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PPL Corporation（PPL）与WEC Energy Group（WEC）财务数据对比。点击上方公司名可切换其他公司
WEC Energy Group的季度营收约是PPL Corporation的1.1倍（$2.5B vs $2.3B），WEC Energy Group净利率更高（12.5% vs 11.3%，领先1.2%），WEC Energy Group同比增速更快（11.1% vs 7.2%），过去两年PPL Corporation的营收复合增速更高（1.0% vs -2.7%）
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。
WEC能源集团是总部位于美国威斯康星州密尔沃基的知名能源企业，业务覆盖美国四个州，为总计440万用户提供可靠的电力及天然气供应服务，是北美地区颇具规模的区域性能源服务商。
PPL vs WEC — 直观对比
营收规模更大
WEC
是对方的1.1倍
$2.3B
营收增速更快
WEC
高出3.9%
7.2%
净利率更高
WEC
高出1.2%
11.3%
两年增速更快
PPL
近两年复合增速
-2.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.3B | $2.5B |
| 净利润 | $266.0M | $316.8M |
| 毛利率 | — | 63.7% |
| 营业利润率 | 20.3% | 17.9% |
| 净利率 | 11.3% | 12.5% |
| 营收同比 | 7.2% | 11.1% |
| 净利润同比 | 50.3% | -30.1% |
| 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PPLWEC
| Q4 25 | $2.3B | $2.5B | ||
| Q3 25 | $2.2B | $2.1B | ||
| Q2 25 | $2.0B | $2.0B | ||
| Q1 25 | $2.5B | $3.1B | ||
| Q4 24 | $2.2B | $2.3B | ||
| Q3 24 | $2.1B | $1.9B | ||
| Q2 24 | $1.9B | $1.8B | ||
| Q1 24 | $2.3B | $2.7B |
净利润PPLWEC
| Q4 25 | $266.0M | $316.8M | ||
| Q3 25 | $318.0M | $270.2M | ||
| Q2 25 | $183.0M | $243.0M | ||
| Q1 25 | $414.0M | $725.5M | ||
| Q4 24 | $177.0M | $453.1M | ||
| Q3 24 | $214.0M | $238.6M | ||
| Q2 24 | $190.0M | $210.0M | ||
| Q1 24 | $307.0M | $622.6M |
毛利率PPLWEC
| Q4 25 | — | 63.7% | ||
| Q3 25 | — | 71.1% | ||
| Q2 25 | — | 71.6% | ||
| Q1 25 | — | 63.0% | ||
| Q4 24 | — | 67.7% | ||
| Q3 24 | — | 72.1% | ||
| Q2 24 | — | 73.5% | ||
| Q1 24 | — | 65.4% |
营业利润率PPLWEC
| Q4 25 | 20.3% | 17.9% | ||
| Q3 25 | 25.4% | 21.4% | ||
| Q2 25 | 19.9% | 20.1% | ||
| Q1 25 | 26.6% | 29.8% | ||
| Q4 24 | 17.2% | 25.9% | ||
| Q3 24 | 20.6% | 20.6% | ||
| Q2 24 | 20.8% | 20.6% | ||
| Q1 24 | 23.7% | 30.3% |
净利率PPLWEC
| Q4 25 | 11.3% | 12.5% | ||
| Q3 25 | 14.2% | 12.8% | ||
| Q2 25 | 9.0% | 12.1% | ||
| Q1 25 | 16.3% | 23.0% | ||
| Q4 24 | 8.1% | 19.8% | ||
| Q3 24 | 10.3% | 12.8% | ||
| Q2 24 | 10.1% | 11.9% | ||
| Q1 24 | 13.3% | 23.2% |
每股收益（稀释后）PPLWEC
| 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 | $27.6M |
| 总债务越低越好 | $18.9B | $20.0B |
| 股东权益账面价值 | $14.9B | $14.1B |
| 总资产 | $45.2B | $51.5B |
| 负债/权益比越低杠杆越低 | 1.27× | 1.42× |
8季度趋势，按日历期对齐
现金及短期投资PPLWEC
| Q4 25 | $1.1B | $27.6M | ||
| Q3 25 | $1.1B | $51.1M | ||
| Q2 25 | $294.0M | $23.0M | ||
| Q1 25 | $312.0M | $82.2M | ||
| Q4 24 | $306.0M | $9.8M | ||
| Q3 24 | $542.0M | $322.5M | ||
| Q2 24 | $282.0M | $224.0M | ||
| Q1 24 | $276.0M | $38.9M |
总债务PPLWEC
