vs
APA Corporation（APA）与Camping World Holdings, Inc.（CWH）财务数据对比。点击上方公司名可切换其他公司
APA Corporation的季度营收约是Camping World Holdings, Inc.的1.9倍（$2.2B vs $1.2B），APA Corporation净利率更高（15.0% vs -9.3%，领先24.3%），Camping World Holdings, Inc.同比增速更快（-2.6% vs -24.3%），过去两年APA Corporation的营收复合增速更高（1.4% vs -7.2%）
APA Corporation是美国能源企业阿帕奇公司的控股主体，主要从事碳氢化合物资源勘探相关业务，在特拉华州注册成立，总部位于得克萨斯州休斯敦，是北美地区拥有丰富项目经验的能源勘探运营企业。
露营世界控股公司是美国知名露营房车行业企业，总部位于伊利诺伊州林肯郡，主营休闲房车销售、房车配件供应及售后维保服务，同时也售卖各类露营装备。目前公司在全美共设有202家线下门店，除线下门店经营外，还通过电话等渠道开展零售业务，2016年10月完成首次公开募股上市，募资2.51亿美元。
APA vs CWH — 直观对比
营收规模更大
APA
是对方的1.9倍
$1.2B
营收增速更快
CWH
高出21.8%
-24.3%
净利率更高
APA
高出24.3%
-9.3%
两年增速更快
APA
近两年复合增速
-7.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $1.2B |
| 净利润 | $331.0M | $-109.1M |
| 毛利率 | — | 28.8% |
| 营业利润率 | 32.5% | -4.3% |
| 净利率 | 15.0% | -9.3% |
| 营收同比 | -24.3% | -2.6% |
| 净利润同比 | -22.1% | -83.3% |
| 每股收益（稀释后） | $0.79 | — |
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APACWH
| Q4 25 | $2.2B | $1.2B | ||
| Q3 25 | $2.3B | $1.8B | ||
| Q2 25 | $2.3B | $2.0B | ||
| Q1 25 | $2.7B | $1.4B | ||
| Q4 24 | $2.9B | $1.2B | ||
| Q3 24 | $2.7B | $1.7B | ||
| Q2 24 | $2.8B | $1.8B | ||
| Q1 24 | $2.1B | $1.4B |
净利润APACWH
| Q4 25 | $331.0M | $-109.1M | ||
| Q3 25 | $205.0M | $-40.4M | ||
| Q2 25 | $603.0M | $30.2M | ||
| Q1 25 | $418.0M | $-12.3M | ||
| Q4 24 | $425.0M | $-59.5M | ||
| Q3 24 | $-223.0M | $5.5M | ||
| Q2 24 | $541.0M | $9.8M | ||
| Q1 24 | $212.0M | $-22.3M |
毛利率APACWH
| Q4 25 | — | 28.8% | ||
| Q3 25 | — | 28.6% | ||
| Q2 25 | — | 30.0% | ||
| Q1 25 | — | 30.4% | ||
| Q4 24 | — | 31.3% | ||
| Q3 24 | — | 28.9% | ||
| Q2 24 | — | 30.3% | ||
| Q1 24 | — | 29.5% |
营业利润率APACWH
| Q4 25 | 32.5% | -4.3% | ||
| Q3 25 | 33.7% | 4.4% | ||
| Q2 25 | 31.8% | 6.6% | ||
| Q1 25 | 31.9% | 1.5% | ||
| Q4 24 | 31.4% | -1.3% | ||
| Q3 24 | -5.2% | 3.7% | ||
| Q2 24 | 34.4% | 5.3% | ||
| Q1 24 | 32.2% | 0.3% |
净利率APACWH
| Q4 25 | 15.0% | -9.3% | ||
| Q3 25 | 9.0% | -2.2% | ||
| Q2 25 | 26.0% | 1.5% | ||
| Q1 25 | 15.4% | -0.9% | ||
| Q4 24 | 14.6% | -4.9% | ||
| Q3 24 | -8.1% | 0.3% | ||
| Q2 24 | 19.0% | 0.5% | ||
| Q1 24 | 9.9% | -1.6% |
每股收益（稀释后）APACWH
| Q4 25 | $0.79 | — | ||
| Q3 25 | $0.57 | — | ||
| Q2 25 | $1.67 | — | ||
| Q1 25 | $0.96 | — | ||
| Q4 24 | $0.97 | — | ||
| Q3 24 | $-0.60 | — | ||
| Q2 24 | $1.46 | — | ||
| Q1 24 | $0.44 | — |
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 | $516.0M | $215.0M |
| 总债务越低越好 | $4.3B | $1.5B |
| 股东权益账面价值 | $6.1B | $228.6M |
