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PPL Corporation（PPL）与维多利亚的秘密（VSCO）财务数据对比。点击上方公司名可切换其他公司
PPL Corporation的季度营收约是维多利亚的秘密的1.6倍（$2.3B vs $1.5B），PPL Corporation净利率更高（11.3% vs -2.5%，领先13.8%），维多利亚的秘密同比增速更快（9.3% vs 7.2%），维多利亚的秘密自由现金流更多（$-232.0M vs $-614.0M），过去两年PPL Corporation的营收复合增速更高（1.0% vs -15.9%）
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。
维多利亚的秘密是美国知名内衣、服饰及美妆零售商，1977年由斯坦福大学研究生罗伊·雷蒙德与妻子盖伊共同创立，1982年旗下5家内衣门店被莱斯·韦克斯纳收购。韦克斯纳随后快速将门店布局到全美各大购物中心，到90年代初已在全国拥有350家门店，销售额达10亿美元，成为美国最大的内衣零售商。
PPL vs VSCO — 直观对比
营收规模更大
PPL
是对方的1.6倍
$1.5B
营收增速更快
VSCO
高出2.1%
7.2%
净利率更高
PPL
高出13.8%
-2.5%
自由现金流更多
VSCO
多$382.0M
$-614.0M
两年增速更快
PPL
近两年复合增速
-15.9%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.3B | $1.5B |
| 净利润 | $266.0M | $-37.0M |
| 毛利率 | — | 36.4% |
| 营业利润率 | 20.3% | -1.3% |
| 净利率 | 11.3% | -2.5% |
| 营收同比 | 7.2% | 9.3% |
| 净利润同比 | 50.3% | 33.9% |
| 每股收益（稀释后） | $0.35 | $-0.46 |
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PPLVSCO
| Q4 25 | $2.3B | $1.5B | ||
| Q3 25 | $2.2B | $1.5B | ||
| Q2 25 | $2.0B | $1.4B | ||
| Q1 25 | $2.5B | $2.1B | ||
| Q4 24 | $2.2B | $1.3B | ||
| Q3 24 | $2.1B | $1.4B | ||
| Q2 24 | $1.9B | $1.4B | ||
| Q1 24 | $2.3B | $2.1B |
净利润PPLVSCO
| Q4 25 | $266.0M | $-37.0M | ||
| Q3 25 | $318.0M | $16.0M | ||
| Q2 25 | $183.0M | $-2.0M | ||
| Q1 25 | $414.0M | $193.0M | ||
| Q4 24 | $177.0M | $-56.0M | ||
| Q3 24 | $214.0M | $32.0M | ||
| Q2 24 | $190.0M | $-4.0M | ||
| Q1 24 | $307.0M | $180.0M |
毛利率PPLVSCO
| Q4 25 | — | 36.4% | ||
| Q3 25 | — | 35.6% | ||
| Q2 25 | — | 35.0% | ||
| Q1 25 | — | 38.6% | ||
| Q4 24 | — | 34.7% | ||
| Q3 24 | — | 35.4% | ||
| Q2 24 | — | 36.9% | ||
| Q1 24 | — | 39.7% |
营业利润率PPLVSCO
| Q4 25 | 20.3% | -1.3% | ||
| Q3 25 | 25.4% | 2.8% | ||
| Q2 25 | 19.9% | 1.5% | ||
| Q1 25 | 26.6% | 12.8% | ||
| Q4 24 | 17.2% | -3.5% | ||
| Q3 24 | 20.6% | 4.4% | ||
| Q2 24 | 20.8% | 1.9% | ||
| Q1 24 | 23.7% | 12.4% |
净利率PPLVSCO
| Q4 25 | 11.3% | -2.5% | ||
| Q3 25 | 14.2% | 1.1% | ||
| Q2 25 | 9.0% | -0.1% | ||
| Q1 25 | 16.3% | 9.2% | ||
| Q4 24 | 8.1% | -4.2% | ||
| Q3 24 | 10.3% | 2.3% | ||
| Q2 24 | 10.1% | -0.3% | ||
| Q1 24 | 13.3% | 8.6% |
每股收益（稀释后）PPLVSCO
| Q4 25 | $0.35 | $-0.46 | ||
| Q3 25 | $0.43 | $0.20 | ||
| Q2 25 | $0.25 | $-0.02 | ||
| Q1 25 | $0.56 | $2.41 | ||
| Q4 24 | $0.23 | $-0.71 | ||
| Q3 24 | $0.29 | $0.40 | ||
| Q2 24 | $0.26 | $-0.05 | ||
| Q1 24 | $0.42 | $2.32 |
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 | $249.0M |
| 总债务越低越好 | $18.9B | — |
| 股东权益账面价值 | $14.9B | $653.0M |
| 总资产 | $45.2B | $5.1B |
| 负债/权益比越低杠杆越低 | 1.27× | — |
8季度趋势，按日历期对齐
现金及短期投资PPLVSCO
| Q4 25 | $1.1B | $249.0M | ||
| Q3 25 | $1.1B | $188.0M | ||
| Q2 25 | $294.0M | $138.0M | ||
