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Calumet, Inc.（CLMT）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Calumet, Inc.的8.3倍（$8.6B vs $1.0B）。Sunoco LP净利率更高（1.2% vs -3.6%，领先4.8%）
Calumet是总部位于美国的特种产品企业，专注于生产和分销高价值碳氢化合物与特种化学品，产品覆盖特种油、润滑剂、蜡制品及可再生燃料解决方案，服务北美及全球的工业、消费、交通等下游领域。
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。
CLMT vs SUN — 直观对比
营收规模更大
SUN
是对方的8.3倍
$1.0B
净利率更高
SUN
高出4.8%
-3.6%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $1.0B | $8.6B |
| 净利润 | $-37.3M | $101.0M |
| 毛利率 | -0.3% | 10.7% |
| 营业利润率 | -6.2% | 2.1% |
| 净利率 | -3.6% | 1.2% |
| 营收同比 | — | 63.2% |
| 净利润同比 | — | -28.4% |
| 每股收益（稀释后） | $-0.43 | — |
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CLMTSUN
| Q4 25 | $1.0B | $8.6B | ||
| Q3 25 | $1.1B | $6.0B | ||
| Q2 25 | $1.0B | $5.4B | ||
| Q1 25 | $993.9M | $5.2B | ||
| Q4 24 | — | $5.3B | ||
| Q3 24 | $1.1B | $5.8B | ||
| Q2 24 | $1.1B | $6.2B | ||
| Q1 24 | — | $5.5B |
净利润CLMTSUN
| Q4 25 | $-37.3M | $101.0M | ||
| Q3 25 | $313.4M | $133.0M | ||
| Q2 25 | $-147.9M | $86.0M | ||
| Q1 25 | $-162.0M | $207.0M | ||
| Q4 24 | — | $141.0M | ||
| Q3 24 | $-100.6M | $2.0M | ||
| Q2 24 | $-39.1M | $493.0M | ||
| Q1 24 | — | $230.0M |
毛利率CLMTSUN
| Q4 25 | -0.3% | 10.7% | ||
| Q3 25 | 34.7% | 10.7% | ||
| Q2 25 | -4.2% | 10.6% | ||
| Q1 25 | -8.2% | 12.6% | ||
| Q4 24 | — | 11.9% | ||
| Q3 24 | 0.4% | 7.4% | ||
| Q2 24 | 5.6% | 9.2% | ||
| Q1 24 | — | 8.8% |
营业利润率CLMTSUN
| Q4 25 | -6.2% | 2.1% | ||
| Q3 25 | 30.0% | 4.2% | ||
| Q2 25 | -9.8% | 3.8% | ||
| Q1 25 | -4.9% | 5.7% | ||
| Q4 24 | — | 4.5% | ||
| Q3 24 | -5.2% | 1.9% | ||
| Q2 24 | 0.5% | 2.4% | ||
| Q1 24 | — | 5.4% |
净利率CLMTSUN
| Q4 25 | -3.6% | 1.2% | ||
| Q3 25 | 29.1% | 2.2% | ||
| Q2 25 | -14.4% | 1.6% | ||
| Q1 25 | -16.3% | 4.0% | ||
| Q4 24 | — | 2.7% | ||
| Q3 24 | -9.1% | 0.0% | ||
| Q2 24 | -3.4% | 8.0% | ||
| Q1 24 | — | 4.2% |
每股收益（稀释后）CLMTSUN
| Q4 25 | $-0.43 | — | ||
| Q3 25 | $3.61 | — | ||
| Q2 25 | $-1.70 | — | ||
| Q1 25 | $-1.87 | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $-1.18 | — | ||
| Q2 24 | $-0.48 | — | ||
| Q1 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 | $125.1M | $891.0M |
| 总债务越低越好 | $2.1B | $13.4B |
| 股东权益账面价值 | $-732.7M | — |
| 总资产 | $2.7B | $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CLMTSUN
| Q4 25 | $125.1M | $891.0M | ||
| Q3 25 | $94.6M | — | ||
| Q2 25 | $110.6M | — | ||
| Q1 25 | $123.4M | — | ||
| Q4 24 | — | $94.0M | ||
| Q3 24 | $34.6M | — | ||
