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MSC INDUSTRIAL DIRECT CO INC（MSM）与WERNER ENTERPRISES INC（WERN）财务数据对比。点击上方公司名可切换其他公司
MSC INDUSTRIAL DIRECT CO INC的季度营收约是WERNER ENTERPRISES INC的1.2倍（$965.7M vs $808.6M），MSC INDUSTRIAL DIRECT CO INC净利率更高（5.4% vs -0.5%，领先5.9%），WERNER ENTERPRISES INC同比增速更快（13.6% vs 4.0%），过去两年WERNER ENTERPRISES INC的营收复合增速更高（4.3% vs -3.4%）
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。
沃纳企业是美国知名运输物流服务商，业务覆盖美国、墨西哥与加拿大市场。2023年该公司营收达32.8亿美元，旗下员工及签约承包商总规模超1.4万人，在北美跨境物流、干线运输领域具备成熟的服务能力与行业影响力。
MSM vs WERN — 直观对比
营收规模更大
MSM
是对方的1.2倍
$808.6M
营收增速更快
WERN
高出9.5%
4.0%
净利率更高
MSM
高出5.9%
-0.5%
两年增速更快
WERN
近两年复合增速
-3.4%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $965.7M | $808.6M |
| 净利润 | $51.8M | $-4.3M |
| 毛利率 | 40.7% | — |
| 营业利润率 | 7.9% | — |
| 净利率 | 5.4% | -0.5% |
| 营收同比 | 4.0% | 13.6% |
| 净利润同比 | 11.1% | 57.8% |
| 每股收益（稀释后） | $0.93 | $-0.07 |
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MSMWERN
| Q1 26 | — | $808.6M | ||
| Q4 25 | $965.7M | $719.9M | ||
| Q3 25 | $978.2M | $752.2M | ||
| Q2 25 | $971.1M | $734.1M | ||
| Q1 25 | — | $693.4M | ||
| Q4 24 | $928.5M | $736.6M | ||
| Q3 24 | — | $726.3M | ||
| Q2 24 | $979.4M | $742.7M |
净利润MSMWERN
| Q1 26 | — | $-4.3M | ||
| Q4 25 | $51.8M | $-27.8M | ||
| Q3 25 | $56.5M | $-20.6M | ||
| Q2 25 | $56.8M | $44.1M | ||
| Q1 25 | — | $-10.1M | ||
| Q4 24 | $46.6M | $11.9M | ||
| Q3 24 | — | $6.6M | ||
| Q2 24 | $71.7M | $9.5M |
毛利率MSMWERN
| Q1 26 | — | — | ||
| Q4 25 | 40.7% | — | ||
| Q3 25 | 40.4% | — | ||
| Q2 25 | 41.0% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 40.7% | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 40.9% | — |
营业利润率MSMWERN
| Q1 26 | — | — | ||
| Q4 25 | 7.9% | -5.0% | ||
| Q3 25 | 8.6% | -1.7% | ||
| Q2 25 | 8.5% | 9.0% | ||
| Q1 25 | — | -0.8% | ||
| Q4 24 | 7.8% | 1.8% | ||
| Q3 24 | — | 2.4% | ||
| Q2 24 | 10.9% | 2.6% |
净利率MSMWERN
| Q1 26 | — | -0.5% | ||
| Q4 25 | 5.4% | -3.9% | ||
| Q3 25 | 5.8% | -2.7% | ||
| Q2 25 | 5.9% | 6.0% | ||
| Q1 25 | — | -1.5% | ||
| Q4 24 | 5.0% | 1.6% | ||
| Q3 24 | — | 0.9% | ||
| Q2 24 | 7.3% | 1.3% |
每股收益（稀释后）MSMWERN
| Q1 26 | — | $-0.07 | ||
| Q4 25 | $0.93 | $-0.46 | ||
| Q3 25 | $1.02 | $-0.34 | ||
| Q2 25 | $1.02 | $0.72 | ||
| Q1 25 | — | $-0.16 | ||
| Q4 24 | $0.83 | $0.19 | ||
| Q3 24 | — | $0.11 | ||
| Q2 24 | $1.27 | $0.15 |
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 | $61.5M |
| 总债务越低越好 | $214.1M | $878.2M |
| 股东权益账面价值 | $1.4B | $1.4B |
| 总资产 | $2.5B | $3.3B |
| 负债/权益比越低杠杆越低 | 0.16× | 0.65× |
8季度趋势，按日历期对齐
现金及短期投资MSMWERN
