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潘世奇汽车集团（PAG）与联合太平洋（UNP）财务数据对比。点击上方公司名可切换其他公司
潘世奇汽车集团的季度营收约是联合太平洋的1.4倍（$8.8B vs $6.2B），联合太平洋净利率更高（27.4% vs 2.6%，领先24.8%），潘世奇汽车集团同比增速更快（14.6% vs 3.2%），联合太平洋自由现金流更多（$631.0M vs $25.1M），过去两年潘世奇汽车集团的营收复合增速更高（9.0% vs 1.7%）
潘世奇汽车集团（PAG）是总部位于美国密歇根州布卢姆菲尔德希尔斯的交通服务企业，主营汽车与商用卡车经销业务，覆盖美国、加拿大及西欧市场，同时在澳大利亚、新西兰分销商用车、发动机、动力系统及相关配件服务，还持有潘世奇运输解决方案公司28.9%的股份，后者管理超40万辆卡车的车队。
联合太平洋是美国一级货运铁路运营商，共运营8300台机车，线路总长超5.18万公里，覆盖芝加哥、新奥尔良以西的23个美国州，是全美规模仅次于BNSF的第二大铁路企业。
PAG vs UNP — 直观对比
营收规模更大
PAG
是对方的1.4倍
$6.2B
营收增速更快
PAG
高出11.4%
3.2%
净利率更高
UNP
高出24.8%
2.6%
自由现金流更多
UNP
多$605.9M
$25.1M
两年增速更快
PAG
近两年复合增速
1.7%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $8.8B | $6.2B |
| 净利润 | $228.1M | $1.7B |
| 毛利率 | 15.9% | — |
| 营业利润率 | 3.6% | 39.5% |
| 净利率 | 2.6% | 27.4% |
| 营收同比 | 14.6% | 3.2% |
| 净利润同比 | -3.5% | 4.6% |
| 每股收益（稀释后） | $3.46 | $2.87 |
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PAGUNP
| Q1 26 | — | $6.2B | ||
| Q4 25 | $8.8B | $6.1B | ||
| Q3 25 | $7.7B | $6.2B | ||
| Q2 25 | $7.7B | $6.2B | ||
| Q1 25 | $7.6B | $6.0B | ||
| Q4 24 | $7.7B | $6.1B | ||
| Q3 24 | $7.6B | $6.1B | ||
| Q2 24 | $7.7B | $6.0B |
净利润PAGUNP
| Q1 26 | — | $1.7B | ||
| Q4 25 | $228.1M | $1.8B | ||
| Q3 25 | $213.0M | $1.8B | ||
| Q2 25 | $250.0M | $1.9B | ||
| Q1 25 | $244.3M | $1.6B | ||
| Q4 24 | $236.4M | $1.8B | ||
| Q3 24 | $226.1M | $1.7B | ||
| Q2 24 | $241.2M | $1.7B |
毛利率PAGUNP
| Q1 26 | — | — | ||
| Q4 25 | 15.9% | — | ||
| Q3 25 | 16.2% | — | ||
| Q2 25 | 16.9% | — | ||
| Q1 25 | 16.7% | — | ||
| Q4 24 | 16.3% | — | ||
| Q3 24 | 16.4% | — | ||
| Q2 24 | 16.4% | — |
营业利润率PAGUNP
| Q1 26 | — | 39.5% | ||
| Q4 25 | 3.6% | 39.5% | ||
| Q3 25 | 3.9% | 40.8% | ||
| Q2 25 | 4.5% | 41.0% | ||
| Q1 25 | 4.1% | 39.3% | ||
| Q4 24 | 4.3% | 41.3% | ||
| Q3 24 | 4.2% | 39.7% | ||
| Q2 24 | 4.4% | 40.0% |
净利率PAGUNP
| Q1 26 | — | 27.4% | ||
| Q4 25 | 2.6% | 30.4% | ||
| Q3 25 | 2.8% | 28.6% | ||
| Q2 25 | 3.3% | 30.5% | ||
| Q1 25 | 3.2% | 27.0% | ||
| Q4 24 | 3.1% | 28.8% | ||
| Q3 24 | 3.0% | 27.4% | ||
| Q2 24 | 3.1% | 27.9% |
每股收益（稀释后）PAGUNP
| Q1 26 | — | $2.87 | ||
| Q4 25 | $3.46 | $3.12 | ||
| Q3 25 | $3.23 | $3.01 | ||
| Q2 25 | $3.78 | $3.15 | ||
| Q1 25 | $3.66 | $2.70 | ||
| Q4 24 | $3.53 | $2.91 | ||
| Q3 24 | $3.39 | $2.75 | ||
| Q2 24 | $3.61 | $2.74 |
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 | $64.7M | $735.0M |
| 总债务越低越好 | $2.2B | — |
| 股东权益账面价值 | $5.6B | — |
| 总资产 | $17.6B | $69.6B |
| 负债/权益比越低杠杆越低 | 0.39× | — |
8季度趋势，按日历期对齐
现金及短期投资PAGUNP
| Q1 26 | — | $735.0M | ||
| Q4 25 | $64.7M | $1.3B | ||
| Q3 25 | $80.3M | $808.0M | ||
| Q2 25 | $155.3M | $1.1B | ||
| Q1 25 | $118.4M | $1.4B | ||
| Q4 24 | $72.4M | $1.0B | ||
| Q3 24 | $91.9M | $947.0M | ||
| Q2 24 | $115.1M | $1.1B |
总债务PAGUNP
| Q1 26 | — | — | ||
