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BOSTON BEER CO INC（SAM）与SUBURBAN PROPANE PARTNERS LP（SPH）财务数据对比。点击上方公司名可切换其他公司
BOSTON BEER CO INC的季度营收约是SUBURBAN PROPANE PARTNERS LP的1.2倍（$461.6M vs $370.4M），SUBURBAN PROPANE PARTNERS LP同比增速更快（-0.8% vs -4.1%），过去两年BOSTON BEER CO INC的营收复合增速更高（-10.7% vs -13.8%）
波士顿啤酒公司是美国知名酿酒企业，1984年由吉姆·科赫与朗达·卡尔曼联合创立。旗下首款产品以美国开国元勋、独立运动先驱塞缪尔·亚当斯命名，后续陆续推出多个自有品牌，2019年正式完成与角鲨头酿酒厂的合并，是北美精酿啤酒行业的核心参与者之一。
Suburban Propane Partners LP是美国领先的丙烷、天然气、取暖油及相关能源产品分销商，服务覆盖住宅、商业、工业、农业等各类客户，同时提供暖通空调系统的安装、维护与维修服务，业务范围遍布全美。
SAM vs SPH — 直观对比
营收规模更大
SAM
是对方的1.2倍
$370.4M
营收增速更快
SPH
高出3.3%
-4.1%
两年增速更快
SAM
近两年复合增速
-13.8%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $461.6M | $370.4M |
| 净利润 | — | $45.8M |
| 毛利率 | 46.4% | 64.7% |
| 营业利润率 | 12.4% | 18.3% |
| 净利率 | — | 12.4% |
| 营收同比 | -4.1% | -0.8% |
| 净利润同比 | — | 135.7% |
| 每股收益（稀释后） | $2.16 | $0.69 |
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SAMSPH
| Q1 26 | $461.6M | — | ||
| Q4 25 | $385.7M | $370.4M | ||
| Q3 25 | $537.5M | $211.4M | ||
| Q2 25 | $587.9M | $260.1M | ||
| Q1 25 | $453.9M | $587.7M | ||
| Q4 24 | $402.3M | $373.3M | ||
| Q3 24 | $605.5M | $208.6M | ||
| Q2 24 | $579.1M | $254.6M |
净利润SAMSPH
| Q1 26 | — | — | ||
| Q4 25 | $-22.5M | $45.8M | ||
| Q3 25 | $46.2M | $-35.1M | ||
| Q2 25 | $60.4M | $-14.8M | ||
| Q1 25 | $24.4M | $137.1M | ||
| Q4 24 | $-38.8M | $19.4M | ||
| Q3 24 | $33.5M | $-44.6M | ||
| Q2 24 | $52.3M | $-17.2M |
毛利率SAMSPH
| Q1 26 | 46.4% | — | ||
| Q4 25 | 43.5% | 64.7% | ||
| Q3 25 | 50.8% | 64.7% | ||
| Q2 25 | 49.8% | 61.7% | ||
| Q1 25 | 48.3% | 58.8% | ||
| Q4 24 | 39.9% | 60.6% | ||
| Q3 24 | 46.3% | 59.4% | ||
| Q2 24 | 46.0% | 62.9% |
营业利润率SAMSPH
| Q1 26 | 12.4% | — | ||
| Q4 25 | -8.6% | 18.3% | ||
| Q3 25 | 11.5% | -7.9% | ||
| Q2 25 | 14.0% | 2.1% | ||
| Q1 25 | 7.4% | 27.0% | ||
| Q4 24 | -13.9% | 15.8% | ||
| Q3 24 | 7.6% | -10.8% | ||
| Q2 24 | 12.2% | 3.2% |
净利率SAMSPH
| Q1 26 | — | — | ||
| Q4 25 | -5.8% | 12.4% | ||
| Q3 25 | 8.6% | -16.6% | ||
| Q2 25 | 10.3% | -5.7% | ||
| Q1 25 | 5.4% | 23.3% | ||
| Q4 24 | -9.6% | 5.2% | ||
| Q3 24 | 5.5% | -21.4% | ||
| Q2 24 | 9.0% | -6.8% |
每股收益（稀释后）SAMSPH
| Q1 26 | $2.16 | — | ||
| Q4 25 | $-1.97 | $0.69 | ||
| Q3 25 | $4.25 | $-0.55 | ||
| Q2 25 | $5.45 | $-0.23 | ||
| Q1 25 | $2.16 | $2.10 | ||
| Q4 24 | $-3.23 | $0.30 | ||
| Q3 24 | $2.86 | $-0.69 | ||
| Q2 24 | $4.39 | $-0.27 |
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 | $164.1M | $1.3M |
| 总债务越低越好 | — | $1.3B |
| 股东权益账面价值 | $682.6M | — |
| 总资产 | $1.2B | $2.4B |
| 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SAMSPH
