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奥驰亚（MO）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奥驰亚的1.1倍（$6.2B vs $5.8B），联合太平洋净利率更高（27.4% vs 19.1%，领先8.3%），联合太平洋同比增速更快（3.2% vs -2.1%），奥驰亚自由现金流更多（$3.2B vs $631.0M），过去两年奥驰亚的营收复合增速更高（2.4% vs 1.7%）
奥驰亚集团是美国头部烟草企业，通过旗下子公司生产销售可燃烟草与口服类烟草相关产品，核心品牌包括万宝路香烟、Black & Mild雪茄及烟斗烟、哥本哈根、斯库尔等湿无烟烟草，以及on!口服尼古丁袋，产品主要供应批发商、分销商及大型零售客户。
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。
MO vs UNP — 直观对比
营收规模更大
UNP
是对方的1.1倍
$5.8B
营收增速更快
UNP
高出5.3%
-2.1%
净利率更高
UNP
高出8.3%
19.1%
自由现金流更多
MO
多$2.5B
$631.0M
两年增速更快
MO
近两年复合增速
1.7%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $5.8B | $6.2B |
| 净利润 | $1.1B | $1.7B |
| 毛利率 | 62.1% | — |
| 营业利润率 | 28.2% | 39.5% |
| 净利率 | 19.1% | 27.4% |
| 营收同比 | -2.1% | 3.2% |
| 净利润同比 | -63.2% | 4.6% |
| 每股收益（稀释后） | $0.67 | $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MOUNP
| Q1 26 | — | $6.2B | ||
| Q4 25 | $5.8B | $6.1B | ||
| Q3 25 | $6.1B | $6.2B | ||
| Q2 25 | $6.1B | $6.2B | ||
| Q1 25 | $5.3B | $6.0B | ||
| Q4 24 | $6.0B | $6.1B | ||
| Q3 24 | $6.3B | $6.1B | ||
| Q2 24 | $6.2B | $6.0B |
净利润MOUNP
| Q1 26 | — | $1.7B | ||
| Q4 25 | $1.1B | $1.8B | ||
| Q3 25 | $2.4B | $1.8B | ||
| Q2 25 | $2.4B | $1.9B | ||
| Q1 25 | $1.1B | $1.6B | ||
| Q4 24 | $3.0B | $1.8B | ||
| Q3 24 | $2.3B | $1.7B | ||
| Q2 24 | $3.8B | $1.7B |
毛利率MOUNP
| Q1 26 | — | — | ||
| Q4 25 | 62.1% | — | ||
| Q3 25 | 62.8% | — | ||
| Q2 25 | 63.1% | — | ||
| Q1 25 | 61.8% | — | ||
| Q4 24 | 60.3% | — | ||
| Q3 24 | 60.8% | — | ||
| Q2 24 | 59.2% | — |
营业利润率MOUNP
| Q1 26 | — | 39.5% | ||
| Q4 25 | 28.2% | 39.5% | ||
| Q3 25 | 53.2% | 40.8% | ||
| Q2 25 | 52.9% | 41.0% | ||
| Q1 25 | 34.0% | 39.3% | ||
| Q4 24 | 48.2% | 41.3% | ||
| Q3 24 | 50.4% | 39.7% | ||
| Q2 24 | 40.8% | 40.0% |
净利率MOUNP
| Q1 26 | — | 27.4% | ||
| Q4 25 | 19.1% | 30.4% | ||
| Q3 25 | 39.1% | 28.6% | ||
| Q2 25 | 39.0% | 30.5% | ||
| Q1 25 | 20.5% | 27.0% | ||
| Q4 24 | 50.9% | 28.8% | ||
| Q3 24 | 36.6% | 27.4% | ||
| Q2 24 | 61.2% | 27.9% |
每股收益（稀释后）MOUNP
| Q1 26 | — | $2.87 | ||
| Q4 25 | $0.67 | $3.12 | ||
| Q3 25 | $1.41 | $3.01 | ||
| Q2 25 | $1.41 | $3.15 | ||
| Q1 25 | $0.63 | $2.70 | ||
| Q4 24 | $1.78 | $2.91 | ||
| Q3 24 | $1.34 | $2.75 | ||
| Q2 24 | $2.21 | $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 | $4.5B | $735.0M |
| 总债务越低越好 | $25.7B | — |
| 股东权益账面价值 | $-3.5B | — |
| 总资产 | $35.0B | $69.6B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资MOUNP
| Q1 26 | — | $735.0M | ||
| Q4 25 | $4.5B | $1.3B | ||
| Q3 25 | $3.5B | $808.0M | ||
| Q2 25 | $1.3B | $1.1B | ||
| Q1 25 | $4.7B | $1.4B | ||
| Q4 24 | $3.1B | $1.0B | ||
