vs
FirstEnergy（FE）与Constellation Brands（STZ）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Constellation Brands的1.7倍（$3.8B vs $2.2B），Constellation Brands净利率更高（22.6% vs -1.3%，领先23.9%），FirstEnergy同比增速更快（19.6% vs -9.8%），Constellation Brands自由现金流更多（$370.9M vs $-30.0M），过去两年FirstEnergy的营收复合增速更高（7.5% vs 1.9%）
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。
Constellation Brands, Inc.是总部位于美国纽约州罗切斯特的《财富》500强企业，主营啤酒、葡萄酒及烈酒的生产与营销，按销售额计算是美国最大的啤酒进口商，在全美主要啤酒供应商中市场份额位列第三。公司还通过与Canopy Growth合作在医用及娱乐大麻领域有大额投资，现有约40处设施、近9000名员工。
FE vs STZ — 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29.3%
-9.8%
净利率更高
STZ
高出23.9%
-1.3%
自由现金流更多
STZ
多$400.9M
$-30.0M
两年增速更快
FE
近两年复合增速
1.9%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $3.8B | $2.2B |
| 净利润 | $-49.0M | $502.8M |
| 毛利率 | — | 53.2% |
| 营业利润率 | -0.6% | 31.1% |
| 净利率 | -1.3% | 22.6% |
| 营收同比 | 19.6% | -9.8% |
| 净利润同比 | -118.8% | -18.4% |
| 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FESTZ
| Q4 25 | $3.8B | $2.2B | ||
| Q3 25 | $4.1B | $2.5B | ||
| Q2 25 | $3.4B | $2.5B | ||
| Q1 25 | $3.8B | $2.2B | ||
| Q4 24 | $3.2B | $2.5B | ||
| Q3 24 | $3.7B | $2.9B | ||
| Q2 24 | $3.3B | $2.7B | ||
| Q1 24 | $3.3B | $2.1B |
净利润FESTZ
| Q4 25 | $-49.0M | $502.8M | ||
| Q3 25 | $441.0M | $466.0M | ||
| Q2 25 | $268.0M | $516.1M | ||
| Q1 25 | $360.0M | $-375.3M | ||
| Q4 24 | $261.0M | $615.9M | ||
| Q3 24 | $419.0M | $-1.2B | ||
| Q2 24 | $45.0M | $877.0M | ||
| Q1 24 | $253.0M | $392.4M |
毛利率FESTZ
| Q4 25 | — | 53.2% | ||
| Q3 25 | — | 52.8% | ||
| Q2 25 | — | 50.4% | ||
| Q1 25 | — | 51.5% | ||
| Q4 24 | — | 52.1% | ||
| Q3 24 | — | 51.8% | ||
| Q2 24 | — | 52.7% | ||
| Q1 24 | — | 48.6% |
营业利润率FESTZ
| Q4 25 | -0.6% | 31.1% | ||
| Q3 25 | 20.0% | 35.2% | ||
| Q2 25 | 19.1% | 28.4% | ||
| Q1 25 | 20.0% | -6.9% | ||
| Q4 24 | 19.3% | 32.2% | ||
| Q3 24 | 19.5% | -42.1% | ||
| Q2 24 | 12.9% | 35.4% | ||
| Q1 24 | 18.6% | 29.4% |
净利率FESTZ
| Q4 25 | -1.3% | 22.6% | ||
| Q3 25 | 10.6% | 18.8% | ||
| Q2 25 | 7.9% | 20.5% | ||
| Q1 25 | 9.6% | -17.3% | ||
| Q4 24 | 8.2% | 25.0% | ||
| Q3 24 | 11.2% | -41.1% | ||
| Q2 24 | 1.4% | 32.9% | ||
| Q1 24 | 7.7% | 18.3% |
每股收益（稀释后）FESTZ
| 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 | $152.4M |
| 总债务越低越好 | $25.5B | $10.3B |
| 股东权益账面价值 | $12.5B | $7.7B |
| 总资产 | $55.9B | $21.7B |
| 负债/权益比越低杠杆越低 | 2.04× | 1.33× |
8季度趋势，按日历期对齐
现金及短期投资FESTZ
| Q4 25 | $57.0M | $152.4M | ||
| Q3 25 | $1.4B | $72.0M | ||
| Q2 25 | $569.0M | $73.9M | ||
| Q1 25 | $132.0M | $68.1M | ||
| Q4 24 | $111.0M | $73.7M | ||
| Q3 24 | $439.0M | $64.6M | ||
| Q2 24 | $60.0M | $73.8M | ||
| Q1 24 | $888.0M | $152.4M |
总债务FESTZ
