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道富集团（STT）与联合太平洋（UNP）财务数据对比。点击上方公司名可切换其他公司
联合太平洋的季度营收约是道富集团的1.7倍（$6.2B vs $3.7B），联合太平洋净利率更高（27.4% vs 20.4%，领先7.0%），道富集团同比增速更快（7.5% vs 3.2%），道富集团自由现金流更多（$9.8B vs $631.0M），过去两年道富集团的营收复合增速更高（8.1% vs 1.7%）
道富集团是总部位于美国波士顿的跨国金融服务及银行控股公司，历史可追溯至1792年成立的联合银行，是美国运营历史第二悠久的存续银行。作为全球顶尖的资产管理与托管机构，截至2025年第三季度，其管理资产规模约5.4万亿美元，托管及管理资产总规模达51.7万亿美元。
联合太平洋是美国一级货运铁路运营商，共运营8300台机车，线路总长超5.18万公里，覆盖芝加哥、新奥尔良以西的23个美国州，是全美规模仅次于BNSF的第二大铁路企业。
STT vs UNP — 直观对比
营收规模更大
UNP
是对方的1.7倍
$3.7B
营收增速更快
STT
高出4.3%
3.2%
净利率更高
UNP
高出7.0%
20.4%
自由现金流更多
STT
多$9.1B
$631.0M
两年增速更快
STT
近两年复合增速
1.7%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $3.7B | $6.2B |
| 净利润 | $747.0M | $1.7B |
| 毛利率 | — | — |
| 营业利润率 | 25.0% | 39.5% |
| 净利率 | 20.4% | 27.4% |
| 营收同比 | 7.5% | 3.2% |
| 净利润同比 | -4.6% | 4.6% |
| 每股收益（稀释后） | $2.41 | $2.87 |
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STTUNP
| Q1 26 | — | $6.2B | ||
| Q4 25 | $3.7B | $6.1B | ||
| Q3 25 | $3.5B | $6.2B | ||
| Q2 25 | $3.4B | $6.2B | ||
| Q1 25 | $3.3B | $6.0B | ||
| Q4 24 | $3.4B | $6.1B | ||
| Q3 24 | $3.3B | $6.1B | ||
| Q2 24 | $3.2B | $6.0B |
净利润STTUNP
| Q1 26 | — | $1.7B | ||
| Q4 25 | $747.0M | $1.8B | ||
| Q3 25 | $861.0M | $1.8B | ||
| Q2 25 | $693.0M | $1.9B | ||
| Q1 25 | $644.0M | $1.6B | ||
| Q4 24 | $783.0M | $1.8B | ||
| Q3 24 | $730.0M | $1.7B | ||
| Q2 24 | $711.0M | $1.7B |
营业利润率STTUNP
| Q1 26 | — | 39.5% | ||
| Q4 25 | 25.0% | 39.5% | ||
| Q3 25 | 31.1% | 40.8% | ||
| Q2 25 | 25.8% | 41.0% | ||
| Q1 25 | 25.0% | 39.3% | ||
| Q4 24 | 28.1% | 41.3% | ||
| Q3 24 | 28.4% | 39.7% | ||
| Q2 24 | 28.6% | 40.0% |
净利率STTUNP
| Q1 26 | — | 27.4% | ||
| Q4 25 | 20.4% | 30.4% | ||
| Q3 25 | 24.3% | 28.6% | ||
| Q2 25 | 20.1% | 30.5% | ||
| Q1 25 | 19.6% | 27.0% | ||
| Q4 24 | 22.9% | 28.8% | ||
| Q3 24 | 22.4% | 27.4% | ||
| Q2 24 | 22.3% | 27.9% |
每股收益（稀释后）STTUNP
| Q1 26 | — | $2.87 | ||
| Q4 25 | $2.41 | $3.12 | ||
| Q3 25 | $2.78 | $3.01 | ||
| Q2 25 | $2.17 | $3.15 | ||
| Q1 25 | $2.04 | $2.70 | ||
| Q4 24 | $2.43 | $2.91 | ||
| Q3 24 | $2.26 | $2.75 | ||
| Q2 24 | $2.15 | $2.74 |
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 | — | $735.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $27.8B | — |
| 总资产 | $366.0B | $69.6B |
| 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STTUNP
| Q1 26 | — | $735.0M | ||
| Q4 25 | — | $1.3B | ||
| Q3 25 | — | $808.0M | ||
| Q2 25 | — | $1.1B | ||
| Q1 25 | — | $1.4B | ||
| Q4 24 | — | $1.0B | ||
| Q3 24 | — | $947.0M | ||
| Q2 24 | — | $1.1B |
总债务STTUNP
| Q1 26 | — | — | ||
| Q4 25 | — | $30.3B | ||
| Q3 25 | — | $30.3B | ||
