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阿拉斯加航空集团（ALK）与Murphy USA Inc.（MUSA）财务数据对比。点击上方公司名可切换其他公司
Murphy USA Inc.的季度营收约是阿拉斯加航空集团的1.4倍（$4.7B vs $3.3B），Murphy USA Inc.净利率更高（3.0% vs -5.8%，领先8.8%），阿拉斯加航空集团同比增速更快（5.2% vs 0.7%），过去两年阿拉斯加航空集团的营收复合增速更高（6.7% vs -1.0%）
阿拉斯加航空集团是总部位于美国华盛顿州西塔科的航空控股企业，旗下拥有阿拉斯加航空、夏威夷航空两家干线航司，以及区域航司地平线航空，阿拉斯加航空还全资控股飞机地面服务提供商麦吉航空服务。
墨菲美国是总部位于美国阿肯色州埃尔多拉多的企业，2013年由墨菲石油分拆后独立运营，主营连锁零售加油站业务，旗下站点大多毗邻沃尔玛门店开设，为消费者提供燃油及配套零售服务。
ALK vs MUSA — 直观对比
营收规模更大
MUSA
是对方的1.4倍
$3.3B
营收增速更快
ALK
高出4.5%
0.7%
净利率更高
MUSA
高出8.8%
-5.8%
两年增速更快
ALK
近两年复合增速
-1.0%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.3B | $4.7B |
| 净利润 | $-193.0M | $141.9M |
| 毛利率 | — | — |
| 营业利润率 | — | 4.4% |
| 净利率 | -5.8% | 3.0% |
| 营收同比 | 5.2% | 0.7% |
| 净利润同比 | -16.3% | -0.4% |
| 每股收益（稀释后） | $-1.69 | $7.35 |
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ALKMUSA
| Q1 26 | $3.3B | — | ||
| Q4 25 | $3.6B | $4.7B | ||
| Q3 25 | $3.8B | $5.1B | ||
| Q2 25 | $3.7B | $5.0B | ||
| Q1 25 | $3.1B | $4.5B | ||
| Q4 24 | $3.5B | $4.7B | ||
| Q3 24 | $3.1B | $5.2B | ||
| Q2 24 | $2.9B | $5.5B |
净利润ALKMUSA
| Q1 26 | $-193.0M | — | ||
| Q4 25 | $21.0M | $141.9M | ||
| Q3 25 | $73.0M | $129.9M | ||
| Q2 25 | $172.0M | $145.6M | ||
| Q1 25 | $-166.0M | $53.2M | ||
| Q4 24 | $71.0M | $142.5M | ||
| Q3 24 | $236.0M | $149.2M | ||
| Q2 24 | $220.0M | $144.8M |
营业利润率ALKMUSA
| Q1 26 | — | — | ||
| Q4 25 | 2.1% | 4.4% | ||
| Q3 25 | 3.9% | 3.9% | ||
| Q2 25 | 7.5% | 4.4% | ||
| Q1 25 | -6.3% | 1.9% | ||
| Q4 24 | 2.1% | 4.2% | ||
| Q3 24 | 11.1% | 4.2% | ||
| Q2 24 | 11.1% | 4.0% |
净利率ALKMUSA
| Q1 26 | -5.8% | — | ||
| Q4 25 | 0.6% | 3.0% | ||
| Q3 25 | 1.9% | 2.5% | ||
| Q2 25 | 4.6% | 2.9% | ||
| Q1 25 | -5.3% | 1.2% | ||
| Q4 24 | 2.0% | 3.0% | ||
| Q3 24 | 7.7% | 2.8% | ||
| Q2 24 | 7.6% | 2.7% |
每股收益（稀释后）ALKMUSA
| Q1 26 | $-1.69 | — | ||
| Q4 25 | $0.14 | $7.35 | ||
| Q3 25 | $0.62 | $6.76 | ||
| Q2 25 | $1.42 | $7.36 | ||
| Q1 25 | $-1.35 | $2.63 | ||
| Q4 24 | $0.58 | $6.87 | ||
| Q3 24 | $1.84 | $7.20 | ||
| Q2 24 | $1.71 | $6.92 |
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 | $451.0M | $28.9M |
| 总债务越低越好 | $5.3B | $2.2B |
| 股东权益账面价值 | $3.7B | $623.5M |
| 总资产 | $20.3B | $4.7B |
| 负债/权益比越低杠杆越低 | 1.43× | 3.47× |
8季度趋势，按日历期对齐
现金及短期投资ALKMUSA
| Q1 26 | $451.0M | — | ||
| Q4 25 | $627.0M | $28.9M | ||
| Q3 25 | $2.3B | $42.8M | ||
| Q2 25 | $2.1B | $54.1M | ||
| Q1 25 | $2.5B | $49.4M | ||
| Q4 24 | $2.5B | $47.0M | ||
| Q3 24 | $2.5B | $52.5M | ||
| Q2 24 | $2.5B | $79.8M |
总债务ALKMUSA
| Q1 26 | $5.3B | — | ||
| Q4 25 | $4.8B | $2.2B | ||
| Q3 25 | $5.0B | $2.2B | ||
| Q2 25 | $4.9B | $2.1B | ||