| 总资产 | $17.8B | $5.0B |
| 负债/权益比越低杠杆越低 | 0.70× | 6.44× |
8季度趋势，按日历期对齐
现金及短期投资APACWH
| Q4 25 | $516.0M | $215.0M | ||
| Q3 25 | $475.0M | $230.5M | ||
| Q2 25 | $107.0M | $118.1M | ||
| Q1 25 | $67.0M | $20.9M | ||
| Q4 24 | $625.0M | $208.4M | ||
| Q3 24 | $64.0M | $28.4M | ||
| Q2 24 | $160.0M | $23.7M | ||
| Q1 24 | $102.0M | $29.7M |
总债务APACWH
| Q4 25 | $4.3B | $1.5B | ||
| Q3 25 | $4.3B | $1.5B | ||
| Q2 25 | $4.3B | $1.5B | ||
| Q1 25 | $5.2B | $1.5B | ||
| Q4 24 | $6.0B | $1.5B | ||
| Q3 24 | $6.4B | $1.5B | ||
| Q2 24 | $6.7B | $1.5B | ||
| Q1 24 | $5.2B | $1.6B |
股东权益APACWH
| Q4 25 | $6.1B | $228.6M | ||
| Q3 25 | $6.0B | $296.2M | ||
| Q2 25 | $5.9B | $340.5M | ||
| Q1 25 | $5.4B | $310.5M | ||
| Q4 24 | $5.3B | $326.6M | ||
| Q3 24 | $5.1B | $151.6M | ||
| Q2 24 | $5.4B | $149.7M | ||
| Q1 24 | $2.6B | $142.8M |
总资产APACWH
| Q4 25 | $17.8B | $5.0B | ||
| Q3 25 | $17.7B | $5.0B | ||
| Q2 25 | $18.1B | $5.2B | ||
| Q1 25 | $18.5B | $5.1B | ||
| Q4 24 | $19.4B | $4.9B | ||
| Q3 24 | $19.4B | $4.7B | ||
| Q2 24 | $20.2B | $5.0B | ||
| Q1 24 | $15.0B | $5.1B |
负债/权益比APACWH
| Q4 25 | 0.70× | 6.44× | ||
| Q3 25 | 0.72× | 5.00× | ||
| Q2 25 | 0.73× | 4.42× | ||
| Q1 25 | 0.96× | 4.87× | ||
| Q4 24 | 1.13× | 4.64× | ||
| Q3 24 | 1.25× | 10.09× | ||
| Q2 24 | 1.24× | 10.28× | ||
| Q1 24 | 1.99× | 11.00× |
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 | $808.0M | $-227.2M |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | 2.44× | — |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流APACWH
| Q4 25 | $808.0M | $-227.2M | ||
| Q3 25 | $1.5B | $139.8M | ||
| Q2 25 | $1.2B | $187.9M | ||
| Q1 25 | $1.1B | $-232.5M | ||
| Q4 24 | $1.0B | $-163.4M | ||
| Q3 24 | $1.3B | $324.2M | ||
| Q2 24 | $877.0M | $152.3M | ||
| Q1 24 | $368.0M | $-68.0M |
现金转化率APACWH
| Q4 25 | 2.44× | — | ||
| Q3 25 | 7.12× | — | ||
| Q2 25 | 1.96× | 6.22× | ||
| Q1 25 | 2.62× | — | ||
| Q4 24 | 2.44× | — | ||
| Q3 24 | — | 58.93× | ||
| Q2 24 | 1.62× | 15.59× | ||
| Q1 24 | 1.74× | — |
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
APA
| Oil And Gas Excluding Purchased | $1.7B | 76% |
| Oil And Gas Purchased | $323.0M | 15% |
| Oil Reserves | $114.0M | 5% |
| Other | $72.0M | 3% |
| Natural Gas Reserves | $30.0M | 1% |
CWH
| New Vehicles | $457.8M | 39% |
| Used Vehicles | $386.5M | 33% |
| Products Service And Other | $160.5M | 14% |
| Finance And Insurance Net | $111.4M | 9% |
| Good Sam Services And Plans | $48.0M | 4% |
| Good Sam Club | $10.5M | 1% |
