vs
CrossAmerica Partners LP（CAPL）与晨星（MORN）财务数据对比。点击上方公司名可切换其他公司
CrossAmerica Partners LP的季度营收约是晨星的1.4倍（$866.3M vs $641.1M），晨星净利率更高（18.0% vs 1.2%，领先16.8%），晨星同比增速更快（8.5% vs -8.3%），晨星自由现金流更多（$161.3M vs $22.4M），过去两年晨星的营收复合增速更高（8.7% 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。
晨星（Morningstar, Inc.）是总部位于美国伊利诺伊州芝加哥的金融服务机构，由乔·曼苏托于1984年创立，面向全球提供全方位的投资研究、投资管理等专业服务，是全球颇具知名度的投资资讯服务提供商。
CAPL vs MORN — 直观对比
营收规模更大
CAPL
是对方的1.4倍
$641.1M
营收增速更快
MORN
高出16.7%
-8.3%
净利率更高
MORN
高出16.8%
1.2%
自由现金流更多
MORN
多$138.9M
$22.4M
两年增速更快
MORN
近两年复合增速
-4.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $866.3M | $641.1M |
| 净利润 | $10.2M | $115.1M |
| 毛利率 | 12.4% | 61.1% |
| 营业利润率 | 3.0% | 24.9% |
| 净利率 | 1.2% | 18.0% |
| 营收同比 | -8.3% | 8.5% |
| 净利润同比 | -39.6% | -1.5% |
| 每股收益（稀释后） | $0.24 | $2.79 |
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CAPLMORN
| Q4 25 | $866.3M | $641.1M | ||
| Q3 25 | $971.8M | $617.4M | ||
| Q2 25 | $961.9M | $605.1M | ||
| Q1 25 | $862.5M | $581.9M | ||
| Q4 24 | $944.2M | $591.0M | ||
| Q3 24 | $1.1B | $569.4M | ||
| Q2 24 | $1.1B | $571.9M | ||
| Q1 24 | $941.5M | $542.8M |
净利润CAPLMORN
| Q4 25 | $10.2M | $115.1M | ||
| Q3 25 | $13.6M | $91.6M | ||
| Q2 25 | $25.2M | $89.0M | ||
| Q1 25 | $-7.1M | $78.5M | ||
| Q4 24 | $16.9M | $116.9M | ||
| Q3 24 | $10.7M | $119.7M | ||
| Q2 24 | $12.4M | $69.1M | ||
| Q1 24 | $-17.5M | $64.2M |
毛利率CAPLMORN
| Q4 25 | 12.4% | 61.1% | ||
| Q3 25 | 10.8% | 60.9% | ||
| Q2 25 | 10.5% | 61.9% | ||
| Q1 25 | 10.4% | 60.2% | ||
| Q4 24 | 10.7% | 60.7% | ||
| Q3 24 | 10.3% | 60.9% | ||
| Q2 24 | 9.2% | 61.1% | ||
| Q1 24 | 8.6% | 59.8% |
营业利润率CAPLMORN
| Q4 25 | 3.0% | 24.9% | ||
| Q3 25 | 2.9% | 20.7% | ||
| Q2 25 | 4.3% | 20.7% | ||
| Q1 25 | 0.2% | 19.6% | ||
| Q4 24 | 3.0% | 28.5% | ||
| Q3 24 | 2.5% | 20.3% | ||
| Q2 24 | 2.5% | 19.0% | ||
| Q1 24 | -1.4% | 17.1% |
净利率CAPLMORN
| Q4 25 | 1.2% | 18.0% | ||
| Q3 25 | 1.4% | 14.8% | ||
| Q2 25 | 2.6% | 14.7% | ||
| Q1 25 | -0.8% | 13.5% | ||
| Q4 24 | 1.8% | 19.8% | ||
| Q3 24 | 1.0% | 21.0% | ||
| Q2 24 | 1.1% | 12.1% | ||
| Q1 24 | -1.9% | 11.8% |
每股收益（稀释后）CAPLMORN
| Q4 25 | $0.24 | $2.79 | ||
| Q3 25 | $0.34 | $2.17 | ||
| Q2 25 | $0.64 | $2.09 | ||
| Q1 25 | $-0.20 | $1.82 | ||
| Q4 24 | $0.42 | $2.72 | ||
| Q3 24 | $0.27 | $2.77 | ||
| Q2 24 | $0.31 | $1.60 | ||
| Q1 24 | $-0.48 | $1.49 |
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 | $528.7M |
| 总债务越低越好 | $687.2M | — |
| 股东权益账面价值 | — | $1.2B |
| 总资产 | $964.7M | $3.6B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资CAPLMORN
| Q4 25 | $3.1M | $528.7M | ||
| Q3 25 | $5.8M | $40.3M | ||
| Q2 25 | $9.7M | $38.1M | ||
| Q1 25 | $6.7M | $47.7M | ||
| Q4 24 | $3.4M | $551.0M | ||
| Q3 24 | $7.8M | $48.8M | ||
| Q2 24 | $5.5M | $48.0M | ||
| Q1 24 | $6.3M | $55.4M |
总债务CAPLMORN
