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SUBURBAN PROPANE PARTNERS LP（SPH）与WINMARK CORP（WINA）财务数据对比。点击上方公司名可切换其他公司
SUBURBAN PROPANE PARTNERS LP的季度营收约是WINMARK CORP的17.6倍（$370.4M vs $21.1M）。WINMARK CORP净利率更高（47.2% vs 12.4%，领先34.9%）。WINMARK CORP同比增速更快（7.9% vs -0.8%）。WINMARK CORP自由现金流更多（$8.5M vs $-67.5M）。过去两年WINMARK CORP的营收复合增速更高（2.4% vs -13.8%）
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。
温马克公司是美国的二手商品零售特许经营商，总部位于明尼苏达州明尼阿波利斯，旗下运营五大零售品牌，专注于二手商品的收售业务。公司1988年由罗恩·奥尔森与杰弗里·达尔伯格创立，最初名为Play It Again Sports特许经营公司，1993年更名为Grow Biz国际并于同年上市。
SPH vs WINA — 直观对比
营收规模更大
SPH
是对方的17.6倍
$21.1M
营收增速更快
WINA
高出8.7%
-0.8%
净利率更高
WINA
高出34.9%
12.4%
自由现金流更多
WINA
多$76.0M
$-67.5M
两年增速更快
WINA
近两年复合增速
-13.8%
损益表 — Q1 2026 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $370.4M | $21.1M |
| 净利润 | $45.8M | $10.0M |
| 毛利率 | 64.7% | — |
| 营业利润率 | 18.3% | 61.7% |
| 净利率 | 12.4% | 47.2% |
| 营收同比 | -0.8% | 7.9% |
| 净利润同比 | 135.7% | 3.9% |
| 每股收益（稀释后） | $0.69 | $2.68 |
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SPHWINA
| Q4 25 | $370.4M | $21.1M | ||
| Q3 25 | $211.4M | $22.6M | ||
| Q2 25 | $260.1M | $20.4M | ||
| Q1 25 | $587.7M | $21.9M | ||
| Q4 24 | $373.3M | $19.5M | ||
| Q3 24 | $208.6M | $21.5M | ||
| Q2 24 | $254.6M | $20.1M | ||
| Q1 24 | $498.1M | $20.1M |
净利润SPHWINA
| Q4 25 | $45.8M | $10.0M | ||
| Q3 25 | $-35.1M | $11.1M | ||
| Q2 25 | $-14.8M | $10.6M | ||
| Q1 25 | $137.1M | $10.0M | ||
| Q4 24 | $19.4M | $9.6M | ||
| Q3 24 | $-44.6M | $11.1M | ||
| Q2 24 | $-17.2M | $10.4M | ||
| Q1 24 | $111.5M | $8.8M |
毛利率SPHWINA
| Q4 25 | 64.7% | — | ||
| Q3 25 | 64.7% | — | ||
| Q2 25 | 61.7% | — | ||
| Q1 25 | 58.8% | — | ||
| Q4 24 | 60.6% | — | ||
| Q3 24 | 59.4% | — | ||
| Q2 24 | 62.9% | — | ||
| Q1 24 | 61.8% | — |
营业利润率SPHWINA
| Q4 25 | 18.3% | 61.7% | ||
| Q3 25 | -7.9% | 65.9% | ||
| Q2 25 | 2.1% | 64.0% | ||
| Q1 25 | 27.0% | 62.0% | ||
| Q4 24 | 15.8% | 65.3% | ||
| Q3 24 | -10.8% | 69.4% | ||
| Q2 24 | 3.2% | 64.7% | ||
| Q1 24 | 27.5% | 60.8% |
净利率SPHWINA
| Q4 25 | 12.4% | 47.2% | ||
| Q3 25 | -16.6% | 49.2% | ||
| Q2 25 | -5.7% | 51.9% | ||
| Q1 25 | 23.3% | 45.4% | ||
| Q4 24 | 5.2% | 49.0% | ||
| Q3 24 | -21.4% | 51.7% | ||
| Q2 24 | -6.8% | 51.8% | ||
| Q1 24 | 22.4% | 43.9% |
每股收益（稀释后）SPHWINA
| Q4 25 | $0.69 | $2.68 | ||
| Q3 25 | $-0.55 | $3.02 | ||
| Q2 25 | $-0.23 | $2.89 | ||
| Q1 25 | $2.10 | $2.71 | ||
| Q4 24 | $0.30 | $2.60 | ||
| Q3 24 | $-0.69 | $3.03 | ||
| Q2 24 | $-0.27 | $2.85 | ||
| Q1 24 | $1.72 | $2.41 |
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 | $1.3M | $10.3M |
