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酷澎（CPNG）与PLAINS ALL AMERICAN PIPELINE LP（PAA）财务数据对比。点击上方公司名可切换其他公司
PLAINS ALL AMERICAN PIPELINE LP的季度营收约是酷澎的1.1倍（$10.0B vs $8.8B），PLAINS ALL AMERICAN PIPELINE LP净利率更高（3.4% vs -0.3%，领先3.7%），酷澎同比增速更快（10.9% vs -19.1%），PLAINS ALL AMERICAN PIPELINE LP自由现金流更多（$638.0M vs $-278.0M），过去两年酷澎的营收复合增速更高（11.4% vs -8.6%）
酷澎（Coupang, Inc.）是2010年由金范锡创立的科技与线上零售企业，注册地为美国特拉华州，总部设于华盛顿州西雅图。公司核心业务覆盖电商零售、食品配送及OTT流媒体服务，业务布局及办公网点遍及韩国、中国台湾、美国、印度、日本、新加坡等多个国家和地区。
本公司为业主有限合伙企业，主营美国及加拿大地区液化石油气与石油的管道运输、销售及存储业务。旗下拥有总长度约29560公里的管线，原油、天然气凝液、天然气存储容量分别为7500万桶、2800万桶、680亿立方英尺，另有5座天然气加工厂，总部位于得克萨斯州休斯顿市中心艾伦中心。
CPNG vs PAA — 直观对比
营收规模更大
PAA
是对方的1.1倍
$8.8B
营收增速更快
CPNG
高出30.0%
-19.1%
净利率更高
PAA
高出3.7%
-0.3%
自由现金流更多
PAA
多$916.0M
$-278.0M
两年增速更快
CPNG
近两年复合增速
-8.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $8.8B | $10.0B |
| 净利润 | $-26.0M | $341.0M |
| 毛利率 | 28.8% | 7.0% |
| 营业利润率 | 0.1% | 1.8% |
| 净利率 | -0.3% | 3.4% |
| 营收同比 | 10.9% | -19.1% |
| 净利润同比 | -116.7% | 847.2% |
| 每股收益（稀释后） | $-0.02 | — |
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CPNGPAA
| Q4 25 | $8.8B | $10.0B | ||
| Q3 25 | $9.3B | $11.6B | ||
| Q2 25 | $8.5B | $10.6B | ||
| Q1 25 | $7.9B | $12.0B | ||
| Q4 24 | $8.0B | $12.4B | ||
| Q3 24 | $7.9B | $12.7B | ||
| Q2 24 | $7.3B | $12.9B | ||
| Q1 24 | $7.1B | $12.0B |
净利润CPNGPAA
| Q4 25 | $-26.0M | $341.0M | ||
| Q3 25 | $95.0M | $441.0M | ||
| Q2 25 | $32.0M | $210.0M | ||
| Q1 25 | $107.0M | $443.0M | ||
| Q4 24 | $156.0M | $36.0M | ||
| Q3 24 | $70.0M | $220.0M | ||
| Q2 24 | $-77.0M | $250.0M | ||
| Q1 24 | $5.0M | $266.0M |
毛利率CPNGPAA
| Q4 25 | 28.8% | 7.0% | ||
| Q3 25 | 29.4% | 8.6% | ||
| Q2 25 | 30.0% | 8.3% | ||
| Q1 25 | 29.3% | 10.4% | ||
| Q4 24 | 31.3% | 9.5% | ||
| Q3 24 | 28.8% | 9.3% | ||
| Q2 24 | 29.3% | 8.3% | ||
| Q1 24 | 27.1% | 9.0% |
营业利润率CPNGPAA
| Q4 25 | 0.1% | 1.8% | ||
| Q3 25 | 1.7% | 4.2% | ||
| Q2 25 | 1.7% | 2.2% | ||
| Q1 25 | 1.9% | 4.4% | ||
| Q4 24 | 3.9% | 0.7% | ||
| Q3 24 | 1.4% | 2.7% | ||
| Q2 24 | -0.3% | 2.9% | ||
| Q1 24 | 0.6% | 3.1% |
净利率CPNGPAA
| Q4 25 | -0.3% | 3.4% | ||
| Q3 25 | 1.0% | 3.8% | ||
| Q2 25 | 0.4% | 2.0% | ||
| Q1 25 | 1.4% | 3.7% | ||
| Q4 24 | 2.0% | 0.3% | ||
| Q3 24 | 0.9% | 1.7% | ||
| Q2 24 | -1.1% | 1.9% | ||
| Q1 24 | 0.1% | 2.2% |
每股收益（稀释后）CPNGPAA
| Q4 25 | $-0.02 | — | ||
| Q3 25 | $0.05 | — | ||
| Q2 25 | $0.02 | — | ||
| Q1 25 | $0.06 | — | ||
| Q4 24 | $0.08 | — | ||
| Q3 24 | $0.04 | — | ||
| Q2 24 | $-0.04 | — | ||
| Q1 24 | $0.00 | — |
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 | $6.3B | $328.0M |
| 总债务越低越好 | $648.0M | $10.7B |
| 股东权益账面价值 | $4.6B | — |
| 总资产 | $17.8B | $30.2B |
| 负债/权益比越低杠杆越低 | 0.14× | — |
8季度趋势，按日历期对齐
现金及短期投资CPNGPAA
| Q4 25 | $6.3B | $328.0M | ||
| Q3 25 | $7.2B | $1.2B | ||
