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AES Corporation（AES）与Xcel Energy（XEL）财务数据对比。点击上方公司名可切换其他公司
Xcel Energy的季度营收约是AES Corporation的1.1倍（$3.6B vs $3.1B），Xcel Energy净利率更高（15.9% vs 10.3%，领先5.6%），Xcel Energy同比增速更快（14.1% vs 4.7%），AES Corporation自由现金流更多（$-47.0M vs $-3.2B），过去两年AES Corporation的营收复合增速更高（0.3% vs -1.2%）
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。
Xcel Energy是总部位于美国明尼苏达州明尼阿波利斯的受监管电力及天然气供应企业，截至2025年中业务覆盖美国八个州的部分区域，共服务约390万电力用户、220万天然气用户，旗下设有四家运营子公司。
AES vs XEL — 直观对比
营收规模更大
XEL
是对方的1.1倍
$3.1B
营收增速更快
XEL
高出9.4%
4.7%
净利率更高
XEL
高出5.6%
10.3%
自由现金流更多
AES
多$3.2B
$-3.2B
两年增速更快
AES
近两年复合增速
-1.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.1B | $3.6B |
| 净利润 | $320.0M | $567.0M |
| 毛利率 | 18.8% | — |
| 营业利润率 | -8.7% | 16.3% |
| 净利率 | 10.3% | 15.9% |
| 营收同比 | 4.7% | 14.1% |
| 净利润同比 | -42.9% | 22.2% |
| 每股收益（稀释后） | $0.45 | $0.95 |
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AESXEL
| Q4 25 | $3.1B | $3.6B | ||
| Q3 25 | $3.4B | $3.9B | ||
| Q2 25 | $2.9B | $3.3B | ||
| Q1 25 | $2.9B | $3.9B | ||
| Q4 24 | $3.0B | $3.1B | ||
| Q3 24 | $3.3B | $3.6B | ||
| Q2 24 | $2.9B | $3.0B | ||
| Q1 24 | $3.1B | $3.6B |
净利润AESXEL
| Q4 25 | $320.0M | $567.0M | ||
| Q3 25 | $639.0M | $524.0M | ||
| Q2 25 | $-95.0M | $444.0M | ||
| Q1 25 | $46.0M | $483.0M | ||
| Q4 24 | $560.0M | $464.0M | ||
| Q3 24 | $502.0M | $682.0M | ||
| Q2 24 | $185.0M | $302.0M | ||
| Q1 24 | $432.0M | $488.0M |
毛利率AESXEL
| 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AESXEL
| Q4 25 | -8.7% | 16.3% | ||
| Q3 25 | 9.8% | 19.1% | ||
| Q2 25 | 1.4% | 17.6% | ||
| Q1 25 | -0.8% | 17.3% | ||
| Q4 24 | 12.3% | 11.1% | ||
| Q3 24 | 10.0% | 25.0% | ||
| Q2 24 | -2.6% | 14.8% | ||
| Q1 24 | 9.0% | 18.6% |
净利率AESXEL
| Q4 25 | 10.3% | 15.9% | ||
| Q3 25 | 19.1% | 13.4% | ||
| Q2 25 | -3.3% | 13.5% | ||
| Q1 25 | 1.6% | 12.4% | ||
| Q4 24 | 18.9% | 14.9% | ||
| Q3 24 | 15.3% | 18.7% | ||
| Q2 24 | 6.3% | 10.0% | ||
| Q1 24 | 14.0% | 13.4% |
每股收益（稀释后）AESXEL
| Q4 25 | $0.45 | $0.95 | ||
| Q3 25 | $0.89 | $0.88 | ||
| Q2 25 | $-0.15 | $0.75 | ||
| Q1 25 | $0.07 | $0.84 | ||
| Q4 24 | $0.78 | $0.81 | ||
| Q3 24 | $0.71 | $1.21 | ||
| Q2 24 | $0.27 | $0.54 | ||
| Q1 24 | $0.60 | $0.88 |
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 | — |
| 总债务越低越好 | — | $31.8B |
| 股东权益账面价值 | $4.1B | $23.6B |
| 总资产 | $51.8B | $81.4B |
| 负债/权益比越低杠杆越低 | — | 1.35× |
8季度趋势，按日历期对齐
现金及短期投资AESXEL
| Q4 25 | $1.6B | — | ||
| Q3 25 | $1.8B | $1.1B | ||
| Q2 25 | $1.4B | $1.5B | ||
| Q1 25 | $1.8B | $1.1B | ||
| Q4 24 | $1.6B | $179.0M | ||
| Q3 24 | $2.0B | $1.5B | ||
| Q2 24 | $1.8B | $1.6B | ||
| Q1 24 | $2.4B | $501.0M |
总债务AESXEL
| Q4 25 | — | $31.8B | ||
| Q3 25 | — | $32.0B | ||
