vs
华特迪士尼（DIS）与马拉松石油（MPC）财务数据对比。点击上方公司名可切换其他公司
马拉松石油的季度营收约是华特迪士尼的1.3倍（$32.6B vs $26.0B），华特迪士尼净利率更高（9.2% vs 4.7%，领先4.5%），华特迪士尼同比增速更快（5.2% vs -1.7%），马拉松石油自由现金流更多（$1.9B vs $-2.3B），过去两年华特迪士尼的营收复合增速更高（8.5% vs -0.2%）
华特迪士尼是总部位于美国加利福尼亚州伯班克的跨国大众传媒及娱乐综合集团，1923年10月16日由华特·迪士尼与罗伊·奥利弗·迪士尼兄弟以动画工作室名义创立，后数度更名，于1986年正式采用现名，在全球娱乐产业拥有极高影响力。
马拉松石油是总部位于美国俄亥俄州芬德利的能源企业，核心业务覆盖石油炼制、销售与运输全链条。该公司此前为马拉松石油集团的全资子公司，于2011年完成分拆后独立运营。
DIS vs MPC — 直观对比
营收规模更大
MPC
是对方的1.3倍
$26.0B
营收增速更快
DIS
高出6.9%
-1.7%
净利率更高
DIS
高出4.5%
4.7%
自由现金流更多
MPC
多$4.2B
$-2.3B
两年增速更快
DIS
近两年复合增速
-0.2%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $26.0B | $32.6B |
| 净利润 | $2.4B | $1.5B |
| 毛利率 | — | 11.4% |
| 营业利润率 | 17.7% | 8.3% |
| 净利率 | 9.2% | 4.7% |
| 营收同比 | 5.2% | -1.7% |
| 净利润同比 | -6.0% | 313.7% |
| 每股收益（稀释后） | $1.34 | $4.99 |
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DISMPC
| Q4 25 | $26.0B | $32.6B | ||
| Q3 25 | $22.5B | $34.8B | ||
| Q2 25 | $23.6B | $33.8B | ||
| Q1 25 | $23.6B | $31.5B | ||
| Q4 24 | $24.7B | $33.1B | ||
| Q3 24 | $22.6B | $35.1B | ||
| Q2 24 | $23.2B | $37.9B | ||
| Q1 24 | $22.1B | $32.7B |
净利润DISMPC
| Q4 25 | $2.4B | $1.5B | ||
| Q3 25 | $1.3B | $1.4B | ||
| Q2 25 | $5.3B | $1.2B | ||
| Q1 25 | $3.3B | $-74.0M | ||
| Q4 24 | $2.6B | $371.0M | ||
| Q3 24 | $460.0M | $622.0M | ||
| Q2 24 | $2.6B | $1.5B | ||
| Q1 24 | $-20.0M | $937.0M |
毛利率DISMPC
| Q4 25 | — | 11.4% | ||
| Q3 25 | — | 10.4% | ||
| Q2 25 | — | 11.2% | ||
| Q1 25 | — | 6.8% | ||
| Q4 24 | — | 7.8% | ||
| Q3 24 | — | 8.4% | ||
| Q2 24 | — | 10.5% | ||
| Q1 24 | — | 9.5% |
营业利润率DISMPC
| Q4 25 | 17.7% | 8.3% | ||
| Q3 25 | 15.5% | 7.8% | ||
| Q2 25 | 19.3% | 6.5% | ||
| Q1 25 | 18.8% | 2.2% | ||
| Q4 24 | 20.5% | 3.4% | ||
| Q3 24 | 16.2% | 3.8% | ||
| Q2 24 | 18.2% | 6.7% | ||
| Q1 24 | 17.4% | 5.5% |
净利率DISMPC
| Q4 25 | 9.2% | 4.7% | ||
| Q3 25 | 5.8% | 3.9% | ||
| Q2 25 | 22.2% | 3.6% | ||
| Q1 25 | 13.9% | -0.2% | ||
| Q4 24 | 10.3% | 1.1% | ||
| Q3 24 | 2.0% | 1.8% | ||
| Q2 24 | 11.3% | 4.0% | ||
| Q1 24 | -0.1% | 2.9% |
每股收益（稀释后）DISMPC
| Q4 25 | $1.34 | $4.99 | ||
| Q3 25 | $0.72 | $4.51 | ||
| Q2 25 | $2.92 | $3.96 | ||
| Q1 25 | $1.81 | $-0.24 | ||
| Q4 24 | $1.40 | $1.30 | ||
| Q3 24 | $0.26 | $1.87 | ||
| Q2 24 | $1.43 | $4.33 | ||
| Q1 24 | $-0.01 | $2.58 |
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 | $5.7B | $3.7B |
| 总债务越低越好 | — | $30.5B |
| 股东权益账面价值 | $108.5B | $17.3B |
| 总资产 | $202.1B | $84.0B |
| 负债/权益比越低杠杆越低 | — | 1.76× |
8季度趋势，按日历期对齐
现金及短期投资DISMPC
| Q4 25 | $5.7B | $3.7B | ||
| Q3 25 | $5.7B | $2.7B | ||
| Q2 25 | $5.4B | $1.7B | ||
| Q1 25 | $5.9B | $3.8B | ||
| Q4 24 | $5.5B | $3.2B | ||
| Q3 24 | $6.0B | $5.1B | ||
| Q2 24 | $6.0B | $8.5B | ||
| Q1 24 | $6.6B | $7.6B |
总债务DISMPC
| Q4 25 | — | $30.5B | ||
| Q3 25 | $42.0B | $31.2B | ||
| Q2 25 | — | $26.8B | ||
| Q1 25 | — | $26.8B | ||
| Q4 24 | — | $24.4B | ||
