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帕卡（PCAR）与惠而浦（WHR）财务数据对比。点击上方公司名可切换其他公司
帕卡的季度营收约是惠而浦的1.7倍（$6.8B vs $4.1B），帕卡净利率更高（8.2% vs 2.7%，领先5.5%），惠而浦同比增速更快（-0.9% vs -13.7%），惠而浦自由现金流更多（$989.0M vs $954.4M），过去两年惠而浦的营收复合增速更高（-4.5% vs -11.7%）
帕卡是美国知名重型卡车制造企业，总部位于华盛顿州贝尔维尤，旗下拥有肯沃斯、彼得比尔特、DAF卡车三大核心子品牌，同时布局金融服务、工业零部件供应业务，在全球商用车领域占据重要市场地位。
惠而浦是总部位于美国密歇根州本顿特许镇的跨国家电研发、生产及销售企业，位列《财富》世界500强。2023年集团年销售额约190亿美元，全球员工规模近5.9万人，在世界各地布局超55座生产及技术研发中心。
PCAR vs WHR — 直观对比
营收规模更大
PCAR
是对方的1.7倍
$4.1B
营收增速更快
WHR
高出12.8%
-13.7%
净利率更高
PCAR
高出5.5%
2.7%
自由现金流更多
WHR
多$34.6M
$954.4M
两年增速更快
WHR
近两年复合增速
-11.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.8B | $4.1B |
| 净利润 | $556.9M | $109.0M |
| 毛利率 | 19.3% | 14.0% |
| 营业利润率 | 10.3% | 6.0% |
| 净利率 | 8.2% | 2.7% |
| 营收同比 | -13.7% | -0.9% |
| 净利润同比 | -36.1% | 127.8% |
| 每股收益（稀释后） | $1.06 | $1.92 |
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PCARWHR
| Q4 25 | $6.8B | $4.1B | ||
| Q3 25 | $6.7B | $4.0B | ||
| Q2 25 | $7.5B | $3.8B | ||
| Q1 25 | $7.4B | $3.6B | ||
| Q4 24 | $7.9B | $4.1B | ||
| Q3 24 | $8.2B | $4.0B | ||
| Q2 24 | $8.8B | $4.0B | ||
| Q1 24 | $8.7B | $4.5B |
净利润PCARWHR
| Q4 25 | $556.9M | $109.0M | ||
| Q3 25 | $590.0M | $73.0M | ||
| Q2 25 | $723.8M | $65.0M | ||
| Q1 25 | $505.1M | $71.0M | ||
| Q4 24 | $872.0M | $-392.0M | ||
| Q3 24 | $972.1M | $109.0M | ||
| Q2 24 | $1.1B | $219.0M | ||
| Q1 24 | $1.2B | $-259.0M |
毛利率PCARWHR
| Q4 25 | 19.3% | 14.0% | ||
| Q3 25 | 19.9% | 14.7% | ||
| Q2 25 | 20.2% | 16.2% | ||
| Q1 25 | 20.8% | 16.8% | ||
| Q4 24 | 21.6% | 16.2% | ||
| Q3 24 | 22.0% | 16.1% | ||
| Q2 24 | 22.8% | 15.7% | ||
| Q1 24 | 23.7% | 14.3% |
营业利润率PCARWHR
| Q4 25 | 10.3% | 6.0% | ||
| Q3 25 | 11.1% | 5.1% | ||
| Q2 25 | 12.4% | 5.4% | ||
| Q1 25 | 8.6% | 5.1% | ||
| Q4 24 | 14.5% | -3.3% | ||
| Q3 24 | 15.2% | 6.6% | ||
| Q2 24 | 16.7% | 3.3% | ||
| Q1 24 | 17.5% | -2.6% |
净利率PCARWHR
| Q4 25 | 8.2% | 2.7% | ||
| Q3 25 | 8.8% | 1.8% | ||
| Q2 25 | 9.6% | 1.7% | ||
| Q1 25 | 6.8% | 2.0% | ||
| Q4 24 | 11.0% | -9.5% | ||
| Q3 24 | 11.8% | 2.7% | ||
| Q2 24 | 12.8% | 5.5% | ||
| Q1 24 | 13.7% | -5.8% |
每股收益（稀释后）PCARWHR
| Q4 25 | $1.06 | $1.92 | ||
| Q3 25 | $1.12 | $1.29 | ||
| Q2 25 | $1.37 | $1.17 | ||
| Q1 25 | $0.96 | $1.28 | ||
| Q4 24 | $1.65 | $-7.11 | ||
| Q3 24 | $1.85 | $2.00 | ||
| Q2 24 | $2.13 | $3.96 | ||
| Q1 24 | $2.27 | $-4.72 |
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 | — | $669.0M |
| 总债务越低越好 | — | $6.2B |
| 股东权益账面价值 | $19.3B | $2.7B |
| 总资产 | $44.3B | $16.0B |
| 负债/权益比越低杠杆越低 | — | 2.26× |
8季度趋势，按日历期对齐
现金及短期投资PCARWHR
| Q4 25 | — | $669.0M | ||
| Q3 25 | — | $934.0M | ||
| Q2 25 | — | $1.1B | ||
| Q1 25 | — | $1.0B | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | — | $1.1B | ||
