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M&T Bank（MTB）与Wayfair Inc.（W）财务数据对比。点击上方公司名可切换其他公司
Wayfair Inc.的季度营收约是M&T Bank的1.3倍（$3.3B vs $2.5B），M&T Bank净利率更高（30.7% vs -3.5%，领先34.1%），Wayfair Inc.同比增速更快（6.9% vs 3.8%），过去两年Wayfair Inc.的营收复合增速更高（10.6% vs 4.6%）
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。
Wayfair Inc.是总部位于美国马萨诸塞州波士顿的电商企业，2002年成立，前身为CSN Stores，专注于家具及家居用品线上销售。目前平台提供来自全球11000余家供应商的1400万款商品，业务遍及北美、加拿大、德国、爱尔兰、中国、英国等国家和地区。
MTB vs W — 直观对比
营收规模更大
W
是对方的1.3倍
$2.5B
营收增速更快
W
高出3.1%
3.8%
净利率更高
MTB
高出34.1%
-3.5%
两年增速更快
W
近两年复合增速
4.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.5B | $3.3B |
| 净利润 | $759.0M | $-116.0M |
| 毛利率 | — | 30.3% |
| 营业利润率 | 39.2% | 2.5% |
| 净利率 | 30.7% | -3.5% |
| 营收同比 | 3.8% | 6.9% |
| 净利润同比 | 11.5% | 9.4% |
| 每股收益（稀释后） | $4.62 | $-0.90 |
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MTBW
| Q4 25 | $2.5B | $3.3B | ||
| Q3 25 | $2.5B | $3.1B | ||
| Q2 25 | $2.4B | $3.3B | ||
| Q1 25 | $2.3B | $2.7B | ||
| Q4 24 | $2.4B | $3.1B | ||
| Q3 24 | $2.3B | $2.9B | ||
| Q2 24 | $2.3B | $3.1B | ||
| Q1 24 | $2.3B | $2.7B |
净利润MTBW
| Q4 25 | $759.0M | $-116.0M | ||
| Q3 25 | $792.0M | $-99.0M | ||
| Q2 25 | $716.0M | $15.0M | ||
| Q1 25 | $584.0M | $-113.0M | ||
| Q4 24 | $681.0M | $-128.0M | ||
| Q3 24 | $721.0M | $-74.0M | ||
| Q2 24 | $655.0M | $-42.0M | ||
| Q1 24 | $531.0M | $-248.0M |
毛利率MTBW
| Q4 25 | — | 30.3% | ||
| Q3 25 | — | 30.0% | ||
| Q2 25 | — | 30.1% | ||
| Q1 25 | — | 30.7% | ||
| Q4 24 | — | 30.2% | ||
| Q3 24 | — | 30.3% | ||
| Q2 24 | — | 30.2% | ||
| Q1 24 | — | 30.0% |
营业利润率MTBW
| Q4 25 | 39.2% | 2.5% | ||
| Q3 25 | 40.8% | 1.2% | ||
| Q2 25 | 39.0% | 0.5% | ||
| Q1 25 | 33.0% | -4.5% | ||
| Q4 24 | 37.0% | -3.7% | ||
| Q3 24 | 39.0% | -2.6% | ||
| Q2 24 | 37.1% | -1.1% | ||
| Q1 24 | 29.4% | -8.6% |
净利率MTBW
| Q4 25 | 30.7% | -3.5% | ||
| Q3 25 | 31.5% | -3.2% | ||
| Q2 25 | 29.9% | 0.5% | ||
| Q1 25 | 25.3% | -4.1% | ||
| Q4 24 | 28.6% | -4.1% | ||
| Q3 24 | 30.9% | -2.6% | ||
| Q2 24 | 28.5% | -1.3% | ||
| Q1 24 | 23.5% | -9.1% |
每股收益（稀释后）MTBW
| Q4 25 | $4.62 | $-0.90 | ||
| Q3 25 | $4.82 | $-0.76 | ||
| Q2 25 | $4.24 | $0.11 | ||
| Q1 25 | $3.32 | $-0.89 | ||
| Q4 24 | $3.87 | $-1.01 | ||
| Q3 24 | $4.02 | $-0.60 | ||
| Q2 24 | $3.73 | $-0.34 | ||
| Q1 24 | $3.02 | $-2.06 |
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 | — | $1.5B |
| 总债务越低越好 | $10.9B | $3.3B |
| 股东权益账面价值 | $29.2B | $-2.8B |
| 总资产 | $213.5B | $3.4B |
