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Delek US Holdings, Inc.（DK）与Sunoco LP（SUN）财务数据对比。点击上方公司名可切换其他公司
Sunoco LP的季度营收约是Delek US Holdings, Inc.的3.5倍（$8.6B vs $2.4B）。Delek US Holdings, Inc.净利率更高（3.2% vs 1.2%，领先2.0%）。Sunoco LP同比增速更快（63.2% vs 2.3%）。过去两年Sunoco LP的营收复合增速更高（25.1% 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。
Sunoco LP是总部位于美国得克萨斯州达拉斯的业主有限合伙企业，在特拉华州注册成立，历史最早可追溯至1886年。公司最初为垂直一体化能源企业，现已转型为燃油分销商及能源基础设施运营商，此前曾涉足油气勘探开采、炼化、化工生产及燃油零售业务，目前上述业务均已剥离。
DK vs SUN — 直观对比
营收规模更大
SUN
是对方的3.5倍
$2.4B
营收增速更快
SUN
高出60.9%
2.3%
净利率更高
DK
高出2.0%
1.2%
两年增速更快
SUN
近两年复合增速
-11.9%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $2.4B | $8.6B |
| 净利润 | $78.3M | $101.0M |
| 毛利率 | 9.3% | 10.7% |
| 营业利润率 | 6.8% | 2.1% |
| 净利率 | 3.2% | 1.2% |
| 营收同比 | 2.3% | 63.2% |
| 净利润同比 | 118.9% | -28.4% |
| 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DKSUN
| Q4 25 | $2.4B | $8.6B | ||
| Q3 25 | $2.9B | $6.0B | ||
| Q2 25 | $2.8B | $5.4B | ||
| Q1 25 | $2.6B | $5.2B | ||
| Q4 24 | $2.4B | $5.3B | ||
| Q3 24 | $3.0B | $5.8B | ||
| Q2 24 | $3.3B | $6.2B | ||
| Q1 24 | $3.1B | $5.5B |
净利润DKSUN
| Q4 25 | $78.3M | $101.0M | ||
| Q3 25 | $178.0M | $133.0M | ||
| Q2 25 | $-106.4M | $86.0M | ||
| Q1 25 | $-172.7M | $207.0M | ||
| Q4 24 | $-413.8M | $141.0M | ||
| Q3 24 | $-76.8M | $2.0M | ||
| Q2 24 | $-37.2M | $493.0M | ||
| Q1 24 | $-32.6M | $230.0M |
毛利率DKSUN
| Q4 25 | 9.3% | 10.7% | ||
| Q3 25 | 13.8% | 10.7% | ||
| Q2 25 | 1.9% | 10.6% | ||
| Q1 25 | -2.4% | 12.6% | ||
| Q4 24 | -5.7% | 11.9% | ||
| Q3 24 | -0.7% | 7.4% | ||
| Q2 24 | 0.5% | 9.2% | ||
| Q1 24 | 3.0% | 8.8% |
营业利润率DKSUN
| Q4 25 | 6.8% | 2.1% | ||
| Q3 25 | 10.2% | 4.2% | ||
| Q2 25 | -1.2% | 3.8% | ||
| Q1 25 | -4.8% | 5.7% | ||
| Q4 24 | -17.0% | 4.5% | ||
| Q3 24 | -4.0% | 1.9% | ||
| Q2 24 | 0.1% | 2.4% | ||
| Q1 24 | 0.9% | 5.4% |
净利率DKSUN
| Q4 25 | 3.2% | 1.2% | ||
| Q3 25 | 6.2% | 2.2% | ||
| Q2 25 | -3.8% | 1.6% | ||
| Q1 25 | -6.5% | 4.0% | ||
| Q4 24 | -17.4% | 2.7% | ||
| Q3 24 | -2.5% | 0.0% | ||
| Q2 24 | -1.1% | 8.0% | ||
| Q1 24 | -1.0% | 4.2% |
每股收益（稀释后）DKSUN
| 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 | $891.0M |
| 总债务越低越好 | $3.2B | $13.4B |
| 股东权益账面价值 | $547.3M | — |
| 总资产 | $6.8B | $28.4B |
| 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DKSUN
| Q4 25 | $625.8M | $891.0M | ||
