vs
MSC INDUSTRIAL DIRECT CO INC（MSM）与北极星（PII）财务数据对比。点击上方公司名可切换其他公司
北极星的季度营收约是MSC INDUSTRIAL DIRECT CO INC的1.7倍（$1.7B vs $965.7M），MSC INDUSTRIAL DIRECT CO INC净利率更高（5.4% vs -2.8%，领先8.2%），北极星同比增速更快（8.0% vs 4.0%），MSC INDUSTRIAL DIRECT CO INC自由现金流更多（$7.4M vs $-342.5M），过去两年MSC INDUSTRIAL DIRECT CO INC的营收复合增速更高（-3.4% vs -8.0%）
MSC工业直销公司（MSC）通过旗下主要子公司MSC工业供应公司，是美国规模最大的工业设备分销商之一，可提供超过150万种金属加工及其他工业类产品，广泛服务于工业制造、维修运维等领域的客户需求。
北极星公司（Polaris Inc.）是总部位于美国明尼苏达州麦地那的机动车制造企业，创立于明尼苏达州罗索，当地目前仍保留其工程研发与生产设施。公司曾通过胜利摩托子公司生产摩托车，2011年收购印第安摩托品牌后转由该子公司运营摩托业务，此前还曾生产私人水上摩托艇产品。
MSM vs PII — 直观对比
营收规模更大
PII
是对方的1.7倍
$965.7M
营收增速更快
PII
高出4.0%
4.0%
净利率更高
MSM
高出8.2%
-2.8%
自由现金流更多
MSM
多$349.9M
$-342.5M
两年增速更快
MSM
近两年复合增速
-8.0%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $965.7M | $1.7B |
| 净利润 | $51.8M | $-47.2M |
| 毛利率 | 40.7% | 20.2% |
| 营业利润率 | 7.9% | 76.5% |
| 净利率 | 5.4% | -2.8% |
| 营收同比 | 4.0% | 8.0% |
| 净利润同比 | 11.1% | 29.0% |
| 每股收益（稀释后） | $0.93 | $-0.83 |
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MSMPII
| Q1 26 | — | $1.7B | ||
| Q4 25 | $965.7M | $1.9B | ||
| Q3 25 | $978.2M | $1.8B | ||
| Q2 25 | $971.1M | $1.9B | ||
| Q1 25 | — | $1.5B | ||
| Q4 24 | $928.5M | $1.8B | ||
| Q3 24 | — | $1.7B | ||
| Q2 24 | $979.4M | $2.0B |
净利润MSMPII
| Q1 26 | — | $-47.2M | ||
| Q4 25 | $51.8M | $-303.6M | ||
| Q3 25 | $56.5M | $-15.8M | ||
| Q2 25 | $56.8M | $-79.3M | ||
| Q1 25 | — | $-66.8M | ||
| Q4 24 | $46.6M | $10.6M | ||
| Q3 24 | — | $27.7M | ||
| Q2 24 | $71.7M | $68.7M |
毛利率MSMPII
| Q1 26 | — | 20.2% | ||
| Q4 25 | 40.7% | 20.0% | ||
| Q3 25 | 40.4% | 20.7% | ||
| Q2 25 | 41.0% | 19.4% | ||
| Q1 25 | — | 16.0% | ||
| Q4 24 | 40.7% | 20.4% | ||
| Q3 24 | — | 20.6% | ||
| Q2 24 | 40.9% | 21.6% |
营业利润率MSMPII
| Q1 26 | — | 76.5% | ||
| Q4 25 | 7.9% | -16.7% | ||
| Q3 25 | 8.6% | 1.1% | ||
| Q2 25 | 8.5% | -0.7% | ||
| Q1 25 | — | -2.4% | ||
| Q4 24 | 7.8% | 3.7% | ||
| Q3 24 | — | 3.8% | ||
| Q2 24 | 10.9% | 6.1% |
净利率MSMPII
| Q1 26 | — | -2.8% | ||
| Q4 25 | 5.4% | -15.8% | ||
| Q3 25 | 5.8% | -0.9% | ||
| Q2 25 | 5.9% | -4.3% | ||
| Q1 25 | — | -4.3% | ||
| Q4 24 | 5.0% | 0.6% | ||
| Q3 24 | — | 1.6% | ||
| Q2 24 | 7.3% | 3.5% |
每股收益（稀释后）MSMPII
| Q1 26 | — | $-0.83 | ||
| Q4 25 | $0.93 | $-5.34 | ||
| Q3 25 | $1.02 | $-0.28 | ||
| Q2 25 | $1.02 | $-1.39 | ||
| Q1 25 | — | $-1.17 | ||
| Q4 24 | $0.83 | $0.18 | ||
| Q3 24 | — | $0.49 | ||
| Q2 24 | $1.27 | $1.21 |
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 | $40.3M | $282.0M |
| 总债务越低越好 | $214.1M | — |
| 股东权益账面价值 | $1.4B | $750.4M |
| 总资产 | $2.5B | $5.2B |
| 负债/权益比越低杠杆越低 | 0.16× | — |
8季度趋势，按日历期对齐
现金及短期投资MSMPII
