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马拉松石油（MPC）与辉瑞（PFE）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辉瑞的2.3倍（$32.6B vs $14.5B），辉瑞净利率更高（18.6% vs 4.7%，领先13.9%），辉瑞同比增速更快（5.0% vs -1.7%），过去两年辉瑞的营收复合增速更高（4.3% 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。
辉瑞是总部位于美国纽约曼哈顿The Spiral的跨国制药及生物技术企业，由德国企业家查尔斯·辉瑞与查尔斯·F·埃尔哈特于1849年在纽约创立，是北美地区历史最悠久的制药企业之一，在全球医药健康领域拥有较高的行业影响力。
MPC vs PFE — 直观对比
营收规模更大
MPC
是对方的2.3倍
$14.5B
营收增速更快
PFE
高出6.7%
-1.7%
净利率更高
PFE
高出13.9%
4.7%
两年增速更快
PFE
近两年复合增速
-0.2%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $32.6B | $14.5B |
| 净利润 | $1.5B | $2.7B |
| 毛利率 | 11.4% | — |
| 营业利润率 | 8.3% | — |
| 净利率 | 4.7% | 18.6% |
| 营收同比 | -1.7% | 5.0% |
| 净利润同比 | 313.7% | — |
| 每股收益（稀释后） | $4.99 | $0.47 |
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MPCPFE
| Q1 26 | — | $14.5B | ||
| Q4 25 | $32.6B | $17.6B | ||
| Q3 25 | $34.8B | $16.7B | ||
| Q2 25 | $33.8B | $14.7B | ||
| Q1 25 | $31.5B | $13.7B | ||
| Q4 24 | $33.1B | $17.8B | ||
| Q3 24 | $35.1B | $17.7B | ||
| Q2 24 | $37.9B | $13.3B |
净利润MPCPFE
| Q1 26 | — | $2.7B | ||
| Q4 25 | $1.5B | $-1.6B | ||
| Q3 25 | $1.4B | $3.5B | ||
| Q2 25 | $1.2B | $2.9B | ||
| Q1 25 | $-74.0M | $3.0B | ||
| Q4 24 | $371.0M | $410.0M | ||
| Q3 24 | $622.0M | $4.5B | ||
| Q2 24 | $1.5B | $41.0M |
毛利率MPCPFE
| Q1 26 | — | — | ||
| Q4 25 | 11.4% | 70.0% | ||
| Q3 25 | 10.4% | 74.9% | ||
| Q2 25 | 11.2% | 74.2% | ||
| Q1 25 | 6.8% | 79.3% | ||
| Q4 24 | 7.8% | 66.7% | ||
| Q3 24 | 8.4% | 70.3% | ||
| Q2 24 | 10.5% | 75.2% |
营业利润率MPCPFE
| Q1 26 | — | — | ||
| Q4 25 | 8.3% | -9.4% | ||
| Q3 25 | 7.8% | 20.0% | ||
| Q2 25 | 6.5% | 20.8% | ||
| Q1 25 | 2.2% | 20.3% | ||
| Q4 24 | 3.4% | -0.1% | ||
| Q3 24 | 3.8% | 26.6% | ||
| Q2 24 | 6.7% | -0.8% |
净利率MPCPFE
| Q1 26 | — | 18.6% | ||
| Q4 25 | 4.7% | -9.4% | ||
| Q3 25 | 3.9% | 21.3% | ||
| Q2 25 | 3.6% | 19.9% | ||
| Q1 25 | -0.2% | 21.6% | ||
| Q4 24 | 1.1% | 2.3% | ||
| Q3 24 | 1.8% | 25.2% | ||
| Q2 24 | 4.0% | 0.3% |
每股收益（稀释后）MPCPFE
| Q1 26 | — | $0.47 | ||
| Q4 25 | $4.99 | $-0.29 | ||
| Q3 25 | $4.51 | $0.62 | ||
| Q2 25 | $3.96 | $0.51 | ||
| Q1 25 | $-0.24 | $0.52 | ||
| Q4 24 | $1.30 | $0.07 | ||
| Q3 24 | $1.87 | $0.78 | ||
| Q2 24 | $4.33 | $0.01 |
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 | — |
| 总债务越低越好 | $30.5B | — |
| 股东权益账面价值 | $17.3B | — |
| 总资产 | $84.0B | — |
| 负债/权益比越低杠杆越低 | 1.76× | — |
8季度趋势，按日历期对齐
现金及短期投资MPCPFE
| Q1 26 | — | — | ||
| Q4 25 | $3.7B | $1.1B | ||
| Q3 25 | $2.7B | $1.3B | ||
| Q2 25 | $1.7B | $1.6B | ||
| Q1 25 | $3.8B | $1.4B | ||
