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Martin Marietta Materials（MLM）与West Pharmaceutical Services（WST）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West Pharmaceutical Services的1.4倍（$1.1B vs $805.0M），Martin Marietta Materials净利率更高（24.5% vs 16.4%，领先8.1%），West Pharmaceutical Services同比增速更快（7.5% vs -30.1%），Martin Marietta Materials自由现金流更多（$424.0M vs $175.0M），过去两年West Pharmaceutical Services的营收复合增速更高（7.6% 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。
美国West Pharmaceutical Services是注射用药品包装及给药系统的设计和制造商，1923年成立，总部位于宾夕法尼亚州埃克斯顿。成立初期主营注射类药物包装用橡胶组件，曾为青霉素和胰岛素生产商提供符合无菌要求的配套产品。
MLM vs WST — 直观对比
营收规模更大
MLM
是对方的1.4倍
$805.0M
营收增速更快
WST
高出37.7%
-30.1%
净利率更高
MLM
高出8.1%
16.4%
自由现金流更多
MLM
多$249.0M
$175.0M
两年增速更快
WST
近两年复合增速
-4.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $805.0M |
| 净利润 | $279.0M | $132.1M |
| 毛利率 | 35.0% | 37.8% |
| 营业利润率 | 24.6% | 19.5% |
| 净利率 | 24.5% | 16.4% |
| 营收同比 | -30.1% | 7.5% |
| 净利润同比 | -4.8% | 1.5% |
| 每股收益（稀释后） | $4.59 | $1.82 |
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MLMWST
| Q4 25 | $1.1B | $805.0M | ||
| Q3 25 | $1.8B | $804.6M | ||
| Q2 25 | $1.8B | $766.5M | ||
| Q1 25 | $1.4B | $698.0M | ||
| Q4 24 | $1.6B | $748.8M | ||
| Q3 24 | $1.9B | $746.9M | ||
| Q2 24 | $1.8B | $702.1M | ||
| Q1 24 | $1.3B | $695.4M |
净利润MLMWST
| Q4 25 | $279.0M | $132.1M | ||
| Q3 25 | $414.0M | $140.0M | ||
| Q2 25 | $328.0M | $131.8M | ||
| Q1 25 | $116.0M | $89.8M | ||
| Q4 24 | $293.0M | $130.1M | ||
| Q3 24 | $363.0M | $136.0M | ||
| Q2 24 | $294.0M | $111.3M | ||
| Q1 24 | $1.0B | $115.3M |
毛利率MLMWST
| Q4 25 | 35.0% | 37.8% | ||
| Q3 25 | 33.1% | 36.6% | ||
| Q2 25 | 30.0% | 35.7% | ||
| Q1 25 | 24.8% | 33.2% | ||
| Q4 24 | 30.0% | 36.5% | ||
| Q3 24 | 31.7% | 35.4% | ||
| Q2 24 | 29.3% | 32.8% | ||
| Q1 24 | 21.7% | 33.1% |
营业利润率MLMWST
| Q4 25 | 24.6% | 19.5% | ||
| Q3 25 | 27.4% | 20.8% | ||
| Q2 25 | 25.3% | 20.1% | ||
| Q1 25 | 14.3% | 15.3% | ||
| Q4 24 | 24.4% | 21.3% | ||
| Q3 24 | 25.9% | 21.6% | ||
| Q2 24 | 22.6% | 18.0% | ||
| Q1 24 | — | 17.7% |
净利率MLMWST
| Q4 25 | 24.5% | 16.4% | ||
| Q3 25 | 22.4% | 17.4% | ||
| Q2 25 | 18.1% | 17.2% | ||
| Q1 25 | 8.6% | 12.9% | ||
| Q4 24 | 18.0% | 17.4% | ||
| Q3 24 | 19.2% | 18.2% | ||
| Q2 24 | 16.7% | 15.9% | ||
| Q1 24 | 83.5% | 16.6% |
每股收益（稀释后）MLMWST
| Q4 25 | $4.59 | $1.82 | ||
| Q3 25 | $6.85 | $1.92 | ||
| Q2 25 | $5.43 | $1.82 | ||
| Q1 25 | $1.90 | $1.23 | ||
| Q4 24 | $4.87 | $1.78 | ||
| Q3 24 | $5.91 | $1.85 | ||
| Q2 24 | $4.76 | $1.51 | ||
| Q1 24 | $16.87 | $1.55 |
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 | $791.3M |
| 总债务越低越好 | $5.3B | $202.8M |
| 股东权益账面价值 | $10.0B | $3.2B |
| 总资产 | $18.7B | $4.3B |
| 负债/权益比越低杠杆越低 | 0.53× | 0.06× |
8季度趋势，按日历期对齐
现金及短期投资MLMWST
| Q4 25 | $67.0M | $791.3M | ||
| Q3 25 | $57.0M | $628.5M | ||
| Q2 25 | $225.0M | $509.7M | ||
