vs
美国合众银行（USB）与Williams Companies（WMB）财务数据对比。点击上方公司名可切换其他公司
美国合众银行的季度营收约是Williams Companies的1.9倍（$7.4B vs $3.8B），美国合众银行净利率更高（27.8% vs 19.1%，领先8.7%），Williams Companies同比增速更快（12.7% vs 5.1%），过去两年Williams Companies的营收复合增速更高（7.3% vs 4.7%）
美国合众银行是美国跨国银行机构，总部位于明尼苏达州明尼阿波利斯，在特拉华州注册成立。截至2025年为美国第五大银行，也是美国中西部规模最大的银行，被金融稳定委员会认定为系统重要性机构，旗下核心运营主体提供银行、投资、按揭等多元金融服务。
总部位于美国俄克拉荷马州塔尔萨的能源企业，位列《财富》美国500强，普通股为标普500指数成分股，核心业务为天然气加工与运输，同时持有石油、发电相关资产。
USB vs WMB — 直观对比
营收规模更大
USB
是对方的1.9倍
$3.8B
营收增速更快
WMB
高出7.6%
5.1%
净利率更高
USB
高出8.7%
19.1%
两年增速更快
WMB
近两年复合增速
4.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $7.4B | $3.8B |
| 净利润 | $2.0B | $734.0M |
| 毛利率 | — | — |
| 营业利润率 | 34.4% | 27.3% |
| 净利率 | 27.8% | 19.1% |
| 营收同比 | 5.1% | 12.7% |
| 净利润同比 | 23.0% | 51.0% |
| 每股收益（稀释后） | $1.26 | $0.60 |
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USBWMB
| Q4 25 | $7.4B | $3.8B | ||
| Q3 25 | $7.3B | $3.5B | ||
| Q2 25 | $7.0B | $3.4B | ||
| Q1 25 | $7.0B | $4.2B | ||
| Q4 24 | $7.0B | $3.4B | ||
| Q3 24 | $6.9B | $3.0B | ||
| Q2 24 | $6.9B | $2.8B | ||
| Q1 24 | $6.7B | $3.3B |
净利润USBWMB
| Q4 25 | $2.0B | $734.0M | ||
| Q3 25 | $2.0B | $647.0M | ||
| Q2 25 | $1.8B | $546.0M | ||
| Q1 25 | $1.7B | $691.0M | ||
| Q4 24 | $1.7B | $486.0M | ||
| Q3 24 | $1.7B | $706.0M | ||
| Q2 24 | $1.6B | $401.0M | ||
| Q1 24 | $1.3B | $632.0M |
营业利润率USBWMB
| Q4 25 | 34.4% | 27.3% | ||
| Q3 25 | 34.5% | 31.8% | ||
| Q2 25 | 32.7% | 28.0% | ||
| Q1 25 | 31.0% | 26.1% | ||
| Q4 24 | 30.1% | 23.2% | ||
| Q3 24 | 30.2% | 27.6% | ||
| Q2 24 | 29.9% | 24.4% | ||
| Q1 24 | 24.9% | 30.3% |
净利率USBWMB
| Q4 25 | 27.8% | 19.1% | ||
| Q3 25 | 27.3% | 18.5% | ||
| Q2 25 | 25.9% | 16.2% | ||
| Q1 25 | 24.6% | 16.5% | ||
| Q4 24 | 23.7% | 14.2% | ||
| Q3 24 | 25.0% | 23.3% | ||
| Q2 24 | 23.3% | 14.1% | ||
| Q1 24 | 19.6% | 18.9% |
每股收益（稀释后）USBWMB
| Q4 25 | $1.26 | $0.60 | ||
| Q3 25 | $1.22 | $0.53 | ||
| Q2 25 | $1.11 | $0.45 | ||
| Q1 25 | $1.03 | $0.56 | ||
| Q4 24 | $1.01 | $0.39 | ||
| Q3 24 | $1.03 | $0.58 | ||
| Q2 24 | $0.97 | $0.33 | ||
| Q1 24 | $0.78 | $0.52 |
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 | — | — |
| 总债务越低越好 | — | $27.3B |
| 股东权益账面价值 | $65.2B | $12.8B |
| 总资产 | $692.3B | $58.6B |
| 负债/权益比越低杠杆越低 | — | 2.13× |
8季度趋势，按日历期对齐
总债务USBWMB
| Q4 25 | — | $27.3B | ||
| Q3 25 | — | $25.6B | ||
| Q2 25 | — | $25.6B | ||
| Q1 25 | — | $24.1B | ||
| Q4 24 | — | $24.7B | ||
| Q3 24 | — | $24.8B | ||
| Q2 24 | — | $24.1B | ||
| Q1 24 | — | $24.1B |
股东权益USBWMB
| Q4 25 | $65.2B | $12.8B | ||
