vs
环球音乐集团（ULH）与WERNER ENTERPRISES INC（WERN）财务数据对比。点击上方公司名可切换其他公司
WERNER ENTERPRISES INC的季度营收约是环球音乐集团的2.1倍（$808.6M vs $385.4M），环球音乐集团净利率更高（1.0% vs -0.5%，领先1.5%），WERNER ENTERPRISES INC同比增速更快（13.6% vs -17.1%），过去两年WERNER ENTERPRISES INC的营收复合增速更高（4.3% vs -11.5%）
环球音乐集团是依据荷兰法律成立的跨国音乐企业集团，企业总部设在荷兰希尔弗瑟姆，运营总部位于美国加利福尼亚州圣莫尼卡。作为全球规模最大的音乐公司，它与索尼音乐娱乐、华纳音乐集团并称为三大唱片巨头。2020年腾讯斥资30亿欧元收购了其百分之二十的股份。
沃纳企业是美国知名运输物流服务商，业务覆盖美国、墨西哥与加拿大市场。2023年该公司营收达32.8亿美元，旗下员工及签约承包商总规模超1.4万人，在北美跨境物流、干线运输领域具备成熟的服务能力与行业影响力。
ULH vs WERN — 直观对比
营收规模更大
WERN
是对方的2.1倍
$385.4M
营收增速更快
WERN
高出30.7%
-17.1%
净利率更高
ULH
高出1.5%
-0.5%
两年增速更快
WERN
近两年复合增速
-11.5%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $385.4M | $808.6M |
| 净利润 | $3.7M | $-4.3M |
| 毛利率 | — | — |
| 营业利润率 | 4.5% | — |
| 净利率 | 1.0% | -0.5% |
| 营收同比 | -17.1% | 13.6% |
| 净利润同比 | -81.5% | 57.8% |
| 每股收益（稀释后） | $0.14 | $-0.07 |
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ULHWERN
| Q1 26 | — | $808.6M | ||
| Q4 25 | $385.4M | $719.9M | ||
| Q3 25 | $396.8M | $752.2M | ||
| Q2 25 | $393.8M | $734.1M | ||
| Q1 25 | $382.4M | $693.4M | ||
| Q4 24 | $465.1M | $736.6M | ||
| Q3 24 | $426.8M | $726.3M | ||
| Q2 24 | $462.2M | $742.7M |
净利润ULHWERN
| Q1 26 | — | $-4.3M | ||
| Q4 25 | $3.7M | $-27.8M | ||
| Q3 25 | $-117.9M | $-20.6M | ||
| Q2 25 | $8.3M | $44.1M | ||
| Q1 25 | $6.0M | $-10.1M | ||
| Q4 24 | $20.2M | $11.9M | ||
| Q3 24 | $26.5M | $6.6M | ||
| Q2 24 | $30.7M | $9.5M |
营业利润率ULHWERN
| Q1 26 | — | — | ||
| Q4 25 | 4.5% | -5.0% | ||
| Q3 25 | -29.6% | -1.7% | ||
| Q2 25 | 5.1% | 9.0% | ||
| Q1 25 | 4.1% | -0.8% | ||
| Q4 24 | 8.2% | 1.8% | ||
| Q3 24 | 10.0% | 2.4% | ||
| Q2 24 | 10.2% | 2.6% |
净利率ULHWERN
| Q1 26 | — | -0.5% | ||
| Q4 25 | 1.0% | -3.9% | ||
| Q3 25 | -29.7% | -2.7% | ||
| Q2 25 | 2.1% | 6.0% | ||
| Q1 25 | 1.6% | -1.5% | ||
| Q4 24 | 4.3% | 1.6% | ||
| Q3 24 | 6.2% | 0.9% | ||
| Q2 24 | 6.7% | 1.3% |
每股收益（稀释后）ULHWERN
| Q1 26 | — | $-0.07 | ||
| Q4 25 | $0.14 | $-0.46 | ||
| Q3 25 | $-4.48 | $-0.34 | ||
| Q2 25 | $0.32 | $0.72 | ||
| Q1 25 | $0.23 | $-0.16 | ||
| Q4 24 | $0.76 | $0.19 | ||
| Q3 24 | $1.01 | $0.11 | ||
| Q2 24 | $1.17 | $0.15 |
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 | $26.8M | $61.5M |
| 总债务越低越好 | $797.6M | $878.2M |
| 股东权益账面价值 | $540.4M | $1.4B |
| 总资产 | $1.8B | $3.3B |
| 负债/权益比越低杠杆越低 | 1.48× | 0.65× |
8季度趋势，按日历期对齐
现金及短期投资ULHWERN
| Q1 26 | — | $61.5M | ||
| Q4 25 | $26.8M | $59.9M | ||
| Q3 25 | $27.4M | $51.0M | ||
| Q2 25 | $24.3M | $51.4M | ||
| Q1 25 | $20.6M | $52.0M | ||
| Q4 24 | $19.4M | $40.8M | ||
| Q3 24 | $11.8M | $54.7M | ||
| Q2 24 | $7.5M | $70.4M |
总债务ULHWERN
| Q1 26 | — | $878.2M | ||
| Q4 25 | $797.6M | $752.0M | ||
