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艾地盟（ADM）与马拉松石油（MPC）财务数据对比。点击上方公司名可切换其他公司
马拉松石油的季度营收约是艾地盟的1.6倍（$32.6B vs $20.5B），马拉松石油净利率更高（4.7% vs 1.5%，领先3.3%），艾地盟同比增速更快（1.6% vs -1.7%），过去两年马拉松石油的营收复合增速更高（-0.2% vs -4.0%）
艾地盟（ADM）是美国跨国食品加工与大宗商品贸易企业，1902年成立，总部位于伊利诺伊州芝加哥。集团在全球布局270多家加工厂及420多个农作物采购站点，将谷物、油籽加工为食品、饮料、营养保健、工业生产及动物饲料领域的各类产品，供应全球市场。
马拉松石油是总部位于美国俄亥俄州芬德利的能源企业，核心业务覆盖石油炼制、销售与运输全链条。该公司此前为马拉松石油集团的全资子公司，于2011年完成分拆后独立运营。
ADM vs MPC — 直观对比
营收规模更大
MPC
是对方的1.6倍
$20.5B
营收增速更快
ADM
高出3.3%
-1.7%
净利率更高
MPC
高出3.3%
1.5%
两年增速更快
MPC
近两年复合增速
-4.0%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $20.5B | $32.6B |
| 净利润 | $298.0M | $1.5B |
| 毛利率 | 6.0% | 11.4% |
| 营业利润率 | — | 8.3% |
| 净利率 | 1.5% | 4.7% |
| 营收同比 | 1.6% | -1.7% |
| 净利润同比 | 1.0% | 313.7% |
| 每股收益（稀释后） | $0.62 | $4.99 |
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ADMMPC
| Q1 26 | $20.5B | — | ||
| Q4 25 | $6.1B | $32.6B | ||
| Q3 25 | $6.4B | $34.8B | ||
| Q2 25 | $6.3B | $33.8B | ||
| Q1 25 | $6.1B | $31.5B | ||
| Q4 24 | $-25.7B | $33.1B | ||
| Q3 24 | $6.0B | $35.1B | ||
| Q2 24 | $22.2B | $37.9B |
净利润ADMMPC
| Q1 26 | $298.0M | — | ||
| Q4 25 | $456.0M | $1.5B | ||
| Q3 25 | $108.0M | $1.4B | ||
| Q2 25 | $219.0M | $1.2B | ||
| Q1 25 | $295.0M | $-74.0M | ||
| Q4 24 | $567.0M | $371.0M | ||
| Q3 24 | $18.0M | $622.0M | ||
| Q2 24 | $486.0M | $1.5B |
毛利率ADMMPC
| Q1 26 | 6.0% | — | ||
| Q4 25 | 20.0% | 11.4% | ||
| Q3 25 | 19.8% | 10.4% | ||
| Q2 25 | 21.6% | 11.2% | ||
| Q1 25 | 19.2% | 6.8% | ||
| Q4 24 | — | 7.8% | ||
| Q3 24 | 22.8% | 8.4% | ||
| Q2 24 | 6.3% | 10.5% |
营业利润率ADMMPC
| Q1 26 | — | — | ||
| Q4 25 | 7.9% | 8.3% | ||
| Q3 25 | 2.3% | 7.8% | ||
| Q2 25 | 4.4% | 6.5% | ||
| Q1 25 | 5.7% | 2.2% | ||
| Q4 24 | — | 3.4% | ||
| Q3 24 | 1.8% | 3.8% | ||
| Q2 24 | 2.7% | 6.7% |
净利率ADMMPC
| Q1 26 | 1.5% | — | ||
| Q4 25 | 7.5% | 4.7% | ||
| Q3 25 | 1.7% | 3.9% | ||
| Q2 25 | 3.5% | 3.6% | ||
| Q1 25 | 4.8% | -0.2% | ||
| Q4 24 | -2.2% | 1.1% | ||
| Q3 24 | 0.3% | 1.8% | ||
| Q2 24 | 2.2% | 4.0% |
每股收益（稀释后）ADMMPC
| Q1 26 | $0.62 | — | ||
| Q4 25 | $0.95 | $4.99 | ||
| Q3 25 | $0.22 | $4.51 | ||
| Q2 25 | $0.45 | $3.96 | ||
| Q1 25 | $0.61 | $-0.24 | ||
| Q4 24 | $1.21 | $1.30 | ||
| Q3 24 | $0.04 | $1.87 | ||
| Q2 24 | $0.98 | $4.33 |
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 | $591.0M | $3.7B |
| 总债务越低越好 | $1.7B | $30.5B |
| 股东权益账面价值 | $22.8B | $17.3B |
| 总资产 | — | $84.0B |
| 负债/权益比越低杠杆越低 | 0.08× | 1.76× |
8季度趋势，按日历期对齐
现金及短期投资ADMMPC
| Q1 26 | $591.0M | — | ||
| Q4 25 | $1.0B | $3.7B | ||
| Q3 25 | $1.2B | $2.7B | ||
| Q2 25 | $1.1B | $1.7B | ||
| Q1 25 | $864.0M | $3.8B | ||
| Q4 24 | $611.0M | $3.2B | ||
| Q3 24 | $784.0M | $5.1B | ||
| Q2 24 | $764.0M | $8.5B |
总债务ADMMPC
