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贝宝（PYPL）与Sunoco LP（SUN）财务数据对比。点击上方公司名可切换其他公司
贝宝的季度营收约是Sunoco LP的1.0倍（$8.7B vs $8.6B），贝宝净利率更高（16.6% vs 1.2%，领先15.4%），Sunoco LP同比增速更快（63.2% vs 3.7%），过去两年Sunoco LP的营收复合增速更高（25.1% vs 6.2%）
贝宝控股（PayPal Holdings, Inc.）是美国跨国金融科技企业，在全球多数支持线上转账的国家运营在线支付系统，可作为支票、汇票等传统纸质支付方式的电子替代选项，同时为线上商户、拍卖网站及各类商业用户提供支付处理服务。
Sunoco LP是总部位于美国得克萨斯州达拉斯的业主有限合伙企业，在特拉华州注册成立，历史最早可追溯至1886年。公司最初为垂直一体化能源企业，现已转型为燃油分销商及能源基础设施运营商，此前曾涉足油气勘探开采、炼化、化工生产及燃油零售业务，目前上述业务均已剥离。
PYPL vs SUN — 直观对比
营收规模更大
PYPL
是对方的1.0倍
$8.6B
营收增速更快
SUN
高出59.5%
3.7%
净利率更高
PYPL
高出15.4%
1.2%
两年增速更快
SUN
近两年复合增速
6.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $8.7B | $8.6B |
| 净利润 | $1.4B | $101.0M |
| 毛利率 | — | 10.7% |
| 营业利润率 | 17.4% | 2.1% |
| 净利率 | 16.6% | 1.2% |
| 营收同比 | 3.7% | 63.2% |
| 净利润同比 | 28.2% | -28.4% |
| 每股收益（稀释后） | $1.53 | — |
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PYPLSUN
| Q4 25 | $8.7B | $8.6B | ||
| Q3 25 | $8.4B | $6.0B | ||
| Q2 25 | $8.3B | $5.4B | ||
| Q1 25 | $7.8B | $5.2B | ||
| Q4 24 | $8.4B | $5.3B | ||
| Q3 24 | $7.8B | $5.8B | ||
| Q2 24 | $7.9B | $6.2B | ||
| Q1 24 | $7.7B | $5.5B |
净利润PYPLSUN
| Q4 25 | $1.4B | $101.0M | ||
| Q3 25 | $1.2B | $133.0M | ||
| Q2 25 | $1.3B | $86.0M | ||
| Q1 25 | $1.3B | $207.0M | ||
| Q4 24 | $1.1B | $141.0M | ||
| Q3 24 | $1.0B | $2.0M | ||
| Q2 24 | $1.1B | $493.0M | ||
| Q1 24 | $888.0M | $230.0M |
毛利率PYPLSUN
| Q4 25 | — | 10.7% | ||
| Q3 25 | — | 10.7% | ||
| Q2 25 | — | 10.6% | ||
| Q1 25 | — | 12.6% | ||
| Q4 24 | — | 11.9% | ||
| Q3 24 | — | 7.4% | ||
| Q2 24 | — | 9.2% | ||
| Q1 24 | — | 8.8% |
营业利润率PYPLSUN
| Q4 25 | 17.4% | 2.1% | ||
| Q3 25 | 18.1% | 4.2% | ||
| Q2 25 | 18.1% | 3.8% | ||
| Q1 25 | 19.6% | 5.7% | ||
| Q4 24 | 17.2% | 4.5% | ||
| Q3 24 | 17.7% | 1.9% | ||
| Q2 24 | 16.8% | 2.4% | ||
| Q1 24 | 15.2% | 5.4% |
净利率PYPLSUN
| Q4 25 | 16.6% | 1.2% | ||
| Q3 25 | 14.8% | 2.2% | ||
| Q2 25 | 15.2% | 1.6% | ||
| Q1 25 | 16.5% | 4.0% | ||
| Q4 24 | 13.4% | 2.7% | ||
| Q3 24 | 12.9% | 0.0% | ||
| Q2 24 | 14.3% | 8.0% | ||
| Q1 24 | 11.5% | 4.2% |
每股收益（稀释后）PYPLSUN
| Q4 25 | $1.53 | — | ||
| Q3 25 | $1.30 | — | ||
| Q2 25 | $1.29 | — | ||
| Q1 25 | $1.29 | — | ||
| Q4 24 | $1.09 | — | ||
| Q3 24 | $0.99 | — | ||
| Q2 24 | $1.08 | — | ||
| Q1 24 | $0.83 | — |
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 | $10.4B | $891.0M |
| 总债务越低越好 | — | $13.4B |
| 股东权益账面价值 | $20.3B | — |
| 总资产 | $80.2B | $28.4B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资PYPLSUN
| Q4 25 | $10.4B | $891.0M | ||
| Q3 25 | $10.8B | — | ||
