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PG&E Corporation（PCG）与Targa Resources（TRGP）财务数据对比。点击上方公司名可切换其他公司
PG&E Corporation的季度营收约是Targa Resources的1.7倍（$6.9B vs $4.1B），Targa Resources净利率更高（13.4% vs 12.9%，领先0.6%），PG&E Corporation同比增速更快（15.0% vs -7.9%），过去两年PG&E Corporation的营收复合增速更高（7.2% vs 0.8%）
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。
Targa Resources Corp.为财富500强企业，总部位于美国得克萨斯州休斯敦，是美国规模最大的中游能源基础设施企业之一，主营天然气及天然气凝液输送业务，运营资产主要集中在墨西哥湾沿岸，得克萨斯州与路易斯安那州为核心布局区域，马修·J·梅洛伊自2020年起担任首席执行官。
PCG vs TRGP — 直观对比
营收规模更大
PCG
是对方的1.7倍
$4.1B
营收增速更快
PCG
高出22.9%
-7.9%
净利率更高
TRGP
高出0.6%
12.9%
两年增速更快
PCG
近两年复合增速
0.8%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.9B | $4.1B |
| 净利润 | $885.0M | $545.0M |
| 毛利率 | — | 43.1% |
| 营业利润率 | 21.4% | 22.6% |
| 净利率 | 12.9% | 13.4% |
| 营收同比 | 15.0% | -7.9% |
| 净利润同比 | 39.6% | 55.3% |
| 每股收益（稀释后） | $0.39 | $2.51 |
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PCGTRGP
| Q1 26 | $6.9B | — | ||
| Q4 25 | $6.8B | $4.1B | ||
| Q3 25 | $6.3B | $4.2B | ||
| Q2 25 | $5.9B | $4.3B | ||
| Q1 25 | $6.0B | $4.6B | ||
| Q4 24 | $6.6B | $4.4B | ||
| Q3 24 | $5.9B | $3.9B | ||
| Q2 24 | $6.0B | $3.0B |
净利润PCGTRGP
| Q1 26 | $885.0M | — | ||
| Q4 25 | $670.0M | $545.0M | ||
| Q3 25 | $850.0M | $478.4M | ||
| Q2 25 | $549.0M | $629.1M | ||
| Q1 25 | $634.0M | $270.5M | ||
| Q4 24 | $674.0M | $350.9M | ||
| Q3 24 | $579.0M | $387.4M | ||
| Q2 24 | $524.0M | $298.5M |
毛利率PCGTRGP
| Q1 26 | — | — | ||
| Q4 25 | — | 43.1% | ||
| Q3 25 | — | 39.6% | ||
| Q2 25 | — | 42.8% | ||
| Q1 25 | — | 28.6% | ||
| Q4 24 | — | 33.7% | ||
| Q3 24 | — | 38.6% | ||
| Q2 24 | — | 27.9% |
营业利润率PCGTRGP
| Q1 26 | 21.4% | — | ||
| Q4 25 | 18.0% | 22.6% | ||
| Q3 25 | 19.3% | 20.2% | ||
| Q2 25 | 18.6% | 24.3% | ||
| Q1 25 | 20.4% | 11.9% | ||
| Q4 24 | 15.4% | 15.9% | ||
| Q3 24 | 17.3% | 18.9% | ||
| Q2 24 | 18.9% | 20.6% |
净利率PCGTRGP
| Q1 26 | 12.9% | — | ||
| Q4 25 | 9.8% | 13.4% | ||
| Q3 25 | 13.6% | 11.5% | ||
| Q2 25 | 9.3% | 14.8% | ||
| Q1 25 | 10.6% | 5.9% | ||
| Q4 24 | 10.2% | 8.0% | ||
| Q3 24 | 9.7% | 10.1% | ||
| Q2 24 | 8.8% | 9.8% |
每股收益（稀释后）PCGTRGP
| Q1 26 | $0.39 | — | ||
| Q4 25 | $0.29 | $2.51 | ||
| Q3 25 | $0.37 | $2.20 | ||
| Q2 25 | $0.24 | $2.87 | ||
| Q1 25 | $0.28 | $0.91 | ||
| Q4 24 | $0.30 | $1.44 | ||
| Q3 24 | $0.27 | $1.75 | ||
| Q2 24 | $0.24 | $1.33 |
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 | — | $166.1M |
| 总债务越低越好 | — | $16.7B |
| 股东权益账面价值 | — | $3.1B |
| 总资产 | — | $25.2B |
| 负债/权益比越低杠杆越低 | — | 5.43× |
8季度趋势，按日历期对齐
现金及短期投资PCGTRGP
| Q1 26 | — | — | ||
| Q4 25 | $713.0M | $166.1M | ||
| Q3 25 | $404.0M | $124.1M | ||
| Q2 25 | $494.0M | $113.1M | ||
| Q1 25 | $2.0B | $151.4M | ||
| Q4 24 | $940.0M | $157.3M | ||
