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马拉松石油（MPC）与百事公司（PEP）财务数据对比。点击上方公司名可切换其他公司
马拉松石油的季度营收约是百事公司的1.1倍（$32.6B vs $29.3B），百事公司净利率更高（8.7% vs 4.7%，领先3.9%），百事公司同比增速更快（5.6% vs -1.7%），百事公司自由现金流更多（$4.7B vs $1.9B），过去两年百事公司的营收复合增速更高（26.8% vs -0.2%）
马拉松石油是总部位于美国俄亥俄州芬德利的能源企业，核心业务覆盖石油炼制、销售与运输全链条。该公司此前为马拉松石油集团的全资子公司，于2011年完成分拆后独立运营。
百事公司是总部位于美国纽约州珀彻斯的跨国食品饮料巨头，1965年由百事可乐公司与菲多利公司合并组建。其业务覆盖食品饮料全品类，负责旗下产品的生产、分销及营销推广，产品线已从最初的百事可乐拓展为丰富多元的品牌矩阵。
MPC vs PEP — 直观对比
营收规模更大
MPC
是对方的1.1倍
$29.3B
营收增速更快
PEP
高出7.3%
-1.7%
净利率更高
PEP
高出3.9%
4.7%
自由现金流更多
PEP
多$2.8B
$1.9B
两年增速更快
PEP
近两年复合增速
-0.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $32.6B | $29.3B |
| 净利润 | $1.5B | $2.5B |
| 毛利率 | 11.4% | 53.2% |
| 营业利润率 | 8.3% | 12.1% |
| 净利率 | 4.7% | 8.7% |
| 营收同比 | -1.7% | 5.6% |
| 净利润同比 | 313.7% | 66.8% |
| 每股收益（稀释后） | $4.99 | $1.85 |
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MPCPEP
| Q4 25 | $32.6B | $29.3B | ||
| Q3 25 | $34.8B | $23.9B | ||
| Q2 25 | $33.8B | $22.7B | ||
| Q1 25 | $31.5B | $17.9B | ||
| Q4 24 | $33.1B | $27.8B | ||
| Q3 24 | $35.1B | $23.3B | ||
| Q2 24 | $37.9B | $22.5B | ||
| Q1 24 | $32.7B | $18.3B |
净利润MPCPEP
| Q4 25 | $1.5B | $2.5B | ||
| Q3 25 | $1.4B | $2.6B | ||
| Q2 25 | $1.2B | $1.3B | ||
| Q1 25 | $-74.0M | $1.8B | ||
| Q4 24 | $371.0M | $1.5B | ||
| Q3 24 | $622.0M | $2.9B | ||
| Q2 24 | $1.5B | $3.1B | ||
| Q1 24 | $937.0M | $2.0B |
毛利率MPCPEP
| Q4 25 | 11.4% | 53.2% | ||
| Q3 25 | 10.4% | 53.6% | ||
| Q2 25 | 11.2% | 54.7% | ||
| Q1 25 | 6.8% | 55.8% | ||
| Q4 24 | 7.8% | 52.6% | ||
| Q3 24 | 8.4% | 55.4% | ||
| Q2 24 | 10.5% | 55.9% | ||
| Q1 24 | 9.5% | 54.8% |
营业利润率MPCPEP
| Q4 25 | 8.3% | 12.1% | ||
| Q3 25 | 7.8% | 14.9% | ||
| Q2 25 | 6.5% | 7.9% | ||
| Q1 25 | 2.2% | 14.4% | ||
| Q4 24 | 3.4% | 8.1% | ||
| Q3 24 | 3.8% | 16.6% | ||
| Q2 24 | 6.7% | 18.0% | ||
| Q1 24 | 5.5% | 14.9% |
净利率MPCPEP
| Q4 25 | 4.7% | 8.7% | ||
| Q3 25 | 3.9% | 10.9% | ||
| Q2 25 | 3.6% | 5.6% | ||
| Q1 25 | -0.2% | 10.2% | ||
| Q4 24 | 1.1% | 5.5% | ||
| Q3 24 | 1.8% | 12.6% | ||
| Q2 24 | 4.0% | 13.7% | ||
| Q1 24 | 2.9% | 11.2% |
每股收益（稀释后）MPCPEP
| Q4 25 | $4.99 | $1.85 | ||
| Q3 25 | $4.51 | $1.90 | ||
| Q2 25 | $3.96 | $0.92 | ||
| Q1 25 | $-0.24 | $1.33 | ||
| Q4 24 | $1.30 | $1.11 | ||
| Q3 24 | $1.87 | $2.13 | ||
| Q2 24 | $4.33 | $2.23 | ||
| Q1 24 | $2.58 | $1.48 |
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 | $3.7B | $9.5B |
| 总债务越低越好 | $30.5B | $42.3B |
| 股东权益账面价值 | $17.3B | $20.4B |
| 总资产 | $84.0B | $107.4B |
| 负债/权益比越低杠杆越低 | 1.76× | 2.07× |
8季度趋势，按日历期对齐
现金及短期投资MPCPEP
| Q4 25 | $3.7B | $9.5B | ||
| Q3 25 | $2.7B | $8.7B | ||
| Q2 25 | $1.7B | $8.0B | ||
| Q1 25 | $3.8B | $8.6B | ||
| Q4 24 | $3.2B | $9.3B | ||
| Q3 24 | $5.1B | $8.1B | ||
| Q2 24 | $8.5B | $6.7B | ||
| Q1 24 | $7.6B | $8.3B |
总债务MPCPEP
| Q4 25 | $30.5B | $42.3B | ||
| Q3 25 | $31.2B | $44.1B | ||
| Q2 25 | $26.8B | $39.3B | ||
| Q1 25 | $26.8B | $39.4B | ||
