vs
Constellation Energy（CEG）与联合太平洋（UNP）财务数据对比。点击上方公司名可切换其他公司
联合太平洋的季度营收约是Constellation Energy的1.1倍（$6.2B vs $5.7B），联合太平洋净利率更高（27.4% vs 7.6%，领先19.8%），Constellation Energy同比增速更快（25.8% vs 3.2%），联合太平洋自由现金流更多（$631.0M vs $-181.0M），过去两年Constellation Energy的营收复合增速更高（4.0% vs 1.7%）
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。
联合太平洋是美国一级货运铁路运营商，共运营8300台机车，线路总长超5.18万公里，覆盖芝加哥、新奥尔良以西的23个美国州，是全美规模仅次于BNSF的第二大铁路企业。
CEG vs UNP — 直观对比
营收规模更大
UNP
是对方的1.1倍
$5.7B
营收增速更快
CEG
高出22.7%
3.2%
净利率更高
UNP
高出19.8%
7.6%
自由现金流更多
UNP
多$812.0M
$-181.0M
两年增速更快
CEG
近两年复合增速
1.7%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $5.7B | $6.2B |
| 净利润 | $432.0M | $1.7B |
| 毛利率 | — | — |
| 营业利润率 | 10.5% | 39.5% |
| 净利率 | 7.6% | 27.4% |
| 营收同比 | 25.8% | 3.2% |
| 净利润同比 | -49.3% | 4.6% |
| 每股收益（稀释后） | $1.38 | $2.87 |
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CEGUNP
| Q1 26 | — | $6.2B | ||
| Q4 25 | $5.7B | $6.1B | ||
| Q3 25 | $5.7B | $6.2B | ||
| Q2 25 | $5.2B | $6.2B | ||
| Q1 25 | $6.1B | $6.0B | ||
| Q4 24 | $4.5B | $6.1B | ||
| Q3 24 | $4.8B | $6.1B | ||
| Q2 24 | $4.4B | $6.0B |
净利润CEGUNP
| Q1 26 | — | $1.7B | ||
| Q4 25 | $432.0M | $1.8B | ||
| Q3 25 | $930.0M | $1.8B | ||
| Q2 25 | $839.0M | $1.9B | ||
| Q1 25 | $118.0M | $1.6B | ||
| Q4 24 | $852.0M | $1.8B | ||
| Q3 24 | $1.2B | $1.7B | ||
| Q2 24 | $814.0M | $1.7B |
营业利润率CEGUNP
| Q1 26 | — | 39.5% | ||
| Q4 25 | 10.5% | 39.5% | ||
| Q3 25 | 19.0% | 40.8% | ||
| Q2 25 | 18.4% | 41.0% | ||
| Q1 25 | 7.4% | 39.3% | ||
| Q4 24 | 21.5% | 41.3% | ||
| Q3 24 | 30.7% | 39.7% | ||
| Q2 24 | 25.0% | 40.0% |
净利率CEGUNP
| Q1 26 | — | 27.4% | ||
| Q4 25 | 7.6% | 30.4% | ||
| Q3 25 | 16.3% | 28.6% | ||
| Q2 25 | 16.3% | 30.5% | ||
| Q1 25 | 1.9% | 27.0% | ||
| Q4 24 | 18.8% | 28.8% | ||
| Q3 24 | 25.1% | 27.4% | ||
| Q2 24 | 18.5% | 27.9% |
每股收益（稀释后）CEGUNP
| Q1 26 | — | $2.87 | ||
| Q4 25 | $1.38 | $3.12 | ||
| Q3 25 | $2.97 | $3.01 | ||
| Q2 25 | $2.67 | $3.15 | ||
| Q1 25 | $0.38 | $2.70 | ||
| Q4 24 | $2.71 | $2.91 | ||
| Q3 24 | $3.82 | $2.75 | ||
| Q2 24 | $2.58 | $2.74 |
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 | $735.0M |
| 总债务越低越好 | $7.4B | — |
| 股东权益账面价值 | $14.5B | — |
| 总资产 | $57.2B | $69.6B |
| 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CEGUNP
| Q1 26 | — | $735.0M | ||
| Q4 25 | $3.6B | $1.3B | ||
| Q3 25 | $4.0B | $808.0M | ||
| Q2 25 | $2.0B | $1.1B | ||
| Q1 25 | $1.8B | $1.4B | ||
| Q4 24 | $3.0B | $1.0B | ||
| Q3 24 | $1.8B | $947.0M | ||
| Q2 24 | $311.0M | $1.1B |
