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Valero Energy（VLO）与埃克森美孚（XOM）财务数据对比。点击上方公司名可切换其他公司
埃克森美孚的季度营收约是Valero Energy的2.7倍（$82.3B vs $30.4B），埃克森美孚净利率更高（7.9% vs 3.7%，领先4.2%），Valero Energy同比增速更快（-1.2% vs -1.3%），过去两年埃克森美孚的营收复合增速更高（-0.5% vs -2.2%）
Valero Energy是总部位于美国得克萨斯州圣安东尼奥的燃料生产商，核心业务为交通燃料及相关产品的生产与销售，在美、加、英三国共运营15座炼油厂，总日加工产能约320万桶，同时拥有两座可再生柴油工厂。
埃克森美孚是总部位于美国得克萨斯州休斯敦郊区斯普林的跨国油气企业，是约翰·D·洛克菲勒旗下标准石油的最大直接继承主体，1999年由埃克森与美孚合并成立。公司实现油气全产业链垂直整合，旗下化工板块还生产塑料、合成橡胶等各类化工产品。
VLO vs XOM — 直观对比
营收规模更大
XOM
是对方的2.7倍
$30.4B
营收增速更快
VLO
高出0.1%
-1.3%
净利率更高
XOM
高出4.2%
3.7%
两年增速更快
XOM
近两年复合增速
-2.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $30.4B | $82.3B |
| 净利润 | $1.1B | $6.5B |
| 毛利率 | 6.3% | — |
| 营业利润率 | 5.2% | 9.8% |
| 净利率 | 3.7% | 7.9% |
| 营收同比 | -1.2% | -1.3% |
| 净利润同比 | 303.6% | -14.6% |
| 每股收益（稀释后） | $3.66 | $1.54 |
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VLOXOM
| Q4 25 | $30.4B | $82.3B | ||
| Q3 25 | $32.2B | $85.3B | ||
| Q2 25 | $29.9B | $81.5B | ||
| Q1 25 | $30.3B | $83.1B | ||
| Q4 24 | $30.8B | $83.4B | ||
| Q3 24 | $32.9B | $90.0B | ||
| Q2 24 | $34.5B | $93.1B | ||
| Q1 24 | $31.8B | $83.1B |
净利润VLOXOM
| Q4 25 | $1.1B | $6.5B | ||
| Q3 25 | $1.1B | $7.5B | ||
| Q2 25 | $714.0M | $7.1B | ||
| Q1 25 | $-595.0M | $7.7B | ||
| Q4 24 | $281.0M | $7.6B | ||
| Q3 24 | $364.0M | $8.6B | ||
| Q2 24 | $880.0M | $9.2B | ||
| Q1 24 | $1.2B | $8.2B |
毛利率VLOXOM
| Q4 25 | 6.3% | — | ||
| Q3 25 | 5.5% | — | ||
| Q2 25 | 4.2% | — | ||
| Q1 25 | 1.7% | — | ||
| Q4 24 | 2.0% | — | ||
| Q3 24 | 2.3% | — | ||
| Q2 24 | 4.2% | — | ||
| Q1 24 | 6.2% | — |
营业利润率VLOXOM
| Q4 25 | 5.2% | 9.8% | ||
| Q3 25 | 4.7% | 12.8% | ||
| Q2 25 | 3.3% | 13.1% | ||
| Q1 25 | -3.0% | 14.0% | ||
| Q4 24 | 1.1% | 11.8% | ||
| Q3 24 | 1.5% | 14.5% | ||
| Q2 24 | 3.5% | 14.7% | ||
| Q1 24 | 5.3% | 14.9% |
净利率VLOXOM
| Q4 25 | 3.7% | 7.9% | ||
| Q3 25 | 3.4% | 8.8% | ||
| Q2 25 | 2.4% | 8.7% | ||
| Q1 25 | -2.0% | 9.3% | ||
| Q4 24 | 0.9% | 9.1% | ||
| Q3 24 | 1.1% | 9.6% | ||
| Q2 24 | 2.6% | 9.9% | ||
| Q1 24 | 3.9% | 9.9% |
每股收益（稀释后）VLOXOM
| Q4 25 | $3.66 | $1.54 | ||
| Q3 25 | $3.53 | $1.76 | ||
| Q2 25 | $2.28 | $1.64 | ||
| Q1 25 | $-1.90 | $1.76 | ||
| Q4 24 | $0.98 | $1.72 | ||
| Q3 24 | $1.14 | $1.92 | ||
| Q2 24 | $2.71 | $2.14 | ||
| Q1 24 | $3.75 | $2.06 |
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 | $4.7B | $10.7B |
| 总债务越低越好 | $9.7B | $34.2B |
| 股东权益账面价值 | $23.7B | $259.4B |
| 总资产 | $58.0B | $449.0B |
| 负债/权益比越低杠杆越低 | 0.41× | 0.13× |
8季度趋势，按日历期对齐
现金及短期投资VLOXOM
| Q4 25 | $4.7B | $10.7B | ||
| Q3 25 | $4.8B | $13.8B | ||
| Q2 25 | $4.5B | $14.4B | ||
| Q1 25 | $4.6B | $17.0B | ||
| Q4 24 | $4.7B | $23.0B | ||
| Q3 24 | $5.2B | $26.9B | ||
| Q2 24 | $5.2B | $26.5B | ||
| Q1 24 | $4.9B | $33.3B |
总债务VLOXOM
| Q4 25 | $9.7B | $34.2B | ||
| Q3 25 | $9.7B | $32.8B | ||
| Q2 25 | $10.3B | $33.6B | ||
| Q1 25 | $10.3B | $32.8B | ||
