vs
HF Sinclair Corp（DINO）与华纳兄弟探索（WBD）财务数据对比。点击上方公司名可切换其他公司
华纳兄弟探索的季度营收约是HF Sinclair Corp的1.5倍（$9.5B vs $6.5B），HF Sinclair Corp净利率更高（-0.4% vs -2.7%，领先2.2%），HF Sinclair Corp同比增速更快（-0.6% vs -5.7%），华纳兄弟探索自由现金流更多（$1.4B vs $-123.0M），过去两年华纳兄弟探索的营收复合增速更高（-2.5% vs -4.1%）
HF Sinclair是总部位于美国得克萨斯州达拉斯的能源企业，主要从事汽油、柴油、航空燃油、可再生柴油、特种润滑油、特种化学品、特种改性沥青等多类能源化工产品的生产与销售。
华纳兄弟探索是一家总部位于美国纽约的跨国大众传媒与娱乐集团，于2022年4月8日由AT&T拆分出的华纳媒体与原探索公司合并成立，旗下拥有丰富的影视内容、流媒体平台及纪实娱乐IP资源，业务覆盖全球多个国家和地区。
DINO vs WBD — 直观对比
营收规模更大
WBD
是对方的1.5倍
$6.5B
营收增速更快
DINO
高出5.1%
-5.7%
净利率更高
DINO
高出2.2%
-2.7%
自由现金流更多
WBD
多$1.5B
$-123.0M
两年增速更快
WBD
近两年复合增速
-4.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.5B | $9.5B |
| 净利润 | $-28.0M | $-252.0M |
| 毛利率 | — | — |
| 营业利润率 | 0.1% | 3.7% |
| 净利率 | -0.4% | -2.7% |
| 营收同比 | -0.6% | -5.7% |
| 净利润同比 | 86.9% | 49.0% |
| 每股收益（稀释后） | $-0.15 | $-0.10 |
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DINOWBD
| Q4 25 | $6.5B | $9.5B | ||
| Q3 25 | $7.3B | $9.0B | ||
| Q2 25 | $6.8B | $9.8B | ||
| Q1 25 | $6.4B | $9.0B | ||
| Q4 24 | $6.5B | $10.0B | ||
| Q3 24 | $7.2B | $9.6B | ||
| Q2 24 | $7.8B | $9.7B | ||
| Q1 24 | $7.0B | $10.0B |
净利润DINOWBD
| Q4 25 | $-28.0M | $-252.0M | ||
| Q3 25 | $403.0M | $-148.0M | ||
| Q2 25 | $208.0M | $1.6B | ||
| Q1 25 | $-4.0M | $-453.0M | ||
| Q4 24 | $-213.5M | $-494.0M | ||
| Q3 24 | $-75.9M | $135.0M | ||
| Q2 24 | $151.8M | $-10.0B | ||
| Q1 24 | $314.7M | $-966.0M |
毛利率DINOWBD
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 15.7% | — |
营业利润率DINOWBD
| Q4 25 | 0.1% | 3.7% | ||
| Q3 25 | 7.8% | 6.8% | ||
| Q2 25 | 4.1% | -1.9% | ||
| Q1 25 | 1.3% | -0.4% | ||
| Q4 24 | -3.5% | 1.6% | ||
| Q3 24 | -1.7% | 2.9% | ||
| Q2 24 | 2.5% | -105.1% | ||
| Q1 24 | 5.8% | -2.7% |
净利率DINOWBD
| Q4 25 | -0.4% | -2.7% | ||
| Q3 25 | 5.6% | -1.6% | ||
| Q2 25 | 3.1% | 16.1% | ||
| Q1 25 | -0.1% | -5.0% | ||
| Q4 24 | -3.3% | -4.9% | ||
| Q3 24 | -1.1% | 1.4% | ||
| Q2 24 | 1.9% | -102.8% | ||
| Q1 24 | 4.5% | -9.7% |
每股收益（稀释后）DINOWBD
| Q4 25 | $-0.15 | $-0.10 | ||
| Q3 25 | $2.15 | $-0.06 | ||
| Q2 25 | $1.10 | $0.63 | ||
| Q1 25 | $-0.02 | $-0.18 | ||
| Q4 24 | $-1.05 | $-0.20 | ||
| Q3 24 | $-0.40 | $0.05 | ||
| Q2 24 | $0.79 | $-4.07 | ||
| Q1 24 | $1.57 | $-0.40 |
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 | $978.0M | $4.6B |
| 总债务越低越好 | $2.8B | $32.4B |
| 股东权益账面价值 | $9.2B | $35.9B |
| 总资产 | $16.5B | $100.1B |
| 负债/权益比越低杠杆越低 | 0.30× | 0.90× |
8季度趋势，按日历期对齐
现金及短期投资DINOWBD
| Q4 25 | $978.0M | $4.6B | ||
| Q3 25 | $1.5B | $4.3B | ||
| Q2 25 | $874.0M | $4.9B | ||
| Q1 25 | $547.0M | $3.9B | ||
| Q4 24 | $800.0M | $5.3B | ||
| Q3 24 | $1.2B | $3.3B | ||
| Q2 24 | $866.3M | $3.6B | ||
| Q1 24 | $1.2B | $3.0B |
总债务DINOWBD
| Q4 25 | $2.8B | $32.4B | ||
| Q3 25 | $2.8B | $33.4B | ||
| Q2 25 | $2.7B | $34.4B | ||
| Q1 25 | $2.7B | $34.6B | ||
| Q4 24 | $2.6B | $36.8B | ||
