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戴德梁行（CWK）与Targa Resources（TRGP）财务数据对比。点击上方公司名可切换其他公司
Targa Resources的季度营收约是戴德梁行的1.4倍（$4.1B vs $2.9B），Targa Resources净利率更高（13.4% vs -0.8%，领先14.2%），戴德梁行同比增速更快（10.8% vs -7.9%），Targa Resources自由现金流更多（$542.3M vs $234.3M），过去两年戴德梁行的营收复合增速更高（15.5% vs 0.8%）
戴德梁行是全球化的商业地产及物业管理服务提供商，总部位于美国伊利诺伊州芝加哥，由联合创始人J·克莱兹代尔·库什曼和伯纳德·韦克菲尔德共同创立，在全球商业地产服务领域拥有广泛的业务布局与专业服务能力，为各类客户提供定制化的地产相关解决方案。
Targa Resources Corp.为财富500强企业，总部位于美国得克萨斯州休斯敦，是美国规模最大的中游能源基础设施企业之一，主营天然气及天然气凝液输送业务，运营资产主要集中在墨西哥湾沿岸，得克萨斯州与路易斯安那州为核心布局区域，马修·J·梅洛伊自2020年起担任首席执行官。
CWK vs TRGP — 直观对比
营收规模更大
TRGP
是对方的1.4倍
$2.9B
营收增速更快
CWK
高出18.8%
-7.9%
净利率更高
TRGP
高出14.2%
-0.8%
自由现金流更多
TRGP
多$308.0M
$234.3M
两年增速更快
CWK
近两年复合增速
0.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.9B | $4.1B |
| 净利润 | $-22.4M | $545.0M |
| 毛利率 | — | 43.1% |
| 营业利润率 | 6.1% | 22.6% |
| 净利率 | -0.8% | 13.4% |
| 营收同比 | 10.8% | -7.9% |
| 净利润同比 | -119.8% | 55.3% |
| 每股收益（稀释后） | $-0.10 | $2.51 |
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CWKTRGP
| Q4 25 | $2.9B | $4.1B | ||
| Q3 25 | $2.6B | $4.2B | ||
| Q2 25 | $2.5B | $4.3B | ||
| Q1 25 | $2.3B | $4.6B | ||
| Q4 24 | $2.6B | $4.4B | ||
| Q3 24 | $2.3B | $3.9B | ||
| Q2 24 | $2.3B | $3.0B | ||
| Q1 24 | $2.2B | $4.0B |
净利润CWKTRGP
| Q4 25 | $-22.4M | $545.0M | ||
| Q3 25 | $51.4M | $478.4M | ||
| Q2 25 | $57.3M | $629.1M | ||
| Q1 25 | $1.9M | $270.5M | ||
| Q4 24 | $112.9M | $350.9M | ||
| Q3 24 | $33.7M | $387.4M | ||
| Q2 24 | $13.5M | $298.5M | ||
| Q1 24 | $-28.8M | $275.2M |
毛利率CWKTRGP
| Q4 25 | — | 43.1% | ||
| Q3 25 | — | 39.6% | ||
| Q2 25 | — | 42.8% | ||
| Q1 25 | — | 28.6% | ||
| Q4 24 | — | 33.7% | ||
| Q3 24 | — | 38.6% | ||
| Q2 24 | — | 27.9% | ||
| Q1 24 | — | 19.3% |
营业利润率CWKTRGP
| Q4 25 | 6.1% | 22.6% | ||
| Q3 25 | 4.1% | 20.2% | ||
| Q2 25 | 4.9% | 24.3% | ||
| Q1 25 | 2.0% | 11.9% | ||
| Q4 24 | 6.6% | 15.9% | ||
| Q3 24 | 3.2% | 18.9% | ||
| Q2 24 | 3.1% | 20.6% | ||
| Q1 24 | 0.9% | 16.0% |
净利率CWKTRGP
| Q4 25 | -0.8% | 13.4% | ||
| Q3 25 | 2.0% | 11.5% | ||
| Q2 25 | 2.3% | 14.8% | ||
| Q1 25 | 0.1% | 5.9% | ||
| Q4 24 | 4.3% | 8.0% | ||
| Q3 24 | 1.4% | 10.1% | ||
| Q2 24 | 0.6% | 9.8% | ||
| Q1 24 | -1.3% | 6.9% |
每股收益（稀释后）CWKTRGP
| Q4 25 | $-0.10 | $2.51 | ||
| Q3 25 | $0.22 | $2.20 | ||
| Q2 25 | $0.25 | $2.87 | ||
| Q1 25 | $0.01 | $0.91 | ||
| Q4 24 | $0.49 | $1.44 | ||
| Q3 24 | $0.14 | $1.75 | ||
| Q2 24 | $0.06 | $1.33 | ||
| Q1 24 | $-0.13 | $1.22 |
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 | $784.2M | $166.1M |
| 总债务越低越好 | $2.7B | $16.7B |
| 股东权益账面价值 | $2.0B | $3.1B |
| 总资产 | $7.7B | $25.2B |
| 负债/权益比越低杠杆越低 | 1.40× | 5.43× |
8季度趋势，按日历期对齐
现金及短期投资CWKTRGP
| Q4 25 | $784.2M | $166.1M | ||
| Q3 25 | $634.4M | $124.1M | ||
| Q2 25 | $618.2M | $113.1M | ||
| Q1 25 | $623.2M | $151.4M | ||
| Q4 24 | $793.3M | $157.3M | ||
| Q3 24 | $775.4M | $127.2M | ||
| Q2 24 | $567.3M | $166.4M | ||
| Q1 24 | $553.5M | $109.9M |
