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Salesforce（CRM）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
Salesforce的季度营收约是PLAINS ALL AMERICAN PIPELINE LP的1.0倍（$10.3B vs $10.0B），Salesforce净利率更高（20.3% vs 3.4%，领先16.9%），Salesforce同比增速更快（8.6% vs -19.1%），Salesforce自由现金流更多（$2.2B vs $638.0M），过去两年Salesforce的营收复合增速更高（5.1% vs -8.6%）
Salesforce是总部位于美国加利福尼亚州旧金山的云软件企业，提供销售管理、客户服务、营销自动化、电子商务、数据分析、人工智能、代理式AI及应用开发等领域的企业级数字化解决方案，助力企业提升运营效率、优化客户关系管理。
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。
CRM vs PAA — 直观对比
营收规模更大
CRM
是对方的1.0倍
$10.0B
营收增速更快
CRM
高出27.7%
-19.1%
净利率更高
CRM
高出16.9%
3.4%
自由现金流更多
CRM
多$1.5B
$638.0M
两年增速更快
CRM
近两年复合增速
-8.6%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $10.3B | $10.0B |
| 净利润 | $2.1B | $341.0M |
| 毛利率 | 78.0% | 7.0% |
| 营业利润率 | 21.3% | 1.8% |
| 净利率 | 20.3% | 3.4% |
| 营收同比 | 8.6% | -19.1% |
| 净利润同比 | 36.6% | 847.2% |
| 每股收益（稀释后） | $2.19 | — |
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CRMPAA
| Q4 25 | $10.3B | $10.0B | ||
| Q3 25 | $10.2B | $11.6B | ||
| Q2 25 | $9.8B | $10.6B | ||
| Q1 25 | $10.0B | $12.0B | ||
| Q4 24 | $9.4B | $12.4B | ||
| Q3 24 | $9.3B | $12.7B | ||
| Q2 24 | $9.1B | $12.9B | ||
| Q1 24 | $9.3B | $12.0B |
净利润CRMPAA
| Q4 25 | $2.1B | $341.0M | ||
| Q3 25 | $1.9B | $441.0M | ||
| Q2 25 | $1.5B | $210.0M | ||
| Q1 25 | $1.7B | $443.0M | ||
| Q4 24 | $1.5B | $36.0M | ||
| Q3 24 | $1.4B | $220.0M | ||
| Q2 24 | $1.5B | $250.0M | ||
| Q1 24 | $1.4B | $266.0M |
毛利率CRMPAA
| Q4 25 | 78.0% | 7.0% | ||
| Q3 25 | 78.1% | 8.6% | ||
| Q2 25 | 77.0% | 8.3% | ||
| Q1 25 | 77.8% | 10.4% | ||
| Q4 24 | 77.7% | 9.5% | ||
| Q3 24 | 76.8% | 9.3% | ||
| Q2 24 | 76.3% | 8.3% | ||
| Q1 24 | 76.9% | 9.0% |
营业利润率CRMPAA
| Q4 25 | 21.3% | 1.8% | ||
| Q3 25 | 22.8% | 4.2% | ||
| Q2 25 | 19.8% | 2.2% | ||
| Q1 25 | 18.2% | 4.4% | ||
| Q4 24 | 20.0% | 0.7% | ||
| Q3 24 | 19.1% | 2.7% | ||
| Q2 24 | 18.7% | 2.9% | ||
| Q1 24 | 17.5% | 3.1% |
净利率CRMPAA
| Q4 25 | 20.3% | 3.4% | ||
| Q3 25 | 18.4% | 3.8% | ||
| Q2 25 | 15.7% | 2.0% | ||
| Q1 25 | 17.1% | 3.7% | ||
| Q4 24 | 16.2% | 0.3% | ||
| Q3 24 | 15.3% | 1.7% | ||
| Q2 24 | 16.8% | 1.9% | ||
| Q1 24 | 15.6% | 2.2% |
每股收益（稀释后）CRMPAA
| Q4 25 | $2.19 | — | ||
| Q3 25 | $1.96 | — | ||
| Q2 25 | $1.59 | — | ||
| Q1 25 | $1.75 | — | ||
| Q4 24 | $1.58 | — | ||
| Q3 24 | $1.47 | — | ||
| Q2 24 | $1.56 | — | ||
| Q1 24 | $1.47 | — |
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 | $9.0B | $328.0M |
| 总债务越低越好 | $8.4B | $10.7B |
| 股东权益账面价值 | $60.0B | — |
| 总资产 | $95.1B | $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CRMPAA
| Q4 25 | $9.0B | $328.0M | ||
| Q3 25 | $10.4B | $1.2B | ||
| Q2 25 | $10.9B | $459.0M | ||
| Q1 25 | $8.8B | $427.0M | ||
| Q4 24 | $8.0B | $348.0M | ||
| Q3 24 | $7.7B | $640.0M | ||
| Q2 24 | $10.0B | $553.0M | ||
| Q1 24 | $8.5B | $331.0M |
总债务CRMPAA
| Q4 25 | $8.4B | $10.7B | ||
