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酷澎（CPNG）与Southern Company（SO）财务数据对比。点击上方公司名可切换其他公司
酷澎的季度营收约是Southern Company的1.3倍（$8.8B vs $7.0B），Southern Company净利率更高（4.9% vs -0.3%，领先5.2%），酷澎同比增速更快（10.9% vs 10.1%），酷澎自由现金流更多（$-278.0M vs $-1.7B），过去两年酷澎的营收复合增速更高（11.4% vs 2.5%）
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。
Southern Company是美国燃气电力公用事业控股企业，总部位于佐治亚州亚特兰大，在阿拉巴马州伯明翰设有行政办公室。截至2021年按用户规模计为美国第二大公用事业公司，旗下子公司覆盖6个州，为900万燃气及电力用户提供服务，供电区域达12万平方英里。
CPNG vs SO — 直观对比
营收规模更大
CPNG
是对方的1.3倍
$7.0B
营收增速更快
CPNG
高出0.8%
10.1%
净利率更高
SO
高出5.2%
-0.3%
自由现金流更多
CPNG
多$1.4B
$-1.7B
两年增速更快
CPNG
近两年复合增速
2.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $8.8B | $7.0B |
| 净利润 | $-26.0M | $341.0M |
| 毛利率 | 28.8% | — |
| 营业利润率 | 0.1% | 13.1% |
| 净利率 | -0.3% | 4.9% |
| 营收同比 | 10.9% | 10.1% |
| 净利润同比 | -116.7% | -26.8% |
| 每股收益（稀释后） | $-0.02 | $0.38 |
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CPNGSO
| Q4 25 | $8.8B | $7.0B | ||
| Q3 25 | $9.3B | $7.8B | ||
| Q2 25 | $8.5B | $7.0B | ||
| Q1 25 | $7.9B | $7.8B | ||
| Q4 24 | $8.0B | $6.3B | ||
| Q3 24 | $7.9B | $7.3B | ||
| Q2 24 | $7.3B | $6.5B | ||
| Q1 24 | $7.1B | $6.6B |
净利润CPNGSO
| Q4 25 | $-26.0M | $341.0M | ||
| Q3 25 | $95.0M | $1.7B | ||
| Q2 25 | $32.0M | $880.0M | ||
| Q1 25 | $107.0M | $1.3B | ||
| Q4 24 | $156.0M | $466.0M | ||
| Q3 24 | $70.0M | $1.5B | ||
| Q2 24 | $-77.0M | $1.2B | ||
| Q1 24 | $5.0M | $1.1B |
毛利率CPNGSO
| Q4 25 | 28.8% | — | ||
| Q3 25 | 29.4% | — | ||
| Q2 25 | 30.0% | — | ||
| Q1 25 | 29.3% | — | ||
| Q4 24 | 31.3% | — | ||
| Q3 24 | 28.8% | — | ||
| Q2 24 | 29.3% | — | ||
| Q1 24 | 27.1% | — |
营业利润率CPNGSO
| Q4 25 | 0.1% | 13.1% | ||
| Q3 25 | 1.7% | 33.2% | ||
| Q2 25 | 1.7% | 25.3% | ||
| Q1 25 | 1.9% | 25.9% | ||
| Q4 24 | 3.9% | 16.7% | ||
| Q3 24 | 1.4% | 32.6% | ||
| Q2 24 | -0.3% | 30.0% | ||
| Q1 24 | 0.6% | 25.6% |
净利率CPNGSO
| Q4 25 | -0.3% | 4.9% | ||
| Q3 25 | 1.0% | 21.9% | ||
| Q2 25 | 0.4% | 12.6% | ||
| Q1 25 | 1.4% | 16.3% | ||
| Q4 24 | 2.0% | 7.3% | ||
| Q3 24 | 0.9% | 21.1% | ||
| Q2 24 | -1.1% | 18.6% | ||
| Q1 24 | 0.1% | 16.1% |
每股收益（稀释后）CPNGSO
| Q4 25 | $-0.02 | $0.38 | ||
| Q3 25 | $0.05 | $1.54 | ||
| Q2 25 | $0.02 | $0.79 | ||
| Q1 25 | $0.06 | $1.21 | ||
| Q4 24 | $0.08 | $0.48 | ||
| Q3 24 | $0.04 | $1.39 | ||
| Q2 24 | $-0.04 | $1.09 | ||
| Q1 24 | $0.00 | $1.03 |
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 | $1.6B |
| 总债务越低越好 | $648.0M | $65.6B |
| 股东权益账面价值 | $4.6B | $36.0B |
| 总资产 | $17.8B | $155.7B |
| 负债/权益比越低杠杆越低 | 0.14× | 1.82× |
8季度趋势，按日历期对齐
现金及短期投资CPNGSO
| Q4 25 | $6.3B | $1.6B | ||
| Q3 25 | $7.2B | $3.3B | ||
| Q2 25 | $6.8B | $1.3B | ||
| Q1 25 | $6.1B | $2.3B | ||
| Q4 24 | $5.9B | $1.1B | ||
| Q3 24 | $5.8B | $1.0B | ||
| Q2 24 | $5.5B | $1.2B | ||
| Q1 24 | $5.2B | $713.0M |
总债务CPNGSO
| Q4 25 | $648.0M | $65.6B | ||
| Q3 25 | — | $64.6B | ||
| Q2 25 | — | $63.0B | ||
| Q1 25 | — | $62.9B | ||
