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PPL Corporation（PPL）与Primoris Services Corp（PRIM）财务数据对比。点击上方公司名可切换其他公司
PPL Corporation的季度营收约是Primoris Services Corp的1.3倍（$2.3B vs $1.9B），PPL Corporation净利率更高（11.3% vs 2.8%，领先8.5%），PPL Corporation同比增速更快（7.2% vs 6.7%），Primoris Services Corp自由现金流更多（$121.1M vs $-614.0M），过去两年Primoris Services Corp的营收复合增速更高（14.7% vs 1.0%）
PPL公司是总部位于美国宾夕法尼亚州的能源公用事业控股企业，为宾州、肯塔基州、罗德岛州约350万居民及工商业用户提供电力与天然气供应服务，核心业务方向包括电网现代化升级、清洁能源转型、高可靠性可持续能源服务供给。
Primoris Services Corp是总部位于美国的上市专业基建与工程建设企业，核心业务覆盖天然气管道、污水管网及供水管道建设领域，2014年入选《财富》1000强榜单，在北美能源及民生基建领域拥有丰富的项目运营经验。
PPL vs PRIM — 直观对比
营收规模更大
PPL
是对方的1.3倍
$1.9B
营收增速更快
PPL
高出0.5%
6.7%
净利率更高
PPL
高出8.5%
2.8%
自由现金流更多
PRIM
多$735.1M
$-614.0M
两年增速更快
PRIM
近两年复合增速
1.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.3B | $1.9B |
| 净利润 | $266.0M | $51.7M |
| 毛利率 | — | 9.4% |
| 营业利润率 | 20.3% | 4.2% |
| 净利率 | 11.3% | 2.8% |
| 营收同比 | 7.2% | 6.7% |
| 净利润同比 | 50.3% | -4.2% |
| 每股收益（稀释后） | $0.35 | $0.94 |
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PPLPRIM
| Q4 25 | $2.3B | $1.9B | ||
| Q3 25 | $2.2B | $2.2B | ||
| Q2 25 | $2.0B | $1.9B | ||
| Q1 25 | $2.5B | $1.6B | ||
| Q4 24 | $2.2B | $1.7B | ||
| Q3 24 | $2.1B | $1.6B | ||
| Q2 24 | $1.9B | $1.6B | ||
| Q1 24 | $2.3B | $1.4B |
净利润PPLPRIM
| Q4 25 | $266.0M | $51.7M | ||
| Q3 25 | $318.0M | $94.6M | ||
| Q2 25 | $183.0M | $84.3M | ||
| Q1 25 | $414.0M | $44.2M | ||
| Q4 24 | $177.0M | $54.0M | ||
| Q3 24 | $214.0M | $58.4M | ||
| Q2 24 | $190.0M | $49.5M | ||
| Q1 24 | $307.0M | $18.9M |
毛利率PPLPRIM
| Q4 25 | — | 9.4% | ||
| Q3 25 | — | 10.8% | ||
| Q2 25 | — | 12.3% | ||
| Q1 25 | — | 10.4% | ||
| Q4 24 | — | 10.6% | ||
| Q3 24 | — | 12.0% | ||
| Q2 24 | — | 11.9% | ||
| Q1 24 | — | 9.4% |
营业利润率PPLPRIM
| Q4 25 | 20.3% | 4.2% | ||
| Q3 25 | 25.4% | 6.3% | ||
| Q2 25 | 19.9% | 6.7% | ||
| Q1 25 | 26.6% | 4.3% | ||
| Q4 24 | 17.2% | 5.0% | ||
| Q3 24 | 20.6% | 6.0% | ||
| Q2 24 | 20.8% | 5.5% | ||
| Q1 24 | 23.7% | 3.1% |
净利率PPLPRIM
| Q4 25 | 11.3% | 2.8% | ||
| Q3 25 | 14.2% | 4.3% | ||
| Q2 25 | 9.0% | 4.5% | ||
| Q1 25 | 16.3% | 2.7% | ||
| Q4 24 | 8.1% | 3.1% | ||
| Q3 24 | 10.3% | 3.5% | ||
| Q2 24 | 10.1% | 3.2% | ||
| Q1 24 | 13.3% | 1.3% |
每股收益（稀释后）PPLPRIM
| Q4 25 | $0.35 | $0.94 | ||
| Q3 25 | $0.43 | $1.73 | ||
| Q2 25 | $0.25 | $1.54 | ||
| Q1 25 | $0.56 | $0.81 | ||
| Q4 24 | $0.23 | $0.98 | ||
| Q3 24 | $0.29 | $1.07 | ||
| Q2 24 | $0.26 | $0.91 | ||
| Q1 24 | $0.42 | $0.35 |
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 | $1.1B | $535.5M |
| 总债务越低越好 | $18.9B | $469.9M |
| 股东权益账面价值 | $14.9B | $1.7B |
| 总资产 | $45.2B | $4.4B |
| 负债/权益比越低杠杆越低 | 1.27× | 0.28× |
8季度趋势，按日历期对齐
现金及短期投资PPLPRIM
| Q4 25 | $1.1B | $535.5M | ||
| Q3 25 | $1.1B | $431.4M | ||
| Q2 25 | $294.0M | $390.3M | ||
| Q1 25 | $312.0M | $351.6M | ||
| Q4 24 | $306.0M | $455.8M | ||
| Q3 24 | $542.0M | $352.7M | ||
| Q2 24 | $282.0M | $207.4M | ||
| Q1 24 | $276.0M | $177.6M |
总债务PPLPRIM
| Q4 25 | $18.9B | $469.9M | ||
