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PPL Corporation（PPL）与利氏兄弟拍卖行（RBA）财务数据对比。点击上方公司名可切换其他公司
PPL Corporation的季度营收约是利氏兄弟拍卖行的2.0倍（$2.3B vs $1.2B），PPL Corporation净利率更高（11.3% vs 9.1%，领先2.2%），PPL Corporation同比增速更快（7.2% vs 5.4%），利氏兄弟拍卖行自由现金流更多（$186.5M vs $-614.0M），过去两年利氏兄弟拍卖行的营收复合增速更高（6.3% 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。
利氏兄弟拍卖行（股票代码RBA）是全球知名的工业资产拍卖服务商，注册地位于加拿大，属公开上市企业，总部设在美国伊利诺伊州韦斯特切斯特，普通股同时在多伦多证券交易所与纽约证券交易所挂牌交易。
PPL vs RBA — 直观对比
营收规模更大
PPL
是对方的2.0倍
$1.2B
营收增速更快
PPL
高出1.8%
5.4%
净利率更高
PPL
高出2.2%
9.1%
自由现金流更多
RBA
多$800.5M
$-614.0M
两年增速更快
RBA
近两年复合增速
1.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.3B | $1.2B |
| 净利润 | $266.0M | $109.7M |
| 毛利率 | — | — |
| 营业利润率 | 20.3% | 14.7% |
| 净利率 | 11.3% | 9.1% |
| 营收同比 | 7.2% | 5.4% |
| 净利润同比 | 50.3% | -7.4% |
| 每股收益（稀释后） | $0.35 | $0.53 |
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PPLRBA
| Q4 25 | $2.3B | $1.2B | ||
| Q3 25 | $2.2B | $1.1B | ||
| Q2 25 | $2.0B | $1.2B | ||
| Q1 25 | $2.5B | $1.1B | ||
| Q4 24 | $2.2B | $1.1B | ||
| Q3 24 | $2.1B | $981.8M | ||
| Q2 24 | $1.9B | $1.1B | ||
| Q1 24 | $2.3B | $1.1B |
净利润PPLRBA
| Q4 25 | $266.0M | $109.7M | ||
| Q3 25 | $318.0M | $95.5M | ||
| Q2 25 | $183.0M | $109.8M | ||
| Q1 25 | $414.0M | $113.4M | ||
| Q4 24 | $177.0M | $118.5M | ||
| Q3 24 | $214.0M | $76.1M | ||
| Q2 24 | $190.0M | $111.1M | ||
| Q1 24 | $307.0M | $107.4M |
营业利润率PPLRBA
| Q4 25 | 20.3% | 14.7% | ||
| Q3 25 | 25.4% | 14.5% | ||
| Q2 25 | 19.9% | 15.9% | ||
| Q1 25 | 26.6% | 17.1% | ||
| Q4 24 | 17.2% | 18.1% | ||
| Q3 24 | 20.6% | 15.6% | ||
| Q2 24 | 20.8% | 18.4% | ||
| Q1 24 | 23.7% | 18.7% |
净利率PPLRBA
| Q4 25 | 11.3% | 9.1% | ||
| Q3 25 | 14.2% | 8.7% | ||
| Q2 25 | 9.0% | 9.3% | ||
| Q1 25 | 16.3% | 10.2% | ||
| Q4 24 | 8.1% | 10.4% | ||
| Q3 24 | 10.3% | 7.8% | ||
| Q2 24 | 10.1% | 10.1% | ||
| Q1 24 | 13.3% | 10.1% |
每股收益（稀释后）PPLRBA
| Q4 25 | $0.35 | $0.53 | ||
| Q3 25 | $0.43 | $0.43 | ||
| Q2 25 | $0.25 | $0.53 | ||
| Q1 25 | $0.56 | $0.55 | ||
| Q4 24 | $0.23 | $0.58 | ||
| Q3 24 | $0.29 | $0.36 | ||
| Q2 24 | $0.26 | $0.54 | ||
| Q1 24 | $0.42 | $0.53 |
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 | $531.5M |
| 总债务越低越好 | $18.9B | $2.3B |
| 股东权益账面价值 | $14.9B | $5.6B |
| 总资产 | $45.2B | $12.1B |
| 负债/权益比越低杠杆越低 | 1.27× | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资PPLRBA
| Q4 25 | $1.1B | $531.5M | ||
| Q3 25 | $1.1B | $674.7M | ||
| Q2 25 | $294.0M | $710.2M | ||
| Q1 25 | $312.0M | $578.1M | ||
| Q4 24 | $306.0M | $533.9M | ||
| Q3 24 | $542.0M | $650.7M | ||
| Q2 24 | $282.0M | $599.5M | ||
| Q1 24 | $276.0M | $462.8M |
总债务PPLRBA
| Q4 25 | $18.9B | $2.3B | ||