| Q1 26 | $1.7B | — | ||
| Q4 25 | $7.6B | $30.5B | ||
| Q3 25 | — | $31.2B | ||
| Q2 25 | — | $26.8B | ||
| Q1 25 | — | $26.8B | ||
| Q4 24 | $8.3B | $24.4B | ||
| Q3 24 | $7.6B | $24.1B | ||
| Q2 24 | — | $24.0B |
股东权益ADMMPC
| Q1 26 | $22.8B | — | ||
| Q4 25 | $22.7B | $17.3B | ||
| Q3 25 | $22.5B | $17.1B | ||
| Q2 25 | $22.4B | $16.6B | ||
| Q1 25 | $22.1B | $16.4B | ||
| Q4 24 | $22.2B | $17.7B | ||
| Q3 24 | $22.0B | $18.9B | ||
| Q2 24 | $22.2B | $21.3B |
总资产ADMMPC
| Q1 26 | — | — | ||
| Q4 25 | $52.4B | $84.0B | ||
| Q3 25 | $51.9B | $83.2B | ||
| Q2 25 | $52.0B | $78.5B | ||
| Q1 25 | $53.4B | $81.6B | ||
| Q4 24 | $53.3B | $78.9B | ||
| Q3 24 | $52.2B | $79.8B | ||
| Q2 24 | $52.7B | $85.2B |
负债/权益比ADMMPC
| Q1 26 | 0.08× | — | ||
| Q4 25 | 0.33× | 1.76× | ||
| Q3 25 | — | 1.83× | ||
| Q2 25 | — | 1.61× | ||
| Q1 25 | — | 1.64× | ||
| Q4 24 | 0.37× | 1.38× | ||
| Q3 24 | 0.35× | 1.27× | ||
| Q2 24 | — | 1.13× |
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 | — | $3.1B |
| 自由现金流经营现金流 - 资本支出 | — | $1.9B |
| 自由现金流率自由现金流/营收 | — | 5.8% |
| 资本支出强度资本支出/营收 | 0.9% | 3.6% |
| 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 | — | $4.8B |
8季度趋势，按日历期对齐
经营现金流ADMMPC
| Q1 26 | — | — | ||
| Q4 25 | $-313.0M | $3.1B | ||
| Q3 25 | $1.8B | $2.6B | ||
| Q2 25 | $4.3B | $2.6B | ||
| Q1 25 | $-342.0M | $-64.0M | ||
| Q4 24 | $322.0M | $2.2B | ||
| Q3 24 | $1.3B | $1.7B | ||
| Q2 24 | $468.0M | $3.2B |
自由现金流ADMMPC
| Q1 26 | — | — | ||
| Q4 25 | $-669.0M | $1.9B | ||
| Q3 25 | $1.5B | $1.7B | ||
| Q2 25 | $4.0B | $1.9B | ||
| Q1 25 | $-633.0M | $-727.0M | ||
| Q4 24 | $-170.0M | $1.4B | ||
| Q3 24 | $919.0M | $1.0B | ||
| Q2 24 | $106.0M | $2.8B |
自由现金流率ADMMPC
| Q1 26 | — | — | ||
| Q4 25 | -11.1% | 5.8% | ||
| Q3 25 | 23.6% | 4.8% | ||
| Q2 25 | 63.0% | 5.8% | ||
| Q1 25 | -10.3% | -2.3% | ||
| Q4 24 | 0.7% | 4.2% | ||
| Q3 24 | 15.3% | 2.9% | ||
| Q2 24 | 0.5% | 7.3% |
资本支出强度ADMMPC
| Q1 26 | 0.9% | — | ||
| Q4 25 | 5.9% | 3.6% | ||
| Q3 25 | 4.6% | 2.7% | ||
| Q2 25 | 4.8% | 2.1% | ||
| Q1 25 | 4.7% | 2.1% | ||
| Q4 24 | -1.9% | 2.4% | ||
| Q3 24 | 6.4% | 1.9% | ||
| Q2 24 | 1.6% | 1.3% |
现金转化率ADMMPC
| Q1 26 | — | — | ||
| Q4 25 | -0.69× | 2.00× | ||
| Q3 25 | 16.75× | 1.90× | ||
| Q2 25 | 19.63× | 2.17× | ||
| Q1 25 | -1.16× | — | ||
| Q4 24 | 0.57× | 5.95× | ||
| Q3 24 | 72.22× | 2.71× | ||
| Q2 24 | 0.96× | 2.14× |
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
ADM
| Ag Services and Oilseeds | $16.0B | 78% |
| Carbohydrate Solutions | $2.6B | 12% |
| Nutrition | $1.8B | 9% |
MPC
| Refined Products | $28.6B | 88% |
| Midstream | $1.4B | 4% |
| Crude Oil | $1.2B | 4% |
| Renewable Diesel | $851.0M | 3% |
| Related Party | $536.0M | 2% |
| Services & Other | $466.0M | 1% |