| Q4 24 | $988.0M | $58.8B | ||
| Q3 24 | — | $61.3B | ||
| Q2 24 | — | $59.9B | ||
| Q1 24 | — | $59.4B |
股东权益CPNGSO
| Q4 25 | $4.6B | $36.0B | ||
| Q3 25 | $4.7B | $38.3B | ||
| Q2 25 | $4.7B | $37.3B | ||
| Q1 25 | $4.4B | $37.2B | ||
| Q4 24 | $4.1B | $33.2B | ||
| Q3 24 | $4.2B | $36.9B | ||
| Q2 24 | $3.9B | $36.1B | ||
| Q1 24 | $4.1B | $35.6B |
总资产CPNGSO
| Q4 25 | $17.8B | $155.7B | ||
| Q3 25 | $18.7B | $153.2B | ||
| Q2 25 | $17.8B | $148.9B | ||
| Q1 25 | $16.0B | $148.1B | ||
| Q4 24 | $15.3B | $145.2B | ||
| Q3 24 | $16.3B | $144.0B | ||
| Q2 24 | $15.2B | $141.9B | ||
| Q1 24 | $14.9B | $140.1B |
负债/权益比CPNGSO
| Q4 25 | 0.14× | 1.82× | ||
| Q3 25 | — | 1.69× | ||
| Q2 25 | — | 1.69× | ||
| Q1 25 | — | 1.69× | ||
| Q4 24 | 0.24× | 1.77× | ||
| Q3 24 | — | 1.66× | ||
| Q2 24 | — | 1.66× | ||
| Q1 24 | — | 1.67× |
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 | $2.6B |
| 自由现金流经营现金流 - 资本支出 | $-278.0M | $-1.7B |
| 自由现金流率自由现金流/营收 | -3.1% | -24.2% |
| 资本支出强度资本支出/营收 | 4.1% | 61.4% |
| 现金转化率经营现金流/净利润 | — | 7.62× |
| 过去12个月自由现金流最近4个季度 | $522.0M | $-2.9B |
8季度趋势，按日历期对齐
经营现金流CPNGSO
| Q4 25 | $82.0M | $2.6B | ||
| Q3 25 | $792.0M | $3.8B | ||
| Q2 25 | $545.0M | $2.2B | ||
| Q1 25 | $354.0M | $1.3B | ||
| Q4 24 | $676.0M | $2.2B | ||
| Q3 24 | $334.0M | $3.6B | ||
| Q2 24 | $664.0M | $2.7B | ||
| Q1 24 | $212.0M | $1.3B |
自由现金流CPNGSO
| Q4 25 | $-278.0M | $-1.7B | ||
| Q3 25 | $439.0M | $559.0M | ||
| Q2 25 | $246.0M | $-619.0M | ||
| Q1 25 | $115.0M | $-1.2B | ||
| Q4 24 | $462.0M | $-576.0M | ||
| Q3 24 | $-46.0M | $1.3B | ||
| Q2 24 | $486.0M | $563.0M | ||
| Q1 24 | $105.0M | $-459.0M |
自由现金流率CPNGSO
| Q4 25 | -3.1% | -24.2% | ||
| Q3 25 | 4.7% | 7.1% | ||
| Q2 25 | 2.9% | -8.9% | ||
| Q1 25 | 1.5% | -15.3% | ||
| Q4 24 | 5.8% | -9.1% | ||
| Q3 24 | -0.6% | 17.9% | ||
| Q2 24 | 6.6% | 8.7% | ||
| Q1 24 | 1.5% | -6.9% |
资本支出强度CPNGSO
| Q4 25 | 4.1% | 61.4% | ||
| Q3 25 | 3.8% | 41.1% | ||
| Q2 25 | 3.5% | 40.2% | ||
| Q1 25 | 3.0% | 31.3% | ||
| Q4 24 | 2.7% | 43.4% | ||
| Q3 24 | 4.8% | 31.8% | ||
| Q2 24 | 2.4% | 32.9% | ||
| Q1 24 | 1.5% | 26.6% |
现金转化率CPNGSO
| Q4 25 | — | 7.62× | ||
| Q3 25 | 8.34× | 2.21× | ||
| Q2 25 | 17.03× | 2.48× | ||
| Q1 25 | 3.31× | 0.98× | ||
| Q4 24 | 4.33× | 4.66× | ||
| Q3 24 | 4.77× | 2.36× | ||
| Q2 24 | — | 2.23× | ||
| Q1 24 | 42.40× | 1.22× |
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% |
SO
| Other | $3.9B | 57% |
| Retail Electric Commercial | $1.6B | 23% |
| Natural Gas Distribution Residential | $689.0M | 10% |
| Natural Gas Distribution Transportation | $371.0M | 5% |
| Wholesale Non Affiliates | $123.0M | 2% |
| Natural Gas Distribution Other | $76.0M | 1% |
| Wholesale Electric Non PPA Revenues | $62.0M | 1% |
| Wholesale Affiliates | $55.0M | 1% |
| Retail Electric Other | $31.0M | 0% |
| Alternative Energy | $20.0M | 0% |
| Natural Gas Distribution Industrial | $15.0M | 0% |
