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SUBURBAN PROPANE PARTNERS LP（SPH）与W. P. Carey Inc.（WPC）财务数据对比。点击上方公司名可切换其他公司
W. P. Carey Inc.的季度营收约是SUBURBAN PROPANE PARTNERS LP的1.2倍（$444.5M vs $370.4M），W. P. Carey Inc.净利率更高（33.4% vs 12.4%，领先21.0%），W. P. Carey Inc.同比增速更快（9.4% vs -0.8%），过去两年W. P. Carey Inc.的营收复合增速更高（6.8% 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。
W.P.凯里是一家房地产投资信托企业，主打投资以三净租赁模式租予单一租户的物业。公司注册地位于美国马里兰州，核心办公地点设在纽约市，深耕商业地产投资领域，拥有成熟的运营经验与优质的项目资源。
SPH vs WPC — 直观对比
营收规模更大
WPC
是对方的1.2倍
$370.4M
营收增速更快
WPC
高出10.2%
-0.8%
净利率更高
WPC
高出21.0%
12.4%
两年增速更快
WPC
近两年复合增速
-13.8%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $370.4M | $444.5M |
| 净利润 | $45.8M | $148.3M |
| 毛利率 | 64.7% | — |
| 营业利润率 | 18.3% | 34.5% |
| 净利率 | 12.4% | 33.4% |
| 营收同比 | -0.8% | 9.4% |
| 净利润同比 | 135.7% | 215.4% |
| 每股收益（稀释后） | $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SPHWPC
| Q4 25 | $370.4M | $444.5M | ||
| Q3 25 | $211.4M | $431.3M | ||
| Q2 25 | $260.1M | $430.8M | ||
| Q1 25 | $587.7M | $409.9M | ||
| Q4 24 | $373.3M | $406.2M | ||
| Q3 24 | $208.6M | $397.4M | ||
| Q2 24 | $254.6M | $389.7M | ||
| Q1 24 | $498.1M | $389.8M |
净利润SPHWPC
| Q4 25 | $45.8M | $148.3M | ||
| Q3 25 | $-35.1M | $141.0M | ||
| Q2 25 | $-14.8M | $51.2M | ||
| Q1 25 | $137.1M | $125.8M | ||
| Q4 24 | $19.4M | $47.0M | ||
| Q3 24 | $-44.6M | $111.7M | ||
| Q2 24 | $-17.2M | $142.9M | ||
| Q1 24 | $111.5M | $159.2M |
毛利率SPHWPC
| 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SPHWPC
| Q4 25 | 18.3% | 34.5% | ||
| Q3 25 | -7.9% | 34.7% | ||
| Q2 25 | 2.1% | 15.0% | ||
| Q1 25 | 27.0% | 33.5% | ||
| Q4 24 | 15.8% | 13.5% | ||
| Q3 24 | -10.8% | 30.4% | ||
| Q2 24 | 3.2% | 38.3% | ||
| Q1 24 | 27.5% | 43.0% |
净利率SPHWPC
| Q4 25 | 12.4% | 33.4% | ||
| Q3 25 | -16.6% | 32.7% | ||
| Q2 25 | -5.7% | 11.9% | ||
| Q1 25 | 23.3% | 30.7% | ||
| Q4 24 | 5.2% | 11.6% | ||
| Q3 24 | -21.4% | 28.1% | ||
| Q2 24 | -6.8% | 36.7% | ||
| Q1 24 | 22.4% | 40.8% |
每股收益（稀释后）SPHWPC
| Q4 25 | $0.69 | — | ||
| Q3 25 | $-0.55 | — | ||
| Q2 25 | $-0.23 | — | ||
| Q1 25 | $2.10 | — | ||
| Q4 24 | $0.30 | — | ||
| Q3 24 | $-0.69 | — | ||
| Q2 24 | $-0.27 | — | ||
| Q1 24 | $1.72 | — |
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 | $155.3M |
| 总债务越低越好 | $1.3B | $8.7B |
| 股东权益账面价值 | — | $8.1B |
| 总资产 | $2.4B | $18.0B |
| 负债/权益比越低杠杆越低 | — | 1.07× |
8季度趋势，按日历期对齐
现金及短期投资SPHWPC
| Q4 25 | $1.3M | $155.3M | ||
| Q3 25 | $405.0K | $249.0M | ||
