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PPL Corporation（PPL）与标普全球（SPGI）财务数据对比。点击上方公司名可切换其他公司
标普全球的季度营收约是PPL Corporation的1.8倍（$4.2B vs $2.3B），标普全球净利率更高（36.1% vs 11.3%，领先24.7%），标普全球同比增速更快（10.0% vs 7.2%），标普全球自由现金流更多（$919.0M vs $-614.0M），过去两年标普全球的营收复合增速更高（8.4% 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。
标普全球是总部位于美国纽约曼哈顿的上市企业，核心业务涵盖金融信息、数据分析、能源及大宗商品情报服务，旗下拥有标普全球评级、标普全球市场财智、标普全球能源、标普全球移动、印度信用评级机构CRISIL等业务板块，同时控股合资企业标普道琼斯指数。
PPL vs SPGI — 直观对比
营收规模更大
SPGI
是对方的1.8倍
$2.3B
营收增速更快
SPGI
高出2.8%
7.2%
净利率更高
SPGI
高出24.7%
11.3%
自由现金流更多
SPGI
多$1.5B
$-614.0M
两年增速更快
SPGI
近两年复合增速
1.0%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.3B | $4.2B |
| 净利润 | $266.0M | $1.5B |
| 毛利率 | — | — |
| 营业利润率 | 20.3% | 48.0% |
| 净利率 | 11.3% | 36.1% |
| 营收同比 | 7.2% | 10.0% |
| 净利润同比 | 50.3% | 28.0% |
| 每股收益（稀释后） | $0.35 | $4.69 |
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PPLSPGI
| Q1 26 | — | $4.2B | ||
| Q4 25 | $2.3B | $3.9B | ||
| Q3 25 | $2.2B | $3.9B | ||
| Q2 25 | $2.0B | $3.8B | ||
| Q1 25 | $2.5B | $3.8B | ||
| Q4 24 | $2.2B | $3.6B | ||
| Q3 24 | $2.1B | $3.6B | ||
| Q2 24 | $1.9B | $3.5B |
净利润PPLSPGI
| Q1 26 | — | $1.5B | ||
| Q4 25 | $266.0M | $1.1B | ||
| Q3 25 | $318.0M | $1.2B | ||
| Q2 25 | $183.0M | $1.1B | ||
| Q1 25 | $414.0M | $1.1B | ||
| Q4 24 | $177.0M | $879.0M | ||
| Q3 24 | $214.0M | $971.0M | ||
| Q2 24 | $190.0M | $1.0B |
毛利率PPLSPGI
| Q1 26 | — | — | ||
| Q4 25 | — | 70.1% | ||
| Q3 25 | — | 71.2% | ||
| Q2 25 | — | 70.2% | ||
| Q1 25 | — | 69.5% | ||
| Q4 24 | — | 69.8% | ||
| Q3 24 | — | 70.0% | ||
| Q2 24 | — | 69.4% |
营业利润率PPLSPGI
| Q1 26 | — | 48.0% | ||
| Q4 25 | 20.3% | 42.7% | ||
| Q3 25 | 25.4% | 43.1% | ||
| Q2 25 | 19.9% | 41.3% | ||
| Q1 25 | 26.6% | 41.8% | ||
| Q4 24 | 17.2% | 36.4% | ||
| Q3 24 | 20.6% | 40.1% | ||
| Q2 24 | 20.8% | 40.9% |
净利率PPLSPGI
| Q1 26 | — | 36.1% | ||
| Q4 25 | 11.3% | 28.9% | ||
| Q3 25 | 14.2% | 30.2% | ||
| Q2 25 | 9.0% | 28.5% | ||
| Q1 25 | 16.3% | 28.9% | ||
| Q4 24 | 8.1% | 24.5% | ||
| Q3 24 | 10.3% | 27.2% | ||
| Q2 24 | 10.1% | 28.5% |
每股收益（稀释后）PPLSPGI
| Q1 26 | — | $4.69 | ||
| Q4 25 | $0.35 | $3.76 | ||
| Q3 25 | $0.43 | $3.86 | ||
| Q2 25 | $0.25 | $3.50 | ||
| Q1 25 | $0.56 | $3.54 | ||
| Q4 24 | $0.23 | $2.85 | ||
| Q3 24 | $0.29 | $3.11 | ||
| Q2 24 | $0.26 | $3.23 |
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 | — |
| 总债务越低越好 | $18.9B | $13.3B |
| 股东权益账面价值 | $14.9B | $31.3B |
| 总资产 | $45.2B | $60.8B |
| 负债/权益比越低杠杆越低 | 1.27× | 0.43× |
8季度趋势，按日历期对齐
现金及短期投资PPLSPGI
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $1.8B | ||
| Q3 25 | $1.1B | $1.7B | ||
| Q2 25 | $294.0M | $1.8B | ||
| Q1 25 | $312.0M | $1.5B | ||
| Q4 24 | $306.0M | $1.7B | ||
