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PPL Corporation（PPL）与Constellation Brands（STZ）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Constellation Brands的1.1倍（$2.3B vs $2.2B），Constellation Brands净利率更高（22.6% vs 11.3%，领先11.3%），PPL Corporation同比增速更快（7.2% vs -9.8%），Constellation Brands自由现金流更多（$370.9M vs $-614.0M），过去两年Constellation Brands的营收复合增速更高（1.9% 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。
Constellation Brands, Inc.是总部位于美国纽约州罗切斯特的《财富》500强企业，主营啤酒、葡萄酒及烈酒的生产与营销，按销售额计算是美国最大的啤酒进口商，在全美主要啤酒供应商中市场份额位列第三。公司还通过与Canopy Growth合作在医用及娱乐大麻领域有大额投资，现有约40处设施、近9000名员工。
PPL vs STZ — 直观对比
营收规模更大
PPL
是对方的1.1倍
$2.2B
营收增速更快
PPL
高出17.0%
-9.8%
净利率更高
STZ
高出11.3%
11.3%
自由现金流更多
STZ
多$984.9M
$-614.0M
两年增速更快
STZ
近两年复合增速
1.0%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.3B | $2.2B |
| 净利润 | $266.0M | $502.8M |
| 毛利率 | — | 53.2% |
| 营业利润率 | 20.3% | 31.1% |
| 净利率 | 11.3% | 22.6% |
| 营收同比 | 7.2% | -9.8% |
| 净利润同比 | 50.3% | -18.4% |
| 每股收益（稀释后） | $0.35 | — |
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PPLSTZ
| Q4 25 | $2.3B | $2.2B | ||
| Q3 25 | $2.2B | $2.5B | ||
| Q2 25 | $2.0B | $2.5B | ||
| Q1 25 | $2.5B | $2.2B | ||
| Q4 24 | $2.2B | $2.5B | ||
| Q3 24 | $2.1B | $2.9B | ||
| Q2 24 | $1.9B | $2.7B | ||
| Q1 24 | $2.3B | $2.1B |
净利润PPLSTZ
| Q4 25 | $266.0M | $502.8M | ||
| Q3 25 | $318.0M | $466.0M | ||
| Q2 25 | $183.0M | $516.1M | ||
| Q1 25 | $414.0M | $-375.3M | ||
| Q4 24 | $177.0M | $615.9M | ||
| Q3 24 | $214.0M | $-1.2B | ||
| Q2 24 | $190.0M | $877.0M | ||
| Q1 24 | $307.0M | $392.4M |
毛利率PPLSTZ
| Q4 25 | — | 53.2% | ||
| Q3 25 | — | 52.8% | ||
| Q2 25 | — | 50.4% | ||
| Q1 25 | — | 51.5% | ||
| Q4 24 | — | 52.1% | ||
| Q3 24 | — | 51.8% | ||
| Q2 24 | — | 52.7% | ||
| Q1 24 | — | 48.6% |
营业利润率PPLSTZ
| Q4 25 | 20.3% | 31.1% | ||
| Q3 25 | 25.4% | 35.2% | ||
| Q2 25 | 19.9% | 28.4% | ||
| Q1 25 | 26.6% | -6.9% | ||
| Q4 24 | 17.2% | 32.2% | ||
| Q3 24 | 20.6% | -42.1% | ||
| Q2 24 | 20.8% | 35.4% | ||
| Q1 24 | 23.7% | 29.4% |
净利率PPLSTZ
| Q4 25 | 11.3% | 22.6% | ||
| Q3 25 | 14.2% | 18.8% | ||
| Q2 25 | 9.0% | 20.5% | ||
| Q1 25 | 16.3% | -17.3% | ||
| Q4 24 | 8.1% | 25.0% | ||
| Q3 24 | 10.3% | -41.1% | ||
| Q2 24 | 10.1% | 32.9% | ||
| Q1 24 | 13.3% | 18.3% |
每股收益（稀释后）PPLSTZ
| Q4 25 | $0.35 | — | ||
| Q3 25 | $0.43 | — | ||
| Q2 25 | $0.25 | — | ||
| Q1 25 | $0.56 | — | ||
| Q4 24 | $0.23 | — | ||
| Q3 24 | $0.29 | — | ||
| Q2 24 | $0.26 | — | ||
| Q1 24 | $0.42 | — |
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 | $152.4M |
| 总债务越低越好 | $18.9B | $10.3B |
| 股东权益账面价值 | $14.9B | $7.7B |
| 总资产 | $45.2B | $21.7B |
| 负债/权益比越低杠杆越低 | 1.27× | 1.33× |
8季度趋势，按日历期对齐
现金及短期投资PPLSTZ
| Q4 25 | $1.1B | $152.4M | ||
| Q3 25 | $1.1B | $72.0M | ||
| Q2 25 | $294.0M | $73.9M | ||