| Q4 25 | $18.9B | $20.0B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $16.5B | $18.9B | ||
| Q3 24 | — | $16.9B | ||
| Q2 24 | — | $16.9B | ||
| Q1 24 | — | $15.4B |
股东权益PPLWEC
| Q4 25 | $14.9B | $14.1B | ||
| Q3 25 | $14.4B | $14.0B | ||
| Q2 25 | $14.3B | $13.7B | ||
| Q1 25 | $14.3B | $13.4B | ||
| Q4 24 | $14.1B | $12.8B | ||
| Q3 24 | $14.1B | $12.4B | ||
| Q2 24 | $14.1B | $12.4B | ||
| Q1 24 | $14.1B | $12.4B |
总资产PPLWEC
| Q4 25 | $45.2B | $51.5B | ||
| Q3 25 | $43.9B | $49.8B | ||
| Q2 25 | $42.4B | $48.5B | ||
| Q1 25 | $41.8B | $48.2B | ||
| Q4 24 | $41.1B | $47.4B | ||
| Q3 24 | $40.5B | $45.2B | ||
| Q2 24 | $39.8B | $44.6B | ||
| Q1 24 | $39.6B | $43.9B |
负债/权益比PPLWEC
| Q4 25 | 1.27× | 1.42× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.17× | 1.48× | ||
| Q3 24 | — | 1.36× | ||
| Q2 24 | — | 1.36× | ||
| Q1 24 | — | 1.24× |
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 | $424.6M |
| 自由现金流经营现金流 - 资本支出 | $-614.0M | — |
| 自由现金流率自由现金流/营收 | -26.1% | — |
| 资本支出强度资本支出/营收 | 49.5% | — |
| 现金转化率经营现金流/净利润 | 2.06× | 1.34× |
| 过去12个月自由现金流最近4个季度 | $-1.4B | — |
8季度趋势，按日历期对齐
经营现金流PPLWEC
| Q4 25 | $548.0M | $424.6M | ||
| Q3 25 | $966.0M | $938.9M | ||
| Q2 25 | $602.0M | $853.3M | ||
| Q1 25 | $513.0M | $1.2B | ||
| Q4 24 | $511.0M | $581.8M | ||
| Q3 24 | $781.0M | $729.0M | ||
| Q2 24 | $766.0M | $1.0B | ||
| Q1 24 | $282.0M | $863.6M |
自由现金流PPLWEC
| Q4 25 | $-614.0M | — | ||
| Q3 25 | $-179.0M | $-625.7M | ||
| Q2 25 | $-328.0M | $23.9M | ||
| Q1 25 | $-280.0M | $461.5M | ||
| Q4 24 | $-349.0M | — | ||
| Q3 24 | $102.0M | $-67.3M | ||
| Q2 24 | $96.0M | $343.5M | ||
| Q1 24 | $-314.0M | $419.1M |
自由现金流率PPLWEC
| Q4 25 | -26.1% | — | ||
| Q3 25 | -8.0% | -29.7% | ||
| Q2 25 | -16.1% | 1.2% | ||
| Q1 25 | -11.0% | 14.7% | ||
| Q4 24 | -15.9% | — | ||
| Q3 24 | 4.9% | -3.6% | ||
| Q2 24 | 5.1% | 19.4% | ||
| Q1 24 | -13.6% | 15.6% |
资本支出强度PPLWEC
| Q4 25 | 49.5% | — | ||
| Q3 25 | 51.2% | 74.4% | ||
| Q2 25 | 45.6% | 41.3% | ||
| Q1 25 | 31.2% | 22.3% | ||
| Q4 24 | 39.3% | — | ||
| Q3 24 | 32.7% | 42.7% | ||
| Q2 24 | 35.8% | 39.2% | ||
| Q1 24 | 25.9% | 16.6% |
现金转化率PPLWEC
| Q4 25 | 2.06× | 1.34× | ||
| Q3 25 | 3.04× | 3.47× | ||
| Q2 25 | 3.29× | 3.51× | ||
| Q1 25 | 1.24× | 1.60× | ||
| Q4 24 | 2.89× | 1.28× | ||
| Q3 24 | 3.65× | 3.06× | ||
| Q2 24 | 4.03× | 4.94× | ||
| Q1 24 | 0.92× | 1.39× |
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% |
WEC
| Wisconsin | $1.9B | 73% |
| Illinois | $441.2M | 17% |
| Other States | $165.1M | 7% |
| External Revenues | $74.0M | 3% |
| Otheroperatingrevenues | $8.0M | 0% |
