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花花公子（PLBY）与SUBURBAN PROPANE PARTNERS LP（SPH）财务数据对比。点击上方公司名可切换其他公司
SUBURBAN PROPANE PARTNERS LP的季度营收约是花花公子的10.6倍（$370.4M vs $34.9M）。SUBURBAN PROPANE PARTNERS LP净利率更高（12.4% vs 10.3%，领先2.1%）。花花公子同比增速更快（4.2% vs -0.8%）。花花公子自由现金流更多（$1.1M vs $-67.5M）。过去两年花花公子的营收复合增速更高（11.0% vs -13.8%）
花花公子集团（Playboy, Inc.）起源于1953年由休·海夫纳联合合伙人在美国芝加哥创立，初始部分资金来自海夫纳母亲提供的1000美元贷款，是美国知名生活方式与娱乐内容品牌，旗下核心《花花公子》杂志同时发行电子版与纸质版。
Suburban Propane Partners LP是美国领先的丙烷、天然气、取暖油及相关能源产品分销商，服务覆盖住宅、商业、工业、农业等各类客户，同时提供暖通空调系统的安装、维护与维修服务，业务范围遍布全美。
PLBY vs SPH — 直观对比
营收规模更大
SPH
是对方的10.6倍
$34.9M
营收增速更快
PLBY
高出5.0%
-0.8%
净利率更高
SPH
高出2.1%
10.3%
自由现金流更多
PLBY
多$68.6M
$-67.5M
两年增速更快
PLBY
近两年复合增速
-13.8%
损益表 — Q4 2025 vs Q1 2026
| 指标 | | |
|---|---|---|
| 营收 | $34.9M | $370.4M |
| 净利润 | $3.6M | $45.8M |
| 毛利率 | 73.3% | 64.7% |
| 营业利润率 | 7.9% | 18.3% |
| 净利率 | 10.3% | 12.4% |
| 营收同比 | 4.2% | -0.8% |
| 净利润同比 | 128.6% | 135.7% |
| 每股收益（稀释后） | $0.05 | $0.69 |
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PLBYSPH
| Q4 25 | $34.9M | $370.4M | ||
| Q3 25 | $29.0M | $211.4M | ||
| Q2 25 | $28.1M | $260.1M | ||
| Q1 25 | $28.9M | $587.7M | ||
| Q4 24 | $33.5M | $373.3M | ||
| Q3 24 | $29.4M | $208.6M | ||
| Q2 24 | $24.9M | $254.6M | ||
| Q1 24 | $28.3M | $498.1M |
净利润PLBYSPH
| Q4 25 | $3.6M | $45.8M | ||
| Q3 25 | $460.0K | $-35.1M | ||
| Q2 25 | $-7.7M | $-14.8M | ||
| Q1 25 | $-9.0M | $137.1M | ||
| Q4 24 | $-12.5M | $19.4M | ||
| Q3 24 | $-33.8M | $-44.6M | ||
| Q2 24 | $-16.7M | $-17.2M | ||
| Q1 24 | $-16.4M | $111.5M |
毛利率PLBYSPH
| Q4 25 | 73.3% | 64.7% | ||
| Q3 25 | 76.0% | 64.7% | ||
| Q2 25 | 65.4% | 61.7% | ||
| Q1 25 | 68.6% | 58.8% | ||
| Q4 24 | 70.8% | 60.6% | ||
| Q3 24 | 61.0% | 59.4% | ||
| Q2 24 | 67.8% | 62.9% | ||
| Q1 24 | 55.8% | 61.8% |
营业利润率PLBYSPH
| Q4 25 | 7.9% | 18.3% | ||
| Q3 25 | 4.7% | -7.9% | ||
| Q2 25 | -20.9% | 2.1% | ||
| Q1 25 | -21.7% | 27.0% | ||
| Q4 24 | -13.3% | 15.8% | ||
| Q3 24 | -96.0% | -10.8% | ||
| Q2 24 | -37.0% | 3.2% | ||
| Q1 24 | -31.5% | 27.5% |
净利率PLBYSPH
| Q4 25 | 10.3% | 12.4% | ||
| Q3 25 | 1.6% | -16.6% | ||
| Q2 25 | -27.3% | -5.7% | ||
| Q1 25 | -31.3% | 23.3% | ||
| Q4 24 | -37.4% | 5.2% | ||
| Q3 24 | -114.7% | -21.4% | ||
| Q2 24 | -66.9% | -6.8% | ||
| Q1 24 | -58.1% | 22.4% |
每股收益（稀释后）PLBYSPH
| Q4 25 | $0.05 | $0.69 | ||
| Q3 25 | $0.00 | $-0.55 | ||
| Q2 25 | $-0.08 | $-0.23 | ||
| Q1 25 | $-0.10 | $2.10 | ||
| Q4 24 | $-0.13 | $0.30 | ||
| Q3 24 | $-0.45 | $-0.69 | ||
| Q2 24 | $-0.23 | $-0.27 | ||
| Q1 24 | $-0.23 | $1.72 |
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 | $37.8M | $1.3M |
| 总债务越低越好 | $174.2M | $1.3B |
| 股东权益账面价值 | $18.4M | — |
| 总资产 | $292.4M | $2.4B |
| 负债/权益比越低杠杆越低 | 9.48× | — |
8季度趋势，按日历期对齐
现金及短期投资PLBYSPH
| Q4 25 | $37.8M | $1.3M | ||
| Q3 25 | $27.5M | $405.0K | ||
| Q2 25 | $19.6M | $1.3M | ||
| Q1 25 | $23.7M | $3.9M | ||