| Q2 25 | — | $31.1B | ||
| Q1 25 | — | $29.4B | ||
| Q4 24 | — | $27.3B | ||
| Q3 24 | — | $27.5B | ||
| Q2 24 | — | $27.7B | ||
| Q1 24 | — | $26.4B |
股东权益AESXEL
| Q4 25 | $4.1B | $23.6B | ||
| Q3 25 | $3.9B | $21.2B | ||
| Q2 25 | $3.4B | $21.0B | ||
| Q1 25 | $3.5B | $19.8B | ||
| Q4 24 | $3.6B | $19.5B | ||
| Q3 24 | $3.3B | $19.4B | ||
| Q2 24 | $3.1B | $18.0B | ||
| Q1 24 | $2.9B | $17.8B |
总资产AESXEL
| Q4 25 | $51.8B | $81.4B | ||
| Q3 25 | $50.8B | $79.2B | ||
| Q2 25 | $48.5B | $75.3B | ||
| Q1 25 | $48.6B | $72.7B | ||
| Q4 24 | $47.4B | $70.0B | ||
| Q3 24 | $50.1B | $69.3B | ||
| Q2 24 | $47.7B | $67.9B | ||
| Q1 24 | $47.0B | $65.6B |
负债/权益比AESXEL
| Q4 25 | — | 1.35× | ||
| Q3 25 | — | 1.51× | ||
| Q2 25 | — | 1.48× | ||
| Q1 25 | — | 1.48× | ||
| Q4 24 | — | 1.40× | ||
| Q3 24 | — | 1.42× | ||
| Q2 24 | — | 1.54× | ||
| 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 | $1.5B | $209.0M |
| 自由现金流经营现金流 - 资本支出 | $-47.0M | $-3.2B |
| 自由现金流率自由现金流/营收 | -1.5% | -90.7% |
| 资本支出强度资本支出/营收 | 49.5% | 96.5% |
| 现金转化率经营现金流/净利润 | 4.65× | 0.37× |
| 过去12个月自由现金流最近4个季度 | $-1.6B | $-6.8B |
8季度趋势，按日历期对齐
经营现金流AESXEL
| Q4 25 | $1.5B | $209.0M | ||
| Q3 25 | $1.3B | $1.8B | ||
| Q2 25 | $976.0M | $1.1B | ||
| Q1 25 | $545.0M | $1.0B | ||
| Q4 24 | $1.1B | $664.0M | ||
| Q3 24 | $985.0M | $1.7B | ||
| Q2 24 | $392.0M | $1.2B | ||
| Q1 24 | $287.0M | $1.1B |
自由现金流AESXEL
| Q4 25 | $-47.0M | $-3.2B | ||
| Q3 25 | $-511.0M | $-1.3B | ||
| Q2 25 | $-356.0M | $-1.3B | ||
| Q1 25 | $-709.0M | $-960.0M | ||
| Q4 24 | $-639.0M | $-1.6B | ||
| Q3 24 | $-847.0M | $-42.0M | ||
| Q2 24 | $-1.3B | $-641.0M | ||
| Q1 24 | $-1.9B | $-487.0M |
自由现金流率AESXEL
| Q4 25 | -1.5% | -90.7% | ||
| Q3 25 | -15.2% | -33.0% | ||
| Q2 25 | -12.5% | -40.9% | ||
| Q1 25 | -24.2% | -24.6% | ||
| Q4 24 | -21.6% | -49.8% | ||
| Q3 24 | -25.8% | -1.2% | ||
| Q2 24 | -43.9% | -21.2% | ||
| Q1 24 | -60.3% | -13.3% |
资本支出强度AESXEL
| Q4 25 | 49.5% | 96.5% | ||
| Q3 25 | 54.0% | 78.0% | ||
| Q2 25 | 46.7% | 73.8% | ||
| Q1 25 | 42.9% | 50.9% | ||
| Q4 24 | 58.3% | 71.1% | ||
| Q3 24 | 55.7% | 48.8% | ||
| Q2 24 | 57.3% | 60.5% | ||
| Q1 24 | 69.6% | 42.1% |
现金转化率AESXEL
| Q4 25 | 4.65× | 0.37× | ||
| Q3 25 | 2.03× | 3.37× | ||
| Q2 25 | — | 2.43× | ||
| Q1 25 | 11.85× | 2.13× | ||
| Q4 24 | 1.94× | 1.43× | ||
| Q3 24 | 1.96× | 2.55× | ||
| Q2 24 | 2.12× | 3.94× | ||
| Q1 24 | 0.66× | 2.15× |
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% |
XEL
| Retail Distribution | $2.3B | 64% |
| Regulated Natural Gas Segment | $737.0M | 21% |
| Alternativeand Other | $212.0M | 6% |
| Transmission Services | $164.0M | 5% |
| Wholesale Distribution | $159.0M | 4% |
| Other Services | $8.0M | 0% |
