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AES Corporation（AES）与NorthWestern Energy Group, Inc.（NWE）财务数据对比。点击上方公司名可切换其他公司
AES Corporation的季度营收约是NorthWestern Energy Group, Inc.的7.5倍（$3.1B vs $414.3M）。NorthWestern Energy Group, Inc.净利率更高（10.8% vs 10.3%，领先0.5%）。NorthWestern Energy Group, Inc.同比增速更快（10.9% vs 4.7%）。AES Corporation自由现金流更多（$-47.0M vs $-93.7M）。过去两年AES Corporation的营收复合增速更高（0.3% vs -6.6%）
AES公司是美国知名公用事业及发电企业，总部位于弗吉尼亚州阿灵顿，位列《财富》全球500强。集团在全球15个国家运营电力生产及分销业务，持有并运营多座发电厂，向终端用户、公用事业机构、工业设施等客户售电，全球员工总数达10500人。
西北能源集团（NorthWestern Energy Group, Inc.）是一家总部位于苏福尔斯的公用事业企业，业务覆盖南达科他州、内布拉斯加州和蒙大拿州。截至2019年，公司服务客户约71.8万户，集团总部设在苏福尔斯，南达科他州的运营总部则位于该州休伦市。
AES vs NWE — 直观对比
营收规模更大
AES
是对方的7.5倍
$414.3M
营收增速更快
NWE
高出6.2%
4.7%
净利率更高
NWE
高出0.5%
10.3%
自由现金流更多
AES
多$46.7M
$-93.7M
两年增速更快
AES
近两年复合增速
-6.6%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $3.1B | $414.3M |
| 净利润 | $320.0M | $44.7M |
| 毛利率 | 18.8% | — |
| 营业利润率 | -8.7% | 14.5% |
| 净利率 | 10.3% | 10.8% |
| 营收同比 | 4.7% | 10.9% |
| 净利润同比 | -42.9% | -44.5% |
| 每股收益（稀释后） | $0.45 | $0.72 |
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AESNWE
| Q4 25 | $3.1B | $414.3M | ||
| Q3 25 | $3.4B | $387.0M | ||
| Q2 25 | $2.9B | $342.7M | ||
| Q1 25 | $2.9B | $466.6M | ||
| Q4 24 | $3.0B | $373.5M | ||
| Q3 24 | $3.3B | $345.2M | ||
| Q2 24 | $2.9B | $319.9M | ||
| Q1 24 | $3.1B | $475.3M |
净利润AESNWE
| Q4 25 | $320.0M | $44.7M | ||
| Q3 25 | $639.0M | $38.2M | ||
| Q2 25 | $-95.0M | $21.2M | ||
| Q1 25 | $46.0M | $76.9M | ||
| Q4 24 | $560.0M | $80.6M | ||
| Q3 24 | $502.0M | $46.8M | ||
| Q2 24 | $185.0M | $31.7M | ||
| Q1 24 | $432.0M | $65.1M |
毛利率AESNWE
| Q4 25 | 18.8% | — | ||
| Q3 25 | 21.9% | — | ||
| Q2 25 | 15.9% | — | ||
| Q1 25 | 15.1% | — | ||
| Q4 24 | 14.2% | — | ||
| Q3 24 | 22.0% | — | ||
| Q2 24 | 18.8% | — | ||
| Q1 24 | 20.1% | — |
营业利润率AESNWE
| Q4 25 | -8.7% | 14.5% | ||
| Q3 25 | 9.8% | 20.7% | ||
| Q2 25 | 1.4% | 17.7% | ||
| Q1 25 | -0.8% | 26.7% | ||
| Q4 24 | 12.3% | 24.6% | ||
| Q3 24 | 10.0% | 19.7% | ||
| Q2 24 | -2.6% | 19.3% | ||
| Q1 24 | 9.0% | 21.5% |
净利率AESNWE
| Q4 25 | 10.3% | 10.8% | ||
| Q3 25 | 19.1% | 9.9% | ||
| Q2 25 | -3.3% | 6.2% | ||
| Q1 25 | 1.6% | 16.5% | ||
| Q4 24 | 18.9% | 21.6% | ||
| Q3 24 | 15.3% | 13.6% | ||
| Q2 24 | 6.3% | 9.9% | ||
| Q1 24 | 14.0% | 13.7% |
每股收益（稀释后）AESNWE
| Q4 25 | $0.45 | $0.72 | ||
| Q3 25 | $0.89 | $0.62 | ||
| Q2 25 | $-0.15 | $0.35 | ||
| Q1 25 | $0.07 | $1.25 | ||
| Q4 24 | $0.78 | $1.31 | ||
| Q3 24 | $0.71 | $0.76 | ||
| Q2 24 | $0.27 | $0.52 | ||
| Q1 24 | $0.60 | $1.06 |
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 | $1.6B | $8.8M |
| 总债务越低越好 | — | $3.3B |
| 股东权益账面价值 | $4.1B | $2.9B |
| 总资产 | $51.8B | $8.5B |
| 负债/权益比越低杠杆越低 | — | 1.14× |
8季度趋势，按日历期对齐
现金及短期投资AESNWE
| Q4 25 | $1.6B | $8.8M | ||
| Q3 25 | $1.8B | $6.2M | ||
| Q2 25 | $1.4B | $2.9M | ||
| Q1 25 | $1.8B | $56.0M | ||
