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WARRIOR MET COAL, INC.（HCC）与德太投资（TPG）财务数据对比。点击上方公司名可切换其他公司
德太投资的季度营收约是WARRIOR MET COAL, INC.的1.9倍（$715.1M vs $384.0M），德太投资净利率更高（10.8% vs 6.0%，领先4.8%），德太投资同比增速更快（35.6% vs 29.1%），过去两年德太投资的营收复合增速更高（18.1% vs -12.7%）
Warrior Met Coal（股票代码HCC）是总部位于美国的矿业企业，主营高品质冶金煤的开采与供应，其产品是钢铁制造的核心原材料，主要服务北美、欧洲、亚洲地区的钢铁生产商及工业客户。
TPG Inc.（原称德州太平洋集团、TPG Capital）是总部位于美国得克萨斯州沃斯堡的私募股权投资机构，旗下管理的基金覆盖成长资本、风险投资、公开股权、债权投资等品类，投资领域包含消费零售、传媒电信、工业、科技、旅游休闲、医疗健康等多个赛道。
HCC vs TPG — 直观对比
营收规模更大
TPG
是对方的1.9倍
$384.0M
营收增速更快
TPG
高出6.5%
29.1%
净利率更高
TPG
高出4.8%
6.0%
两年增速更快
TPG
近两年复合增速
-12.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $384.0M | $715.1M |
| 净利润 | $23.0M | $77.1M |
| 毛利率 | 29.5% | — |
| 营业利润率 | 9.0% | — |
| 净利率 | 6.0% | 10.8% |
| 营收同比 | 29.1% | 35.6% |
| 净利润同比 | 1919.5% | 494.1% |
| 每股收益（稀释后） | $0.43 | $0.30 |
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HCCTPG
| Q4 25 | $384.0M | $715.1M | ||
| Q3 25 | $328.6M | $596.5M | ||
| Q2 25 | $297.5M | $569.1M | ||
| Q1 25 | $299.9M | $543.5M | ||
| Q4 24 | $297.5M | $527.2M | ||
| Q3 24 | $327.7M | $524.7M | ||
| Q2 24 | $396.5M | $522.8M | ||
| Q1 24 | $503.5M | $512.3M |
净利润HCCTPG
| Q4 25 | $23.0M | $77.1M | ||
| Q3 25 | $36.6M | $67.1M | ||
| Q2 25 | $5.6M | $14.9M | ||
| Q1 25 | $-8.2M | $25.4M | ||
| Q4 24 | $1.1M | $13.0M | ||
| Q3 24 | $41.8M | $9.0M | ||
| Q2 24 | $70.7M | $-14.0M | ||
| Q1 24 | $137.0M | $15.5M |
毛利率HCCTPG
| Q4 25 | 29.5% | — | ||
| Q3 25 | 27.1% | — | ||
| Q2 25 | 23.9% | — | ||
| Q1 25 | 18.1% | — | ||
| Q4 24 | 23.1% | — | ||
| Q3 24 | 29.3% | — | ||
| Q2 24 | 34.1% | — | ||
| Q1 24 | 43.3% | — |
营业利润率HCCTPG
| Q4 25 | 9.0% | — | ||
| Q3 25 | 6.3% | — | ||
| Q2 25 | 2.6% | — | ||
| Q1 25 | -5.8% | — | ||
| Q4 24 | -1.4% | — | ||
| Q3 24 | 11.9% | — | ||
| Q2 24 | 17.9% | — | ||
| Q1 24 | 29.6% | — |
净利率HCCTPG
| Q4 25 | 6.0% | 10.8% | ||
| Q3 25 | 11.1% | 11.3% | ||
| Q2 25 | 1.9% | 2.6% | ||
| Q1 25 | -2.7% | 4.7% | ||
| Q4 24 | 0.4% | 2.5% | ||
| Q3 24 | 12.7% | 1.7% | ||
| Q2 24 | 17.8% | -2.7% | ||
| Q1 24 | 27.2% | 3.0% |
每股收益（稀释后）HCCTPG
| Q4 25 | $0.43 | $0.30 | ||
| Q3 25 | $0.70 | $0.20 | ||
| Q2 25 | $0.11 | $-0.05 | ||
| Q1 25 | $-0.16 | $0.00 | ||
| Q4 24 | $0.02 | $-0.04 | ||
| Q3 24 | $0.80 | $-0.08 | ||
| Q2 24 | $1.35 | $-0.19 | ||
| Q1 24 | $2.62 | $-0.11 |
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 | $300.0M | $826.1M |
