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卡特彼勒（CAT）与Valero Energy（VLO）财务数据对比。点击上方公司名可切换其他公司
Valero Energy的季度营收约是卡特彼勒的1.6倍（$30.4B vs $19.1B），卡特彼勒净利率更高（12.5% vs 3.7%，领先8.8%），卡特彼勒同比增速更快（18.0% vs -1.2%），过去两年卡特彼勒的营收复合增速更高（10.0% vs -2.2%）
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。
Valero Energy是总部位于美国得克萨斯州圣安东尼奥的燃料生产商，核心业务为交通燃料及相关产品的生产与销售，在美、加、英三国共运营15座炼油厂，总日加工产能约320万桶，同时拥有两座可再生柴油工厂。
CAT vs VLO — 直观对比
营收规模更大
VLO
是对方的1.6倍
$19.1B
营收增速更快
CAT
高出19.2%
-1.2%
净利率更高
CAT
高出8.8%
3.7%
两年增速更快
CAT
近两年复合增速
-2.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $19.1B | $30.4B |
| 净利润 | $2.4B | $1.1B |
| 毛利率 | 30.5% | 6.3% |
| 营业利润率 | 13.9% | 5.2% |
| 净利率 | 12.5% | 3.7% |
| 营收同比 | 18.0% | -1.2% |
| 净利润同比 | -13.9% | 303.6% |
| 每股收益（稀释后） | $5.11 | $3.66 |
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CATVLO
| Q4 25 | $19.1B | $30.4B | ||
| Q3 25 | $17.6B | $32.2B | ||
| Q2 25 | $16.6B | $29.9B | ||
| Q1 25 | $14.2B | $30.3B | ||
| Q4 24 | $16.2B | $30.8B | ||
| Q3 24 | $16.1B | $32.9B | ||
| Q2 24 | $16.7B | $34.5B | ||
| Q1 24 | $15.8B | $31.8B |
净利润CATVLO
| Q4 25 | $2.4B | $1.1B | ||
| Q3 25 | $2.3B | $1.1B | ||
| Q2 25 | $2.2B | $714.0M | ||
| Q1 25 | $2.0B | $-595.0M | ||
| Q4 24 | $2.8B | $281.0M | ||
| Q3 24 | $2.5B | $364.0M | ||
| Q2 24 | $2.7B | $880.0M | ||
| Q1 24 | $2.9B | $1.2B |
毛利率CATVLO
| Q4 25 | 30.5% | 6.3% | ||
| Q3 25 | 33.8% | 5.5% | ||
| Q2 25 | 34.8% | 4.2% | ||
| Q1 25 | 37.1% | 1.7% | ||
| Q4 24 | 36.3% | 2.0% | ||
| Q3 24 | 37.5% | 2.3% | ||
| Q2 24 | 39.2% | 4.2% | ||
| Q1 24 | 38.8% | 6.2% |
营业利润率CATVLO
| Q4 25 | 13.9% | 5.2% | ||
| Q3 25 | 17.3% | 4.7% | ||
| Q2 25 | 17.3% | 3.3% | ||
| Q1 25 | 18.1% | -3.0% | ||
| Q4 24 | 18.0% | 1.1% | ||
| Q3 24 | 19.5% | 1.5% | ||
| Q2 24 | 20.9% | 3.5% | ||
| Q1 24 | 22.3% | 5.3% |
净利率CATVLO
| Q4 25 | 12.5% | 3.7% | ||
| Q3 25 | 13.0% | 3.4% | ||
| Q2 25 | 13.2% | 2.4% | ||
| Q1 25 | 14.1% | -2.0% | ||
| Q4 24 | 17.2% | 0.9% | ||
| Q3 24 | 15.3% | 1.1% | ||
| Q2 24 | 16.1% | 2.6% | ||
| Q1 24 | 18.1% | 3.9% |
每股收益（稀释后）CATVLO
| Q4 25 | $5.11 | $3.66 | ||
| Q3 25 | $4.88 | $3.53 | ||
| Q2 25 | $4.62 | $2.28 | ||
| Q1 25 | $4.20 | $-1.90 | ||
| Q4 24 | $5.76 | $0.98 | ||
| Q3 24 | $5.06 | $1.14 | ||
| Q2 24 | $5.48 | $2.71 | ||
| Q1 24 | $5.75 | $3.75 |
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 | $4.7B |
| 总债务越低越好 | — | $9.7B |
| 股东权益账面价值 | $21.3B | $23.7B |
| 总资产 | $98.6B | $58.0B |
| 负债/权益比越低杠杆越低 | — | 0.41× |
8季度趋势，按日历期对齐
现金及短期投资CATVLO
| Q4 25 | $10.0B | $4.7B | ||
| Q3 25 | $7.5B | $4.8B | ||
| Q2 25 | $5.4B | $4.5B | ||
| Q1 25 | $3.6B | $4.6B | ||
| Q4 24 | $6.9B | $4.7B | ||
| Q3 24 | $5.6B | $5.2B | ||
| Q2 24 | $4.3B | $5.2B | ||
| Q1 24 | $5.0B | $4.9B |
总债务CATVLO