| Q1 26 | $164.1M | — | ||
| Q4 25 | $223.4M | $1.3M | ||
| Q3 25 | $250.5M | $405.0K | ||
| Q2 25 | $212.4M | $1.3M | ||
| Q1 25 | $152.5M | $3.9M | ||
| Q4 24 | $211.8M | $4.4M | ||
| Q3 24 | $255.6M | $3.2M | ||
| Q2 24 | $219.3M | $4.9M |
总债务SAMSPH
| Q1 26 | — | — | ||
| Q4 25 | — | $1.3B | ||
| Q3 25 | — | $1.2B | ||
| Q2 25 | — | $1.2B | ||
| Q1 25 | — | $1.3B | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | $1.2B |
股东权益SAMSPH
| Q1 26 | $682.6M | — | ||
| Q4 25 | $846.3M | — | ||
| Q3 25 | $911.0M | — | ||
| Q2 25 | $912.3M | — | ||
| Q1 25 | $897.0M | — | ||
| Q4 24 | $916.2M | — | ||
| Q3 24 | $1.0B | — | ||
| Q2 24 | $1.0B | — |
总资产SAMSPH
| Q1 26 | $1.2B | — | ||
| Q4 25 | $1.2B | $2.4B | ||
| Q3 25 | $1.2B | $2.3B | ||
| Q2 25 | $1.3B | $2.3B | ||
| Q1 25 | $1.2B | $2.4B | ||
| Q4 24 | $1.3B | $2.4B | ||
| Q3 24 | $1.4B | $2.3B | ||
| Q2 24 | $1.4B | $2.3B |
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 | — | $-47.7M |
| 自由现金流经营现金流 - 资本支出 | — | $-67.5M |
| 自由现金流率自由现金流/营收 | — | -18.2% |
| 资本支出强度资本支出/营收 | — | 5.3% |
| 现金转化率经营现金流/净利润 | — | -1.04× |
| 过去12个月自由现金流最近4个季度 | — | $61.9M |
8季度趋势，按日历期对齐
经营现金流SAMSPH
| Q1 26 | — | — | ||
| Q4 25 | $39.9M | $-47.7M | ||
| Q3 25 | $101.8M | $41.8M | ||
| Q2 25 | $126.5M | $95.5M | ||
| Q1 25 | $1.9M | $40.1M | ||
| Q4 24 | $41.9M | $8.8M | ||
| Q3 24 | $115.9M | $36.8M | ||
| Q2 24 | $96.0M | $61.4M |
自由现金流SAMSPH
| Q1 26 | — | — | ||
| Q4 25 | $22.1M | $-67.5M | ||
| Q3 25 | $89.2M | $27.7M | ||
| Q2 25 | $112.2M | $80.9M | ||
| Q1 25 | $-8.0M | $20.8M | ||
| Q4 24 | $18.4M | $-15.1M | ||
| Q3 24 | $99.2M | $17.7M | ||
| Q2 24 | $75.6M | $46.8M |
自由现金流率SAMSPH
| Q1 26 | — | — | ||
| Q4 25 | 5.7% | -18.2% | ||
| Q3 25 | 16.6% | 13.1% | ||
| Q2 25 | 19.1% | 31.1% | ||
| Q1 25 | -1.8% | 3.5% | ||
| Q4 24 | 4.6% | -4.0% | ||
| Q3 24 | 16.4% | 8.5% | ||
| Q2 24 | 13.1% | 18.4% |
资本支出强度SAMSPH
| Q1 26 | — | — | ||
| Q4 25 | 4.6% | 5.3% | ||
| Q3 25 | 2.3% | 6.7% | ||
| Q2 25 | 2.4% | 5.6% | ||
| Q1 25 | 2.2% | 3.3% | ||
| Q4 24 | 5.8% | 6.4% | ||
| Q3 24 | 2.8% | 9.1% | ||
| Q2 24 | 3.5% | 5.8% |
现金转化率SAMSPH
| Q1 26 | — | — | ||
| Q4 25 | — | -1.04× | ||
| Q3 25 | 2.21× | — | ||
| Q2 25 | 2.09× | — | ||
| Q1 25 | 0.08× | 0.29× | ||
| Q4 24 | — | 0.45× | ||
| Q3 24 | 3.46× | — | ||
| Q2 24 | 1.83× | — |
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
SAM
暂无分部数据
SPH
| Propane | $326.4M | 88% |
| Other Sales Revenue Net | $19.9M | 5% |
| Fuel Oil And Refined Fuels | $18.2M | 5% |
| Natural Gas And Electricity | $5.9M | 2% |
| Wholesale | $4.1M | 1% |
