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自由港麦克莫兰（FCX）与贝宝（PYPL）财务数据对比。点击上方公司名可切换其他公司
贝宝的季度营收约是自由港麦克莫兰的1.6倍（$8.7B vs $5.3B），贝宝净利率更高（16.6% vs 10.7%，领先5.8%），贝宝同比增速更快（3.7% vs -10.4%），贝宝自由现金流更多（$2.2B vs $-312.0M），过去两年贝宝的营收复合增速更高（6.2% vs -7.9%）
自由港麦克莫兰是总部位于美国亚利桑那州凤凰城的矿业企业，是全球最大的钼生产商、主要铜生产商之一，运营着坐落于印度尼西亚巴布亚省的世界最大金矿格拉斯伯格矿。
贝宝控股（PayPal Holdings, Inc.）是美国跨国金融科技企业，在全球多数支持线上转账的国家运营在线支付系统，可作为支票、汇票等传统纸质支付方式的电子替代选项，同时为线上商户、拍卖网站及各类商业用户提供支付处理服务。
FCX vs PYPL — 直观对比
营收规模更大
PYPL
是对方的1.6倍
$5.3B
营收增速更快
PYPL
高出14.1%
-10.4%
净利率更高
PYPL
高出5.8%
10.7%
自由现金流更多
PYPL
多$2.5B
$-312.0M
两年增速更快
PYPL
近两年复合增速
-7.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $5.3B | $8.7B |
| 净利润 | $565.0M | $1.4B |
| 毛利率 | 12.4% | — |
| 营业利润率 | 15.4% | 17.4% |
| 净利率 | 10.7% | 16.6% |
| 营收同比 | -10.4% | 3.7% |
| 净利润同比 | -21.6% | 28.2% |
| 每股收益（稀释后） | — | $1.53 |
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FCXPYPL
| Q4 25 | $5.3B | $8.7B | ||
| Q3 25 | $6.8B | $8.4B | ||
| Q2 25 | $7.5B | $8.3B | ||
| Q1 25 | $5.6B | $7.8B | ||
| Q4 24 | $5.9B | $8.4B | ||
| Q3 24 | $6.7B | $7.8B | ||
| Q2 24 | $6.4B | $7.9B | ||
| Q1 24 | $6.2B | $7.7B |
净利润FCXPYPL
| Q4 25 | $565.0M | $1.4B | ||
| Q3 25 | $1.2B | $1.2B | ||
| Q2 25 | $1.5B | $1.3B | ||
| Q1 25 | $793.0M | $1.3B | ||
| Q4 24 | $721.0M | $1.1B | ||
| Q3 24 | $1.2B | $1.0B | ||
| Q2 24 | $1.3B | $1.1B | ||
| Q1 24 | $1.2B | $888.0M |
毛利率FCXPYPL
| Q4 25 | 12.4% | — | ||
| Q3 25 | 29.2% | — | ||
| Q2 25 | 34.2% | — | ||
| Q1 25 | 24.3% | — | ||
| Q4 24 | 27.0% | — | ||
| Q3 24 | 30.0% | — | ||
| Q2 24 | 31.5% | — | ||
| Q1 24 | 28.5% | — |
营业利润率FCXPYPL
| Q4 25 | 15.4% | 17.4% | ||
| Q3 25 | 28.9% | 18.1% | ||
| Q2 25 | 32.3% | 18.1% | ||
| Q1 25 | 23.4% | 19.6% | ||
| Q4 24 | 21.1% | 17.2% | ||
| Q3 24 | 29.0% | 17.7% | ||
| Q2 24 | 32.0% | 16.8% | ||
| Q1 24 | 26.3% | 15.2% |
净利率FCXPYPL
| Q4 25 | 10.7% | 16.6% | ||
| Q3 25 | 18.3% | 14.8% | ||
| Q2 25 | 20.6% | 15.2% | ||
| Q1 25 | 14.2% | 16.5% | ||
| Q4 24 | 12.3% | 13.4% | ||
| Q3 24 | 18.5% | 12.9% | ||
| Q2 24 | 20.0% | 14.3% | ||
| Q1 24 | 18.7% | 11.5% |
每股收益（稀释后）FCXPYPL
| Q4 25 | — | $1.53 | ||
| Q3 25 | $0.46 | $1.30 | ||
| Q2 25 | $0.53 | $1.29 | ||
| Q1 25 | $0.24 | $1.29 | ||
| Q4 24 | — | $1.09 | ||
| Q3 24 | $0.36 | $0.99 | ||
| Q2 24 | $0.42 | $1.08 | ||
| Q1 24 | $0.32 | $0.83 |
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 | $3.8B | $10.4B |
| 总债务越低越好 | $9.4B | — |
| 股东权益账面价值 | $18.9B | $20.3B |
| 总资产 | $58.2B | $80.2B |
| 负债/权益比越低杠杆越低 | 0.50× | — |
8季度趋势，按日历期对齐
现金及短期投资FCXPYPL
| Q4 25 | $3.8B | $10.4B | ||
| Q3 25 | $4.3B | $10.8B | ||
| Q2 25 | $4.5B | $10.0B | ||
| Q1 25 | $4.4B | $11.2B | ||
| Q4 24 | $3.9B | $10.8B | ||
| Q3 24 | $5.0B | $11.9B | ||