| Q4 24 | $3.2B | $1.0B | ||
| Q3 24 | $5.1B | $1.1B | ||
| Q2 24 | $8.5B | $1.1B |
总债务MPCPFE
| Q1 26 | — | — | ||
| Q4 25 | $30.5B | — | ||
| Q3 25 | $31.2B | — | ||
| Q2 25 | $26.8B | — | ||
| Q1 25 | $26.8B | — | ||
| Q4 24 | $24.4B | — | ||
| Q3 24 | $24.1B | — | ||
| Q2 24 | $24.0B | — |
股东权益MPCPFE
| Q1 26 | — | — | ||
| Q4 25 | $17.3B | $86.5B | ||
| Q3 25 | $17.1B | $92.8B | ||
| Q2 25 | $16.6B | $88.7B | ||
| Q1 25 | $16.4B | $90.3B | ||
| Q4 24 | $17.7B | $88.2B | ||
| Q3 24 | $18.9B | $92.3B | ||
| Q2 24 | $21.3B | $87.7B |
总资产MPCPFE
| Q1 26 | — | — | ||
| Q4 25 | $84.0B | $208.2B | ||
| Q3 25 | $83.2B | $208.7B | ||
| Q2 25 | $78.5B | $206.1B | ||
| Q1 25 | $81.6B | $208.0B | ||
| Q4 24 | $78.9B | $213.4B | ||
| Q3 24 | $79.8B | $219.5B | ||
| Q2 24 | $85.2B | $216.2B |
负债/权益比MPCPFE
| Q1 26 | — | — | ||
| Q4 25 | 1.76× | — | ||
| Q3 25 | 1.83× | — | ||
| Q2 25 | 1.61× | — | ||
| Q1 25 | 1.64× | — | ||
| Q4 24 | 1.38× | — | ||
| Q3 24 | 1.27× | — | ||
| Q2 24 | 1.13× | — |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $1.9B | — |
| 自由现金流率自由现金流/营收 | 5.8% | — |
| 资本支出强度资本支出/营收 | 3.6% | — |
| 现金转化率经营现金流/净利润 | 2.00× | — |
| 过去12个月自由现金流最近4个季度 | $4.8B | — |
8季度趋势，按日历期对齐
经营现金流MPCPFE
| Q1 26 | — | — | ||
| Q4 25 | $3.1B | $5.3B | ||
| Q3 25 | $2.6B | $4.6B | ||
| Q2 25 | $2.6B | $-582.0M | ||
| Q1 25 | $-64.0M | $2.3B | ||
| Q4 24 | $2.2B | $6.7B | ||
| Q3 24 | $1.7B | $6.7B | ||
| Q2 24 | $3.2B | $-1.8B |
自由现金流MPCPFE
| Q1 26 | — | — | ||
| Q4 25 | $1.9B | $4.5B | ||
| Q3 25 | $1.7B | $4.0B | ||
| Q2 25 | $1.9B | $-1.2B | ||
| Q1 25 | $-727.0M | $1.8B | ||
| Q4 24 | $1.4B | $5.8B | ||
| Q3 24 | $1.0B | $6.1B | ||
| Q2 24 | $2.8B | $-2.4B |
自由现金流率MPCPFE
| Q1 26 | — | — | ||
| Q4 25 | 5.8% | 25.6% | ||
| Q3 25 | 4.8% | 24.0% | ||
| Q2 25 | 5.8% | -8.2% | ||
| Q1 25 | -2.3% | 12.9% | ||
| Q4 24 | 4.2% | 32.7% | ||
| Q3 24 | 2.9% | 34.3% | ||
| Q2 24 | 7.3% | -18.2% |
资本支出强度MPCPFE
| Q1 26 | — | — | ||
| Q4 25 | 3.6% | 4.8% | ||
| Q3 25 | 2.7% | 3.6% | ||
| Q2 25 | 2.1% | 4.2% | ||
| Q1 25 | 2.1% | 4.1% | ||
| Q4 24 | 2.4% | 5.2% | ||
| Q3 24 | 1.9% | 3.7% | ||
| Q2 24 | 1.3% | 4.8% |
现金转化率MPCPFE
| Q1 26 | — | — | ||
| Q4 25 | 2.00× | — | ||
| Q3 25 | 1.90× | 1.30× | ||
| Q2 25 | 2.17× | -0.20× | ||
| Q1 25 | — | 0.79× | ||
| Q4 24 | 5.95× | 16.39× | ||
| Q3 24 | 2.71× | 1.50× | ||
| Q2 24 | 2.14× | -43.44× |
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% |
PFE
| Product revenues | $11.7B | 81% |
| Alliance revenues | $2.3B | 16% |
| Royalty revenues | $396.0M | 3% |