| Q1 25 | $312.0M | $68.1M | ||
| Q4 24 | $306.0M | $73.7M | ||
| Q3 24 | $542.0M | $64.6M | ||
| Q2 24 | $282.0M | $73.8M | ||
| Q1 24 | $276.0M | $152.4M |
总债务PPLSTZ
| Q4 25 | $18.9B | $10.3B | ||
| Q3 25 | — | $10.3B | ||
| Q2 25 | — | $11.2B | ||
| Q1 25 | — | $10.7B | ||
| Q4 24 | $16.5B | $10.7B | ||
| Q3 24 | — | $11.1B | ||
| Q2 24 | — | $11.1B | ||
| Q1 24 | — | $11.6B |
股东权益PPLSTZ
| Q4 25 | $14.9B | $7.7B | ||
| Q3 25 | $14.4B | $7.5B | ||
| Q2 25 | $14.3B | $7.3B | ||
| Q1 25 | $14.3B | $6.9B | ||
| Q4 24 | $14.1B | $7.8B | ||
| Q3 24 | $14.1B | $7.9B | ||
| Q2 24 | $14.1B | $10.3B | ||
| Q1 24 | $14.1B | $9.7B |
总资产PPLSTZ
| Q4 25 | $45.2B | $21.7B | ||
| Q3 25 | $43.9B | $21.4B | ||
| Q2 25 | $42.4B | $22.3B | ||
| Q1 25 | $41.8B | $21.7B | ||
| Q4 24 | $41.1B | $22.8B | ||
| Q3 24 | $40.5B | $23.1B | ||
| Q2 24 | $39.8B | $26.1B | ||
| Q1 24 | $39.6B | $25.7B |
负债/权益比PPLSTZ
| Q4 25 | 1.27× | 1.33× | ||
| Q3 25 | — | 1.37× | ||
| Q2 25 | — | 1.54× | ||
| Q1 25 | — | 1.55× | ||
| Q4 24 | 1.17× | 1.37× | ||
| Q3 24 | — | 1.41× | ||
| Q2 24 | — | 1.08× | ||
| Q1 24 | — | 1.19× |
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 | $616.9M |
| 自由现金流经营现金流 - 资本支出 | $-614.0M | $370.9M |
| 自由现金流率自由现金流/营收 | -26.1% | 16.7% |
| 资本支出强度资本支出/营收 | 49.5% | 11.1% |
| 现金转化率经营现金流/净利润 | 2.06× | 1.23× |
| 过去12个月自由现金流最近4个季度 | $-1.4B | $1.8B |
8季度趋势，按日历期对齐
经营现金流PPLSTZ
| Q4 25 | $548.0M | $616.9M | ||
| Q3 25 | $966.0M | $852.1M | ||
| Q2 25 | $602.0M | $637.2M | ||
| Q1 25 | $513.0M | $594.7M | ||
| Q4 24 | $511.0M | $685.2M | ||
| Q3 24 | $781.0M | $1.2B | ||
| Q2 24 | $766.0M | $690.5M | ||
| Q1 24 | $282.0M | $433.2M |
自由现金流PPLSTZ
| Q4 25 | $-614.0M | $370.9M | ||
| Q3 25 | $-179.0M | $634.8M | ||
| Q2 25 | $-328.0M | $444.4M | ||
| Q1 25 | $-280.0M | $312.1M | ||
| Q4 24 | $-349.0M | $456.8M | ||
| Q3 24 | $102.0M | $854.0M | ||
| Q2 24 | $96.0M | $315.2M | ||
| Q1 24 | $-314.0M | $76.0M |
自由现金流率PPLSTZ
| Q4 25 | -26.1% | 16.7% | ||
| Q3 25 | -8.0% | 25.6% | ||
| Q2 25 | -16.1% | 17.7% | ||
| Q1 25 | -11.0% | 14.4% | ||
| Q4 24 | -15.9% | 18.5% | ||
| Q3 24 | 4.9% | 29.3% | ||
| Q2 24 | 5.1% | 11.8% | ||
| Q1 24 | -13.6% | 3.6% |
资本支出强度PPLSTZ
| Q4 25 | 49.5% | 11.1% | ||
| Q3 25 | 51.2% | 8.8% | ||
| Q2 25 | 45.6% | 7.7% | ||
| Q1 25 | 31.2% | 13.1% | ||
| Q4 24 | 39.3% | 9.3% | ||
| Q3 24 | 32.7% | 11.2% | ||
| Q2 24 | 35.8% | 14.1% | ||
| Q1 24 | 25.9% | 16.7% |
现金转化率PPLSTZ
| Q4 25 | 2.06× | 1.23× | ||
| Q3 25 | 3.04× | 1.83× | ||
| Q2 25 | 3.29× | 1.23× | ||
| Q1 25 | 1.24× | — | ||
| Q4 24 | 2.89× | 1.11× | ||
| Q3 24 | 3.65× | — | ||
| Q2 24 | 4.03× | 0.79× | ||
| Q1 24 | 0.92× | 1.10× |
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% |
STZ
| Beer | $2.0B | 90% |
| Constellation Wines And Spirits | $213.1M | 10% |