| Q3 25 | — | $486.0M | ||
| Q2 25 | — | $603.1M | ||
| Q1 25 | — | $612.0M | ||
| Q4 24 | $16.5B | $734.8M | ||
| Q3 24 | — | $903.7M | ||
| Q2 24 | — | $933.0M | ||
| Q1 24 | — | $951.7M |
股东权益PPLPRIM
| Q4 25 | $14.9B | $1.7B | ||
| Q3 25 | $14.4B | $1.6B | ||
| Q2 25 | $14.3B | $1.5B | ||
| Q1 25 | $14.3B | $1.4B | ||
| Q4 24 | $14.1B | $1.4B | ||
| Q3 24 | $14.1B | $1.4B | ||
| Q2 24 | $14.1B | $1.3B | ||
| Q1 24 | $14.1B | $1.2B |
总资产PPLPRIM
| Q4 25 | $45.2B | $4.4B | ||
| Q3 25 | $43.9B | $4.6B | ||
| Q2 25 | $42.4B | $4.5B | ||
| Q1 25 | $41.8B | $4.2B | ||
| Q4 24 | $41.1B | $4.2B | ||
| Q3 24 | $40.5B | $4.2B | ||
| Q2 24 | $39.8B | $4.0B | ||
| Q1 24 | $39.6B | $4.0B |
负债/权益比PPLPRIM
| Q4 25 | 1.27× | 0.28× | ||
| Q3 25 | — | 0.30× | ||
| Q2 25 | — | 0.39× | ||
| Q1 25 | — | 0.42× | ||
| Q4 24 | 1.17× | 0.52× | ||
| Q3 24 | — | 0.67× | ||
| Q2 24 | — | 0.72× | ||
| Q1 24 | — | 0.76× |
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 | $548.0M | $142.9M |
| 自由现金流经营现金流 - 资本支出 | $-614.0M | $121.1M |
| 自由现金流率自由现金流/营收 | -26.1% | 6.5% |
| 资本支出强度资本支出/营收 | 49.5% | 1.2% |
| 现金转化率经营现金流/净利润 | 2.06× | 2.76× |
| 过去12个月自由现金流最近4个季度 | $-1.4B | $340.5M |
8季度趋势，按日历期对齐
经营现金流PPLPRIM
| Q4 25 | $548.0M | $142.9M | ||
| Q3 25 | $966.0M | $182.9M | ||
| Q2 25 | $602.0M | $78.5M | ||
| Q1 25 | $513.0M | $66.2M | ||
| Q4 24 | $511.0M | $298.3M | ||
| Q3 24 | $781.0M | $222.5M | ||
| Q2 24 | $766.0M | $16.1M | ||
| Q1 24 | $282.0M | $-28.5M |
自由现金流PPLPRIM
| Q4 25 | $-614.0M | $121.1M | ||
| Q3 25 | $-179.0M | $148.4M | ||
| Q2 25 | $-328.0M | $45.3M | ||
| Q1 25 | $-280.0M | $25.6M | ||
| Q4 24 | $-349.0M | $270.0M | ||
| Q3 24 | $102.0M | $158.8M | ||
| Q2 24 | $96.0M | $-8.1M | ||
| Q1 24 | $-314.0M | $-38.9M |
自由现金流率PPLPRIM
| Q4 25 | -26.1% | 6.5% | ||
| Q3 25 | -8.0% | 6.8% | ||
| Q2 25 | -16.1% | 2.4% | ||
| Q1 25 | -11.0% | 1.6% | ||
| Q4 24 | -15.9% | 15.5% | ||
| Q3 24 | 4.9% | 9.6% | ||
| Q2 24 | 5.1% | -0.5% | ||
| Q1 24 | -13.6% | -2.8% |
资本支出强度PPLPRIM
| Q4 25 | 49.5% | 1.2% | ||
| Q3 25 | 51.2% | 1.6% | ||
| Q2 25 | 45.6% | 1.8% | ||
| Q1 25 | 31.2% | 2.5% | ||
| Q4 24 | 39.3% | 1.6% | ||
| Q3 24 | 32.7% | 3.9% | ||
| Q2 24 | 35.8% | 1.5% | ||
| Q1 24 | 25.9% | 0.7% |
现金转化率PPLPRIM
| Q4 25 | 2.06× | 2.76× | ||
| Q3 25 | 3.04× | 1.93× | ||
| Q2 25 | 3.29× | 0.93× | ||
| Q1 25 | 1.24× | 1.50× | ||
| Q4 24 | 2.89× | 5.53× | ||
| Q3 24 | 3.65× | 3.81× | ||
| Q2 24 | 4.03× | 0.32× | ||
| Q1 24 | 0.92× | -1.50× |
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
PPL
| Rhode Island Regulated | $539.0M | 23% |
| Other | $532.0M | 23% |
| Residential | $451.0M | 19% |
| Nonrelated Party | $425.0M | 18% |
| Transmission | $228.0M | 10% |
| Commercial | $117.0M | 5% |
| Wholesale Other | $23.0M | 1% |
| Industrial | $14.0M | 1% |
| Related Party | $13.0M | 1% |
| Wholesale Municipal | $6.0M | 0% |
PRIM
| Energy Segment | $1.2B | 64% |
| Unit Price Contracts | $473.7M | 25% |
| Cost Reimbursable Contracts | $121.3M | 7% |
| Other | $74.9M | 4% |