| 总债务越低越好 | $1.3B | — |
| 股东权益账面价值 | — | $-53.7M |
| 总资产 | $2.4B | $24.9M |
| 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SPHWINA
| Q4 25 | $1.3M | $10.3M | ||
| Q3 25 | $405.0K | $39.7M | ||
| Q2 25 | $1.3M | $28.8M | ||
| Q1 25 | $3.9M | $21.8M | ||
| Q4 24 | $4.4M | $12.2M | ||
| Q3 24 | $3.2M | $37.2M | ||
| Q2 24 | $4.9M | $29.4M | ||
| Q1 24 | $4.4M | $22.9M |
总债务SPHWINA
| 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 | — | ||
| Q1 24 | $1.2B | — |
股东权益SPHWINA
| Q4 25 | — | $-53.7M | ||
| Q3 25 | — | $-26.3M | ||
| Q2 25 | — | $-36.8M | ||
| Q1 25 | — | $-45.9M | ||
| Q4 24 | — | $-51.0M | ||
| Q3 24 | — | $-33.7M | ||
| Q2 24 | — | $-42.2M | ||
| Q1 24 | — | $-52.6M |
总资产SPHWINA
| Q4 25 | $2.4B | $24.9M | ||
| Q3 25 | $2.3B | $53.7M | ||
| Q2 25 | $2.3B | $43.2M | ||
| Q1 25 | $2.4B | $37.1M | ||
| Q4 24 | $2.4B | $26.8M | ||
| Q3 24 | $2.3B | $52.0M | ||
| Q2 24 | $2.3B | $44.7M | ||
| Q1 24 | $2.3B | $38.3M |
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 | $8.5M |
| 自由现金流经营现金流 - 资本支出 | $-67.5M | $8.5M |
| 自由现金流率自由现金流/营收 | -18.2% | 40.3% |
| 资本支出强度资本支出/营收 | 5.3% | 0.1% |
| 现金转化率经营现金流/净利润 | -1.04× | 0.86× |
| 过去12个月自由现金流最近4个季度 | $61.9M | $44.7M |
8季度趋势，按日历期对齐
经营现金流SPHWINA
| Q4 25 | $-47.7M | $8.5M | ||
| Q3 25 | $41.8M | $12.3M | ||
| Q2 25 | $95.5M | $9.0M | ||
| Q1 25 | $40.1M | $15.1M | ||
| Q4 24 | $8.8M | $8.5M | ||
| Q3 24 | $36.8M | $12.1M | ||
| Q2 24 | $61.4M | $8.2M | ||
| Q1 24 | $75.1M | $13.4M |
自由现金流SPHWINA
| Q4 25 | $-67.5M | $8.5M | ||
| Q3 25 | $27.7M | $12.2M | ||
| Q2 25 | $80.9M | $9.0M | ||
| Q1 25 | $20.8M | $15.0M | ||
| Q4 24 | $-15.1M | — | ||
| Q3 24 | $17.7M | $12.1M | ||
| Q2 24 | $46.8M | $8.1M | ||
| Q1 24 | $60.6M | $13.3M |
自由现金流率SPHWINA
| Q4 25 | -18.2% | 40.3% | ||
| Q3 25 | 13.1% | 53.8% | ||
| Q2 25 | 31.1% | 44.0% | ||
| Q1 25 | 3.5% | 68.6% | ||
| Q4 24 | -4.0% | — | ||
| Q3 24 | 8.5% | 56.3% | ||
| Q2 24 | 18.4% | 40.4% | ||
| Q1 24 | 12.2% | 66.0% |
资本支出强度SPHWINA
| Q4 25 | 5.3% | 0.1% | ||
| Q3 25 | 6.7% | 0.3% | ||
| Q2 25 | 5.6% | 0.3% | ||
| Q1 25 | 3.3% | 0.2% | ||
| Q4 24 | 6.4% | 0.0% | ||
| Q3 24 | 9.1% | 0.0% | ||
| Q2 24 | 5.8% | 0.5% | ||
| Q1 24 | 2.9% | 0.4% |
现金转化率SPHWINA
| Q4 25 | -1.04× | 0.86× | ||
| Q3 25 | — | 1.10× | ||
| Q2 25 | — | 0.85× | ||
| Q1 25 | 0.29× | 1.51× | ||
| Q4 24 | 0.45× | 0.88× | ||
| Q3 24 | — | 1.09× | ||
| Q2 24 | — | 0.79× | ||
| Q1 24 | 0.67× | 1.52× |
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
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% |
WINA
暂无分部数据
