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APA Corporation（APA）与华纳音乐集团（WMG）财务数据对比。点击上方公司名可切换其他公司
APA Corporation的季度营收约是华纳音乐集团的1.2倍（$2.2B vs $1.8B），APA Corporation净利率更高（15.0% vs 9.6%，领先5.4%），华纳音乐集团同比增速更快（10.4% vs -24.3%），过去两年华纳音乐集团的营收复合增速更高（11.0% vs 1.4%）
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。
华纳音乐集团（简称WMG）是总部位于美国纽约的跨国娱乐及唱片集团，属于全球唱片行业“三大巨头”之一，市场规模位居全球音乐行业第三位，仅次于环球音乐集团与索尼音乐娱乐。
APA vs WMG — 直观对比
营收规模更大
APA
是对方的1.2倍
$1.8B
营收增速更快
WMG
高出34.8%
-24.3%
净利率更高
APA
高出5.4%
9.6%
两年增速更快
WMG
近两年复合增速
1.4%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $1.8B |
| 净利润 | $331.0M | $176.0M |
| 毛利率 | — | 46.4% |
| 营业利润率 | 32.5% | 15.7% |
| 净利率 | 15.0% | 9.6% |
| 营收同比 | -24.3% | 10.4% |
| 净利润同比 | -22.1% | -25.4% |
| 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APAWMG
| Q4 25 | $2.2B | $1.8B | ||
| Q3 25 | $2.3B | $1.9B | ||
| Q2 25 | $2.3B | $1.7B | ||
| Q1 25 | $2.7B | $1.5B | ||
| Q4 24 | $2.9B | $1.7B | ||
| Q3 24 | $2.7B | $1.6B | ||
| Q2 24 | $2.8B | $1.6B | ||
| Q1 24 | $2.1B | $1.5B |
净利润APAWMG
| Q4 25 | $331.0M | $176.0M | ||
| Q3 25 | $205.0M | $109.0M | ||
| Q2 25 | $603.0M | $-16.0M | ||
| Q1 25 | $418.0M | $36.0M | ||
| Q4 24 | $425.0M | $236.0M | ||
| Q3 24 | $-223.0M | $41.0M | ||
| Q2 24 | $541.0M | $139.0M | ||
| Q1 24 | $212.0M | $96.0M |
毛利率APAWMG
| Q4 25 | — | 46.4% | ||
| Q3 25 | — | 44.6% | ||
| Q2 25 | — | 45.9% | ||
| Q1 25 | — | 46.7% | ||
| Q4 24 | — | 46.3% | ||
| Q3 24 | — | 47.6% | ||
| Q2 24 | — | 46.6% | ||
| Q1 24 | — | 47.1% |
营业利润率APAWMG
| Q4 25 | 32.5% | 15.7% | ||
| Q3 25 | 33.7% | 7.7% | ||
| Q2 25 | 31.8% | 10.0% | ||
| Q1 25 | 31.9% | 11.3% | ||
| Q4 24 | 31.4% | 12.8% | ||
| Q3 24 | -5.2% | 8.8% | ||
| Q2 24 | 34.4% | 13.3% | ||
| Q1 24 | 32.2% | 8.0% |
净利率APAWMG
| Q4 25 | 15.0% | 9.6% | ||
| Q3 25 | 9.0% | 5.8% | ||
| Q2 25 | 26.0% | -0.9% | ||
| Q1 25 | 15.4% | 2.4% | ||
| Q4 24 | 14.6% | 14.2% | ||
| Q3 24 | -8.1% | 2.5% | ||
| Q2 24 | 19.0% | 8.9% | ||
| Q1 24 | 9.9% | 6.4% |
每股收益（稀释后）APAWMG
| 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 | $751.0M |
| 总债务越低越好 | $4.3B | $4.4B |
| 股东权益账面价值 | $6.1B | $720.0M |
| 总资产 | $17.8B | $10.0B |
| 负债/权益比越低杠杆越低 | 0.70× | 6.07× |
8季度趋势，按日历期对齐
现金及短期投资APAWMG
| Q4 25 | $516.0M | $751.0M | ||
| Q3 25 | $475.0M | $532.0M | ||
| Q2 25 | $107.0M | $527.0M | ||
| Q1 25 | $67.0M | $637.0M | ||
| Q4 24 | $625.0M | $802.0M | ||
| Q3 24 | $64.0M | $694.0M | ||
| Q2 24 | $160.0M | $607.0M | ||
| Q1 24 | $102.0M | $587.0M |
总债务APAWMG
| Q4 25 | $4.3B | $4.4B | ||
| Q3 25 | $4.3B | $4.4B | ||
| Q2 25 | $4.3B | $4.4B | ||
| Q1 25 | $5.2B | $4.3B | ||
