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波音（BA）与马拉松石油（MPC）财务数据对比。点击上方公司名可切换其他公司
马拉松石油的季度营收约是波音的1.5倍（$32.6B vs $22.2B），马拉松石油净利率更高（4.7% vs -0.0%，领先4.7%），波音同比增速更快（14.0% vs -1.7%），马拉松石油自由现金流更多（$1.9B vs $-1.5B），过去两年波音的营收复合增速更高（14.8% vs -0.2%）
波音公司是美国跨国航空航天企业，1916年成立，业务覆盖民用飞机、旋翼机、火箭、卫星、导弹的设计、制造与全球销售，同时提供租赁及产品配套支持服务。作为全球头部航空航天制造商，按2022年营收计为全球第四大国防承包商，也是美国按金额计算的最大出口企业。
马拉松石油是总部位于美国俄亥俄州芬德利的能源企业，核心业务覆盖石油炼制、销售与运输全链条。该公司此前为马拉松石油集团的全资子公司，于2011年完成分拆后独立运营。
BA vs MPC — 直观对比
营收规模更大
MPC
是对方的1.5倍
$22.2B
营收增速更快
BA
高出15.7%
-1.7%
净利率更高
MPC
高出4.7%
-0.0%
自由现金流更多
MPC
多$3.3B
$-1.5B
两年增速更快
BA
近两年复合增速
-0.2%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $22.2B | $32.6B |
| 净利润 | $-7.0M | $1.5B |
| 毛利率 | — | 11.4% |
| 营业利润率 | 2.0% | 8.3% |
| 净利率 | -0.0% | 4.7% |
| 营收同比 | 14.0% | -1.7% |
| 净利润同比 | 77.4% | 313.7% |
| 每股收益（稀释后） | $-0.11 | $4.99 |
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BAMPC
| Q1 26 | $22.2B | — | ||
| Q4 25 | $23.9B | $32.6B | ||
| Q3 25 | $23.3B | $34.8B | ||
| Q2 25 | $22.7B | $33.8B | ||
| Q1 25 | $19.5B | $31.5B | ||
| Q4 24 | $15.2B | $33.1B | ||
| Q3 24 | $17.8B | $35.1B | ||
| Q2 24 | $16.9B | $37.9B |
净利润BAMPC
| Q1 26 | $-7.0M | — | ||
| Q4 25 | $8.2B | $1.5B | ||
| Q3 25 | $-5.3B | $1.4B | ||
| Q2 25 | $-611.0M | $1.2B | ||
| Q1 25 | $-37.0M | $-74.0M | ||
| Q4 24 | $-3.9B | $371.0M | ||
| Q3 24 | $-6.2B | $622.0M | ||
| Q2 24 | $-1.4B | $1.5B |
毛利率BAMPC
| Q1 26 | — | — | ||
| Q4 25 | 7.6% | 11.4% | ||
| Q3 25 | -10.2% | 10.4% | ||
| Q2 25 | 10.7% | 11.2% | ||
| Q1 25 | 12.4% | 6.8% | ||
| Q4 24 | -10.4% | 7.8% | ||
| Q3 24 | -19.7% | 8.4% | ||
| Q2 24 | 7.3% | 10.5% |
营业利润率BAMPC
| Q1 26 | 2.0% | — | ||
| Q4 25 | 36.7% | 8.3% | ||
| Q3 25 | -20.5% | 7.8% | ||
| Q2 25 | -0.8% | 6.5% | ||
| Q1 25 | 2.4% | 2.2% | ||
| Q4 24 | -24.7% | 3.4% | ||
| Q3 24 | -32.3% | 3.8% | ||
| Q2 24 | -6.5% | 6.7% |
净利率BAMPC
| Q1 26 | -0.0% | — | ||
| Q4 25 | 34.3% | 4.7% | ||
| Q3 25 | -22.9% | 3.9% | ||
| Q2 25 | -2.7% | 3.6% | ||
| Q1 25 | -0.2% | -0.2% | ||
| Q4 24 | -25.4% | 1.1% | ||
| Q3 24 | -34.6% | 1.8% | ||
| Q2 24 | -8.5% | 4.0% |
每股收益（稀释后）BAMPC
| Q1 26 | $-0.11 | — | ||
| Q4 25 | $10.70 | $4.99 | ||
| Q3 25 | $-7.14 | $4.51 | ||
| Q2 25 | $-0.92 | $3.96 | ||
| Q1 25 | $-0.16 | $-0.24 | ||
| Q4 24 | $-5.50 | $1.30 | ||
| Q3 24 | $-9.97 | $1.87 | ||
| Q2 24 | $-2.33 | $4.33 |
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 | $9.4B | $3.7B |
| 总债务越低越好 | $44.4B | $30.5B |
| 股东权益账面价值 | $6.0B | $17.3B |
| 总资产 | $164.8B | $84.0B |
| 负债/权益比越低杠杆越低 | 7.41× | 1.76× |
8季度趋势，按日历期对齐
现金及短期投资BAMPC
| Q1 26 | $9.4B | — | ||
| Q4 25 | $29.4B | $3.7B | ||
| Q3 25 | $23.0B | $2.7B | ||
| Q2 25 | $23.0B | $1.7B | ||
| Q1 25 | $23.7B | $3.8B | ||
| Q4 24 | $26.3B | $3.2B | ||
| Q3 24 | $10.5B | $5.1B | ||
| Q2 24 | $12.6B | $8.5B |
