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Expand Energy（EXE）与Williams Companies（WMB）财务数据对比。点击上方公司名可切换其他公司
Williams Companies的季度营收约是Expand Energy的1.2倍（$3.8B vs $3.3B），Williams Companies净利率更高（19.1% vs 16.9%，领先2.2%），Expand Energy同比增速更快（63.5% vs 12.7%），Expand Energy自由现金流更多（$215.0M vs $-379.0M），过去两年Expand Energy的营收复合增速更高（29.6% vs 7.3%）
Expand Energy是按净日产量统计的美国最大独立天然气生产商，总部位于俄克拉荷马城，运营范围覆盖宾夕法尼亚州、西弗吉尼亚州境内马塞勒斯地层的阿巴拉契亚盆地，以及路易斯安那州西北部的海恩斯维尔页岩区块。
总部位于美国俄克拉荷马州塔尔萨的能源企业，位列《财富》美国500强，普通股为标普500指数成分股，核心业务为天然气加工与运输，同时持有石油、发电相关资产。
EXE vs WMB — 直观对比
营收规模更大
WMB
是对方的1.2倍
$3.3B
营收增速更快
EXE
高出50.9%
12.7%
净利率更高
WMB
高出2.2%
16.9%
自由现金流更多
EXE
多$594.0M
$-379.0M
两年增速更快
EXE
近两年复合增速
7.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.3B | $3.8B |
| 净利润 | $553.0M | $734.0M |
| 毛利率 | — | — |
| 营业利润率 | 22.8% | 27.3% |
| 净利率 | 16.9% | 19.1% |
| 营收同比 | 63.5% | 12.7% |
| 净利润同比 | 238.6% | 51.0% |
| 每股收益（稀释后） | $2.33 | $0.60 |
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EXEWMB
| Q4 25 | $3.3B | $3.8B | ||
| Q3 25 | $3.0B | $3.5B | ||
| Q2 25 | $3.7B | $3.4B | ||
| Q1 25 | $2.2B | $4.2B | ||
| Q4 24 | $2.0B | $3.4B | ||
| Q3 24 | $648.0M | $3.0B | ||
| Q2 24 | — | $2.8B | ||
| Q1 24 | $1.1B | $3.3B |
净利润EXEWMB
| Q4 25 | $553.0M | $734.0M | ||
| Q3 25 | $547.0M | $647.0M | ||
| Q2 25 | $968.0M | $546.0M | ||
| Q1 25 | $-249.0M | $691.0M | ||
| Q4 24 | $-399.0M | $486.0M | ||
| Q3 24 | $-114.0M | $706.0M | ||
| Q2 24 | — | $401.0M | ||
| Q1 24 | $26.0M | $632.0M |
营业利润率EXEWMB
| Q4 25 | 22.8% | 27.3% | ||
| Q3 25 | 24.4% | 31.8% | ||
| Q2 25 | 34.4% | 28.0% | ||
| Q1 25 | -12.2% | 26.1% | ||
| Q4 24 | -19.3% | 23.2% | ||
| Q3 24 | -23.9% | 27.6% | ||
| Q2 24 | — | 24.4% | ||
| Q1 24 | 3.0% | 30.3% |
净利率EXEWMB
| Q4 25 | 16.9% | 19.1% | ||
| Q3 25 | 18.4% | 18.5% | ||
| Q2 25 | 26.2% | 16.2% | ||
| Q1 25 | -11.3% | 16.5% | ||
| Q4 24 | -19.9% | 14.2% | ||
| Q3 24 | -17.6% | 23.3% | ||
| Q2 24 | — | 14.1% | ||
| Q1 24 | 2.4% | 18.9% |
每股收益（稀释后）EXEWMB
| Q4 25 | $2.33 | $0.60 | ||
| Q3 25 | $2.28 | $0.53 | ||
| Q2 25 | $4.02 | $0.45 | ||
| Q1 25 | $-1.06 | $0.56 | ||
| Q4 24 | $-2.15 | $0.39 | ||
| Q3 24 | $-0.85 | $0.58 | ||
| Q2 24 | — | $0.33 | ||
| Q1 24 | $0.18 | $0.52 |
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 | $616.0M | — |
| 总债务越低越好 | $5.0B | $27.3B |
| 股东权益账面价值 | $18.6B | $12.8B |
| 总资产 | $28.3B | $58.6B |
| 负债/权益比越低杠杆越低 | 0.27× | 2.13× |
8季度趋势，按日历期对齐
现金及短期投资EXEWMB
| Q4 25 | $616.0M | — | ||
| Q3 25 | $613.0M | — | ||
| Q2 25 | $731.0M | — | ||
| Q1 25 | $349.0M | — | ||
| Q4 24 | $317.0M | — | ||
| Q3 24 | $1.0B | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $1.2B | — |
总债务EXEWMB
| Q4 25 | $5.0B | $27.3B | ||
| Q3 25 | $5.0B | $25.6B | ||
| Q2 25 | $5.1B | $25.6B | ||
| Q1 25 | $5.2B | $24.1B | ||
| Q4 24 | $5.7B | $24.7B | ||
| Q3 24 | — | $24.8B | ||
| Q2 24 | — | $24.1B | ||