| Q4 24 | $30.9M | $4.4M | ||
| Q3 24 | $9.5M | $3.2M | ||
| Q2 24 | $16.9M | $4.9M | ||
| Q1 24 | $19.0M | $4.4M |
总债务PLBYSPH
| Q4 25 | $174.2M | $1.3B | ||
| Q3 25 | $176.8M | $1.2B | ||
| Q2 25 | $177.5M | $1.2B | ||
| Q1 25 | $176.3M | $1.3B | ||
| Q4 24 | $176.6M | $1.3B | ||
| Q3 24 | $200.0M | $1.2B | ||
| Q2 24 | $196.3M | $1.2B | ||
| Q1 24 | $193.4M | $1.2B |
股东权益PLBYSPH
| Q4 25 | $18.4M | — | ||
| Q3 25 | $3.8M | — | ||
| Q2 25 | $-17.5M | — | ||
| Q1 25 | $-11.4M | — | ||
| Q4 24 | $-7.7M | — | ||
| Q3 24 | $-15.7M | — | ||
| Q2 24 | $15.7M | — | ||
| Q1 24 | $29.5M | — |
总资产PLBYSPH
| Q4 25 | $292.4M | $2.4B | ||
| Q3 25 | $278.3M | $2.3B | ||
| Q2 25 | $264.1M | $2.3B | ||
| Q1 25 | $270.6M | $2.4B | ||
| Q4 24 | $284.7M | $2.4B | ||
| Q3 24 | $271.5M | $2.3B | ||
| Q2 24 | $301.8M | $2.3B | ||
| Q1 24 | $309.1M | $2.3B |
负债/权益比PLBYSPH
| Q4 25 | 9.48× | — | ||
| Q3 25 | 46.86× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 12.51× | — | ||
| Q1 24 | 6.54× | — |
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 | $1.4M | $-47.7M |
| 自由现金流经营现金流 - 资本支出 | $1.1M | $-67.5M |
| 自由现金流率自由现金流/营收 | 3.2% | -18.2% |
| 资本支出强度资本支出/营收 | 0.8% | 5.3% |
| 现金转化率经营现金流/净利润 | 0.39× | -1.04× |
| 过去12个月自由现金流最近4个季度 | $-1.0M | $61.9M |
8季度趋势，按日历期对齐
经营现金流PLBYSPH
| Q4 25 | $1.4M | $-47.7M | ||
| Q3 25 | $10.1M | $41.8M | ||
| Q2 25 | $-3.9M | $95.5M | ||
| Q1 25 | $-7.6M | $40.1M | ||
| Q4 24 | $161.0K | $8.8M | ||
| Q3 24 | $-6.5M | $36.8M | ||
| Q2 24 | $-3.0M | $61.4M | ||
| Q1 24 | $-9.8M | $75.1M |
自由现金流PLBYSPH
| Q4 25 | $1.1M | $-67.5M | ||
| Q3 25 | $9.8M | $27.7M | ||
| Q2 25 | $-4.3M | $80.9M | ||
| Q1 25 | $-7.7M | $20.8M | ||
| Q4 24 | $-401.0K | $-15.1M | ||
| Q3 24 | $-7.0M | $17.7M | ||
| Q2 24 | $-3.7M | $46.8M | ||
| Q1 24 | $-10.3M | $60.6M |
自由现金流率PLBYSPH
| Q4 25 | 3.2% | -18.2% | ||
| Q3 25 | 33.8% | 13.1% | ||
| Q2 25 | -15.2% | 31.1% | ||
| Q1 25 | -26.5% | 3.5% | ||
| Q4 24 | -1.2% | -4.0% | ||
| Q3 24 | -23.7% | 8.5% | ||
| Q2 24 | -14.8% | 18.4% | ||
| Q1 24 | -36.5% | 12.2% |
资本支出强度PLBYSPH
| Q4 25 | 0.8% | 5.3% | ||
| Q3 25 | 1.1% | 6.7% | ||
| Q2 25 | 1.4% | 5.6% | ||
| Q1 25 | 0.1% | 3.3% | ||
| Q4 24 | 1.7% | 6.4% | ||
| Q3 24 | 1.5% | 9.1% | ||
| Q2 24 | 2.6% | 5.8% | ||
| Q1 24 | 2.1% | 2.9% |
现金转化率PLBYSPH
| Q4 25 | 0.39× | -1.04× | ||
| Q3 25 | 22.02× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.29× | ||
| Q4 24 | — | 0.45× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.67× |
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
PLBY
| Transferred At Point In Time | $22.2M | 64% |
| Trademark Licensing | $6.5M | 19% |
| Related Party | $5.0M | 14% |
| Other | $1.1M | 3% |
SPH
| Propane | $326.4M | 88% |
| Other Sales Revenue Net | $19.9M | 5% |
| Fuel Oil And Refined Fuels | $18.2M | 5% |
| Natural Gas And Electricity | $5.9M | 2% |
| Wholesale | $4.1M | 1% |
