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先锋自然资源公司（PR）与ADVANCED DRAINAGE SYSTEMS, INC.（WMS）财务数据对比。点击上方公司名可切换其他公司
先锋自然资源公司的季度营收约是ADVANCED DRAINAGE SYSTEMS, INC.的1.7倍（$1.2B vs $693.4M），先锋自然资源公司净利率更高（29.0% vs 13.5%，领先15.5%），ADVANCED DRAINAGE SYSTEMS, INC.同比增速更快（0.4% vs -9.8%），过去两年ADVANCED DRAINAGE SYSTEMS, INC.的营收复合增速更高（3.0% vs -3.0%）
先锋自然资源公司总部位于美国得克萨斯州欧文市，主要从事油气勘探业务，运营覆盖二叠纪盆地Spraberry产区的克莱恩页岩区块，是该区域最大的土地权益持有方，2024年5月被埃克森美孚收购。
Advanced Drainage Systems（简称ADS）是一家美国企业，主营聚丙烯、聚乙烯管材，塑料渗滤场系统、化粪池及配套配件、雨水调蓄设施、PVC排水构件、管件、水过滤与分离设备的设计、生产及销售，是美国规模最大的高密度聚乙烯管道生产商，总部位于俄亥俄州希利厄德。
PR vs WMS — 直观对比
营收规模更大
PR
是对方的1.7倍
$693.4M
营收增速更快
WMS
高出10.2%
-9.8%
净利率更高
PR
高出15.5%
13.5%
两年增速更快
WMS
近两年复合增速
-3.0%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $693.4M |
| 净利润 | $339.5M | $93.6M |
| 毛利率 | — | 37.4% |
| 营业利润率 | 23.1% | 19.7% |
| 净利率 | 29.0% | 13.5% |
| 营收同比 | -9.8% | 0.4% |
| 净利润同比 | 56.7% | 15.3% |
| 每股收益（稀释后） | $0.48 | $1.19 |
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PRWMS
| Q4 25 | $1.2B | $693.4M | ||
| Q3 25 | $1.3B | $850.4M | ||
| Q2 25 | $1.2B | $829.9M | ||
| Q1 25 | $1.4B | $615.8M | ||
| Q4 24 | $1.3B | $690.5M | ||
| Q3 24 | $1.2B | $782.6M | ||
| Q2 24 | $1.2B | $815.3M | ||
| Q1 24 | $1.2B | $653.8M |
净利润PRWMS
| Q4 25 | $339.5M | $93.6M | ||
| Q3 25 | $59.2M | $156.0M | ||
| Q2 25 | $207.1M | $143.9M | ||
| Q1 25 | $329.3M | $77.2M | ||
| Q4 24 | $216.7M | $81.2M | ||
| Q3 24 | $386.4M | $130.4M | ||
| Q2 24 | $235.1M | $161.4M | ||
| Q1 24 | $146.6M | $94.8M |
毛利率PRWMS
| Q4 25 | — | 37.4% | ||
| Q3 25 | — | 40.0% | ||
| Q2 25 | — | 39.8% | ||
| Q1 25 | — | 36.7% | ||
| Q4 24 | — | 35.0% | ||
| Q3 24 | — | 37.6% | ||
| Q2 24 | — | 40.8% | ||
| Q1 24 | — | 38.5% |
营业利润率PRWMS
| Q4 25 | 23.1% | 19.7% | ||
| Q3 25 | 29.6% | 26.3% | ||
| Q2 25 | 24.8% | 24.8% | ||
| Q1 25 | 36.6% | 19.0% | ||
| Q4 24 | 32.8% | 18.4% | ||
| Q3 24 | 32.5% | 23.9% | ||
| Q2 24 | 36.5% | 27.7% | ||
| Q1 24 | 37.7% | 20.7% |
净利率PRWMS
| Q4 25 | 29.0% | 13.5% | ||
| Q3 25 | 4.5% | 18.3% | ||
| Q2 25 | 17.3% | 17.3% | ||
| Q1 25 | 23.9% | 12.5% | ||
| Q4 24 | 16.7% | 11.8% | ||
| Q3 24 | 31.8% | 16.7% | ||
| Q2 24 | 18.9% | 19.8% | ||
| Q1 24 | 11.8% | 14.5% |
每股收益（稀释后）PRWMS
| Q4 25 | $0.48 | $1.19 | ||
| Q3 25 | $0.08 | $1.99 | ||
| Q2 25 | $0.28 | $1.84 | ||
| Q1 25 | $0.44 | $0.99 | ||
| Q4 24 | $0.31 | $1.04 | ||
| Q3 24 | $0.53 | $1.67 | ||
| Q2 24 | $0.36 | $2.06 | ||
| Q1 24 | $0.25 | $1.22 |
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 | $153.7M | $1.0B |
| 总债务越低越好 | $3.5B | — |
| 股东权益账面价值 | $10.3B | $1.9B |
| 总资产 | $17.9B | $4.1B |
| 负债/权益比越低杠杆越低 | 0.34× | — |
8季度趋势，按日历期对齐
现金及短期投资PRWMS
| Q4 25 | $153.7M | $1.0B | ||
| Q3 25 | $111.8M | $812.9M | ||
| Q2 25 | $451.0M | $638.3M | ||
| Q1 25 | $702.2M | $463.3M | ||
