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自由港麦克莫兰（FCX）与华纳兄弟探索（WBD）财务数据对比。点击上方公司名可切换其他公司
华纳兄弟探索的季度营收约是自由港麦克莫兰的1.8倍（$9.5B vs $5.3B），自由港麦克莫兰净利率更高（10.7% vs -2.7%，领先13.4%），华纳兄弟探索同比增速更快（-5.7% vs -10.4%），华纳兄弟探索自由现金流更多（$1.4B vs $-312.0M），过去两年华纳兄弟探索的营收复合增速更高（-2.5% 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。
华纳兄弟探索是一家总部位于美国纽约的跨国大众传媒与娱乐集团，于2022年4月8日由AT&T拆分出的华纳媒体与原探索公司合并成立，旗下拥有丰富的影视内容、流媒体平台及纪实娱乐IP资源，业务覆盖全球多个国家和地区。
FCX vs WBD — 直观对比
营收规模更大
WBD
是对方的1.8倍
$5.3B
营收增速更快
WBD
高出4.8%
-10.4%
净利率更高
FCX
高出13.4%
-2.7%
自由现金流更多
WBD
多$1.7B
$-312.0M
两年增速更快
WBD
近两年复合增速
-7.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $5.3B | $9.5B |
| 净利润 | $565.0M | $-252.0M |
| 毛利率 | 12.4% | — |
| 营业利润率 | 15.4% | 3.7% |
| 净利率 | 10.7% | -2.7% |
| 营收同比 | -10.4% | -5.7% |
| 净利润同比 | -21.6% | 49.0% |
| 每股收益（稀释后） | — | $-0.10 |
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FCXWBD
| Q4 25 | $5.3B | $9.5B | ||
| Q3 25 | $6.8B | $9.0B | ||
| Q2 25 | $7.5B | $9.8B | ||
| Q1 25 | $5.6B | $9.0B | ||
| Q4 24 | $5.9B | $10.0B | ||
| Q3 24 | $6.7B | $9.6B | ||
| Q2 24 | $6.4B | $9.7B | ||
| Q1 24 | $6.2B | $10.0B |
净利润FCXWBD
| Q4 25 | $565.0M | $-252.0M | ||
| Q3 25 | $1.2B | $-148.0M | ||
| Q2 25 | $1.5B | $1.6B | ||
| Q1 25 | $793.0M | $-453.0M | ||
| Q4 24 | $721.0M | $-494.0M | ||
| Q3 24 | $1.2B | $135.0M | ||
| Q2 24 | $1.3B | $-10.0B | ||
| Q1 24 | $1.2B | $-966.0M |
毛利率FCXWBD
| 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FCXWBD
| Q4 25 | 15.4% | 3.7% | ||
| Q3 25 | 28.9% | 6.8% | ||
| Q2 25 | 32.3% | -1.9% | ||
| Q1 25 | 23.4% | -0.4% | ||
| Q4 24 | 21.1% | 1.6% | ||
| Q3 24 | 29.0% | 2.9% | ||
| Q2 24 | 32.0% | -105.1% | ||
| Q1 24 | 26.3% | -2.7% |
净利率FCXWBD
| Q4 25 | 10.7% | -2.7% | ||
| Q3 25 | 18.3% | -1.6% | ||
| Q2 25 | 20.6% | 16.1% | ||
| Q1 25 | 14.2% | -5.0% | ||
| Q4 24 | 12.3% | -4.9% | ||
| Q3 24 | 18.5% | 1.4% | ||
| Q2 24 | 20.0% | -102.8% | ||
| Q1 24 | 18.7% | -9.7% |
每股收益（稀释后）FCXWBD
| Q4 25 | — | $-0.10 | ||
| Q3 25 | $0.46 | $-0.06 | ||
| Q2 25 | $0.53 | $0.63 | ||
| Q1 25 | $0.24 | $-0.18 | ||
| Q4 24 | — | $-0.20 | ||
| Q3 24 | $0.36 | $0.05 | ||
| Q2 24 | $0.42 | $-4.07 | ||
| Q1 24 | $0.32 | $-0.40 |
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 | $4.6B |
| 总债务越低越好 | $9.4B | $32.4B |
| 股东权益账面价值 | $18.9B | $35.9B |
| 总资产 | $58.2B | $100.1B |
| 负债/权益比越低杠杆越低 | 0.50× | 0.90× |
8季度趋势，按日历期对齐
现金及短期投资FCXWBD
| Q4 25 | $3.8B | $4.6B | ||
| Q3 25 | $4.3B | $4.3B | ||
| Q2 25 | $4.5B | $4.9B | ||
| Q1 25 | $4.4B | $3.9B | ||
| Q4 24 | $3.9B | $5.3B | ||
| Q3 24 | $5.0B | $3.3B | ||
| Q2 24 | $5.3B | $3.6B | ||
| Q1 24 | $5.2B | $3.0B |
总债务FCXWBD
| Q4 25 | $9.4B | $32.4B | ||
