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阿拉斯加航空集团（ALK）与Vistra Corp.（VST）财务数据对比。点击上方公司名可切换其他公司
Vistra Corp.的季度营收约是阿拉斯加航空集团的1.5倍（$4.8B vs $3.3B），Vistra Corp.净利率更高（4.8% vs -5.8%，领先10.7%），Vistra Corp.同比增速更快（31.2% vs 5.2%），过去两年Vistra Corp.的营收复合增速更高（23.3% vs 6.7%）
阿拉斯加航空集团是总部位于美国华盛顿州西塔科的航空控股企业，旗下拥有阿拉斯加航空、夏威夷航空两家干线航司，以及区域航司地平线航空，阿拉斯加航空还全资控股飞机地面服务提供商麦吉航空服务。
股票代码为VST的Vistra Corp是总部位于美国得克萨斯州的能源企业，主营电力生产、可再生能源开发及能源零售等业务。此外“Vistra”也可指一家总部位于中国香港的企业服务提供商，为全球客户提供公司注册、合规管理等专业服务。
ALK vs VST — 直观对比
营收规模更大
VST
是对方的1.5倍
$3.3B
营收增速更快
VST
高出26.0%
5.2%
净利率更高
VST
高出10.7%
-5.8%
两年增速更快
VST
近两年复合增速
6.7%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.3B | $4.8B |
| 净利润 | $-193.0M | $233.0M |
| 毛利率 | — | — |
| 营业利润率 | -8.5% | 9.9% |
| 净利率 | -5.8% | 4.8% |
| 营收同比 | 5.2% | 31.2% |
| 净利润同比 | — | -47.2% |
| 每股收益（稀释后） | $-1.69 | $0.55 |
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ALKVST
| Q1 26 | $3.3B | — | ||
| Q4 25 | $3.6B | $4.8B | ||
| Q3 25 | $3.8B | $4.8B | ||
| Q2 25 | $3.7B | $3.8B | ||
| Q1 25 | $3.1B | $4.3B | ||
| Q4 24 | $3.5B | $3.7B | ||
| Q3 24 | $3.1B | $4.3B | ||
| Q2 24 | $2.9B | $3.6B |
净利润ALKVST
| Q1 26 | $-193.0M | — | ||
| Q4 25 | $21.0M | $233.0M | ||
| Q3 25 | $73.0M | $652.0M | ||
| Q2 25 | $172.0M | $327.0M | ||
| Q1 25 | $-166.0M | $-268.0M | ||
| Q4 24 | $71.0M | $441.0M | ||
| Q3 24 | $236.0M | $1.9B | ||
| Q2 24 | $220.0M | $365.0M |
营业利润率ALKVST
| Q1 26 | -8.5% | — | ||
| Q4 25 | 2.1% | 9.9% | ||
| Q3 25 | 3.9% | 21.7% | ||
| Q2 25 | 7.5% | 13.7% | ||
| Q1 25 | -6.3% | -2.8% | ||
| Q4 24 | 2.1% | 16.4% | ||
| Q3 24 | 11.1% | 59.6% | ||
| Q2 24 | 11.1% | 22.5% |
净利率ALKVST
| Q1 26 | -5.8% | — | ||
| Q4 25 | 0.6% | 4.8% | ||
| Q3 25 | 1.9% | 13.6% | ||
| Q2 25 | 4.6% | 8.7% | ||
| Q1 25 | -5.3% | -6.3% | ||
| Q4 24 | 2.0% | 12.0% | ||
| Q3 24 | 7.7% | 43.5% | ||
| Q2 24 | 7.6% | 10.1% |
每股收益（稀释后）ALKVST
| Q1 26 | $-1.69 | — | ||
| Q4 25 | $0.14 | $0.55 | ||
| Q3 25 | $0.62 | $1.75 | ||
| Q2 25 | $1.42 | $0.81 | ||
| Q1 25 | $-1.35 | $-0.93 | ||
| Q4 24 | $0.58 | $1.09 | ||
| Q3 24 | $1.84 | $5.25 | ||
| Q2 24 | $1.71 | $0.90 |
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 | $451.0M | $785.0M |
| 总债务越低越好 | $5.3B | $15.8B |
| 股东权益账面价值 | $3.7B | $5.1B |
| 总资产 | $20.3B | $41.5B |
| 负债/权益比越低杠杆越低 | 1.43× | 3.11× |
8季度趋势，按日历期对齐
现金及短期投资ALKVST
| Q1 26 | $451.0M | — | ||
| Q4 25 | $627.0M | $785.0M | ||
| Q3 25 | $2.3B | $602.0M | ||
| Q2 25 | $2.1B | $458.0M | ||
| Q1 25 | $2.5B | $561.0M | ||
| Q4 24 | $2.5B | $1.2B | ||
| Q3 24 | $2.5B | $905.0M | ||
| Q2 24 | $2.5B | $1.6B |
总债务ALKVST
| Q1 26 | $5.3B | — | ||
| Q4 25 | $4.8B | $15.8B | ||
| Q3 25 | $5.0B | $15.8B | ||
| Q2 25 | $4.9B | $15.5B | ||
| Q1 25 | $4.8B | $15.4B | ||
| Q4 24 | $4.5B | $15.4B | ||
