vs
CarMax（KMX）与Sunoco LP（SUN）财务数据对比。点击上方公司名可切换其他公司
Sunoco LP的季度营收约是CarMax的1.5倍（$8.6B vs $5.8B），Sunoco LP净利率更高（1.2% vs 1.1%，领先0.1%），Sunoco LP同比增速更快（63.2% vs -6.9%），过去两年Sunoco LP的营收复合增速更高（25.1% vs 1.5%）
CarMax是美国知名二手车零售企业，下设两大业务板块：零售运营业务与汽车金融服务。该品牌最初是电路城公司的副业项目，1993年9月在弗吉尼亚州里士满开设首家门店，截至2025年1月在全美共运营253家线下门店。
Sunoco LP是总部位于美国得克萨斯州达拉斯的业主有限合伙企业，在特拉华州注册成立，历史最早可追溯至1886年。公司最初为垂直一体化能源企业，现已转型为燃油分销商及能源基础设施运营商，此前曾涉足油气勘探开采、炼化、化工生产及燃油零售业务，目前上述业务均已剥离。
KMX vs SUN — 直观对比
营收规模更大
SUN
是对方的1.5倍
$5.8B
营收增速更快
SUN
高出70.1%
-6.9%
净利率更高
SUN
高出0.1%
1.1%
两年增速更快
SUN
近两年复合增速
1.5%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $5.8B | $8.6B |
| 净利润 | $62.2M | $101.0M |
| 毛利率 | 10.2% | 10.7% |
| 营业利润率 | — | 2.1% |
| 净利率 | 1.1% | 1.2% |
| 营收同比 | -6.9% | 63.2% |
| 净利润同比 | -50.4% | -28.4% |
| 每股收益（稀释后） | $0.43 | — |
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KMXSUN
| Q4 25 | $5.8B | $8.6B | ||
| Q3 25 | $6.6B | $6.0B | ||
| Q2 25 | $7.5B | $5.4B | ||
| Q1 25 | $6.0B | $5.2B | ||
| Q4 24 | $6.2B | $5.3B | ||
| Q3 24 | $7.0B | $5.8B | ||
| Q2 24 | $7.1B | $6.2B | ||
| Q1 24 | $5.6B | $5.5B |
净利润KMXSUN
| Q4 25 | $62.2M | $101.0M | ||
| Q3 25 | $95.4M | $133.0M | ||
| Q2 25 | $210.4M | $86.0M | ||
| Q1 25 | $89.9M | $207.0M | ||
| Q4 24 | $125.4M | $141.0M | ||
| Q3 24 | $132.8M | $2.0M | ||
| Q2 24 | $152.4M | $493.0M | ||
| Q1 24 | $50.3M | $230.0M |
毛利率KMXSUN
| Q4 25 | 10.2% | 10.7% | ||
| Q3 25 | 10.9% | 10.7% | ||
| Q2 25 | 11.8% | 10.6% | ||
| Q1 25 | 11.1% | 12.6% | ||
| Q4 24 | 10.9% | 11.9% | ||
| Q3 24 | 10.8% | 7.4% | ||
| Q2 24 | 11.1% | 9.2% | ||
| Q1 24 | 10.4% | 8.8% |
营业利润率KMXSUN
| Q4 25 | — | 2.1% | ||
| Q3 25 | — | 4.2% | ||
| Q2 25 | — | 3.8% | ||
| Q1 25 | 2.0% | 5.7% | ||
| Q4 24 | 2.7% | 4.5% | ||
| Q3 24 | 2.5% | 1.9% | ||
| Q2 24 | 2.9% | 2.4% | ||
| Q1 24 | 1.2% | 5.4% |
净利率KMXSUN
| Q4 25 | 1.1% | 1.2% | ||
| Q3 25 | 1.4% | 2.2% | ||
| Q2 25 | 2.8% | 1.6% | ||
| Q1 25 | 1.5% | 4.0% | ||
| Q4 24 | 2.0% | 2.7% | ||
| Q3 24 | 1.9% | 0.0% | ||
| Q2 24 | 2.1% | 8.0% | ||
| Q1 24 | 0.9% | 4.2% |
每股收益（稀释后）KMXSUN
| Q4 25 | $0.43 | — | ||
| Q3 25 | $0.64 | — | ||
| Q2 25 | $1.38 | — | ||
| Q1 25 | $0.58 | — | ||
| Q4 24 | $0.81 | — | ||
| Q3 24 | $0.85 | — | ||
| Q2 24 | $0.97 | — | ||
| Q1 24 | $0.31 | — |
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 | $204.9M | $891.0M |
| 总债务越低越好 | $16.6B | $13.4B |
| 股东权益账面价值 | $6.1B | — |
| 总资产 | $25.6B | $28.4B |
| 负债/权益比越低杠杆越低 | 2.74× | — |
8季度趋势，按日历期对齐
现金及短期投资KMXSUN
| Q4 25 | $204.9M | $891.0M | ||
| Q3 25 | $540.4M | — | ||
| Q2 25 | $262.8M | — | ||
| Q1 25 | $247.0M | — | ||
| Q4 24 | $271.9M | $94.0M | ||
| Q3 24 | $524.7M | — | ||
| Q2 24 | $218.9M | — | ||
| Q1 24 | $574.1M | — |
总债务KMXSUN
| Q4 25 | $16.6B | $13.4B | ||
| Q3 25 | $17.8B | $9.5B | ||
| Q2 25 | $18.0B | $7.8B | ||
