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Southern Company（SO）与WESCO INTERNATIONAL INC（WCC）财务数据对比。点击上方公司名可切换其他公司
Southern Company的季度营收约是WESCO INTERNATIONAL INC的1.2倍（$7.0B vs $6.1B），Southern Company净利率更高（4.9% vs 2.6%，领先2.3%），WESCO INTERNATIONAL INC同比增速更快（10.3% vs 10.1%），WESCO INTERNATIONAL INC自由现金流更多（$27.5M vs $-1.7B），过去两年WESCO INTERNATIONAL INC的营收复合增速更高（6.5% vs 2.5%）
Southern Company是美国燃气电力公用事业控股企业，总部位于佐治亚州亚特兰大，在阿拉巴马州伯明翰设有行政办公室。截至2021年按用户规模计为美国第二大公用事业公司，旗下子公司覆盖6个州，为900万燃气及电力用户提供服务，供电区域达12万平方英里。
WESCO国际是一家美国上市控股公司，旗下子公司WESCO Distribution主营电气产品分销及相关服务，总部位于宾夕法尼亚州匹兹堡市，可为工业、基建、商业等多领域客户提供一站式电气供应链解决方案与技术支持服务。
SO vs WCC — 直观对比
营收规模更大
SO
是对方的1.2倍
$6.1B
营收增速更快
WCC
高出0.2%
10.1%
净利率更高
SO
高出2.3%
2.6%
自由现金流更多
WCC
多$1.7B
$-1.7B
两年增速更快
WCC
近两年复合增速
2.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $7.0B | $6.1B |
| 净利润 | $341.0M | $159.8M |
| 毛利率 | — | 21.2% |
| 营业利润率 | 13.1% | 5.3% |
| 净利率 | 4.9% | 2.6% |
| 营收同比 | 10.1% | 10.3% |
| 净利润同比 | -26.8% | -3.4% |
| 每股收益（稀释后） | $0.38 | $3.33 |
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SOWCC
| Q4 25 | $7.0B | $6.1B | ||
| Q3 25 | $7.8B | $6.2B | ||
| Q2 25 | $7.0B | $5.9B | ||
| Q1 25 | $7.8B | $5.3B | ||
| Q4 24 | $6.3B | $5.5B | ||
| Q3 24 | $7.3B | $5.5B | ||
| Q2 24 | $6.5B | $5.5B | ||
| Q1 24 | $6.6B | $5.3B |
净利润SOWCC
| Q4 25 | $341.0M | $159.8M | ||
| Q3 25 | $1.7B | $187.5M | ||
| Q2 25 | $880.0M | $174.5M | ||
| Q1 25 | $1.3B | $118.4M | ||
| Q4 24 | $466.0M | $165.4M | ||
| Q3 24 | $1.5B | $204.3M | ||
| Q2 24 | $1.2B | $232.1M | ||
| Q1 24 | $1.1B | $115.8M |
毛利率SOWCC
| Q4 25 | — | 21.2% | ||
| Q3 25 | — | 21.3% | ||
| Q2 25 | — | 21.1% | ||
| Q1 25 | — | 21.1% | ||
| Q4 24 | — | 21.2% | ||
| Q3 24 | — | 22.1% | ||
| Q2 24 | — | 21.9% | ||
| Q1 24 | — | 21.3% |
营业利润率SOWCC
| Q4 25 | 13.1% | 5.3% | ||
| Q3 25 | 33.2% | 5.6% | ||
| Q2 25 | 25.3% | 5.5% | ||
| Q1 25 | 25.9% | 4.5% | ||
| Q4 24 | 16.7% | 5.5% | ||
| Q3 24 | 32.6% | 6.1% | ||
| Q2 24 | 30.0% | 5.9% | ||
| Q1 24 | 25.6% | 4.9% |
净利率SOWCC
| Q4 25 | 4.9% | 2.6% | ||
| Q3 25 | 21.9% | 3.0% | ||
| Q2 25 | 12.6% | 3.0% | ||
| Q1 25 | 16.3% | 2.2% | ||
| Q4 24 | 7.3% | 3.0% | ||
| Q3 24 | 21.1% | 3.7% | ||
| Q2 24 | 18.6% | 4.2% | ||
| Q1 24 | 16.1% | 2.2% |
每股收益（稀释后）SOWCC
| Q4 25 | $0.38 | $3.33 | ||
| Q3 25 | $1.54 | $3.79 | ||
| Q2 25 | $0.79 | $3.83 | ||
| Q1 25 | $1.21 | $2.10 | ||
| Q4 24 | $0.48 | $3.01 | ||
| Q3 24 | $1.39 | $3.81 | ||
| Q2 24 | $1.09 | $4.28 | ||
| Q1 24 | $1.03 | $1.95 |
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 | $1.6B | — |
| 总债务越低越好 | $65.6B | — |
| 股东权益账面价值 | $36.0B | $5.0B |
| 总资产 | $155.7B | $16.5B |
| 负债/权益比越低杠杆越低 | 1.82× | — |
8季度趋势，按日历期对齐
现金及短期投资SOWCC
| Q4 25 | $1.6B | — | ||
| Q3 25 | $3.3B | — | ||
| Q2 25 | $1.3B | — | ||
| Q1 25 | $2.3B | — | ||
| Q4 24 | $1.1B | — | ||
| Q3 24 | $1.0B | — | ||
| Q2 24 | $1.2B | — | ||
| Q1 24 | $713.0M | — |
总债务SOWCC
| Q4 25 | $65.6B | — | ||
| Q3 25 | $64.6B | — | ||
| Q2 25 | $63.0B | — | ||
| Q1 25 | $62.9B | — | ||
