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爱彼迎（ABNB）与NiSource（NI）财务数据对比。点击上方公司名可切换其他公司
爱彼迎的季度营收约是NiSource的1.5倍（$2.8B vs $1.9B），NiSource净利率更高（13.7% vs 12.3%，领先1.4%），NiSource同比增速更快（22.5% vs 12.0%），过去两年爱彼迎的营收复合增速更高（13.9% vs 7.2%）
爱彼迎是全球知名的旅行住宿及体验共享平台，成立于2007年，2010年正式启用现名。平台连接全球各地的房东与旅客，用户可通过网页或移动端预订私人客房、普通住宅、度假屋等多元住宿，也可报名参与当地特色体验项目，是共享经济领域的代表性企业。
NiSource是美国规模最大的受全面监管公用事业企业之一，总部位于印第安纳州梅里尔维尔，员工规模超8000人。公司旗下拥有Columbia Gas、NIPSCO两大本土品牌，业务覆盖美国六个州，为约350万天然气用户、50万电力用户提供服务，2018年时是印第安纳州唯一的本土公用事业企业。
ABNB vs NI — 直观对比
营收规模更大
ABNB
是对方的1.5倍
$1.9B
营收增速更快
NI
高出10.5%
12.0%
净利率更高
NI
高出1.4%
12.3%
两年增速更快
ABNB
近两年复合增速
7.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.8B | $1.9B |
| 净利润 | $341.0M | $257.8M |
| 毛利率 | 82.5% | — |
| 营业利润率 | 9.7% | 27.3% |
| 净利率 | 12.3% | 13.7% |
| 营收同比 | 12.0% | 22.5% |
| 净利润同比 | -26.0% | 15.1% |
| 每股收益（稀释后） | — | $0.53 |
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ABNBNI
| Q4 25 | $2.8B | $1.9B | ||
| Q3 25 | $4.1B | $1.2B | ||
| Q2 25 | $3.1B | $1.2B | ||
| Q1 25 | $2.3B | $2.1B | ||
| Q4 24 | $2.5B | $1.5B | ||
| Q3 24 | $3.7B | $1.0B | ||
| Q2 24 | $2.7B | $1.1B | ||
| Q1 24 | $2.1B | $1.6B |
净利润ABNBNI
| Q4 25 | $341.0M | $257.8M | ||
| Q3 25 | $1.4B | $94.7M | ||
| Q2 25 | $642.0M | $102.2M | ||
| Q1 25 | $154.0M | $474.8M | ||
| Q4 24 | $461.0M | $223.9M | ||
| Q3 24 | $1.4B | $85.7M | ||
| Q2 24 | $555.0M | $85.8M | ||
| Q1 24 | $264.0M | $365.0M |
毛利率ABNBNI
| Q4 25 | 82.5% | — | ||
| Q3 25 | 86.6% | — | ||
| Q2 25 | 82.4% | — | ||
| Q1 25 | 77.7% | — | ||
| Q4 24 | 82.8% | — | ||
| Q3 24 | 87.5% | — | ||
| Q2 24 | 81.6% | — | ||
| Q1 24 | 77.6% | — |
营业利润率ABNBNI
| Q4 25 | 9.7% | 27.3% | ||
| Q3 25 | 39.7% | 24.0% | ||
| Q2 25 | 19.8% | 21.1% | ||
| Q1 25 | 1.7% | 35.3% | ||
| Q4 24 | 17.3% | 27.1% | ||
| Q3 24 | 40.9% | 20.9% | ||
| Q2 24 | 18.1% | 22.5% | ||
| Q1 24 | 4.7% | 35.5% |
净利率ABNBNI
| Q4 25 | 12.3% | 13.7% | ||
| Q3 25 | 33.6% | 7.6% | ||
| Q2 25 | 20.7% | 8.2% | ||
| Q1 25 | 6.8% | 22.1% | ||
| Q4 24 | 18.6% | 14.5% | ||
| Q3 24 | 36.7% | 8.2% | ||
| Q2 24 | 20.2% | 8.1% | ||
| Q1 24 | 12.3% | 22.2% |
每股收益（稀释后）ABNBNI
| Q4 25 | — | $0.53 | ||
| Q3 25 | — | $0.20 | ||
| Q2 25 | — | $0.22 | ||
| Q1 25 | — | $1.00 | ||
| Q4 24 | — | $0.47 | ||
| Q3 24 | — | $0.19 | ||
| Q2 24 | — | $0.19 | ||
| Q1 24 | — | $0.77 |
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 | $11.0B | $110.1M |
| 总债务越低越好 | — | $15.5B |
| 股东权益账面价值 | $8.2B | $9.5B |
| 总资产 | $22.2B | $35.9B |
| 负债/权益比越低杠杆越低 | — | 1.64× |
8季度趋势，按日历期对齐
现金及短期投资ABNBNI
| Q4 25 | $11.0B | $110.1M | ||
| Q3 25 | $11.7B | $95.0M | ||
| Q2 25 | $11.4B | $335.4M | ||
| Q1 25 | $11.5B | $259.4M | ||
| Q4 24 | $10.6B | $156.6M | ||
| Q3 24 | $11.3B | $126.2M | ||
| Q2 24 | $11.3B | $101.2M | ||
| Q1 24 | $11.1B | $102.2M |
总债务ABNBNI
