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斯伦贝谢（SLB）与Valero Energy（VLO）财务数据对比。点击上方公司名可切换其他公司
Valero Energy的季度营收约是斯伦贝谢的3.5倍（$30.4B vs $8.7B），斯伦贝谢净利率更高（8.6% vs 3.7%，领先4.9%），斯伦贝谢同比增速更快（2.7% vs -1.2%），过去两年Valero Energy的营收复合增速更高（-2.2% vs -2.3%）
SLB前身为斯伦贝谢，是全球知名的跨国油田服务企业。1926年创立于法国，现注册地为库拉索威廉斯塔德，在巴黎、休斯敦、伦敦、海牙四地设有核心行政办公室，截至2022年按营收计算是全球最大的海上钻井企业及海上钻井承包商。
Valero Energy是总部位于美国得克萨斯州圣安东尼奥的燃料生产商，核心业务为交通燃料及相关产品的生产与销售，在美、加、英三国共运营15座炼油厂，总日加工产能约320万桶，同时拥有两座可再生柴油工厂。
SLB vs VLO — 直观对比
营收规模更大
VLO
是对方的3.5倍
$8.7B
营收增速更快
SLB
高出4.0%
-1.2%
净利率更高
SLB
高出4.9%
3.7%
两年增速更快
VLO
近两年复合增速
-2.3%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $8.7B | $30.4B |
| 净利润 | $752.0M | $1.1B |
| 毛利率 | — | 6.3% |
| 营业利润率 | — | 5.2% |
| 净利率 | 8.6% | 3.7% |
| 营收同比 | 2.7% | -1.2% |
| 净利润同比 | -5.6% | 303.6% |
| 每股收益（稀释后） | $0.50 | $3.66 |
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SLBVLO
| Q1 26 | $8.7B | — | ||
| Q4 25 | $9.7B | $30.4B | ||
| Q3 25 | $8.9B | $32.2B | ||
| Q2 25 | $8.5B | $29.9B | ||
| Q1 25 | $8.5B | $30.3B | ||
| Q4 24 | $9.3B | $30.8B | ||
| Q3 24 | $9.2B | $32.9B | ||
| Q2 24 | $9.1B | $34.5B |
净利润SLBVLO
| Q1 26 | $752.0M | — | ||
| Q4 25 | $824.0M | $1.1B | ||
| Q3 25 | $739.0M | $1.1B | ||
| Q2 25 | $1.0B | $714.0M | ||
| Q1 25 | $797.0M | $-595.0M | ||
| Q4 24 | $1.1B | $281.0M | ||
| Q3 24 | $1.2B | $364.0M | ||
| Q2 24 | $1.1B | $880.0M |
毛利率SLBVLO
| Q1 26 | — | — | ||
| Q4 25 | — | 6.3% | ||
| Q3 25 | — | 5.5% | ||
| Q2 25 | — | 4.2% | ||
| Q1 25 | — | 1.7% | ||
| Q4 24 | — | 2.0% | ||
| Q3 24 | — | 2.3% | ||
| Q2 24 | — | 4.2% |
营业利润率SLBVLO
| Q1 26 | — | — | ||
| Q4 25 | 9.7% | 5.2% | ||
| Q3 25 | 11.2% | 4.7% | ||
| Q2 25 | 15.0% | 3.3% | ||
| Q1 25 | 12.5% | -3.0% | ||
| Q4 24 | 14.9% | 1.1% | ||
| Q3 24 | 16.5% | 1.5% | ||
| Q2 24 | 15.5% | 3.5% |
净利率SLBVLO
| Q1 26 | 8.6% | — | ||
| Q4 25 | 8.5% | 3.7% | ||
| Q3 25 | 8.3% | 3.4% | ||
| Q2 25 | 11.9% | 2.4% | ||
| Q1 25 | 9.4% | -2.0% | ||
| Q4 24 | 11.8% | 0.9% | ||
| Q3 24 | 12.9% | 1.1% | ||
| Q2 24 | 12.2% | 2.6% |
每股收益（稀释后）SLBVLO
| Q1 26 | $0.50 | — | ||
| Q4 25 | $0.53 | $3.66 | ||
| Q3 25 | $0.50 | $3.53 | ||
| Q2 25 | $0.74 | $2.28 | ||
| Q1 25 | $0.58 | $-1.90 | ||
| Q4 24 | $0.77 | $0.98 | ||
| Q3 24 | $0.83 | $1.14 | ||
| Q2 24 | $0.77 | $2.71 |
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 | $3.4B | $4.7B |
| 总债务越低越好 | $9.7B | $9.7B |
| 股东权益账面价值 | $27.4B | $23.7B |
| 总资产 | $19.3B | $58.0B |
| 负债/权益比越低杠杆越低 | 0.35× | 0.41× |
8季度趋势，按日历期对齐
现金及短期投资SLBVLO
| Q1 26 | $3.4B | — | ||
| Q4 25 | $1.2B | $4.7B | ||
| Q3 25 | $571.0M | $4.8B | ||
| Q2 25 | $511.0M | $4.5B | ||
| Q1 25 | $961.0M | $4.6B | ||
| Q4 24 | $1.1B | $4.7B | ||
| Q3 24 | $1.4B | $5.2B | ||
| Q2 24 | $1.1B | $5.2B |