| Q3 24 | $895.0M | $127.2M | ||
| Q2 24 | $1.3B | $166.4M |
总债务PCGTRGP
| Q1 26 | — | — | ||
| Q4 25 | $57.4B | $16.7B | ||
| Q3 25 | — | $16.7B | ||
| Q2 25 | — | $16.1B | ||
| Q1 25 | — | $15.5B | ||
| Q4 24 | $53.6B | $13.8B | ||
| Q3 24 | — | $13.6B | ||
| Q2 24 | — | $13.0B |
股东权益PCGTRGP
| Q1 26 | — | — | ||
| Q4 25 | $32.5B | $3.1B | ||
| Q3 25 | $32.0B | $2.7B | ||
| Q2 25 | $31.2B | $2.6B | ||
| Q1 25 | $30.7B | $2.5B | ||
| Q4 24 | $30.1B | $2.6B | ||
| Q3 24 | $26.8B | $2.6B | ||
| Q2 24 | $26.3B | $2.5B |
总资产PCGTRGP
| Q1 26 | — | — | ||
| Q4 25 | $141.6B | $25.2B | ||
| Q3 25 | $138.2B | $24.2B | ||
| Q2 25 | $136.4B | $23.5B | ||
| Q1 25 | $135.4B | $22.8B | ||
| Q4 24 | $133.7B | $22.7B | ||
| Q3 24 | $132.3B | $21.9B | ||
| Q2 24 | $130.8B | $21.3B |
负债/权益比PCGTRGP
| Q1 26 | — | — | ||
| Q4 25 | 1.76× | 5.43× | ||
| Q3 25 | — | 6.19× | ||
| Q2 25 | — | 6.21× | ||
| Q1 25 | — | 6.34× | ||
| Q4 24 | 1.78× | 5.32× | ||
| Q3 24 | — | 5.28× | ||
| Q2 24 | — | 5.25× |
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 |
| 自由现金流经营现金流 - 资本支出 | — | $542.3M |
| 自由现金流率自由现金流/营收 | — | 13.4% |
| 资本支出强度资本支出/营收 | — | 23.8% |
| 现金转化率经营现金流/净利润 | — | 2.76× |
| 过去12个月自由现金流最近4个季度 | — | $584.1M |
8季度趋势，按日历期对齐
经营现金流PCGTRGP
| Q1 26 | — | — | ||
| Q4 25 | $2.0B | $1.5B | ||
| Q3 25 | $2.9B | $599.2M | ||
| Q2 25 | $1.1B | $858.3M | ||
| Q1 25 | $2.8B | $954.4M | ||
| Q4 24 | $1.9B | $1.3B | ||
| Q3 24 | $3.1B | $540.9M | ||
| Q2 24 | $711.0M | $904.5M |
自由现金流PCGTRGP
| Q1 26 | — | — | ||
| Q4 25 | $-1.2B | $542.3M | ||
| Q3 25 | $-80.0M | $-72.6M | ||
| Q2 25 | $-2.0B | $-47.8M | ||
| Q1 25 | $213.0M | $162.2M | ||
| Q4 24 | $-896.0M | $601.0M | ||
| Q3 24 | $526.0M | $-287.9M | ||
| Q2 24 | $-1.6B | $164.2M |
自由现金流率PCGTRGP
| Q1 26 | — | — | ||
| Q4 25 | -17.6% | 13.4% | ||
| Q3 25 | -1.3% | -1.7% | ||
| Q2 25 | -34.0% | -1.1% | ||
| Q1 25 | 3.6% | 3.6% | ||
| Q4 24 | -13.5% | 13.6% | ||
| Q3 24 | 8.9% | -7.5% | ||
| Q2 24 | -26.5% | 5.4% |
资本支出强度PCGTRGP
| Q1 26 | — | — | ||
| Q4 25 | 46.4% | 23.8% | ||
| Q3 25 | 46.9% | 16.2% | ||
| Q2 25 | 52.0% | 21.3% | ||
| Q1 25 | 44.0% | 17.4% | ||
| Q4 24 | 42.6% | 16.5% | ||
| Q3 24 | 43.8% | 21.5% | ||
| Q2 24 | 38.4% | 24.3% |
现金转化率PCGTRGP
| Q1 26 | — | — | ||
| Q4 25 | 2.93× | 2.76× | ||
| Q3 25 | 3.35× | 1.25× | ||
| Q2 25 | 1.93× | 1.36× | ||
| Q1 25 | 4.49× | 3.53× | ||
| Q4 24 | 2.87× | 3.78× | ||
| Q3 24 | 5.41× | 1.40× | ||
| Q2 24 | 1.36× | 3.03× |
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% |
TRGP
| Logistics And Transportation | $3.4B | 83% |
| Natural Gas Reserves | $393.1M | 10% |
| Storage Terminaling And Export | $130.9M | 3% |
| Oil And Condensate | $112.0M | 3% |
| NGL Transportation Fractionation And Services | $64.7M | 2% |