| Q3 24 | $4.6B | $13.9B | ||
| Q2 24 | $2.7B | $13.9B |
股东权益ALKVST
| Q1 26 | $3.7B | — | ||
| Q4 25 | $4.1B | $5.1B | ||
| Q3 25 | $4.0B | $5.2B | ||
| Q2 25 | $3.9B | $4.8B | ||
| Q1 25 | $4.1B | $4.8B | ||
| Q4 24 | $4.4B | $5.6B | ||
| Q3 24 | $4.5B | $5.4B | ||
| Q2 24 | $4.2B | $5.6B |
总资产ALKVST
| Q1 26 | $20.3B | — | ||
| Q4 25 | $20.4B | $41.5B | ||
| Q3 25 | $20.0B | $38.0B | ||
| Q2 25 | $19.9B | $38.1B | ||
| Q1 25 | $19.8B | $38.2B | ||
| Q4 24 | $19.8B | $37.8B | ||
| Q3 24 | $19.6B | $37.9B | ||
| Q2 24 | $15.3B | $39.1B |
负债/权益比ALKVST
| Q1 26 | 1.43× | — | ||
| Q4 25 | 1.17× | 3.11× | ||
| Q3 25 | 1.24× | 3.02× | ||
| Q2 25 | 1.26× | 3.22× | ||
| Q1 25 | 1.16× | 3.20× | ||
| Q4 24 | 1.04× | 2.77× | ||
| Q3 24 | 1.03× | 2.56× | ||
| Q2 24 | 0.63× | 2.49× |
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 | $229.0M | $1.4B |
| 自由现金流经营现金流 - 资本支出 | — | $596.0M |
| 自由现金流率自由现金流/营收 | — | 12.4% |
| 资本支出强度资本支出/营收 | 10.2% | 17.4% |
| 现金转化率经营现金流/净利润 | — | 6.15× |
| 过去12个月自由现金流最近4个季度 | — | $1.3B |
8季度趋势，按日历期对齐
经营现金流ALKVST
| Q1 26 | $229.0M | — | ||
| Q4 25 | $185.0M | $1.4B | ||
| Q3 25 | $229.0M | $1.5B | ||
| Q2 25 | $376.0M | $572.0M | ||
| Q1 25 | $459.0M | $599.0M | ||
| Q4 24 | $274.0M | $1.4B | ||
| Q3 24 | $318.0M | $1.7B | ||
| Q2 24 | $580.0M | $1.2B |
自由现金流ALKVST
| Q1 26 | — | — | ||
| Q4 25 | — | $596.0M | ||
| Q3 25 | — | $1.0B | ||
| Q2 25 | — | $-118.0M | ||
| Q1 25 | — | $-169.0M | ||
| Q4 24 | — | $923.0M | ||
| Q3 24 | — | $1.0B | ||
| Q2 24 | — | $698.0M |
自由现金流率ALKVST
| Q1 26 | — | — | ||
| Q4 25 | — | 12.4% | ||
| Q3 25 | — | 21.1% | ||
| Q2 25 | — | -3.1% | ||
| Q1 25 | — | -4.0% | ||
| Q4 24 | — | 25.2% | ||
| Q3 24 | — | 23.4% | ||
| Q2 24 | — | 19.4% |
资本支出强度ALKVST
| Q1 26 | 10.2% | — | ||
| Q4 25 | — | 17.4% | ||
| Q3 25 | — | 9.6% | ||
| Q2 25 | — | 18.4% | ||
| Q1 25 | — | 18.1% | ||
| Q4 24 | — | 11.7% | ||
| Q3 24 | — | 15.8% | ||
| Q2 24 | — | 13.8% |
现金转化率ALKVST
| Q1 26 | — | — | ||
| Q4 25 | 8.81× | 6.15× | ||
| Q3 25 | 3.14× | 2.25× | ||
| Q2 25 | 2.19× | 1.75× | ||
| Q1 25 | — | — | ||
| Q4 24 | 3.86× | 3.07× | ||
| Q3 24 | 1.35× | 0.90× | ||
| Q2 24 | 2.64× | 3.28× |
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
ALK
| Passenger revenue | $2.9B | 88% |
| Loyalty program other revenue | $227.0M | 7% |
| Cargo and other revenue | $153.0M | 5% |
VST
| Retail Energy Charge In ERCOT | $2.1B | 43% |
| Retail Energy Charge In Northeast Midwest | $1.2B | 24% |
| East Segment | $1.1B | 24% |
| Hedging Revenue Realized | $170.0M | 4% |
| Revenue From Other Wholesale Contracts | $116.0M | 2% |
| Transferable Production Tax Credit Revenues | $78.0M | 2% |
| West Segment | $77.0M | 2% |
| Intersegment Sales | $25.0M | 1% |
