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MARINE PRODUCTS CORP（MPX）与Ranpak Holdings Corp.（PACK）财务数据对比。点击上方公司名可切换其他公司
Ranpak Holdings Corp.的季度营收约是MARINE PRODUCTS CORP的1.5倍（$93.7M vs $64.6M），MARINE PRODUCTS CORP同比增速更快（35.0% vs 2.3%），过去两年Ranpak Holdings Corp.的营收复合增速更高（13.7% vs -3.5%）
Marine Products Corp旗下的West Marine是一家总部位于美国佛罗里达州劳德代尔堡的企业，在北美地区经营247家船艇用品及渔具零售连锁店，同时运营名为蓝色未来的非营利组织，品牌旗舰店面积超5万平方英尺，于2011年11月11日在劳德代尔堡正式开业。
Ranpak Holdings Corp.主营生产防护纸质包装设备与纸制品，可为电商及各行业货品运输提供纸质缓冲包装方案，同时也供应自动化包装解决方案。公司总部位于美国俄亥俄州康科德，在美国本土多个州、捷克、荷兰、中国上海及新加坡均设有生产基地与办公室，产品可用于包裹缠绕、缓冲填隙、冷链运输等多种场景。
MPX vs PACK — 直观对比
营收规模更大
PACK
是对方的1.5倍
$64.6M
营收增速更快
MPX
高出32.7%
2.3%
两年增速更快
PACK
近两年复合增速
-3.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $64.6M | $93.7M |
| 净利润 | $2.4M | — |
| 毛利率 | 19.6% | 39.0% |
| 营业利润率 | 5.8% | -1.0% |
| 净利率 | 3.7% | — |
| 营收同比 | 35.0% | 2.3% |
| 净利润同比 | -44.6% | — |
| 每股收益（稀释后） | $0.07 | $-0.11 |
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MPXPACK
| Q4 25 | $64.6M | $93.7M | ||
| Q3 25 | $53.1M | $83.6M | ||
| Q2 25 | $67.7M | $77.8M | ||
| Q1 25 | $59.0M | $77.6M | ||
| Q4 24 | $47.8M | $91.6M | ||
| Q3 24 | $49.9M | $78.6M | ||
| Q2 24 | $69.5M | $72.8M | ||
| Q1 24 | $69.3M | $72.5M |
净利润MPXPACK
| Q4 25 | $2.4M | — | ||
| Q3 25 | $2.6M | $-10.4M | ||
| Q2 25 | $4.2M | $-7.5M | ||
| Q1 25 | $2.2M | $-10.9M | ||
| Q4 24 | $4.3M | — | ||
| Q3 24 | $3.4M | $-8.1M | ||
| Q2 24 | $5.6M | $5.5M | ||
| Q1 24 | $4.6M | $-8.1M |
毛利率MPXPACK
| Q4 25 | 19.6% | 39.0% | ||
| Q3 25 | 19.2% | 41.1% | ||
| Q2 25 | 19.1% | 37.1% | ||
| Q1 25 | 18.6% | 39.8% | ||
| Q4 24 | 19.2% | 45.2% | ||
| Q3 24 | 18.4% | 43.8% | ||
| Q2 24 | 18.9% | 43.5% | ||
| Q1 24 | 20.2% | 44.6% |
营业利润率MPXPACK
| Q4 25 | 5.8% | -1.0% | ||
| Q3 25 | 5.4% | -6.8% | ||
| Q2 25 | 7.1% | -12.5% | ||
| Q1 25 | 4.4% | -10.3% | ||
| Q4 24 | 7.7% | 1.5% | ||
| Q3 24 | 7.2% | -5.3% | ||
| Q2 24 | 8.3% | -7.1% | ||
| Q1 24 | 7.6% | -6.6% |
净利率MPXPACK
| Q4 25 | 3.7% | — | ||
| Q3 25 | 5.0% | -12.4% | ||
| Q2 25 | 6.1% | -9.6% | ||
| Q1 25 | 3.7% | -14.0% | ||
| Q4 24 | 8.9% | — | ||
| Q3 24 | 6.8% | -10.3% | ||
| Q2 24 | 8.0% | 7.6% | ||
| Q1 24 | 6.6% | -11.2% |
每股收益（稀释后）MPXPACK
| Q4 25 | $0.07 | $-0.11 | ||
| Q3 25 | $0.07 | $-0.12 | ||
| Q2 25 | $0.12 | $-0.09 | ||
| Q1 25 | $0.06 | $-0.13 | ||
| Q4 24 | $0.13 | $-0.13 | ||
| Q3 24 | $0.10 | $-0.10 | ||
| Q2 24 | $0.14 | $0.07 | ||
| Q1 24 | $0.13 | $-0.10 |
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 | — | $63.0M |
| 总债务越低越好 | — | $401.9M |
| 股东权益账面价值 | $125.0M | $534.9M |
| 总资产 | $147.2M | $1.1B |
| 负债/权益比越低杠杆越低 | — | 0.75× |
8季度趋势，按日历期对齐
现金及短期投资MPXPACK
| Q4 25 | — | $63.0M | ||