| Q4 24 | $9.7B | $36.8B | ||
| Q3 24 | $9.8B | $36.9B | ||
| Q2 24 | $9.7B | $36.6B | ||
| Q1 24 | $10.0B | $32.2B |
股东权益VLOXOM
| Q4 25 | $23.7B | $259.4B | ||
| Q3 25 | $23.8B | $260.6B | ||
| Q2 25 | $24.1B | $262.6B | ||
| Q1 25 | $23.5B | $262.7B | ||
| Q4 24 | $24.5B | $263.7B | ||
| Q3 24 | $25.3B | $268.6B | ||
| Q2 24 | $25.4B | $268.4B | ||
| Q1 24 | $26.1B | $205.3B |
总资产VLOXOM
| Q4 25 | $58.0B | $449.0B | ||
| Q3 25 | $58.6B | $454.3B | ||
| Q2 25 | $59.4B | $447.6B | ||
| Q1 25 | $59.2B | $451.9B | ||
| Q4 24 | $60.1B | $453.5B | ||
| Q3 24 | $60.4B | $461.9B | ||
| Q2 24 | $63.6B | $460.7B | ||
| Q1 24 | $62.6B | $377.9B |
负债/权益比VLOXOM
| Q4 25 | 0.41× | 0.13× | ||
| Q3 25 | 0.41× | 0.13× | ||
| Q2 25 | 0.43× | 0.13× | ||
| Q1 25 | 0.44× | 0.12× | ||
| Q4 24 | 0.40× | 0.14× | ||
| Q3 24 | 0.39× | 0.14× | ||
| Q2 24 | 0.38× | 0.14× | ||
| Q1 24 | 0.39× | 0.16× |
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 | $2.1B | $12.7B |
| 自由现金流经营现金流 - 资本支出 | — | $5.2B |
| 自由现金流率自由现金流/营收 | — | 6.4% |
| 资本支出强度资本支出/营收 | — | 9.1% |
| 现金转化率经营现金流/净利润 | 1.81× | 1.95× |
| 过去12个月自由现金流最近4个季度 | — | $23.6B |
8季度趋势，按日历期对齐
经营现金流VLOXOM
| Q4 25 | $2.1B | $12.7B | ||
| Q3 25 | $1.9B | $14.8B | ||
| Q2 25 | $936.0M | $11.6B | ||
| Q1 25 | $952.0M | $13.0B | ||
| Q4 24 | $1.1B | $12.2B | ||
| Q3 24 | $1.3B | $17.6B | ||
| Q2 24 | $2.5B | $10.6B | ||
| Q1 24 | $1.8B | $14.7B |
自由现金流VLOXOM
| Q4 25 | — | $5.2B | ||
| Q3 25 | $1.5B | $6.1B | ||
| Q2 25 | $529.0M | $5.3B | ||
| Q1 25 | $293.0M | $7.1B | ||
| Q4 24 | $523.0M | $5.4B | ||
| Q3 24 | $866.0M | $11.4B | ||
| Q2 24 | $2.1B | $4.3B | ||
| Q1 24 | $1.2B | $9.6B |
自由现金流率VLOXOM
| Q4 25 | — | 6.4% | ||
| Q3 25 | 4.6% | 7.1% | ||
| Q2 25 | 1.8% | 6.5% | ||
| Q1 25 | 1.0% | 8.5% | ||
| Q4 24 | 1.7% | 6.5% | ||
| Q3 24 | 2.6% | 12.7% | ||
| Q2 24 | 5.9% | 4.6% | ||
| Q1 24 | 3.7% | 11.5% |
资本支出强度VLOXOM
| Q4 25 | — | 9.1% | ||
| Q3 25 | 1.3% | 10.2% | ||
| Q2 25 | 1.4% | 7.7% | ||
| Q1 25 | 2.2% | 7.1% | ||
| Q4 24 | 1.8% | 8.2% | ||
| Q3 24 | 1.3% | 6.8% | ||
| Q2 24 | 1.2% | 6.7% | ||
| Q1 24 | 2.1% | 6.1% |
现金转化率VLOXOM
| Q4 25 | 1.81× | 1.95× | ||
| Q3 25 | 1.72× | 1.96× | ||
| Q2 25 | 1.31× | 1.63× | ||
| Q1 25 | — | 1.68× | ||
| Q4 24 | 3.81× | 1.61× | ||
| Q3 24 | 3.56× | 2.04× | ||
| Q2 24 | 2.81× | 1.14× | ||
| Q1 24 | 1.48× | 1.78× |
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
VLO
| Distillates | $14.3B | 47% |
| Gasoline And Blendstocks | $12.5B | 41% |
| Manufactured Product Other | $1.8B | 6% |
| Ethanol Product | $784.0M | 3% |
| Renewable Diesel Product | $589.0M | 2% |
| Distillers Grains | $194.0M | 1% |
| Neat SAF | $118.0M | 0% |
| Renewable Naphtha Product | $24.0M | 0% |
XOM
| Sales And Other Operating Revenue | $80.0B | 97% |
| Specialty Products | $1.8B | 2% |
| Income From Equity Affiliates | $966.0M | 1% |
| Other Revenue Interest | $256.0M | 0% |
