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马拉松石油（MPC）与T-Mobile US（TMUS）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T-Mobile US的1.4倍（$32.6B vs $23.1B），T-Mobile US净利率更高（10.8% vs 4.7%，领先6.1%），T-Mobile US同比增速更快（10.6% vs -1.7%），过去两年T-Mobile US的营收复合增速更高（8.1% 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。
T-Mobile US是总部位于美国华盛顿州贝尔维尤的无线网络运营商，多数股权由德国电信巨头德国电信持有，为美国第二大无线通信服务商，截至2025年9月30日其用户规模达1.4亿，面向个人及商业客户提供高速移动通信等相关服务。
MPC vs TMUS — 直观对比
营收规模更大
MPC
是对方的1.4倍
$23.1B
营收增速更快
TMUS
高出12.3%
-1.7%
净利率更高
TMUS
高出6.1%
4.7%
两年增速更快
TMUS
近两年复合增速
-0.2%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $32.6B | $23.1B |
| 净利润 | $1.5B | $2.5B |
| 毛利率 | 11.4% | — |
| 营业利润率 | 8.3% | 20.8% |
| 净利率 | 4.7% | 10.8% |
| 营收同比 | -1.7% | 10.6% |
| 净利润同比 | 313.7% | -15.2% |
| 每股收益（稀释后） | $4.99 | $2.27 |
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MPCTMUS
| Q1 26 | — | $23.1B | ||
| Q4 25 | $32.6B | $24.3B | ||
| Q3 25 | $34.8B | $22.0B | ||
| Q2 25 | $33.8B | $21.1B | ||
| Q1 25 | $31.5B | $20.9B | ||
| Q4 24 | $33.1B | $21.9B | ||
| Q3 24 | $35.1B | $20.2B | ||
| Q2 24 | $37.9B | $19.8B |
净利润MPCTMUS
| Q1 26 | — | $2.5B | ||
| Q4 25 | $1.5B | $2.1B | ||
| Q3 25 | $1.4B | $2.7B | ||
| Q2 25 | $1.2B | $3.2B | ||
| Q1 25 | $-74.0M | $3.0B | ||
| Q4 24 | $371.0M | $3.0B | ||
| Q3 24 | $622.0M | $3.1B | ||
| Q2 24 | $1.5B | $2.9B |
毛利率MPCTMUS
| 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MPCTMUS
| Q1 26 | — | 20.8% | ||
| Q4 25 | 8.3% | 15.4% | ||
| Q3 25 | 7.8% | 20.6% | ||
| Q2 25 | 6.5% | 24.7% | ||
| Q1 25 | 2.2% | 23.0% | ||
| Q4 24 | 3.4% | 21.0% | ||
| Q3 24 | 3.8% | 23.8% | ||
| Q2 24 | 6.7% | 23.4% |
净利率MPCTMUS
| Q1 26 | — | 10.8% | ||
| Q4 25 | 4.7% | 8.6% | ||
| Q3 25 | 3.9% | 12.4% | ||
| Q2 25 | 3.6% | 15.2% | ||
| Q1 25 | -0.2% | 14.1% | ||
| Q4 24 | 1.1% | 13.6% | ||
| Q3 24 | 1.8% | 15.2% | ||
| Q2 24 | 4.0% | 14.8% |
每股收益（稀释后）MPCTMUS
| Q1 26 | — | $2.27 | ||
| Q4 25 | $4.99 | $1.89 | ||
| Q3 25 | $4.51 | $2.41 | ||
| Q2 25 | $3.96 | $2.84 | ||
| Q1 25 | $-0.24 | $2.58 | ||
| Q4 24 | $1.30 | $2.56 | ||
| Q3 24 | $1.87 | $2.61 | ||
| Q2 24 | $4.33 | $2.49 |
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 | $3.5B |
| 总债务越低越好 | $30.5B | $86.0B |
| 股东权益账面价值 | $17.3B | $55.9B |
| 总资产 | $84.0B | $214.7B |
| 负债/权益比越低杠杆越低 | 1.76× | 1.54× |
8季度趋势，按日历期对齐
现金及短期投资MPCTMUS
| Q1 26 | — | $3.5B | ||
| Q4 25 | $3.7B | $5.6B | ||
| Q3 25 | $2.7B | $3.3B | ||
| Q2 25 | $1.7B | $10.3B | ||
| Q1 25 | $3.8B | $12.0B | ||
| Q4 24 | $3.2B | $5.4B | ||
