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APA Corporation（APA）与西湖化学（WLK）财务数据对比。点击上方公司名可切换其他公司
西湖化学的季度营收约是APA Corporation的1.1倍（$2.5B vs $2.2B），APA Corporation净利率更高（15.0% vs -21.5%，领先36.5%），西湖化学同比增速更快（-10.9% vs -24.3%），过去两年APA Corporation的营收复合增速更高（1.4% vs -7.7%）
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。
西湖化学是国际知名的石化产品、聚合物及装配式建筑产品生产商与供应商，产品广泛应用于各类消费及工业市场。公司1986年由赵廷箴创立，是美国最大的低密度聚乙烯生产商，位列福布斯全球2000强，业务分为烯烃和乙烯基两大板块，具备乙烯基产品下游一体化生产能力。
APA vs WLK — 直观对比
营收规模更大
WLK
是对方的1.1倍
$2.2B
营收增速更快
WLK
高出13.4%
-24.3%
净利率更高
APA
高出36.5%
-21.5%
两年增速更快
APA
近两年复合增速
-7.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $2.5B |
| 净利润 | $331.0M | $-544.0M |
| 毛利率 | — | 3.4% |
| 营业利润率 | 32.5% | -26.5% |
| 净利率 | 15.0% | -21.5% |
| 营收同比 | -24.3% | -10.9% |
| 净利润同比 | -22.1% | -7871.4% |
| 每股收益（稀释后） | $0.79 | $-4.22 |
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APAWLK
| Q4 25 | $2.2B | $2.5B | ||
| Q3 25 | $2.3B | $2.8B | ||
| Q2 25 | $2.3B | $3.0B | ||
| Q1 25 | $2.7B | $2.8B | ||
| Q4 24 | $2.9B | $2.8B | ||
| Q3 24 | $2.7B | $3.1B | ||
| Q2 24 | $2.8B | $3.2B | ||
| Q1 24 | $2.1B | $3.0B |
净利润APAWLK
| Q4 25 | $331.0M | $-544.0M | ||
| Q3 25 | $205.0M | $-782.0M | ||
| Q2 25 | $603.0M | $-142.0M | ||
| Q1 25 | $418.0M | $-40.0M | ||
| Q4 24 | $425.0M | $7.0M | ||
| Q3 24 | $-223.0M | $108.0M | ||
| Q2 24 | $541.0M | $313.0M | ||
| Q1 24 | $212.0M | $174.0M |
毛利率APAWLK
| Q4 25 | — | 3.4% | ||
| Q3 25 | — | 8.3% | ||
| Q2 25 | — | 8.7% | ||
| Q1 25 | — | 8.2% | ||
| Q4 24 | — | 11.5% | ||
| Q3 24 | — | 16.0% | ||
| Q2 24 | — | 20.7% | ||
| Q1 24 | — | 15.7% |
营业利润率APAWLK
| Q4 25 | 32.5% | -26.5% | ||
| Q3 25 | 33.7% | -27.0% | ||
| Q2 25 | 31.8% | -3.7% | ||
| Q1 25 | 31.9% | -1.1% | ||
| Q4 24 | 31.4% | 2.3% | ||
| Q3 24 | -5.2% | 5.8% | ||
| Q2 24 | 34.4% | 12.7% | ||
| Q1 24 | 32.2% | 7.5% |
净利率APAWLK
| Q4 25 | 15.0% | -21.5% | ||
| Q3 25 | 9.0% | -27.6% | ||
| Q2 25 | 26.0% | -4.8% | ||
| Q1 25 | 15.4% | -1.4% | ||
| Q4 24 | 14.6% | 0.2% | ||
| Q3 24 | -8.1% | 3.5% | ||
| Q2 24 | 19.0% | 9.8% | ||
| Q1 24 | 9.9% | 5.8% |
每股收益（稀释后）APAWLK
| Q4 25 | $0.79 | $-4.22 | ||
| Q3 25 | $0.57 | $-6.06 | ||
| Q2 25 | $1.67 | $-1.11 | ||
| Q1 25 | $0.96 | $-0.31 | ||
| Q4 24 | $0.97 | $0.07 | ||
| Q3 24 | $-0.60 | $0.83 | ||
| Q2 24 | $1.46 | $2.40 | ||
| Q1 24 | $0.44 | $1.34 |
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 | $2.7B |
| 总债务越低越好 | $4.3B | $5.6B |
| 股东权益账面价值 | $6.1B | $8.8B |
| 总资产 | $17.8B | $20.0B |
| 负债/权益比越低杠杆越低 | 0.70× | 0.64× |
8季度趋势，按日历期对齐
现金及短期投资APAWLK
| Q4 25 | $516.0M | $2.7B | ||
| Q3 25 | $475.0M | $1.9B | ||
| Q2 25 | $107.0M | $2.1B | ||
| Q1 25 | $67.0M | $2.3B | ||
| Q4 24 | $625.0M | $2.9B | ||