| Q4 25 | — | $9.7B | ||
| Q3 25 | — | $9.7B | ||
| Q2 25 | — | $10.3B | ||
| Q1 25 | — | $10.3B | ||
| Q4 24 | — | $9.7B | ||
| Q3 24 | — | $9.8B | ||
| Q2 24 | — | $9.7B | ||
| Q1 24 | — | $10.0B |
股东权益CATVLO
| Q4 25 | $21.3B | $23.7B | ||
| Q3 25 | $20.7B | $23.8B | ||
| Q2 25 | $18.7B | $24.1B | ||
| Q1 25 | $18.1B | $23.5B | ||
| Q4 24 | $19.5B | $24.5B | ||
| Q3 24 | $19.4B | $25.3B | ||
| Q2 24 | $17.1B | $25.4B | ||
| Q1 24 | $17.6B | $26.1B |
总资产CATVLO
| Q4 25 | $98.6B | $58.0B | ||
| Q3 25 | $93.7B | $58.6B | ||
| Q2 25 | $90.3B | $59.4B | ||
| Q1 25 | $85.0B | $59.2B | ||
| Q4 24 | $87.8B | $60.1B | ||
| Q3 24 | $86.3B | $60.4B | ||
| Q2 24 | $83.3B | $63.6B | ||
| Q1 24 | $83.7B | $62.6B |
负债/权益比CATVLO
| Q4 25 | — | 0.41× | ||
| Q3 25 | — | 0.41× | ||
| Q2 25 | — | 0.43× | ||
| Q1 25 | — | 0.44× | ||
| Q4 24 | — | 0.40× | ||
| Q3 24 | — | 0.39× | ||
| Q2 24 | — | 0.38× | ||
| Q1 24 | — | 0.39× |
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 | $2.1B |
| 自由现金流经营现金流 - 资本支出 | $2.7B | — |
| 自由现金流率自由现金流/营收 | 14.1% | — |
| 资本支出强度资本支出/营收 | 4.7% | — |
| 现金转化率经营现金流/净利润 | 1.50× | 1.81× |
| 过去12个月自由现金流最近4个季度 | $8.9B | — |
8季度趋势，按日历期对齐
经营现金流CATVLO
| Q4 25 | $3.6B | $2.1B | ||
| Q3 25 | $3.7B | $1.9B | ||
| Q2 25 | $3.1B | $936.0M | ||
| Q1 25 | $1.3B | $952.0M | ||
| Q4 24 | $3.4B | $1.1B | ||
| Q3 24 | $3.6B | $1.3B | ||
| Q2 24 | $3.0B | $2.5B | ||
| Q1 24 | $2.1B | $1.8B |
自由现金流CATVLO
| Q4 25 | $2.7B | — | ||
| Q3 25 | $3.1B | $1.5B | ||
| Q2 25 | $2.6B | $529.0M | ||
| Q1 25 | $579.0M | $293.0M | ||
| Q4 24 | $2.7B | $523.0M | ||
| Q3 24 | $3.1B | $866.0M | ||
| Q2 24 | $2.7B | $2.1B | ||
| Q1 24 | $1.6B | $1.2B |
自由现金流率CATVLO
| Q4 25 | 14.1% | — | ||
| Q3 25 | 17.5% | 4.6% | ||
| Q2 25 | 15.5% | 1.8% | ||
| Q1 25 | 4.1% | 1.0% | ||
| Q4 24 | 16.6% | 1.7% | ||
| Q3 24 | 19.4% | 2.6% | ||
| Q2 24 | 16.1% | 5.9% | ||
| Q1 24 | 9.8% | 3.7% |
资本支出强度CATVLO
| Q4 25 | 4.7% | — | ||
| Q3 25 | 3.7% | 1.3% | ||
| Q2 25 | 3.3% | 1.4% | ||
| Q1 25 | 5.0% | 2.2% | ||
| Q4 24 | 4.3% | 1.8% | ||
| Q3 24 | 2.8% | 1.3% | ||
| Q2 24 | 2.0% | 1.2% | ||
| Q1 24 | 3.2% | 2.1% |
现金转化率CATVLO
| Q4 25 | 1.50× | 1.81× | ||
| Q3 25 | 1.63× | 1.72× | ||
| Q2 25 | 1.43× | 1.31× | ||
| Q1 25 | 0.64× | — | ||
| Q4 24 | 1.22× | 3.81× | ||
| Q3 24 | 1.45× | 3.56× | ||
| Q2 24 | 1.13× | 2.81× | ||
| Q1 24 | 0.72× | 1.48× |
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% |
VLO
| Distillates | $14.3B | 47% |
| Gasoline And Blendstocks | $12.5B | 41% |
| Manufactured Product Other | $1.8B | 6% |
| Ethanol Product | $784.0M | 3% |
| Renewable Diesel Product | $589.0M | 2% |
| Distillers Grains | $194.0M | 1% |
| Neat SAF | $118.0M | 0% |
| Renewable Naphtha Product | $24.0M | 0% |
