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PPL Corporation（PPL）与华纳音乐集团（WMG）财务数据对比。点击上方公司名可切换其他公司
PPL Corporation的季度营收约是华纳音乐集团的1.3倍（$2.3B vs $1.8B），PPL Corporation净利率更高（11.3% vs 9.6%，领先1.8%），华纳音乐集团同比增速更快（10.4% vs 7.2%），华纳音乐集团自由现金流更多（$420.0M vs $-614.0M），过去两年华纳音乐集团的营收复合增速更高（11.0% 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。
华纳音乐集团（简称WMG）是总部位于美国纽约的跨国娱乐及唱片集团，属于全球唱片行业“三大巨头”之一，市场规模位居全球音乐行业第三位，仅次于环球音乐集团与索尼音乐娱乐。
PPL vs WMG — 直观对比
营收规模更大
PPL
是对方的1.3倍
$1.8B
营收增速更快
WMG
高出3.2%
7.2%
净利率更高
PPL
高出1.8%
9.6%
自由现金流更多
WMG
多$1.0B
$-614.0M
两年增速更快
WMG
近两年复合增速
1.0%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.3B | $1.8B |
| 净利润 | $266.0M | $176.0M |
| 毛利率 | — | 46.4% |
| 营业利润率 | 20.3% | 15.7% |
| 净利率 | 11.3% | 9.6% |
| 营收同比 | 7.2% | 10.4% |
| 净利润同比 | 50.3% | -25.4% |
| 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PPLWMG
| Q4 25 | $2.3B | $1.8B | ||
| Q3 25 | $2.2B | $1.9B | ||
| Q2 25 | $2.0B | $1.7B | ||
| Q1 25 | $2.5B | $1.5B | ||
| Q4 24 | $2.2B | $1.7B | ||
| Q3 24 | $2.1B | $1.6B | ||
| Q2 24 | $1.9B | $1.6B | ||
| Q1 24 | $2.3B | $1.5B |
净利润PPLWMG
| Q4 25 | $266.0M | $176.0M | ||
| Q3 25 | $318.0M | $109.0M | ||
| Q2 25 | $183.0M | $-16.0M | ||
| Q1 25 | $414.0M | $36.0M | ||
| Q4 24 | $177.0M | $236.0M | ||
| Q3 24 | $214.0M | $41.0M | ||
| Q2 24 | $190.0M | $139.0M | ||
| Q1 24 | $307.0M | $96.0M |
毛利率PPLWMG
| Q4 25 | — | 46.4% | ||
| Q3 25 | — | 44.6% | ||
| Q2 25 | — | 45.9% | ||
| Q1 25 | — | 46.7% | ||
| Q4 24 | — | 46.3% | ||
| Q3 24 | — | 47.6% | ||
| Q2 24 | — | 46.6% | ||
| Q1 24 | — | 47.1% |
营业利润率PPLWMG
| Q4 25 | 20.3% | 15.7% | ||
| Q3 25 | 25.4% | 7.7% | ||
| Q2 25 | 19.9% | 10.0% | ||
| Q1 25 | 26.6% | 11.3% | ||
| Q4 24 | 17.2% | 12.8% | ||
| Q3 24 | 20.6% | 8.8% | ||
| Q2 24 | 20.8% | 13.3% | ||
| Q1 24 | 23.7% | 8.0% |
净利率PPLWMG
| Q4 25 | 11.3% | 9.6% | ||
| Q3 25 | 14.2% | 5.8% | ||
| Q2 25 | 9.0% | -0.9% | ||
| Q1 25 | 16.3% | 2.4% | ||
| Q4 24 | 8.1% | 14.2% | ||
| Q3 24 | 10.3% | 2.5% | ||
| Q2 24 | 10.1% | 8.9% | ||
| Q1 24 | 13.3% | 6.4% |
每股收益（稀释后）PPLWMG
| 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 | $751.0M |
| 总债务越低越好 | $18.9B | $4.4B |
| 股东权益账面价值 | $14.9B | $720.0M |
| 总资产 | $45.2B | $10.0B |
| 负债/权益比越低杠杆越低 | 1.27× | 6.07× |
8季度趋势，按日历期对齐
现金及短期投资PPLWMG
| Q4 25 | $1.1B | $751.0M | ||
| Q3 25 | $1.1B | $532.0M | ||
| Q2 25 | $294.0M | $527.0M | ||
| Q1 25 | $312.0M | $637.0M | ||
| Q4 24 | $306.0M | $802.0M | ||
| Q3 24 | $542.0M | $694.0M | ||
| Q2 24 | $282.0M | $607.0M | ||
| Q1 24 | $276.0M | $587.0M |
总债务PPLWMG
| Q4 25 | $18.9B | $4.4B | ||
| Q3 25 | — | $4.4B | ||
| Q2 25 | — | $4.4B | ||
| Q1 25 | — | $4.3B | ||
| Q4 24 | $16.5B | $4.0B | ||