| Q3 24 | $64.0M | $2.9B | ||
| Q2 24 | $160.0M | $3.0B | ||
| Q1 24 | $102.0M | $3.1B |
总债务APAWLK
| Q4 25 | $4.3B | $5.6B | ||
| Q3 25 | $4.3B | $4.7B | ||
| Q2 25 | $4.3B | $4.7B | ||
| Q1 25 | $5.2B | $4.6B | ||
| Q4 24 | $6.0B | $4.6B | ||
| Q3 24 | $6.4B | $4.6B | ||
| Q2 24 | $6.7B | $4.9B | ||
| Q1 24 | $5.2B | $4.9B |
股东权益APAWLK
| Q4 25 | $6.1B | $8.8B | ||
| Q3 25 | $6.0B | $9.4B | ||
| Q2 25 | $5.9B | $10.3B | ||
| Q1 25 | $5.4B | $10.4B | ||
| Q4 24 | $5.3B | $10.5B | ||
| Q3 24 | $5.1B | $10.7B | ||
| Q2 24 | $5.4B | $10.6B | ||
| Q1 24 | $2.6B | $10.3B |
总资产APAWLK
| Q4 25 | $17.8B | $20.0B | ||
| Q3 25 | $17.7B | $19.8B | ||
| Q2 25 | $18.1B | $20.8B | ||
| Q1 25 | $18.5B | $20.7B | ||
| Q4 24 | $19.4B | $20.8B | ||
| Q3 24 | $19.4B | $21.1B | ||
| Q2 24 | $20.2B | $21.1B | ||
| Q1 24 | $15.0B | $21.0B |
负债/权益比APAWLK
| Q4 25 | 0.70× | 0.64× | ||
| Q3 25 | 0.72× | 0.49× | ||
| Q2 25 | 0.73× | 0.45× | ||
| Q1 25 | 0.96× | 0.44× | ||
| Q4 24 | 1.13× | 0.43× | ||
| Q3 24 | 1.25× | 0.43× | ||
| Q2 24 | 1.24× | 0.46× | ||
| Q1 24 | 1.99× | 0.47× |
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 | $225.0M |
| 自由现金流经营现金流 - 资本支出 | — | $-16.0M |
| 自由现金流率自由现金流/营收 | — | -0.6% |
| 资本支出强度资本支出/营收 | — | 9.5% |
| 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 | — | $-530.0M |
8季度趋势，按日历期对齐
经营现金流APAWLK
| Q4 25 | $808.0M | $225.0M | ||
| Q3 25 | $1.5B | $182.0M | ||
| Q2 25 | $1.2B | $135.0M | ||
| Q1 25 | $1.1B | $-77.0M | ||
| Q4 24 | $1.0B | $434.0M | ||
| Q3 24 | $1.3B | $474.0M | ||
| Q2 24 | $877.0M | $237.0M | ||
| Q1 24 | $368.0M | $169.0M |
自由现金流APAWLK
| Q4 25 | — | $-16.0M | ||
| Q3 25 | — | $-57.0M | ||
| Q2 25 | — | $-132.0M | ||
| Q1 25 | — | $-325.0M | ||
| Q4 24 | — | $149.0M | ||
| Q3 24 | — | $254.0M | ||
| Q2 24 | — | $6.0M | ||
| Q1 24 | — | $-103.0M |
自由现金流率APAWLK
| Q4 25 | — | -0.6% | ||
| Q3 25 | — | -2.0% | ||
| Q2 25 | — | -4.5% | ||
| Q1 25 | — | -11.4% | ||
| Q4 24 | — | 5.2% | ||
| Q3 24 | — | 8.1% | ||
| Q2 24 | — | 0.2% | ||
| Q1 24 | — | -3.5% |
资本支出强度APAWLK
| Q4 25 | — | 9.5% | ||
| Q3 25 | — | 8.4% | ||
| Q2 25 | — | 9.0% | ||
| Q1 25 | — | 8.7% | ||
| Q4 24 | — | 10.0% | ||
| Q3 24 | — | 7.1% | ||
| Q2 24 | — | 7.2% | ||
| Q1 24 | — | 9.1% |
现金转化率APAWLK
| Q4 25 | 2.44× | — | ||
| Q3 25 | 7.12× | — | ||
| Q2 25 | 1.96× | — | ||
| Q1 25 | 2.62× | — | ||
| Q4 24 | 2.44× | 62.00× | ||
| Q3 24 | — | 4.39× | ||
| Q2 24 | 1.62× | 0.76× | ||
| Q1 24 | 1.74× | 0.97× |
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% |
WLK
| Performance Materials | $930.0M | 37% |
| Housing Products | $767.0M | 30% |
| Essential Materials | $702.0M | 28% |
| Infrastructure Products | $134.0M | 5% |
