vs
通用动力（GD）与美国联合航空（UAL）财务数据对比。点击上方公司名可切换其他公司
美国联合航空的季度营收约是通用动力的1.0倍（$14.6B vs $14.4B），通用动力净利率更高（7.9% vs 4.8%，领先3.2%），美国联合航空同比增速更快（10.6% vs 7.8%），美国联合航空自由现金流更多（$2.0B vs $952.0M），过去两年通用动力的营收复合增速更高（15.8% vs -1.3%）
通用动力是总部位于美国弗吉尼亚州雷斯顿的工业科技企业，是全球领先的先进军工装备研发生产商，产品覆盖核潜艇、主战坦克、装甲战车等多种品类，同时生产湾流系列公务机，也提供信息技术服务，位列美国前百名国防承包商第三位。
美国联合航空是美国主要航企，总部位于伊利诺伊州芝加哥，运营覆盖美国本土及六大洲的广阔国内外航线网络，区域航线由独立航司以美联航快运品牌运营，作为星空联盟五大创始航司之一，其航线网络可辐射全球各地。
GD vs UAL — 直观对比
营收规模更大
UAL
是对方的1.0倍
$14.4B
营收增速更快
UAL
高出2.8%
7.8%
净利率更高
GD
高出3.2%
4.8%
自由现金流更多
UAL
多$1.1B
$952.0M
两年增速更快
GD
近两年复合增速
-1.3%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $14.4B | $14.6B |
| 净利润 | $1.1B | $699.0M |
| 毛利率 | — | — |
| 营业利润率 | 10.1% | 6.8% |
| 净利率 | 7.9% | 4.8% |
| 营收同比 | 7.8% | 10.6% |
| 净利润同比 | -0.4% | 80.6% |
| 每股收益（稀释后） | — | $2.14 |
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GDUAL
| Q1 26 | — | $14.6B | ||
| Q4 25 | $14.4B | $15.4B | ||
| Q3 25 | $12.9B | $15.2B | ||
| Q2 25 | $13.0B | $15.2B | ||
| Q1 25 | $12.2B | $13.2B | ||
| Q4 24 | $13.3B | $14.7B | ||
| Q3 24 | $11.7B | $14.8B | ||
| Q2 24 | $12.0B | $15.0B |
净利润GDUAL
| Q1 26 | — | $699.0M | ||
| Q4 25 | $1.1B | $1.0B | ||
| Q3 25 | $1.1B | $949.0M | ||
| Q2 25 | $1.0B | $973.0M | ||
| Q1 25 | $994.0M | $387.0M | ||
| Q4 24 | $1.1B | $985.0M | ||
| Q3 24 | $930.0M | $965.0M | ||
| Q2 24 | $905.0M | $1.3B |
营业利润率GDUAL
| Q1 26 | — | 6.8% | ||
| Q4 25 | 10.1% | 9.0% | ||
| Q3 25 | 10.3% | 9.2% | ||
| Q2 25 | 10.0% | 8.7% | ||
| Q1 25 | 10.4% | 4.6% | ||
| Q4 24 | 10.7% | 10.2% | ||
| Q3 24 | 10.1% | 10.5% | ||
| Q2 24 | 9.7% | 12.9% |
净利率GDUAL
| Q1 26 | — | 4.8% | ||
| Q4 25 | 7.9% | 6.8% | ||
| Q3 25 | 8.2% | 6.2% | ||
| Q2 25 | 7.8% | 6.4% | ||
| Q1 25 | 8.1% | 2.9% | ||
| Q4 24 | 8.6% | 6.7% | ||
| Q3 24 | 8.0% | 6.5% | ||
| Q2 24 | 7.6% | 8.8% |
每股收益（稀释后）GDUAL
| Q1 26 | — | $2.14 | ||
| Q4 25 | — | $3.17 | ||
| Q3 25 | — | $2.90 | ||
| Q2 25 | — | $2.97 | ||
| Q1 25 | — | $1.16 | ||
| Q4 24 | — | $2.97 | ||
| Q3 24 | — | $2.90 | ||
| Q2 24 | — | $3.96 |
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 | $2.3B | $14.2B |
| 总债务越低越好 | $8.1B | — |
| 股东权益账面价值 | $25.6B | $15.9B |
| 总资产 | $57.2B | $80.9B |
| 负债/权益比越低杠杆越低 | 0.32× | — |
8季度趋势，按日历期对齐
现金及短期投资GDUAL
| Q1 26 | — | $14.2B | ||
| Q4 25 | $2.3B | $12.2B | ||
| Q3 25 | $2.5B | $13.3B | ||
| Q2 25 | $1.5B | $15.6B | ||
| Q1 25 | $1.2B | $15.3B | ||
| Q4 24 | $1.7B | $14.5B | ||
| Q3 24 | $2.1B | $14.2B | ||
| Q2 24 | $1.4B | $15.2B |
总债务GDUAL
| Q1 26 | — | — | ||
| Q4 25 | $8.1B | $20.6B | ||
| Q3 25 | — | $20.8B | ||
| Q2 25 | — | $20.9B | ||
| Q1 25 | — | $24.4B | ||
| Q4 24 | $8.8B | $25.2B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益GDUAL
| Q1 26 | — | $15.9B | ||
