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Oneok（OKE）与Valero Energy（VLO）财务数据对比。点击上方公司名可切换其他公司
Valero Energy的季度营收约是Oneok的3.4倍（$30.4B vs $9.1B），Oneok净利率更高（10.8% vs 3.7%，领先7.0%），Oneok同比增速更快（29.5% vs -1.2%），过去两年Oneok的营收复合增速更高（37.7% vs -2.2%）
ONEOK是美国油气中游领域运营商，总部位于俄克拉荷马州塔尔萨，为油气行业提供收集、处理、分馏、运输及储存服务，位列财富500强及标普500指数成分股。公司前身为1906年成立的俄克拉荷马天然气公司，1980年正式更名为ONEOK。
Valero Energy是总部位于美国得克萨斯州圣安东尼奥的燃料生产商，核心业务为交通燃料及相关产品的生产与销售，在美、加、英三国共运营15座炼油厂，总日加工产能约320万桶，同时拥有两座可再生柴油工厂。
OKE vs VLO — 直观对比
营收规模更大
VLO
是对方的3.4倍
$9.1B
营收增速更快
OKE
高出30.7%
-1.2%
净利率更高
OKE
高出7.0%
3.7%
两年增速更快
OKE
近两年复合增速
-2.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $9.1B | $30.4B |
| 净利润 | $977.0M | $1.1B |
| 毛利率 | 29.4% | 6.3% |
| 营业利润率 | 16.9% | 5.2% |
| 净利率 | 10.8% | 3.7% |
| 营收同比 | 29.5% | -1.2% |
| 净利润同比 | 5.9% | 303.6% |
| 每股收益（稀释后） | $1.55 | $3.66 |
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OKEVLO
| Q4 25 | $9.1B | $30.4B | ||
| Q3 25 | $8.6B | $32.2B | ||
| Q2 25 | $7.9B | $29.9B | ||
| Q1 25 | $8.0B | $30.3B | ||
| Q4 24 | $7.0B | $30.8B | ||
| Q3 24 | $5.0B | $32.9B | ||
| Q2 24 | $4.9B | $34.5B | ||
| Q1 24 | $4.8B | $31.8B |
净利润OKEVLO
| Q4 25 | $977.0M | $1.1B | ||
| Q3 25 | $939.0M | $1.1B | ||
| Q2 25 | $841.0M | $714.0M | ||
| Q1 25 | $636.0M | $-595.0M | ||
| Q4 24 | $923.0M | $281.0M | ||
| Q3 24 | $693.0M | $364.0M | ||
| Q2 24 | $780.0M | $880.0M | ||
| Q1 24 | $639.0M | $1.2B |
毛利率OKEVLO
| Q4 25 | 29.4% | 6.3% | ||
| Q3 25 | 30.9% | 5.5% | ||
| Q2 25 | 32.0% | 4.2% | ||
| Q1 25 | 29.7% | 1.7% | ||
| Q4 24 | 35.8% | 2.0% | ||
| Q3 24 | 39.7% | 2.3% | ||
| Q2 24 | 40.9% | 4.2% | ||
| Q1 24 | 39.4% | 6.2% |
营业利润率OKEVLO
| Q4 25 | 16.9% | 5.2% | ||
| Q3 25 | 18.0% | 4.7% | ||
| Q2 25 | 18.1% | 3.3% | ||
| Q1 25 | 15.2% | -3.0% | ||
| Q4 24 | 22.4% | 1.1% | ||
| Q3 24 | 22.5% | 1.5% | ||
| Q2 24 | 25.1% | 3.5% | ||
| Q1 24 | 22.3% | 5.3% |
净利率OKEVLO
| Q4 25 | 10.8% | 3.7% | ||
| Q3 25 | 10.9% | 3.4% | ||
| Q2 25 | 10.7% | 2.4% | ||
| Q1 25 | 7.9% | -2.0% | ||
| Q4 24 | 13.2% | 0.9% | ||
| Q3 24 | 13.8% | 1.1% | ||
| Q2 24 | 15.9% | 2.6% | ||
| Q1 24 | 13.4% | 3.9% |
每股收益（稀释后）OKEVLO
| Q4 25 | $1.55 | $3.66 | ||
| Q3 25 | $1.49 | $3.53 | ||
| Q2 25 | $1.34 | $2.28 | ||
| Q1 25 | $1.04 | $-1.90 | ||
| Q4 24 | $1.57 | $0.98 | ||
| Q3 24 | $1.18 | $1.14 | ||
| Q2 24 | $1.33 | $2.71 | ||
| Q1 24 | $1.09 | $3.75 |
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 | $78.0M | $4.7B |
| 总债务越低越好 | — | $9.7B |
| 股东权益账面价值 | $22.5B | $23.7B |
| 总资产 | $66.6B | $58.0B |
| 负债/权益比越低杠杆越低 | — | 0.41× |
8季度趋势，按日历期对齐
现金及短期投资OKEVLO
| Q4 25 | $78.0M | $4.7B | ||
| Q3 25 | $1.2B | $4.8B | ||
| Q2 25 | $97.0M | $4.5B | ||
| Q1 25 | $141.0M | $4.6B | ||
| Q4 24 | $733.0M | $4.7B | ||
| Q3 24 | $579.0M | $5.2B | ||
| Q2 24 | $36.0M | $5.2B | ||
| Q1 24 | $65.0M | $4.9B |
总债务OKEVLO
| Q4 25 | — | $9.7B | ||
| Q3 25 | $33.7B | $9.7B | ||
| Q2 25 | $31.3B | $10.3B | ||
| Q1 25 | $31.8B | $10.3B | ||
| Q4 24 | $32.1B | $9.7B | ||
| Q3 24 | $28.1B | $9.8B | ||
| Q2 24 | $21.7B | $9.7B | ||