| Q2 25 | $1.3M | $244.8M | ||
| Q1 25 | $3.9M | $187.8M | ||
| Q4 24 | $4.4M | $640.4M | ||
| Q3 24 | $3.2M | $818.2M | ||
| Q2 24 | $4.9M | $1.1B | ||
| Q1 24 | $4.4M | $777.0M |
总债务SPHWPC
| Q4 25 | $1.3B | $8.7B | ||
| Q3 25 | $1.2B | $8.7B | ||
| Q2 25 | $1.2B | $8.6B | ||
| Q1 25 | $1.3B | $7.9B | ||
| Q4 24 | $1.3B | $8.0B | ||
| Q3 24 | $1.2B | $8.0B | ||
| Q2 24 | $1.2B | $8.1B | ||
| Q1 24 | $1.2B | $7.9B |
股东权益SPHWPC
| Q4 25 | — | $8.1B | ||
| Q3 25 | — | $8.2B | ||
| Q2 25 | — | $8.2B | ||
| Q1 25 | — | $8.4B | ||
| Q4 24 | — | $8.4B | ||
| Q3 24 | — | $8.6B | ||
| Q2 24 | — | $8.6B | ||
| Q1 24 | — | $8.7B |
总资产SPHWPC
| Q4 25 | $2.4B | $18.0B | ||
| Q3 25 | $2.3B | $18.0B | ||
| Q2 25 | $2.3B | $18.0B | ||
| Q1 25 | $2.4B | $17.3B | ||
| Q4 24 | $2.4B | $17.5B | ||
| Q3 24 | $2.3B | $17.6B | ||
| Q2 24 | $2.3B | $17.8B | ||
| Q1 24 | $2.3B | $17.6B |
负债/权益比SPHWPC
| Q4 25 | — | 1.07× | ||
| Q3 25 | — | 1.06× | ||
| Q2 25 | — | 1.05× | ||
| Q1 25 | — | 0.94× | ||
| Q4 24 | — | 0.95× | ||
| Q3 24 | — | 0.93× | ||
| Q2 24 | — | 0.94× | ||
| Q1 24 | — | 0.91× |
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 | $304.6M |
| 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× | 2.05× |
| 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SPHWPC
| Q4 25 | $-47.7M | $304.6M | ||
| Q3 25 | $41.8M | $300.5M | ||
| Q2 25 | $95.5M | $404.0M | ||
| Q1 25 | $40.1M | $273.2M | ||
| Q4 24 | $8.8M | $296.3M | ||
| Q3 24 | $36.8M | $280.2M | ||
| Q2 24 | $61.4M | $221.0M | ||
| Q1 24 | $75.1M | $1.0B |
自由现金流SPHWPC
| Q4 25 | $-67.5M | — | ||
| Q3 25 | $27.7M | — | ||
| Q2 25 | $80.9M | — | ||
| Q1 25 | $20.8M | — | ||
| Q4 24 | $-15.1M | — | ||
| Q3 24 | $17.7M | — | ||
| Q2 24 | $46.8M | — | ||
| Q1 24 | $60.6M | — |
自由现金流率SPHWPC
| Q4 25 | -18.2% | — | ||
| Q3 25 | 13.1% | — | ||
| Q2 25 | 31.1% | — | ||
| Q1 25 | 3.5% | — | ||
| Q4 24 | -4.0% | — | ||
| Q3 24 | 8.5% | — | ||
| Q2 24 | 18.4% | — | ||
| Q1 24 | 12.2% | — |
资本支出强度SPHWPC
| Q4 25 | 5.3% | — | ||
| Q3 25 | 6.7% | — | ||
| Q2 25 | 5.6% | — | ||
| Q1 25 | 3.3% | — | ||
| Q4 24 | 6.4% | — | ||
| Q3 24 | 9.1% | — | ||
| Q2 24 | 5.8% | — | ||
| Q1 24 | 2.9% | — |
现金转化率SPHWPC
| Q4 25 | -1.04× | 2.05× | ||
| Q3 25 | — | 2.13× | ||
| Q2 25 | — | 7.89× | ||
| Q1 25 | 0.29× | 2.17× | ||
| Q4 24 | 0.45× | 6.30× | ||
| Q3 24 | — | 2.51× | ||
| Q2 24 | — | 1.55× | ||
| Q1 24 | 0.67× | 6.50× |
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% |
WPC
暂无分部数据