| Q3 24 | $542.0M | $1.7B | ||
| Q2 24 | $282.0M | $2.0B |
总债务PPLSPGI
| Q1 26 | — | $13.3B | ||
| Q4 25 | $18.9B | $13.1B | ||
| Q3 25 | — | $11.4B | ||
| Q2 25 | — | $11.4B | ||
| Q1 25 | — | $11.4B | ||
| Q4 24 | $16.5B | $11.4B | ||
| Q3 24 | — | $11.4B | ||
| Q2 24 | — | $11.4B |
股东权益PPLSPGI
| Q1 26 | — | $31.3B | ||
| Q4 25 | $14.9B | $31.1B | ||
| Q3 25 | $14.4B | $33.1B | ||
| Q2 25 | $14.3B | $33.4B | ||
| Q1 25 | $14.3B | $33.4B | ||
| Q4 24 | $14.1B | $33.2B | ||
| Q3 24 | $14.1B | $34.0B | ||
| Q2 24 | $14.1B | $34.9B |
总资产PPLSPGI
| Q1 26 | — | $60.8B | ||
| Q4 25 | $45.2B | $61.2B | ||
| Q3 25 | $43.9B | $59.7B | ||
| Q2 25 | $42.4B | $60.4B | ||
| Q1 25 | $41.8B | $59.9B | ||
| Q4 24 | $41.1B | $60.2B | ||
| Q3 24 | $40.5B | $60.4B | ||
| Q2 24 | $39.8B | $61.0B |
负债/权益比PPLSPGI
| Q1 26 | — | 0.43× | ||
| Q4 25 | 1.27× | 0.42× | ||
| Q3 25 | — | 0.34× | ||
| Q2 25 | — | 0.34× | ||
| Q1 25 | — | 0.34× | ||
| Q4 24 | 1.17× | 0.34× | ||
| Q3 24 | — | 0.34× | ||
| Q2 24 | — | 0.33× |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $-614.0M | $919.0M |
| 自由现金流率自由现金流/营收 | -26.1% | 22.0% |
| 资本支出强度资本支出/营收 | 49.5% | 0.6% |
| 现金转化率经营现金流/净利润 | 2.06× | — |
| 过去12个月自由现金流最近4个季度 | $-1.4B | $5.5B |
8季度趋势，按日历期对齐
经营现金流PPLSPGI
| Q1 26 | — | — | ||
| Q4 25 | $548.0M | $1.7B | ||
| Q3 25 | $966.0M | $1.5B | ||
| Q2 25 | $602.0M | $1.4B | ||
| Q1 25 | $513.0M | $953.0M | ||
| Q4 24 | $511.0M | $1.7B | ||
| Q3 24 | $781.0M | $1.4B | ||
| Q2 24 | $766.0M | $1.6B |
自由现金流PPLSPGI
| Q1 26 | — | $919.0M | ||
| Q4 25 | $-614.0M | $1.7B | ||
| Q3 25 | $-179.0M | $1.5B | ||
| Q2 25 | $-328.0M | $1.4B | ||
| Q1 25 | $-280.0M | $910.0M | ||
| Q4 24 | $-349.0M | $1.7B | ||
| Q3 24 | $102.0M | $1.4B | ||
| Q2 24 | $96.0M | $1.5B |
自由现金流率PPLSPGI
| Q1 26 | — | 22.0% | ||
| Q4 25 | -26.1% | 43.5% | ||
| Q3 25 | -8.0% | 37.6% | ||
| Q2 25 | -16.1% | 36.9% | ||
| Q1 25 | -11.0% | 24.1% | ||
| Q4 24 | -15.9% | 47.5% | ||
| Q3 24 | 4.9% | 39.4% | ||
| Q2 24 | 5.1% | 42.9% |
资本支出强度PPLSPGI
| Q1 26 | — | 0.6% | ||
| Q4 25 | 49.5% | 1.2% | ||
| Q3 25 | 51.2% | 1.2% | ||
| Q2 25 | 45.6% | 1.6% | ||
| Q1 25 | 31.2% | 1.1% | ||
| Q4 24 | 39.3% | 0.9% | ||
| Q3 24 | 32.7% | 1.0% | ||
| Q2 24 | 35.8% | 0.9% |
现金转化率PPLSPGI
| Q1 26 | — | — | ||
| Q4 25 | 2.06× | 1.54× | ||
| Q3 25 | 3.04× | 1.28× | ||
| Q2 25 | 3.29× | 1.35× | ||
| Q1 25 | 1.24× | 0.87× | ||
| Q4 24 | 2.89× | 1.98× | ||
| Q3 24 | 3.65× | 1.49× | ||
| Q2 24 | 4.03× | 1.54× |
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% |
SPGI
| Ratings | $1.3B | 31% |
| Market Intelligence | $1.3B | 31% |
| Energy | $652.0M | 16% |
| Indices | $519.0M | 12% |
| Mobility | $454.0M | 11% |