| Q1 26 | — | $282.0M | ||
| Q4 25 | $40.3M | $138.0M | ||
| Q3 25 | $56.2M | $335.5M | ||
| Q2 25 | $71.7M | $324.3M | ||
| Q1 25 | — | $291.7M | ||
| Q4 24 | $57.3M | $287.8M | ||
| Q3 24 | — | $291.3M | ||
| Q2 24 | $25.9M | $322.7M |
总债务MSMPII
| Q1 26 | — | — | ||
| Q4 25 | $214.1M | $1.5B | ||
| Q3 25 | $168.8M | $1.3B | ||
| Q2 25 | $285.0M | $1.4B | ||
| Q1 25 | — | $1.6B | ||
| Q4 24 | $289.9M | $1.6B | ||
| Q3 24 | — | $1.7B | ||
| Q2 24 | $299.8M | $2.1B |
股东权益MSMPII
| Q1 26 | — | $750.4M | ||
| Q4 25 | $1.4B | $828.4M | ||
| Q3 25 | $1.4B | $1.1B | ||
| Q2 25 | $1.4B | $1.2B | ||
| Q1 25 | — | $1.2B | ||
| Q4 24 | $1.4B | $1.3B | ||
| Q3 24 | — | $1.3B | ||
| Q2 24 | $1.4B | $1.3B |
总资产MSMPII
| Q1 26 | — | $5.2B | ||
| Q4 25 | $2.5B | $4.9B | ||
| Q3 25 | $2.5B | $5.3B | ||
| Q2 25 | $2.5B | $5.4B | ||
| Q1 25 | — | $5.5B | ||
| Q4 24 | $2.5B | $5.5B | ||
| Q3 24 | — | $5.6B | ||
| Q2 24 | $2.5B | $5.7B |
负债/权益比MSMPII
| Q1 26 | — | — | ||
| Q4 25 | 0.16× | 1.82× | ||
| Q3 25 | 0.12× | 1.13× | ||
| Q2 25 | 0.21× | 1.17× | ||
| Q1 25 | — | 1.32× | ||
| Q4 24 | 0.21× | 1.27× | ||
| Q3 24 | — | 1.29× | ||
| Q2 24 | 0.21× | 1.56× |
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 | $29.4M | — |
| 自由现金流经营现金流 - 资本支出 | $7.4M | $-342.5M |
| 自由现金流率自由现金流/营收 | 0.8% | -20.6% |
| 资本支出强度资本支出/营收 | 2.3% | — |
| 现金转化率经营现金流/净利润 | 0.57× | — |
| 过去12个月自由现金流最近4个季度 | — | $168.0M |
8季度趋势，按日历期对齐
经营现金流MSMPII
| Q1 26 | — | — | ||
| Q4 25 | $29.4M | $178.7M | ||
| Q3 25 | — | $158.8M | ||
| Q2 25 | $151.6M | $320.3M | ||
| Q1 25 | — | $83.2M | ||
| Q4 24 | $101.9M | $206.3M | ||
| Q3 24 | — | $21.0M | ||
| Q2 24 | $143.5M | $146.3M |
自由现金流MSMPII
| Q1 26 | — | $-342.5M | ||
| Q4 25 | $7.4M | $114.0M | ||
| Q3 25 | — | $116.7M | ||
| Q2 25 | $100.7M | $279.8M | ||
| Q1 25 | — | $47.6M | ||
| Q4 24 | $81.7M | $137.3M | ||
| Q3 24 | — | $-32.4M | ||
| Q2 24 | $114.0M | $79.1M |
自由现金流率MSMPII
| Q1 26 | — | -20.6% | ||
| Q4 25 | 0.8% | 5.9% | ||
| Q3 25 | — | 6.3% | ||
| Q2 25 | 10.4% | 15.1% | ||
| Q1 25 | — | 3.1% | ||
| Q4 24 | 8.8% | 7.8% | ||
| Q3 24 | — | -1.9% | ||
| Q2 24 | 11.6% | 4.0% |
资本支出强度MSMPII
| Q1 26 | — | — | ||
| Q4 25 | 2.3% | 3.4% | ||
| Q3 25 | — | 2.3% | ||
| Q2 25 | 5.2% | 2.2% | ||
| Q1 25 | — | 2.3% | ||
| Q4 24 | 2.2% | 3.9% | ||
| Q3 24 | — | 3.1% | ||
| Q2 24 | 3.0% | 3.4% |
现金转化率MSMPII
| Q1 26 | — | — | ||
| Q4 25 | 0.57× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 2.67× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 2.18× | 19.46× | ||
| Q3 24 | — | 0.76× | ||
| Q2 24 | 2.00× | 2.13× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