总债务CWKTRGP
| Q4 25 | $2.7B | $16.7B | ||
| Q3 25 | $2.8B | $16.7B | ||
| Q2 25 | $3.0B | $16.1B | ||
| Q1 25 | $3.0B | $15.5B | ||
| Q4 24 | $3.0B | $13.8B | ||
| Q3 24 | $3.1B | $13.6B | ||
| Q2 24 | $3.1B | $13.0B | ||
| Q1 24 | $3.2B | $12.5B |
股东权益CWKTRGP
| Q4 25 | $2.0B | $3.1B | ||
| Q3 25 | $2.0B | $2.7B | ||
| Q2 25 | $1.9B | $2.6B | ||
| Q1 25 | $1.8B | $2.5B | ||
| Q4 24 | $1.8B | $2.6B | ||
| Q3 24 | $1.7B | $2.6B | ||
| Q2 24 | $1.6B | $2.5B | ||
| Q1 24 | $1.6B | $2.7B |
总资产CWKTRGP
| Q4 25 | $7.7B | $25.2B | ||
| Q3 25 | $7.7B | $24.2B | ||
| Q2 25 | $7.6B | $23.5B | ||
| Q1 25 | $7.4B | $22.8B | ||
| Q4 24 | $7.5B | $22.7B | ||
| Q3 24 | $7.5B | $21.9B | ||
| Q2 24 | $7.3B | $21.3B | ||
| Q1 24 | $7.5B | $20.8B |
负债/权益比CWKTRGP
| Q4 25 | 1.40× | 5.43× | ||
| Q3 25 | 1.45× | 6.19× | ||
| Q2 25 | 1.57× | 6.21× | ||
| Q1 25 | 1.70× | 6.34× | ||
| Q4 24 | 1.73× | 5.32× | ||
| Q3 24 | 1.81× | 5.28× | ||
| Q2 24 | 1.91× | 5.25× | ||
| Q1 24 | 1.96× | 4.63× |
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 | $257.3M | $1.5B |
| 自由现金流经营现金流 - 资本支出 | $234.3M | $542.3M |
| 自由现金流率自由现金流/营收 | 8.0% | 13.4% |
| 资本支出强度资本支出/营收 | 0.8% | 23.8% |
| 现金转化率经营现金流/净利润 | — | 2.76× |
| 过去12个月自由现金流最近4个季度 | $293.0M | $584.1M |
8季度趋势，按日历期对齐
经营现金流CWKTRGP
| Q4 25 | $257.3M | $1.5B | ||
| Q3 25 | $235.5M | $599.2M | ||
| Q2 25 | $9.6M | $858.3M | ||
| Q1 25 | $-162.0M | $954.4M | ||
| Q4 24 | $115.2M | $1.3B | ||
| Q3 24 | $196.1M | $540.9M | ||
| Q2 24 | $21.8M | $904.5M | ||
| Q1 24 | $-125.1M | $876.4M |
自由现金流CWKTRGP
| Q4 25 | $234.3M | $542.3M | ||
| Q3 25 | $225.0M | $-72.6M | ||
| Q2 25 | $300.0K | $-47.8M | ||
| Q1 25 | $-166.6M | $162.2M | ||
| Q4 24 | $105.9M | $601.0M | ||
| Q3 24 | $186.7M | $-287.9M | ||
| Q2 24 | $10.0M | $164.2M | ||
| Q1 24 | $-135.6M | $206.6M |
自由现金流率CWKTRGP
| Q4 25 | 8.0% | 13.4% | ||
| Q3 25 | 8.6% | -1.7% | ||
| Q2 25 | 0.0% | -1.1% | ||
| Q1 25 | -7.3% | 3.6% | ||
| Q4 24 | 4.0% | 13.6% | ||
| Q3 24 | 8.0% | -7.5% | ||
| Q2 24 | 0.4% | 5.4% | ||
| Q1 24 | -6.2% | 5.2% |
资本支出强度CWKTRGP
| Q4 25 | 0.8% | 23.8% | ||
| Q3 25 | 0.4% | 16.2% | ||
| Q2 25 | 0.4% | 21.3% | ||
| Q1 25 | 0.2% | 17.4% | ||
| Q4 24 | 0.4% | 16.5% | ||
| Q3 24 | 0.4% | 21.5% | ||
| Q2 24 | 0.5% | 24.3% | ||
| Q1 24 | 0.5% | 16.8% |
现金转化率CWKTRGP
| Q4 25 | — | 2.76× | ||
| Q3 25 | 4.58× | 1.25× | ||
| Q2 25 | 0.17× | 1.36× | ||
| Q1 25 | -85.26× | 3.53× | ||
| Q4 24 | 1.02× | 3.78× | ||
| Q3 24 | 5.82× | 1.40× | ||
| Q2 24 | 1.61× | 3.03× | ||
| Q1 24 | — | 3.18× |
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
CWK
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $1.8B | 61% |
| Other | $1.1B | 39% |
TRGP
| Logistics And Transportation | $3.4B | 83% |
| Natural Gas Reserves | $393.1M | 10% |
| Storage Terminaling And Export | $130.9M | 3% |
| Oil And Condensate | $112.0M | 3% |
| NGL Transportation Fractionation And Services | $64.7M | 2% |
