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豪瑞（AMRZ）与Tennessee Valley Authority（TVE）财务数据对比。点击上方公司名可切换其他公司
豪瑞的季度营收约是Tennessee Valley Authority的1.2倍（$3.7B vs $3.0B），豪瑞净利率更高（14.8% vs 8.7%，领先6.1%），豪瑞同比增速更快（6.6% vs 4.4%），豪瑞自由现金流更多（$669.0M vs $-814.0M）
豪瑞是总部位于瑞士的全球领先建筑材料及骨料供应商，为豪瑞集团旗下核心业务板块。原公司于2015年7月10日与拉法基合并组建拉法基豪瑞，2021年正式更名为豪瑞集团，合并完成后豪瑞品牌仍在集团内正常运营。
田纳西河流域管理局（TVA）是美国联邦政府所有的电力公用事业企业，服务范围覆盖田纳西州全境，以及阿拉巴马州、密西西比州、肯塔基州的部分区域，还涵盖佐治亚州、北卡罗来纳州、弗吉尼亚州的小块区域。该企业虽归属联邦政府，但不依赖纳税人资金运营，运营模式与私营盈利企业类似，总部位于田纳西州诺克斯维尔。
AMRZ vs TVE — 直观对比
营收规模更大
AMRZ
是对方的1.2倍
$3.0B
营收增速更快
AMRZ
高出2.2%
4.4%
净利率更高
AMRZ
高出6.1%
8.7%
自由现金流更多
AMRZ
多$1.5B
$-814.0M
损益表 — Q3 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $3.7B | $3.0B |
| 净利润 | $545.0M | $266.0M |
| 毛利率 | 29.6% | — |
| 营业利润率 | 21.2% | 18.1% |
| 净利率 | 14.8% | 8.7% |
| 营收同比 | 6.6% | 4.4% |
| 净利润同比 | -1.4% | 112.8% |
| 每股收益（稀释后） | $0.98 | — |
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AMRZTVE
| Q4 25 | — | $3.0B | ||
| Q3 25 | $3.7B | $3.9B | ||
| Q2 25 | $3.2B | $3.3B | ||
| Q1 25 | — | $3.5B | ||
| Q4 24 | — | $2.9B | ||
| Q3 24 | $3.4B | $3.5B | ||
| Q2 24 | $3.2B | $2.9B | ||
| Q1 24 | — | $3.2B |
净利润AMRZTVE
| Q4 25 | — | $266.0M | ||
| Q3 25 | $545.0M | $615.0M | ||
| Q2 25 | $429.0M | $212.0M | ||
| Q1 25 | — | $408.0M | ||
| Q4 24 | — | $125.0M | ||
| Q3 24 | $553.0M | $520.0M | ||
| Q2 24 | $474.0M | $181.0M | ||
| Q1 24 | — | $307.0M |
毛利率AMRZTVE
| Q4 25 | — | — | ||
| Q3 25 | 29.6% | — | ||
| Q2 25 | 30.0% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 30.2% | — | ||
| Q2 24 | 30.2% | — | ||
| Q1 24 | — | — |
营业利润率AMRZTVE
| Q4 25 | — | 18.1% | ||
| Q3 25 | 21.2% | 23.6% | ||
| Q2 25 | 20.8% | 15.6% | ||
| Q1 25 | — | 20.3% | ||
| Q4 24 | — | 14.1% | ||
| Q3 24 | 24.5% | 22.7% | ||
| Q2 24 | 23.3% | 15.9% | ||
| Q1 24 | — | 18.4% |
净利率AMRZTVE
| Q4 25 | — | 8.7% | ||
| Q3 25 | 14.8% | 15.7% | ||
| Q2 25 | 13.3% | 6.4% | ||
| Q1 25 | — | 11.6% | ||
| Q4 24 | — | 4.3% | ||
| Q3 24 | 16.0% | 14.8% | ||
| Q2 24 | 14.6% | 6.3% | ||
| Q1 24 | — | 9.7% |
每股收益（稀释后）AMRZTVE
| Q4 25 | — | — | ||
| Q3 25 | $0.98 | — | ||
| Q2 25 | $0.78 | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $1.00 | — | ||
| Q2 24 | $0.86 | — | ||
| Q1 24 | — | — |
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 | $826.0M | $501.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $12.9B | — |
| 总资产 | $24.0B | $59.5B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资AMRZTVE
| Q4 25 | — | $501.0M | ||
| Q3 25 | $826.0M | $1.6B | ||