| Q3 24 | $45.8B | $24.1B | ||
| Q2 24 | — | $24.0B | ||
| Q1 24 | — | $24.8B |
股东权益DISMPC
| Q4 25 | $108.5B | $17.3B | ||
| Q3 25 | $109.9B | $17.1B | ||
| Q2 25 | $109.1B | $16.6B | ||
| Q1 25 | $104.3B | $16.4B | ||
| Q4 24 | $101.9B | $17.7B | ||
| Q3 24 | $100.7B | $18.9B | ||
| Q2 24 | $100.6B | $21.3B | ||
| Q1 24 | $99.3B | $22.9B |
总资产DISMPC
| Q4 25 | $202.1B | $84.0B | ||
| Q3 25 | $197.5B | $83.2B | ||
| Q2 25 | $196.6B | $78.5B | ||
| Q1 25 | $195.8B | $81.6B | ||
| Q4 24 | $197.0B | $78.9B | ||
| Q3 24 | $196.2B | $79.8B | ||
| Q2 24 | $197.8B | $85.2B | ||
| Q1 24 | $195.1B | $85.5B |
负债/权益比DISMPC
| Q4 25 | — | 1.76× | ||
| Q3 25 | 0.38× | 1.83× | ||
| Q2 25 | — | 1.61× | ||
| Q1 25 | — | 1.64× | ||
| Q4 24 | — | 1.38× | ||
| Q3 24 | 0.45× | 1.27× | ||
| Q2 24 | — | 1.13× | ||
| Q1 24 | — | 1.08× |
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 | $735.0M | $3.1B |
| 自由现金流经营现金流 - 资本支出 | $-2.3B | $1.9B |
| 自由现金流率自由现金流/营收 | -8.8% | 5.8% |
| 资本支出强度资本支出/营收 | 11.6% | 3.6% |
| 现金转化率经营现金流/净利润 | 0.31× | 2.00× |
| 过去12个月自由现金流最近4个季度 | $7.1B | $4.8B |
8季度趋势，按日历期对齐
经营现金流DISMPC
| Q4 25 | $735.0M | $3.1B | ||
| Q3 25 | $4.5B | $2.6B | ||
| Q2 25 | $3.7B | $2.6B | ||
| Q1 25 | $6.8B | $-64.0M | ||
| Q4 24 | $3.2B | $2.2B | ||
| Q3 24 | $5.5B | $1.7B | ||
| Q2 24 | $2.6B | $3.2B | ||
| Q1 24 | $3.7B | $1.5B |
自由现金流DISMPC
| Q4 25 | $-2.3B | $1.9B | ||
| Q3 25 | $2.6B | $1.7B | ||
| Q2 25 | $1.9B | $1.9B | ||
| Q1 25 | $4.9B | $-727.0M | ||
| Q4 24 | $739.0M | $1.4B | ||
| Q3 24 | $4.0B | $1.0B | ||
| Q2 24 | $1.2B | $2.8B | ||
| Q1 24 | $2.4B | $947.0M |
自由现金流率DISMPC
| Q4 25 | -8.8% | 5.8% | ||
| Q3 25 | 11.4% | 4.8% | ||
| Q2 25 | 8.0% | 5.8% | ||
| Q1 25 | 20.7% | -2.3% | ||
| Q4 24 | 3.0% | 4.2% | ||
| Q3 24 | 17.8% | 2.9% | ||
| Q2 24 | 5.3% | 7.3% | ||
| Q1 24 | 10.9% | 2.9% |
资本支出强度DISMPC
| Q4 25 | 11.6% | 3.6% | ||
| Q3 25 | 8.5% | 2.7% | ||
| Q2 25 | 7.5% | 2.1% | ||
| Q1 25 | 7.9% | 2.1% | ||
| Q4 24 | 10.0% | 2.4% | ||
| Q3 24 | 6.6% | 1.9% | ||
| Q2 24 | 5.9% | 1.3% | ||
| Q1 24 | 5.7% | 1.8% |
现金转化率DISMPC
| Q4 25 | 0.31× | 2.00× | ||
| Q3 25 | 3.41× | 1.90× | ||
| Q2 25 | 0.70× | 2.17× | ||
| Q1 25 | 2.06× | — | ||
| Q4 24 | 1.25× | 5.95× | ||
| Q3 24 | 12.00× | 2.71× | ||
| Q2 24 | 0.99× | 2.14× | ||
| Q1 24 | — | 1.64× |
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
DIS
| Subscription And Affiliate Fees | $7.3B | 28% |
| Sports Segment | $4.9B | 19% |
| Sports Third Party | $4.5B | 17% |
| Products | $2.8B | 11% |
| Resortandvacations | $2.4B | 9% |
| Content Sales | $1.9B | 7% |
| Advertising | $1.8B | 7% |
| Other Revenue | $455.0M | 2% |
| License | $193.0M | 1% |
MPC
| Refined Products | $28.6B | 88% |
| Midstream | $1.4B | 4% |
| Crude Oil | $1.2B | 4% |
| Renewable Diesel | $851.0M | 3% |
| Related Party | $536.0M | 2% |
| Services & Other | $466.0M | 1% |
