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MARKEL GROUP INC.（MKL）与PAR PACIFIC HOLDINGS, INC.（PARR）财务数据对比。点击上方公司名可切换其他公司
MARKEL GROUP INC.的季度营收约是PAR PACIFIC HOLDINGS, INC.的2.0倍（$3.6B vs $1.8B），MARKEL GROUP INC.净利率更高（16.1% vs 4.3%，领先11.8%），PAR PACIFIC HOLDINGS, INC.同比增速更快（-1.0% vs -6.9%），MARKEL GROUP INC.自由现金流更多（$599.1M vs $66.3M），过去两年PAR PACIFIC HOLDINGS, INC.的营收复合增速更高（-4.3% vs -10.5%）
Markel集团是总部位于美国弗吉尼亚州里士满的综合性企业集团，1930年最初以保险公司的身份创立，发展至今业务已覆盖保险承保、投资管理等多个板块，在全球相关行业拥有较高的市场知名度与稳定的合作网络。
Par Pacific Holdings是总部位于美国休斯顿的油气勘探生产企业，曾在破产重组后以Par Petroleum Corporation为名运营，2015年10月20日正式更名为现名，2017年入选《财富》美国1000强企业。
MKL vs PARR — 直观对比
营收规模更大
MKL
是对方的2.0倍
$1.8B
营收增速更快
PARR
高出5.8%
-6.9%
净利率更高
MKL
高出11.8%
4.3%
自由现金流更多
MKL
多$532.8M
$66.3M
两年增速更快
PARR
近两年复合增速
-10.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.6B | $1.8B |
| 净利润 | $576.8M | $77.7M |
| 毛利率 | — | — |
| 营业利润率 | 22.2% | 5.5% |
| 净利率 | 16.1% | 4.3% |
| 营收同比 | -6.9% | -1.0% |
| 净利润同比 | 5.0% | 239.5% |
| 每股收益（稀释后） | $48.22 | $1.40 |
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MKLPARR
| Q4 25 | $3.6B | $1.8B | ||
| Q3 25 | $3.9B | $2.0B | ||
| Q2 25 | $4.6B | $1.9B | ||
| Q1 25 | $3.4B | $1.7B | ||
| Q4 24 | $3.8B | $1.8B | ||
| Q3 24 | $4.6B | $2.1B | ||
| Q2 24 | $3.7B | $2.0B | ||
| Q1 24 | $4.5B | $2.0B |
净利润MKLPARR
| Q4 25 | $576.8M | $77.7M | ||
| Q3 25 | $751.3M | $262.6M | ||
| Q2 25 | $657.1M | $59.5M | ||
| Q1 25 | $121.7M | $-30.4M | ||
| Q4 24 | $549.2M | $-55.7M | ||
| Q3 24 | $905.0M | $7.5M | ||
| Q2 24 | $267.7M | $18.6M | ||
| Q1 24 | $1.0B | $-3.8M |
营业利润率MKLPARR
| Q4 25 | 22.2% | 5.5% | ||
| Q3 25 | 25.7% | 17.8% | ||
| Q2 25 | 24.1% | 5.1% | ||
| Q1 25 | 8.3% | -0.9% | ||
| Q4 24 | 15.5% | -2.6% | ||
| Q3 24 | 29.7% | 1.7% | ||
| Q2 24 | 11.1% | 2.4% | ||
| Q1 24 | 29.9% | 0.5% |
净利率MKLPARR
| Q4 25 | 16.1% | 4.3% | ||
| Q3 25 | 19.1% | 13.0% | ||
| Q2 25 | 14.3% | 3.1% | ||
| Q1 25 | 3.6% | -1.7% | ||
| Q4 24 | 14.3% | -3.0% | ||
| Q3 24 | 19.6% | 0.3% | ||
| Q2 24 | 7.2% | 0.9% | ||
| Q1 24 | 23.0% | -0.2% |
每股收益（稀释后）MKLPARR
| Q4 25 | $48.22 | $1.40 | ||
| Q3 25 | $59.25 | $5.16 | ||
| Q2 25 | $49.67 | $1.17 | ||
| Q1 25 | $12.08 | $-0.57 | ||
| Q4 24 | $39.02 | $-0.98 | ||
| Q3 24 | $66.25 | $0.13 | ||
| Q2 24 | $18.62 | $0.32 | ||
| Q1 24 | $75.43 | $-0.06 |
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 | $4.0B | $164.1M |
| 总债务越低越好 | $4.3B | $802.9M |
| 股东权益账面价值 | $18.6B | $1.5B |
| 总资产 | $68.9B | $3.8B |
| 负债/权益比越低杠杆越低 | 0.23× | 0.53× |
8季度趋势，按日历期对齐
现金及短期投资MKLPARR
| Q4 25 | $4.0B | $164.1M | ||
| Q3 25 | $4.0B | $159.1M | ||
| Q2 25 | $3.7B | $169.2M | ||
| Q1 25 | $4.2B | $133.7M | ||
| Q4 24 | $3.7B | $191.9M | ||
| Q3 24 | $3.9B | $183.0M | ||
| Q2 24 | $3.5B | $179.7M | ||
| Q1 24 | $3.6B | $228.3M |
总债务MKLPARR
| Q4 25 | $4.3B | $802.9M | ||
| Q3 25 | $4.3B | $967.1M | ||
| Q2 25 | $4.4B | $1.1B | ||