| Q4 25 | $25.6B | $15.3B | ||
| Q3 25 | $24.4B | $14.3B | ||
| Q2 25 | $23.6B | $13.4B | ||
| Q1 25 | $22.2B | $12.6B | ||
| Q4 24 | $22.1B | $12.7B | ||
| Q3 24 | $23.0B | $11.4B | ||
| Q2 24 | $22.0B | $10.5B |
总资产GDUAL
| Q1 26 | — | $80.9B | ||
| Q4 25 | $57.2B | $76.4B | ||
| Q3 25 | $57.6B | $76.3B | ||
| Q2 25 | $56.9B | $77.2B | ||
| Q1 25 | $56.6B | $76.1B | ||
| Q4 24 | $55.9B | $74.1B | ||
| Q3 24 | $57.3B | $72.6B | ||
| Q2 24 | $55.4B | $73.3B |
负债/权益比GDUAL
| Q1 26 | — | — | ||
| Q4 25 | 0.32× | 1.35× | ||
| Q3 25 | — | 1.45× | ||
| Q2 25 | — | 1.56× | ||
| Q1 25 | — | 1.93× | ||
| Q4 24 | 0.40× | 1.99× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | $1.6B | $4.8B |
| 自由现金流经营现金流 - 资本支出 | $952.0M | $2.0B |
| 自由现金流率自由现金流/营收 | 6.6% | 13.9% |
| 资本支出强度资本支出/营收 | 4.2% | 13.9% |
| 现金转化率经营现金流/净利润 | 1.37× | 6.87× |
| 过去12个月自由现金流最近4个季度 | $4.0B | $2.1B |
8季度趋势，按日历期对齐
经营现金流GDUAL
| Q1 26 | — | $4.8B | ||
| Q4 25 | $1.6B | $1.3B | ||
| Q3 25 | $2.1B | $1.2B | ||
| Q2 25 | $1.6B | $2.2B | ||
| Q1 25 | $-148.0M | $3.7B | ||
| Q4 24 | $2.2B | $2.2B | ||
| Q3 24 | $1.4B | $1.5B | ||
| Q2 24 | $814.0M | $2.9B |
自由现金流GDUAL
| Q1 26 | — | $2.0B | ||
| Q4 25 | $952.0M | $-604.0M | ||
| Q3 25 | $1.9B | $-246.0M | ||
| Q2 25 | $1.4B | $930.0M | ||
| Q1 25 | $-290.0M | $2.5B | ||
| Q4 24 | $1.8B | $549.0M | ||
| Q3 24 | $1.2B | $88.0M | ||
| Q2 24 | $613.0M | $1.7B |
自由现金流率GDUAL
| Q1 26 | — | 13.9% | ||
| Q4 25 | 6.6% | -3.9% | ||
| Q3 25 | 14.7% | -1.6% | ||
| Q2 25 | 10.7% | 6.1% | ||
| Q1 25 | -2.4% | 18.7% | ||
| Q4 24 | 13.5% | 3.7% | ||
| Q3 24 | 10.4% | 0.6% | ||
| Q2 24 | 5.1% | 11.4% |
资本支出强度GDUAL
| Q1 26 | — | 13.9% | ||
| Q4 25 | 4.2% | 12.3% | ||
| Q3 25 | 1.6% | 9.6% | ||
| Q2 25 | 1.5% | 8.4% | ||
| Q1 25 | 1.2% | 9.3% | ||
| Q4 24 | 2.7% | 11.4% | ||
| Q3 24 | 1.7% | 9.5% | ||
| Q2 24 | 1.7% | 7.8% |
现金转化率GDUAL
| Q1 26 | — | 6.87× | ||
| Q4 25 | 1.37× | 1.23× | ||
| Q3 25 | 1.99× | 1.28× | ||
| Q2 25 | 1.58× | 2.28× | ||
| Q1 25 | -0.15× | 9.59× | ||
| Q4 24 | 1.88× | 2.26× | ||
| Q3 24 | 1.52× | 1.55× | ||
| Q2 24 | 0.90× | 2.17× |
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
GD
| Aerospace | $3.8B | 26% |
| Cost Reimbursement | $2.5B | 17% |
| Information Technology Services | $2.1B | 15% |
| Militaryvehicles | $1.2B | 9% |
| C5ISR Solutions | $1.1B | 8% |
| Aircraft Services | $965.0M | 7% |
| Weapons Systemsand Munitions | $935.0M | 7% |
| Surfaceships | $920.0M | 6% |
| Engineeringand Other Services | $360.0M | 3% |
| Repairand Other Services | $344.0M | 2% |
| Contracts Accounted For Under Percentage Of Completion | $88.0M | 1% |
UAL
| Passenger revenue | $13.2B | 90% |
| Other | $1.0B | 7% |
| Cargo revenue | $422.0M | 3% |