| 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MTBW
| Q4 25 | — | $1.5B | ||
| Q3 25 | — | $1.2B | ||
| Q2 25 | — | $1.4B | ||
| Q1 25 | — | $1.4B | ||
| Q4 24 | — | $1.4B | ||
| Q3 24 | — | $1.3B | ||
| Q2 24 | — | $1.3B | ||
| Q1 24 | — | $1.2B |
总债务MTBW
| Q4 25 | $10.9B | $3.3B | ||
| Q3 25 | $12.9B | $2.9B | ||
| Q2 25 | $12.4B | $3.0B | ||
| Q1 25 | $10.5B | $3.2B | ||
| Q4 24 | $12.6B | $3.1B | ||
| Q3 24 | $11.6B | $3.2B | ||
| Q2 24 | $11.3B | $3.2B | ||
| Q1 24 | $11.4B | $3.2B |
股东权益MTBW
| Q4 25 | $29.2B | $-2.8B | ||
| Q3 25 | $28.7B | $-2.8B | ||
| Q2 25 | $28.5B | $-2.7B | ||
| Q1 25 | $29.0B | $-2.8B | ||
| Q4 24 | $29.0B | $-2.8B | ||
| Q3 24 | $28.9B | $-2.7B | ||
| Q2 24 | $28.4B | $-2.8B | ||
| Q1 24 | $27.2B | $-2.8B |
总资产MTBW
| Q4 25 | $213.5B | $3.4B | ||
| Q3 25 | $211.3B | $3.1B | ||
| Q2 25 | $211.6B | $3.3B | ||
| Q1 25 | $210.3B | $3.4B | ||
| Q4 24 | $208.1B | $3.5B | ||
| Q3 24 | $211.8B | $3.4B | ||
| Q2 24 | $208.9B | $3.4B | ||
| Q1 24 | $215.1B | $3.2B |
负债/权益比MTBW
| 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 | $202.0M |
| 自由现金流经营现金流 - 资本支出 | — | $177.0M |
| 自由现金流率自由现金流/营收 | — | 5.3% |
| 资本支出强度资本支出/营收 | — | 0.7% |
| 现金转化率经营现金流/净利润 | 3.96× | — |
| 过去12个月自由现金流最近4个季度 | — | $464.0M |
8季度趋势，按日历期对齐
经营现金流MTBW
| Q4 25 | $3.0B | $202.0M | ||
| Q3 25 | $1.0B | $155.0M | ||
| Q2 25 | $844.0M | $273.0M | ||
| Q1 25 | $635.0M | $-96.0M | ||
| Q4 24 | $3.6B | $162.0M | ||
| Q3 24 | $-28.0M | $49.0M | ||
| Q2 24 | $1.4B | $245.0M | ||
| Q1 24 | $608.0M | $-139.0M |
自由现金流MTBW
| Q4 25 | — | $177.0M | ||
| Q3 25 | — | $128.0M | ||
| Q2 25 | — | $260.0M | ||
| Q1 25 | — | $-101.0M | ||
| Q4 24 | — | $142.0M | ||
| Q3 24 | — | $32.0M | ||
| Q2 24 | — | $222.0M | ||
| Q1 24 | — | $-152.0M |
自由现金流率MTBW
| Q4 25 | — | 5.3% | ||
| Q3 25 | — | 4.1% | ||
| Q2 25 | — | 7.9% | ||
| Q1 25 | — | -3.7% | ||
| Q4 24 | — | 4.5% | ||
| Q3 24 | — | 1.1% | ||
| Q2 24 | — | 7.1% | ||
| Q1 24 | — | -5.6% |
资本支出强度MTBW
| Q4 25 | — | 0.7% | ||
| Q3 25 | — | 0.9% | ||
| Q2 25 | — | 0.4% | ||
| Q1 25 | — | 0.2% | ||
| Q4 24 | — | 0.6% | ||
| Q3 24 | — | 0.6% | ||
| Q2 24 | — | 0.7% | ||
| Q1 24 | — | 0.5% |
现金转化率MTBW
| Q4 25 | 3.96× | — | ||
| Q3 25 | 1.26× | — | ||
| Q2 25 | 1.18× | 18.20× | ||
| Q1 25 | 1.09× | — | ||
| Q4 24 | 5.30× | — | ||
| Q3 24 | -0.04× | — | ||
| Q2 24 | 2.07× | — | ||
| Q1 24 | 1.15× | — |
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
W
| US Segment | $2.9B | 88% |
| International Segment | $395.0M | 12% |