| Q1 26 | — | $61.5M | ||
| Q4 25 | $40.3M | $59.9M | ||
| Q3 25 | $56.2M | $51.0M | ||
| Q2 25 | $71.7M | $51.4M | ||
| Q1 25 | — | $52.0M | ||
| Q4 24 | $57.3M | $40.8M | ||
| Q3 24 | — | $54.7M | ||
| Q2 24 | $25.9M | $70.4M |
总债务MSMWERN
| Q1 26 | — | $878.2M | ||
| Q4 25 | $214.1M | $752.0M | ||
| Q3 25 | $168.8M | $725.0M | ||
| Q2 25 | $285.0M | $725.0M | ||
| Q1 25 | — | $640.0M | ||
| Q4 24 | $289.9M | $650.0M | ||
| Q3 24 | — | $690.0M | ||
| Q2 24 | $299.8M | $670.0M |
股东权益MSMWERN
| Q1 26 | — | $1.4B | ||
| Q4 25 | $1.4B | $1.4B | ||
| Q3 25 | $1.4B | $1.4B | ||
| Q2 25 | $1.4B | $1.4B | ||
| Q1 25 | — | $1.4B | ||
| Q4 24 | $1.4B | $1.5B | ||
| Q3 24 | — | $1.4B | ||
| Q2 24 | $1.4B | $1.5B |
总资产MSMWERN
| Q1 26 | — | $3.3B | ||
| Q4 25 | $2.5B | $2.9B | ||
| Q3 25 | $2.5B | $3.0B | ||
| Q2 25 | $2.5B | $2.9B | ||
| Q1 25 | — | $3.0B | ||
| Q4 24 | $2.5B | $3.1B | ||
| Q3 24 | — | $3.1B | ||
| Q2 24 | $2.5B | $3.1B |
负债/权益比MSMWERN
| Q1 26 | — | 0.65× | ||
| Q4 25 | 0.16× | 0.55× | ||
| Q3 25 | 0.12× | 0.52× | ||
| Q2 25 | 0.21× | 0.51× | ||
| Q1 25 | — | 0.45× | ||
| Q4 24 | 0.21× | 0.45× | ||
| Q3 24 | — | 0.48× | ||
| Q2 24 | 0.21× | 0.46× |
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 | — |
| 自由现金流率自由现金流/营收 | 0.8% | — |
| 资本支出强度资本支出/营收 | 2.3% | 0.2% |
| 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 | — | — |
8季度趋势，按日历期对齐
经营现金流MSMWERN
| Q1 26 | — | — | ||
| Q4 25 | $29.4M | $62.3M | ||
| Q3 25 | — | $44.1M | ||
| Q2 25 | $151.6M | $46.0M | ||
| Q1 25 | — | $29.4M | ||
| Q4 24 | $101.9M | $71.0M | ||
| Q3 24 | — | $61.0M | ||
| Q2 24 | $143.5M | $109.1M |
自由现金流MSMWERN
| Q1 26 | — | — | ||
| Q4 25 | $7.4M | $-23.5M | ||
| Q3 25 | — | $-8.6M | ||
| Q2 25 | $100.7M | $-42.3M | ||
| Q1 25 | — | $5.9M | ||
| Q4 24 | $81.7M | $-9.8M | ||
| Q3 24 | — | $-73.4M | ||
| Q2 24 | $114.0M | $-31.2M |
自由现金流率MSMWERN
| Q1 26 | — | — | ||
| Q4 25 | 0.8% | -3.3% | ||
| Q3 25 | — | -1.1% | ||
| Q2 25 | 10.4% | -5.8% | ||
| Q1 25 | — | 0.8% | ||
| Q4 24 | 8.8% | -1.3% | ||
| Q3 24 | — | -10.1% | ||
| Q2 24 | 11.6% | -4.2% |
资本支出强度MSMWERN
| Q1 26 | — | 0.2% | ||
| Q4 25 | 2.3% | 11.9% | ||
| Q3 25 | — | 7.0% | ||
| Q2 25 | 5.2% | 12.0% | ||
| Q1 25 | — | 3.4% | ||
| Q4 24 | 2.2% | 11.0% | ||
| Q3 24 | — | 18.5% | ||
| Q2 24 | 3.0% | 18.9% |
现金转化率MSMWERN
| Q1 26 | — | — | ||
| Q4 25 | 0.57× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 2.67× | 1.04× | ||
| Q1 25 | — | — | ||
| Q4 24 | 2.18× | 5.97× | ||
| Q3 24 | — | 9.30× | ||
| Q2 24 | 2.00× | 11.52× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
