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Ameren（AEE）与NiSource（NI）财务数据对比。点击上方公司名可切换其他公司
NiSource的季度营收约是Ameren的1.1倍（$1.9B vs $1.8B），Ameren净利率更高（14.2% vs 13.7%，领先0.5%），NiSource同比增速更快（22.5% vs -8.2%），Ameren自由现金流更多（$-54.0M vs $-133.7M），过去两年NiSource的营收复合增速更高（7.2% vs -0.9%）
Ameren Corporation是美国公共事业控股企业，下设Ameren密苏里、伊利诺伊州配电、伊利诺伊州天然气、输电四大业务板块，主营受费率监管的发电、输电、配电业务，以及受监管的天然气输配业务，电力生产主要采用煤炭、核电等能源。
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。
AEE vs NI — 直观对比
营收规模更大
NI
是对方的1.1倍
$1.8B
营收增速更快
NI
高出30.7%
-8.2%
净利率更高
AEE
高出0.5%
13.7%
自由现金流更多
AEE
多$79.7M
$-133.7M
两年增速更快
NI
近两年复合增速
-0.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $1.9B |
| 净利润 | $253.0M | $257.8M |
| 毛利率 | — | — |
| 营业利润率 | 20.2% | 27.3% |
| 净利率 | 14.2% | 13.7% |
| 营收同比 | -8.2% | 22.5% |
| 净利润同比 | 21.6% | 15.1% |
| 每股收益（稀释后） | $0.92 | $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AEENI
| Q4 25 | $1.8B | $1.9B | ||
| Q3 25 | $2.7B | $1.2B | ||
| Q2 25 | $2.2B | $1.2B | ||
| Q1 25 | $2.1B | $2.1B | ||
| Q4 24 | $1.9B | $1.5B | ||
| Q3 24 | $2.2B | $1.0B | ||
| Q2 24 | $1.7B | $1.1B | ||
| Q1 24 | $1.8B | $1.6B |
净利润AEENI
| Q4 25 | $253.0M | $257.8M | ||
| Q3 25 | $641.0M | $94.7M | ||
| Q2 25 | $277.0M | $102.2M | ||
| Q1 25 | $290.0M | $474.8M | ||
| Q4 24 | $208.0M | $223.9M | ||
| Q3 24 | $457.0M | $85.7M | ||
| Q2 24 | $260.0M | $85.8M | ||
| Q1 24 | $262.0M | $365.0M |
营业利润率AEENI
| Q4 25 | 20.2% | 27.3% | ||
| Q3 25 | 30.6% | 24.0% | ||
| Q2 25 | 18.5% | 21.1% | ||
| Q1 25 | 20.5% | 35.3% | ||
| Q4 24 | 10.2% | 27.1% | ||
| Q3 24 | 27.0% | 20.9% | ||
| Q2 24 | 21.3% | 22.5% | ||
| Q1 24 | 20.4% | 35.5% |
净利率AEENI
| Q4 25 | 14.2% | 13.7% | ||
| Q3 25 | 23.7% | 7.6% | ||
| Q2 25 | 12.5% | 8.2% | ||
| Q1 25 | 13.8% | 22.1% | ||
| Q4 24 | 10.7% | 14.5% | ||
| Q3 24 | 21.0% | 8.2% | ||
| Q2 24 | 15.4% | 8.1% | ||
| Q1 24 | 14.4% | 22.2% |
每股收益（稀释后）AEENI
| Q4 25 | $0.92 | $0.53 | ||
| Q3 25 | $2.35 | $0.20 | ||
| Q2 25 | $1.01 | $0.22 | ||
| Q1 25 | $1.07 | $1.00 | ||
| Q4 24 | $0.77 | $0.47 | ||
| Q3 24 | $1.70 | $0.19 | ||
| Q2 24 | $0.97 | $0.19 | ||
| Q1 24 | $0.98 | $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 | $13.0M | $110.1M |
| 总债务越低越好 | $19.4B | $15.5B |
| 股东权益账面价值 | $13.4B | $9.5B |
| 总资产 | $48.5B | $35.9B |
| 负债/权益比越低杠杆越低 | 1.45× | 1.64× |
8季度趋势，按日历期对齐
现金及短期投资AEENI
| Q4 25 | $13.0M | $110.1M | ||
| Q3 25 | $9.0M | $95.0M | ||
| Q2 25 | $11.0M | $335.4M | ||
| Q1 25 | $23.0M | $259.4M | ||
| Q4 24 | $7.0M | $156.6M | ||
| Q3 24 | $17.0M | $126.2M | ||
| Q2 24 | $19.0M | $101.2M | ||
| Q1 24 | $85.0M | $102.2M |