| Q2 25 | — | $30.3B | ||
| Q1 25 | — | $30.6B | ||
| Q4 24 | — | $29.8B | ||
| Q3 24 | — | $29.8B | ||
| Q2 24 | — | $31.2B |
股东权益STTUNP
| Q1 26 | — | — | ||
| Q4 25 | $27.8B | $18.5B | ||
| Q3 25 | $27.6B | $17.3B | ||
| Q2 25 | $27.3B | $16.3B | ||
| Q1 25 | $26.7B | $16.0B | ||
| Q4 24 | $25.3B | $16.9B | ||
| Q3 24 | $25.8B | $16.6B | ||
| Q2 24 | $24.8B | $16.5B |
总资产STTUNP
| Q1 26 | — | $69.6B | ||
| Q4 25 | $366.0B | $69.7B | ||
| Q3 25 | $371.1B | $68.6B | ||
| Q2 25 | $376.7B | $68.6B | ||
| Q1 25 | $372.7B | $68.5B | ||
| Q4 24 | $353.2B | $67.7B | ||
| Q3 24 | $338.5B | $67.6B | ||
| Q2 24 | $325.6B | $67.8B |
负债/权益比STTUNP
| Q1 26 | — | — | ||
| Q4 25 | — | 1.64× | ||
| Q3 25 | — | 1.75× | ||
| Q2 25 | — | 1.86× | ||
| Q1 25 | — | 1.91× | ||
| Q4 24 | — | 1.76× | ||
| Q3 24 | — | 1.79× | ||
| Q2 24 | — | 1.89× |
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 | $10.0B | — |
| 自由现金流经营现金流 - 资本支出 | $9.8B | $631.0M |
| 自由现金流率自由现金流/营收 | 266.6% | 10.1% |
| 资本支出强度资本支出/营收 | 7.3% | — |
| 现金转化率经营现金流/净利润 | 13.44× | — |
| 过去12个月自由现金流最近4个季度 | $10.8B | $4.8B |
8季度趋势，按日历期对齐
经营现金流STTUNP
| Q1 26 | — | — | ||
| Q4 25 | $10.0B | $2.2B | ||
| Q3 25 | $7.9B | $2.5B | ||
| Q2 25 | $-8.4B | $2.3B | ||
| Q1 25 | $2.4B | $2.2B | ||
| Q4 24 | $-7.4B | $2.7B | ||
| Q3 24 | $2.7B | $2.7B | ||
| Q2 24 | $-7.6B | $1.9B |
自由现金流STTUNP
| Q1 26 | — | $631.0M | ||
| Q4 25 | $9.8B | $1.2B | ||
| Q3 25 | $7.7B | $1.6B | ||
| Q2 25 | $-8.8B | $1.4B | ||
| Q1 25 | $2.2B | $1.3B | ||
| Q4 24 | $-7.7B | $1.7B | ||
| Q3 24 | $2.5B | $1.8B | ||
| Q2 24 | $-7.9B | $1.0B |
自由现金流率STTUNP
| Q1 26 | — | 10.1% | ||
| Q4 25 | 266.6% | 20.1% | ||
| Q3 25 | 216.0% | 25.2% | ||
| Q2 25 | -254.1% | 22.7% | ||
| Q1 25 | 66.1% | 21.6% | ||
| Q4 24 | -225.1% | 28.4% | ||
| Q3 24 | 75.9% | 29.9% | ||
| Q2 24 | -246.2% | 16.8% |
资本支出强度STTUNP
| Q1 26 | — | — | ||
| Q4 25 | 7.3% | 16.4% | ||
| Q3 25 | 6.9% | 15.2% | ||
| Q2 25 | 9.3% | 15.2% | ||
| Q1 25 | 6.9% | 15.0% | ||
| Q4 24 | 7.3% | 15.1% | ||
| Q3 24 | 7.2% | 13.6% | ||
| Q2 24 | 6.7% | 15.0% |
现金转化率STTUNP
| Q1 26 | — | — | ||
| Q4 25 | 13.44× | 1.20× | ||
| Q3 25 | 9.18× | 1.41× | ||
| Q2 25 | -12.18× | 1.24× | ||
| Q1 25 | 3.72× | 1.36× | ||
| Q4 24 | -9.49× | 1.51× | ||
| Q3 24 | 3.71× | 1.59× | ||
| Q2 24 | -10.75× | 1.14× |
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
STT
| Other | $2.2B | 59% |
| Investment Management | $729.0M | 20% |
| Management Services | $662.0M | 18% |
| Other Fee Revenue | $56.0M | 2% |
| Securities Financing Services | $54.0M | 1% |
UNP
| Freight revenues | $5.9B | 95% |
| Other revenues | $324.0M | 5% |
