vs
PPL Corporation（PPL）与西湖化学（WLK）财务数据对比。点击上方公司名可切换其他公司
西湖化学的季度营收约是PPL Corporation的1.1倍（$2.5B vs $2.3B），PPL Corporation净利率更高（11.3% vs -21.5%，领先32.8%），PPL Corporation同比增速更快（7.2% vs -10.9%），西湖化学自由现金流更多（$-16.0M vs $-614.0M），过去两年PPL Corporation的营收复合增速更高（1.0% vs -7.7%）
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。
西湖化学是国际知名的石化产品、聚合物及装配式建筑产品生产商与供应商，产品广泛应用于各类消费及工业市场。公司1986年由赵廷箴创立，是美国最大的低密度聚乙烯生产商，位列福布斯全球2000强，业务分为烯烃和乙烯基两大板块，具备乙烯基产品下游一体化生产能力。
PPL vs WLK — 直观对比
营收规模更大
WLK
是对方的1.1倍
$2.3B
营收增速更快
PPL
高出18.1%
-10.9%
净利率更高
PPL
高出32.8%
-21.5%
自由现金流更多
WLK
多$598.0M
$-614.0M
两年增速更快
PPL
近两年复合增速
-7.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.3B | $2.5B |
| 净利润 | $266.0M | $-544.0M |
| 毛利率 | — | 3.4% |
| 营业利润率 | 20.3% | -26.5% |
| 净利率 | 11.3% | -21.5% |
| 营收同比 | 7.2% | -10.9% |
| 净利润同比 | 50.3% | -7871.4% |
| 每股收益（稀释后） | $0.35 | $-4.22 |
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PPLWLK
| Q4 25 | $2.3B | $2.5B | ||
| Q3 25 | $2.2B | $2.8B | ||
| Q2 25 | $2.0B | $3.0B | ||
| Q1 25 | $2.5B | $2.8B | ||
| Q4 24 | $2.2B | $2.8B | ||
| Q3 24 | $2.1B | $3.1B | ||
| Q2 24 | $1.9B | $3.2B | ||
| Q1 24 | $2.3B | $3.0B |
净利润PPLWLK
| Q4 25 | $266.0M | $-544.0M | ||
| Q3 25 | $318.0M | $-782.0M | ||
| Q2 25 | $183.0M | $-142.0M | ||
| Q1 25 | $414.0M | $-40.0M | ||
| Q4 24 | $177.0M | $7.0M | ||
| Q3 24 | $214.0M | $108.0M | ||
| Q2 24 | $190.0M | $313.0M | ||
| Q1 24 | $307.0M | $174.0M |
毛利率PPLWLK
| Q4 25 | — | 3.4% | ||
| Q3 25 | — | 8.3% | ||
| Q2 25 | — | 8.7% | ||
| Q1 25 | — | 8.2% | ||
| Q4 24 | — | 11.5% | ||
| Q3 24 | — | 16.0% | ||
| Q2 24 | — | 20.7% | ||
| Q1 24 | — | 15.7% |
营业利润率PPLWLK
| Q4 25 | 20.3% | -26.5% | ||
| Q3 25 | 25.4% | -27.0% | ||
| Q2 25 | 19.9% | -3.7% | ||
| Q1 25 | 26.6% | -1.1% | ||
| Q4 24 | 17.2% | 2.3% | ||
| Q3 24 | 20.6% | 5.8% | ||
| Q2 24 | 20.8% | 12.7% | ||
| Q1 24 | 23.7% | 7.5% |
净利率PPLWLK
| Q4 25 | 11.3% | -21.5% | ||
| Q3 25 | 14.2% | -27.6% | ||
| Q2 25 | 9.0% | -4.8% | ||
| Q1 25 | 16.3% | -1.4% | ||
| Q4 24 | 8.1% | 0.2% | ||
| Q3 24 | 10.3% | 3.5% | ||
| Q2 24 | 10.1% | 9.8% | ||
| Q1 24 | 13.3% | 5.8% |
每股收益（稀释后）PPLWLK
| Q4 25 | $0.35 | $-4.22 | ||
| Q3 25 | $0.43 | $-6.06 | ||
| Q2 25 | $0.25 | $-1.11 | ||
| Q1 25 | $0.56 | $-0.31 | ||
| Q4 24 | $0.23 | $0.07 | ||
| Q3 24 | $0.29 | $0.83 | ||
| Q2 24 | $0.26 | $2.40 | ||
| Q1 24 | $0.42 | $1.34 |
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 | $2.7B |
| 总债务越低越好 | $18.9B | $5.6B |
| 股东权益账面价值 | $14.9B | $8.8B |
| 总资产 | $45.2B | $20.0B |
| 负债/权益比越低杠杆越低 | 1.27× | 0.64× |
8季度趋势，按日历期对齐
现金及短期投资PPLWLK
| Q4 25 | $1.1B | $2.7B | ||
| Q3 25 | $1.1B | $1.9B | ||
| Q2 25 | $294.0M | $2.1B | ||
| Q1 25 | $312.0M | $2.3B | ||
| Q4 24 | $306.0M | $2.9B | ||
| Q3 24 | $542.0M | $2.9B | ||
