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Constellation Energy（CEG）与庞贝捷工业（PPG）财务数据对比。点击上方公司名可切换其他公司
Constellation Energy的季度营收约是庞贝捷工业的1.4倍（$5.7B vs $3.9B），庞贝捷工业净利率更高（9.8% vs 7.6%，领先2.2%），Constellation Energy同比增速更快（25.8% vs 6.7%），过去两年Constellation Energy的营收复合增速更高（4.0% vs -9.5%）
Constellation Energy是总部位于美国马里兰州巴尔的摩的大型能源企业，核心业务涵盖电力供应、天然气供应以及专业能源管理服务，业务范围覆盖美国本土全境，累计服务的个人及企业客户总量约200万。
庞贝捷工业是总部位于美国宾夕法尼亚州匹兹堡的涂料及特种材料供应商，业务覆盖全球70多个国家，位列《财富》世界500强，按营收计算为全球第二大涂料企业，仅次于宣伟，其总部PPG广场的玻璃外立面由知名后现代建筑师菲利普·约翰逊设计。
CEG vs PPG — 直观对比
营收规模更大
CEG
是对方的1.4倍
$3.9B
营收增速更快
CEG
高出19.1%
6.7%
净利率更高
PPG
高出2.2%
7.6%
两年增速更快
CEG
近两年复合增速
-9.5%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $5.7B | $3.9B |
| 净利润 | $432.0M | $385.0M |
| 毛利率 | — | — |
| 营业利润率 | 10.5% | — |
| 净利率 | 7.6% | 9.8% |
| 营收同比 | 25.8% | 6.7% |
| 净利润同比 | -49.3% | 1.9% |
| 每股收益（稀释后） | $1.38 | — |
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CEGPPG
| Q1 26 | — | $3.9B | ||
| Q4 25 | $5.7B | $3.9B | ||
| Q3 25 | $5.7B | $4.1B | ||
| Q2 25 | $5.2B | $4.2B | ||
| Q1 25 | $6.1B | $3.7B | ||
| Q4 24 | $4.5B | $2.2B | ||
| Q3 24 | $4.8B | $4.6B | ||
| Q2 24 | $4.4B | $4.8B |
净利润CEGPPG
| Q1 26 | — | $385.0M | ||
| Q4 25 | $432.0M | $300.0M | ||
| Q3 25 | $930.0M | $453.0M | ||
| Q2 25 | $839.0M | $450.0M | ||
| Q1 25 | $118.0M | $373.0M | ||
| Q4 24 | $852.0M | $-280.0M | ||
| Q3 24 | $1.2B | $468.0M | ||
| Q2 24 | $814.0M | $528.0M |
毛利率CEGPPG
| Q1 26 | — | — | ||
| Q4 25 | — | 40.8% | ||
| Q3 25 | — | 40.6% | ||
| Q2 25 | — | 42.0% | ||
| Q1 25 | — | 41.9% | ||
| Q4 24 | — | 34.9% | ||
| Q3 24 | — | 41.8% | ||
| Q2 24 | — | 43.0% |
营业利润率CEGPPG
| Q1 26 | — | — | ||
| Q4 25 | 10.5% | 9.9% | ||
| Q3 25 | 19.0% | 16.9% | ||
| Q2 25 | 18.4% | 17.7% | ||
| Q1 25 | 7.4% | 16.5% | ||
| Q4 24 | 21.5% | 0.5% | ||
| Q3 24 | 30.7% | 15.6% | ||
| Q2 24 | 25.0% | 17.3% |
净利率CEGPPG
| Q1 26 | — | 9.8% | ||
| Q4 25 | 7.6% | 7.7% | ||
| Q3 25 | 16.3% | 11.1% | ||
| Q2 25 | 16.3% | 10.7% | ||
| Q1 25 | 1.9% | 10.1% | ||
| Q4 24 | 18.8% | -12.9% | ||
| Q3 24 | 25.1% | 10.2% | ||
| Q2 24 | 18.5% | 11.0% |
每股收益（稀释后）CEGPPG
| Q1 26 | — | — | ||
| Q4 25 | $1.38 | $1.33 | ||
| Q3 25 | $2.97 | $2.00 | ||
| Q2 25 | $2.67 | $1.98 | ||
| Q1 25 | $0.38 | $1.63 | ||
| Q4 24 | $2.71 | $-1.18 | ||
| Q3 24 | $3.82 | $2.00 | ||
| Q2 24 | $2.58 | $2.24 |
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 | $3.6B | $1.6B |
| 总债务越低越好 | $7.4B | $6.4B |
| 股东权益账面价值 | $14.5B | — |
| 总资产 | $57.2B | — |
| 负债/权益比越低杠杆越低 | 0.51× | — |
8季度趋势，按日历期对齐
现金及短期投资CEGPPG
| Q1 26 | — | $1.6B | ||
| Q4 25 | $3.6B | $2.2B | ||
| Q3 25 | $4.0B | $1.9B | ||
| Q2 25 | $2.0B | $1.6B | ||
| Q1 25 | $1.8B | $1.9B | ||
| Q4 24 | $3.0B | $1.4B | ||
| Q3 24 | $1.8B | $1.3B | ||
| Q2 24 | $311.0M | $1.2B |
总债务CEGPPG
| Q1 26 | — | $6.4B | ||