| Q1 24 | — | $24.1B |
股东权益EXEWMB
| Q4 25 | $18.6B | $12.8B | ||
| Q3 25 | $18.1B | $12.5B | ||
| Q2 25 | $17.9B | $12.4B | ||
| Q1 25 | $17.2B | $12.5B | ||
| Q4 24 | $17.6B | $12.4B | ||
| Q3 24 | $10.2B | $12.4B | ||
| Q2 24 | — | $12.3B | ||
| Q1 24 | $10.7B | $12.4B |
总资产EXEWMB
| Q4 25 | $28.3B | $58.6B | ||
| Q3 25 | $27.6B | $55.7B | ||
| Q2 25 | $27.8B | $56.1B | ||
| Q1 25 | $27.9B | $54.9B | ||
| Q4 24 | $27.9B | $54.5B | ||
| Q3 24 | $13.4B | $53.8B | ||
| Q2 24 | — | $52.4B | ||
| Q1 24 | $14.0B | $52.7B |
负债/权益比EXEWMB
| Q4 25 | 0.27× | 2.13× | ||
| Q3 25 | 0.28× | 2.04× | ||
| Q2 25 | 0.29× | 2.06× | ||
| Q1 25 | 0.30× | 1.93× | ||
| Q4 24 | 0.32× | 1.99× | ||
| Q3 24 | — | 2.00× | ||
| Q2 24 | — | 1.96× | ||
| Q1 24 | — | 1.94× |
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 | $956.0M | $1.6B |
| 自由现金流经营现金流 - 资本支出 | $215.0M | $-379.0M |
| 自由现金流率自由现金流/营收 | 6.6% | -9.9% |
| 资本支出强度资本支出/营收 | 22.6% | 50.9% |
| 现金转化率经营现金流/净利润 | 1.73× | 2.15× |
| 过去12个月自由现金流最近4个季度 | $1.8B | $1.0B |
8季度趋势，按日历期对齐
经营现金流EXEWMB
| Q4 25 | $956.0M | $1.6B | ||
| Q3 25 | $1.2B | $1.4B | ||
| Q2 25 | $1.3B | $1.4B | ||
| Q1 25 | $1.1B | $1.4B | ||
| Q4 24 | $382.0M | $1.2B | ||
| Q3 24 | $422.0M | $1.2B | ||
| Q2 24 | — | $1.3B | ||
| Q1 24 | $552.0M | $1.2B |
自由现金流EXEWMB
| Q4 25 | $215.0M | $-379.0M | ||
| Q3 25 | $426.0M | $485.0M | ||
| Q2 25 | $665.0M | $478.0M | ||
| Q1 25 | $533.0M | $421.0M | ||
| Q4 24 | $-154.0M | $450.0M | ||
| Q3 24 | $124.0M | $561.0M | ||
| Q2 24 | — | $700.0M | ||
| Q1 24 | $131.0M | $690.0M |
自由现金流率EXEWMB
| Q4 25 | 6.6% | -9.9% | ||
| Q3 25 | 14.4% | 13.9% | ||
| Q2 25 | 18.0% | 14.2% | ||
| Q1 25 | 24.3% | 10.1% | ||
| Q4 24 | -7.7% | 13.2% | ||
| Q3 24 | 19.1% | 18.5% | ||
| Q2 24 | — | 24.6% | ||
| Q1 24 | 12.1% | 20.7% |
资本支出强度EXEWMB
| Q4 25 | 22.6% | 50.9% | ||
| Q3 25 | 26.1% | 27.3% | ||
| Q2 25 | 17.8% | 28.8% | ||
| Q1 25 | 25.6% | 24.2% | ||
| Q4 24 | 26.8% | 22.5% | ||
| Q3 24 | 46.0% | 22.5% | ||
| Q2 24 | — | 20.3% | ||
| Q1 24 | 38.9% | 16.3% |
现金转化率EXEWMB
| Q4 25 | 1.73× | 2.15× | ||
| Q3 25 | 2.20× | 2.22× | ||
| Q2 25 | 1.37× | 2.66× | ||
| Q1 25 | — | 2.07× | ||
| Q4 24 | — | 2.51× | ||
| Q3 24 | — | 1.76× | ||
| Q2 24 | — | 3.19× | ||
| Q1 24 | 21.23× | 1.95× |
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
EXE
| Oil And Gas | $2.3B | 70% |
| Natural Gas Marketing Sales | $734.0M | 22% |
| Natural Gas Liquids Sales | $174.0M | 5% |
| Natural Gas Liquids Marketing Sales | $34.0M | 1% |
| Oil Marketing Sales | $31.0M | 1% |
WMB
| Services | $2.2B | 57% |
| Natural Gas Us Regulated | $740.0M | 19% |
| West | $730.0M | 19% |
| Non Regulated Service Commodity Consideration | $51.0M | 1% |
| Natural Gas Gathering Transportation Marketing And Processing | $45.0M | 1% |
| Affiliated Entity | $23.0M | 1% |
| Other | $14.0M | 0% |
| Other Service | $11.0M | 0% |