| Q2 25 | $601.0M | $501.0M | ||
| Q1 25 | — | $502.0M | ||
| Q4 24 | — | $507.0M | ||
| Q3 24 | — | $502.0M | ||
| Q2 24 | — | $501.0M | ||
| Q1 24 | — | $508.0M |
总债务AMRZTVE
| Q4 25 | — | — | ||
| Q3 25 | — | $22.1B | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $19.1B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益AMRZTVE
| Q4 25 | — | — | ||
| Q3 25 | $12.9B | — | ||
| Q2 25 | $12.4B | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $9.8B | — | ||
| Q2 24 | $9.3B | — | ||
| Q1 24 | — | — |
总资产AMRZTVE
| Q4 25 | — | $59.5B | ||
| Q3 25 | $24.0B | $60.9B | ||
| Q2 25 | $23.8B | $59.9B | ||
| Q1 25 | — | $59.3B | ||
| Q4 24 | — | $58.4B | ||
| Q3 24 | — | $57.7B | ||
| Q2 24 | — | $56.2B | ||
| Q1 24 | — | $52.3B |
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 | $854.0M | $330.0M |
| 自由现金流经营现金流 - 资本支出 | $669.0M | $-814.0M |
| 自由现金流率自由现金流/营收 | 18.2% | -26.7% |
| 资本支出强度资本支出/营收 | 5.0% | 37.5% |
| 现金转化率经营现金流/净利润 | 1.57× | 1.24× |
| 过去12个月自由现金流最近4个季度 | — | $-1.2B |
8季度趋势，按日历期对齐
经营现金流AMRZTVE
| Q4 25 | — | $330.0M | ||
| Q3 25 | $854.0M | $1.2B | ||
| Q2 25 | — | $615.0M | ||
| Q1 25 | — | $1.0B | ||
| Q4 24 | — | $450.0M | ||
| Q3 24 | — | $1.1B | ||
| Q2 24 | — | $508.0M | ||
| Q1 24 | — | $1.0B |
自由现金流AMRZTVE
| Q4 25 | — | $-814.0M | ||
| Q3 25 | $669.0M | $233.0M | ||
| Q2 25 | — | $-431.0M | ||
| Q1 25 | — | $-176.0M | ||
| Q4 24 | — | $-759.0M | ||
| Q3 24 | — | $164.0M | ||
| Q2 24 | — | $-248.0M | ||
| Q1 24 | — | $276.0M |
自由现金流率AMRZTVE
| Q4 25 | — | -26.7% | ||
| Q3 25 | 18.2% | 6.0% | ||
| Q2 25 | — | -13.0% | ||
| Q1 25 | — | -5.0% | ||
| Q4 24 | — | -26.0% | ||
| Q3 24 | — | 4.7% | ||
| Q2 24 | — | -8.6% | ||
| Q1 24 | — | 8.8% |
资本支出强度AMRZTVE
| Q4 25 | — | 37.5% | ||
| Q3 25 | 5.0% | 25.9% | ||
| Q2 25 | — | 31.6% | ||
| Q1 25 | — | 33.6% | ||
| Q4 24 | — | 41.4% | ||
| Q3 24 | — | 25.6% | ||
| Q2 24 | — | 26.3% | ||
| Q1 24 | — | 24.2% |
现金转化率AMRZTVE
| Q4 25 | — | 1.24× | ||
| Q3 25 | 1.57× | 2.03× | ||
| Q2 25 | — | 2.90× | ||
| Q1 25 | — | 2.48× | ||
| Q4 24 | — | 3.60× | ||
| Q3 24 | — | 2.05× | ||
| Q2 24 | — | 2.81× | ||
| Q1 24 | — | 3.38× |
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
AMRZ
| Building Materials | $2.8B | 75% |
| Building Envelope | $901.0M | 25% |
| Equity Method Investee | $5.0M | 0% |
TVE
| TN | $2.0B | 65% |
| AL | $449.0M | 15% |
| MS | $266.0M | 9% |
| KY | $193.0M | 6% |
| GA | $75.0M | 2% |
| Federal Agencies And Other | $29.0M | 1% |
| NC | $23.0M | 1% |
| VA | $12.0M | 0% |
| Off System Sales Member | $2.0M | 0% |
