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American Electric Power（AEP）与万事达卡（MA）财务数据对比。点击上方公司名可切换其他公司
万事达卡的季度营收约是American Electric Power的1.7倍（$8.8B vs $5.1B），万事达卡净利率更高（46.1% vs 12.0%，领先34.1%），万事达卡同比增速更快（17.6% vs 6.2%），过去两年万事达卡的营收复合增速更高（17.8% vs -0.3%）
AEP是美国知名电力公用事业控股企业，业务覆盖发电、输电、配电全链条，面向美国境内零售及批发客户销售电力。公司下设垂直整合公用事业、输配电、输电控股、发电与营销四大业务板块，采用煤炭、天然气、核电、水电、光伏、风电等多种能源发电。
万事达卡是总部位于美国纽约帕切斯的跨国支付卡服务企业，核心业务为处理商户收单银行与持卡人发卡机构之间的支付交易，同时提供旗下品牌借记卡、信用卡、预付卡及相关配套支付服务，服务网络覆盖全球，于2006年公开上市。
AEP vs MA — 直观对比
营收规模更大
MA
是对方的1.7倍
$5.1B
营收增速更快
MA
高出11.4%
6.2%
净利率更高
MA
高出34.1%
12.0%
两年增速更快
MA
近两年复合增速
-0.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $5.1B | $8.8B |
| 净利润 | $605.2M | $4.1B |
| 毛利率 | — | — |
| 营业利润率 | 22.1% | 55.8% |
| 净利率 | 12.0% | 46.1% |
| 营收同比 | 6.2% | 17.6% |
| 净利润同比 | -9.1% | 21.5% |
| 每股收益（稀释后） | $1.06 | $4.52 |
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AEPMA
| Q4 25 | $5.1B | $8.8B | ||
| Q3 25 | $6.0B | $8.6B | ||
| Q2 25 | $5.1B | $8.1B | ||
| Q1 25 | $5.6B | $7.3B | ||
| Q4 24 | $4.8B | $7.5B | ||
| Q3 24 | $5.5B | $7.4B | ||
| Q2 24 | $4.7B | $7.0B | ||
| Q1 24 | $5.1B | $6.3B |
净利润AEPMA
| Q4 25 | $605.2M | $4.1B | ||
| Q3 25 | $1.0B | $3.9B | ||
| Q2 25 | $1.3B | $3.7B | ||
| Q1 25 | $802.2M | $3.3B | ||
| Q4 24 | $665.9M | $3.3B | ||
| Q3 24 | $961.7M | $3.3B | ||
| Q2 24 | $342.5M | $3.3B | ||
| Q1 24 | $1.0B | $3.0B |
营业利润率AEPMA
| Q4 25 | 22.1% | 55.8% | ||
| Q3 25 | 25.5% | 58.8% | ||
| Q2 25 | 27.7% | 58.7% | ||
| Q1 25 | 22.8% | 57.2% | ||
| Q4 24 | 23.0% | 52.6% | ||
| Q3 24 | 24.7% | 54.3% | ||
| Q2 24 | 14.7% | 58.0% | ||
| Q1 24 | 23.1% | 56.8% |
净利率AEPMA
| Q4 25 | 12.0% | 46.1% | ||
| Q3 25 | 16.8% | 45.7% | ||
| Q2 25 | 25.5% | 45.5% | ||
| Q1 25 | 14.2% | 45.2% | ||
| Q4 24 | 14.0% | 44.6% | ||
| Q3 24 | 17.6% | 44.3% | ||
| Q2 24 | 7.4% | 46.8% | ||
| Q1 24 | 19.8% | 47.4% |
每股收益（稀释后）AEPMA
| Q4 25 | $1.06 | $4.52 | ||
| Q3 25 | $1.81 | $4.34 | ||
| Q2 25 | $2.29 | $4.07 | ||
| Q1 25 | $1.50 | $3.59 | ||
| Q4 24 | $1.24 | $3.64 | ||
| Q3 24 | $1.80 | $3.53 | ||
| Q2 24 | $0.64 | $3.50 | ||
| Q1 24 | $1.90 | $3.22 |
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 | $417.0M | $10.6B |
| 总债务越低越好 | $47.3B | — |
| 股东权益账面价值 | $31.1B | $7.7B |
| 总资产 | $114.5B | $54.2B |
| 负债/权益比越低杠杆越低 | 1.52× | — |
8季度趋势，按日历期对齐
现金及短期投资AEPMA
| Q4 25 | $417.0M | $10.6B | ||
| Q3 25 | $1.3B | $10.3B | ||
| Q2 25 | $439.3M | $9.0B | ||
| Q1 25 | $463.6M | $7.6B | ||
| Q4 24 | $418.3M | $8.4B | ||
| Q3 24 | $474.4M | $11.1B | ||
| Q2 24 | $428.2M | $7.0B | ||
| Q1 24 | $447.7M | $7.3B |
总债务AEPMA
| Q4 25 | $47.3B | — | ||
| Q3 25 | $46.1B | — | ||
| Q2 25 | $44.5B | — | ||
| Q1 25 | $43.0B | — | ||
| Q4 24 | $42.6B | — | ||
| Q3 24 | $42.0B | — | ||
| Q2 24 | $42.1B | — | ||
