vs
卡特彼勒（CAT）与百事公司（PEP）财务数据对比。点击上方公司名可切换其他公司
百事公司的季度营收约是卡特彼勒的1.5倍（$29.3B vs $19.1B），卡特彼勒净利率更高（12.5% vs 8.7%，领先3.9%），卡特彼勒同比增速更快（18.0% vs 5.6%），百事公司自由现金流更多（$4.7B vs $2.7B），过去两年百事公司的营收复合增速更高（26.8% vs 10.0%）
卡特彼勒是来自美国的工程设备制造企业，主营建筑、采矿等领域的设备生产，是全球规模最大的工程机械设备制造商。2018年该公司位列美国财富500强第73位、全球财富500强第265位，其股票为道琼斯工业平均指数成分股。
百事公司是总部位于美国纽约州珀彻斯的跨国食品饮料巨头，1965年由百事可乐公司与菲多利公司合并组建。其业务覆盖食品饮料全品类，负责旗下产品的生产、分销及营销推广，产品线已从最初的百事可乐拓展为丰富多元的品牌矩阵。
CAT vs PEP — 直观对比
营收规模更大
PEP
是对方的1.5倍
$19.1B
营收增速更快
CAT
高出12.4%
5.6%
净利率更高
CAT
高出3.9%
8.7%
自由现金流更多
PEP
多$2.0B
$2.7B
两年增速更快
PEP
近两年复合增速
10.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $19.1B | $29.3B |
| 净利润 | $2.4B | $2.5B |
| 毛利率 | 30.5% | 53.2% |
| 营业利润率 | 13.9% | 12.1% |
| 净利率 | 12.5% | 8.7% |
| 营收同比 | 18.0% | 5.6% |
| 净利润同比 | -13.9% | 66.8% |
| 每股收益（稀释后） | $5.11 | $1.85 |
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CATPEP
| Q4 25 | $19.1B | $29.3B | ||
| Q3 25 | $17.6B | $23.9B | ||
| Q2 25 | $16.6B | $22.7B | ||
| Q1 25 | $14.2B | $17.9B | ||
| Q4 24 | $16.2B | $27.8B | ||
| Q3 24 | $16.1B | $23.3B | ||
| Q2 24 | $16.7B | $22.5B | ||
| Q1 24 | $15.8B | $18.3B |
净利润CATPEP
| Q4 25 | $2.4B | $2.5B | ||
| Q3 25 | $2.3B | $2.6B | ||
| Q2 25 | $2.2B | $1.3B | ||
| Q1 25 | $2.0B | $1.8B | ||
| Q4 24 | $2.8B | $1.5B | ||
| Q3 24 | $2.5B | $2.9B | ||
| Q2 24 | $2.7B | $3.1B | ||
| Q1 24 | $2.9B | $2.0B |
毛利率CATPEP
| Q4 25 | 30.5% | 53.2% | ||
| Q3 25 | 33.8% | 53.6% | ||
| Q2 25 | 34.8% | 54.7% | ||
| Q1 25 | 37.1% | 55.8% | ||
| Q4 24 | 36.3% | 52.6% | ||
| Q3 24 | 37.5% | 55.4% | ||
| Q2 24 | 39.2% | 55.9% | ||
| Q1 24 | 38.8% | 54.8% |
营业利润率CATPEP
| Q4 25 | 13.9% | 12.1% | ||
| Q3 25 | 17.3% | 14.9% | ||
| Q2 25 | 17.3% | 7.9% | ||
| Q1 25 | 18.1% | 14.4% | ||
| Q4 24 | 18.0% | 8.1% | ||
| Q3 24 | 19.5% | 16.6% | ||
| Q2 24 | 20.9% | 18.0% | ||
| Q1 24 | 22.3% | 14.9% |
净利率CATPEP
| Q4 25 | 12.5% | 8.7% | ||
| Q3 25 | 13.0% | 10.9% | ||
| Q2 25 | 13.2% | 5.6% | ||
| Q1 25 | 14.1% | 10.2% | ||
| Q4 24 | 17.2% | 5.5% | ||
| Q3 24 | 15.3% | 12.6% | ||
| Q2 24 | 16.1% | 13.7% | ||
| Q1 24 | 18.1% | 11.2% |
每股收益（稀释后）CATPEP
| Q4 25 | $5.11 | $1.85 | ||
| Q3 25 | $4.88 | $1.90 | ||
| Q2 25 | $4.62 | $0.92 | ||
| Q1 25 | $4.20 | $1.33 | ||
| Q4 24 | $5.76 | $1.11 | ||
| Q3 24 | $5.06 | $2.13 | ||
| Q2 24 | $5.48 | $2.23 | ||
| Q1 24 | $5.75 | $1.48 |
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 | $10.0B | $9.5B |
| 总债务越低越好 | — | $42.3B |
| 股东权益账面价值 | $21.3B | $20.4B |
| 总资产 | $98.6B | $107.4B |
| 负债/权益比越低杠杆越低 | — | 2.07× |
8季度趋势，按日历期对齐
现金及短期投资CATPEP
| Q4 25 | $10.0B | $9.5B | ||
| Q3 25 | $7.5B | $8.7B | ||
| Q2 25 | $5.4B | $8.0B | ||
| Q1 25 | $3.6B | $8.6B | ||
| Q4 24 | $6.9B | $9.3B | ||
| Q3 24 | $5.6B | $8.1B | ||
| Q2 24 | $4.3B | $6.7B | ||
| Q1 24 | $5.0B | $8.3B |
总债务CATPEP
| Q4 25 | — | $42.3B | ||
| Q3 25 | — | $44.1B | ||
| Q2 25 | — | $39.3B | ||
| Q1 25 | — | $39.4B | ||
| Q4 24 | — | $37.2B | ||