| Q3 25 | — | $33.4B | ||
| Q2 25 | — | $34.4B | ||
| Q1 25 | $9.4B | $34.6B | ||
| Q4 24 | $8.9B | $36.8B | ||
| Q3 24 | $9.7B | $37.2B | ||
| Q2 24 | $9.4B | $37.3B | ||
| Q1 24 | $9.4B | $39.1B |
股东权益FCXWBD
| Q4 25 | $18.9B | $35.9B | ||
| Q3 25 | $18.7B | $36.0B | ||
| Q2 25 | $18.2B | $36.0B | ||
| Q1 25 | $17.7B | $33.8B | ||
| Q4 24 | $17.6B | $34.0B | ||
| Q3 24 | $17.5B | $35.1B | ||
| Q2 24 | $17.4B | $34.3B | ||
| Q1 24 | $17.0B | $44.2B |
总资产FCXWBD
| Q4 25 | $58.2B | $100.1B | ||
| Q3 25 | $56.8B | $100.5B | ||
| Q2 25 | $56.5B | $101.7B | ||
| Q1 25 | $56.0B | $101.7B | ||
| Q4 24 | $54.8B | $104.6B | ||
| Q3 24 | $55.4B | $106.3B | ||
| Q2 24 | $54.6B | $108.0B | ||
| Q1 24 | $54.2B | $119.8B |
负债/权益比FCXWBD
| Q4 25 | 0.50× | 0.90× | ||
| Q3 25 | — | 0.93× | ||
| Q2 25 | — | 0.95× | ||
| Q1 25 | 0.53× | 1.02× | ||
| Q4 24 | 0.51× | 1.08× | ||
| Q3 24 | 0.55× | 1.06× | ||
| Q2 24 | 0.54× | 1.09× | ||
| Q1 24 | 0.56× | 0.89× |
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 | $1.8B |
| 自由现金流经营现金流 - 资本支出 | $-312.0M | $1.4B |
| 自由现金流率自由现金流/营收 | -5.9% | 14.6% |
| 资本支出强度资本支出/营收 | 19.1% | 4.5% |
| 现金转化率经营现金流/净利润 | 1.23× | — |
| 过去12个月自由现金流最近4个季度 | $1.1B | $3.1B |
8季度趋势，按日历期对齐
经营现金流FCXWBD
| Q4 25 | $693.0M | $1.8B | ||
| Q3 25 | $1.7B | $979.0M | ||
| Q2 25 | $2.2B | $983.0M | ||
| Q1 25 | $1.1B | $553.0M | ||
| Q4 24 | $1.4B | $2.7B | ||
| Q3 24 | $1.9B | $847.0M | ||
| Q2 24 | $2.0B | $1.2B | ||
| Q1 24 | $1.9B | $585.0M |
自由现金流FCXWBD
| Q4 25 | $-312.0M | $1.4B | ||
| Q3 25 | $608.0M | $701.0M | ||
| Q2 25 | $934.0M | $702.0M | ||
| Q1 25 | $-114.0M | $302.0M | ||
| Q4 24 | $197.0M | $2.4B | ||
| Q3 24 | $673.0M | $632.0M | ||
| Q2 24 | $840.0M | $976.0M | ||
| Q1 24 | $642.0M | $390.0M |
自由现金流率FCXWBD
| Q4 25 | -5.9% | 14.6% | ||
| Q3 25 | 8.9% | 7.8% | ||
| Q2 25 | 12.4% | 7.2% | ||
| Q1 25 | -2.0% | 3.4% | ||
| Q4 24 | 3.4% | 24.2% | ||
| Q3 24 | 10.1% | 6.6% | ||
| Q2 24 | 13.1% | 10.0% | ||
| Q1 24 | 10.3% | 3.9% |
资本支出强度FCXWBD
| Q4 25 | 19.1% | 4.5% | ||
| Q3 25 | 15.5% | 3.1% | ||
| Q2 25 | 16.8% | 2.9% | ||
| Q1 25 | 21.0% | 2.8% | ||
| Q4 24 | 21.1% | 2.9% | ||
| Q3 24 | 17.9% | 2.2% | ||
| Q2 24 | 17.4% | 2.6% | ||
| Q1 24 | 20.2% | 2.0% |
现金转化率FCXWBD
| Q4 25 | 1.23× | — | ||
| Q3 25 | 1.33× | — | ||
| Q2 25 | 1.42× | 0.62× | ||
| Q1 25 | 1.33× | — | ||
| Q4 24 | 1.99× | — | ||
| Q3 24 | 1.51× | 6.27× | ||
| Q2 24 | 1.53× | — | ||
| Q1 24 | 1.63× | — |
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% |
WBD
| Distribution Revenue | $4.8B | 51% |
| Global Linear Networks | $4.2B | 44% |
| Service Other | $307.0M | 3% |
| Related Party | $204.0M | 2% |
| Other | $7.0M | 0% |