| Q2 25 | $10.0B | — | ||
| Q1 25 | $11.2B | — | ||
| Q4 24 | $10.8B | $94.0M | ||
| Q3 24 | $11.9B | — | ||
| Q2 24 | $13.6B | — | ||
| Q1 24 | $14.3B | — |
总债务PYPLSUN
| Q4 25 | — | $13.4B | ||
| Q3 25 | — | $9.5B | ||
| Q2 25 | — | $7.8B | ||
| Q1 25 | — | $7.7B | ||
| Q4 24 | — | $7.5B | ||
| Q3 24 | — | $7.3B | ||
| Q2 24 | — | $7.3B | ||
| Q1 24 | — | $3.8B |
股东权益PYPLSUN
| Q4 25 | $20.3B | — | ||
| Q3 25 | $20.2B | — | ||
| Q2 25 | $20.2B | — | ||
| Q1 25 | $20.3B | — | ||
| Q4 24 | $20.4B | — | ||
| Q3 24 | $20.2B | — | ||
| Q2 24 | $20.6B | — | ||
| Q1 24 | $20.7B | — |
总资产PYPLSUN
| Q4 25 | $80.2B | $28.4B | ||
| Q3 25 | $79.8B | $17.8B | ||
| Q2 25 | $79.8B | $14.4B | ||
| Q1 25 | $81.3B | $14.3B | ||
| Q4 24 | $81.6B | $14.4B | ||
| Q3 24 | $83.5B | $14.1B | ||
| Q2 24 | $84.0B | $14.5B | ||
| Q1 24 | $83.3B | $7.4B |
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 | $2.4B | $392.0M |
| 自由现金流经营现金流 - 资本支出 | $2.2B | — |
| 自由现金流率自由现金流/营收 | 25.2% | — |
| 资本支出强度资本支出/营收 | 2.2% | — |
| 现金转化率经营现金流/净利润 | 1.66× | 3.88× |
| 过去12个月自由现金流最近4个季度 | $5.6B | — |
8季度趋势，按日历期对齐
经营现金流PYPLSUN
| Q4 25 | $2.4B | $392.0M | ||
| Q3 25 | $2.0B | $401.0M | ||
| Q2 25 | $898.0M | $243.0M | ||
| Q1 25 | $1.2B | $156.0M | ||
| Q4 24 | $2.4B | $123.0M | ||
| Q3 24 | $1.6B | $210.0M | ||
| Q2 24 | $1.5B | $-70.0M | ||
| Q1 24 | $1.9B | $286.0M |
自由现金流PYPLSUN
| Q4 25 | $2.2B | — | ||
| Q3 25 | $1.7B | $244.0M | ||
| Q2 25 | $692.0M | $83.0M | ||
| Q1 25 | $964.0M | $55.0M | ||
| Q4 24 | $2.2B | — | ||
| Q3 24 | $1.4B | $109.0M | ||
| Q2 24 | $1.4B | $-140.0M | ||
| Q1 24 | $1.8B | $245.0M |
自由现金流率PYPLSUN
| Q4 25 | 25.2% | — | ||
| Q3 25 | 20.4% | 4.0% | ||
| Q2 25 | 8.3% | 1.5% | ||
| Q1 25 | 12.4% | 1.1% | ||
| Q4 24 | 26.2% | — | ||
| Q3 24 | 18.4% | 1.9% | ||
| Q2 24 | 17.3% | -2.3% | ||
| Q1 24 | 22.9% | 4.5% |
资本支出强度PYPLSUN
| Q4 25 | 2.2% | — | ||
| Q3 25 | 3.0% | 2.6% | ||
| Q2 25 | 2.5% | 3.0% | ||
| Q1 25 | 2.5% | 2.0% | ||
| Q4 24 | 2.4% | — | ||
| Q3 24 | 2.2% | 1.8% | ||
| Q2 24 | 2.0% | 1.1% | ||
| Q1 24 | 2.0% | 0.7% |
现金转化率PYPLSUN
| Q4 25 | 1.66× | 3.88× | ||
| Q3 25 | 1.58× | 3.02× | ||
| Q2 25 | 0.71× | 2.83× | ||
| Q1 25 | 0.90× | 0.75× | ||
| Q4 24 | 2.14× | 0.87× | ||
| Q3 24 | 1.60× | 105.00× | ||
| Q2 24 | 1.35× | -0.14× | ||
| Q1 24 | 2.16× | 1.24× |
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
PYPL
| US | $4.9B | 57% |
| Non Us | $3.7B | 43% |
SUN
| Fuel Distribution | $8.2B | 95% |
| Service Revenue | $440.0M | 5% |
| Lease Revenue | $40.0M | 0% |
| Lease Income | $12.0M | 0% |