| Q1 24 | $39.8B | — |
股东权益AEPMA
| Q4 25 | $31.1B | $7.7B | ||
| Q3 25 | $30.4B | $7.9B | ||
| Q2 25 | $29.9B | $7.9B | ||
| Q1 25 | $27.3B | $6.7B | ||
| Q4 24 | $26.9B | $6.5B | ||
| Q3 24 | $26.6B | $7.4B | ||
| Q2 24 | $26.1B | $7.4B | ||
| Q1 24 | $25.8B | $7.2B |
总资产AEPMA
| Q4 25 | $114.5B | $54.2B | ||
| Q3 25 | $110.3B | $53.3B | ||
| Q2 25 | $107.8B | $51.4B | ||
| Q1 25 | $104.4B | $48.5B | ||
| Q4 24 | $103.1B | $48.1B | ||
| Q3 24 | $100.1B | $47.2B | ||
| Q2 24 | $99.6B | $42.3B | ||
| Q1 24 | $97.7B | $42.6B |
负债/权益比AEPMA
| Q4 25 | 1.52× | — | ||
| Q3 25 | 1.52× | — | ||
| Q2 25 | 1.49× | — | ||
| Q1 25 | 1.57× | — | ||
| Q4 24 | 1.58× | — | ||
| Q3 24 | 1.58× | — | ||
| Q2 24 | 1.61× | — | ||
| Q1 24 | 1.54× | — |
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 | $1.8B | $5.0B |
| 自由现金流经营现金流 - 资本支出 | — | $4.9B |
| 自由现金流率自由现金流/营收 | — | 55.5% |
| 资本支出强度资本支出/营收 | — | 1.3% |
| 现金转化率经营现金流/净利润 | 3.00× | 1.23× |
| 过去12个月自由现金流最近4个季度 | — | $17.2B |
8季度趋势，按日历期对齐
经营现金流AEPMA
| Q4 25 | $1.8B | $5.0B | ||
| Q3 25 | $2.5B | $5.7B | ||
| Q2 25 | $1.2B | $4.6B | ||
| Q1 25 | $1.4B | $2.4B | ||
| Q4 24 | $1.7B | $4.8B | ||
| Q3 24 | $2.2B | $5.1B | ||
| Q2 24 | $1.5B | $3.1B | ||
| Q1 24 | $1.4B | $1.7B |
自由现金流AEPMA
| Q4 25 | — | $4.9B | ||
| Q3 25 | $2.2B | $5.5B | ||
| Q2 25 | — | $4.6B | ||
| Q1 25 | — | $2.2B | ||
| Q4 24 | — | $4.7B | ||
| Q3 24 | — | $5.0B | ||
| Q2 24 | — | $3.0B | ||
| Q1 24 | — | $1.5B |
自由现金流率AEPMA
| Q4 25 | — | 55.5% | ||
| Q3 25 | 36.3% | 63.8% | ||
| Q2 25 | — | 56.1% | ||
| Q1 25 | — | 30.6% | ||
| Q4 24 | — | 63.3% | ||
| Q3 24 | — | 68.2% | ||
| Q2 24 | — | 43.4% | ||
| Q1 24 | — | 23.9% |
资本支出强度AEPMA
| Q4 25 | — | 1.3% | ||
| Q3 25 | 5.0% | 2.1% | ||
| Q2 25 | — | 0.5% | ||
| Q1 25 | — | 2.2% | ||
| Q4 24 | — | 1.3% | ||
| Q3 24 | 0.0% | 1.5% | ||
| Q2 24 | — | 1.7% | ||
| Q1 24 | — | 2.5% |
现金转化率AEPMA
| Q4 25 | 3.00× | 1.23× | ||
| Q3 25 | 2.46× | 1.44× | ||
| Q2 25 | 0.95× | 1.24× | ||
| Q1 25 | 1.81× | 0.73× | ||
| Q4 24 | 2.59× | 1.45× | ||
| Q3 24 | 2.26× | 1.57× | ||
| Q2 24 | 4.27× | 0.96× | ||
| Q1 24 | 1.43× | 0.56× |
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
AEP
| Transmissionand Distribution Utilities Revenues | $1.5B | 29% |
| Electric Generation Transmission Distribution Revenues | $956.6M | 19% |
| Electricity Transmission And Distribution Revenues | $931.8M | 18% |
| Industrial | $685.8M | 14% |
| Marketing Competitive Retailand Renewable | $438.3M | 9% |
| Wholesale Generation | $231.1M | 5% |
| Wholesale Transmission | $113.6M | 2% |
| Other | $110.2M | 2% |
| Electric Transmission | $103.4M | 2% |
| Other Retail | $60.1M | 1% |
MA
| Payment Network | $4.9B | 56% |
| Value Added Services And Solutions | $3.9B | 44% |