| Q3 24 | — | $4.0B | ||
| Q2 24 | — | $4.0B | ||
| Q1 24 | — | $4.0B |
股东权益PPLWMG
| Q4 25 | $14.9B | $720.0M | ||
| Q3 25 | $14.4B | $647.0M | ||
| Q2 25 | $14.3B | $589.0M | ||
| Q1 25 | $14.3B | $567.0M | ||
| Q4 24 | $14.1B | $545.0M | ||
| Q3 24 | $14.1B | $518.0M | ||
| Q2 24 | $14.1B | $483.0M | ||
| Q1 24 | $14.1B | $433.0M |
总资产PPLWMG
| Q4 25 | $45.2B | $10.0B | ||
| Q3 25 | $43.9B | $9.8B | ||
| Q2 25 | $42.4B | $9.8B | ||
| Q1 25 | $41.8B | $9.6B | ||
| Q4 24 | $41.1B | $9.1B | ||
| Q3 24 | $40.5B | $9.2B | ||
| Q2 24 | $39.8B | $8.8B | ||
| Q1 24 | $39.6B | $8.7B |
负债/权益比PPLWMG
| Q4 25 | 1.27× | 6.07× | ||
| Q3 25 | — | 6.75× | ||
| Q2 25 | — | 7.41× | ||
| Q1 25 | — | 7.57× | ||
| Q4 24 | 1.17× | 7.26× | ||
| Q3 24 | — | 7.75× | ||
| Q2 24 | — | 8.24× | ||
| Q1 24 | — | 9.20× |
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 | $440.0M |
| 自由现金流经营现金流 - 资本支出 | $-614.0M | $420.0M |
| 自由现金流率自由现金流/营收 | -26.1% | 22.8% |
| 资本支出强度资本支出/营收 | 49.5% | 1.1% |
| 现金转化率经营现金流/净利润 | 2.06× | 2.50× |
| 过去12个月自由现金流最近4个季度 | $-1.4B | $663.0M |
8季度趋势，按日历期对齐
经营现金流PPLWMG
| Q4 25 | $548.0M | $440.0M | ||
| Q3 25 | $966.0M | $231.0M | ||
| Q2 25 | $602.0M | $46.0M | ||
| Q1 25 | $513.0M | $69.0M | ||
| Q4 24 | $511.0M | $332.0M | ||
| Q3 24 | $781.0M | $304.0M | ||
| Q2 24 | $766.0M | $188.0M | ||
| Q1 24 | $282.0M | $-31.0M |
自由现金流PPLWMG
| Q4 25 | $-614.0M | $420.0M | ||
| Q3 25 | $-179.0M | $203.0M | ||
| Q2 25 | $-328.0M | $7.0M | ||
| Q1 25 | $-280.0M | $33.0M | ||
| Q4 24 | $-349.0M | $296.0M | ||
| Q3 24 | $102.0M | $271.0M | ||
| Q2 24 | $96.0M | $160.0M | ||
| Q1 24 | $-314.0M | $-57.0M |
自由现金流率PPLWMG
| Q4 25 | -26.1% | 22.8% | ||
| Q3 25 | -8.0% | 10.9% | ||
| Q2 25 | -16.1% | 0.4% | ||
| Q1 25 | -11.0% | 2.2% | ||
| Q4 24 | -15.9% | 17.8% | ||
| Q3 24 | 4.9% | 16.6% | ||
| Q2 24 | 5.1% | 10.3% | ||
| Q1 24 | -13.6% | -3.8% |
资本支出强度PPLWMG
| Q4 25 | 49.5% | 1.1% | ||
| Q3 25 | 51.2% | 1.5% | ||
| Q2 25 | 45.6% | 2.3% | ||
| Q1 25 | 31.2% | 2.4% | ||
| Q4 24 | 39.3% | 2.2% | ||
| Q3 24 | 32.7% | 2.0% | ||
| Q2 24 | 35.8% | 1.8% | ||
| Q1 24 | 25.9% | 1.7% |
现金转化率PPLWMG
| Q4 25 | 2.06× | 2.50× | ||
| Q3 25 | 3.04× | 2.12× | ||
| Q2 25 | 3.29× | — | ||
| Q1 25 | 1.24× | 1.92× | ||
| Q4 24 | 2.89× | 1.41× | ||
| Q3 24 | 3.65× | 7.41× | ||
| Q2 24 | 4.03× | 1.35× | ||
| Q1 24 | 0.92× | -0.32× |
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% |
WMG
| Digital | $976.0M | 53% |
| Music Publishing | $362.0M | 20% |
| Artist Services And Expanded Rights | $231.0M | 13% |
| Licensing | $121.0M | 7% |
| Performance | $64.0M | 3% |
| Synchronization | $60.0M | 3% |
| Mechanical | $18.0M | 1% |
| Other | $5.0M | 0% |
