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马拉松石油（MPC）与斯伦贝谢（SLB）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斯伦贝谢的3.7倍（$32.6B vs $8.7B），斯伦贝谢净利率更高（8.6% vs 4.7%，领先3.9%），斯伦贝谢同比增速更快（2.7% vs -1.7%），马拉松石油自由现金流更多（$1.9B vs $103.0M），过去两年马拉松石油的营收复合增速更高（-0.2% vs -2.3%）
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。
SLB前身为斯伦贝谢，是全球知名的跨国油田服务企业。1926年创立于法国，现注册地为库拉索威廉斯塔德，在巴黎、休斯敦、伦敦、海牙四地设有核心行政办公室，截至2022年按营收计算是全球最大的海上钻井企业及海上钻井承包商。
MPC vs SLB — 直观对比
营收规模更大
MPC
是对方的3.7倍
$8.7B
营收增速更快
SLB
高出4.4%
-1.7%
净利率更高
SLB
高出3.9%
4.7%
自由现金流更多
MPC
多$1.8B
$103.0M
两年增速更快
MPC
近两年复合增速
-2.3%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $32.6B | $8.7B |
| 净利润 | $1.5B | $752.0M |
| 毛利率 | 11.4% | — |
| 营业利润率 | 8.3% | — |
| 净利率 | 4.7% | 8.6% |
| 营收同比 | -1.7% | 2.7% |
| 净利润同比 | 313.7% | -5.6% |
| 每股收益（稀释后） | $4.99 | $0.50 |
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MPCSLB
| Q1 26 | — | $8.7B | ||
| Q4 25 | $32.6B | $9.7B | ||
| Q3 25 | $34.8B | $8.9B | ||
| Q2 25 | $33.8B | $8.5B | ||
| Q1 25 | $31.5B | $8.5B | ||
| Q4 24 | $33.1B | $9.3B | ||
| Q3 24 | $35.1B | $9.2B | ||
| Q2 24 | $37.9B | $9.1B |
净利润MPCSLB
| Q1 26 | — | $752.0M | ||
| Q4 25 | $1.5B | $824.0M | ||
| Q3 25 | $1.4B | $739.0M | ||
| Q2 25 | $1.2B | $1.0B | ||
| Q1 25 | $-74.0M | $797.0M | ||
| Q4 24 | $371.0M | $1.1B | ||
| Q3 24 | $622.0M | $1.2B | ||
| Q2 24 | $1.5B | $1.1B |
毛利率MPCSLB
| Q1 26 | — | — | ||
| Q4 25 | 11.4% | — | ||
| Q3 25 | 10.4% | — | ||
| Q2 25 | 11.2% | — | ||
| Q1 25 | 6.8% | — | ||
| Q4 24 | 7.8% | — | ||
| Q3 24 | 8.4% | — | ||
| Q2 24 | 10.5% | — |
营业利润率MPCSLB
| Q1 26 | — | — | ||
| Q4 25 | 8.3% | 9.7% | ||
| Q3 25 | 7.8% | 11.2% | ||
| Q2 25 | 6.5% | 15.0% | ||
| Q1 25 | 2.2% | 12.5% | ||
| Q4 24 | 3.4% | 14.9% | ||
| Q3 24 | 3.8% | 16.5% | ||
| Q2 24 | 6.7% | 15.5% |
净利率MPCSLB
| Q1 26 | — | 8.6% | ||
| Q4 25 | 4.7% | 8.5% | ||
| Q3 25 | 3.9% | 8.3% | ||
| Q2 25 | 3.6% | 11.9% | ||
| Q1 25 | -0.2% | 9.4% | ||
| Q4 24 | 1.1% | 11.8% | ||
| Q3 24 | 1.8% | 12.9% | ||
| Q2 24 | 4.0% | 12.2% |
每股收益（稀释后）MPCSLB
| Q1 26 | — | $0.50 | ||
| Q4 25 | $4.99 | $0.53 | ||
| Q3 25 | $4.51 | $0.50 | ||
| Q2 25 | $3.96 | $0.74 | ||
| Q1 25 | $-0.24 | $0.58 | ||
| Q4 24 | $1.30 | $0.77 | ||
| Q3 24 | $1.87 | $0.83 | ||
| Q2 24 | $4.33 | $0.77 |
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 | $3.4B |
| 总债务越低越好 | $30.5B | $9.7B |
| 股东权益账面价值 | $17.3B | $27.4B |