| Q3 24 | $5.1B | $9.8B | ||
| Q2 24 | $8.5B | $6.4B |
总债务MPCTMUS
| Q1 26 | — | $86.0B | ||
| Q4 25 | $30.5B | $86.3B | ||
| Q3 25 | $31.2B | — | ||
| Q2 25 | $26.8B | — | ||
| Q1 25 | $26.8B | — | ||
| Q4 24 | $24.4B | $78.3B | ||
| Q3 24 | $24.1B | — | ||
| Q2 24 | $24.0B | — |
股东权益MPCTMUS
| Q1 26 | — | $55.9B | ||
| Q4 25 | $17.3B | $59.2B | ||
| Q3 25 | $17.1B | $60.5B | ||
| Q2 25 | $16.6B | $61.1B | ||
| Q1 25 | $16.4B | $61.1B | ||
| Q4 24 | $17.7B | $61.7B | ||
| Q3 24 | $18.9B | $64.3B | ||
| Q2 24 | $21.3B | $62.6B |
总资产MPCTMUS
| Q1 26 | — | $214.7B | ||
| Q4 25 | $84.0B | $219.2B | ||
| Q3 25 | $83.2B | $217.2B | ||
| Q2 25 | $78.5B | $212.6B | ||
| Q1 25 | $81.6B | $214.6B | ||
| Q4 24 | $78.9B | $208.0B | ||
| Q3 24 | $79.8B | $210.7B | ||
| Q2 24 | $85.2B | $208.6B |
负债/权益比MPCTMUS
| Q1 26 | — | 1.54× | ||
| Q4 25 | 1.76× | 1.46× | ||
| Q3 25 | 1.83× | — | ||
| Q2 25 | 1.61× | — | ||
| Q1 25 | 1.64× | — | ||
| Q4 24 | 1.38× | 1.27× | ||
| 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 | $7.2B |
| 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% | 0.0% |
| 现金转化率经营现金流/净利润 | 2.00× | 2.88× |
| 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MPCTMUS
| Q1 26 | — | $7.2B | ||
| Q4 25 | $3.1B | $6.7B | ||
| Q3 25 | $2.6B | $7.5B | ||
| Q2 25 | $2.6B | $7.0B | ||
| Q1 25 | $-64.0M | $6.8B | ||
| Q4 24 | $2.2B | $5.5B | ||
| Q3 24 | $1.7B | $6.1B | ||
| Q2 24 | $3.2B | $5.5B |
自由现金流MPCTMUS
| Q1 26 | — | — | ||
| Q4 25 | $1.9B | $4.2B | ||
| Q3 25 | $1.7B | $4.8B | ||
| Q2 25 | $1.9B | $4.6B | ||
| Q1 25 | $-727.0M | $4.4B | ||
| Q4 24 | $1.4B | $3.3B | ||
| Q3 24 | $1.0B | $4.2B | ||
| Q2 24 | $2.8B | $3.5B |
自由现金流率MPCTMUS
| Q1 26 | — | — | ||
| Q4 25 | 5.8% | 17.2% | ||
| Q3 25 | 4.8% | 21.9% | ||
| Q2 25 | 5.8% | 21.7% | ||
| Q1 25 | -2.3% | 21.0% | ||
| Q4 24 | 4.2% | 15.3% | ||
| Q3 24 | 2.9% | 20.7% | ||
| Q2 24 | 7.3% | 17.6% |
资本支出强度MPCTMUS
| Q1 26 | — | 0.0% | ||
| Q4 25 | 3.6% | 10.1% | ||
| Q3 25 | 2.7% | 12.0% | ||
| Q2 25 | 2.1% | 11.3% | ||
| Q1 25 | 2.1% | 11.7% | ||
| Q4 24 | 2.4% | 10.1% | ||
| Q3 24 | 1.9% | 9.7% | ||
| Q2 24 | 1.3% | 10.3% |
现金转化率MPCTMUS
| Q1 26 | — | 2.88× | ||
| Q4 25 | 2.00× | 3.16× | ||
| Q3 25 | 1.90× | 2.75× | ||
| Q2 25 | 2.17× | 2.17× | ||
| Q1 25 | — | 2.32× | ||
| Q4 24 | 5.95× | 1.86× | ||
| Q3 24 | 2.71× | 2.01× | ||
| Q2 24 | 2.14× | 1.89× |
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% |
TMUS
| Postpaid service revenues | $15.6B | 68% |
| Other | $7.5B | 32% |