| Q3 24 | — | $37.2B | ||
| Q2 24 | — | $37.3B | ||
| Q1 24 | — | $39.1B |
股东权益DINOWBD
| Q4 25 | $9.2B | $35.9B | ||
| Q3 25 | $9.4B | $36.0B | ||
| Q2 25 | $9.3B | $36.0B | ||
| Q1 25 | $9.2B | $33.8B | ||
| Q4 24 | $9.3B | $34.0B | ||
| Q3 24 | $9.6B | $35.1B | ||
| Q2 24 | $9.9B | $34.3B | ||
| Q1 24 | $10.2B | $44.2B |
总资产DINOWBD
| Q4 25 | $16.5B | $100.1B | ||
| Q3 25 | $17.3B | $100.5B | ||
| Q2 25 | $16.8B | $101.7B | ||
| Q1 25 | $16.5B | $101.7B | ||
| Q4 24 | $16.6B | $104.6B | ||
| Q3 24 | $16.9B | $106.3B | ||
| Q2 24 | $17.4B | $108.0B | ||
| Q1 24 | $17.9B | $119.8B |
负债/权益比DINOWBD
| Q4 25 | 0.30× | 0.90× | ||
| Q3 25 | 0.29× | 0.93× | ||
| Q2 25 | 0.29× | 0.95× | ||
| Q1 25 | 0.29× | 1.02× | ||
| Q4 24 | 0.29× | 1.08× | ||
| Q3 24 | — | 1.06× | ||
| Q2 24 | — | 1.09× | ||
| Q1 24 | — | 0.89× |
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 | $8.0M | $1.8B |
| 自由现金流经营现金流 - 资本支出 | $-123.0M | $1.4B |
| 自由现金流率自由现金流/营收 | -1.9% | 14.6% |
| 资本支出强度资本支出/营收 | 2.0% | 4.5% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $866.0M | $3.1B |
8季度趋势，按日历期对齐
经营现金流DINOWBD
| Q4 25 | $8.0M | $1.8B | ||
| Q3 25 | $809.0M | $979.0M | ||
| Q2 25 | $587.0M | $983.0M | ||
| Q1 25 | $-89.0M | $553.0M | ||
| Q4 24 | $-140.4M | $2.7B | ||
| Q3 24 | $707.6M | $847.0M | ||
| Q2 24 | $225.9M | $1.2B | ||
| Q1 24 | $316.9M | $585.0M |
自由现金流DINOWBD
| Q4 25 | $-123.0M | $1.4B | ||
| Q3 25 | $688.0M | $701.0M | ||
| Q2 25 | $476.0M | $702.0M | ||
| Q1 25 | $-175.0M | $302.0M | ||
| Q4 24 | $-313.5M | $2.4B | ||
| Q3 24 | $584.0M | $632.0M | ||
| Q2 24 | $141.7M | $976.0M | ||
| Q1 24 | $227.8M | $390.0M |
自由现金流率DINOWBD
| Q4 25 | -1.9% | 14.6% | ||
| Q3 25 | 9.5% | 7.8% | ||
| Q2 25 | 7.0% | 7.2% | ||
| Q1 25 | -2.7% | 3.4% | ||
| Q4 24 | -4.8% | 24.2% | ||
| Q3 24 | 8.1% | 6.6% | ||
| Q2 24 | 1.8% | 10.0% | ||
| Q1 24 | 3.2% | 3.9% |
资本支出强度DINOWBD
| Q4 25 | 2.0% | 4.5% | ||
| Q3 25 | 1.7% | 3.1% | ||
| Q2 25 | 1.6% | 2.9% | ||
| Q1 25 | 1.4% | 2.8% | ||
| Q4 24 | 2.7% | 2.9% | ||
| Q3 24 | 1.7% | 2.2% | ||
| Q2 24 | 1.1% | 2.6% | ||
| Q1 24 | 1.3% | 2.0% |
现金转化率DINOWBD
| Q4 25 | — | — | ||
| Q3 25 | 2.01× | — | ||
| Q2 25 | 2.82× | 0.62× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 6.27× | ||
| Q2 24 | 1.49× | — | ||
| Q1 24 | 1.01× | — |
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
DINO
| Transportation Fuels | $5.0B | 77% |
| Lubricants And Specialties Segment | $586.0M | 9% |
| Lubricants And Specialty Products | $531.0M | 8% |
| Crude Oil | $213.0M | 3% |
| Renewables Segment | $163.0M | 3% |
| Midstream Segment | $35.0M | 1% |
| Transportation And Logistic Services | $34.0M | 1% |
WBD
| Distribution Revenue | $4.8B | 51% |
| Global Linear Networks | $4.2B | 44% |
| Service Other | $307.0M | 3% |
| Related Party | $204.0M | 2% |
| Other | $7.0M | 0% |
