vs
FirstEnergy（FE）与GLOBAL PARTNERS LP（GLP）财务数据对比。点击上方公司名可切换其他公司
FirstEnergy的季度营收约是GLOBAL PARTNERS LP的1.7倍（$3.8B vs $2.2B），GLOBAL PARTNERS LP净利率更高（1.1% vs -1.3%，领先2.4%），FirstEnergy同比增速更快（19.6% vs 7.0%），GLOBAL PARTNERS LP自由现金流更多（$62.2M vs $-30.0M），过去两年FirstEnergy的营收复合增速更高（7.5% vs 0.2%）
FirstEnergy Corp是总部位于美国俄亥俄州阿克伦市的电力公用事业企业，主营电力供应、电网运营相关业务，于1997年由俄亥俄爱迪生公司与森特里奥尔能源公司合并组建，是美国中西部地区颇具影响力的公共事业服务商。
Global Partners LP是一家美国能源供应企业，2018年位列《财富》世界500强第361位，采用业主有限合伙制架构，核心业务为石油产品进口，深耕北美市场开展营销活动，批发的产品涵盖原油、柴油、汽油、取暖油及煤油等品类。
FE vs GLP — 直观对比
营收规模更大
FE
是对方的1.7倍
$2.2B
营收增速更快
FE
高出12.6%
7.0%
净利率更高
GLP
高出2.4%
-1.3%
自由现金流更多
GLP
多$92.2M
$-30.0M
两年增速更快
FE
近两年复合增速
0.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.8B | $2.2B |
| 净利润 | $-49.0M | $25.1M |
| 毛利率 | — | 11.9% |
| 营业利润率 | -0.6% | 2.6% |
| 净利率 | -1.3% | 1.1% |
| 营收同比 | 19.6% | 7.0% |
| 净利润同比 | -118.8% | 5.0% |
| 每股收益（稀释后） | $-0.08 | — |
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FEGLP
| Q4 25 | $3.8B | $2.2B | ||
| Q3 25 | $4.1B | $2.2B | ||
| Q2 25 | $3.4B | $2.1B | ||
| Q1 25 | $3.8B | $2.2B | ||
| Q4 24 | $3.2B | $2.1B | ||
| Q3 24 | $3.7B | $2.1B | ||
| Q2 24 | $3.3B | $2.3B | ||
| Q1 24 | $3.3B | $2.2B |
净利润FEGLP
| Q4 25 | $-49.0M | $25.1M | ||
| Q3 25 | $441.0M | $29.0M | ||
| Q2 25 | $268.0M | $25.2M | ||
| Q1 25 | $360.0M | $18.7M | ||
| Q4 24 | $261.0M | $23.9M | ||
| Q3 24 | $419.0M | $45.9M | ||
| Q2 24 | $45.0M | $46.1M | ||
| Q1 24 | $253.0M | $-5.6M |
毛利率FEGLP
| Q4 25 | — | 11.9% | ||
| Q3 25 | — | 12.1% | ||
| Q2 25 | — | 13.1% | ||
| Q1 25 | — | 11.7% | ||
| Q4 24 | — | 13.0% | ||
| Q3 24 | — | 13.4% | ||
| Q2 24 | — | 12.6% | ||
| Q1 24 | — | 9.8% |
营业利润率FEGLP
| Q4 25 | -0.6% | 2.6% | ||
| Q3 25 | 20.0% | 2.7% | ||
| Q2 25 | 19.1% | 2.9% | ||
| Q1 25 | 20.0% | 2.6% | ||
| Q4 24 | 19.3% | 2.8% | ||
| Q3 24 | 19.5% | 3.9% | ||
| Q2 24 | 12.9% | 3.7% | ||
| Q1 24 | 18.6% | 1.2% |
净利率FEGLP
| Q4 25 | -1.3% | 1.1% | ||
| Q3 25 | 10.6% | 1.3% | ||
| Q2 25 | 7.9% | 1.2% | ||
| Q1 25 | 9.6% | 0.9% | ||
| Q4 24 | 8.2% | 1.2% | ||
| Q3 24 | 11.2% | 2.1% | ||
| Q2 24 | 1.4% | 2.0% | ||
| Q1 24 | 7.7% | -0.3% |
每股收益（稀释后）FEGLP
| Q4 25 | $-0.08 | — | ||
| Q3 25 | $0.76 | — | ||
| Q2 25 | $0.46 | — | ||
| Q1 25 | $0.62 | — | ||
| Q4 24 | $0.45 | — | ||
| Q3 24 | $0.73 | — | ||
| Q2 24 | $0.08 | — | ||
| Q1 24 | $0.44 | — |
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 | $57.0M | — |
| 总债务越低越好 | $25.5B | — |
| 股东权益账面价值 | $12.5B | — |
| 总资产 | $55.9B | $3.9B |
| 负债/权益比越低杠杆越低 | 2.04× | — |
8季度趋势，按日历期对齐
现金及短期投资FEGLP
| Q4 25 | $57.0M | — | ||
| Q3 25 | $1.4B | — | ||
| Q2 25 | $569.0M | — | ||
| Q1 25 | $132.0M | — | ||
| Q4 24 | $111.0M | — | ||
| Q3 24 | $439.0M | — | ||
| Q2 24 | $60.0M | — | ||
| Q1 24 | $888.0M | — |
总债务FEGLP
| Q4 25 | $25.5B | — | ||
| Q3 25 | $25.5B | — | ||
| Q2 25 | $23.7B | — | ||
| Q1 25 | $21.2B | — | ||
| Q4 24 | $22.5B | — | ||