| Q1 25 | $4.4B | $1.2B | ||
| Q4 24 | $4.3B | $1.1B | ||
| Q3 24 | $4.4B | $1.0B | ||
| Q2 24 | $4.4B | $1.1B | ||
| Q1 24 | $3.9B | $639.5M |
股东权益MKLPARR
| Q4 25 | $18.6B | $1.5B | ||
| Q3 25 | $18.0B | $1.4B | ||
| Q2 25 | $17.3B | $1.1B | ||
| Q1 25 | $17.1B | $1.1B | ||
| Q4 24 | $16.9B | $1.2B | ||
| Q3 24 | $17.0B | $1.3B | ||
| Q2 24 | $15.9B | $1.3B | ||
| Q1 24 | $15.7B | $1.3B |
总资产MKLPARR
| Q4 25 | $68.9B | $3.8B | ||
| Q3 25 | $67.4B | $4.1B | ||
| Q2 25 | $66.8B | $3.9B | ||
| Q1 25 | $64.6B | $3.8B | ||
| Q4 24 | $61.9B | $3.8B | ||
| Q3 24 | $62.3B | $3.9B | ||
| Q2 24 | $59.7B | $3.9B | ||
| Q1 24 | $57.3B | $3.8B |
负债/权益比MKLPARR
| Q4 25 | 0.23× | 0.53× | ||
| Q3 25 | 0.24× | 0.69× | ||
| Q2 25 | 0.25× | 0.97× | ||
| Q1 25 | 0.26× | 1.04× | ||
| Q4 24 | 0.26× | 0.93× | ||
| Q3 24 | 0.26× | 0.83× | ||
| Q2 24 | 0.28× | 0.84× | ||
| Q1 24 | 0.25× | 0.49× |
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 | $662.2M | $93.8M |
| 自由现金流经营现金流 - 资本支出 | $599.1M | $66.3M |
| 自由现金流率自由现金流/营收 | 16.7% | 3.7% |
| 资本支出强度资本支出/营收 | 1.8% | 1.5% |
| 现金转化率经营现金流/净利润 | 1.15× | 1.21× |
| 过去12个月自由现金流最近4个季度 | $2.6B | $296.5M |
8季度趋势，按日历期对齐
经营现金流MKLPARR
| Q4 25 | $662.2M | $93.8M | ||
| Q3 25 | $1.2B | $219.4M | ||
| Q2 25 | $504.4M | $133.6M | ||
| Q1 25 | $376.2M | $-1.4M | ||
| Q4 24 | $493.9M | $-15.5M | ||
| Q3 24 | $890.8M | $78.5M | ||
| Q2 24 | $578.6M | $-4.7M | ||
| Q1 24 | $630.7M | $25.4M |
自由现金流MKLPARR
| Q4 25 | $599.1M | $66.3M | ||
| Q3 25 | $1.2B | $187.1M | ||
| Q2 25 | $453.8M | $85.5M | ||
| Q1 25 | $335.5M | $-42.3M | ||
| Q4 24 | $420.0M | $-63.1M | ||
| Q3 24 | $838.9M | $50.2M | ||
| Q2 24 | $521.4M | $-41.6M | ||
| Q1 24 | $558.7M | $2.8M |
自由现金流率MKLPARR
| Q4 25 | 16.7% | 3.7% | ||
| Q3 25 | 29.6% | 9.3% | ||
| Q2 25 | 9.9% | 4.5% | ||
| Q1 25 | 9.9% | -2.4% | ||
| Q4 24 | 10.9% | -3.4% | ||
| Q3 24 | 18.2% | 2.3% | ||
| Q2 24 | 14.1% | -2.1% | ||
| Q1 24 | 12.5% | 0.1% |
资本支出强度MKLPARR
| Q4 25 | 1.8% | 1.5% | ||
| Q3 25 | 1.3% | 1.6% | ||
| Q2 25 | 1.1% | 2.5% | ||
| Q1 25 | 1.2% | 2.3% | ||
| Q4 24 | 1.9% | 2.6% | ||
| Q3 24 | 1.1% | 1.3% | ||
| Q2 24 | 1.5% | 1.8% | ||
| Q1 24 | 1.6% | 1.1% |
现金转化率MKLPARR
| Q4 25 | 1.15× | 1.21× | ||
| Q3 25 | 1.62× | 0.84× | ||
| Q2 25 | 0.77× | 2.25× | ||
| Q1 25 | 3.09× | — | ||
| Q4 24 | 0.90× | — | ||
| Q3 24 | 0.98× | 10.48× | ||
| Q2 24 | 2.16× | -0.25× | ||
| Q1 24 | 0.62× | — |
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
MKL
| Industrial | $1.6B | 45% |
| Consumer And Other | $958.3M | 27% |
| Financial | $737.0M | 21% |
| Other | $198.8M | 6% |
| Corporate Operations | $52.0M | 1% |
| Revenue From Contract With Customer | $10.5M | 0% |
PARR
| Distillates | $750.6M | 41% |
| Gasoline | $603.9M | 33% |
| Other Refined Products | $348.8M | 19% |
| Logistics | $73.7M | 4% |
| Other Revenues | $44.8M | 2% |