| Q1 25 | $312.0M | $227.0M | ||
| Q4 24 | $306.0M | $161.0M | ||
| Q3 24 | $542.0M | $169.0M | ||
| Q2 24 | $282.0M | $105.0M | ||
| Q1 24 | $276.0M | $270.0M |
总债务PPLVSCO
| Q4 25 | $18.9B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $16.5B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益PPLVSCO
| Q4 25 | $14.9B | $653.0M | ||
| Q3 25 | $14.4B | $680.0M | ||
| Q2 25 | $14.3B | $645.0M | ||
| Q1 25 | $14.3B | $640.0M | ||
| Q4 24 | $14.1B | $429.0M | ||
| Q3 24 | $14.1B | $472.0M | ||
| Q2 24 | $14.1B | $423.0M | ||
| Q1 24 | $14.1B | $417.0M |
总资产PPLVSCO
| Q4 25 | $45.2B | $5.1B | ||
| Q3 25 | $43.9B | $4.8B | ||
| Q2 25 | $42.4B | $4.6B | ||
| Q1 25 | $41.8B | $4.5B | ||
| Q4 24 | $41.1B | $4.9B | ||
| Q3 24 | $40.5B | $4.6B | ||
| Q2 24 | $39.8B | $4.4B | ||
| Q1 24 | $39.6B | $4.6B |
负债/权益比PPLVSCO
| Q4 25 | 1.27× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.17× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $-180.0M |
| 自由现金流经营现金流 - 资本支出 | $-614.0M | $-232.0M |
| 自由现金流率自由现金流/营收 | -26.1% | -15.8% |
| 资本支出强度资本支出/营收 | 49.5% | 3.5% |
| 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 | $309.0M |
8季度趋势，按日历期对齐
经营现金流PPLVSCO
| Q4 25 | $548.0M | $-180.0M | ||
| Q3 25 | $966.0M | $156.0M | ||
| Q2 25 | $602.0M | $-150.0M | ||
| Q1 25 | $513.0M | $674.0M | ||
| Q4 24 | $511.0M | $-248.0M | ||
| Q3 24 | $781.0M | $115.0M | ||
| Q2 24 | $766.0M | $-116.0M | ||
| Q1 24 | $282.0M | $589.0M |
自由现金流PPLVSCO
| Q4 25 | $-614.0M | $-232.0M | ||
| Q3 25 | $-179.0M | $88.0M | ||
| Q2 25 | $-328.0M | $-193.0M | ||
| Q1 25 | $-280.0M | $646.0M | ||
| Q4 24 | $-349.0M | $-299.0M | ||
| Q3 24 | $102.0M | $55.0M | ||
| Q2 24 | $96.0M | $-155.0M | ||
| Q1 24 | $-314.0M | $557.0M |
自由现金流率PPLVSCO
| Q4 25 | -26.1% | -15.8% | ||
| Q3 25 | -8.0% | 6.0% | ||
| Q2 25 | -16.1% | -14.3% | ||
| Q1 25 | -11.0% | 30.7% | ||
| Q4 24 | -15.9% | -22.2% | ||
| Q3 24 | 4.9% | 3.9% | ||
| Q2 24 | 5.1% | -11.4% | ||
| Q1 24 | -13.6% | 26.7% |
资本支出强度PPLVSCO
| Q4 25 | 49.5% | 3.5% | ||
| Q3 25 | 51.2% | 4.7% | ||
| Q2 25 | 45.6% | 3.2% | ||
| Q1 25 | 31.2% | 1.3% | ||
| Q4 24 | 39.3% | 3.8% | ||
| Q3 24 | 32.7% | 4.2% | ||
| Q2 24 | 35.8% | 2.9% | ||
| Q1 24 | 25.9% | 1.5% |
现金转化率PPLVSCO
| Q4 25 | 2.06× | — | ||
| Q3 25 | 3.04× | 9.75× | ||
| Q2 25 | 3.29× | — | ||
| Q1 25 | 1.24× | 3.49× | ||
| Q4 24 | 2.89× | — | ||
| Q3 24 | 3.65× | 3.59× | ||
| Q2 24 | 4.03× | — | ||
| Q1 24 | 0.92× | 3.27× |
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% |
VSCO
| Sales Channel North America Stores | $778.0M | 53% |
| Sales Channel Directly To Consumer | $429.0M | 29% |
| Sales Channel International | $265.0M | 18% |
| Sales Channel Loyalty And Private Label Credit Card | $19.0M | 1% |