| Q3 25 | — | $2.6B | ||
| Q2 25 | — | $2.6B | ||
| Q1 25 | — | $2.6B | ||
| Q4 24 | $16.5B | $2.6B | ||
| Q3 24 | — | $2.7B | ||
| Q2 24 | — | $2.8B | ||
| Q1 24 | — | $2.9B |
股东权益PPLRBA
| Q4 25 | $14.9B | $5.6B | ||
| Q3 25 | $14.4B | $5.5B | ||
| Q2 25 | $14.3B | $5.5B | ||
| Q1 25 | $14.3B | $5.3B | ||
| Q4 24 | $14.1B | $5.2B | ||
| Q3 24 | $14.1B | $5.2B | ||
| Q2 24 | $14.1B | $5.2B | ||
| Q1 24 | $14.1B | $5.1B |
总资产PPLRBA
| Q4 25 | $45.2B | $12.1B | ||
| Q3 25 | $43.9B | $12.2B | ||
| Q2 25 | $42.4B | $12.2B | ||
| Q1 25 | $41.8B | $11.9B | ||
| Q4 24 | $41.1B | $11.8B | ||
| Q3 24 | $40.5B | $11.9B | ||
| Q2 24 | $39.8B | $12.1B | ||
| Q1 24 | $39.6B | $12.0B |
负债/权益比PPLRBA
| Q4 25 | 1.27× | 0.42× | ||
| Q3 25 | — | 0.47× | ||
| Q2 25 | — | 0.47× | ||
| Q1 25 | — | 0.50× | ||
| Q4 24 | 1.17× | 0.50× | ||
| Q3 24 | — | 0.52× | ||
| Q2 24 | — | 0.55× | ||
| Q1 24 | — | 0.58× |
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 | $255.2M |
| 自由现金流经营现金流 - 资本支出 | $-614.0M | $186.5M |
| 自由现金流率自由现金流/营收 | -26.1% | 15.5% |
| 资本支出强度资本支出/营收 | 49.5% | 5.7% |
| 现金转化率经营现金流/净利润 | 2.06× | 2.33× |
| 过去12个月自由现金流最近4个季度 | $-1.4B | $719.2M |
8季度趋势，按日历期对齐
经营现金流PPLRBA
| Q4 25 | $548.0M | $255.2M | ||
| Q3 25 | $966.0M | $239.7M | ||
| Q2 25 | $602.0M | $326.5M | ||
| Q1 25 | $513.0M | $156.8M | ||
| Q4 24 | $511.0M | $184.5M | ||
| Q3 24 | $781.0M | $285.4M | ||
| Q2 24 | $766.0M | $337.3M | ||
| Q1 24 | $282.0M | $124.8M |
自由现金流PPLRBA
| Q4 25 | $-614.0M | $186.5M | ||
| Q3 25 | $-179.0M | $188.5M | ||
| Q2 25 | $-328.0M | $241.7M | ||
| Q1 25 | $-280.0M | $102.5M | ||
| Q4 24 | $-349.0M | $127.9M | ||
| Q3 24 | $102.0M | $248.5M | ||
| Q2 24 | $96.0M | $308.6M | ||
| Q1 24 | $-314.0M | $79.6M |
自由现金流率PPLRBA
| Q4 25 | -26.1% | 15.5% | ||
| Q3 25 | -8.0% | 17.3% | ||
| Q2 25 | -16.1% | 20.4% | ||
| Q1 25 | -11.0% | 9.2% | ||
| Q4 24 | -15.9% | 11.2% | ||
| Q3 24 | 4.9% | 25.3% | ||
| Q2 24 | 5.1% | 28.2% | ||
| Q1 24 | -13.6% | 7.5% |
资本支出强度PPLRBA
| Q4 25 | 49.5% | 5.7% | ||
| Q3 25 | 51.2% | 4.7% | ||
| Q2 25 | 45.6% | 7.2% | ||
| Q1 25 | 31.2% | 4.9% | ||
| Q4 24 | 39.3% | 5.0% | ||
| Q3 24 | 32.7% | 3.8% | ||
| Q2 24 | 35.8% | 2.6% | ||
| Q1 24 | 25.9% | 4.2% |
现金转化率PPLRBA
| Q4 25 | 2.06× | 2.33× | ||
| Q3 25 | 3.04× | 2.51× | ||
| Q2 25 | 3.29× | 2.97× | ||
| Q1 25 | 1.24× | 1.38× | ||
| Q4 24 | 2.89× | 1.56× | ||
| Q3 24 | 3.65× | 3.75× | ||
| Q2 24 | 4.03× | 3.04× | ||
| Q1 24 | 0.92× | 1.16× |
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% |
RBA
| Buyer Revenue | $577.2M | 48% |
| Seller Revenue | $255.2M | 21% |
| CA | $199.0M | 17% |
| Other | $124.7M | 10% |
| AU | $47.3M | 4% |