| Q1 25 | $101.0M | $404.2M | ||
| Q4 24 | $670.0M | $484.6M | ||
| Q3 24 | $52.0M | $490.9M | ||
| Q2 24 | $109.0M | $446.2M | ||
| Q1 24 | $2.6B | $601.8M |
总债务MLMWST
| Q4 25 | $5.3B | $202.8M | ||
| Q3 25 | $5.5B | $202.7M | ||
| Q2 25 | $5.4B | $202.6M | ||
| Q1 25 | $5.4B | $202.6M | ||
| Q4 24 | $5.4B | $202.6M | ||
| Q3 24 | $4.0B | $202.6M | ||
| Q2 24 | $4.3B | $205.8M | ||
| Q1 24 | $4.3B | $206.2M |
股东权益MLMWST
| Q4 25 | $10.0B | $3.2B | ||
| Q3 25 | $9.7B | $3.1B | ||
| Q2 25 | $9.4B | $2.9B | ||
| Q1 25 | $9.1B | $2.7B | ||
| Q4 24 | $9.5B | $2.7B | ||
| Q3 24 | $9.2B | $2.8B | ||
| Q2 24 | $8.8B | $2.6B | ||
| Q1 24 | $8.9B | $2.7B |
总资产MLMWST
| Q4 25 | $18.7B | $4.3B | ||
| Q3 25 | $18.7B | $4.1B | ||
| Q2 25 | $18.1B | $4.0B | ||
| Q1 25 | $17.7B | $3.6B | ||
| Q4 24 | $18.2B | $3.6B | ||
| Q3 24 | $16.5B | $3.7B | ||
| Q2 24 | $16.3B | $3.5B | ||
| Q1 24 | $16.2B | $3.6B |
负债/权益比MLMWST
| Q4 25 | 0.53× | 0.06× | ||
| Q3 25 | 0.57× | 0.07× | ||
| Q2 25 | 0.58× | 0.07× | ||
| Q1 25 | 0.60× | 0.08× | ||
| Q4 24 | 0.57× | 0.08× | ||
| Q3 24 | 0.44× | 0.07× | ||
| Q2 24 | 0.49× | 0.08× | ||
| Q1 24 | 0.49× | 0.08× |
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 | $251.1M |
| 自由现金流经营现金流 - 资本支出 | $424.0M | $175.0M |
| 自由现金流率自由现金流/营收 | 37.2% | 21.7% |
| 资本支出强度资本支出/营收 | 18.0% | 9.5% |
| 现金转化率经营现金流/净利润 | 2.25× | 1.90× |
| 过去12个月自由现金流最近4个季度 | $978.0M | $468.9M |
8季度趋势，按日历期对齐
经营现金流MLMWST
| Q4 25 | $629.0M | $251.1M | ||
| Q3 25 | $551.0M | $197.2M | ||
| Q2 25 | $387.0M | $177.1M | ||
| Q1 25 | $218.0M | $129.4M | ||
| Q4 24 | $686.0M | $190.1M | ||
| Q3 24 | $600.0M | $180.1M | ||
| Q2 24 | $1.0M | $165.0M | ||
| Q1 24 | $172.0M | $118.2M |
自由现金流MLMWST
| Q4 25 | $424.0M | $175.0M | ||
| Q3 25 | $361.0M | $133.9M | ||
| Q2 25 | $208.0M | $101.9M | ||
| Q1 25 | $-15.0M | $58.1M | ||
| Q4 24 | $453.0M | $85.2M | ||
| Q3 24 | $317.0M | $98.8M | ||
| Q2 24 | $-138.0M | $64.8M | ||
| Q1 24 | $-28.0M | $27.6M |
自由现金流率MLMWST
| Q4 25 | 37.2% | 21.7% | ||
| Q3 25 | 19.6% | 16.6% | ||
| Q2 25 | 11.5% | 13.3% | ||
| Q1 25 | -1.1% | 8.3% | ||
| Q4 24 | 27.8% | 11.4% | ||
| Q3 24 | 16.8% | 13.2% | ||
| Q2 24 | -7.8% | 9.2% | ||
| Q1 24 | -2.2% | 4.0% |
资本支出强度MLMWST
| Q4 25 | 18.0% | 9.5% | ||
| Q3 25 | 10.3% | 7.9% | ||
| Q2 25 | 9.9% | 9.8% | ||
| Q1 25 | 17.2% | 10.2% | ||
| Q4 24 | 14.3% | 14.0% | ||
| Q3 24 | 15.0% | 10.9% | ||
| Q2 24 | 7.9% | 14.3% | ||
| Q1 24 | 16.0% | 13.0% |
现金转化率MLMWST
| Q4 25 | 2.25× | 1.90× | ||
| Q3 25 | 1.33× | 1.41× | ||
| Q2 25 | 1.18× | 1.34× | ||
| Q1 25 | 1.88× | 1.44× | ||
| Q4 24 | 2.34× | 1.46× | ||
| Q3 24 | 1.65× | 1.32× | ||
| Q2 24 | 0.00× | 1.48× | ||
| Q1 24 | 0.16× | 1.03× |
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% |
WST
| Proprietary Products | $661.8M | 82% |
| Contract Manufactured Products | $143.2M | 18% |
| Affiliated Entity | $3.3M | 0% |
