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AES Corporation（AES）与维谛技术（VRT）财务数据对比。点击上方公司名可切换其他公司
AES Corporation的季度营收约是维谛技术的1.2倍（$3.1B vs $2.6B），维谛技术净利率更高（14.7% vs 10.3%，领先4.4%），维谛技术同比增速更快（30.1% vs 4.7%），维谛技术自由现金流更多（$652.8M vs $-47.0M），过去两年维谛技术的营收复合增速更高（16.5% vs 0.3%）
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。
维谛技术（Vertiv）是一家美国跨国企业，专注于为数据中心、通信网络、商业及工业场景提供关键基础设施及配套服务，旗下方案可有效保障各行业客户关键业务系统的稳定高效运行。
AES vs VRT — 直观对比
营收规模更大
AES
是对方的1.2倍
$2.6B
营收增速更快
VRT
高出25.4%
4.7%
净利率更高
VRT
高出4.4%
10.3%
自由现金流更多
VRT
多$699.8M
$-47.0M
两年增速更快
VRT
近两年复合增速
0.3%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $3.1B | $2.6B |
| 净利润 | $320.0M | $390.1M |
| 毛利率 | 18.8% | 37.7% |
| 营业利润率 | -8.7% | — |
| 净利率 | 10.3% | 14.7% |
| 营收同比 | 4.7% | 30.1% |
| 净利润同比 | -42.9% | 137.1% |
| 每股收益（稀释后） | $0.45 | $0.99 |
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AESVRT
| Q1 26 | — | $2.6B | ||
| Q4 25 | $3.1B | $2.9B | ||
| Q3 25 | $3.4B | $2.7B | ||
| Q2 25 | $2.9B | $2.6B | ||
| Q1 25 | $2.9B | $2.0B | ||
| Q4 24 | $3.0B | $2.3B | ||
| Q3 24 | $3.3B | $2.1B | ||
| Q2 24 | $2.9B | $2.0B |
净利润AESVRT
| Q1 26 | — | $390.1M | ||
| Q4 25 | $320.0M | $445.6M | ||
| Q3 25 | $639.0M | $398.5M | ||
| Q2 25 | $-95.0M | $324.2M | ||
| Q1 25 | $46.0M | $164.5M | ||
| Q4 24 | $560.0M | $147.0M | ||
| Q3 24 | $502.0M | $176.6M | ||
| Q2 24 | $185.0M | $178.1M |
毛利率AESVRT
| Q1 26 | — | 37.7% | ||
| Q4 25 | 18.8% | 38.9% | ||
| Q3 25 | 21.9% | 37.8% | ||
| Q2 25 | 15.9% | 34.0% | ||
| Q1 25 | 15.1% | 33.7% | ||
| Q4 24 | 14.2% | 37.1% | ||
| Q3 24 | 22.0% | 36.5% | ||
| Q2 24 | 18.8% | 38.0% |
营业利润率AESVRT
| Q1 26 | — | — | ||
| Q4 25 | -8.7% | 20.1% | ||
| Q3 25 | 9.8% | 19.3% | ||
| Q2 25 | 1.4% | 16.8% | ||
| Q1 25 | -0.8% | 14.3% | ||
| Q4 24 | 12.3% | 19.5% | ||
| Q3 24 | 10.0% | 17.9% | ||
| Q2 24 | -2.6% | 17.2% |
净利率AESVRT
| Q1 26 | — | 14.7% | ||
| Q4 25 | 10.3% | 15.5% | ||
| Q3 25 | 19.1% | 14.9% | ||
| Q2 25 | -3.3% | 12.3% | ||
| Q1 25 | 1.6% | 8.1% | ||
| Q4 24 | 18.9% | 6.3% | ||
| Q3 24 | 15.3% | 8.5% | ||
| Q2 24 | 6.3% | 9.1% |
每股收益（稀释后）AESVRT
| Q1 26 | — | $0.99 | ||
| Q4 25 | $0.45 | $1.14 | ||
| Q3 25 | $0.89 | $1.02 | ||
| Q2 25 | $-0.15 | $0.83 | ||
| Q1 25 | $0.07 | $0.42 | ||
| Q4 24 | $0.78 | $0.38 | ||
| Q3 24 | $0.71 | $0.46 | ||
| Q2 24 | $0.27 | $0.46 |
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 | $2.5B |
| 总债务越低越好 | — | $0 |
| 股东权益账面价值 | $4.1B | $4.2B |
| 总资产 | $51.8B | $13.4B |
| 负债/权益比越低杠杆越低 | — | 0.00× |
8季度趋势，按日历期对齐
现金及短期投资AESVRT
| Q1 26 | — | $2.5B | ||
| Q4 25 | $1.6B | $1.7B | ||
| Q3 25 | $1.8B | $1.4B | ||
| Q2 25 | $1.4B | $1.6B | ||