总债务BAMPC
| Q1 26 | $44.4B | — | ||
| Q4 25 | $45.6B | $30.5B | ||
| Q3 25 | $44.6B | $31.2B | ||
| Q2 25 | $44.6B | $26.8B | ||
| Q1 25 | $45.7B | $26.8B | ||
| Q4 24 | $52.6B | $24.4B | ||
| Q3 24 | $53.2B | $24.1B | ||
| Q2 24 | $53.2B | $24.0B |
股东权益BAMPC
| Q1 26 | $6.0B | — | ||
| Q4 25 | $5.5B | $17.3B | ||
| Q3 25 | $-8.3B | $17.1B | ||
| Q2 25 | $-3.3B | $16.6B | ||
| Q1 25 | $-3.3B | $16.4B | ||
| Q4 24 | $-3.9B | $17.7B | ||
| Q3 24 | $-23.6B | $18.9B | ||
| Q2 24 | $-18.0B | $21.3B |
总资产BAMPC
| Q1 26 | $164.8B | — | ||
| Q4 25 | $168.2B | $84.0B | ||
| Q3 25 | $150.0B | $83.2B | ||
| Q2 25 | $155.1B | $78.5B | ||
| Q1 25 | $156.5B | $81.6B | ||
| Q4 24 | $156.4B | $78.9B | ||
| Q3 24 | $137.7B | $79.8B | ||
| Q2 24 | $142.7B | $85.2B |
负债/权益比BAMPC
| Q1 26 | 7.41× | — | ||
| Q4 25 | 8.37× | 1.76× | ||
| Q3 25 | — | 1.83× | ||
| Q2 25 | — | 1.61× | ||
| Q1 25 | — | 1.64× | ||
| Q4 24 | — | 1.38× | ||
| Q3 24 | — | 1.27× | ||
| Q2 24 | — | 1.13× |
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 | — | $3.1B |
| 自由现金流经营现金流 - 资本支出 | $-1.5B | $1.9B |
| 自由现金流率自由现金流/营收 | -6.5% | 5.8% |
| 资本支出强度资本支出/营收 | — | 3.6% |
| 现金转化率经营现金流/净利润 | — | 2.00× |
| 过去12个月自由现金流最近4个季度 | $-1.0B | $4.8B |
8季度趋势，按日历期对齐
经营现金流BAMPC
| Q1 26 | — | — | ||
| Q4 25 | $1.3B | $3.1B | ||
| Q3 25 | $1.1B | $2.6B | ||
| Q2 25 | $227.0M | $2.6B | ||
| Q1 25 | $-1.6B | $-64.0M | ||
| Q4 24 | $-3.5B | $2.2B | ||
| Q3 24 | $-1.3B | $1.7B | ||
| Q2 24 | $-3.9B | $3.2B |
自由现金流BAMPC
| Q1 26 | $-1.5B | — | ||
| Q4 25 | $375.0M | $1.9B | ||
| Q3 25 | $238.0M | $1.7B | ||
| Q2 25 | $-200.0M | $1.9B | ||
| Q1 25 | $-2.3B | $-727.0M | ||
| Q4 24 | $-4.1B | $1.4B | ||
| Q3 24 | $-2.0B | $1.0B | ||
| Q2 24 | $-4.3B | $2.8B |
自由现金流率BAMPC
| Q1 26 | -6.5% | — | ||
| Q4 25 | 1.6% | 5.8% | ||
| Q3 25 | 1.0% | 4.8% | ||
| Q2 25 | -0.9% | 5.8% | ||
| Q1 25 | -11.7% | -2.3% | ||
| Q4 24 | -26.9% | 4.2% | ||
| Q3 24 | -11.0% | 2.9% | ||
| Q2 24 | -25.7% | 7.3% |
资本支出强度BAMPC
| Q1 26 | — | — | ||
| Q4 25 | 4.0% | 3.6% | ||
| Q3 25 | 3.8% | 2.7% | ||
| Q2 25 | 1.9% | 2.1% | ||
| Q1 25 | 3.5% | 2.1% | ||
| Q4 24 | 4.3% | 2.4% | ||
| Q3 24 | 3.4% | 1.9% | ||
| Q2 24 | 2.4% | 1.3% |
现金转化率BAMPC
| Q1 26 | — | — | ||
| Q4 25 | 0.16× | 2.00× | ||
| Q3 25 | — | 1.90× | ||
| Q2 25 | — | 2.17× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 5.95× | ||
| Q3 24 | — | 2.71× | ||
| Q2 24 | — | 2.14× |
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
BA
| Commercial Airplanes | $9.2B | 41% |
| Defense, Space & Security | $7.6B | 34% |
| Global Services | $5.4B | 24% |
MPC
| Refined Products | $28.6B | 88% |
| Midstream | $1.4B | 4% |
| Crude Oil | $1.2B | 4% |
| Renewable Diesel | $851.0M | 3% |
| Related Party | $536.0M | 2% |
| Services & Other | $466.0M | 1% |