| Q3 25 | $63.3B | $12.5B | ||
| Q2 25 | $61.4B | $12.4B | ||
| Q1 25 | $60.1B | $12.5B | ||
| Q4 24 | $58.6B | $12.4B | ||
| Q3 24 | $58.9B | $12.4B | ||
| Q2 24 | $56.4B | $12.3B | ||
| Q1 24 | $55.6B | $12.4B |
总资产USBWMB
| Q4 25 | $692.3B | $58.6B | ||
| Q3 25 | $695.4B | $55.7B | ||
| Q2 25 | $686.4B | $56.1B | ||
| Q1 25 | $676.5B | $54.9B | ||
| Q4 24 | $678.3B | $54.5B | ||
| Q3 24 | $686.5B | $53.8B | ||
| Q2 24 | $680.1B | $52.4B | ||
| Q1 24 | $683.6B | $52.7B |
负债/权益比USBWMB
| Q4 25 | — | 2.13× | ||
| Q3 25 | — | 2.04× | ||
| Q2 25 | — | 2.06× | ||
| Q1 25 | — | 1.93× | ||
| Q4 24 | — | 1.99× | ||
| Q3 24 | — | 2.00× | ||
| Q2 24 | — | 1.96× | ||
| Q1 24 | — | 1.94× |
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 | $2.8B | $1.6B |
| 自由现金流经营现金流 - 资本支出 | — | $-379.0M |
| 自由现金流率自由现金流/营收 | — | -9.9% |
| 资本支出强度资本支出/营收 | — | 50.9% |
| 现金转化率经营现金流/净利润 | 1.39× | 2.15× |
| 过去12个月自由现金流最近4个季度 | — | $1.0B |
8季度趋势，按日历期对齐
经营现金流USBWMB
| Q4 25 | $2.8B | $1.6B | ||
| Q3 25 | $3.4B | $1.4B | ||
| Q2 25 | $2.0B | $1.4B | ||
| Q1 25 | $-285.0M | $1.4B | ||
| Q4 24 | $4.8B | $1.2B | ||
| Q3 24 | $972.0M | $1.2B | ||
| Q2 24 | $2.9B | $1.3B | ||
| Q1 24 | $2.7B | $1.2B |
自由现金流USBWMB
| Q4 25 | — | $-379.0M | ||
| Q3 25 | — | $485.0M | ||
| Q2 25 | — | $478.0M | ||
| Q1 25 | — | $421.0M | ||
| Q4 24 | — | $450.0M | ||
| Q3 24 | — | $561.0M | ||
| Q2 24 | — | $700.0M | ||
| Q1 24 | — | $690.0M |
自由现金流率USBWMB
| Q4 25 | — | -9.9% | ||
| Q3 25 | — | 13.9% | ||
| Q2 25 | — | 14.2% | ||
| Q1 25 | — | 10.1% | ||
| Q4 24 | — | 13.2% | ||
| Q3 24 | — | 18.5% | ||
| Q2 24 | — | 24.6% | ||
| Q1 24 | — | 20.7% |
资本支出强度USBWMB
| Q4 25 | — | 50.9% | ||
| Q3 25 | — | 27.3% | ||
| Q2 25 | — | 28.8% | ||
| Q1 25 | — | 24.2% | ||
| Q4 24 | — | 22.5% | ||
| Q3 24 | — | 22.5% | ||
| Q2 24 | — | 20.3% | ||
| Q1 24 | — | 16.3% |
现金转化率USBWMB
| Q4 25 | 1.39× | 2.15× | ||
| Q3 25 | 1.69× | 2.22× | ||
| Q2 25 | 1.12× | 2.66× | ||
| Q1 25 | -0.17× | 2.07× | ||
| Q4 24 | 2.87× | 2.51× | ||
| Q3 24 | 0.57× | 1.76× | ||
| Q2 24 | 1.79× | 3.19× | ||
| Q1 24 | 2.02× | 1.95× |
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
USB
暂无分部数据
WMB
| Services | $2.2B | 57% |
| Natural Gas Us Regulated | $740.0M | 19% |
| West | $730.0M | 19% |
| Non Regulated Service Commodity Consideration | $51.0M | 1% |
| Natural Gas Gathering Transportation Marketing And Processing | $45.0M | 1% |
| Affiliated Entity | $23.0M | 1% |
| Other | $14.0M | 0% |
| Other Service | $11.0M | 0% |