| Q3 25 | — | $49.9M | ||
| Q2 25 | — | $49.2M | ||
| Q1 25 | — | $65.5M | ||
| Q4 24 | — | $76.1M | ||
| Q3 24 | — | $69.5M | ||
| Q2 24 | — | $65.1M | ||
| Q1 24 | — | $55.1M |
总债务MPXPACK
| Q4 25 | — | $401.9M | ||
| Q3 25 | — | $403.1M | ||
| Q2 25 | — | $403.1M | ||
| Q1 25 | — | $405.2M | ||
| Q4 24 | — | $406.4M | ||
| Q3 24 | — | $403.2M | ||
| Q2 24 | — | $396.1M | ||
| Q1 24 | — | $396.7M |
股东权益MPXPACK
| Q4 25 | $125.0M | $534.9M | ||
| Q3 25 | $126.3M | $537.8M | ||
| Q2 25 | $127.2M | $539.0M | ||
| Q1 25 | $126.4M | $544.1M | ||
| Q4 24 | $129.0M | $548.1M | ||
| Q3 24 | $128.8M | $564.3M | ||
| Q2 24 | $129.3M | $566.2M | ||
| Q1 24 | $151.4M | $560.0M |
总资产MPXPACK
| Q4 25 | $147.2M | $1.1B | ||
| Q3 25 | $179.5M | $1.1B | ||
| Q2 25 | $173.2M | $1.1B | ||
| Q1 25 | $182.9M | $1.1B | ||
| Q4 24 | $171.2M | $1.1B | ||
| Q3 24 | $176.3M | $1.1B | ||
| Q2 24 | $175.7M | $1.1B | ||
| Q1 24 | $204.0M | $1.1B |
负债/权益比MPXPACK
| Q4 25 | — | 0.75× | ||
| Q3 25 | — | 0.75× | ||
| Q2 25 | — | 0.75× | ||
| Q1 25 | — | 0.74× | ||
| Q4 24 | — | 0.74× | ||
| Q3 24 | — | 0.71× | ||
| Q2 24 | — | 0.70× | ||
| Q1 24 | — | 0.71× |
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 | $4.7M | $19.5M |
| 自由现金流经营现金流 - 资本支出 | $4.1M | — |
| 自由现金流率自由现金流/营收 | 6.4% | — |
| 资本支出强度资本支出/营收 | 0.9% | — |
| 现金转化率经营现金流/净利润 | 2.00× | — |
| 过去12个月自由现金流最近4个季度 | $14.9M | — |
8季度趋势，按日历期对齐
经营现金流MPXPACK
| Q4 25 | $4.7M | $19.5M | ||
| Q3 25 | $2.6M | $8.5M | ||
| Q2 25 | $-1.6M | $-3.6M | ||
| Q1 25 | $10.8M | $-1.3M | ||
| Q4 24 | $4.6M | $6.5M | ||
| Q3 24 | $5.1M | $10.1M | ||
| Q2 24 | $3.8M | $19.6M | ||
| Q1 24 | $15.9M | $5.2M |
自由现金流MPXPACK
| Q4 25 | $4.1M | — | ||
| Q3 25 | $2.1M | — | ||
| Q2 25 | $-2.0M | — | ||
| Q1 25 | $10.7M | — | ||
| Q4 24 | $3.6M | — | ||
| Q3 24 | $3.2M | — | ||
| Q2 24 | $3.0M | — | ||
| Q1 24 | $15.0M | — |
自由现金流率MPXPACK
| Q4 25 | 6.4% | — | ||
| Q3 25 | 4.0% | — | ||
| Q2 25 | -3.0% | — | ||
| Q1 25 | 18.1% | — | ||
| Q4 24 | 7.6% | — | ||
| Q3 24 | 6.5% | — | ||
| Q2 24 | 4.4% | — | ||
| Q1 24 | 21.7% | — |
资本支出强度MPXPACK
| Q4 25 | 0.9% | — | ||
| Q3 25 | 0.8% | — | ||
| Q2 25 | 0.6% | — | ||
| Q1 25 | 0.2% | — | ||
| Q4 24 | 2.1% | — | ||
| Q3 24 | 3.8% | — | ||
| Q2 24 | 1.1% | — | ||
| Q1 24 | 1.3% | — |
现金转化率MPXPACK
| Q4 25 | 2.00× | — | ||
| Q3 25 | 0.97× | — | ||
| Q2 25 | -0.39× | — | ||
| Q1 25 | 4.88× | — | ||
| Q4 24 | 1.09× | — | ||
| Q3 24 | 1.51× | — | ||
| Q2 24 | 0.68× | 3.56× | ||
| Q1 24 | 3.46× | — |
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
MPX
| Boats And Accessories | $63.4M | 98% |
| Parts | $1.1M | 2% |
PACK
| Other | $47.9M | 51% |
| Europe And Asia Segment | $45.8M | 49% |