| Q3 24 | — | $38.5B | ||
| Q2 24 | — | $36.6B | ||
| Q1 24 | — | $37.7B |
股东权益CATPEP
| Q4 25 | $21.3B | $20.4B | ||
| Q3 25 | $20.7B | $19.4B | ||
| Q2 25 | $18.7B | $18.4B | ||
| Q1 25 | $18.1B | $18.4B | ||
| Q4 24 | $19.5B | $18.0B | ||
| Q3 24 | $19.4B | $19.5B | ||
| Q2 24 | $17.1B | $19.4B | ||
| Q1 24 | $17.6B | $19.0B |
总资产CATPEP
| Q4 25 | $98.6B | $107.4B | ||
| Q3 25 | $93.7B | $106.6B | ||
| Q2 25 | $90.3B | $105.3B | ||
| Q1 25 | $85.0B | $101.7B | ||
| Q4 24 | $87.8B | $99.5B | ||
| Q3 24 | $86.3B | $100.5B | ||
| Q2 24 | $83.3B | $99.5B | ||
| Q1 24 | $83.7B | $100.0B |
负债/权益比CATPEP
| Q4 25 | — | 2.07× | ||
| Q3 25 | — | 2.28× | ||
| Q2 25 | — | 2.14× | ||
| Q1 25 | — | 2.14× | ||
| Q4 24 | — | 2.06× | ||
| Q3 24 | — | 1.98× | ||
| Q2 24 | — | 1.88× | ||
| Q1 24 | — | 1.98× |
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 | $3.6B | $6.6B |
| 自由现金流经营现金流 - 资本支出 | $2.7B | $4.7B |
| 自由现金流率自由现金流/营收 | 14.1% | 16.0% |
| 资本支出强度资本支出/营收 | 4.7% | 6.5% |
| 现金转化率经营现金流/净利润 | 1.50× | 2.61× |
| 过去12个月自由现金流最近4个季度 | $8.9B | $7.7B |
8季度趋势，按日历期对齐
经营现金流CATPEP
| Q4 25 | $3.6B | $6.6B | ||
| Q3 25 | $3.7B | $4.5B | ||
| Q2 25 | $3.1B | $2.0B | ||
| Q1 25 | $1.3B | $-973.0M | ||
| Q4 24 | $3.4B | $6.3B | ||
| Q3 24 | $3.6B | $4.9B | ||
| Q2 24 | $3.0B | $2.4B | ||
| Q1 24 | $2.1B | $-1.0B |
自由现金流CATPEP
| Q4 25 | $2.7B | $4.7B | ||
| Q3 25 | $3.1B | $3.5B | ||
| Q2 25 | $2.6B | $1.1B | ||
| Q1 25 | $579.0M | $-1.6B | ||
| Q4 24 | $2.7B | $3.8B | ||
| Q3 24 | $3.1B | $3.8B | ||
| Q2 24 | $2.7B | $1.3B | ||
| Q1 24 | $1.6B | $-1.7B |
自由现金流率CATPEP
| Q4 25 | 14.1% | 16.0% | ||
| Q3 25 | 17.5% | 14.5% | ||
| Q2 25 | 15.5% | 4.7% | ||
| Q1 25 | 4.1% | -8.8% | ||
| Q4 24 | 16.6% | 13.7% | ||
| Q3 24 | 19.4% | 16.1% | ||
| Q2 24 | 16.1% | 5.6% | ||
| Q1 24 | 9.8% | -9.1% |
资本支出强度CATPEP
| Q4 25 | 4.7% | 6.5% | ||
| Q3 25 | 3.7% | 4.1% | ||
| Q2 25 | 3.3% | 4.0% | ||
| Q1 25 | 5.0% | 3.4% | ||
| Q4 24 | 4.3% | 8.9% | ||
| Q3 24 | 2.8% | 4.9% | ||
| Q2 24 | 2.0% | 4.8% | ||
| Q1 24 | 3.2% | 3.4% |
现金转化率CATPEP
| Q4 25 | 1.50× | 2.61× | ||
| Q3 25 | 1.63× | 1.72× | ||
| Q2 25 | 1.43× | 1.56× | ||
| Q1 25 | 0.64× | -0.53× | ||
| Q4 24 | 1.22× | 4.13× | ||
| Q3 24 | 1.45× | 1.67× | ||
| Q2 24 | 1.13× | 0.76× | ||
| Q1 24 | 0.72× | -0.51× |
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
CAT
| Construction Industries | $6.9B | 36% |
| Resource Industries | $3.4B | 18% |
| Powergeneration | $3.2B | 17% |
| Oil And Gas Customer | $2.4B | 13% |
| Financial Products Segment | $1.1B | 6% |
| Industrial | $967.0M | 5% |
| Financial Products | $931.0M | 5% |
| Related Party | $190.0M | 1% |
PEP
| Pepsi Co Foods North America | $8.3B | 28% |
| Pepsi Co Beverages North America | $8.2B | 28% |
| Europe Middle East Africa Segment | $6.1B | 21% |
| Latin America Foods Segment | $3.7B | 13% |
| International Beverage Franchise | $1.6B | 5% |
| Asia Pacific Foods Segment | $1.5B | 5% |