| 总资产 | $84.0B | $19.3B |
| 负债/权益比越低杠杆越低 | 1.76× | 0.35× |
8季度趋势，按日历期对齐
现金及短期投资MPCSLB
| Q1 26 | — | $3.4B | ||
| Q4 25 | $3.7B | $1.2B | ||
| Q3 25 | $2.7B | $571.0M | ||
| Q2 25 | $1.7B | $511.0M | ||
| Q1 25 | $3.8B | $961.0M | ||
| Q4 24 | $3.2B | $1.1B | ||
| Q3 24 | $5.1B | $1.4B | ||
| Q2 24 | $8.5B | $1.1B |
总债务MPCSLB
| Q1 26 | — | $9.7B | ||
| 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MPCSLB
| Q1 26 | — | $27.4B | ||
| Q4 25 | $17.3B | $26.1B | ||
| Q3 25 | $17.1B | $25.6B | ||
| Q2 25 | $16.6B | $20.3B | ||
| Q1 25 | $16.4B | $19.5B | ||
| Q4 24 | $17.7B | $21.1B | ||
| Q3 24 | $18.9B | $21.5B | ||
| Q2 24 | $21.3B | $21.1B |
总资产MPCSLB
| Q1 26 | — | $19.3B | ||
| Q4 25 | $84.0B | $54.9B | ||
| Q3 25 | $83.2B | $55.1B | ||
| Q2 25 | $78.5B | $48.8B | ||
| Q1 25 | $81.6B | $49.0B | ||
| Q4 24 | $78.9B | $48.9B | ||
| Q3 24 | $79.8B | $49.8B | ||
| Q2 24 | $85.2B | $49.4B |
负债/权益比MPCSLB
| Q1 26 | — | 0.35× | ||
| 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 | $103.0M |
| 自由现金流率自由现金流/营收 | 5.8% | 1.2% |
| 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 | $4.6B |
8季度趋势，按日历期对齐
经营现金流MPCSLB
| Q1 26 | — | — | ||
| Q4 25 | $3.1B | $3.0B | ||
| Q3 25 | $2.6B | $1.7B | ||
| Q2 25 | $2.6B | $1.1B | ||
| Q1 25 | $-64.0M | $660.0M | ||
| Q4 24 | $2.2B | $2.4B | ||
| Q3 24 | $1.7B | $2.4B | ||
| Q2 24 | $3.2B | $1.4B |
自由现金流MPCSLB
| Q1 26 | — | $103.0M | ||
| Q4 25 | $1.9B | $2.5B | ||
| Q3 25 | $1.7B | $1.3B | ||
| Q2 25 | $1.9B | $771.0M | ||
| Q1 25 | $-727.0M | $262.0M | ||
| Q4 24 | $1.4B | $1.8B | ||
| Q3 24 | $1.0B | $2.0B | ||
| Q2 24 | $2.8B | $973.0M |
自由现金流率MPCSLB
| Q1 26 | — | 1.2% | ||
| Q4 25 | 5.8% | 25.5% | ||
| Q3 25 | 4.8% | 14.3% | ||
| Q2 25 | 5.8% | 9.0% | ||
| Q1 25 | -2.3% | 3.1% | ||
| Q4 24 | 4.2% | 19.2% | ||
| Q3 24 | 2.9% | 21.7% | ||
| Q2 24 | 7.3% | 10.6% |
资本支出强度MPCSLB
| Q1 26 | — | — | ||
| Q4 25 | 3.6% | 5.3% | ||
| Q3 25 | 2.7% | 4.6% | ||
| Q2 25 | 2.1% | 4.3% | ||
| Q1 25 | 2.1% | 4.7% | ||
| Q4 24 | 2.4% | 6.6% | ||
| Q3 24 | 1.9% | 5.0% | ||
| Q2 24 | 1.3% | 5.1% |
现金转化率MPCSLB
| Q1 26 | — | — | ||
| Q4 25 | 2.00× | 3.65× | ||
| Q3 25 | 1.90× | 2.28× | ||
| Q2 25 | 2.17× | 1.13× | ||
| Q1 25 | — | 0.83× | ||
| Q4 24 | 5.95× | 2.18× | ||
| Q3 24 | 2.71× | 2.06× | ||
| Q2 24 | 2.14× | 1.29× |
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% |
SLB
暂无分部数据