总债务AEENI
| Q4 25 | $19.4B | $15.5B | ||
| Q3 25 | — | $14.5B | ||
| Q2 25 | — | $14.5B | ||
| Q1 25 | — | $12.8B | ||
| Q4 24 | $17.8B | $12.1B | ||
| Q3 24 | — | $12.1B | ||
| Q2 24 | — | $12.8B | ||
| Q1 24 | — | $11.7B |
股东权益AEENI
| Q4 25 | $13.4B | $9.5B | ||
| Q3 25 | $12.8B | $9.1B | ||
| Q2 25 | $12.3B | $8.9B | ||
| Q1 25 | $12.2B | $8.9B | ||
| Q4 24 | $12.1B | $8.7B | ||
| Q3 24 | $11.8B | $8.3B | ||
| Q2 24 | $11.5B | $7.9B | ||
| Q1 24 | $11.4B | $7.9B |
总资产AEENI
| Q4 25 | $48.5B | $35.9B | ||
| Q3 25 | $47.4B | $34.4B | ||
| Q2 25 | $46.6B | $34.0B | ||
| Q1 25 | $45.7B | $33.1B | ||
| Q4 24 | $44.6B | $31.8B | ||
| Q3 24 | $43.3B | $30.8B | ||
| Q2 24 | $42.3B | $29.9B | ||
| Q1 24 | $41.3B | $29.3B |
负债/权益比AEENI
| Q4 25 | 1.45× | 1.64× | ||
| Q3 25 | — | 1.59× | ||
| Q2 25 | — | 1.63× | ||
| Q1 25 | — | 1.44× | ||
| Q4 24 | 1.47× | 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 | $956.0M | $712.6M |
| 自由现金流经营现金流 - 资本支出 | $-54.0M | $-133.7M |
| 自由现金流率自由现金流/营收 | -3.0% | -7.1% |
| 资本支出强度资本支出/营收 | 56.7% | 44.9% |
| 现金转化率经营现金流/净利润 | 3.78× | 2.76× |
| 过去12个月自由现金流最近4个季度 | $-775.0M | $-420.0M |
8季度趋势，按日历期对齐
经营现金流AEENI
| Q4 25 | $956.0M | $712.6M | ||
| Q3 25 | $1.1B | $467.9M | ||
| Q2 25 | $862.0M | $495.4M | ||
| Q1 25 | $431.0M | $686.4M | ||
| Q4 24 | $817.0M | $539.8M | ||
| Q3 24 | $897.0M | $340.0M | ||
| Q2 24 | $557.0M | $445.5M | ||
| Q1 24 | $492.0M | $456.2M |
自由现金流AEENI
| Q4 25 | $-54.0M | $-133.7M | ||
| Q3 25 | $116.0M | $-172.6M | ||
| Q2 25 | $-204.0M | $-162.8M | ||
| Q1 25 | $-633.0M | $49.1M | ||
| Q4 24 | $-473.0M | $-220.2M | ||
| Q3 24 | $-240.0M | $-294.7M | ||
| Q2 24 | $-445.0M | $-184.3M | ||
| Q1 24 | $-398.0M | $-133.3M |
自由现金流率AEENI
| Q4 25 | -3.0% | -7.1% | ||
| Q3 25 | 4.3% | -13.9% | ||
| Q2 25 | -9.2% | -13.1% | ||
| Q1 25 | -30.2% | 2.3% | ||
| Q4 24 | -24.4% | -14.3% | ||
| Q3 24 | -11.0% | -28.2% | ||
| Q2 24 | -26.3% | -17.5% | ||
| Q1 24 | -21.9% | -8.1% |
资本支出强度AEENI
| Q4 25 | 56.7% | 44.9% | ||
| Q3 25 | 36.6% | 51.6% | ||
| Q2 25 | 48.0% | 52.8% | ||
| Q1 25 | 50.7% | 29.6% | ||
| Q4 24 | 66.5% | 49.4% | ||
| Q3 24 | 52.3% | 60.7% | ||
| Q2 24 | 59.2% | 59.7% | ||
| Q1 24 | 49.0% | 35.9% |
现金转化率AEENI
| Q4 25 | 3.78× | 2.76× | ||
| Q3 25 | 1.72× | 4.94× | ||
| Q2 25 | 3.11× | 4.85× | ||
| Q1 25 | 1.49× | 1.45× | ||
| Q4 24 | 3.93× | 2.41× | ||
| Q3 24 | 1.96× | 3.97× | ||
| Q2 24 | 2.14× | 5.19× | ||
| Q1 24 | 1.88× | 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
AEE
暂无分部数据
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% |
