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M&T Bank（MTB）与Tennessee Valley Authority（TVE）财务数据对比。点击上方公司名可切换其他公司
Tennessee Valley Authority的季度营收约是M&T Bank的1.2倍（$3.0B vs $2.5B），M&T Bank净利率更高（30.7% vs 8.7%，领先21.9%），Tennessee Valley Authority同比增速更快（4.4% vs 3.8%），过去两年M&T Bank的营收复合增速更高（4.6% vs -1.7%）
M&T银行是总部位于美国纽约州布法罗的银行控股企业，业务覆盖美国东部从缅因州到弗吉尼亚州的12个州及华盛顿特区，运营超过950家线下网点。其控股主体1998年5月前名为第一帝国州公司，之后更为现名。
田纳西河流域管理局（TVA）是美国联邦政府所有的电力公用事业企业，服务范围覆盖田纳西州全境，以及阿拉巴马州、密西西比州、肯塔基州的部分区域，还涵盖佐治亚州、北卡罗来纳州、弗吉尼亚州的小块区域。该企业虽归属联邦政府，但不依赖纳税人资金运营，运营模式与私营盈利企业类似，总部位于田纳西州诺克斯维尔。
MTB vs TVE — 直观对比
营收规模更大
TVE
是对方的1.2倍
$2.5B
营收增速更快
TVE
高出0.6%
3.8%
净利率更高
MTB
高出21.9%
8.7%
两年增速更快
MTB
近两年复合增速
-1.7%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.5B | $3.0B |
| 净利润 | $759.0M | $266.0M |
| 毛利率 | — | — |
| 营业利润率 | 39.2% | 18.1% |
| 净利率 | 30.7% | 8.7% |
| 营收同比 | 3.8% | 4.4% |
| 净利润同比 | 11.5% | 112.8% |
| 每股收益（稀释后） | $4.62 | — |
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MTBTVE
| Q4 25 | $2.5B | $3.0B | ||
| Q3 25 | $2.5B | $3.9B | ||
| Q2 25 | $2.4B | $3.3B | ||
| Q1 25 | $2.3B | $3.5B | ||
| Q4 24 | $2.4B | $2.9B | ||
| Q3 24 | $2.3B | $3.5B | ||
| Q2 24 | $2.3B | $2.9B | ||
| Q1 24 | $2.3B | $3.2B |
净利润MTBTVE
| Q4 25 | $759.0M | $266.0M | ||
| Q3 25 | $792.0M | $615.0M | ||
| Q2 25 | $716.0M | $212.0M | ||
| Q1 25 | $584.0M | $408.0M | ||
| Q4 24 | $681.0M | $125.0M | ||
| Q3 24 | $721.0M | $520.0M | ||
| Q2 24 | $655.0M | $181.0M | ||
| Q1 24 | $531.0M | $307.0M |
营业利润率MTBTVE
| Q4 25 | 39.2% | 18.1% | ||
| Q3 25 | 40.8% | 23.6% | ||
| Q2 25 | 39.0% | 15.6% | ||
| Q1 25 | 33.0% | 20.3% | ||
| Q4 24 | 37.0% | 14.1% | ||
| Q3 24 | 39.0% | 22.7% | ||
| Q2 24 | 37.1% | 15.9% | ||
| Q1 24 | 29.4% | 18.4% |
净利率MTBTVE
| Q4 25 | 30.7% | 8.7% | ||
| Q3 25 | 31.5% | 15.7% | ||
| Q2 25 | 29.9% | 6.4% | ||
| Q1 25 | 25.3% | 11.6% | ||
| Q4 24 | 28.6% | 4.3% | ||
| Q3 24 | 30.9% | 14.8% | ||
| Q2 24 | 28.5% | 6.3% | ||
| Q1 24 | 23.5% | 9.7% |
每股收益（稀释后）MTBTVE
| Q4 25 | $4.62 | — | ||
| Q3 25 | $4.82 | — | ||
| Q2 25 | $4.24 | — | ||
| Q1 25 | $3.32 | — | ||
| Q4 24 | $3.87 | — | ||
| Q3 24 | $4.02 | — | ||
| Q2 24 | $3.73 | — | ||
| Q1 24 | $3.02 | — |
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 | — | $501.0M |
| 总债务越低越好 | $10.9B | — |
| 股东权益账面价值 | $29.2B | — |
| 总资产 | $213.5B | $59.5B |
| 负债/权益比越低杠杆越低 | 0.37× | — |
8季度趋势，按日历期对齐
现金及短期投资MTBTVE
| Q4 25 | — | $501.0M | ||
| Q3 25 | — | $1.6B | ||
| Q2 25 | — | $501.0M | ||
| Q1 25 | — | $502.0M | ||
| Q4 24 | — | $507.0M | ||
| Q3 24 | — | $502.0M | ||
| Q2 24 | — | $501.0M | ||
| Q1 24 | — | $508.0M |
总债务MTBTVE
| Q4 25 | $10.9B | — | ||
