vs
固铂轮胎（GT）与联合太平洋（UNP）财务数据对比。点击上方公司名可切换其他公司
联合太平洋的季度营收约是固铂轮胎的1.3倍（$6.2B vs $4.9B），联合太平洋净利率更高（27.4% vs 2.1%，领先25.2%），联合太平洋同比增速更快（3.2% vs -0.6%），固铂轮胎自由现金流更多（$1.3B vs $631.0M），过去两年固铂轮胎的营收复合增速更高（4.1% vs 1.7%）
固铂轮胎橡胶公司是美国知名轮胎企业，专注于乘用车、卡车替换轮胎的设计、生产、营销与销售，旗下子公司还覆盖中型卡车、摩托车及赛车轮胎业务。公司总部位于俄亥俄州芬德利，在全球拥有60处制造、销售、配送、技术及研发设计基地，旗下还拥有英国雅芳轮胎品牌，生产摩托车等品类的轮胎产品。
联合太平洋是美国一级货运铁路运营商，共运营8300台机车，线路总长超5.18万公里，覆盖芝加哥、新奥尔良以西的23个美国州，是全美规模仅次于BNSF的第二大铁路企业。
GT vs UNP — 直观对比
营收规模更大
UNP
是对方的1.3倍
$4.9B
营收增速更快
UNP
高出3.8%
-0.6%
净利率更高
UNP
高出25.2%
2.1%
自由现金流更多
GT
多$704.0M
$631.0M
两年增速更快
GT
近两年复合增速
1.7%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $4.9B | $6.2B |
| 净利润 | $105.0M | $1.7B |
| 毛利率 | 20.9% | — |
| 营业利润率 | 3.3% | 39.5% |
| 净利率 | 2.1% | 27.4% |
| 营收同比 | -0.6% | 3.2% |
| 净利润同比 | 43.8% | 4.6% |
| 每股收益（稀释后） | $0.36 | $2.87 |
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GTUNP
| Q1 26 | — | $6.2B | ||
| Q4 25 | $4.9B | $6.1B | ||
| Q3 25 | $4.6B | $6.2B | ||
| Q2 25 | $4.5B | $6.2B | ||
| Q1 25 | $4.3B | $6.0B | ||
| Q4 24 | $4.9B | $6.1B | ||
| Q3 24 | $4.8B | $6.1B | ||
| Q2 24 | $4.6B | $6.0B |
净利润GTUNP
| Q1 26 | — | $1.7B | ||
| Q4 25 | $105.0M | $1.8B | ||
| Q3 25 | $-2.2B | $1.8B | ||
| Q2 25 | $254.0M | $1.9B | ||
| Q1 25 | $115.0M | $1.6B | ||
| Q4 24 | $73.0M | $1.8B | ||
| Q3 24 | $-37.0M | $1.7B | ||
| Q2 24 | $79.0M | $1.7B |
毛利率GTUNP
| Q1 26 | — | — | ||
| Q4 25 | 20.9% | — | ||
| Q3 25 | 18.2% | — | ||
| Q2 25 | 17.0% | — | ||
| Q1 25 | 17.4% | — | ||
| Q4 24 | 19.9% | — | ||
| Q3 24 | 19.5% | — | ||
| Q2 24 | 20.6% | — |
营业利润率GTUNP
| Q1 26 | — | 39.5% | ||
| Q4 25 | 3.3% | 39.5% | ||
| Q3 25 | -15.8% | 40.8% | ||
| Q2 25 | 6.8% | 41.0% | ||
| Q1 25 | 3.1% | 39.3% | ||
| Q4 24 | 1.5% | 41.3% | ||
| Q3 24 | -0.6% | 39.7% | ||
| Q2 24 | 2.9% | 40.0% |
净利率GTUNP
| Q1 26 | — | 27.4% | ||
| Q4 25 | 2.1% | 30.4% | ||
| Q3 25 | -47.3% | 28.6% | ||
| Q2 25 | 5.7% | 30.5% | ||
| Q1 25 | 2.7% | 27.0% | ||
| Q4 24 | 1.5% | 28.8% | ||
| Q3 24 | -0.8% | 27.4% | ||
| Q2 24 | 1.7% | 27.9% |
每股收益（稀释后）GTUNP
| Q1 26 | — | $2.87 | ||
| Q4 25 | $0.36 | $3.12 | ||
| Q3 25 | $-7.62 | $3.01 | ||
| Q2 25 | $0.87 | $3.15 | ||
| Q1 25 | $0.40 | $2.70 | ||
| Q4 24 | $0.25 | $2.91 | ||
| Q3 24 | $-0.13 | $2.75 | ||
| Q2 24 | $0.28 | $2.74 |
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 | $801.0M | $735.0M |
| 总债务越低越好 | $5.3B | — |
| 股东权益账面价值 | $3.2B | — |
| 总资产 | $18.2B | $69.6B |
| 负债/权益比越低杠杆越低 | 1.65× | — |
8季度趋势，按日历期对齐
现金及短期投资GTUNP
| Q1 26 | — | $735.0M | ||
| Q4 25 | $801.0M | $1.3B | ||
| Q3 25 | $810.0M | $808.0M | ||
| Q2 25 | $785.0M | $1.1B | ||
| Q1 25 | $902.0M | $1.4B | ||
| Q4 24 | $810.0M | $1.0B | ||
| Q3 24 | $905.0M | $947.0M | ||
