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BJ's Wholesale Club Holdings, Inc.（BJ）与PLAINS ALL AMERICAN PIPELINE LP（PAA）财务数据对比。点击上方公司名可切换其他公司
PLAINS ALL AMERICAN PIPELINE LP的季度营收约是BJ's Wholesale Club Holdings, Inc.的1.9倍（$10.0B vs $5.3B），PLAINS ALL AMERICAN PIPELINE LP净利率更高（3.4% vs 2.8%，领先0.6%），BJ's Wholesale Club Holdings, Inc.同比增速更快（4.9% vs -19.1%），PLAINS ALL AMERICAN PIPELINE LP自由现金流更多（$638.0M vs $-13.7M），过去两年BJ's Wholesale Club Holdings, Inc.的营收复合增速更高（-0.1% vs -8.6%）
BJ's Wholesale Club Holdings是美国区域型会员制仓储连锁商超，总部位于马萨诸塞州马尔伯勒，业务覆盖美国东部地区及俄亥俄、密歇根、肯塔基州路易斯维尔、印第安纳、田纳西、佛罗里达、阿拉巴马等地，主要竞争对手为好市多和山姆会员店。
本公司为业主有限合伙企业，主营美国及加拿大地区液化石油气与石油的管道运输、销售及存储业务。旗下拥有总长度约29560公里的管线，原油、天然气凝液、天然气存储容量分别为7500万桶、2800万桶、680亿立方英尺，另有5座天然气加工厂，总部位于得克萨斯州休斯顿市中心艾伦中心。
BJ vs PAA — 直观对比
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $5.3B | $10.0B |
| 净利润 | $152.1M | $341.0M |
| 毛利率 | 19.0% | 7.0% |
| 营业利润率 | 4.1% | 1.8% |
| 净利率 | 2.8% | 3.4% |
| 营收同比 | 4.9% | -19.1% |
| 净利润同比 | -2.4% | 847.2% |
| 每股收益（稀释后） | $1.15 | — |
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
| Q4 25 | $5.3B | $10.0B | ||
| Q3 25 | $5.4B | $11.6B | ||
| Q2 25 | $5.2B | $10.6B | ||
| Q1 25 | $5.3B | $12.0B | ||
| Q4 24 | $5.1B | $12.4B | ||
| Q3 24 | $5.2B | $12.7B | ||
| Q2 24 | $4.9B | $12.9B | ||
| Q1 24 | $5.4B | $12.0B |
| Q4 25 | $152.1M | $341.0M | ||
| Q3 25 | $150.7M | $441.0M | ||
| Q2 25 | $149.8M | $210.0M | ||
| Q1 25 | $122.7M | $443.0M | ||
| Q4 24 | $155.7M | $36.0M | ||
| Q3 24 | $145.0M | $220.0M | ||
| Q2 24 | $111.0M | $250.0M | ||
| Q1 24 | $145.9M | $266.0M |
| Q4 25 | 19.0% | 7.0% | ||
| Q3 25 | 18.7% | 8.6% | ||
| Q2 25 | 18.8% | 8.3% | ||
| Q1 25 | 18.0% | 10.4% | ||
| Q4 24 | 19.1% | 9.5% | ||
| Q3 24 | 18.4% | 9.3% | ||
| Q2 24 | 18.0% | 8.3% | ||
| Q1 24 | 18.0% | 9.0% |
| Q4 25 | 4.1% | 1.8% | ||
| Q3 25 | 4.0% | 4.2% | ||
| Q2 25 | 4.0% | 2.2% | ||
| Q1 25 | 3.4% | 4.4% | ||
| Q4 24 | 4.5% | 0.7% | ||
| Q3 24 | 3.9% | 2.7% | ||
| Q2 24 | 3.3% | 2.9% | ||
| Q1 24 | 4.0% | 3.1% |
| Q4 25 | 2.8% | 3.4% | ||
| Q3 25 | 2.8% | 3.8% | ||
| Q2 25 | 2.9% | 2.0% | ||
| Q1 25 | 2.3% | 3.7% | ||
| Q4 24 | 3.1% | 0.3% | ||
| Q3 24 | 2.8% | 1.7% | ||
| Q2 24 | 2.3% | 1.9% | ||
| Q1 24 | 2.7% | 2.2% |
| Q4 25 | $1.15 | — | ||
| Q3 25 | $1.14 | — | ||
| Q2 25 | $1.13 | — | ||
| Q1 25 | $0.92 | — | ||
| Q4 24 | $1.17 | — | ||
| Q3 24 | $1.08 | — | ||
| Q2 24 | $0.83 | — | ||
| Q1 24 | $1.09 | — |
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 | $45.1M | $328.0M |
| 总债务越低越好 | $399.0M | $10.7B |
| 股东权益账面价值 | $2.2B | — |
| 总资产 | $7.5B | $30.2B |
| 负债/权益比越低杠杆越低 | 0.18× | — |
8季度趋势，按日历期对齐
| Q4 25 | $45.1M | $328.0M | ||
| Q3 25 | $47.3M | $1.2B | ||
| Q2 25 | $39.5M | $459.0M | ||
| Q1 25 | $28.3M | $427.0M | ||