| Q3 24 | $21.6B | — | ||
| Q2 24 | $20.8B | — | ||
| Q1 24 | $21.7B | — |
股东权益FEGLP
| Q4 25 | $12.5B | — | ||
| Q3 25 | $12.8B | — | ||
| Q2 25 | $12.9B | — | ||
| Q1 25 | $12.6B | — | ||
| Q4 24 | $12.5B | — | ||
| Q3 24 | $12.4B | — | ||
| Q2 24 | $12.5B | — | ||
| Q1 24 | $12.4B | — |
总资产FEGLP
| Q4 25 | $55.9B | $3.9B | ||
| Q3 25 | $55.9B | $3.7B | ||
| Q2 25 | $54.2B | $3.8B | ||
| Q1 25 | $52.8B | $3.8B | ||
| Q4 24 | $52.0B | $3.8B | ||
| Q3 24 | $50.8B | $3.7B | ||
| Q2 24 | $51.0B | $3.8B | ||
| Q1 24 | $51.3B | $3.5B |
负债/权益比FEGLP
| Q4 25 | 2.04× | — | ||
| Q3 25 | 1.99× | — | ||
| Q2 25 | 1.85× | — | ||
| Q1 25 | 1.69× | — | ||
| Q4 24 | 1.81× | — | ||
| Q3 24 | 1.74× | — | ||
| Q2 24 | 1.67× | — | ||
| Q1 24 | 1.75× | — |
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 | $1.1B | $101.0M |
| 自由现金流经营现金流 - 资本支出 | $-30.0M | $62.2M |
| 自由现金流率自由现金流/营收 | -0.8% | 2.8% |
| 资本支出强度资本支出/营收 | 30.7% | 1.8% |
| 现金转化率经营现金流/净利润 | — | 4.03× |
| 过去12个月自由现金流最近4个季度 | $-1.0B | $193.3M |
8季度趋势，按日历期对齐
经营现金流FEGLP
| Q4 25 | $1.1B | $101.0M | ||
| Q3 25 | $845.0M | $19.0M | ||
| Q2 25 | $1.1B | $216.3M | ||
| Q1 25 | $637.0M | $-51.6M | ||
| Q4 24 | $1.0B | $67.2M | ||
| Q3 24 | $775.0M | $122.7M | ||
| Q2 24 | $1.1B | $24.3M | ||
| Q1 24 | $-40.0M | $-182.7M |
自由现金流FEGLP
| Q4 25 | $-30.0M | $62.2M | ||
| Q3 25 | $-471.0M | $-678.0K | ||
| Q2 25 | $-136.0M | $201.3M | ||
| Q1 25 | $-368.0M | $-69.5M | ||
| Q4 24 | $-250.0M | $20.4M | ||
| Q3 24 | $-229.0M | $98.4M | ||
| Q2 24 | $170.0M | $8.7M | ||
| Q1 24 | $-830.0M | $-199.3M |
自由现金流率FEGLP
| Q4 25 | -0.8% | 2.8% | ||
| Q3 25 | -11.4% | -0.0% | ||
| Q2 25 | -4.0% | 9.7% | ||
| Q1 25 | -9.8% | -3.2% | ||
| Q4 24 | -7.9% | 1.0% | ||
| Q3 24 | -6.1% | 4.6% | ||
| Q2 24 | 5.2% | 0.4% | ||
| Q1 24 | -25.3% | -9.0% |
资本支出强度FEGLP
| Q4 25 | 30.7% | 1.8% | ||
| Q3 25 | 31.7% | 0.9% | ||
| Q2 25 | 36.0% | 0.7% | ||
| Q1 25 | 26.7% | 0.8% | ||
| Q4 24 | 40.7% | 2.3% | ||
| Q3 24 | 26.9% | 1.1% | ||
| Q2 24 | 28.7% | 0.7% | ||
| Q1 24 | 24.0% | 0.8% |
现金转化率FEGLP
| Q4 25 | — | 4.03× | ||
| Q3 25 | 1.92× | 0.66× | ||
| Q2 25 | 4.04× | 8.58× | ||
| Q1 25 | 1.77× | -2.76× | ||
| Q4 24 | 4.00× | 2.82× | ||
| Q3 24 | 1.85× | 2.67× | ||
| Q2 24 | 24.71× | 0.53× | ||
| Q1 24 | -0.16× | — |
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
FE
| Integrated Segment | $1.4B | 37% |
| Other | $1.4B | 36% |
| Stand Alone Transmission Segment | $466.0M | 12% |
| Industrial Customers | $167.0M | 4% |
| Mid Atlantic Interstate Transmission LLC | $118.0M | 3% |
| Transmission | $105.0M | 3% |
| Transmission Segment | $68.0M | 2% |
| Tr AIL | $63.0M | 2% |
| Internal Customers | $10.0M | 0% |
| Wholesale Sales | $6.0M | 0% |
GLP
| Gasoline | $1.0B | 46% |
| Refined Petroleum Products Renewable Fuels Crude Oil And Propane | $884.7M | 40% |
| Commercial Segment | $187.6M | 8% |
| Station Operations | $110.5M | 5% |
