vs
CrossAmerica Partners LP（CAPL）与DNOW Inc.（DNOW）财务数据对比。点击上方公司名可切换其他公司
DNOW Inc.的季度营收约是CrossAmerica Partners LP的1.1倍（$959.0M vs $866.3M），CrossAmerica Partners LP净利率更高（1.2% vs -16.8%，领先18.0%），DNOW Inc.同比增速更快（68.0% vs -8.3%），DNOW Inc.自由现金流更多（$76.0M vs $22.4M），过去两年DNOW Inc.的营收复合增速更高（30.5% vs -4.1%）
塔峰资本合伙人（TowerBrook Capital Partners）是一家总部位于伦敦和纽约的投资管理公司，2005年从索罗斯基金管理分拆独立。该机构主打私募股权及结构性机会投资，曾收购奢侈品品牌Jimmy Choo控股权，截至2025年其管理规模超250亿美元，官网公示在管投资项目共110个。
DNOW Inc.（商业名称DistributionNOW）是一家全球工业及能源产品分销商，提供供应链管理、库存优化、技术支持服务，主营油气、可再生能源、制造、建筑等领域所需的零部件、设备及耗材，业务覆盖北美、欧洲及亚太地区。
CAPL vs DNOW — 直观对比
营收规模更大
DNOW
是对方的1.1倍
$866.3M
营收增速更快
DNOW
高出76.2%
-8.3%
净利率更高
CAPL
高出18.0%
-16.8%
自由现金流更多
DNOW
多$53.6M
$22.4M
两年增速更快
DNOW
近两年复合增速
-4.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $866.3M | $959.0M |
| 净利润 | $10.2M | $-161.0M |
| 毛利率 | 12.4% | 5.2% |
| 营业利润率 | 3.0% | -19.6% |
| 净利率 | 1.2% | -16.8% |
| 营收同比 | -8.3% | 68.0% |
| 净利润同比 | -39.6% | -905.0% |
| 每股收益（稀释后） | $0.24 | $-1.42 |
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CAPLDNOW
| Q4 25 | $866.3M | $959.0M | ||
| Q3 25 | $971.8M | $634.0M | ||
| Q2 25 | $961.9M | $628.0M | ||
| Q1 25 | $862.5M | $599.0M | ||
| Q4 24 | $944.2M | $571.0M | ||
| Q3 24 | $1.1B | $606.0M | ||
| Q2 24 | $1.1B | $633.0M | ||
| Q1 24 | $941.5M | $563.0M |
净利润CAPLDNOW
| Q4 25 | $10.2M | $-161.0M | ||
| Q3 25 | $13.6M | $25.0M | ||
| Q2 25 | $25.2M | $25.0M | ||
| Q1 25 | $-7.1M | $22.0M | ||
| Q4 24 | $16.9M | $20.0M | ||
| Q3 24 | $10.7M | $13.0M | ||
| Q2 24 | $12.4M | $24.0M | ||
| Q1 24 | $-17.5M | $21.0M |
毛利率CAPLDNOW
| Q4 25 | 12.4% | 5.2% | ||
| Q3 25 | 10.8% | 22.9% | ||
| Q2 25 | 10.5% | 22.9% | ||
| Q1 25 | 10.4% | 23.2% | ||
| Q4 24 | 10.7% | 22.6% | ||
| Q3 24 | 10.3% | 22.3% | ||
| Q2 24 | 9.2% | 21.8% | ||
| Q1 24 | 8.6% | 22.9% |
营业利润率CAPLDNOW
| Q4 25 | 3.0% | -19.6% | ||
| Q3 25 | 2.9% | 5.2% | ||
| Q2 25 | 4.3% | 5.1% | ||
| Q1 25 | 0.2% | 5.0% | ||
| Q4 24 | 3.0% | 4.4% | ||
| Q3 24 | 2.5% | 3.8% | ||
| Q2 24 | 2.5% | 5.2% | ||
| Q1 24 | -1.4% | 5.0% |
净利率CAPLDNOW
| Q4 25 | 1.2% | -16.8% | ||
| Q3 25 | 1.4% | 3.9% | ||
| Q2 25 | 2.6% | 4.0% | ||
| Q1 25 | -0.8% | 3.7% | ||
| Q4 24 | 1.8% | 3.5% | ||
| Q3 24 | 1.0% | 2.1% | ||
| Q2 24 | 1.1% | 3.8% | ||
| Q1 24 | -1.9% | 3.7% |
每股收益（稀释后）CAPLDNOW
| Q4 25 | $0.24 | $-1.42 | ||
| Q3 25 | $0.34 | $0.23 | ||
| Q2 25 | $0.64 | $0.23 | ||
| Q1 25 | $-0.20 | $0.20 | ||
| Q4 24 | $0.42 | $0.19 | ||
| Q3 24 | $0.27 | $0.12 | ||
| Q2 24 | $0.31 | $0.21 | ||
| Q1 24 | $-0.48 | $0.19 |
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 | $3.1M | $164.0M |
| 总债务越低越好 | $687.2M | $411.0M |
| 股东权益账面价值 | — | $2.2B |
| 总资产 | $964.7M | $3.9B |
| 负债/权益比越低杠杆越低 | — | 0.18× |
8季度趋势，按日历期对齐
现金及短期投资CAPLDNOW
| Q4 25 | $3.1M | $164.0M | ||
| Q3 25 | $5.8M | $266.0M | ||