| Q3 25 | $8.4B | $8.4B | ||
| Q2 25 | $8.4B | $8.2B | ||
| Q1 25 | $8.4B | $8.2B | ||
| Q4 24 | $8.4B | $7.2B | ||
| Q3 24 | $8.4B | $7.2B | ||
| Q2 24 | $9.4B | $7.2B | ||
| Q1 24 | $9.4B | $7.3B |
股东权益CRMPAA
| Q4 25 | $60.0B | — | ||
| Q3 25 | $61.3B | — | ||
| Q2 25 | $60.7B | — | ||
| Q1 25 | $61.2B | — | ||
| Q4 24 | $58.5B | — | ||
| Q3 24 | $57.6B | — | ||
| Q2 24 | $59.7B | — | ||
| Q1 24 | $59.6B | — |
总资产CRMPAA
| Q4 25 | $95.1B | $30.2B | ||
| Q3 25 | $97.6B | $28.1B | ||
| Q2 25 | $98.6B | $27.2B | ||
| Q1 25 | $102.9B | $27.1B | ||
| Q4 24 | $91.4B | $26.6B | ||
| Q3 24 | $92.2B | $27.2B | ||
| Q2 24 | $96.2B | $27.5B | ||
| Q1 24 | $99.8B | $27.4B |
负债/权益比CRMPAA
| Q4 25 | 0.14× | — | ||
| Q3 25 | 0.14× | — | ||
| Q2 25 | 0.14× | — | ||
| Q1 25 | 0.14× | — | ||
| Q4 24 | 0.14× | — | ||
| Q3 24 | 0.15× | — | ||
| Q2 24 | 0.16× | — | ||
| Q1 24 | 0.16× | — |
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 | $2.3B | $786.0M |
| 自由现金流经营现金流 - 资本支出 | $2.2B | $638.0M |
| 自由现金流率自由现金流/营收 | 21.2% | 6.4% |
| 资本支出强度资本支出/营收 | 1.4% | 1.5% |
| 现金转化率经营现金流/净利润 | 1.11× | 2.30× |
| 过去12个月自由现金流最近4个季度 | $12.9B | $2.3B |
8季度趋势，按日历期对齐
经营现金流CRMPAA
| Q4 25 | $2.3B | $786.0M | ||
| Q3 25 | $740.0M | $817.0M | ||
| Q2 25 | $6.5B | $694.0M | ||
| Q1 25 | $4.0B | $639.0M | ||
| Q4 24 | $2.0B | $727.0M | ||
| Q3 24 | $892.0M | $691.0M | ||
| Q2 24 | $6.2B | $653.0M | ||
| Q1 24 | $3.4B | $419.0M |
自由现金流CRMPAA
| Q4 25 | $2.2B | $638.0M | ||
| Q3 25 | $605.0M | $632.0M | ||
| Q2 25 | $6.3B | $575.0M | ||
| Q1 25 | $3.8B | $448.0M | ||
| Q4 24 | $1.8B | $561.0M | ||
| Q3 24 | $755.0M | $534.0M | ||
| Q2 24 | $6.1B | $514.0M | ||
| Q1 24 | $3.3B | $262.0M |
自由现金流率CRMPAA
| Q4 25 | 21.2% | 6.4% | ||
| Q3 25 | 5.9% | 5.5% | ||
| Q2 25 | 64.1% | 5.4% | ||
| Q1 25 | 38.2% | 3.7% | ||
| Q4 24 | 18.8% | 4.5% | ||
| Q3 24 | 8.1% | 4.2% | ||
| Q2 24 | 66.6% | 4.0% | ||
| Q1 24 | 35.1% | 2.2% |
资本支出强度CRMPAA
| Q4 25 | 1.4% | 1.5% | ||
| Q3 25 | 1.3% | 1.6% | ||
| Q2 25 | 1.8% | 1.1% | ||
| Q1 25 | 1.5% | 1.6% | ||
| Q4 24 | 2.2% | 1.3% | ||
| Q3 24 | 1.5% | 1.2% | ||
| Q2 24 | 1.8% | 1.1% | ||
| Q1 24 | 1.6% | 1.3% |
现金转化率CRMPAA
| Q4 25 | 1.11× | 2.30× | ||
| Q3 25 | 0.39× | 1.85× | ||
| Q2 25 | 4.20× | 3.30× | ||
| Q1 25 | 2.32× | 1.44× | ||
| Q4 24 | 1.30× | 20.19× | ||
| Q3 24 | 0.62× | 3.14× | ||
| Q2 24 | 4.08× | 2.61× | ||
| Q1 24 | 2.35× | 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
CRM
| Agentforce Service | $2.5B | 24% |
| Agentforce Sales | $2.3B | 22% |
| Agentforce360Platform Slack And Other | $2.2B | 21% |
| Agentforce Integration And Agentforce Analytics | $1.4B | 14% |
| Agentforce Marketing And Agentforce Commerce | $1.4B | 13% |
| Professional Servicesand Other | $533.0M | 5% |
PAA
| Products | $9.6B | 96% |
| Transportation | $341.0M | 3% |
| Terminalling Storage And Other | $90.0M | 1% |
| Affiliated Entity | $14.0M | 0% |