| Q4 25 | $2.2B | $30.3B | ||
| Q3 25 | $1.6B | $30.3B | ||
| Q2 25 | $1.8B | $30.3B | ||
| Q1 25 | $1.8B | $30.6B | ||
| Q4 24 | $1.9B | $29.8B | ||
| Q3 24 | $1.9B | $29.8B | ||
| Q2 24 | $1.8B | $31.2B |
股东权益PAGUNP
| Q1 26 | — | — | ||
| Q4 25 | $5.6B | $18.5B | ||
| Q3 25 | $5.7B | $17.3B | ||
| Q2 25 | $5.6B | $16.3B | ||
| Q1 25 | $5.4B | $16.0B | ||
| Q4 24 | $5.2B | $16.9B | ||
| Q3 24 | $5.2B | $16.6B | ||
| Q2 24 | $5.0B | $16.5B |
总资产PAGUNP
| Q1 26 | — | $69.6B | ||
| Q4 25 | $17.6B | $69.7B | ||
| Q3 25 | $17.1B | $68.6B | ||
| Q2 25 | $17.4B | $68.6B | ||
| Q1 25 | $16.9B | $68.5B | ||
| Q4 24 | $16.7B | $67.7B | ||
| Q3 24 | $17.1B | $67.6B | ||
| Q2 24 | $16.6B | $67.8B |
负债/权益比PAGUNP
| Q1 26 | — | — | ||
| Q4 25 | 0.39× | 1.64× | ||
| Q3 25 | 0.28× | 1.75× | ||
| Q2 25 | 0.32× | 1.86× | ||
| Q1 25 | 0.33× | 1.91× | ||
| Q4 24 | 0.36× | 1.76× | ||
| Q3 24 | 0.36× | 1.79× | ||
| Q2 24 | 0.36× | 1.89× |
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 | $123.2M | — |
| 自由现金流经营现金流 - 资本支出 | $25.1M | $631.0M |
| 自由现金流率自由现金流/营收 | 0.3% | 10.1% |
| 资本支出强度资本支出/营收 | 1.1% | — |
| 现金转化率经营现金流/净利润 | 0.54× | — |
| 过去12个月自由现金流最近4个季度 | $650.5M | $4.8B |
8季度趋势，按日历期对齐
经营现金流PAGUNP
| Q1 26 | — | — | ||
| Q4 25 | $123.2M | $2.2B | ||
| Q3 25 | $379.5M | $2.5B | ||
| Q2 25 | $189.7M | $2.3B | ||
| Q1 25 | $282.7M | $2.2B | ||
| Q4 24 | $217.7M | $2.7B | ||
| Q3 24 | $271.0M | $2.7B | ||
| Q2 24 | $235.1M | $1.9B |
自由现金流PAGUNP
| Q1 26 | — | $631.0M | ||
| Q4 25 | $25.1M | $1.2B | ||
| Q3 25 | $300.4M | $1.6B | ||
| Q2 25 | $118.9M | $1.4B | ||
| Q1 25 | $206.1M | $1.3B | ||
| Q4 24 | $131.6M | $1.7B | ||
| Q3 24 | $190.1M | $1.8B | ||
| Q2 24 | $135.9M | $1.0B |
自由现金流率PAGUNP
| Q1 26 | — | 10.1% | ||
| Q4 25 | 0.3% | 20.1% | ||
| Q3 25 | 3.9% | 25.2% | ||
| Q2 25 | 1.6% | 22.7% | ||
| Q1 25 | 2.7% | 21.6% | ||
| Q4 24 | 1.7% | 28.4% | ||
| Q3 24 | 2.5% | 29.9% | ||
| Q2 24 | 1.8% | 16.8% |
资本支出强度PAGUNP
| Q1 26 | — | — | ||
| Q4 25 | 1.1% | 16.4% | ||
| Q3 25 | 1.0% | 15.2% | ||
| Q2 25 | 0.9% | 15.2% | ||
| Q1 25 | 1.0% | 15.0% | ||
| Q4 24 | 1.1% | 15.1% | ||
| Q3 24 | 1.1% | 13.6% | ||
| Q2 24 | 1.3% | 15.0% |
现金转化率PAGUNP
| Q1 26 | — | — | ||
| Q4 25 | 0.54× | 1.20× | ||
| Q3 25 | 1.78× | 1.41× | ||
| Q2 25 | 0.76× | 1.24× | ||
| Q1 25 | 1.16× | 1.36× | ||
| Q4 24 | 0.92× | 1.51× | ||
| Q3 24 | 1.20× | 1.59× | ||
| Q2 24 | 0.97× | 1.14× |
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
PAG
| New Vehicle | $3.9B | 44% |
| Used Vehicle | $2.3B | 26% |
| Service And Parts | $953.6M | 11% |
| Retail Commercial Truck Dealership Segment | $725.4M | 8% |
| Other | $414.5M | 5% |
| Commercial Vehicle Distribution And Other | $303.3M | 3% |
| Finance And Insurance Net | $221.9M | 3% |
UNP
| Freight revenues | $5.9B | 95% |
| Other revenues | $324.0M | 5% |