| Q2 24 | — | $1.2B | ||
| Q1 24 | — | $1.2B |
总债务PCARWHR
| Q4 25 | — | $6.2B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $6.6B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益PCARWHR
| Q4 25 | $19.3B | $2.7B | ||
| Q3 25 | $19.4B | $2.6B | ||
| Q2 25 | $18.9B | $2.6B | ||
| Q1 25 | $18.0B | $2.6B | ||
| Q4 24 | $17.5B | $2.7B | ||
| Q3 24 | $18.7B | $3.0B | ||
| Q2 24 | $17.7B | $3.1B | ||
| Q1 24 | $16.9B | $2.4B |
总资产PCARWHR
| Q4 25 | $44.3B | $16.0B | ||
| Q3 25 | $44.2B | $16.9B | ||
| Q2 25 | $44.1B | $16.8B | ||
| Q1 25 | $42.7B | $16.5B | ||
| Q4 24 | $43.4B | $16.3B | ||
| Q3 24 | $43.3B | $17.2B | ||
| Q2 24 | $41.2B | $17.3B | ||
| Q1 24 | $40.4B | $17.4B |
负债/权益比PCARWHR
| Q4 25 | — | 2.26× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 2.46× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $1.1B | $1.1B |
| 自由现金流经营现金流 - 资本支出 | $954.4M | $989.0M |
| 自由现金流率自由现金流/营收 | 14.0% | 24.1% |
| 资本支出强度资本支出/营收 | 2.8% | 3.7% |
| 现金转化率经营现金流/净利润 | 2.05× | 10.45× |
| 过去12个月自由现金流最近4个季度 | $3.7B | $81.0M |
8季度趋势，按日历期对齐
经营现金流PCARWHR
| Q4 25 | $1.1B | $1.1B | ||
| Q3 25 | $1.5B | $33.0M | ||
| Q2 25 | $833.4M | $19.0M | ||
| Q1 25 | $910.3M | $-721.0M | ||
| Q4 24 | $1.4B | $1.1B | ||
| Q3 24 | $1.3B | $214.0M | ||
| Q2 24 | $440.0M | $388.0M | ||
| Q1 24 | $1.5B | $-873.0M |
自由现金流PCARWHR
| Q4 25 | $954.4M | $989.0M | ||
| Q3 25 | $1.4B | $-52.0M | ||
| Q2 25 | $611.3M | $-63.0M | ||
| Q1 25 | $745.2M | $-793.0M | ||
| Q4 24 | $1.2B | $970.0M | ||
| Q3 24 | $1.1B | $127.0M | ||
| Q2 24 | $219.7M | $275.0M | ||
| Q1 24 | $1.3B | $-988.0M |
自由现金流率PCARWHR
| Q4 25 | 14.0% | 24.1% | ||
| Q3 25 | 20.4% | -1.3% | ||
| Q2 25 | 8.1% | -1.7% | ||
| Q1 25 | 10.0% | -21.9% | ||
| Q4 24 | 15.3% | 23.5% | ||
| Q3 24 | 13.3% | 3.2% | ||
| Q2 24 | 2.5% | 6.9% | ||
| Q1 24 | 14.6% | -22.0% |
资本支出强度PCARWHR
| Q4 25 | 2.8% | 3.7% | ||
| Q3 25 | 2.5% | 2.1% | ||
| Q2 25 | 3.0% | 2.2% | ||
| Q1 25 | 2.2% | 2.0% | ||
| Q4 24 | 3.0% | 3.3% | ||
| Q3 24 | 2.4% | 2.2% | ||
| Q2 24 | 2.5% | 2.8% | ||
| Q1 24 | 2.2% | 2.6% |
现金转化率PCARWHR
| Q4 25 | 2.05× | 10.45× | ||
| Q3 25 | 2.59× | 0.45× | ||
| Q2 25 | 1.15× | 0.29× | ||
| Q1 25 | 1.80× | -10.15× | ||
| Q4 24 | 1.66× | — | ||
| Q3 24 | 1.32× | 1.96× | ||
| Q2 24 | 0.39× | 1.77× | ||
| Q1 24 | 1.23× | — |
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
PCAR
| Truck Subsegment | $4.5B | 66% |
| Parts Subsegment | $1.7B | 25% |
| Other | $359.4M | 5% |
| Financial Services | $208.1M | 3% |
WHR
| Refrigeration | $1.2B | 30% |
| Laundry | $1.1B | 27% |
| Cooking | $1.1B | 26% |
| Dishwashing | $299.0M | 7% |
| Other | $266.0M | 6% |
| Spare Parts And Warranties | $139.0M | 3% |
