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PG&E Corporation（PCG）与Southern Company（SO）财务数据对比。点击上方公司名可切换其他公司
Southern Company的季度营收约是PG&E Corporation的1.0倍（$7.0B vs $6.9B），PG&E Corporation净利率更高（12.9% vs 4.9%，领先8.0%），PG&E Corporation同比增速更快（15.0% vs 10.1%），过去两年PG&E Corporation的营收复合增速更高（7.2% vs 2.5%）
PG&E Corporation是美国由投资者持有运营的公用事业企业，总部坐落于加利福尼亚州奥克兰市凯撒中心，为加州北部三分之二区域的520万户家庭提供天然气与电力供应服务，服务范围涵盖贝克斯菲尔德、圣巴巴拉县北部，几乎延伸至俄勒冈州与内华达州的州界。
Southern Company是美国燃气电力公用事业控股企业，总部位于佐治亚州亚特兰大，在阿拉巴马州伯明翰设有行政办公室。截至2021年按用户规模计为美国第二大公用事业公司，旗下子公司覆盖6个州，为900万燃气及电力用户提供服务，供电区域达12万平方英里。
PCG vs SO — 直观对比
营收规模更大
SO
是对方的1.0倍
$6.9B
营收增速更快
PCG
高出4.9%
10.1%
净利率更高
PCG
高出8.0%
4.9%
两年增速更快
PCG
近两年复合增速
2.5%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.9B | $7.0B |
| 净利润 | $885.0M | $341.0M |
| 毛利率 | — | — |
| 营业利润率 | 21.4% | 13.1% |
| 净利率 | 12.9% | 4.9% |
| 营收同比 | 15.0% | 10.1% |
| 净利润同比 | 39.6% | -26.8% |
| 每股收益（稀释后） | $0.39 | $0.38 |
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PCGSO
| Q1 26 | $6.9B | — | ||
| Q4 25 | $6.8B | $7.0B | ||
| Q3 25 | $6.3B | $7.8B | ||
| Q2 25 | $5.9B | $7.0B | ||
| Q1 25 | $6.0B | $7.8B | ||
| Q4 24 | $6.6B | $6.3B | ||
| Q3 24 | $5.9B | $7.3B | ||
| Q2 24 | $6.0B | $6.5B |
净利润PCGSO
| Q1 26 | $885.0M | — | ||
| Q4 25 | $670.0M | $341.0M | ||
| Q3 25 | $850.0M | $1.7B | ||
| Q2 25 | $549.0M | $880.0M | ||
| Q1 25 | $634.0M | $1.3B | ||
| Q4 24 | $674.0M | $466.0M | ||
| Q3 24 | $579.0M | $1.5B | ||
| Q2 24 | $524.0M | $1.2B |
营业利润率PCGSO
| Q1 26 | 21.4% | — | ||
| Q4 25 | 18.0% | 13.1% | ||
| Q3 25 | 19.3% | 33.2% | ||
| Q2 25 | 18.6% | 25.3% | ||
| Q1 25 | 20.4% | 25.9% | ||
| Q4 24 | 15.4% | 16.7% | ||
| Q3 24 | 17.3% | 32.6% | ||
| Q2 24 | 18.9% | 30.0% |
净利率PCGSO
| Q1 26 | 12.9% | — | ||
| Q4 25 | 9.8% | 4.9% | ||
| Q3 25 | 13.6% | 21.9% | ||
| Q2 25 | 9.3% | 12.6% | ||
| Q1 25 | 10.6% | 16.3% | ||
| Q4 24 | 10.2% | 7.3% | ||
| Q3 24 | 9.7% | 21.1% | ||
| Q2 24 | 8.8% | 18.6% |
每股收益（稀释后）PCGSO
| Q1 26 | $0.39 | — | ||
| Q4 25 | $0.29 | $0.38 | ||
| Q3 25 | $0.37 | $1.54 | ||
| Q2 25 | $0.24 | $0.79 | ||
| Q1 25 | $0.28 | $1.21 | ||
| Q4 24 | $0.30 | $0.48 | ||
| Q3 24 | $0.27 | $1.39 | ||
| Q2 24 | $0.24 | $1.09 |
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 | — | $1.6B |
| 总债务越低越好 | — | $65.6B |
| 股东权益账面价值 | — | $36.0B |
| 总资产 | — | $155.7B |
| 负债/权益比越低杠杆越低 | — | 1.82× |
8季度趋势，按日历期对齐
现金及短期投资PCGSO
| Q1 26 | — | — | ||
| Q4 25 | $713.0M | $1.6B | ||
| Q3 25 | $404.0M | $3.3B | ||
| Q2 25 | $494.0M | $1.3B | ||
| Q1 25 | $2.0B | $2.3B | ||
| Q4 24 | $940.0M | $1.1B | ||
| Q3 24 | $895.0M | $1.0B | ||
| Q2 24 | $1.3B | $1.2B |
总债务PCGSO
| Q1 26 | — | — | ||
| Q4 25 | $57.4B | $65.6B | ||
| Q3 25 | — | $64.6B | ||
| Q2 25 | — | $63.0B | ||
| Q1 25 | — | $62.9B | ||
| Q4 24 | $53.6B | $58.8B | ||
| Q3 24 | — | $61.3B | ||