| Q3 25 | $824.2M | $725.0M | ||
| Q2 25 | $795.5M | $725.0M | ||
| Q1 25 | $736.7M | $640.0M | ||
| Q4 24 | $759.1M | $650.0M | ||
| Q3 24 | $557.4M | $690.0M | ||
| Q2 24 | $483.8M | $670.0M |
股东权益ULHWERN
| Q1 26 | — | $1.4B | ||
| Q4 25 | $540.4M | $1.4B | ||
| Q3 25 | $534.9M | $1.4B | ||
| Q2 25 | $653.7M | $1.4B | ||
| Q1 25 | $646.4M | $1.4B | ||
| Q4 24 | $647.0M | $1.5B | ||
| Q3 24 | $631.0M | $1.4B | ||
| Q2 24 | $608.9M | $1.5B |
总资产ULHWERN
| Q1 26 | — | $3.3B | ||
| Q4 25 | $1.8B | $2.9B | ||
| Q3 25 | $1.8B | $3.0B | ||
| Q2 25 | $1.9B | $2.9B | ||
| Q1 25 | $1.8B | $3.0B | ||
| Q4 24 | $1.8B | $3.1B | ||
| Q3 24 | $1.6B | $3.1B | ||
| Q2 24 | $1.5B | $3.1B |
负债/权益比ULHWERN
| Q1 26 | — | 0.65× | ||
| Q4 25 | 1.48× | 0.55× | ||
| Q3 25 | 1.54× | 0.52× | ||
| Q2 25 | 1.22× | 0.51× | ||
| Q1 25 | 1.14× | 0.45× | ||
| Q4 24 | 1.17× | 0.45× | ||
| Q3 24 | 0.88× | 0.48× | ||
| Q2 24 | 0.79× | 0.46× |
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 | $47.1M | — |
| 自由现金流经营现金流 - 资本支出 | $14.3M | — |
| 自由现金流率自由现金流/营收 | 3.7% | — |
| 资本支出强度资本支出/营收 | 8.5% | 0.2% |
| 现金转化率经营现金流/净利润 | 12.62× | — |
| 过去12个月自由现金流最近4个季度 | $-41.1M | — |
8季度趋势，按日历期对齐
经营现金流ULHWERN
| Q1 26 | — | — | ||
| Q4 25 | $47.1M | $62.3M | ||
| Q3 25 | $25.9M | $44.1M | ||
| Q2 25 | $25.7M | $46.0M | ||
| Q1 25 | $84.3M | $29.4M | ||
| Q4 24 | $59.7M | $71.0M | ||
| Q3 24 | $6.2M | $61.0M | ||
| Q2 24 | $9.6M | $109.1M |
自由现金流ULHWERN
| Q1 26 | — | — | ||
| Q4 25 | $14.3M | $-23.5M | ||
| Q3 25 | $-28.6M | $-8.6M | ||
| Q2 25 | $-58.5M | $-42.3M | ||
| Q1 25 | $31.7M | $5.9M | ||
| Q4 24 | $18.9M | $-9.8M | ||
| Q3 24 | $-58.9M | $-73.4M | ||
| Q2 24 | $-67.6M | $-31.2M |
自由现金流率ULHWERN
| Q1 26 | — | — | ||
| Q4 25 | 3.7% | -3.3% | ||
| Q3 25 | -7.2% | -1.1% | ||
| Q2 25 | -14.9% | -5.8% | ||
| Q1 25 | 8.3% | 0.8% | ||
| Q4 24 | 4.1% | -1.3% | ||
| Q3 24 | -13.8% | -10.1% | ||
| Q2 24 | -14.6% | -4.2% |
资本支出强度ULHWERN
| Q1 26 | — | 0.2% | ||
| Q4 25 | 8.5% | 11.9% | ||
| Q3 25 | 13.7% | 7.0% | ||
| Q2 25 | 21.4% | 12.0% | ||
| Q1 25 | 13.7% | 3.4% | ||
| Q4 24 | 8.8% | 11.0% | ||
| Q3 24 | 15.3% | 18.5% | ||
| Q2 24 | 16.7% | 18.9% |
现金转化率ULHWERN
| Q1 26 | — | — | ||
| Q4 25 | 12.62× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 3.09× | 1.04× | ||
| Q1 25 | 14.02× | — | ||
| Q4 24 | 2.96× | 5.97× | ||
| Q3 24 | 0.23× | 9.30× | ||
| Q2 24 | 0.31× | 11.52× |
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
ULH
| Value Added Services | $183.7M | 48% |
| Dedicated Services | $84.9M | 22% |
| Intermodal | $52.7M | 14% |
| Truckload Services | $48.8M | 13% |
| Brokerage Services | $16.1M | 4% |
WERN
暂无分部数据