| Q2 24 | $282.0M | $3.0B | ||
| Q1 24 | $276.0M | $3.1B |
总债务PPLWLK
| Q4 25 | $18.9B | $5.6B | ||
| Q3 25 | — | $4.7B | ||
| Q2 25 | — | $4.7B | ||
| Q1 25 | — | $4.6B | ||
| Q4 24 | $16.5B | $4.6B | ||
| Q3 24 | — | $4.6B | ||
| Q2 24 | — | $4.9B | ||
| Q1 24 | — | $4.9B |
股东权益PPLWLK
| Q4 25 | $14.9B | $8.8B | ||
| Q3 25 | $14.4B | $9.4B | ||
| Q2 25 | $14.3B | $10.3B | ||
| Q1 25 | $14.3B | $10.4B | ||
| Q4 24 | $14.1B | $10.5B | ||
| Q3 24 | $14.1B | $10.7B | ||
| Q2 24 | $14.1B | $10.6B | ||
| Q1 24 | $14.1B | $10.3B |
总资产PPLWLK
| Q4 25 | $45.2B | $20.0B | ||
| Q3 25 | $43.9B | $19.8B | ||
| Q2 25 | $42.4B | $20.8B | ||
| Q1 25 | $41.8B | $20.7B | ||
| Q4 24 | $41.1B | $20.8B | ||
| Q3 24 | $40.5B | $21.1B | ||
| Q2 24 | $39.8B | $21.1B | ||
| Q1 24 | $39.6B | $21.0B |
负债/权益比PPLWLK
| Q4 25 | 1.27× | 0.64× | ||
| Q3 25 | — | 0.49× | ||
| Q2 25 | — | 0.45× | ||
| Q1 25 | — | 0.44× | ||
| Q4 24 | 1.17× | 0.43× | ||
| Q3 24 | — | 0.43× | ||
| Q2 24 | — | 0.46× | ||
| Q1 24 | — | 0.47× |
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 | $225.0M |
| 自由现金流经营现金流 - 资本支出 | $-614.0M | $-16.0M |
| 自由现金流率自由现金流/营收 | -26.1% | -0.6% |
| 资本支出强度资本支出/营收 | 49.5% | 9.5% |
| 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 | $-530.0M |
8季度趋势，按日历期对齐
经营现金流PPLWLK
| Q4 25 | $548.0M | $225.0M | ||
| Q3 25 | $966.0M | $182.0M | ||
| Q2 25 | $602.0M | $135.0M | ||
| Q1 25 | $513.0M | $-77.0M | ||
| Q4 24 | $511.0M | $434.0M | ||
| Q3 24 | $781.0M | $474.0M | ||
| Q2 24 | $766.0M | $237.0M | ||
| Q1 24 | $282.0M | $169.0M |
自由现金流PPLWLK
| Q4 25 | $-614.0M | $-16.0M | ||
| Q3 25 | $-179.0M | $-57.0M | ||
| Q2 25 | $-328.0M | $-132.0M | ||
| Q1 25 | $-280.0M | $-325.0M | ||
| Q4 24 | $-349.0M | $149.0M | ||
| Q3 24 | $102.0M | $254.0M | ||
| Q2 24 | $96.0M | $6.0M | ||
| Q1 24 | $-314.0M | $-103.0M |
自由现金流率PPLWLK
| Q4 25 | -26.1% | -0.6% | ||
| Q3 25 | -8.0% | -2.0% | ||
| Q2 25 | -16.1% | -4.5% | ||
| Q1 25 | -11.0% | -11.4% | ||
| Q4 24 | -15.9% | 5.2% | ||
| Q3 24 | 4.9% | 8.1% | ||
| Q2 24 | 5.1% | 0.2% | ||
| Q1 24 | -13.6% | -3.5% |
资本支出强度PPLWLK
| Q4 25 | 49.5% | 9.5% | ||
| Q3 25 | 51.2% | 8.4% | ||
| Q2 25 | 45.6% | 9.0% | ||
| Q1 25 | 31.2% | 8.7% | ||
| Q4 24 | 39.3% | 10.0% | ||
| Q3 24 | 32.7% | 7.1% | ||
| Q2 24 | 35.8% | 7.2% | ||
| Q1 24 | 25.9% | 9.1% |
现金转化率PPLWLK
| Q4 25 | 2.06× | — | ||
| Q3 25 | 3.04× | — | ||
| Q2 25 | 3.29× | — | ||
| Q1 25 | 1.24× | — | ||
| Q4 24 | 2.89× | 62.00× | ||
| Q3 24 | 3.65× | 4.39× | ||
| Q2 24 | 4.03× | 0.76× | ||
| Q1 24 | 0.92× | 0.97× |
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% |
WLK
| Performance Materials | $930.0M | 37% |
| Housing Products | $767.0M | 30% |
| Essential Materials | $702.0M | 28% |
| Infrastructure Products | $134.0M | 5% |