| Q2 24 | $5.3B | $13.6B | ||
| Q1 24 | $5.2B | $14.3B |
总债务FCXPYPL
| Q4 25 | $9.4B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $9.4B | — | ||
| Q4 24 | $8.9B | — | ||
| Q3 24 | $9.7B | — | ||
| Q2 24 | $9.4B | — | ||
| Q1 24 | $9.4B | — |
股东权益FCXPYPL
| Q4 25 | $18.9B | $20.3B | ||
| Q3 25 | $18.7B | $20.2B | ||
| Q2 25 | $18.2B | $20.2B | ||
| Q1 25 | $17.7B | $20.3B | ||
| Q4 24 | $17.6B | $20.4B | ||
| Q3 24 | $17.5B | $20.2B | ||
| Q2 24 | $17.4B | $20.6B | ||
| Q1 24 | $17.0B | $20.7B |
总资产FCXPYPL
| Q4 25 | $58.2B | $80.2B | ||
| Q3 25 | $56.8B | $79.8B | ||
| Q2 25 | $56.5B | $79.8B | ||
| Q1 25 | $56.0B | $81.3B | ||
| Q4 24 | $54.8B | $81.6B | ||
| Q3 24 | $55.4B | $83.5B | ||
| Q2 24 | $54.6B | $84.0B | ||
| Q1 24 | $54.2B | $83.3B |
负债/权益比FCXPYPL
| Q4 25 | 0.50× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.53× | — | ||
| Q4 24 | 0.51× | — | ||
| Q3 24 | 0.55× | — | ||
| Q2 24 | 0.54× | — | ||
| Q1 24 | 0.56× | — |
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 | $693.0M | $2.4B |
| 自由现金流经营现金流 - 资本支出 | $-312.0M | $2.2B |
| 自由现金流率自由现金流/营收 | -5.9% | 25.2% |
| 资本支出强度资本支出/营收 | 19.1% | 2.2% |
| 现金转化率经营现金流/净利润 | 1.23× | 1.66× |
| 过去12个月自由现金流最近4个季度 | $1.1B | $5.6B |
8季度趋势，按日历期对齐
经营现金流FCXPYPL
| Q4 25 | $693.0M | $2.4B | ||
| Q3 25 | $1.7B | $2.0B | ||
| Q2 25 | $2.2B | $898.0M | ||
| Q1 25 | $1.1B | $1.2B | ||
| Q4 24 | $1.4B | $2.4B | ||
| Q3 24 | $1.9B | $1.6B | ||
| Q2 24 | $2.0B | $1.5B | ||
| Q1 24 | $1.9B | $1.9B |
自由现金流FCXPYPL
| Q4 25 | $-312.0M | $2.2B | ||
| Q3 25 | $608.0M | $1.7B | ||
| Q2 25 | $934.0M | $692.0M | ||
| Q1 25 | $-114.0M | $964.0M | ||
| Q4 24 | $197.0M | $2.2B | ||
| Q3 24 | $673.0M | $1.4B | ||
| Q2 24 | $840.0M | $1.4B | ||
| Q1 24 | $642.0M | $1.8B |
自由现金流率FCXPYPL
| Q4 25 | -5.9% | 25.2% | ||
| Q3 25 | 8.9% | 20.4% | ||
| Q2 25 | 12.4% | 8.3% | ||
| Q1 25 | -2.0% | 12.4% | ||
| Q4 24 | 3.4% | 26.2% | ||
| Q3 24 | 10.1% | 18.4% | ||
| Q2 24 | 13.1% | 17.3% | ||
| Q1 24 | 10.3% | 22.9% |
资本支出强度FCXPYPL
| Q4 25 | 19.1% | 2.2% | ||
| Q3 25 | 15.5% | 3.0% | ||
| Q2 25 | 16.8% | 2.5% | ||
| Q1 25 | 21.0% | 2.5% | ||
| Q4 24 | 21.1% | 2.4% | ||
| Q3 24 | 17.9% | 2.2% | ||
| Q2 24 | 17.4% | 2.0% | ||
| Q1 24 | 20.2% | 2.0% |
现金转化率FCXPYPL
| Q4 25 | 1.23× | 1.66× | ||
| Q3 25 | 1.33× | 1.58× | ||
| Q2 25 | 1.42× | 0.71× | ||
| Q1 25 | 1.33× | 0.90× | ||
| Q4 24 | 1.99× | 2.14× | ||
| Q3 24 | 1.51× | 1.60× | ||
| Q2 24 | 1.53× | 1.35× | ||
| Q1 24 | 1.63× | 2.16× |
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
FCX
| Morenci | $2.5B | 47% |
| Grasberg Segment | $964.0M | 18% |
| Copper In Concentrates | $934.0M | 18% |
| Molybdenum | $541.0M | 10% |
| Gold | $388.0M | 7% |
PYPL
| US | $4.9B | 57% |
| Non Us | $3.7B | 43% |
