vs
PPL Corporation（PPL）与Vulcan Materials Company（VMC）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Vulcan Materials Company的1.2倍（$2.3B vs $1.9B），Vulcan Materials Company净利率更高（13.2% vs 11.3%，领先1.8%），PPL Corporation同比增速更快（7.2% vs 3.2%），Vulcan Materials Company自由现金流更多（$358.2M vs $-614.0M），过去两年Vulcan Materials Company的营收复合增速更高（11.2% 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。
Vulcan Materials Company是总部位于美国阿拉巴马州伯明翰的企业，主营建筑材料的生产、配送及销售，是美国最大的砂石、碎石、砂类建材生产商，拥有400多处运营网点，雇员约1.2万人，业务覆盖美国22个州、华盛顿特区及墨西哥、加拿大、巴哈马、美属维尔京群岛。
PPL vs VMC — 直观对比
营收规模更大
PPL
是对方的1.2倍
$1.9B
营收增速更快
PPL
高出4.0%
3.2%
净利率更高
VMC
高出1.8%
11.3%
自由现金流更多
VMC
多$972.2M
$-614.0M
两年增速更快
VMC
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 | $252.0M |
| 毛利率 | — | 25.5% |
| 营业利润率 | 20.3% | 19.8% |
| 净利率 | 11.3% | 13.2% |
| 营收同比 | 7.2% | 3.2% |
| 净利润同比 | 50.3% | -14.2% |
| 每股收益（稀释后） | $0.35 | $1.90 |
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PPLVMC
| Q4 25 | $2.3B | $1.9B | ||
| Q3 25 | $2.2B | $2.3B | ||
| Q2 25 | $2.0B | $2.1B | ||
| Q1 25 | $2.5B | $1.6B | ||
| Q4 24 | $2.2B | $1.9B | ||
| Q3 24 | $2.1B | $2.0B | ||
| Q2 24 | $1.9B | $2.0B | ||
| Q1 24 | $2.3B | $1.5B |
净利润PPLVMC
| Q4 25 | $266.0M | $252.0M | ||
| Q3 25 | $318.0M | $374.9M | ||
| Q2 25 | $183.0M | $320.9M | ||
| Q1 25 | $414.0M | $128.9M | ||
| Q4 24 | $177.0M | $293.6M | ||
| Q3 24 | $214.0M | $207.6M | ||
| Q2 24 | $190.0M | $308.0M | ||
| Q1 24 | $307.0M | $102.7M |
毛利率PPLVMC
| Q4 25 | — | 25.5% | ||
| Q3 25 | — | 30.4% | ||
| Q2 25 | — | 29.7% | ||
| Q1 25 | — | 22.3% | ||
| Q4 24 | — | 29.0% | ||
| Q3 24 | — | 28.2% | ||
| Q2 24 | — | 29.4% | ||
| Q1 24 | — | 19.7% |
营业利润率PPLVMC
| Q4 25 | 20.3% | 19.8% | ||
| Q3 25 | 25.4% | 23.7% | ||
| Q2 25 | 19.9% | 22.4% | ||
| Q1 25 | 26.6% | 13.9% | ||
| Q4 24 | 17.2% | 21.6% | ||
| Q3 24 | 20.6% | 16.8% | ||
| Q2 24 | 20.8% | 22.5% | ||
| Q1 24 | 23.7% | 11.2% |
净利率PPLVMC
| Q4 25 | 11.3% | 13.2% | ||
| Q3 25 | 14.2% | 16.4% | ||
| Q2 25 | 9.0% | 15.3% | ||
| Q1 25 | 16.3% | 7.9% | ||
| Q4 24 | 8.1% | 15.8% | ||
| Q3 24 | 10.3% | 10.4% | ||
| Q2 24 | 10.1% | 15.3% | ||
| Q1 24 | 13.3% | 6.6% |
每股收益（稀释后）PPLVMC
| Q4 25 | $0.35 | $1.90 | ||
| Q3 25 | $0.43 | $2.82 | ||
| Q2 25 | $0.25 | $2.42 | ||
| Q1 25 | $0.56 | $0.97 | ||
| Q4 24 | $0.23 | $2.21 | ||
| Q3 24 | $0.29 | $1.56 | ||
| Q2 24 | $0.26 | $2.31 | ||
| Q1 24 | $0.42 | $0.77 |
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 | $183.3M |
| 总债务越低越好 | $18.9B | $4.4B |
| 股东权益账面价值 | $14.9B | $8.5B |
| 总资产 | $45.2B | $16.7B |
| 负债/权益比越低杠杆越低 | 1.27× | 0.51× |
8季度趋势，按日历期对齐
现金及短期投资PPLVMC
| Q4 25 | $1.1B | $183.3M | ||
| Q3 25 | $1.1B | $191.3M | ||
| Q2 25 | $294.0M | $347.4M | ||
| Q1 25 | $312.0M | $181.3M | ||
| Q4 24 | $306.0M | $559.7M | ||
