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PPL Corporation（PPL）与惠而浦（WHR）财务数据对比。点击上方公司名可切换其他公司
惠而浦的季度营收约是PPL Corporation的1.7倍（$4.1B vs $2.3B），PPL Corporation净利率更高（11.3% vs 2.7%，领先8.7%），PPL Corporation同比增速更快（7.2% vs -0.9%），惠而浦自由现金流更多（$989.0M vs $-614.0M），过去两年PPL Corporation的营收复合增速更高（1.0% vs -4.5%）
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。
惠而浦是总部位于美国密歇根州本顿特许镇的跨国家电研发、生产及销售企业，位列《财富》世界500强。2023年集团年销售额约190亿美元，全球员工规模近5.9万人，在世界各地布局超55座生产及技术研发中心。
PPL vs WHR — 直观对比
营收规模更大
WHR
是对方的1.7倍
$2.3B
营收增速更快
PPL
高出8.1%
-0.9%
净利率更高
PPL
高出8.7%
2.7%
自由现金流更多
WHR
多$1.6B
$-614.0M
两年增速更快
PPL
近两年复合增速
-4.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.3B | $4.1B |
| 净利润 | $266.0M | $109.0M |
| 毛利率 | — | 14.0% |
| 营业利润率 | 20.3% | 6.0% |
| 净利率 | 11.3% | 2.7% |
| 营收同比 | 7.2% | -0.9% |
| 净利润同比 | 50.3% | 127.8% |
| 每股收益（稀释后） | $0.35 | $1.92 |
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PPLWHR
| Q4 25 | $2.3B | $4.1B | ||
| Q3 25 | $2.2B | $4.0B | ||
| Q2 25 | $2.0B | $3.8B | ||
| Q1 25 | $2.5B | $3.6B | ||
| Q4 24 | $2.2B | $4.1B | ||
| Q3 24 | $2.1B | $4.0B | ||
| Q2 24 | $1.9B | $4.0B | ||
| Q1 24 | $2.3B | $4.5B |
净利润PPLWHR
| Q4 25 | $266.0M | $109.0M | ||
| Q3 25 | $318.0M | $73.0M | ||
| Q2 25 | $183.0M | $65.0M | ||
| Q1 25 | $414.0M | $71.0M | ||
| Q4 24 | $177.0M | $-392.0M | ||
| Q3 24 | $214.0M | $109.0M | ||
| Q2 24 | $190.0M | $219.0M | ||
| Q1 24 | $307.0M | $-259.0M |
毛利率PPLWHR
| Q4 25 | — | 14.0% | ||
| Q3 25 | — | 14.7% | ||
| Q2 25 | — | 16.2% | ||
| Q1 25 | — | 16.8% | ||
| Q4 24 | — | 16.2% | ||
| Q3 24 | — | 16.1% | ||
| Q2 24 | — | 15.7% | ||
| Q1 24 | — | 14.3% |
营业利润率PPLWHR
| Q4 25 | 20.3% | 6.0% | ||
| Q3 25 | 25.4% | 5.1% | ||
| Q2 25 | 19.9% | 5.4% | ||
| Q1 25 | 26.6% | 5.1% | ||
| Q4 24 | 17.2% | -3.3% | ||
| Q3 24 | 20.6% | 6.6% | ||
| Q2 24 | 20.8% | 3.3% | ||
| Q1 24 | 23.7% | -2.6% |
净利率PPLWHR
| Q4 25 | 11.3% | 2.7% | ||
| Q3 25 | 14.2% | 1.8% | ||
| Q2 25 | 9.0% | 1.7% | ||
| Q1 25 | 16.3% | 2.0% | ||
| Q4 24 | 8.1% | -9.5% | ||
| Q3 24 | 10.3% | 2.7% | ||
| Q2 24 | 10.1% | 5.5% | ||
| Q1 24 | 13.3% | -5.8% |
每股收益（稀释后）PPLWHR
| Q4 25 | $0.35 | $1.92 | ||
| Q3 25 | $0.43 | $1.29 | ||
| Q2 25 | $0.25 | $1.17 | ||
| Q1 25 | $0.56 | $1.28 | ||
| Q4 24 | $0.23 | $-7.11 | ||
| Q3 24 | $0.29 | $2.00 | ||
| Q2 24 | $0.26 | $3.96 | ||
| Q1 24 | $0.42 | $-4.72 |
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 | $669.0M |
| 总债务越低越好 | $18.9B | $6.2B |
| 股东权益账面价值 | $14.9B | $2.7B |
| 总资产 | $45.2B | $16.0B |
| 负债/权益比越低杠杆越低 | 1.27× | 2.26× |
8季度趋势，按日历期对齐
现金及短期投资PPLWHR
| Q4 25 | $1.1B | $669.0M | ||
| Q3 25 | $1.1B | $934.0M | ||
| Q2 25 | $294.0M | $1.1B | ||
| Q1 25 | $312.0M | $1.0B | ||