| Q3 24 | $1.9B | $947.0M | ||
| Q2 24 | $1.8B | $1.1B |
总债务MOUNP
| Q1 26 | — | — | ||
| Q4 25 | $25.7B | $30.3B | ||
| Q3 25 | $25.7B | $30.3B | ||
| Q2 25 | $24.7B | $30.3B | ||
| Q1 25 | $26.1B | $30.6B | ||
| Q4 24 | $24.9B | $29.8B | ||
| Q3 24 | $25.2B | $29.8B | ||
| Q2 24 | $25.0B | $31.2B |
股东权益MOUNP
| Q1 26 | — | — | ||
| Q4 25 | $-3.5B | $18.5B | ||
| Q3 25 | $-2.6B | $17.3B | ||
| Q2 25 | $-3.3B | $16.3B | ||
| Q1 25 | $-3.5B | $16.0B | ||
| Q4 24 | $-2.2B | $16.9B | ||
| Q3 24 | $-3.5B | $16.6B | ||
| Q2 24 | $-3.0B | $16.5B |
总资产MOUNP
| Q1 26 | — | $69.6B | ||
| Q4 25 | $35.0B | $69.7B | ||
| Q3 25 | $35.0B | $68.6B | ||
| Q2 25 | $32.3B | $68.6B | ||
| Q1 25 | $35.8B | $68.5B | ||
| Q4 24 | $35.2B | $67.7B | ||
| Q3 24 | $34.2B | $67.6B | ||
| Q2 24 | $34.4B | $67.8B |
负债/权益比MOUNP
| Q1 26 | — | — | ||
| Q4 25 | — | 1.64× | ||
| Q3 25 | — | 1.75× | ||
| Q2 25 | — | 1.86× | ||
| Q1 25 | — | 1.91× | ||
| Q4 24 | — | 1.76× | ||
| Q3 24 | — | 1.79× | ||
| Q2 24 | — | 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 | $3.3B | — |
| 自由现金流经营现金流 - 资本支出 | $3.2B | $631.0M |
| 自由现金流率自由现金流/营收 | 54.4% | 10.1% |
| 资本支出强度资本支出/营收 | 1.6% | — |
| 现金转化率经营现金流/净利润 | 2.93× | — |
| 过去12个月自由现金流最近4个季度 | $9.1B | $4.8B |
8季度趋势，按日历期对齐
经营现金流MOUNP
| Q1 26 | — | — | ||
| Q4 25 | $3.3B | $2.2B | ||
| Q3 25 | $3.1B | $2.5B | ||
| Q2 25 | $205.0M | $2.3B | ||
| Q1 25 | $2.7B | $2.2B | ||
| Q4 24 | $3.3B | $2.7B | ||
| Q3 24 | $2.6B | $2.7B | ||
| Q2 24 | $-75.0M | $1.9B |
自由现金流MOUNP
| Q1 26 | — | $631.0M | ||
| Q4 25 | $3.2B | $1.2B | ||
| Q3 25 | $3.0B | $1.6B | ||
| Q2 25 | $173.0M | $1.4B | ||
| Q1 25 | $2.7B | $1.3B | ||
| Q4 24 | $3.3B | $1.7B | ||
| Q3 24 | $2.6B | $1.8B | ||
| Q2 24 | $-104.0M | $1.0B |
自由现金流率MOUNP
| Q1 26 | — | 10.1% | ||
| Q4 25 | 54.4% | 20.1% | ||
| Q3 25 | 50.1% | 25.2% | ||
| Q2 25 | 2.8% | 22.7% | ||
| Q1 25 | 51.0% | 21.6% | ||
| Q4 24 | 55.1% | 28.4% | ||
| Q3 24 | 41.2% | 29.9% | ||
| Q2 24 | -1.7% | 16.8% |
资本支出强度MOUNP
| Q1 26 | — | — | ||
| Q4 25 | 1.6% | 16.4% | ||
| Q3 25 | 0.9% | 15.2% | ||
| Q2 25 | 0.5% | 15.2% | ||
| Q1 25 | 0.7% | 15.0% | ||
| Q4 24 | 0.8% | 15.1% | ||
| Q3 24 | 0.5% | 13.6% | ||
| Q2 24 | 0.5% | 15.0% |
现金转化率MOUNP
| Q1 26 | — | — | ||
| Q4 25 | 2.93× | 1.20× | ||
| Q3 25 | 1.30× | 1.41× | ||
| Q2 25 | 0.09× | 1.24× | ||
| Q1 25 | 2.53× | 1.36× | ||
| Q4 24 | 1.10× | 1.51× | ||
| Q3 24 | 1.14× | 1.59× | ||
| Q2 24 | -0.02× | 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
MO
| Smokeable Products Segment | $5.1B | 88% |
| Oral Tobacco Segment | $706.0M | 12% |
UNP
| Freight revenues | $5.9B | 95% |
| Other revenues | $324.0M | 5% |