| Q4 24 | $6.0B | $4.0B | ||
| Q3 24 | $6.4B | $4.0B | ||
| Q2 24 | $6.7B | $4.0B | ||
| Q1 24 | $5.2B | $4.0B |
股东权益APAWMG
| Q4 25 | $6.1B | $720.0M | ||
| Q3 25 | $6.0B | $647.0M | ||
| Q2 25 | $5.9B | $589.0M | ||
| Q1 25 | $5.4B | $567.0M | ||
| Q4 24 | $5.3B | $545.0M | ||
| Q3 24 | $5.1B | $518.0M | ||
| Q2 24 | $5.4B | $483.0M | ||
| Q1 24 | $2.6B | $433.0M |
总资产APAWMG
| Q4 25 | $17.8B | $10.0B | ||
| Q3 25 | $17.7B | $9.8B | ||
| Q2 25 | $18.1B | $9.8B | ||
| Q1 25 | $18.5B | $9.6B | ||
| Q4 24 | $19.4B | $9.1B | ||
| Q3 24 | $19.4B | $9.2B | ||
| Q2 24 | $20.2B | $8.8B | ||
| Q1 24 | $15.0B | $8.7B |
负债/权益比APAWMG
| Q4 25 | 0.70× | 6.07× | ||
| Q3 25 | 0.72× | 6.75× | ||
| Q2 25 | 0.73× | 7.41× | ||
| Q1 25 | 0.96× | 7.57× | ||
| Q4 24 | 1.13× | 7.26× | ||
| Q3 24 | 1.25× | 7.75× | ||
| Q2 24 | 1.24× | 8.24× | ||
| Q1 24 | 1.99× | 9.20× |
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 | $808.0M | $440.0M |
| 自由现金流经营现金流 - 资本支出 | — | $420.0M |
| 自由现金流率自由现金流/营收 | — | 22.8% |
| 资本支出强度资本支出/营收 | — | 1.1% |
| 现金转化率经营现金流/净利润 | 2.44× | 2.50× |
| 过去12个月自由现金流最近4个季度 | — | $663.0M |
8季度趋势，按日历期对齐
经营现金流APAWMG
| Q4 25 | $808.0M | $440.0M | ||
| Q3 25 | $1.5B | $231.0M | ||
| Q2 25 | $1.2B | $46.0M | ||
| Q1 25 | $1.1B | $69.0M | ||
| Q4 24 | $1.0B | $332.0M | ||
| Q3 24 | $1.3B | $304.0M | ||
| Q2 24 | $877.0M | $188.0M | ||
| Q1 24 | $368.0M | $-31.0M |
自由现金流APAWMG
| Q4 25 | — | $420.0M | ||
| Q3 25 | — | $203.0M | ||
| Q2 25 | — | $7.0M | ||
| Q1 25 | — | $33.0M | ||
| Q4 24 | — | $296.0M | ||
| Q3 24 | — | $271.0M | ||
| Q2 24 | — | $160.0M | ||
| Q1 24 | — | $-57.0M |
自由现金流率APAWMG
| Q4 25 | — | 22.8% | ||
| Q3 25 | — | 10.9% | ||
| Q2 25 | — | 0.4% | ||
| Q1 25 | — | 2.2% | ||
| Q4 24 | — | 17.8% | ||
| Q3 24 | — | 16.6% | ||
| Q2 24 | — | 10.3% | ||
| Q1 24 | — | -3.8% |
资本支出强度APAWMG
| Q4 25 | — | 1.1% | ||
| Q3 25 | — | 1.5% | ||
| Q2 25 | — | 2.3% | ||
| Q1 25 | — | 2.4% | ||
| Q4 24 | — | 2.2% | ||
| Q3 24 | — | 2.0% | ||
| Q2 24 | — | 1.8% | ||
| Q1 24 | — | 1.7% |
现金转化率APAWMG
| Q4 25 | 2.44× | 2.50× | ||
| Q3 25 | 7.12× | 2.12× | ||
| Q2 25 | 1.96× | — | ||
| Q1 25 | 2.62× | 1.92× | ||
| Q4 24 | 2.44× | 1.41× | ||
| Q3 24 | — | 7.41× | ||
| Q2 24 | 1.62× | 1.35× | ||
| Q1 24 | 1.74× | -0.32× |
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% |
WMG
| Digital | $976.0M | 53% |
| Music Publishing | $362.0M | 20% |
| Artist Services And Expanded Rights | $231.0M | 13% |
| Licensing | $121.0M | 7% |
| Performance | $64.0M | 3% |
| Synchronization | $60.0M | 3% |
| Mechanical | $18.0M | 1% |
| Other | $5.0M | 0% |