| Q1 25 | $4.8B | $2.0B | ||
| Q4 24 | $4.5B | $1.8B | ||
| Q3 24 | $4.6B | $1.8B | ||
| Q2 24 | $2.7B | $1.8B |
股东权益ALKMUSA
| Q1 26 | $3.7B | — | ||
| Q4 25 | $4.1B | $623.5M | ||
| Q3 25 | $4.0B | $546.0M | ||
| Q2 25 | $3.9B | $646.1M | ||
| Q1 25 | $4.1B | $719.6M | ||
| Q4 24 | $4.4B | $840.1M | ||
| Q3 24 | $4.5B | $830.1M | ||
| Q2 24 | $4.2B | $811.3M |
总资产ALKMUSA
| Q1 26 | $20.3B | — | ||
| Q4 25 | $20.4B | $4.7B | ||
| Q3 25 | $20.0B | $4.7B | ||
| Q2 25 | $19.9B | $4.6B | ||
| Q1 25 | $19.8B | $4.5B | ||
| Q4 24 | $19.8B | $4.5B | ||
| Q3 24 | $19.6B | $4.4B | ||
| Q2 24 | $15.3B | $4.4B |
负债/权益比ALKMUSA
| Q1 26 | 1.43× | — | ||
| Q4 25 | 1.17× | 3.47× | ||
| Q3 25 | 1.24× | 4.07× | ||
| Q2 25 | 1.26× | 3.20× | ||
| Q1 25 | 1.16× | 2.74× | ||
| Q4 24 | 1.04× | 2.18× | ||
| Q3 24 | 1.03× | 2.19× | ||
| Q2 24 | 0.63× | 2.20× |
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 | $229.0M | $245.5M |
| 自由现金流经营现金流 - 资本支出 | — | $128.8M |
| 自由现金流率自由现金流/营收 | — | 2.7% |
| 资本支出强度资本支出/营收 | 10.2% | 2.5% |
| 现金转化率经营现金流/净利润 | — | 1.73× |
| 过去12个月自由现金流最近4个季度 | — | $374.3M |
8季度趋势，按日历期对齐
经营现金流ALKMUSA
| Q1 26 | $229.0M | — | ||
| Q4 25 | $185.0M | $245.5M | ||
| Q3 25 | $229.0M | $184.8M | ||
| Q2 25 | $376.0M | $255.1M | ||
| Q1 25 | $459.0M | $128.5M | ||
| Q4 24 | $274.0M | $248.7M | ||
| Q3 24 | $318.0M | $202.1M | ||
| Q2 24 | $580.0M | $260.8M |
自由现金流ALKMUSA
| Q1 26 | — | — | ||
| Q4 25 | — | $128.8M | ||
| Q3 25 | — | $67.7M | ||
| Q2 25 | — | $137.1M | ||
| Q1 25 | — | $40.7M | ||
| Q4 24 | — | $121.7M | ||
| Q3 24 | — | $65.2M | ||
| Q2 24 | — | $142.8M |
自由现金流率ALKMUSA
| Q1 26 | — | — | ||
| Q4 25 | — | 2.7% | ||
| Q3 25 | — | 1.3% | ||
| Q2 25 | — | 2.7% | ||
| Q1 25 | — | 0.9% | ||
| Q4 24 | — | 2.6% | ||
| Q3 24 | — | 1.2% | ||
| Q2 24 | — | 2.6% |
资本支出强度ALKMUSA
| Q1 26 | 10.2% | — | ||
| Q4 25 | — | 2.5% | ||
| Q3 25 | — | 2.3% | ||
| Q2 25 | — | 2.4% | ||
| Q1 25 | — | 1.9% | ||
| Q4 24 | — | 2.7% | ||
| Q3 24 | — | 2.6% | ||
| Q2 24 | — | 2.2% |
现金转化率ALKMUSA
| Q1 26 | — | — | ||
| Q4 25 | 8.81× | 1.73× | ||
| Q3 25 | 3.14× | 1.42× | ||
| Q2 25 | 2.19× | 1.75× | ||
| Q1 25 | — | 2.42× | ||
| Q4 24 | 3.86× | 1.75× | ||
| Q3 24 | 1.35× | 1.35× | ||
| Q2 24 | 2.64× | 1.80× |
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
ALK
| Passenger revenue | $2.9B | 88% |
| Loyalty program other revenue | $227.0M | 7% |
| Cargo and other revenue | $153.0M | 5% |
MUSA
| Product Sales Petroleum Retail | $3.3B | 69% |
| Merchandise | $1.1B | 23% |
| Product Sales Petroleum Wholesale | $327.9M | 7% |
| Other | $57.0M | 1% |
| Renewable Identification Numbers | $55.3M | 1% |
| Revenue Other | $1.3M | 0% |
