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马拉松石油（MPC）与百事公司（PFGC）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2.0倍（$32.6B vs $16.4B），马拉松石油净利率更高（4.7% vs 0.4%，领先4.3%），百事公司同比增速更快（5.2% vs -1.7%），马拉松石油自由现金流更多（$1.9B vs $487.8M），过去两年百事公司的营收复合增速更高（8.9% 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企业，1965年由百事可乐公司与菲多利合并成立。业务覆盖食品饮料全领域，负责旗下产品的生产、分销与市场营销，产品矩阵从最初的百事可乐扩展到了丰富多元的知名品牌组合。
MPC vs PFGC — 直观对比
营收规模更大
MPC
是对方的2.0倍
$16.4B
营收增速更快
PFGC
高出6.9%
-1.7%
净利率更高
MPC
高出4.3%
0.4%
自由现金流更多
MPC
多$1.4B
$487.8M
两年增速更快
PFGC
近两年复合增速
-0.2%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $32.6B | $16.4B |
| 净利润 | $1.5B | $61.7M |
| 毛利率 | 11.4% | 12.0% |
| 营业利润率 | 8.3% | 1.2% |
| 净利率 | 4.7% | 0.4% |
| 营收同比 | -1.7% | 5.2% |
| 净利润同比 | 313.7% | 45.5% |
| 每股收益（稀释后） | $4.99 | $0.39 |
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MPCPFGC
| Q4 25 | $32.6B | $16.4B | ||
| Q3 25 | $34.8B | $17.1B | ||
| Q2 25 | $33.8B | $16.9B | ||
| Q1 25 | $31.5B | $15.3B | ||
| Q4 24 | $33.1B | $15.6B | ||
| Q3 24 | $35.1B | $15.4B | ||
| Q2 24 | $37.9B | $15.2B | ||
| Q1 24 | $32.7B | $13.9B |
净利润MPCPFGC
| Q4 25 | $1.5B | $61.7M | ||
| Q3 25 | $1.4B | $93.6M | ||
| Q2 25 | $1.2B | $131.5M | ||
| Q1 25 | $-74.0M | $58.3M | ||
| Q4 24 | $371.0M | $42.4M | ||
| Q3 24 | $622.0M | $108.0M | ||
| Q2 24 | $1.5B | $166.5M | ||
| Q1 24 | $937.0M | $70.4M |
毛利率MPCPFGC
| Q4 25 | 11.4% | 12.0% | ||
| Q3 25 | 10.4% | 11.8% | ||
| Q2 25 | 11.2% | 11.8% | ||
| Q1 25 | 6.8% | 11.9% | ||
| Q4 24 | 7.8% | 11.7% | ||
| Q3 24 | 8.4% | 11.4% | ||
| Q2 24 | 10.5% | 11.5% | ||
| Q1 24 | 9.5% | 11.3% |
营业利润率MPCPFGC
| Q4 25 | 8.3% | 1.2% | ||
| Q3 25 | 7.8% | 1.3% | ||
| Q2 25 | 6.5% | 1.6% | ||
| Q1 25 | 2.2% | 1.1% | ||
| Q4 24 | 3.4% | 1.0% | ||
| Q3 24 | 3.8% | 1.4% | ||
| Q2 24 | 6.7% | 1.9% | ||
| Q1 24 | 5.5% | 1.1% |
净利率MPCPFGC
| Q4 25 | 4.7% | 0.4% | ||
| Q3 25 | 3.9% | 0.5% | ||
| Q2 25 | 3.6% | 0.8% | ||
| Q1 25 | -0.2% | 0.4% | ||
| Q4 24 | 1.1% | 0.3% | ||
| Q3 24 | 1.8% | 0.7% | ||
| Q2 24 | 4.0% | 1.1% | ||
| Q1 24 | 2.9% | 0.5% |
每股收益（稀释后）MPCPFGC
| Q4 25 | $4.99 | $0.39 | ||
| Q3 25 | $4.51 | $0.60 | ||
| Q2 25 | $3.96 | $0.85 | ||
| Q1 25 | $-0.24 | $0.37 | ||
| Q4 24 | $1.30 | $0.27 | ||
| Q3 24 | $1.87 | $0.69 | ||
| Q2 24 | $4.33 | $1.07 | ||
| Q1 24 | $2.58 | $0.45 |
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 | $5.3B |
| 股东权益账面价值 | $17.3B | $4.6B |
| 总资产 | $84.0B | $18.2B |
| 负债/权益比越低杠杆越低 | 1.76× | 1.13× |
8季度趋势，按日历期对齐
现金及短期投资MPCPFGC
| Q4 25 | $3.7B | — | ||
| Q3 25 | $2.7B | — | ||
| Q2 25 | $1.7B | — | ||
| Q1 25 | $3.8B | — | ||
| Q4 24 | $3.2B | — | ||
| Q3 24 | $5.1B | — | ||
| Q2 24 | $8.5B | — | ||