| Q1 25 | $18.1B | $7.7B | ||
| Q4 24 | $18.1B | $7.5B | ||
| Q3 24 | $18.1B | $7.3B | ||
| Q2 24 | $18.2B | $7.3B | ||
| Q1 24 | $18.0B | $3.8B |
股东权益KMXSUN
| Q4 25 | $6.1B | — | ||
| Q3 25 | $6.2B | — | ||
| Q2 25 | $6.3B | — | ||
| Q1 25 | $6.2B | — | ||
| Q4 24 | $6.2B | — | ||
| Q3 24 | $6.2B | — | ||
| Q2 24 | $6.2B | — | ||
| Q1 24 | $6.1B | — |
总资产KMXSUN
| Q4 25 | $25.6B | $28.4B | ||
| Q3 25 | $27.1B | $17.8B | ||
| Q2 25 | $27.4B | $14.4B | ||
| Q1 25 | $27.4B | $14.3B | ||
| Q4 24 | $27.3B | $14.4B | ||
| Q3 24 | $27.3B | $14.1B | ||
| Q2 24 | $27.2B | $14.5B | ||
| Q1 24 | $27.2B | $7.4B |
负债/权益比KMXSUN
| Q4 25 | 2.74× | — | ||
| Q3 25 | 2.87× | — | ||
| Q2 25 | 2.86× | — | ||
| Q1 25 | 2.91× | — | ||
| Q4 24 | 2.92× | — | ||
| Q3 24 | 2.93× | — | ||
| Q2 24 | 2.95× | — | ||
| Q1 24 | 2.96× | — |
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 | $1.3B | $392.0M |
| 自由现金流经营现金流 - 资本支出 | $1.1B | — |
| 自由现金流率自由现金流/营收 | 19.2% | — |
| 资本支出强度资本支出/营收 | 2.4% | — |
| 现金转化率经营现金流/净利润 | 20.14× | 3.88× |
| 过去12个月自由现金流最近4个季度 | $1.9B | — |
8季度趋势，按日历期对齐
经营现金流KMXSUN
| Q4 25 | $1.3B | $392.0M | ||
| Q3 25 | $785.5M | $401.0M | ||
| Q2 25 | $299.5M | $243.0M | ||
| Q1 25 | $146.4M | $156.0M | ||
| Q4 24 | $-23.4M | $123.0M | ||
| Q3 24 | $619.1M | $210.0M | ||
| Q2 24 | $-117.7M | $-70.0M | ||
| Q1 24 | $309.6M | $286.0M |
自由现金流KMXSUN
| Q4 25 | $1.1B | — | ||
| Q3 25 | $654.0M | $244.0M | ||
| Q2 25 | $162.8M | $83.0M | ||
| Q1 25 | $18.8M | $55.0M | ||
| Q4 24 | $-150.6M | — | ||
| Q3 24 | $509.9M | $109.0M | ||
| Q2 24 | $-221.6M | $-140.0M | ||
| Q1 24 | $199.8M | $245.0M |
自由现金流率KMXSUN
| Q4 25 | 19.2% | — | ||
| Q3 25 | 9.9% | 4.0% | ||
| Q2 25 | 2.2% | 1.5% | ||
| Q1 25 | 0.3% | 1.1% | ||
| Q4 24 | -2.4% | — | ||
| Q3 24 | 7.3% | 1.9% | ||
| Q2 24 | -3.1% | -2.3% | ||
| Q1 24 | 3.6% | 4.5% |
资本支出强度KMXSUN
| Q4 25 | 2.4% | — | ||
| Q3 25 | 2.0% | 2.6% | ||
| Q2 25 | 1.8% | 3.0% | ||
| Q1 25 | 2.1% | 2.0% | ||
| Q4 24 | 2.0% | — | ||
| Q3 24 | 1.6% | 1.8% | ||
| Q2 24 | 1.5% | 1.1% | ||
| Q1 24 | 2.0% | 0.7% |
现金转化率KMXSUN
| Q4 25 | 20.14× | 3.88× | ||
| Q3 25 | 8.24× | 3.02× | ||
| Q2 25 | 1.42× | 2.83× | ||
| Q1 25 | 1.63× | 0.75× | ||
| Q4 24 | -0.19× | 0.87× | ||
| Q3 24 | 4.66× | 105.00× | ||
| Q2 24 | -0.77× | -0.14× | ||
| Q1 24 | 6.16× | 1.24× |
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
KMX
| Used Vehicles | $4.5B | 78% |
| Wholesale Vehicles | $1.1B | 19% |
| Other | $150.6M | 3% |
| Extendedprotectionplan Domain | $96.6M | 2% |
| Advertising Subscription Revenues Domain | $35.1M | 1% |
| Service Domain | $18.5M | 0% |
| Thirdpartyfinancefees Domain | $3.0M | 0% |
SUN
| Fuel Distribution | $8.2B | 95% |
| Service Revenue | $440.0M | 5% |
| Lease Revenue | $40.0M | 0% |
| Lease Income | $12.0M | 0% |