| Q4 24 | $479.3M | $488.9M | ||
| Q3 24 | $272.0M | $613.0M | ||
| Q2 24 | $47.8M | $541.6M | ||
| Q1 24 | $12.7M | $490.2M |
总债务PRWMS
| Q4 25 | $3.5B | — | ||
| Q3 25 | $3.5B | — | ||
| Q2 25 | $4.0B | — | ||
| Q1 25 | $4.0B | $1.3B | ||
| Q4 24 | $4.2B | — | ||
| Q3 24 | $4.2B | — | ||
| Q2 24 | $3.9B | — | ||
| Q1 24 | $3.9B | $1.3B |
股东权益PRWMS
| Q4 25 | $10.3B | $1.9B | ||
| Q3 25 | $10.0B | $1.8B | ||
| Q2 25 | $9.5B | $1.7B | ||
| Q1 25 | $9.4B | $1.5B | ||
| Q4 24 | $9.1B | $1.5B | ||
| Q3 24 | $9.0B | $1.4B | ||
| Q2 24 | $8.3B | $1.3B | ||
| Q1 24 | $7.0B | $1.2B |
总资产PRWMS
| Q4 25 | $17.9B | $4.1B | ||
| Q3 25 | $17.3B | $4.1B | ||
| Q2 25 | $17.5B | $3.9B | ||
| Q1 25 | $17.1B | $3.7B | ||
| Q4 24 | $16.9B | $3.6B | ||
| Q3 24 | $16.6B | $3.5B | ||
| Q2 24 | $15.4B | $3.4B | ||
| Q1 24 | $15.1B | $3.3B |
负债/权益比PRWMS
| Q4 25 | 0.34× | — | ||
| Q3 25 | 0.35× | — | ||
| Q2 25 | 0.42× | — | ||
| Q1 25 | 0.43× | 0.83× | ||
| Q4 24 | 0.46× | — | ||
| Q3 24 | 0.47× | — | ||
| Q2 24 | 0.46× | — | ||
| Q1 24 | 0.56× | 1.11× |
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 | $904.3M | $269.3M |
| 自由现金流经营现金流 - 资本支出 | — | $183.6M |
| 自由现金流率自由现金流/营收 | — | 26.5% |
| 资本支出强度资本支出/营收 | — | 12.4% |
| 现金转化率经营现金流/净利润 | 2.66× | 2.88× |
| 过去12个月自由现金流最近4个季度 | — | $577.1M |
8季度趋势，按日历期对齐
经营现金流PRWMS
| Q4 25 | $904.3M | $269.3M | ||
| Q3 25 | $766.5M | $234.9M | ||
| Q2 25 | $1.0B | $275.0M | ||
| Q1 25 | $898.0M | $41.2M | ||
| Q4 24 | $871.6M | $189.9M | ||
| Q3 24 | $954.4M | $166.9M | ||
| Q2 24 | $938.4M | $183.4M | ||
| Q1 24 | $647.6M | $17.7M |
自由现金流PRWMS
| Q4 25 | — | $183.6M | ||
| Q3 25 | — | $176.4M | ||
| Q2 25 | — | $222.4M | ||
| Q1 25 | — | $-5.3M | ||
| Q4 24 | — | $135.7M | ||
| Q3 24 | — | $112.4M | ||
| Q2 24 | — | $125.7M | ||
| Q1 24 | — | $-29.8M |
自由现金流率PRWMS
| Q4 25 | — | 26.5% | ||
| Q3 25 | — | 20.7% | ||
| Q2 25 | — | 26.8% | ||
| Q1 25 | — | -0.9% | ||
| Q4 24 | — | 19.7% | ||
| Q3 24 | — | 14.4% | ||
| Q2 24 | — | 15.4% | ||
| Q1 24 | — | -4.6% |
资本支出强度PRWMS
| Q4 25 | — | 12.4% | ||
| Q3 25 | — | 6.9% | ||
| Q2 25 | — | 6.3% | ||
| Q1 25 | — | 7.6% | ||
| Q4 24 | — | 7.9% | ||
| Q3 24 | — | 7.0% | ||
| Q2 24 | — | 7.1% | ||
| Q1 24 | — | 7.3% |
现金转化率PRWMS
| Q4 25 | 2.66× | 2.88× | ||
| Q3 25 | 12.94× | 1.51× | ||
| Q2 25 | 5.01× | 1.91× | ||
| Q1 25 | 2.73× | 0.53× | ||
| Q4 24 | 4.02× | 2.34× | ||
| Q3 24 | 2.47× | 1.28× | ||
| Q2 24 | 3.99× | 1.14× | ||
| Q1 24 | 4.42× | 0.19× |
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
PR
| Crude Oil | $1.0B | 87% |
| Natural Gas Liquids Reserves | $145.1M | 12% |
WMS
| Reportable Segment Aggregation Before Other Operating Segment | $557.3M | 80% |
| Other | $85.5M | 12% |
| Pipe | $35.5M | 5% |
| Allied Products And Other | $15.0M | 2% |