| Q4 24 | $306.0M | $1.3B | ||
| Q3 24 | $542.0M | $1.1B | ||
| Q2 24 | $282.0M | $1.2B | ||
| Q1 24 | $276.0M | $1.2B |
总债务PPLWHR
| Q4 25 | $18.9B | $6.2B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $16.5B | $6.6B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益PPLWHR
| Q4 25 | $14.9B | $2.7B | ||
| Q3 25 | $14.4B | $2.6B | ||
| Q2 25 | $14.3B | $2.6B | ||
| Q1 25 | $14.3B | $2.6B | ||
| Q4 24 | $14.1B | $2.7B | ||
| Q3 24 | $14.1B | $3.0B | ||
| Q2 24 | $14.1B | $3.1B | ||
| Q1 24 | $14.1B | $2.4B |
总资产PPLWHR
| Q4 25 | $45.2B | $16.0B | ||
| Q3 25 | $43.9B | $16.9B | ||
| Q2 25 | $42.4B | $16.8B | ||
| Q1 25 | $41.8B | $16.5B | ||
| Q4 24 | $41.1B | $16.3B | ||
| Q3 24 | $40.5B | $17.2B | ||
| Q2 24 | $39.8B | $17.3B | ||
| Q1 24 | $39.6B | $17.4B |
负债/权益比PPLWHR
| Q4 25 | 1.27× | 2.26× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.17× | 2.46× | ||
| 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 | $1.1B |
| 自由现金流经营现金流 - 资本支出 | $-614.0M | $989.0M |
| 自由现金流率自由现金流/营收 | -26.1% | 24.1% |
| 资本支出强度资本支出/营收 | 49.5% | 3.7% |
| 现金转化率经营现金流/净利润 | 2.06× | 10.45× |
| 过去12个月自由现金流最近4个季度 | $-1.4B | $81.0M |
8季度趋势，按日历期对齐
经营现金流PPLWHR
| Q4 25 | $548.0M | $1.1B | ||
| Q3 25 | $966.0M | $33.0M | ||
| Q2 25 | $602.0M | $19.0M | ||
| Q1 25 | $513.0M | $-721.0M | ||
| Q4 24 | $511.0M | $1.1B | ||
| Q3 24 | $781.0M | $214.0M | ||
| Q2 24 | $766.0M | $388.0M | ||
| Q1 24 | $282.0M | $-873.0M |
自由现金流PPLWHR
| Q4 25 | $-614.0M | $989.0M | ||
| Q3 25 | $-179.0M | $-52.0M | ||
| Q2 25 | $-328.0M | $-63.0M | ||
| Q1 25 | $-280.0M | $-793.0M | ||
| Q4 24 | $-349.0M | $970.0M | ||
| Q3 24 | $102.0M | $127.0M | ||
| Q2 24 | $96.0M | $275.0M | ||
| Q1 24 | $-314.0M | $-988.0M |
自由现金流率PPLWHR
| Q4 25 | -26.1% | 24.1% | ||
| Q3 25 | -8.0% | -1.3% | ||
| Q2 25 | -16.1% | -1.7% | ||
| Q1 25 | -11.0% | -21.9% | ||
| Q4 24 | -15.9% | 23.5% | ||
| Q3 24 | 4.9% | 3.2% | ||
| Q2 24 | 5.1% | 6.9% | ||
| Q1 24 | -13.6% | -22.0% |
资本支出强度PPLWHR
| Q4 25 | 49.5% | 3.7% | ||
| Q3 25 | 51.2% | 2.1% | ||
| Q2 25 | 45.6% | 2.2% | ||
| Q1 25 | 31.2% | 2.0% | ||
| Q4 24 | 39.3% | 3.3% | ||
| Q3 24 | 32.7% | 2.2% | ||
| Q2 24 | 35.8% | 2.8% | ||
| Q1 24 | 25.9% | 2.6% |
现金转化率PPLWHR
| Q4 25 | 2.06× | 10.45× | ||
| Q3 25 | 3.04× | 0.45× | ||
| Q2 25 | 3.29× | 0.29× | ||
| Q1 25 | 1.24× | -10.15× | ||
| Q4 24 | 2.89× | — | ||
| Q3 24 | 3.65× | 1.96× | ||
| Q2 24 | 4.03× | 1.77× | ||
| Q1 24 | 0.92× | — |
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% |
WHR
| Refrigeration | $1.2B | 30% |
| Laundry | $1.1B | 27% |
| Cooking | $1.1B | 26% |
| Dishwashing | $299.0M | 7% |
| Other | $266.0M | 6% |
| Spare Parts And Warranties | $139.0M | 3% |