| Q3 24 | $542.0M | $433.2M | ||
| Q2 24 | $282.0M | $111.0M | ||
| Q1 24 | $276.0M | $292.4M |
总债务PPLVMC
| Q4 25 | $18.9B | $4.4B | ||
| Q3 25 | — | $4.4B | ||
| Q2 25 | — | $4.4B | ||
| Q1 25 | — | $4.9B | ||
| Q4 24 | $16.5B | $5.3B | ||
| Q3 24 | — | $3.3B | ||
| Q2 24 | — | $3.3B | ||
| Q1 24 | — | $3.3B |
股东权益PPLVMC
| Q4 25 | $14.9B | $8.5B | ||
| Q3 25 | $14.4B | $8.7B | ||
| Q2 25 | $14.3B | $8.4B | ||
| Q1 25 | $14.3B | $8.1B | ||
| Q4 24 | $14.1B | $8.1B | ||
| Q3 24 | $14.1B | $7.9B | ||
| Q2 24 | $14.1B | $7.7B | ||
| Q1 24 | $14.1B | $7.5B |
总资产PPLVMC
| Q4 25 | $45.2B | $16.7B | ||
| Q3 25 | $43.9B | $17.0B | ||
| Q2 25 | $42.4B | $17.0B | ||
| Q1 25 | $41.8B | $16.7B | ||
| Q4 24 | $41.1B | $17.1B | ||
| Q3 24 | $40.5B | $14.4B | ||
| Q2 24 | $39.8B | $14.2B | ||
| Q1 24 | $39.6B | $13.9B |
负债/权益比PPLVMC
| Q4 25 | 1.27× | 0.51× | ||
| Q3 25 | — | 0.50× | ||
| Q2 25 | — | 0.52× | ||
| Q1 25 | — | 0.60× | ||
| Q4 24 | 1.17× | 0.65× | ||
| Q3 24 | — | 0.42× | ||
| Q2 24 | — | 0.43× | ||
| Q1 24 | — | 0.44× |
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 | $543.0M |
| 自由现金流经营现金流 - 资本支出 | $-614.0M | $358.2M |
| 自由现金流率自由现金流/营收 | -26.1% | 18.7% |
| 资本支出强度资本支出/营收 | 49.5% | 9.7% |
| 现金转化率经营现金流/净利润 | 2.06× | 2.15× |
| 过去12个月自由现金流最近4个季度 | $-1.4B | $1.1B |
8季度趋势，按日历期对齐
经营现金流PPLVMC
| Q4 25 | $548.0M | $543.0M | ||
| Q3 25 | $966.0M | $676.8M | ||
| Q2 25 | $602.0M | $341.7M | ||
| Q1 25 | $513.0M | $251.5M | ||
| Q4 24 | $511.0M | $440.1M | ||
| Q3 24 | $781.0M | $595.0M | ||
| Q2 24 | $766.0M | $201.1M | ||
| Q1 24 | $282.0M | $173.4M |
自由现金流PPLVMC
| Q4 25 | $-614.0M | $358.2M | ||
| Q3 25 | $-179.0M | $454.8M | ||
| Q2 25 | $-328.0M | $238.8M | ||
| Q1 25 | $-280.0M | $83.5M | ||
| Q4 24 | $-349.0M | $277.6M | ||
| Q3 24 | $102.0M | $498.2M | ||
| Q2 24 | $96.0M | $9.7M | ||
| Q1 24 | $-314.0M | $20.6M |
自由现金流率PPLVMC
| Q4 25 | -26.1% | 18.7% | ||
| Q3 25 | -8.0% | 19.8% | ||
| Q2 25 | -16.1% | 11.4% | ||
| Q1 25 | -11.0% | 5.1% | ||
| Q4 24 | -15.9% | 15.0% | ||
| Q3 24 | 4.9% | 24.9% | ||
| Q2 24 | 5.1% | 0.5% | ||
| Q1 24 | -13.6% | 1.3% |
资本支出强度PPLVMC
| Q4 25 | 49.5% | 9.7% | ||
| Q3 25 | 51.2% | 9.7% | ||
| Q2 25 | 45.6% | 4.9% | ||
| Q1 25 | 31.2% | 10.3% | ||
| Q4 24 | 39.3% | 8.8% | ||
| Q3 24 | 32.7% | 4.8% | ||
| Q2 24 | 35.8% | 9.5% | ||
| Q1 24 | 25.9% | 9.9% |
现金转化率PPLVMC
| Q4 25 | 2.06× | 2.15× | ||
| Q3 25 | 3.04× | 1.81× | ||
| Q2 25 | 3.29× | 1.06× | ||
| Q1 25 | 1.24× | 1.95× | ||
| Q4 24 | 2.89× | 1.50× | ||
| Q3 24 | 3.65× | 2.87× | ||
| Q2 24 | 4.03× | 0.65× | ||
| Q1 24 | 0.92× | 1.69× |
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% |
VMC
| Revenue Excluding Freight Delivery | $1.7B | 87% |
| Concrete | $79.6M | 4% |
| Services | $76.3M | 4% |
| Asphalt | $59.9M | 3% |