| Q2 25 | $9.7M | $232.0M | ||
| Q1 25 | $6.7M | $219.0M | ||
| Q4 24 | $3.4M | $256.0M | ||
| Q3 24 | $7.8M | $261.0M | ||
| Q2 24 | $5.5M | $197.0M | ||
| Q1 24 | $6.3M | $188.0M |
总债务CAPLDNOW
| Q4 25 | $687.2M | $411.0M | ||
| Q3 25 | $700.8M | — | ||
| Q2 25 | $722.7M | — | ||
| Q1 25 | $774.1M | — | ||
| Q4 24 | $763.9M | $0 | ||
| Q3 24 | $769.2M | — | ||
| Q2 24 | $786.7M | — | ||
| Q1 24 | $795.8M | — |
股东权益CAPLDNOW
| Q4 25 | — | $2.2B | ||
| Q3 25 | — | $1.2B | ||
| Q2 25 | — | $1.2B | ||
| Q1 25 | — | $1.1B | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | — | $1.1B | ||
| Q2 24 | — | $1.1B | ||
| Q1 24 | — | $1.1B |
总资产CAPLDNOW
| Q4 25 | $964.7M | $3.9B | ||
| Q3 25 | $998.9M | $1.7B | ||
| Q2 25 | $1.0B | $1.7B | ||
| Q1 25 | $1.1B | $1.7B | ||
| Q4 24 | $1.1B | $1.6B | ||
| Q3 24 | $1.1B | $1.6B | ||
| Q2 24 | $1.2B | $1.6B | ||
| Q1 24 | $1.2B | $1.6B |
负债/权益比CAPLDNOW
| Q4 25 | — | 0.18× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.00× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $29.4M | $83.0M |
| 自由现金流经营现金流 - 资本支出 | $22.4M | $76.0M |
| 自由现金流率自由现金流/营收 | 2.6% | 7.9% |
| 资本支出强度资本支出/营收 | 0.8% | 0.7% |
| 现金转化率经营现金流/净利润 | 2.89× | — |
| 过去12个月自由现金流最近4个季度 | $55.8M | $134.0M |
8季度趋势，按日历期对齐
经营现金流CAPLDNOW
| Q4 25 | $29.4M | $83.0M | ||
| Q3 25 | $24.4M | $43.0M | ||
| Q2 25 | $22.6M | $45.0M | ||
| Q1 25 | $15.0M | $-16.0M | ||
| Q4 24 | $11.1M | $122.0M | ||
| Q3 24 | $41.9M | $74.0M | ||
| Q2 24 | $28.9M | $21.0M | ||
| Q1 24 | $5.8M | $81.0M |
自由现金流CAPLDNOW
| Q4 25 | $22.4M | $76.0M | ||
| Q3 25 | $17.7M | $39.0M | ||
| Q2 25 | $10.8M | $41.0M | ||
| Q1 25 | $4.9M | $-22.0M | ||
| Q4 24 | $3.9M | $119.0M | ||
| Q3 24 | $34.2M | $72.0M | ||
| Q2 24 | $23.6M | $18.0M | ||
| Q1 24 | $-289.0K | $80.0M |
自由现金流率CAPLDNOW
| Q4 25 | 2.6% | 7.9% | ||
| Q3 25 | 1.8% | 6.2% | ||
| Q2 25 | 1.1% | 6.5% | ||
| Q1 25 | 0.6% | -3.7% | ||
| Q4 24 | 0.4% | 20.8% | ||
| Q3 24 | 3.2% | 11.9% | ||
| Q2 24 | 2.1% | 2.8% | ||
| Q1 24 | -0.0% | 14.2% |
资本支出强度CAPLDNOW
| Q4 25 | 0.8% | 0.7% | ||
| Q3 25 | 0.7% | 0.6% | ||
| Q2 25 | 1.2% | 0.6% | ||
| Q1 25 | 1.2% | 1.0% | ||
| Q4 24 | 0.8% | 0.5% | ||
| Q3 24 | 0.7% | 0.3% | ||
| Q2 24 | 0.5% | 0.5% | ||
| Q1 24 | 0.6% | 0.2% |
现金转化率CAPLDNOW
| Q4 25 | 2.89× | — | ||
| Q3 25 | 1.79× | 1.72× | ||
| Q2 25 | 0.90× | 1.80× | ||
| Q1 25 | — | -0.73× | ||
| Q4 24 | 0.66× | 6.10× | ||
| Q3 24 | 3.92× | 5.69× | ||
| Q2 24 | 2.33× | 0.88× | ||
| Q1 24 | — | 3.86× |
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
CAPL
| Retail Segment | $505.3M | 58% |
| Wholesale | $360.9M | 42% |
| Other | $1.2M | 0% |
DNOW
| Pipelines | $455.0M | 47% |
| Downstream And Industrial | $196.0M | 20% |
| Gas Utilities | $183.0M | 19% |
| Oil And Gas Properties | $105.0M | 11% |
| Other | $20.0M | 2% |