| Q2 24 | — | $59.9B |
股东权益PCGSO
| Q1 26 | — | — | ||
| Q4 25 | $32.5B | $36.0B | ||
| Q3 25 | $32.0B | $38.3B | ||
| Q2 25 | $31.2B | $37.3B | ||
| Q1 25 | $30.7B | $37.2B | ||
| Q4 24 | $30.1B | $33.2B | ||
| Q3 24 | $26.8B | $36.9B | ||
| Q2 24 | $26.3B | $36.1B |
总资产PCGSO
| Q1 26 | — | — | ||
| Q4 25 | $141.6B | $155.7B | ||
| Q3 25 | $138.2B | $153.2B | ||
| Q2 25 | $136.4B | $148.9B | ||
| Q1 25 | $135.4B | $148.1B | ||
| Q4 24 | $133.7B | $145.2B | ||
| Q3 24 | $132.3B | $144.0B | ||
| Q2 24 | $130.8B | $141.9B |
负债/权益比PCGSO
| Q1 26 | — | — | ||
| Q4 25 | 1.76× | 1.82× | ||
| Q3 25 | — | 1.69× | ||
| Q2 25 | — | 1.69× | ||
| Q1 25 | — | 1.69× | ||
| Q4 24 | 1.78× | 1.77× | ||
| Q3 24 | — | 1.66× | ||
| Q2 24 | — | 1.66× |
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 | — | $2.6B |
| 自由现金流经营现金流 - 资本支出 | — | $-1.7B |
| 自由现金流率自由现金流/营收 | — | -24.2% |
| 资本支出强度资本支出/营收 | — | 61.4% |
| 现金转化率经营现金流/净利润 | — | 7.62× |
| 过去12个月自由现金流最近4个季度 | — | $-2.9B |
8季度趋势，按日历期对齐
经营现金流PCGSO
| Q1 26 | — | — | ||
| Q4 25 | $2.0B | $2.6B | ||
| Q3 25 | $2.9B | $3.8B | ||
| Q2 25 | $1.1B | $2.2B | ||
| Q1 25 | $2.8B | $1.3B | ||
| Q4 24 | $1.9B | $2.2B | ||
| Q3 24 | $3.1B | $3.6B | ||
| Q2 24 | $711.0M | $2.7B |
自由现金流PCGSO
| Q1 26 | — | — | ||
| Q4 25 | $-1.2B | $-1.7B | ||
| Q3 25 | $-80.0M | $559.0M | ||
| Q2 25 | $-2.0B | $-619.0M | ||
| Q1 25 | $213.0M | $-1.2B | ||
| Q4 24 | $-896.0M | $-576.0M | ||
| Q3 24 | $526.0M | $1.3B | ||
| Q2 24 | $-1.6B | $563.0M |
自由现金流率PCGSO
| Q1 26 | — | — | ||
| Q4 25 | -17.6% | -24.2% | ||
| Q3 25 | -1.3% | 7.1% | ||
| Q2 25 | -34.0% | -8.9% | ||
| Q1 25 | 3.6% | -15.3% | ||
| Q4 24 | -13.5% | -9.1% | ||
| Q3 24 | 8.9% | 17.9% | ||
| Q2 24 | -26.5% | 8.7% |
资本支出强度PCGSO
| Q1 26 | — | — | ||
| Q4 25 | 46.4% | 61.4% | ||
| Q3 25 | 46.9% | 41.1% | ||
| Q2 25 | 52.0% | 40.2% | ||
| Q1 25 | 44.0% | 31.3% | ||
| Q4 24 | 42.6% | 43.4% | ||
| Q3 24 | 43.8% | 31.8% | ||
| Q2 24 | 38.4% | 32.9% |
现金转化率PCGSO
| Q1 26 | — | — | ||
| Q4 25 | 2.93× | 7.62× | ||
| Q3 25 | 3.35× | 2.21× | ||
| Q2 25 | 1.93× | 2.48× | ||
| Q1 25 | 4.49× | 0.98× | ||
| Q4 24 | 2.87× | 4.66× | ||
| Q3 24 | 5.41× | 2.36× | ||
| Q2 24 | 1.36× | 2.23× |
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
PCG
| Electric | $5.0B | 72% |
| Other | $1.9B | 28% |
SO
| Other | $3.9B | 57% |
| Retail Electric Commercial | $1.6B | 23% |
| Natural Gas Distribution Residential | $689.0M | 10% |
| Natural Gas Distribution Transportation | $371.0M | 5% |
| Wholesale Non Affiliates | $123.0M | 2% |
| Natural Gas Distribution Other | $76.0M | 1% |
| Wholesale Electric Non PPA Revenues | $62.0M | 1% |
| Wholesale Affiliates | $55.0M | 1% |
| Retail Electric Other | $31.0M | 0% |
| Alternative Energy | $20.0M | 0% |
| Natural Gas Distribution Industrial | $15.0M | 0% |