| Q4 25 | $25.5B | $10.3B | ||
| Q3 25 | $25.5B | $10.3B | ||
| Q2 25 | $23.7B | $11.2B | ||
| Q1 25 | $21.2B | $10.7B | ||
| Q4 24 | $22.5B | $10.7B | ||
| Q3 24 | $21.6B | $11.1B | ||
| Q2 24 | $20.8B | $11.1B | ||
| Q1 24 | $21.7B | $11.6B |
股东权益FESTZ
| Q4 25 | $12.5B | $7.7B | ||
| Q3 25 | $12.8B | $7.5B | ||
| Q2 25 | $12.9B | $7.3B | ||
| Q1 25 | $12.6B | $6.9B | ||
| Q4 24 | $12.5B | $7.8B | ||
| Q3 24 | $12.4B | $7.9B | ||
| Q2 24 | $12.5B | $10.3B | ||
| Q1 24 | $12.4B | $9.7B |
总资产FESTZ
| Q4 25 | $55.9B | $21.7B | ||
| Q3 25 | $55.9B | $21.4B | ||
| Q2 25 | $54.2B | $22.3B | ||
| Q1 25 | $52.8B | $21.7B | ||
| Q4 24 | $52.0B | $22.8B | ||
| Q3 24 | $50.8B | $23.1B | ||
| Q2 24 | $51.0B | $26.1B | ||
| Q1 24 | $51.3B | $25.7B |
负债/权益比FESTZ
| Q4 25 | 2.04× | 1.33× | ||
| Q3 25 | 1.99× | 1.37× | ||
| Q2 25 | 1.85× | 1.54× | ||
| Q1 25 | 1.69× | 1.55× | ||
| Q4 24 | 1.81× | 1.37× | ||
| Q3 24 | 1.74× | 1.41× | ||
| Q2 24 | 1.67× | 1.08× | ||
| Q1 24 | 1.75× | 1.19× |
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 | $616.9M |
| 自由现金流经营现金流 - 资本支出 | $-30.0M | $370.9M |
| 自由现金流率自由现金流/营收 | -0.8% | 16.7% |
| 资本支出强度资本支出/营收 | 30.7% | 11.1% |
| 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 | $-1.0B | $1.8B |
8季度趋势，按日历期对齐
经营现金流FESTZ
| Q4 25 | $1.1B | $616.9M | ||
| Q3 25 | $845.0M | $852.1M | ||
| Q2 25 | $1.1B | $637.2M | ||
| Q1 25 | $637.0M | $594.7M | ||
| Q4 24 | $1.0B | $685.2M | ||
| Q3 24 | $775.0M | $1.2B | ||
| Q2 24 | $1.1B | $690.5M | ||
| Q1 24 | $-40.0M | $433.2M |
自由现金流FESTZ
| Q4 25 | $-30.0M | $370.9M | ||
| Q3 25 | $-471.0M | $634.8M | ||
| Q2 25 | $-136.0M | $444.4M | ||
| Q1 25 | $-368.0M | $312.1M | ||
| Q4 24 | $-250.0M | $456.8M | ||
| Q3 24 | $-229.0M | $854.0M | ||
| Q2 24 | $170.0M | $315.2M | ||
| Q1 24 | $-830.0M | $76.0M |
自由现金流率FESTZ
| Q4 25 | -0.8% | 16.7% | ||
| Q3 25 | -11.4% | 25.6% | ||
| Q2 25 | -4.0% | 17.7% | ||
| Q1 25 | -9.8% | 14.4% | ||
| Q4 24 | -7.9% | 18.5% | ||
| Q3 24 | -6.1% | 29.3% | ||
| Q2 24 | 5.2% | 11.8% | ||
| Q1 24 | -25.3% | 3.6% |
资本支出强度FESTZ
| Q4 25 | 30.7% | 11.1% | ||
| Q3 25 | 31.7% | 8.8% | ||
| Q2 25 | 36.0% | 7.7% | ||
| Q1 25 | 26.7% | 13.1% | ||
| Q4 24 | 40.7% | 9.3% | ||
| Q3 24 | 26.9% | 11.2% | ||
| Q2 24 | 28.7% | 14.1% | ||
| Q1 24 | 24.0% | 16.7% |
现金转化率FESTZ
| Q4 25 | — | 1.23× | ||
| Q3 25 | 1.92× | 1.83× | ||
| Q2 25 | 4.04× | 1.23× | ||
| Q1 25 | 1.77× | — | ||
| Q4 24 | 4.00× | 1.11× | ||
| Q3 24 | 1.85× | — | ||
| Q2 24 | 24.71× | 0.79× | ||
| Q1 24 | -0.16× | 1.10× |
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% |
STZ
| Beer | $2.0B | 90% |
| Constellation Wines And Spirits | $213.1M | 10% |