| Q4 24 | $33.9M | $348.0M | ||
| Q3 24 | $38.1M | $640.0M | ||
| Q2 24 | $35.1M | $553.0M | ||
| Q1 24 | $36.0M | $331.0M |
| Q4 25 | $399.0M | $10.7B | ||
| Q3 25 | $399.0M | $8.4B | ||
| Q2 25 | $398.9M | $8.2B | ||
| Q1 25 | $398.8M | $8.2B | ||
| Q4 24 | $398.7M | $7.2B | ||
| Q3 24 | $398.6M | $7.2B | ||
| Q2 24 | $398.5M | $7.2B | ||
| Q1 24 | $398.4M | $7.3B |
| Q4 25 | $2.2B | — | ||
| Q3 25 | $2.1B | — | ||
| Q2 25 | $2.0B | — | ||
| Q1 25 | $1.8B | — | ||
| Q4 24 | $1.8B | — | ||
| Q3 24 | $1.7B | — | ||
| Q2 24 | $1.5B | — | ||
| Q1 24 | $1.5B | — |
| Q4 25 | $7.5B | $30.2B | ||
| Q3 25 | $7.2B | $28.1B | ||
| Q2 25 | $7.2B | $27.2B | ||
| Q1 25 | $7.1B | $27.1B | ||
| Q4 24 | $7.2B | $26.6B | ||
| Q3 24 | $6.9B | $27.2B | ||
| Q2 24 | $6.8B | $27.5B | ||
| Q1 24 | $6.7B | $27.4B |
| Q4 25 | 0.18× | — | ||
| Q3 25 | 0.19× | — | ||
| Q2 25 | 0.20× | — | ||
| Q1 25 | 0.22× | — | ||
| Q4 24 | 0.23× | — | ||
| Q3 24 | 0.24× | — | ||
| Q2 24 | 0.26× | — | ||
| Q1 24 | 0.27× | — |
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 | $181.1M | $786.0M |
| 自由现金流经营现金流 - 资本支出 | $-13.7M | $638.0M |
| 自由现金流率自由现金流/营收 | -0.3% | 6.4% |
| 资本支出强度资本支出/营收 | 3.6% | 1.5% |
| 现金转化率经营现金流/净利润 | 1.19× | 2.30× |
| 过去12个月自由现金流最近4个季度 | $249.6M | $2.3B |
8季度趋势，按日历期对齐
| Q4 25 | $181.1M | $786.0M | ||
| Q3 25 | $249.9M | $817.0M | ||
| Q2 25 | $208.1M | $694.0M | ||
| Q1 25 | $271.9M | $639.0M | ||
| Q4 24 | $206.8M | $727.0M | ||
| Q3 24 | $221.4M | $691.0M | ||
| Q2 24 | $200.8M | $653.0M | ||
| Q1 24 | $274.4M | $419.0M |
| Q4 25 | $-13.7M | $638.0M | ||
| Q3 25 | $84.3M | $632.0M | ||
| Q2 25 | $67.6M | $575.0M | ||
| Q1 25 | $111.5M | $448.0M | ||
| Q4 24 | $18.8M | $561.0M | ||
| Q3 24 | $87.5M | $534.0M | ||
| Q2 24 | $95.1M | $514.0M | ||
| Q1 24 | $155.2M | $262.0M |
| Q4 25 | -0.3% | 6.4% | ||
| Q3 25 | 1.6% | 5.5% | ||
| Q2 25 | 1.3% | 5.4% | ||
| Q1 25 | 2.1% | 3.7% | ||
| Q4 24 | 0.4% | 4.5% | ||
| Q3 24 | 1.7% | 4.2% | ||
| Q2 24 | 1.9% | 4.0% | ||
| Q1 24 | 2.9% | 2.2% |
| Q4 25 | 3.6% | 1.5% | ||
| Q3 25 | 3.1% | 1.6% | ||
| Q2 25 | 2.7% | 1.1% | ||
| Q1 25 | 3.0% | 1.6% | ||
| Q4 24 | 3.7% | 1.3% | ||
| Q3 24 | 2.6% | 1.2% | ||
| Q2 24 | 2.1% | 1.1% | ||
| Q1 24 | 2.2% | 1.3% |
| Q4 25 | 1.19× | 2.30× | ||
| Q3 25 | 1.66× | 1.85× | ||
| Q2 25 | 1.39× | 3.30× | ||
| Q1 25 | 2.22× | 1.44× | ||
| Q4 24 | 1.33× | 20.19× | ||
| Q3 24 | 1.53× | 3.14× | ||
| Q2 24 | 1.81× | 2.61× | ||
| Q1 24 | 1.88× | 1.58× |
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
BJ
| Products | $5.4B | 102% |
| Membership | $129.8M | 2% |
PAA
| Products | $9.6B | 96% |
| Transportation | $341.0M | 3% |
| Terminalling Storage And Other | $90.0M | 1% |
| Affiliated Entity | $14.0M | 0% |
