
VTR
| Resident fees and services | $1.3B | 78% |
| Outpatient medical and research portfolio | $230.1M | 14% |
| Triple-net leased properties | $123.1M | 7% |
| Third-party capital management revenues | $4.4M | 0% |