| Q3 25 | $630.9M | — | ||
| Q2 25 | $615.5M | — | ||
| Q1 25 | $623.8M | — | ||
| Q4 24 | $735.6M | $94.0M | ||
| Q3 24 | $1.0B | — | ||
| Q2 24 | $657.9M | — | ||
| Q1 24 | $753.4M | — |
总债务DKSUN
| Q4 25 | $3.2B | $13.4B | ||
| Q3 25 | $3.2B | $9.5B | ||
| Q2 25 | $3.1B | $7.8B | ||
| Q1 25 | $3.0B | $7.7B | ||
| Q4 24 | $2.8B | $7.5B | ||
| Q3 24 | $2.8B | $7.3B | ||
| Q2 24 | $2.5B | $7.3B | ||
| Q1 24 | $2.5B | $3.8B |
股东权益DKSUN
| 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DKSUN
| Q4 25 | $6.8B | $28.4B | ||
| Q3 25 | $7.1B | $17.8B | ||
| Q2 25 | $7.1B | $14.4B | ||
| Q1 25 | $6.9B | $14.3B | ||
| Q4 24 | $6.7B | $14.4B | ||
| Q3 24 | $7.0B | $14.1B | ||
| Q2 24 | $6.9B | $14.5B | ||
| Q1 24 | $7.2B | $7.4B |
负债/权益比DKSUN
| 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 | $392.0M |
| 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× | 3.88× |
| 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DKSUN
| Q4 25 | $502.8M | $392.0M | ||
| Q3 25 | $44.0M | $401.0M | ||
| Q2 25 | $51.4M | $243.0M | ||
| Q1 25 | $-62.4M | $156.0M | ||
| Q4 24 | $-163.5M | $123.0M | ||
| Q3 24 | $-21.6M | $210.0M | ||
| Q2 24 | $-48.4M | $-70.0M | ||
| Q1 24 | $166.7M | $286.0M |
自由现金流DKSUN
| Q4 25 | $382.8M | — | ||
| Q3 25 | $-64.0M | $244.0M | ||
| Q2 25 | $-114.4M | $83.0M | ||
| Q1 25 | $-198.1M | $55.0M | ||
| Q4 24 | $-354.0M | — | ||
| Q3 24 | $-140.6M | $109.0M | ||
| Q2 24 | $-128.3M | $-140.0M | ||
| Q1 24 | $128.4M | $245.0M |
自由现金流率DKSUN
| Q4 25 | 15.8% | — | ||
| Q3 25 | -2.2% | 4.0% | ||
| Q2 25 | -4.1% | 1.5% | ||
| Q1 25 | -7.5% | 1.1% | ||
| Q4 24 | -14.9% | — | ||
| Q3 24 | -4.6% | 1.9% | ||
| Q2 24 | -3.9% | -2.3% | ||
| Q1 24 | 4.1% | 4.5% |
资本支出强度DKSUN
| Q4 25 | 4.9% | — | ||
| Q3 25 | 3.7% | 2.6% | ||
| Q2 25 | 6.0% | 3.0% | ||
| Q1 25 | 5.1% | 2.0% | ||
| Q4 24 | 8.0% | — | ||
| Q3 24 | 3.9% | 1.8% | ||
| Q2 24 | 2.4% | 1.1% | ||
| Q1 24 | 1.2% | 0.7% |
现金转化率DKSUN
| Q4 25 | 6.42× | 3.88× | ||
| Q3 25 | 0.25× | 3.02× | ||
| Q2 25 | — | 2.83× | ||
| Q1 25 | — | 0.75× | ||
| Q4 24 | — | 0.87× | ||
| Q3 24 | — | 105.00× | ||
| Q2 24 | — | -0.14× | ||
| Q1 24 | — | 1.24× |
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% |
SUN
| Fuel Distribution | $8.2B | 95% |
| Service Revenue | $440.0M | 5% |
| Lease Revenue | $40.0M | 0% |
| Lease Income | $12.0M | 0% |