| Q2 24 | $7.0M | — | ||
| Q1 24 | — | — |
总债务CLMTSUN
| Q4 25 | $2.1B | $13.4B | ||
| Q3 25 | $2.1B | $9.5B | ||
| Q2 25 | $2.1B | $7.8B | ||
| Q1 25 | $2.3B | $7.7B | ||
| Q4 24 | — | $7.5B | ||
| Q3 24 | $1.7B | $7.3B | ||
| Q2 24 | — | $7.3B | ||
| Q1 24 | — | $3.8B |
股东权益CLMTSUN
| Q4 25 | $-732.7M | — | ||
| Q3 25 | $-695.3M | — | ||
| Q2 25 | $-1.0B | — | ||
| Q1 25 | $-862.3M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $-672.2M | — | ||
| Q2 24 | $-566.4M | — | ||
| Q1 24 | — | — |
总资产CLMTSUN
| Q4 25 | $2.7B | $28.4B | ||
| Q3 25 | $2.7B | $17.8B | ||
| Q2 25 | $2.8B | $14.4B | ||
| Q1 25 | $2.8B | $14.3B | ||
| Q4 24 | — | $14.4B | ||
| Q3 24 | $2.6B | $14.1B | ||
| Q2 24 | $100 | $14.5B | ||
| Q1 24 | — | $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 | $116.5M | $392.0M |
| 自由现金流经营现金流 - 资本支出 | $103.8M | — |
| 自由现金流率自由现金流/营收 | 10.0% | — |
| 资本支出强度资本支出/营收 | 1.2% | — |
| 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 | $56.6M | — |
8季度趋势，按日历期对齐
经营现金流CLMTSUN
| Q4 25 | $116.5M | $392.0M | ||
| Q3 25 | $23.5M | $401.0M | ||
| Q2 25 | $-1.8M | $243.0M | ||
| Q1 25 | $-29.3M | $156.0M | ||
| Q4 24 | — | $123.0M | ||
| Q3 24 | $-15.5M | $210.0M | ||
| Q2 24 | — | $-70.0M | ||
| Q1 24 | — | $286.0M |
自由现金流CLMTSUN
| Q4 25 | $103.8M | — | ||
| Q3 25 | $15.1M | $244.0M | ||
| Q2 25 | $-15.4M | $83.0M | ||
| Q1 25 | $-46.9M | $55.0M | ||
| Q4 24 | — | — | ||
| Q3 24 | $-32.2M | $109.0M | ||
| Q2 24 | — | $-140.0M | ||
| Q1 24 | — | $245.0M |
自由现金流率CLMTSUN
| Q4 25 | 10.0% | — | ||
| Q3 25 | 1.4% | 4.0% | ||
| Q2 25 | -1.5% | 1.5% | ||
| Q1 25 | -4.7% | 1.1% | ||
| Q4 24 | — | — | ||
| Q3 24 | -2.9% | 1.9% | ||
| Q2 24 | — | -2.3% | ||
| Q1 24 | — | 4.5% |
资本支出强度CLMTSUN
| Q4 25 | 1.2% | — | ||
| Q3 25 | 0.8% | 2.6% | ||
| Q2 25 | 1.3% | 3.0% | ||
| Q1 25 | 1.8% | 2.0% | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.5% | 1.8% | ||
| Q2 24 | 2.2% | 1.1% | ||
| Q1 24 | — | 0.7% |
现金转化率CLMTSUN
| Q4 25 | — | 3.88× | ||
| Q3 25 | 0.07× | 3.02× | ||
| Q2 25 | — | 2.83× | ||
| Q1 25 | — | 0.75× | ||
| Q4 24 | — | 0.87× | ||
| Q3 24 | — | 105.00× | ||
| Q2 24 | — | -0.14× | ||
| Q1 24 | — | 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
CLMT
| Specialty Products And Solutions | $675.9M | 65% |
| Montana Renewables | $294.2M | 28% |
| Performance Brands | $68.5M | 7% |
SUN
| Fuel Distribution | $8.2B | 95% |
| Service Revenue | $440.0M | 5% |
| Lease Revenue | $40.0M | 0% |
| Lease Income | $12.0M | 0% |