| Q1 24 | $21.7B | $10.0B |
股东权益OKEVLO
| Q4 25 | $22.5B | $23.7B | ||
| Q3 25 | $22.1B | $23.8B | ||
| Q2 25 | $21.8B | $24.1B | ||
| Q1 25 | $21.4B | $23.5B | ||
| Q4 24 | $17.0B | $24.5B | ||
| Q3 24 | $16.9B | $25.3B | ||
| Q2 24 | $16.7B | $25.4B | ||
| Q1 24 | $16.4B | $26.1B |
总资产OKEVLO
| Q4 25 | $66.6B | $58.0B | ||
| Q3 25 | $66.6B | $58.6B | ||
| Q2 25 | $64.5B | $59.4B | ||
| Q1 25 | $64.3B | $59.2B | ||
| Q4 24 | $64.1B | $60.1B | ||
| Q3 24 | $51.0B | $60.4B | ||
| Q2 24 | $44.5B | $63.6B | ||
| Q1 24 | $44.4B | $62.6B |
负债/权益比OKEVLO
| Q4 25 | — | 0.41× | ||
| Q3 25 | 1.53× | 0.41× | ||
| Q2 25 | 1.43× | 0.43× | ||
| Q1 25 | 1.49× | 0.44× | ||
| Q4 24 | 1.88× | 0.40× | ||
| Q3 24 | 1.66× | 0.39× | ||
| Q2 24 | 1.30× | 0.38× | ||
| Q1 24 | 1.32× | 0.39× |
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 | $1.5B | $2.1B |
| 自由现金流经营现金流 - 资本支出 | $576.0M | — |
| 自由现金流率自由现金流/营收 | 6.4% | — |
| 资本支出强度资本支出/营收 | 10.7% | — |
| 现金转化率经营现金流/净利润 | 1.58× | 1.81× |
| 过去12个月自由现金流最近4个季度 | $2.4B | — |
8季度趋势，按日历期对齐
经营现金流OKEVLO
| Q4 25 | $1.5B | $2.1B | ||
| Q3 25 | $1.6B | $1.9B | ||
| Q2 25 | $1.5B | $936.0M | ||
| Q1 25 | $904.0M | $952.0M | ||
| Q4 24 | $1.6B | $1.1B | ||
| Q3 24 | $1.3B | $1.3B | ||
| Q2 24 | $1.4B | $2.5B | ||
| Q1 24 | $596.0M | $1.8B |
自由现金流OKEVLO
| Q4 25 | $576.0M | — | ||
| Q3 25 | $820.0M | $1.5B | ||
| Q2 25 | $776.0M | $529.0M | ||
| Q1 25 | $275.0M | $293.0M | ||
| Q4 24 | $1.0B | $523.0M | ||
| Q3 24 | $783.0M | $866.0M | ||
| Q2 24 | $951.0M | $2.1B | ||
| Q1 24 | $84.0M | $1.2B |
自由现金流率OKEVLO
| Q4 25 | 6.4% | — | ||
| Q3 25 | 9.5% | 4.6% | ||
| Q2 25 | 9.8% | 1.8% | ||
| Q1 25 | 3.4% | 1.0% | ||
| Q4 24 | 15.0% | 1.7% | ||
| Q3 24 | 15.6% | 2.6% | ||
| Q2 24 | 19.4% | 5.9% | ||
| Q1 24 | 1.8% | 3.7% |
资本支出强度OKEVLO
| Q4 25 | 10.7% | — | ||
| Q3 25 | 9.3% | 1.3% | ||
| Q2 25 | 9.5% | 1.4% | ||
| Q1 25 | 7.8% | 2.2% | ||
| Q4 24 | 8.0% | 1.8% | ||
| Q3 24 | 9.3% | 1.3% | ||
| Q2 24 | 9.8% | 1.2% | ||
| Q1 24 | 10.7% | 2.1% |
现金转化率OKEVLO
| Q4 25 | 1.58× | 1.81× | ||
| Q3 25 | 1.73× | 1.72× | ||
| Q2 25 | 1.81× | 1.31× | ||
| Q1 25 | 1.42× | — | ||
| Q4 24 | 1.75× | 3.81× | ||
| Q3 24 | 1.81× | 3.56× | ||
| Q2 24 | 1.83× | 2.81× | ||
| Q1 24 | 0.93× | 1.48× |
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
OKE
| Natural Gas Liquids | $4.0B | 44% |
| Natural Gas Gathering And Processing | $1.8B | 20% |
| Services | $1.2B | 14% |
| Liquids Commodity | $979.0M | 11% |
| Wholly Owned Interstate Natural Gas Pipelines | $527.0M | 6% |
| Exchange Services And Natural Gas Gathering And Processing Revenue | $365.0M | 4% |
| Transportationand Storage Revenue | $108.0M | 1% |
| Other | $12.0M | 0% |
VLO
| Distillates | $14.3B | 47% |
| Gasoline And Blendstocks | $12.5B | 41% |
| Manufactured Product Other | $1.8B | 6% |
| Ethanol Product | $784.0M | 3% |
| Renewable Diesel Product | $589.0M | 2% |
| Distillers Grains | $194.0M | 1% |
| Neat SAF | $118.0M | 0% |
| Renewable Naphtha Product | $24.0M | 0% |