| Q2 24 | $789.0M | $1.1B |
总债务GTUNP
| Q1 26 | — | — | ||
| Q4 25 | $5.3B | $30.3B | ||
| Q3 25 | $7.3B | $30.3B | ||
| Q2 25 | $6.6B | $30.3B | ||
| Q1 25 | $7.3B | $30.6B | ||
| Q4 24 | $6.4B | $29.8B | ||
| Q3 24 | $7.4B | $29.8B | ||
| Q2 24 | $6.8B | $31.2B |
股东权益GTUNP
| Q1 26 | — | — | ||
| Q4 25 | $3.2B | $18.5B | ||
| Q3 25 | $3.0B | $17.3B | ||
| Q2 25 | $5.1B | $16.3B | ||
| Q1 25 | $4.9B | $16.0B | ||
| Q4 24 | $4.7B | $16.9B | ||
| Q3 24 | $4.7B | $16.6B | ||
| Q2 24 | $4.7B | $16.5B |
总资产GTUNP
| Q1 26 | — | $69.6B | ||
| Q4 25 | $18.2B | $69.7B | ||
| Q3 25 | $20.2B | $68.6B | ||
| Q2 25 | $22.3B | $68.6B | ||
| Q1 25 | $21.7B | $68.5B | ||
| Q4 24 | $20.9B | $67.7B | ||
| Q3 24 | $22.5B | $67.6B | ||
| Q2 24 | $22.0B | $67.8B |
负债/权益比GTUNP
| Q1 26 | — | — | ||
| Q4 25 | 1.65× | 1.64× | ||
| Q3 25 | 2.42× | 1.75× | ||
| Q2 25 | 1.28× | 1.86× | ||
| Q1 25 | 1.48× | 1.91× | ||
| Q4 24 | 1.37× | 1.76× | ||
| Q3 24 | 1.57× | 1.79× | ||
| Q2 24 | 1.45× | 1.89× |
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 | $1.5B | — |
| 自由现金流经营现金流 - 资本支出 | $1.3B | $631.0M |
| 自由现金流率自由现金流/营收 | 27.2% | 10.1% |
| 资本支出强度资本支出/营收 | 3.6% | — |
| 现金转化率经营现金流/净利润 | 14.40× | — |
| 过去12个月自由现金流最近4个季度 | $-30.0M | $4.8B |
8季度趋势，按日历期对齐
经营现金流GTUNP
| Q1 26 | — | — | ||
| Q4 25 | $1.5B | $2.2B | ||
| Q3 25 | $2.0M | $2.5B | ||
| Q2 25 | $-180.0M | $2.3B | ||
| Q1 25 | $-538.0M | $2.2B | ||
| Q4 24 | $1.3B | $2.7B | ||
| Q3 24 | $-73.0M | $2.7B | ||
| Q2 24 | $-67.0M | $1.9B |
自由现金流GTUNP
| Q1 26 | — | $631.0M | ||
| Q4 25 | $1.3B | $1.2B | ||
| Q3 25 | $-181.0M | $1.6B | ||
| Q2 25 | $-387.0M | $1.4B | ||
| Q1 25 | $-797.0M | $1.3B | ||
| Q4 24 | $1.0B | $1.7B | ||
| Q3 24 | $-351.0M | $1.8B | ||
| Q2 24 | $-383.0M | $1.0B |
自由现金流率GTUNP
| Q1 26 | — | 10.1% | ||
| Q4 25 | 27.2% | 20.1% | ||
| Q3 25 | -3.9% | 25.2% | ||
| Q2 25 | -8.7% | 22.7% | ||
| Q1 25 | -18.7% | 21.6% | ||
| Q4 24 | 20.5% | 28.4% | ||
| Q3 24 | -7.3% | 29.9% | ||
| Q2 24 | -8.4% | 16.8% |
资本支出强度GTUNP
| Q1 26 | — | — | ||
| Q4 25 | 3.6% | 16.4% | ||
| Q3 25 | 3.9% | 15.2% | ||
| Q2 25 | 4.6% | 15.2% | ||
| Q1 25 | 6.1% | 15.0% | ||
| Q4 24 | 5.6% | 15.1% | ||
| Q3 24 | 5.8% | 13.6% | ||
| Q2 24 | 6.9% | 15.0% |
现金转化率GTUNP
| Q1 26 | — | — | ||
| Q4 25 | 14.40× | 1.20× | ||
| Q3 25 | — | 1.41× | ||
| Q2 25 | -0.71× | 1.24× | ||
| Q1 25 | -4.68× | 1.36× | ||
| Q4 24 | 17.66× | 1.51× | ||
| Q3 24 | — | 1.59× | ||
| Q2 24 | -0.85× | 1.14× |
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
GT
| Tire Unit Sales | $2.4B | 50% |
| Other | $2.3B | 46% |
| Other Tireand Related Sales | $192.0M | 4% |
UNP
| Freight revenues | $5.9B | 95% |
| Other revenues | $324.0M | 5% |