| Q1 24 | $7.6B | — |
总债务MPCPFGC
| Q4 25 | $30.5B | $5.3B | ||
| Q3 25 | $31.2B | $5.6B | ||
| Q2 25 | $26.8B | $5.4B | ||
| Q1 25 | $26.8B | $5.4B | ||
| Q4 24 | $24.4B | $5.7B | ||
| Q3 24 | $24.1B | $3.9B | ||
| Q2 24 | $24.0B | $3.2B | ||
| Q1 24 | $24.8B | $3.2B |
股东权益MPCPFGC
| Q4 25 | $17.3B | $4.6B | ||
| Q3 25 | $17.1B | $4.6B | ||
| Q2 25 | $16.6B | $4.5B | ||
| Q1 25 | $16.4B | $4.3B | ||
| Q4 24 | $17.7B | $4.3B | ||
| Q3 24 | $18.9B | $4.2B | ||
| Q2 24 | $21.3B | $4.1B | ||
| Q1 24 | $22.9B | $4.0B |
总资产MPCPFGC
| Q4 25 | $84.0B | $18.2B | ||
| Q3 25 | $83.2B | $18.4B | ||
| Q2 25 | $78.5B | $17.9B | ||
| Q1 25 | $81.6B | $17.1B | ||
| Q4 24 | $78.9B | $17.1B | ||
| Q3 24 | $79.8B | $14.4B | ||
| Q2 24 | $85.2B | $13.4B | ||
| Q1 24 | $85.5B | $12.9B |
负债/权益比MPCPFGC
| Q4 25 | 1.76× | 1.13× | ||
| Q3 25 | 1.83× | 1.23× | ||
| Q2 25 | 1.61× | 1.20× | ||
| Q1 25 | 1.64× | 1.25× | ||
| Q4 24 | 1.38× | 1.34× | ||
| Q3 24 | 1.27× | 0.93× | ||
| Q2 24 | 1.13× | 0.78× | ||
| Q1 24 | 1.08× | 0.81× |
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 | $601.2M |
| 自由现金流经营现金流 - 资本支出 | $1.9B | $487.8M |
| 自由现金流率自由现金流/营收 | 5.8% | 3.0% |
| 资本支出强度资本支出/营收 | 3.6% | 0.7% |
| 现金转化率经营现金流/净利润 | 2.00× | 9.74× |
| 过去12个月自由现金流最近4个季度 | $4.8B | $792.7M |
8季度趋势，按日历期对齐
经营现金流MPCPFGC
| Q4 25 | $3.1B | $601.2M | ||
| Q3 25 | $2.6B | $-145.2M | ||
| Q2 25 | $2.6B | $383.0M | ||
| Q1 25 | $-64.0M | $448.1M | ||
| Q4 24 | $2.2B | $325.5M | ||
| Q3 24 | $1.7B | $53.5M | ||
| Q2 24 | $3.2B | $206.3M | ||
| Q1 24 | $1.5B | $402.7M |
自由现金流MPCPFGC
| Q4 25 | $1.9B | $487.8M | ||
| Q3 25 | $1.7B | $-224.1M | ||
| Q2 25 | $1.9B | $209.7M | ||
| Q1 25 | $-727.0M | $319.3M | ||
| Q4 24 | $1.4B | $218.1M | ||
| Q3 24 | $1.0B | $-43.0M | ||
| Q2 24 | $2.8B | $55.1M | ||
| Q1 24 | $947.0M | $305.4M |
自由现金流率MPCPFGC
| Q4 25 | 5.8% | 3.0% | ||
| Q3 25 | 4.8% | -1.3% | ||
| Q2 25 | 5.8% | 1.2% | ||
| Q1 25 | -2.3% | 2.1% | ||
| Q4 24 | 4.2% | 1.4% | ||
| Q3 24 | 2.9% | -0.3% | ||
| Q2 24 | 7.3% | 0.4% | ||
| Q1 24 | 2.9% | 2.2% |
资本支出强度MPCPFGC
| Q4 25 | 3.6% | 0.7% | ||
| Q3 25 | 2.7% | 0.5% | ||
| Q2 25 | 2.1% | 1.0% | ||
| Q1 25 | 2.1% | 0.8% | ||
| Q4 24 | 2.4% | 0.7% | ||
| Q3 24 | 1.9% | 0.6% | ||
| Q2 24 | 1.3% | 1.0% | ||
| Q1 24 | 1.8% | 0.7% |
现金转化率MPCPFGC
| Q4 25 | 2.00× | 9.74× | ||
| Q3 25 | 1.90× | -1.55× | ||
| Q2 25 | 2.17× | 2.91× | ||
| Q1 25 | — | 7.69× | ||
| Q4 24 | 5.95× | 7.68× | ||
| Q3 24 | 2.71× | 0.50× | ||
| Q2 24 | 2.14× | 1.24× | ||
| Q1 24 | 1.64× | 5.72× |
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% |
PFGC
| Foodservice | $8.8B | 54% |
| Convenience | $6.3B | 38% |
| Specialty | $1.3B | 8% |
