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Delek US Holdings, Inc.（DK）与ICAHN ENTERPRISES L.P.（IEP）财务数据对比。点击上方公司名可切换其他公司
ICAHN ENTERPRISES L.P.的季度营收约是Delek US Holdings, Inc.的1.1倍（$2.7B vs $2.4B）。Delek US Holdings, Inc.净利率更高（3.2% vs 0.0%，领先3.2%）。ICAHN ENTERPRISES L.P.同比增速更快（5.4% vs 2.3%）。Delek US Holdings, Inc.自由现金流更多（$382.8M vs $-496.0M）。过去两年ICAHN ENTERPRISES L.P.的营收复合增速更高（4.5% vs -11.9%）
Delek US Holdings, Inc.成立于2001年，总部位于美国田纳西州布伦特伍德，是一家深耕炼油、物流及生物燃料领域的能源企业，业务覆盖能源产业链上下游相关环节，为市场提供稳定的能源相关产品与配套服务。
伊坎企业有限合伙企业是美国上市的 Master 有限合伙企业与多元化集团，总部位于佛罗里达州阳光岛海滩的弥尔顿大厦。公司投资布局覆盖能源、汽车、食品包装、金属、房地产、家居时尚等多个领域，由知名投资人卡尔·伊坎控股，其持股比例达86%。
DK vs IEP — 直观对比
营收规模更大
IEP
是对方的1.1倍
$2.4B
营收增速更快
IEP
高出3.0%
2.3%
净利率更高
DK
高出3.2%
0.0%
自由现金流更多
DK
多$878.8M
$-496.0M
两年增速更快
IEP
近两年复合增速
-11.9%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $2.4B | $2.7B |
| 净利润 | $78.3M | $1.0M |
| 毛利率 | 9.3% | — |
| 营业利润率 | 6.8% | 0.6% |
| 净利率 | 3.2% | 0.0% |
| 营收同比 | 2.3% | 5.4% |
| 净利润同比 | 118.9% | 101.0% |
| 每股收益（稀释后） | $1.23 | — |
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DKIEP
| Q4 25 | $2.4B | $2.7B | ||
| Q3 25 | $2.9B | $2.7B | ||
| Q2 25 | $2.8B | $2.4B | ||
| Q1 25 | $2.6B | $1.9B | ||
| Q4 24 | $2.4B | $2.6B | ||
| Q3 24 | $3.0B | $2.8B | ||
| Q2 24 | $3.3B | $2.2B | ||
| Q1 24 | $3.1B | $2.5B |
净利润DKIEP
| Q4 25 | $78.3M | $1.0M | ||
| Q3 25 | $178.0M | $287.0M | ||
| Q2 25 | $-106.4M | $-165.0M | ||
| Q1 25 | $-172.7M | $-422.0M | ||
| Q4 24 | $-413.8M | $-98.0M | ||
| Q3 24 | $-76.8M | $22.0M | ||
| Q2 24 | $-37.2M | $-331.0M | ||
| Q1 24 | $-32.6M | $-38.0M |
毛利率DKIEP
| Q4 25 | 9.3% | — | ||
| Q3 25 | 13.8% | — | ||
| Q2 25 | 1.9% | — | ||
| Q1 25 | -2.4% | — | ||
| Q4 24 | -5.7% | — | ||
| Q3 24 | -0.7% | — | ||
| Q2 24 | 0.5% | — | ||
| Q1 24 | 3.0% | — |
营业利润率DKIEP
| Q4 25 | 6.8% | 0.6% | ||
| Q3 25 | 10.2% | 19.7% | ||
| Q2 25 | -1.2% | -10.4% | ||
| Q1 25 | -4.8% | -35.0% | ||
| Q4 24 | -17.0% | -5.2% | ||
| Q3 24 | -4.0% | 2.4% | ||
| Q2 24 | 0.1% | -21.9% | ||
| Q1 24 | 0.9% | -0.8% |
净利率DKIEP
| Q4 25 | 3.2% | 0.0% | ||
| Q3 25 | 6.2% | 10.5% | ||
| Q2 25 | -3.8% | -7.0% | ||
| Q1 25 | -6.5% | -22.6% | ||
| Q4 24 | -17.4% | -3.8% | ||
| Q3 24 | -2.5% | 0.8% | ||
| Q2 24 | -1.1% | -15.0% | ||
| Q1 24 | -1.0% | -1.5% |
每股收益（稀释后）DKIEP
| Q4 25 | $1.23 | — | ||
| Q3 25 | $2.93 | — | ||
| Q2 25 | $-1.76 | — | ||
| Q1 25 | $-2.78 | — | ||
| Q4 24 | $-6.48 | — | ||
| Q3 24 | $-1.20 | — | ||
| Q2 24 | $-0.58 | — | ||
| Q1 24 | $-0.51 | — |
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 | $625.8M | $1.4B |
| 总债务越低越好 | $3.2B | — |
| 股东权益账面价值 | $547.3M | — |
| 总资产 | $6.8B | $14.2B |
| 负债/权益比越低杠杆越低 | 5.91× | — |
8季度趋势，按日历期对齐
现金及短期投资DKIEP
| Q4 25 | $625.8M | $1.4B | ||
| Q3 25 | $630.9M | $1.8B | ||
| Q2 25 | $615.5M | $1.8B | ||
| Q1 25 | $623.8M | $2.2B | ||
| Q4 24 | $735.6M | $2.6B | ||
| Q3 24 | $1.0B | $2.3B | ||
| Q2 24 | $657.9M | $2.2B | ||
| Q1 24 | $753.4M | $2.5B |
总债务DKIEP
| Q4 25 | $3.2B | — | ||
