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MP Materials Corp.（MP）与特诺控股（TROX）财务数据对比。点击上方公司名可切换其他公司
特诺控股的季度营收约是MP Materials Corp.的13.9倍（$730.0M vs $52.7M），MP Materials Corp.净利率更高（17.9% vs -24.1%，领先42.0%），特诺控股同比增速更快（8.0% vs -13.6%），特诺控股自由现金流更多（$53.0M vs $-109.3M），过去两年MP Materials Corp.的营收复合增速更高（4.0% vs -2.9%）
MP Materials Corp.是总部位于美国的稀土材料生产商，拥有并运营加利福尼亚州芒廷帕斯矿，这是西半球唯一在产的稀土开采及加工设施，所产核心材料可广泛应用于电动汽车、风力发电机、国防工业等多个关键领域。
特诺控股是一家业务遍及全球的美国化工企业，专注于钛制品领域，现有员工约6500名。在收购南非埃萨罗资源原有的矿砂业务后，特诺已成为全球规模最大的全产业链二氧化钛颜料供应商。二氧化钛颜料主要为涂料、塑料、纸张等产品增白增亮，特诺还拥有钛矿砂开采及加工业务。
MP vs TROX — 直观对比
营收规模更大
TROX
是对方的13.9倍
$52.7M
营收增速更快
TROX
高出21.6%
-13.6%
净利率更高
MP
高出42.0%
-24.1%
自由现金流更多
TROX
多$162.3M
$-109.3M
两年增速更快
MP
近两年复合增速
-2.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $52.7M | $730.0M |
| 净利润 | $9.4M | $-176.0M |
| 毛利率 | — | 5.3% |
| 营业利润率 | -7.0% | -15.6% |
| 净利率 | 17.9% | -24.1% |
| 营收同比 | -13.6% | 8.0% |
| 净利润同比 | 142.2% | -486.7% |
| 每股收益（稀释后） | $0.07 | $-1.11 |
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MPTROX
| Q4 25 | $52.7M | $730.0M | ||
| Q3 25 | $53.6M | $699.0M | ||
| Q2 25 | $57.4M | $731.0M | ||
| Q1 25 | $60.8M | $738.0M | ||
| Q4 24 | $61.0M | $676.0M | ||
| Q3 24 | $62.9M | $804.0M | ||
| Q2 24 | $31.3M | $820.0M | ||
| Q1 24 | $48.7M | $774.0M |
净利润MPTROX
| Q4 25 | $9.4M | $-176.0M | ||
| Q3 25 | $-41.8M | $-99.0M | ||
| Q2 25 | $-30.9M | $-84.0M | ||
| Q1 25 | $-22.6M | $-111.0M | ||
| Q4 24 | $-22.3M | $-30.0M | ||
| Q3 24 | $-25.5M | $-25.0M | ||
| Q2 24 | $-34.1M | $16.0M | ||
| Q1 24 | $16.5M | $-9.0M |
毛利率MPTROX
| Q4 25 | — | 5.3% | ||
| Q3 25 | — | 7.4% | ||
| Q2 25 | — | 10.8% | ||
| Q1 25 | — | 13.4% | ||
| Q4 24 | — | 17.3% | ||
| Q3 24 | — | 15.9% | ||
| Q2 24 | — | 18.3% | ||
| Q1 24 | — | 15.5% |
营业利润率MPTROX
| Q4 25 | -7.0% | -15.6% | ||
| Q3 25 | -125.2% | -6.2% | ||
| Q2 25 | -76.5% | -4.8% | ||
| Q1 25 | -57.2% | -8.3% | ||
| Q4 24 | -72.1% | 7.1% | ||
| Q3 24 | -62.8% | 6.7% | ||
| Q2 24 | -171.1% | 9.3% | ||
| Q1 24 | -66.6% | 5.3% |
净利率MPTROX
| Q4 25 | 17.9% | -24.1% | ||
| Q3 25 | -78.0% | -14.2% | ||
| Q2 25 | -53.8% | -11.5% | ||
| Q1 25 | -37.2% | -15.0% | ||
| Q4 24 | -36.6% | -4.4% | ||
| Q3 24 | -40.5% | -3.1% | ||
| Q2 24 | -108.9% | 2.0% | ||
| Q1 24 | 33.9% | -1.2% |
每股收益（稀释后）MPTROX
| Q4 25 | $0.07 | $-1.11 | ||
| Q3 25 | $-0.24 | $-0.63 | ||
| Q2 25 | $-0.19 | $-0.53 | ||
| Q1 25 | $-0.14 | $-0.70 | ||
| Q4 24 | $-0.12 | $-0.19 | ||
| Q3 24 | $-0.16 | $-0.16 | ||
| Q2 24 | $-0.21 | $0.10 | ||
| Q1 24 | $-0.08 | $-0.06 |
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 | $1.2B | $199.0M |
| 总债务越低越好 | $998.7M | $3.1B |
| 股东权益账面价值 | $2.0B | $1.4B |
| 总资产 | $3.9B | $6.2B |
| 负债/权益比越低杠杆越低 | 0.50× | 2.21× |
8季度趋势，按日历期对齐
现金及短期投资MPTROX
| Q4 25 | $1.2B | $199.0M | ||
| Q3 25 | $1.1B | $185.0M | ||
| Q2 25 | $261.5M | $132.0M | ||
| Q1 25 | $198.3M | $138.0M | ||