| Q2 25 | $6.8B | $459.0M | ||
| Q1 25 | $6.1B | $427.0M | ||
| Q4 24 | $5.9B | $348.0M | ||
| Q3 24 | $5.8B | $640.0M | ||
| Q2 24 | $5.5B | $553.0M | ||
| Q1 24 | $5.2B | $331.0M |
总债务CPNGPAA
| Q4 25 | $648.0M | $10.7B | ||
| Q3 25 | — | $8.4B | ||
| Q2 25 | — | $8.2B | ||
| Q1 25 | — | $8.2B | ||
| Q4 24 | $988.0M | $7.2B | ||
| Q3 24 | — | $7.2B | ||
| Q2 24 | — | $7.2B | ||
| Q1 24 | — | $7.3B |
股东权益CPNGPAA
| Q4 25 | $4.6B | — | ||
| Q3 25 | $4.7B | — | ||
| Q2 25 | $4.7B | — | ||
| Q1 25 | $4.4B | — | ||
| Q4 24 | $4.1B | — | ||
| Q3 24 | $4.2B | — | ||
| Q2 24 | $3.9B | — | ||
| Q1 24 | $4.1B | — |
总资产CPNGPAA
| Q4 25 | $17.8B | $30.2B | ||
| Q3 25 | $18.7B | $28.1B | ||
| Q2 25 | $17.8B | $27.2B | ||
| Q1 25 | $16.0B | $27.1B | ||
| Q4 24 | $15.3B | $26.6B | ||
| Q3 24 | $16.3B | $27.2B | ||
| Q2 24 | $15.2B | $27.5B | ||
| Q1 24 | $14.9B | $27.4B |
负债/权益比CPNGPAA
| Q4 25 | 0.14× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.24× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $82.0M | $786.0M |
| 自由现金流经营现金流 - 资本支出 | $-278.0M | $638.0M |
| 自由现金流率自由现金流/营收 | -3.1% | 6.4% |
| 资本支出强度资本支出/营收 | 4.1% | 1.5% |
| 现金转化率经营现金流/净利润 | — | 2.30× |
| 过去12个月自由现金流最近4个季度 | $522.0M | $2.3B |
8季度趋势，按日历期对齐
经营现金流CPNGPAA
| Q4 25 | $82.0M | $786.0M | ||
| Q3 25 | $792.0M | $817.0M | ||
| Q2 25 | $545.0M | $694.0M | ||
| Q1 25 | $354.0M | $639.0M | ||
| Q4 24 | $676.0M | $727.0M | ||
| Q3 24 | $334.0M | $691.0M | ||
| Q2 24 | $664.0M | $653.0M | ||
| Q1 24 | $212.0M | $419.0M |
自由现金流CPNGPAA
| Q4 25 | $-278.0M | $638.0M | ||
| Q3 25 | $439.0M | $632.0M | ||
| Q2 25 | $246.0M | $575.0M | ||
| Q1 25 | $115.0M | $448.0M | ||
| Q4 24 | $462.0M | $561.0M | ||
| Q3 24 | $-46.0M | $534.0M | ||
| Q2 24 | $486.0M | $514.0M | ||
| Q1 24 | $105.0M | $262.0M |
自由现金流率CPNGPAA
| Q4 25 | -3.1% | 6.4% | ||
| Q3 25 | 4.7% | 5.5% | ||
| Q2 25 | 2.9% | 5.4% | ||
| Q1 25 | 1.5% | 3.7% | ||
| Q4 24 | 5.8% | 4.5% | ||
| Q3 24 | -0.6% | 4.2% | ||
| Q2 24 | 6.6% | 4.0% | ||
| Q1 24 | 1.5% | 2.2% |
资本支出强度CPNGPAA
| Q4 25 | 4.1% | 1.5% | ||
| Q3 25 | 3.8% | 1.6% | ||
| Q2 25 | 3.5% | 1.1% | ||
| Q1 25 | 3.0% | 1.6% | ||
| Q4 24 | 2.7% | 1.3% | ||
| Q3 24 | 4.8% | 1.2% | ||
| Q2 24 | 2.4% | 1.1% | ||
| Q1 24 | 1.5% | 1.3% |
现金转化率CPNGPAA
| Q4 25 | — | 2.30× | ||
| Q3 25 | 8.34× | 1.85× | ||
| Q2 25 | 17.03× | 3.30× | ||
| Q1 25 | 3.31× | 1.44× | ||
| Q4 24 | 4.33× | 20.19× | ||
| Q3 24 | 4.77× | 3.14× | ||
| Q2 24 | — | 2.61× | ||
| Q1 24 | 42.40× | 1.58× |
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
CPNG
| Products | $6.6B | 75% |
| Third Party Merchant Services | $1.9B | 22% |
| Service Other | $296.0M | 3% |
PAA
| Products | $9.6B | 96% |
| Transportation | $341.0M | 3% |
| Terminalling Storage And Other | $90.0M | 1% |
| Affiliated Entity | $14.0M | 0% |