总债务SLBVLO
| Q1 26 | $9.7B | — | ||
| Q4 25 | — | $9.7B | ||
| Q3 25 | — | $9.7B | ||
| Q2 25 | — | $10.3B | ||
| Q1 25 | — | $10.3B | ||
| Q4 24 | — | $9.7B | ||
| Q3 24 | — | $9.8B | ||
| Q2 24 | — | $9.7B |
股东权益SLBVLO
| Q1 26 | $27.4B | — | ||
| Q4 25 | $26.1B | $23.7B | ||
| Q3 25 | $25.6B | $23.8B | ||
| Q2 25 | $20.3B | $24.1B | ||
| Q1 25 | $19.5B | $23.5B | ||
| Q4 24 | $21.1B | $24.5B | ||
| Q3 24 | $21.5B | $25.3B | ||
| Q2 24 | $21.1B | $25.4B |
总资产SLBVLO
| Q1 26 | $19.3B | — | ||
| Q4 25 | $54.9B | $58.0B | ||
| Q3 25 | $55.1B | $58.6B | ||
| Q2 25 | $48.8B | $59.4B | ||
| Q1 25 | $49.0B | $59.2B | ||
| Q4 24 | $48.9B | $60.1B | ||
| Q3 24 | $49.8B | $60.4B | ||
| Q2 24 | $49.4B | $63.6B |
负债/权益比SLBVLO
| Q1 26 | 0.35× | — | ||
| Q4 25 | — | 0.41× | ||
| Q3 25 | — | 0.41× | ||
| Q2 25 | — | 0.43× | ||
| Q1 25 | — | 0.44× | ||
| Q4 24 | — | 0.40× | ||
| Q3 24 | — | 0.39× | ||
| Q2 24 | — | 0.38× |
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 | — | $2.1B |
| 自由现金流经营现金流 - 资本支出 | $103.0M | — |
| 自由现金流率自由现金流/营收 | 1.2% | — |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | — | 1.81× |
| 过去12个月自由现金流最近4个季度 | $4.6B | — |
8季度趋势，按日历期对齐
经营现金流SLBVLO
| Q1 26 | — | — | ||
| Q4 25 | $3.0B | $2.1B | ||
| Q3 25 | $1.7B | $1.9B | ||
| Q2 25 | $1.1B | $936.0M | ||
| Q1 25 | $660.0M | $952.0M | ||
| Q4 24 | $2.4B | $1.1B | ||
| Q3 24 | $2.4B | $1.3B | ||
| Q2 24 | $1.4B | $2.5B |
自由现金流SLBVLO
| Q1 26 | $103.0M | — | ||
| Q4 25 | $2.5B | — | ||
| Q3 25 | $1.3B | $1.5B | ||
| Q2 25 | $771.0M | $529.0M | ||
| Q1 25 | $262.0M | $293.0M | ||
| Q4 24 | $1.8B | $523.0M | ||
| Q3 24 | $2.0B | $866.0M | ||
| Q2 24 | $973.0M | $2.1B |
自由现金流率SLBVLO
| Q1 26 | 1.2% | — | ||
| Q4 25 | 25.5% | — | ||
| Q3 25 | 14.3% | 4.6% | ||
| Q2 25 | 9.0% | 1.8% | ||
| Q1 25 | 3.1% | 1.0% | ||
| Q4 24 | 19.2% | 1.7% | ||
| Q3 24 | 21.7% | 2.6% | ||
| Q2 24 | 10.6% | 5.9% |
资本支出强度SLBVLO
| Q1 26 | — | — | ||
| Q4 25 | 5.3% | — | ||
| Q3 25 | 4.6% | 1.3% | ||
| Q2 25 | 4.3% | 1.4% | ||
| Q1 25 | 4.7% | 2.2% | ||
| Q4 24 | 6.6% | 1.8% | ||
| Q3 24 | 5.0% | 1.3% | ||
| Q2 24 | 5.1% | 1.2% |
现金转化率SLBVLO
| Q1 26 | — | — | ||
| Q4 25 | 3.65× | 1.81× | ||
| Q3 25 | 2.28× | 1.72× | ||
| Q2 25 | 1.13× | 1.31× | ||
| Q1 25 | 0.83× | — | ||
| Q4 24 | 2.18× | 3.81× | ||
| Q3 24 | 2.06× | 3.56× | ||
| Q2 24 | 1.29× | 2.81× |
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
SLB
暂无分部数据
VLO
| Distillates | $14.3B | 47% |
| Gasoline And Blendstocks | $12.5B | 41% |
| Manufactured Product Other | $1.8B | 6% |
| Ethanol Product | $784.0M | 3% |
| Renewable Diesel Product | $589.0M | 2% |
| Distillers Grains | $194.0M | 1% |
| Neat SAF | $118.0M | 0% |
| Renewable Naphtha Product | $24.0M | 0% |