| Q4 24 | $282.4M | $151.0M | ||
| Q3 24 | $284.4M | $167.0M | ||
| Q2 24 | $295.6M | $201.0M | ||
| Q1 24 | $296.5M | $152.0M |
总债务MPTROX
| Q4 25 | $998.7M | $3.1B | ||
| Q3 25 | $997.3M | $3.1B | ||
| Q2 25 | $910.8M | $2.7B | ||
| Q1 25 | $909.8M | $2.8B | ||
| Q4 24 | $908.7M | $2.8B | ||
| Q3 24 | — | $2.8B | ||
| Q2 24 | — | $2.8B | ||
| Q1 24 | — | $2.8B |
股东权益MPTROX
| Q4 25 | $2.0B | $1.4B | ||
| Q3 25 | $2.0B | $1.6B | ||
| Q2 25 | $1.0B | $1.6B | ||
| Q1 25 | $1.0B | $1.7B | ||
| Q4 24 | $1.1B | $1.8B | ||
| Q3 24 | $1.1B | $1.9B | ||
| Q2 24 | $1.1B | $1.9B | ||
| Q1 24 | $1.1B | $1.9B |
总资产MPTROX
| Q4 25 | $3.9B | $6.2B | ||
| Q3 25 | $3.8B | $6.3B | ||
| Q2 25 | $2.3B | $6.2B | ||
| Q1 25 | $2.4B | $6.1B | ||
| Q4 24 | $2.3B | $6.0B | ||
| Q3 24 | $2.3B | $6.2B | ||
| Q2 24 | $2.4B | $6.1B | ||
| Q1 24 | $2.4B | $6.0B |
负债/权益比MPTROX
| Q4 25 | 0.50× | 2.21× | ||
| Q3 25 | 0.51× | 2.01× | ||
| Q2 25 | 0.90× | 1.67× | ||
| Q1 25 | 0.88× | 1.64× | ||
| Q4 24 | 0.86× | 1.57× | ||
| Q3 24 | — | 1.45× | ||
| Q2 24 | — | 1.47× | ||
| Q1 24 | — | 1.48× |
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 | $-46.9M | $121.0M |
| 自由现金流经营现金流 - 资本支出 | $-109.3M | $53.0M |
| 自由现金流率自由现金流/营收 | -207.4% | 7.3% |
| 资本支出强度资本支出/营收 | 118.5% | 9.3% |
| 现金转化率经营现金流/净利润 | -4.97× | — |
| 过去12个月自由现金流最近4个季度 | $-328.1M | $-281.0M |
8季度趋势，按日历期对齐
经营现金流MPTROX
| Q4 25 | $-46.9M | $121.0M | ||
| Q3 25 | $-42.0M | $-57.0M | ||
| Q2 25 | $-3.7M | $28.0M | ||
| Q1 25 | $-63.2M | $-32.0M | ||
| Q4 24 | $30.5M | $82.0M | ||
| Q3 24 | $-6.8M | $87.0M | ||
| Q2 24 | $30.8M | $160.0M | ||
| Q1 24 | $-41.1M | $-29.0M |
自由现金流MPTROX
| Q4 25 | $-109.3M | $53.0M | ||
| Q3 25 | $-92.5M | $-137.0M | ||
| Q2 25 | $-32.7M | $-55.0M | ||
| Q1 25 | $-93.7M | $-142.0M | ||
| Q4 24 | $-11.2M | $-35.0M | ||
| Q3 24 | $-53.3M | $-14.0M | ||
| Q2 24 | $-15.6M | $84.0M | ||
| Q1 24 | $-93.0M | $-105.0M |
自由现金流率MPTROX
| Q4 25 | -207.4% | 7.3% | ||
| Q3 25 | -172.8% | -19.6% | ||
| Q2 25 | -56.9% | -7.5% | ||
| Q1 25 | -154.0% | -19.2% | ||
| Q4 24 | -18.3% | -5.2% | ||
| Q3 24 | -84.7% | -1.7% | ||
| Q2 24 | -50.1% | 10.2% | ||
| Q1 24 | -191.0% | -13.6% |
资本支出强度MPTROX
| Q4 25 | 118.5% | 9.3% | ||
| Q3 25 | 94.3% | 11.4% | ||
| Q2 25 | 50.5% | 11.4% | ||
| Q1 25 | 50.1% | 14.9% | ||
| Q4 24 | 68.3% | 17.3% | ||
| Q3 24 | 73.8% | 12.6% | ||
| Q2 24 | 148.7% | 9.3% | ||
| Q1 24 | 106.5% | 9.8% |
现金转化率MPTROX
| Q4 25 | -4.97× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 10.00× | ||
| Q1 24 | -2.49× | — |
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
MP
| Materials Segment | $35.6M | 68% |
| Other | $17.1M | 32% |
TROX
| Ti O2 | $577.0M | 79% |
| Zircon | $78.0M | 11% |
| Idle Facility And Lower Of Cost Or Net Realizable Value Charges | $42.0M | 6% |
| Other | $20.0M | 3% |
| MGT | $13.0M | 2% |
