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Delek US Holdings, Inc.（DK）与欢聚集团（JOYY）财务数据对比。点击上方公司名可切换其他公司
Delek US Holdings, Inc.的季度营收约是欢聚集团的1.6倍（$2.4B vs $1.5B），欢聚集团净利率更高（10.4% vs 3.2%，领先7.2%），过去两年欢聚集团的营收复合增速更高（16.8% 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。
欢聚集团是全球化社交媒体科技企业，主营直播、短视频、社交互动类数字娱乐服务，核心产品覆盖东南亚、中东、拉美等多个新兴市场，为全球用户提供丰富的沉浸式互动内容体验。
DK vs JOYY — 直观对比
营收规模更大
DK
是对方的1.6倍
$1.5B
净利率更高
JOYY
高出7.2%
3.2%
两年增速更快
JOYY
近两年复合增速
-11.9%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.4B | $1.5B |
| 净利润 | $78.3M | $160.1M |
| 毛利率 | 9.3% | 36.1% |
| 营业利润率 | 6.8% | 2.4% |
| 净利率 | 3.2% | 10.4% |
| 营收同比 | 2.3% | — |
| 净利润同比 | 118.9% | — |
| 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DKJOYY
| Q4 25 | $2.4B | — | ||
| Q3 25 | $2.9B | $1.5B | ||
| Q2 25 | $2.8B | $1.0B | ||
| Q1 25 | $2.6B | $494.4M | ||
| Q4 24 | $2.4B | — | ||
| Q3 24 | $3.0B | $1.7B | ||
| Q2 24 | $3.3B | $1.1B | ||
| Q1 24 | $3.1B | $564.6M |
净利润DKJOYY
| Q4 25 | $78.3M | — | ||
| Q3 25 | $178.0M | $160.1M | ||
| Q2 25 | $-106.4M | $100.9M | ||
| Q1 25 | $-172.7M | $42.9M | ||
| Q4 24 | $-413.8M | — | ||
| Q3 24 | $-76.8M | $143.9M | ||
| Q2 24 | $-37.2M | $87.9M | ||
| Q1 24 | $-32.6M | $40.2M |
毛利率DKJOYY
| Q4 25 | 9.3% | — | ||
| Q3 25 | 13.8% | 36.1% | ||
| Q2 25 | 1.9% | 36.3% | ||
| Q1 25 | -2.4% | 36.1% | ||
| Q4 24 | -5.7% | — | ||
| Q3 24 | -0.7% | 35.7% | ||
| Q2 24 | 0.5% | 34.9% | ||
| Q1 24 | 3.0% | 34.6% |
营业利润率DKJOYY
| Q4 25 | 6.8% | — | ||
| Q3 25 | 10.2% | 2.4% | ||
| Q2 25 | -1.2% | 1.8% | ||
| Q1 25 | -4.8% | 2.5% | ||
| Q4 24 | -17.0% | — | ||
| Q3 24 | -4.0% | 1.3% | ||
| Q2 24 | 0.1% | 0.5% | ||
| Q1 24 | 0.9% | 0.6% |
净利率DKJOYY
| Q4 25 | 3.2% | — | ||
| Q3 25 | 6.2% | 10.4% | ||
| Q2 25 | -3.8% | 10.1% | ||
| Q1 25 | -6.5% | 8.7% | ||
| Q4 24 | -17.4% | — | ||
| Q3 24 | -2.5% | 8.5% | ||
| Q2 24 | -1.1% | 7.8% | ||
| Q1 24 | -1.0% | 7.1% |
每股收益（稀释后）DKJOYY
| 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 | $383.8M |
| 总债务越低越好 | $3.2B | — |
| 股东权益账面价值 | $547.3M | $6.6B |
| 总资产 | $6.8B | $7.5B |
| 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DKJOYY
| Q4 25 | $625.8M | — | ||
| Q3 25 | $630.9M | $383.8M | ||
| Q2 25 | $615.5M | $401.0M | ||
| Q1 25 | $623.8M | $801.5M | ||
| Q4 24 | $735.6M | — | ||
| Q3 24 | $1.0B | $481.8M | ||
| Q2 24 | $657.9M | $607.1M | ||
| Q1 24 | $753.4M | $728.2M |
总债务DKJOYY
| 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DKJOYY
| Q4 25 | $547.3M | — | ||
| Q3 25 | $444.8M | $6.6B | ||
| Q2 25 | $294.9M | $6.6B | ||
| Q1 25 | $429.4M | $6.6B | ||
| Q4 24 | $575.2M | — | ||
| Q3 24 | $875.4M | $5.3B | ||
| Q2 24 | $982.8M | $5.3B | ||
| Q1 24 | $1.0B | $5.3B |
总资产DKJOYY
| Q4 25 | $6.8B | — | ||
| Q3 25 | $7.1B | $7.5B | ||
| Q2 25 | $7.1B | $7.5B | ||
| Q1 25 | $6.9B | $7.6B | ||
| Q4 24 | $6.7B | — | ||
| Q3 24 | $7.0B | $8.1B | ||
| Q2 24 | $6.9B | $8.1B | ||
| Q1 24 | $7.2B | $8.6B |
负债/权益比DKJOYY
| 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 | — |
| 自由现金流经营现金流 - 资本支出 | $382.8M | — |
| 自由现金流率自由现金流/营收 | 15.8% | — |
| 资本支出强度资本支出/营收 | 4.9% | — |
| 现金转化率经营现金流/净利润 | 6.42× | — |
| 过去12个月自由现金流最近4个季度 | $6.3M | — |
8季度趋势，按日历期对齐
经营现金流DKJOYY
| Q4 25 | $502.8M | — | ||
| Q3 25 | $44.0M | — | ||
| Q2 25 | $51.4M | — | ||
| Q1 25 | $-62.4M | — | ||
| Q4 24 | $-163.5M | — | ||
| Q3 24 | $-21.6M | — | ||
| Q2 24 | $-48.4M | — | ||
| Q1 24 | $166.7M | — |
自由现金流DKJOYY
| Q4 25 | $382.8M | — | ||
| Q3 25 | $-64.0M | — | ||
| Q2 25 | $-114.4M | — | ||
| Q1 25 | $-198.1M | — | ||
| Q4 24 | $-354.0M | — | ||
| Q3 24 | $-140.6M | — | ||
| Q2 24 | $-128.3M | — | ||
| Q1 24 | $128.4M | — |
自由现金流率DKJOYY
| Q4 25 | 15.8% | — | ||
| Q3 25 | -2.2% | — | ||
| Q2 25 | -4.1% | — | ||
| Q1 25 | -7.5% | — | ||
| Q4 24 | -14.9% | — | ||
| Q3 24 | -4.6% | — | ||
| Q2 24 | -3.9% | — | ||
| Q1 24 | 4.1% | — |
资本支出强度DKJOYY
| Q4 25 | 4.9% | — | ||
| Q3 25 | 3.7% | — | ||
| Q2 25 | 6.0% | — | ||
| Q1 25 | 5.1% | — | ||
| Q4 24 | 8.0% | — | ||
| Q3 24 | 3.9% | — | ||
| Q2 24 | 2.4% | — | ||
| Q1 24 | 1.2% | — |
现金转化率DKJOYY
| Q4 25 | 6.42× | — | ||
| Q3 25 | 0.25× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| 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% |
JOYY
| Live streaming | $1.1B | 74% |
| Advertising | $297.3M | 19% |
| Others | $109.8M | 7% |
