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CDW Corporation（CDW）与Sunoco LP（SUN）财务数据对比。点击上方公司名可切换其他公司
Sunoco LP的季度营收约是CDW Corporation的1.6倍（$8.6B vs $5.5B），Sunoco LP同比增速更快（63.2% vs 6.3%），过去两年Sunoco LP的营收复合增速更高（25.1% vs 6.3%）
CDW公司是美国多品牌信息技术服务提供商，服务覆盖美国、英国、加拿大三国的商业、政府、教育、医疗领域，总部位于伊利诺伊州弗农希尔斯，位列《财富》500强，2023年全年净销售额达210亿美元。
Sunoco LP是总部位于美国得克萨斯州达拉斯的业主有限合伙企业，在特拉华州注册成立，历史最早可追溯至1886年。公司最初为垂直一体化能源企业，现已转型为燃油分销商及能源基础设施运营商，此前曾涉足油气勘探开采、炼化、化工生产及燃油零售业务，目前上述业务均已剥离。
CDW vs SUN — 直观对比
营收规模更大
SUN
是对方的1.6倍
$5.5B
营收增速更快
SUN
高出57.0%
6.3%
两年增速更快
SUN
近两年复合增速
6.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $5.5B | $8.6B |
| 净利润 | — | $101.0M |
| 毛利率 | 22.8% | 10.7% |
| 营业利润率 | 7.8% | 2.1% |
| 净利率 | — | 1.2% |
| 营收同比 | 6.3% | 63.2% |
| 净利润同比 | — | -28.4% |
| 每股收益（稀释后） | $2.13 | — |
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CDWSUN
| Q4 25 | $5.5B | $8.6B | ||
| Q3 25 | $5.7B | $6.0B | ||
| Q2 25 | $6.0B | $5.4B | ||
| Q1 25 | $5.2B | $5.2B | ||
| Q4 24 | $5.2B | $5.3B | ||
| Q3 24 | $5.5B | $5.8B | ||
| Q2 24 | $5.4B | $6.2B | ||
| Q1 24 | $4.9B | $5.5B |
净利润CDWSUN
| Q4 25 | — | $101.0M | ||
| Q3 25 | $291.0M | $133.0M | ||
| Q2 25 | $271.2M | $86.0M | ||
| Q1 25 | $224.9M | $207.0M | ||
| Q4 24 | — | $141.0M | ||
| Q3 24 | $316.4M | $2.0M | ||
| Q2 24 | $281.1M | $493.0M | ||
| Q1 24 | $216.1M | $230.0M |
毛利率CDWSUN
| Q4 25 | 22.8% | 10.7% | ||
| Q3 25 | 21.9% | 10.7% | ||
| Q2 25 | 20.8% | 10.6% | ||
| Q1 25 | 21.6% | 12.6% | ||
| Q4 24 | 22.3% | 11.9% | ||
| Q3 24 | 21.8% | 7.4% | ||
| Q2 24 | 21.8% | 9.2% | ||
| Q1 24 | 21.8% | 8.8% |
营业利润率CDWSUN
| Q4 25 | 7.8% | 2.1% | ||
| Q3 25 | 7.7% | 4.2% | ||
| Q2 25 | 7.0% | 3.8% | ||
| Q1 25 | 7.0% | 5.7% | ||
| Q4 24 | 7.9% | 4.5% | ||
| Q3 24 | 8.7% | 1.9% | ||
| Q2 24 | 8.0% | 2.4% | ||
| Q1 24 | 6.7% | 5.4% |
净利率CDWSUN
| Q4 25 | — | 1.2% | ||
| Q3 25 | 5.1% | 2.2% | ||
| Q2 25 | 4.5% | 1.6% | ||
| Q1 25 | 4.3% | 4.0% | ||
| Q4 24 | — | 2.7% | ||
| Q3 24 | 5.7% | 0.0% | ||
| Q2 24 | 5.2% | 8.0% | ||
| Q1 24 | 4.4% | 4.2% |
每股收益（稀释后）CDWSUN
| Q4 25 | $2.13 | — | ||
| Q3 25 | $2.21 | — | ||
| Q2 25 | $2.05 | — | ||
| Q1 25 | $1.69 | — | ||
| Q4 24 | $1.97 | — | ||
| Q3 24 | $2.34 | — | ||
| Q2 24 | $2.07 | — | ||
| Q1 24 | $1.59 | — |
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 | $618.7M | $891.0M |
| 总债务越低越好 | — | $13.4B |
| 股东权益账面价值 | $2.6B | — |
| 总资产 | $16.0B | $28.4B |
| 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CDWSUN
| Q4 25 | $618.7M | $891.0M | ||
| Q3 25 | $452.9M | — | ||