| Q4 24 | $58.8B | — | ||
| Q3 24 | $61.3B | — | ||
| Q2 24 | $59.9B | — | ||
| Q1 24 | $59.4B | — |
股东权益SOWCC
| Q4 25 | $36.0B | $5.0B | ||
| Q3 25 | $38.3B | $4.8B | ||
| Q2 25 | $37.3B | $4.8B | ||
| Q1 25 | $37.2B | $5.0B | ||
| Q4 24 | $33.2B | $5.0B | ||
| Q3 24 | $36.9B | $5.0B | ||
| Q2 24 | $36.1B | $4.9B | ||
| Q1 24 | $35.6B | $5.0B |
总资产SOWCC
| Q4 25 | $155.7B | $16.5B | ||
| Q3 25 | $153.2B | $16.6B | ||
| Q2 25 | $148.9B | $16.2B | ||
| Q1 25 | $148.1B | $15.5B | ||
| Q4 24 | $145.2B | $15.1B | ||
| Q3 24 | $144.0B | $15.3B | ||
| Q2 24 | $141.9B | $15.1B | ||
| Q1 24 | $140.1B | $15.5B |
负债/权益比SOWCC
| Q4 25 | 1.82× | — | ||
| Q3 25 | 1.69× | — | ||
| Q2 25 | 1.69× | — | ||
| Q1 25 | 1.69× | — | ||
| Q4 24 | 1.77× | — | ||
| Q3 24 | 1.66× | — | ||
| Q2 24 | 1.66× | — | ||
| Q1 24 | 1.67× | — |
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 | $2.6B | $71.9M |
| 自由现金流经营现金流 - 资本支出 | $-1.7B | $27.5M |
| 自由现金流率自由现金流/营收 | -24.2% | 0.5% |
| 资本支出强度资本支出/营收 | 61.4% | 0.7% |
| 现金转化率经营现金流/净利润 | 7.62× | 0.45× |
| 过去12个月自由现金流最近4个季度 | $-2.9B | $25.2M |
8季度趋势，按日历期对齐
经营现金流SOWCC
| Q4 25 | $2.6B | $71.9M | ||
| Q3 25 | $3.8B | $-82.7M | ||
| Q2 25 | $2.2B | $107.8M | ||
| Q1 25 | $1.3B | $28.0M | ||
| Q4 24 | $2.2B | $276.6M | ||
| Q3 24 | $3.6B | $302.1M | ||
| Q2 24 | $2.7B | $-223.8M | ||
| Q1 24 | $1.3B | $746.3M |
自由现金流SOWCC
| Q4 25 | $-1.7B | $27.5M | ||
| Q3 25 | $559.0M | $-95.9M | ||
| Q2 25 | $-619.0M | $86.0M | ||
| Q1 25 | $-1.2B | $7.6M | ||
| Q4 24 | $-576.0M | $252.3M | ||
| Q3 24 | $1.3B | $272.9M | ||
| Q2 24 | $563.0M | $-244.6M | ||
| Q1 24 | $-459.0M | $725.9M |
自由现金流率SOWCC
| Q4 25 | -24.2% | 0.5% | ||
| Q3 25 | 7.1% | -1.5% | ||
| Q2 25 | -8.9% | 1.5% | ||
| Q1 25 | -15.3% | 0.1% | ||
| Q4 24 | -9.1% | 4.6% | ||
| Q3 24 | 17.9% | 5.0% | ||
| Q2 24 | 8.7% | -4.5% | ||
| Q1 24 | -6.9% | 13.6% |
资本支出强度SOWCC
| Q4 25 | 61.4% | 0.7% | ||
| Q3 25 | 41.1% | 0.2% | ||
| Q2 25 | 40.2% | 0.4% | ||
| Q1 25 | 31.3% | 0.4% | ||
| Q4 24 | 43.4% | 0.4% | ||
| Q3 24 | 31.8% | 0.5% | ||
| Q2 24 | 32.9% | 0.4% | ||
| Q1 24 | 26.6% | 0.4% |
现金转化率SOWCC
| Q4 25 | 7.62× | 0.45× | ||
| Q3 25 | 2.21× | -0.44× | ||
| Q2 25 | 2.48× | 0.62× | ||
| Q1 25 | 0.98× | 0.24× | ||
| Q4 24 | 4.66× | 1.67× | ||
| Q3 24 | 2.36× | 1.48× | ||
| Q2 24 | 2.23× | -0.96× | ||
| Q1 24 | 1.22× | 6.44× |
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
SO
| Other | $3.9B | 57% |
| Retail Electric Commercial | $1.6B | 23% |
| Natural Gas Distribution Residential | $689.0M | 10% |
| Natural Gas Distribution Transportation | $371.0M | 5% |
| Wholesale Non Affiliates | $123.0M | 2% |
| Natural Gas Distribution Other | $76.0M | 1% |
| Wholesale Electric Non PPA Revenues | $62.0M | 1% |
| Wholesale Affiliates | $55.0M | 1% |
| Retail Electric Other | $31.0M | 0% |
| Alternative Energy | $20.0M | 0% |
| Natural Gas Distribution Industrial | $15.0M | 0% |
WCC
| CSS | $2.4B | 40% |
| EES | $2.3B | 37% |
| UBS | $1.4B | 23% |