| Q4 25 | — | $15.5B | ||
| Q3 25 | — | $14.5B | ||
| Q2 25 | — | $14.5B | ||
| Q1 25 | — | $12.8B | ||
| Q4 24 | — | $12.1B | ||
| Q3 24 | — | $12.1B | ||
| Q2 24 | — | $12.8B | ||
| Q1 24 | — | $11.7B |
股东权益ABNBNI
| Q4 25 | $8.2B | $9.5B | ||
| Q3 25 | $8.6B | $9.1B | ||
| Q2 25 | $7.8B | $8.9B | ||
| Q1 25 | $7.9B | $8.9B | ||
| Q4 24 | $8.4B | $8.7B | ||
| Q3 24 | $8.5B | $8.3B | ||
| Q2 24 | $8.0B | $7.9B | ||
| Q1 24 | $7.9B | $7.9B |
总资产ABNBNI
| Q4 25 | $22.2B | $35.9B | ||
| Q3 25 | $23.1B | $34.4B | ||
| Q2 25 | $27.0B | $34.0B | ||
| Q1 25 | $25.1B | $33.1B | ||
| Q4 24 | $21.0B | $31.8B | ||
| Q3 24 | $22.2B | $30.8B | ||
| Q2 24 | $26.3B | $29.9B | ||
| Q1 24 | $24.5B | $29.3B |
负债/权益比ABNBNI
| Q4 25 | — | 1.64× | ||
| Q3 25 | — | 1.59× | ||
| Q2 25 | — | 1.63× | ||
| Q1 25 | — | 1.44× | ||
| Q4 24 | — | 1.39× | ||
| Q3 24 | — | 1.45× | ||
| Q2 24 | — | 1.63× | ||
| Q1 24 | — | 1.48× |
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 | $526.0M | $712.6M |
| 自由现金流经营现金流 - 资本支出 | — | $-133.7M |
| 自由现金流率自由现金流/营收 | — | -7.1% |
| 资本支出强度资本支出/营收 | — | 44.9% |
| 现金转化率经营现金流/净利润 | 1.54× | 2.76× |
| 过去12个月自由现金流最近4个季度 | — | $-420.0M |
8季度趋势，按日历期对齐
经营现金流ABNBNI
| Q4 25 | $526.0M | $712.6M | ||
| Q3 25 | $1.4B | $467.9M | ||
| Q2 25 | $975.0M | $495.4M | ||
| Q1 25 | $1.8B | $686.4M | ||
| Q4 24 | $466.0M | $539.8M | ||
| Q3 24 | $1.1B | $340.0M | ||
| Q2 24 | $1.1B | $445.5M | ||
| Q1 24 | $1.9B | $456.2M |
自由现金流ABNBNI
| Q4 25 | — | $-133.7M | ||
| Q3 25 | — | $-172.6M | ||
| Q2 25 | — | $-162.8M | ||
| Q1 25 | — | $49.1M | ||
| Q4 24 | — | $-220.2M | ||
| Q3 24 | — | $-294.7M | ||
| Q2 24 | — | $-184.3M | ||
| Q1 24 | — | $-133.3M |
自由现金流率ABNBNI
| Q4 25 | — | -7.1% | ||
| Q3 25 | — | -13.9% | ||
| Q2 25 | — | -13.1% | ||
| Q1 25 | — | 2.3% | ||
| Q4 24 | — | -14.3% | ||
| Q3 24 | — | -28.2% | ||
| Q2 24 | — | -17.5% | ||
| Q1 24 | — | -8.1% |
资本支出强度ABNBNI
| Q4 25 | — | 44.9% | ||
| Q3 25 | — | 51.6% | ||
| Q2 25 | — | 52.8% | ||
| Q1 25 | — | 29.6% | ||
| Q4 24 | — | 49.4% | ||
| Q3 24 | — | 60.7% | ||
| Q2 24 | — | 59.7% | ||
| Q1 24 | — | 35.9% |
现金转化率ABNBNI
| Q4 25 | 1.54× | 2.76× | ||
| Q3 25 | 0.99× | 4.94× | ||
| Q2 25 | 1.52× | 4.85× | ||
| Q1 25 | 11.62× | 1.45× | ||
| Q4 24 | 1.01× | 2.41× | ||
| Q3 24 | 0.79× | 3.97× | ||
| Q2 24 | 1.89× | 5.19× | ||
| Q1 24 | 7.28× | 1.25× |
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
ABNB
| North America | $1.1B | 41% |
| EMEA | $930.0M | 33% |
| Latin America | $351.0M | 13% |
| Other | $351.0M | 13% |
NI
| Residential | $703.6M | 37% |
| Ni Source Electric Generation And Power Delivery | $525.6M | 28% |
| NIPSCO Gas Distribution | $348.1M | 18% |
| Commercial | $235.9M | 13% |
| Industrial | $45.9M | 2% |
| Offsystem | $16.9M | 1% |
| Misc. | $9.6M | 1% |
| Related Party | $3.3M | 0% |