| Q1 25 | $1.8B | $1.5B | ||
| Q4 24 | $1.6B | $1.2B | ||
| Q3 24 | $2.0B | $908.7M | ||
| Q2 24 | $1.8B | $579.7M |
总债务AESVRT
| Q1 26 | — | $0 | ||
| Q4 25 | — | $2.9B | ||
| Q3 25 | — | $2.9B | ||
| Q2 25 | — | $2.9B | ||
| Q1 25 | — | $2.9B | ||
| Q4 24 | — | $2.9B | ||
| Q3 24 | — | $2.9B | ||
| Q2 24 | — | $2.9B |
股东权益AESVRT
| Q1 26 | — | $4.2B | ||
| Q4 25 | $4.1B | $3.9B | ||
| Q3 25 | $3.9B | $3.5B | ||
| Q2 25 | $3.4B | $3.1B | ||
| Q1 25 | $3.5B | $2.7B | ||
| Q4 24 | $3.6B | $2.4B | ||
| Q3 24 | $3.3B | $1.8B | ||
| Q2 24 | $3.1B | $1.5B |
总资产AESVRT
| Q1 26 | — | $13.4B | ||
| Q4 25 | $51.8B | $12.2B | ||
| Q3 25 | $50.8B | $10.8B | ||
| Q2 25 | $48.5B | $10.4B | ||
| Q1 25 | $48.6B | $9.5B | ||
| Q4 24 | $47.4B | $9.1B | ||
| Q3 24 | $50.1B | $8.9B | ||
| Q2 24 | $47.7B | $8.1B |
负债/权益比AESVRT
| Q1 26 | — | 0.00× | ||
| Q4 25 | — | 0.74× | ||
| Q3 25 | — | 0.83× | ||
| Q2 25 | — | 0.93× | ||
| Q1 25 | — | 1.10× | ||
| Q4 24 | — | 1.20× | ||
| Q3 24 | — | 1.62× | ||
| Q2 24 | — | 1.91× |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $-47.0M | $652.8M |
| 自由现金流率自由现金流/营收 | -1.5% | 24.6% |
| 资本支出强度资本支出/营收 | 49.5% | 4.2% |
| 现金转化率经营现金流/净利润 | 4.65× | — |
| 过去12个月自由现金流最近4个季度 | $-1.6B | $2.3B |
8季度趋势，按日历期对齐
经营现金流AESVRT
| Q1 26 | — | — | ||
| Q4 25 | $1.5B | $978.9M | ||
| Q3 25 | $1.3B | $508.7M | ||
| Q2 25 | $976.0M | $322.9M | ||
| Q1 25 | $545.0M | $303.3M | ||
| Q4 24 | $1.1B | $425.2M | ||
| Q3 24 | $985.0M | $378.2M | ||
| Q2 24 | $392.0M | $378.4M |
自由现金流AESVRT
| Q1 26 | — | $652.8M | ||
| Q4 25 | $-47.0M | $885.6M | ||
| Q3 25 | $-511.0M | $463.5M | ||
| Q2 25 | $-356.0M | $277.9M | ||
| Q1 25 | $-709.0M | $266.8M | ||
| Q4 24 | $-639.0M | $364.5M | ||
| Q3 24 | $-847.0M | $341.8M | ||
| Q2 24 | $-1.3B | $344.3M |
自由现金流率AESVRT
| Q1 26 | — | 24.6% | ||
| Q4 25 | -1.5% | 30.8% | ||
| Q3 25 | -15.2% | 17.3% | ||
| Q2 25 | -12.5% | 10.5% | ||
| Q1 25 | -24.2% | 13.1% | ||
| Q4 24 | -21.6% | 15.5% | ||
| Q3 24 | -25.8% | 16.5% | ||
| Q2 24 | -43.9% | 17.6% |
资本支出强度AESVRT
| Q1 26 | — | 4.2% | ||
| Q4 25 | 49.5% | 3.2% | ||
| Q3 25 | 54.0% | 1.7% | ||
| Q2 25 | 46.7% | 1.7% | ||
| Q1 25 | 42.9% | 1.8% | ||
| Q4 24 | 58.3% | 2.6% | ||
| Q3 24 | 55.7% | 1.8% | ||
| Q2 24 | 57.3% | 1.7% |
现金转化率AESVRT
| Q1 26 | — | — | ||
| Q4 25 | 4.65× | 2.20× | ||
| Q3 25 | 2.03× | 1.28× | ||
| Q2 25 | — | 1.00× | ||
| Q1 25 | 11.85× | 1.84× | ||
| Q4 24 | 1.94× | 2.89× | ||
| Q3 24 | 1.96× | 2.14× | ||
| Q2 24 | 2.12× | 2.12× |
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% |
VRT
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