总债务CEGUNP
| Q1 26 | — | — | ||
| Q4 25 | $7.4B | $30.3B | ||
| Q3 25 | — | $30.3B | ||
| Q2 25 | — | $30.3B | ||
| Q1 25 | — | $30.6B | ||
| Q4 24 | $8.5B | $29.8B | ||
| Q3 24 | — | $29.8B | ||
| Q2 24 | — | $31.2B |
股东权益CEGUNP
| Q1 26 | — | — | ||
| Q4 25 | $14.5B | $18.5B | ||
| Q3 25 | $14.3B | $17.3B | ||
| Q2 25 | $13.4B | $16.3B | ||
| Q1 25 | $13.0B | $16.0B | ||
| Q4 24 | $13.2B | $16.9B | ||
| Q3 24 | $12.6B | $16.6B | ||
| Q2 24 | $11.4B | $16.5B |
总资产CEGUNP
| Q1 26 | — | $69.6B | ||
| Q4 25 | $57.2B | $69.7B | ||
| Q3 25 | $56.2B | $68.6B | ||
| Q2 25 | $53.0B | $68.6B | ||
| Q1 25 | $52.3B | $68.5B | ||
| Q4 24 | $52.9B | $67.7B | ||
| Q3 24 | $51.8B | $67.6B | ||
| Q2 24 | $51.3B | $67.8B |
负债/权益比CEGUNP
| Q1 26 | — | — | ||
| Q4 25 | 0.51× | 1.64× | ||
| Q3 25 | — | 1.75× | ||
| Q2 25 | — | 1.86× | ||
| Q1 25 | — | 1.91× | ||
| Q4 24 | 0.64× | 1.76× | ||
| Q3 24 | — | 1.79× | ||
| Q2 24 | — | 1.89× |
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 | $631.0M |
| 自由现金流率自由现金流/营收 | -3.2% | 10.1% |
| 资本支出强度资本支出/营收 | 17.3% | — |
| 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 | $4.8B |
8季度趋势，按日历期对齐
经营现金流CEGUNP
| Q1 26 | — | — | ||
| Q4 25 | $805.0M | $2.2B | ||
| Q3 25 | $1.8B | $2.5B | ||
| Q2 25 | $1.5B | $2.3B | ||
| Q1 25 | $107.0M | $2.2B | ||
| Q4 24 | $-1.0B | $2.7B | ||
| Q3 24 | $-112.0M | $2.7B | ||
| Q2 24 | $-613.0M | $1.9B |
自由现金流CEGUNP
| Q1 26 | — | $631.0M | ||
| Q4 25 | $-181.0M | $1.2B | ||
| Q3 25 | $1.5B | $1.6B | ||
| Q2 25 | $710.0M | $1.4B | ||
| Q1 25 | $-699.0M | $1.3B | ||
| Q4 24 | $-1.7B | $1.7B | ||
| Q3 24 | $-664.0M | $1.8B | ||
| Q2 24 | $-1.2B | $1.0B |
自由现金流率CEGUNP
| Q1 26 | — | 10.1% | ||
| Q4 25 | -3.2% | 20.1% | ||
| Q3 25 | 25.6% | 25.2% | ||
| Q2 25 | 13.8% | 22.7% | ||
| Q1 25 | -11.4% | 21.6% | ||
| Q4 24 | -38.6% | 28.4% | ||
| Q3 24 | -13.9% | 29.9% | ||
| Q2 24 | -26.3% | 16.8% |
资本支出强度CEGUNP
| Q1 26 | — | — | ||
| Q4 25 | 17.3% | 16.4% | ||
| Q3 25 | 6.8% | 15.2% | ||
| Q2 25 | 14.9% | 15.2% | ||
| Q1 25 | 13.2% | 15.0% | ||
| Q4 24 | 16.1% | 15.1% | ||
| Q3 24 | 11.6% | 13.6% | ||
| Q2 24 | 12.4% | 15.0% |
现金转化率CEGUNP
| Q1 26 | — | — | ||
| Q4 25 | 1.86× | 1.20× | ||
| Q3 25 | 1.99× | 1.41× | ||
| Q2 25 | 1.76× | 1.24× | ||
| Q1 25 | 0.91× | 1.36× | ||
| Q4 24 | -1.19× | 1.51× | ||
| Q3 24 | -0.09× | 1.59× | ||
| Q2 24 | -0.75× | 1.14× |
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% |
UNP
| Freight revenues | $5.9B | 95% |
| Other revenues | $324.0M | 5% |