| Q2 25 | $481.0M | — | ||
| Q1 25 | $688.1M | — | ||
| Q4 24 | $717.7M | $94.0M | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | $665.3M | — | ||
| Q1 24 | $803.8M | — |
总债务CDWSUN
| Q4 25 | — | $13.4B | ||
| Q3 25 | — | $9.5B | ||
| Q2 25 | — | $7.8B | ||
| Q1 25 | — | $7.7B | ||
| Q4 24 | — | $7.5B | ||
| Q3 24 | — | $7.3B | ||
| Q2 24 | — | $7.3B | ||
| Q1 24 | — | $3.8B |
股东权益CDWSUN
| Q4 25 | $2.6B | — | ||
| Q3 25 | $2.5B | — | ||
| Q2 25 | $2.5B | — | ||
| Q1 25 | $2.3B | — | ||
| Q4 24 | $2.4B | — | ||
| Q3 24 | $2.3B | — | ||
| Q2 24 | $2.2B | — | ||
| Q1 24 | $2.1B | — |
总资产CDWSUN
| Q4 25 | $16.0B | $28.4B | ||
| Q3 25 | $15.2B | $17.8B | ||
| Q2 25 | $15.3B | $14.4B | ||
| Q1 25 | $15.0B | $14.3B | ||
| Q4 24 | $14.7B | $14.4B | ||
| Q3 24 | $14.4B | $14.1B | ||
| Q2 24 | $13.6B | $14.5B | ||
| Q1 24 | $13.2B | $7.4B |
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 | $433.8M | $392.0M |
| 自由现金流经营现金流 - 资本支出 | $395.9M | — |
| 自由现金流率自由现金流/营收 | 7.2% | — |
| 资本支出强度资本支出/营收 | 0.7% | — |
| 现金转化率经营现金流/净利润 | — | 3.88× |
| 过去12个月自由现金流最近4个季度 | $1.1B | — |
8季度趋势，按日历期对齐
经营现金流CDWSUN
| Q4 25 | $433.8M | $392.0M | ||
| Q3 25 | $328.3M | $401.0M | ||
| Q2 25 | $155.9M | $243.0M | ||
| Q1 25 | $287.2M | $156.0M | ||
| Q4 24 | $345.3M | $123.0M | ||
| Q3 24 | $342.1M | $210.0M | ||
| Q2 24 | $149.9M | $-70.0M | ||
| Q1 24 | $440.0M | $286.0M |
自由现金流CDWSUN
| Q4 25 | $395.9M | — | ||
| Q3 25 | $298.5M | $244.0M | ||
| Q2 25 | $133.4M | $83.0M | ||
| Q1 25 | $260.3M | $55.0M | ||
| Q4 24 | $316.7M | — | ||
| Q3 24 | $308.5M | $109.0M | ||
| Q2 24 | $119.0M | $-140.0M | ||
| Q1 24 | $410.5M | $245.0M |
自由现金流率CDWSUN
| Q4 25 | 7.2% | — | ||
| Q3 25 | 5.2% | 4.0% | ||
| Q2 25 | 2.2% | 1.5% | ||
| Q1 25 | 5.0% | 1.1% | ||
| Q4 24 | 6.1% | — | ||
| Q3 24 | 5.6% | 1.9% | ||
| Q2 24 | 2.2% | -2.3% | ||
| Q1 24 | 8.4% | 4.5% |
资本支出强度CDWSUN
| Q4 25 | 0.7% | — | ||
| Q3 25 | 0.5% | 2.6% | ||
| Q2 25 | 0.4% | 3.0% | ||
| Q1 25 | 0.5% | 2.0% | ||
| Q4 24 | 0.6% | — | ||
| Q3 24 | 0.6% | 1.8% | ||
| Q2 24 | 0.6% | 1.1% | ||
| Q1 24 | 0.6% | 0.7% |
现金转化率CDWSUN
| Q4 25 | — | 3.88× | ||
| Q3 25 | 1.13× | 3.02× | ||
| Q2 25 | 0.57× | 2.83× | ||
| Q1 25 | 1.28× | 0.75× | ||
| Q4 24 | — | 0.87× | ||
| Q3 24 | 1.08× | 105.00× | ||
| Q2 24 | 0.53× | -0.14× | ||
| Q1 24 | 2.04× | 1.24× |
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
CDW
暂无分部数据
SUN
| Fuel Distribution | $8.2B | 95% |
| Service Revenue | $440.0M | 5% |
| Lease Revenue | $40.0M | 0% |
| Lease Income | $12.0M | 0% |