| Q3 25 | $12.9B | $22.1B | ||
| Q2 25 | $12.4B | — | ||
| Q1 25 | $10.5B | — | ||
| Q4 24 | $12.6B | — | ||
| Q3 24 | $11.6B | $19.1B | ||
| Q2 24 | $11.3B | — | ||
| Q1 24 | $11.4B | — |
股东权益MTBTVE
| Q4 25 | $29.2B | — | ||
| Q3 25 | $28.7B | — | ||
| Q2 25 | $28.5B | — | ||
| Q1 25 | $29.0B | — | ||
| Q4 24 | $29.0B | — | ||
| Q3 24 | $28.9B | — | ||
| Q2 24 | $28.4B | — | ||
| Q1 24 | $27.2B | — |
总资产MTBTVE
| Q4 25 | $213.5B | $59.5B | ||
| Q3 25 | $211.3B | $60.9B | ||
| Q2 25 | $211.6B | $59.9B | ||
| Q1 25 | $210.3B | $59.3B | ||
| Q4 24 | $208.1B | $58.4B | ||
| Q3 24 | $211.8B | $57.7B | ||
| Q2 24 | $208.9B | $56.2B | ||
| Q1 24 | $215.1B | $52.3B |
负债/权益比MTBTVE
| Q4 25 | 0.37× | — | ||
| Q3 25 | 0.45× | — | ||
| Q2 25 | 0.43× | — | ||
| Q1 25 | 0.36× | — | ||
| Q4 24 | 0.43× | — | ||
| Q3 24 | 0.40× | — | ||
| Q2 24 | 0.40× | — | ||
| Q1 24 | 0.42× | — |
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 | $3.0B | $330.0M |
| 自由现金流经营现金流 - 资本支出 | — | $-814.0M |
| 自由现金流率自由现金流/营收 | — | -26.7% |
| 资本支出强度资本支出/营收 | — | 37.5% |
| 现金转化率经营现金流/净利润 | 3.96× | 1.24× |
| 过去12个月自由现金流最近4个季度 | — | $-1.2B |
8季度趋势，按日历期对齐
经营现金流MTBTVE
| Q4 25 | $3.0B | $330.0M | ||
| Q3 25 | $1.0B | $1.2B | ||
| Q2 25 | $844.0M | $615.0M | ||
| Q1 25 | $635.0M | $1.0B | ||
| Q4 24 | $3.6B | $450.0M | ||
| Q3 24 | $-28.0M | $1.1B | ||
| Q2 24 | $1.4B | $508.0M | ||
| Q1 24 | $608.0M | $1.0B |
自由现金流MTBTVE
| Q4 25 | — | $-814.0M | ||
| Q3 25 | — | $233.0M | ||
| Q2 25 | — | $-431.0M | ||
| Q1 25 | — | $-176.0M | ||
| Q4 24 | — | $-759.0M | ||
| Q3 24 | — | $164.0M | ||
| Q2 24 | — | $-248.0M | ||
| Q1 24 | — | $276.0M |
自由现金流率MTBTVE
| Q4 25 | — | -26.7% | ||
| Q3 25 | — | 6.0% | ||
| Q2 25 | — | -13.0% | ||
| Q1 25 | — | -5.0% | ||
| Q4 24 | — | -26.0% | ||
| Q3 24 | — | 4.7% | ||
| Q2 24 | — | -8.6% | ||
| Q1 24 | — | 8.8% |
资本支出强度MTBTVE
| Q4 25 | — | 37.5% | ||
| Q3 25 | — | 25.9% | ||
| Q2 25 | — | 31.6% | ||
| Q1 25 | — | 33.6% | ||
| Q4 24 | — | 41.4% | ||
| Q3 24 | — | 25.6% | ||
| Q2 24 | — | 26.3% | ||
| Q1 24 | — | 24.2% |
现金转化率MTBTVE
| Q4 25 | 3.96× | 1.24× | ||
| Q3 25 | 1.26× | 2.03× | ||
| Q2 25 | 1.18× | 2.90× | ||
| Q1 25 | 1.09× | 2.48× | ||
| Q4 24 | 5.30× | 3.60× | ||
| Q3 24 | -0.04× | 2.05× | ||
| Q2 24 | 2.07× | 2.81× | ||
| Q1 24 | 1.15× | 3.38× |
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
MTB
暂无分部数据
TVE
| TN | $2.0B | 65% |
| AL | $449.0M | 15% |
| MS | $266.0M | 9% |
| KY | $193.0M | 6% |
| GA | $75.0M | 2% |
| Federal Agencies And Other | $29.0M | 1% |
| NC | $23.0M | 1% |
| VA | $12.0M | 0% |
| Off System Sales Member | $2.0M | 0% |