| Q4 24 | $24.4B | $37.2B | ||
| Q3 24 | $24.1B | $38.5B | ||
| Q2 24 | $24.0B | $36.6B | ||
| Q1 24 | $24.8B | $37.7B |
股东权益MPCPEP
| Q4 25 | $17.3B | $20.4B | ||
| Q3 25 | $17.1B | $19.4B | ||
| Q2 25 | $16.6B | $18.4B | ||
| Q1 25 | $16.4B | $18.4B | ||
| Q4 24 | $17.7B | $18.0B | ||
| Q3 24 | $18.9B | $19.5B | ||
| Q2 24 | $21.3B | $19.4B | ||
| Q1 24 | $22.9B | $19.0B |
总资产MPCPEP
| Q4 25 | $84.0B | $107.4B | ||
| Q3 25 | $83.2B | $106.6B | ||
| Q2 25 | $78.5B | $105.3B | ||
| Q1 25 | $81.6B | $101.7B | ||
| Q4 24 | $78.9B | $99.5B | ||
| Q3 24 | $79.8B | $100.5B | ||
| Q2 24 | $85.2B | $99.5B | ||
| Q1 24 | $85.5B | $100.0B |
负债/权益比MPCPEP
| Q4 25 | 1.76× | 2.07× | ||
| Q3 25 | 1.83× | 2.28× | ||
| Q2 25 | 1.61× | 2.14× | ||
| Q1 25 | 1.64× | 2.14× | ||
| Q4 24 | 1.38× | 2.06× | ||
| Q3 24 | 1.27× | 1.98× | ||
| Q2 24 | 1.13× | 1.88× | ||
| Q1 24 | 1.08× | 1.98× |
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 | $3.1B | $6.6B |
| 自由现金流经营现金流 - 资本支出 | $1.9B | $4.7B |
| 自由现金流率自由现金流/营收 | 5.8% | 16.0% |
| 资本支出强度资本支出/营收 | 3.6% | 6.5% |
| 现金转化率经营现金流/净利润 | 2.00× | 2.61× |
| 过去12个月自由现金流最近4个季度 | $4.8B | $7.7B |
8季度趋势，按日历期对齐
经营现金流MPCPEP
| Q4 25 | $3.1B | $6.6B | ||
| Q3 25 | $2.6B | $4.5B | ||
| Q2 25 | $2.6B | $2.0B | ||
| Q1 25 | $-64.0M | $-973.0M | ||
| Q4 24 | $2.2B | $6.3B | ||
| Q3 24 | $1.7B | $4.9B | ||
| Q2 24 | $3.2B | $2.4B | ||
| Q1 24 | $1.5B | $-1.0B |
自由现金流MPCPEP
| Q4 25 | $1.9B | $4.7B | ||
| Q3 25 | $1.7B | $3.5B | ||
| Q2 25 | $1.9B | $1.1B | ||
| Q1 25 | $-727.0M | $-1.6B | ||
| Q4 24 | $1.4B | $3.8B | ||
| Q3 24 | $1.0B | $3.8B | ||
| Q2 24 | $2.8B | $1.3B | ||
| Q1 24 | $947.0M | $-1.7B |
自由现金流率MPCPEP
| Q4 25 | 5.8% | 16.0% | ||
| Q3 25 | 4.8% | 14.5% | ||
| Q2 25 | 5.8% | 4.7% | ||
| Q1 25 | -2.3% | -8.8% | ||
| Q4 24 | 4.2% | 13.7% | ||
| Q3 24 | 2.9% | 16.1% | ||
| Q2 24 | 7.3% | 5.6% | ||
| Q1 24 | 2.9% | -9.1% |
资本支出强度MPCPEP
| Q4 25 | 3.6% | 6.5% | ||
| Q3 25 | 2.7% | 4.1% | ||
| Q2 25 | 2.1% | 4.0% | ||
| Q1 25 | 2.1% | 3.4% | ||
| Q4 24 | 2.4% | 8.9% | ||
| Q3 24 | 1.9% | 4.9% | ||
| Q2 24 | 1.3% | 4.8% | ||
| Q1 24 | 1.8% | 3.4% |
现金转化率MPCPEP
| Q4 25 | 2.00× | 2.61× | ||
| Q3 25 | 1.90× | 1.72× | ||
| Q2 25 | 2.17× | 1.56× | ||
| Q1 25 | — | -0.53× | ||
| Q4 24 | 5.95× | 4.13× | ||
| Q3 24 | 2.71× | 1.67× | ||
| Q2 24 | 2.14× | 0.76× | ||
| Q1 24 | 1.64× | -0.51× |
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
MPC
| Refined Products | $28.6B | 88% |
| Midstream | $1.4B | 4% |
| Crude Oil | $1.2B | 4% |
| Renewable Diesel | $851.0M | 3% |
| Related Party | $536.0M | 2% |
| Services & Other | $466.0M | 1% |
PEP
| Pepsi Co Foods North America | $8.3B | 28% |
| Pepsi Co Beverages North America | $8.2B | 28% |
| Europe Middle East Africa Segment | $6.1B | 21% |
| Latin America Foods Segment | $3.7B | 13% |
| International Beverage Franchise | $1.6B | 5% |
| Asia Pacific Foods Segment | $1.5B | 5% |