| Q4 25 | $687.2M | — | ||
| Q3 25 | $700.8M | $848.9M | ||
| Q2 25 | $722.7M | $838.8M | ||
| Q1 25 | $774.1M | $803.7M | ||
| Q4 24 | $763.9M | $698.6M | ||
| Q3 24 | $769.2M | $864.7M | ||
| Q2 24 | $786.7M | $899.6M | ||
| Q1 24 | $795.8M | $917.3M |
股东权益CAPLMORN
| Q4 25 | — | $1.2B | ||
| Q3 25 | — | $1.5B | ||
| Q2 25 | — | $1.6B | ||
| Q1 25 | — | $1.6B | ||
| Q4 24 | — | $1.6B | ||
| Q3 24 | — | $1.6B | ||
| Q2 24 | — | $1.4B | ||
| Q1 24 | — | $1.4B |
总资产CAPLMORN
| Q4 25 | $964.7M | $3.6B | ||
| Q3 25 | $998.9M | $3.6B | ||
| Q2 25 | $1.0B | $3.6B | ||
| Q1 25 | $1.1B | $3.6B | ||
| Q4 24 | $1.1B | $3.5B | ||
| Q3 24 | $1.1B | $3.6B | ||
| Q2 24 | $1.2B | $3.4B | ||
| Q1 24 | $1.2B | $3.4B |
负债/权益比CAPLMORN
| Q4 25 | — | — | ||
| Q3 25 | — | 0.56× | ||
| Q2 25 | — | 0.52× | ||
| Q1 25 | — | 0.50× | ||
| Q4 24 | — | 0.43× | ||
| Q3 24 | — | 0.55× | ||
| Q2 24 | — | 0.63× | ||
| Q1 24 | — | 0.66× |
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 | $204.0M |
| 自由现金流经营现金流 - 资本支出 | $22.4M | $161.3M |
| 自由现金流率自由现金流/营收 | 2.6% | 25.2% |
| 资本支出强度资本支出/营收 | 0.8% | 6.7% |
| 现金转化率经营现金流/净利润 | 2.89× | 1.77× |
| 过去12个月自由现金流最近4个季度 | $55.8M | $442.6M |
8季度趋势，按日历期对齐
经营现金流CAPLMORN
| Q4 25 | $29.4M | $204.0M | ||
| Q3 25 | $24.4M | $195.7M | ||
| Q2 25 | $22.6M | $99.0M | ||
| Q1 25 | $15.0M | $91.0M | ||
| Q4 24 | $11.1M | $153.4M | ||
| Q3 24 | $41.9M | $191.9M | ||
| Q2 24 | $28.9M | $152.7M | ||
| Q1 24 | $5.8M | $93.6M |
自由现金流CAPLMORN
| Q4 25 | $22.4M | $161.3M | ||
| Q3 25 | $17.7M | $160.1M | ||
| Q2 25 | $10.8M | $62.4M | ||
| Q1 25 | $4.9M | $58.8M | ||
| Q4 24 | $3.9M | $112.8M | ||
| Q3 24 | $34.2M | $155.8M | ||
| Q2 24 | $23.6M | $120.8M | ||
| Q1 24 | $-289.0K | $59.5M |
自由现金流率CAPLMORN
| Q4 25 | 2.6% | 25.2% | ||
| Q3 25 | 1.8% | 25.9% | ||
| Q2 25 | 1.1% | 10.3% | ||
| Q1 25 | 0.6% | 10.1% | ||
| Q4 24 | 0.4% | 19.1% | ||
| Q3 24 | 3.2% | 27.4% | ||
| Q2 24 | 2.1% | 21.1% | ||
| Q1 24 | -0.0% | 11.0% |
资本支出强度CAPLMORN
| Q4 25 | 0.8% | 6.7% | ||
| Q3 25 | 0.7% | 5.8% | ||
| Q2 25 | 1.2% | 6.0% | ||
| Q1 25 | 1.2% | 5.5% | ||
| Q4 24 | 0.8% | 6.9% | ||
| Q3 24 | 0.7% | 6.3% | ||
| Q2 24 | 0.5% | 5.6% | ||
| Q1 24 | 0.6% | 6.3% |
现金转化率CAPLMORN
| Q4 25 | 2.89× | 1.77× | ||
| Q3 25 | 1.79× | 2.14× | ||
| Q2 25 | 0.90× | 1.11× | ||
| Q1 25 | — | 1.16× | ||
| Q4 24 | 0.66× | 1.31× | ||
| Q3 24 | 3.92× | 1.60× | ||
| Q2 24 | 2.33× | 2.21× | ||
| Q1 24 | — | 1.46× |
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% |
MORN
| Pitch Book Segment | $172.6M | 27% |
| Morningstar Credit Segment | $166.7M | 26% |
| Transaction Based | $113.1M | 18% |
| Asset Based | $90.2M | 14% |
| Morningstar Retirement Segment | $38.1M | 6% |
| Morningstar Sustainalytics | $27.8M | 4% |
| Morningstar Indexes | $22.5M | 4% |
| Morningstar Wealth Segment | $2.3M | 0% |