| 总债务越低越好 | $154.3M | $1.7B |
| 股东权益账面价值 | $2.1B | $4.1B |
| 总资产 | $2.8B | $13.5B |
| 负债/权益比越低杠杆越低 | 0.07× | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资HCCTPG
| Q4 25 | $300.0M | $826.1M | ||
| Q3 25 | $336.3M | $1.1B | ||
| Q2 25 | $383.3M | $1.1B | ||
| Q1 25 | $454.9M | $822.0M | ||
| Q4 24 | $491.5M | $808.0M | ||
| Q3 24 | $583.2M | $1.2B | ||
| Q2 24 | $709.0M | $1.1B | ||
| Q1 24 | $693.9M | $1.1B |
总债务HCCTPG
| Q4 25 | $154.3M | $1.7B | ||
| Q3 25 | $154.1M | $1.8B | ||
| Q2 25 | $153.9M | $1.6B | ||
| Q1 25 | $153.8M | $1.5B | ||
| Q4 24 | $153.6M | $1.3B | ||
| Q3 24 | $153.5M | $1.3B | ||
| Q2 24 | $153.3M | $1.2B | ||
| Q1 24 | $153.2M | $1.2B |
股东权益HCCTPG
| Q4 25 | $2.1B | $4.1B | ||
| Q3 25 | $2.1B | $3.8B | ||
| Q2 25 | $2.1B | $3.6B | ||
| Q1 25 | $2.1B | $3.5B | ||
| Q4 24 | $2.1B | $3.6B | ||
| Q3 24 | $2.1B | $3.4B | ||
| Q2 24 | $2.0B | $3.3B | ||
| Q1 24 | $2.0B | $3.3B |
总资产HCCTPG
| Q4 25 | $2.8B | $13.5B | ||
| Q3 25 | $2.7B | $13.0B | ||
| Q2 25 | $2.6B | $12.0B | ||
| Q1 25 | $2.6B | $11.3B | ||
| Q4 24 | $2.6B | $10.5B | ||
| Q3 24 | $2.6B | $10.5B | ||
| Q2 24 | $2.6B | $10.1B | ||
| Q1 24 | $2.5B | $9.9B |
负债/权益比HCCTPG
| Q4 25 | 0.07× | 0.42× | ||
| Q3 25 | 0.07× | 0.47× | ||
| Q2 25 | 0.07× | 0.45× | ||
| Q1 25 | 0.07× | 0.42× | ||
| Q4 24 | 0.07× | 0.36× | ||
| Q3 24 | 0.07× | 0.39× | ||
| Q2 24 | 0.07× | 0.37× | ||
| Q1 24 | 0.08× | 0.37× |
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 | $76.1M | $-43.7M |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | 3.31× | -0.57× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流HCCTPG
| Q4 25 | $76.1M | $-43.7M | ||
| Q3 25 | $104.7M | $492.0M | ||
| Q2 25 | $37.5M | $385.9M | ||
| Q1 25 | $10.9M | $198.2M | ||
| Q4 24 | $54.2M | $-188.1M | ||
| Q3 24 | $62.2M | $68.9M | ||
| Q2 24 | $147.0M | $214.6M | ||
| Q1 24 | $104.1M | $436.7M |
现金转化率HCCTPG
| Q4 25 | 3.31× | -0.57× | ||
| Q3 25 | 2.86× | 7.33× | ||
| Q2 25 | 6.70× | 25.83× | ||
| Q1 25 | — | 7.80× | ||
| Q4 24 | 47.68× | -14.49× | ||
| Q3 24 | 1.49× | 7.69× | ||
| Q2 24 | 2.08× | — | ||
| Q1 24 | 0.76× | 28.14× |
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
HCC
| Mining Segment | $373.6M | 97% |
| Other | $10.4M | 3% |
TPG
| Management Fees | $484.4M | 68% |
| Transaction Fees | $118.6M | 17% |
| Expense Reimbursements And Other | $76.3M | 11% |
| Incentive Fees | $29.0M | 4% |
| Monitoring Fees | $6.8M | 1% |