| Q3 25 | $3.2B | — | ||
| Q2 25 | $3.1B | — | ||
| Q1 25 | $3.0B | — | ||
| Q4 24 | $2.8B | — | ||
| Q3 24 | $2.8B | — | ||
| Q2 24 | $2.5B | — | ||
| Q1 24 | $2.5B | — |
股东权益DKIEP
| Q4 25 | $547.3M | — | ||
| Q3 25 | $444.8M | — | ||
| Q2 25 | $294.9M | — | ||
| Q1 25 | $429.4M | — | ||
| Q4 24 | $575.2M | — | ||
| Q3 24 | $875.4M | — | ||
| Q2 24 | $982.8M | — | ||
| Q1 24 | $1.0B | — |
总资产DKIEP
| Q4 25 | $6.8B | $14.2B | ||
| Q3 25 | $7.1B | $14.8B | ||
| Q2 25 | $7.1B | $14.8B | ||
| Q1 25 | $6.9B | $15.5B | ||
| Q4 24 | $6.7B | $16.3B | ||
| Q3 24 | $7.0B | $17.4B | ||
| Q2 24 | $6.9B | $18.0B | ||
| Q1 24 | $7.2B | $20.1B |
负债/权益比DKIEP
| Q4 25 | 5.91× | — | ||
| Q3 25 | 7.14× | — | ||
| Q2 25 | 10.51× | — | ||
| Q1 25 | 7.07× | — | ||
| Q4 24 | 4.81× | — | ||
| Q3 24 | 3.19× | — | ||
| Q2 24 | 2.50× | — | ||
| Q1 24 | 2.41× | — |
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 | $502.8M | $-421.0M |
| 自由现金流经营现金流 - 资本支出 | $382.8M | $-496.0M |
| 自由现金流率自由现金流/营收 | 15.8% | -18.4% |
| 资本支出强度资本支出/营收 | 4.9% | 2.8% |
| 现金转化率经营现金流/净利润 | 6.42× | -421.00× |
| 过去12个月自由现金流最近4个季度 | $6.3M | $-654.0M |
8季度趋势，按日历期对齐
经营现金流DKIEP
| Q4 25 | $502.8M | $-421.0M | ||
| Q3 25 | $44.0M | $15.0M | ||
| Q2 25 | $51.4M | $275.0M | ||
| Q1 25 | $-62.4M | $-182.0M | ||
| Q4 24 | $-163.5M | $244.0M | ||
| Q3 24 | $-21.6M | $-54.0M | ||
| Q2 24 | $-48.4M | $893.0M | ||
| Q1 24 | $166.7M | $-251.0M |
自由现金流DKIEP
| Q4 25 | $382.8M | $-496.0M | ||
| Q3 25 | $-64.0M | $-67.0M | ||
| Q2 25 | $-114.4M | $179.0M | ||
| Q1 25 | $-198.1M | $-270.0M | ||
| Q4 24 | $-354.0M | $156.0M | ||
| Q3 24 | $-140.6M | $-112.0M | ||
| Q2 24 | $-128.3M | $827.0M | ||
| Q1 24 | $128.4M | $-319.0M |
自由现金流率DKIEP
| Q4 25 | 15.8% | -18.4% | ||
| Q3 25 | -2.2% | -2.5% | ||
| Q2 25 | -4.1% | 7.6% | ||
| Q1 25 | -7.5% | -14.5% | ||
| Q4 24 | -14.9% | 6.1% | ||
| Q3 24 | -4.6% | -4.0% | ||
| Q2 24 | -3.9% | 37.6% | ||
| Q1 24 | 4.1% | -12.9% |
资本支出强度DKIEP
| Q4 25 | 4.9% | 2.8% | ||
| Q3 25 | 3.7% | 3.0% | ||
| Q2 25 | 6.0% | 4.1% | ||
| Q1 25 | 5.1% | 4.7% | ||
| Q4 24 | 8.0% | 3.4% | ||
| Q3 24 | 3.9% | 2.1% | ||
| Q2 24 | 2.4% | 3.0% | ||
| Q1 24 | 1.2% | 2.8% |
现金转化率DKIEP
| Q4 25 | 6.42× | -421.00× | ||
| Q3 25 | 0.25× | 0.05× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -2.45× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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
DK
| Refining | $2.2B | 91% |
| Other | $173.0M | 7% |
| Gravity Water Intermediate Holdings LLC Gravity | $22.5M | 1% |
| Related Party | $20.8M | 1% |
| Logistics | $1.3M | 0% |
IEP
| Public Utilities Inventory Petroleum Products | $1.6B | 61% |
| Other | $381.0M | 14% |
| Automotive Services | $345.0M | 13% |
| Nitrogen Fertilizer Products | $131.0M | 5% |
| Food Packaging Segment | $82.0M | 3% |
| Home Fashion Segment | $45.0M | 2% |
| Renewable Products | $32.0M | 1% |
| Pharma Segment | $23.0M | 1% |
| Holding Company | $11.0M | 0% |