| Q4 24 | $1.6B | $4.3M | ||
| Q3 24 | $2.0B | $2.5M | ||
| Q2 24 | $1.8B | $6.4M | ||
| Q1 24 | $2.4B | $4.2M |
总债务AESNWE
| Q4 25 | — | $3.3B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $3.0B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益AESNWE
| Q4 25 | $4.1B | $2.9B | ||
| Q3 25 | $3.9B | $2.9B | ||
| Q2 25 | $3.4B | $2.9B | ||
| Q1 25 | $3.5B | $2.9B | ||
| Q4 24 | $3.6B | $2.9B | ||
| Q3 24 | $3.3B | $2.8B | ||
| Q2 24 | $3.1B | $2.8B | ||
| Q1 24 | $2.9B | $2.8B |
总资产AESNWE
| Q4 25 | $51.8B | $8.5B | ||
| Q3 25 | $50.8B | $8.3B | ||
| Q2 25 | $48.5B | $8.1B | ||
| Q1 25 | $48.6B | $8.1B | ||
| Q4 24 | $47.4B | $8.0B | ||
| Q3 24 | $50.1B | $7.9B | ||
| Q2 24 | $47.7B | $7.7B | ||
| Q1 24 | $47.0B | $7.6B |
负债/权益比AESNWE
| Q4 25 | — | 1.14× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.05× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $1.5B | $56.2M |
| 自由现金流经营现金流 - 资本支出 | $-47.0M | $-93.7M |
| 自由现金流率自由现金流/营收 | -1.5% | -22.6% |
| 资本支出强度资本支出/营收 | 49.5% | 36.2% |
| 现金转化率经营现金流/净利润 | 4.65× | 1.26× |
| 过去12个月自由现金流最近4个季度 | $-1.6B | $-130.0M |
8季度趋势，按日历期对齐
经营现金流AESNWE
| Q4 25 | $1.5B | $56.2M | ||
| Q3 25 | $1.3B | $126.7M | ||
| Q2 25 | $976.0M | $58.2M | ||
| Q1 25 | $545.0M | $153.4M | ||
| Q4 24 | $1.1B | $62.8M | ||
| Q3 24 | $985.0M | $120.0M | ||
| Q2 24 | $392.0M | $62.3M | ||
| Q1 24 | $287.0M | $161.7M |
自由现金流AESNWE
| Q4 25 | $-47.0M | $-93.7M | ||
| Q3 25 | $-511.0M | $-26.9M | ||
| Q2 25 | $-356.0M | $-70.6M | ||
| Q1 25 | $-709.0M | $61.3M | ||
| Q4 24 | $-639.0M | $-85.9M | ||
| Q3 24 | $-847.0M | $-33.2M | ||
| Q2 24 | $-1.3B | $-76.3M | ||
| Q1 24 | $-1.9B | $52.9M |
自由现金流率AESNWE
| Q4 25 | -1.5% | -22.6% | ||
| Q3 25 | -15.2% | -6.9% | ||
| Q2 25 | -12.5% | -20.6% | ||
| Q1 25 | -24.2% | 13.1% | ||
| Q4 24 | -21.6% | -23.0% | ||
| Q3 24 | -25.8% | -9.6% | ||
| Q2 24 | -43.9% | -23.9% | ||
| Q1 24 | -60.3% | 11.1% |
资本支出强度AESNWE
| Q4 25 | 49.5% | 36.2% | ||
| Q3 25 | 54.0% | 39.7% | ||
| Q2 25 | 46.7% | 37.6% | ||
| Q1 25 | 42.9% | 19.7% | ||
| Q4 24 | 58.3% | 39.8% | ||
| Q3 24 | 55.7% | 44.4% | ||
| Q2 24 | 57.3% | 43.3% | ||
| Q1 24 | 69.6% | 22.9% |
现金转化率AESNWE
| Q4 25 | 4.65× | 1.26× | ||
| Q3 25 | 2.03× | 3.31× | ||
| Q2 25 | — | 2.74× | ||
| Q1 25 | 11.85× | 1.99× | ||
| Q4 24 | 1.94× | 0.78× | ||
| Q3 24 | 1.96× | 2.56× | ||
| Q2 24 | 2.12× | 1.97× | ||
| Q1 24 | 0.66× | 2.48× |
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
AES
| Electric Distribution | $1.0B | 33% |
| Regulated Revenue | $1.0B | 33% |
| Renewables | $786.0M | 25% |
| AES Andes | $225.0M | 7% |
| Corporate Other And Other | $38.0M | 1% |
| Other Expense | $10.0M | 0% |
NWE
| Electricity Us Regulated | $315.3M | 76% |
| Other Tariff Based Revenue | $50.5M | 12% |
| Transmission Customers | $28.4M | 7% |
| Industrial Customers | $11.0M | 3% |
| Other Customers | $6.1M | 1% |