| Q4 25 | $7.4B | $7.3B | ||
| Q3 25 | — | $7.3B | ||
| Q2 25 | — | $7.3B | ||
| Q1 25 | — | $7.2B | ||
| Q4 24 | $8.5B | $5.8B | ||
| Q3 24 | — | $6.5B | ||
| Q2 24 | — | $6.4B |
股东权益CEGPPG
| Q1 26 | — | — | ||
| Q4 25 | $14.5B | $7.9B | ||
| Q3 25 | $14.3B | $7.8B | ||
| Q2 25 | $13.4B | $7.6B | ||
| Q1 25 | $13.0B | $6.9B | ||
| Q4 24 | $13.2B | $6.8B | ||
| Q3 24 | $12.6B | $7.8B | ||
| Q2 24 | $11.4B | $7.8B |
总资产CEGPPG
| Q1 26 | — | — | ||
| Q4 25 | $57.2B | $22.1B | ||
| Q3 25 | $56.2B | $22.1B | ||
| Q2 25 | $53.0B | $22.1B | ||
| Q1 25 | $52.3B | $21.1B | ||
| Q4 24 | $52.9B | $19.4B | ||
| Q3 24 | $51.8B | $21.9B | ||
| Q2 24 | $51.3B | $21.7B |
负债/权益比CEGPPG
| Q1 26 | — | — | ||
| Q4 25 | 0.51× | 0.92× | ||
| Q3 25 | — | 0.94× | ||
| Q2 25 | — | 0.97× | ||
| Q1 25 | — | 1.05× | ||
| Q4 24 | 0.64× | 0.86× | ||
| Q3 24 | — | 0.83× | ||
| Q2 24 | — | 0.82× |
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 | $805.0M | — |
| 自由现金流经营现金流 - 资本支出 | $-181.0M | — |
| 自由现金流率自由现金流/营收 | -3.2% | — |
| 资本支出强度资本支出/营收 | 17.3% | 5.0% |
| 现金转化率经营现金流/净利润 | 1.86× | — |
| 过去12个月自由现金流最近4个季度 | $1.3B | — |
8季度趋势，按日历期对齐
经营现金流CEGPPG
| Q1 26 | — | — | ||
| Q4 25 | $805.0M | $887.0M | ||
| Q3 25 | $1.8B | $685.0M | ||
| Q2 25 | $1.5B | $387.0M | ||
| Q1 25 | $107.0M | $-18.0M | ||
| Q4 24 | $-1.0B | $346.0M | ||
| Q3 24 | $-112.0M | $769.0M | ||
| Q2 24 | $-613.0M | $365.0M |
自由现金流CEGPPG
| Q1 26 | — | — | ||
| Q4 25 | $-181.0M | $586.0M | ||
| Q3 25 | $1.5B | $538.0M | ||
| Q2 25 | $710.0M | $266.0M | ||
| Q1 25 | $-699.0M | $-227.0M | ||
| Q4 24 | $-1.7B | $148.0M | ||
| Q3 24 | $-664.0M | $620.0M | ||
| Q2 24 | $-1.2B | $247.0M |
自由现金流率CEGPPG
| Q1 26 | — | — | ||
| Q4 25 | -3.2% | 15.0% | ||
| Q3 25 | 25.6% | 13.2% | ||
| Q2 25 | 13.8% | 6.3% | ||
| Q1 25 | -11.4% | -6.2% | ||
| Q4 24 | -38.6% | 6.8% | ||
| Q3 24 | -13.9% | 13.6% | ||
| Q2 24 | -26.3% | 5.2% |
资本支出强度CEGPPG
| Q1 26 | — | 5.0% | ||
| Q4 25 | 17.3% | 7.7% | ||
| Q3 25 | 6.8% | 3.6% | ||
| Q2 25 | 14.9% | 2.9% | ||
| Q1 25 | 13.2% | 5.7% | ||
| Q4 24 | 16.1% | 9.1% | ||
| Q3 24 | 11.6% | 3.3% | ||
| Q2 24 | 12.4% | 2.5% |
现金转化率CEGPPG
| Q1 26 | — | — | ||
| Q4 25 | 1.86× | 2.96× | ||
| Q3 25 | 1.99× | 1.51× | ||
| Q2 25 | 1.76× | 0.86× | ||
| Q1 25 | 0.91× | -0.05× | ||
| Q4 24 | -1.19× | — | ||
| Q3 24 | -0.09× | 1.64× | ||
| Q2 24 | -0.75× | 0.69× |
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
CEG
| Constellation Mid Atlantic | $1.6B | 29% |
| Constellation Midwest | $1.3B | 23% |
| Constellation Other Regions | $1.1B | 20% |
| Other | $660.0M | 12% |
| Constellation New York | $618.0M | 11% |
| Constellation ERCOT | $292.0M | 5% |
PPG
| Industrial Coatings | $1.6B | 42% |
| Performance Coatings | $1.3B | 34% |
| Global Architectural Coatings | $965.0M | 25% |
