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普立万（AVNT）与BLACK HILLS CORP（BKH）财务数据对比。点击上方公司名可切换其他公司
普立万的季度营收约是BLACK HILLS CORP的1.2倍（$760.6M vs $622.7M），BLACK HILLS CORP净利率更高（16.8% vs 2.2%，领先14.6%），BLACK HILLS CORP同比增速更快（6.4% vs 1.9%），普立万自由现金流更多（$125.4M vs $-101.5M），过去两年普立万的营收复合增速更高（-4.2% vs -6.8%）
普立万公司是一家全球性材料解决方案供应商，总部位于美国俄亥俄州埃文湖，全球员工约9000人。主营产品涵盖色母粒、先进复合材料、功能添加剂以及工程材料，为多行业客户提供定制化的材料相关技术支持与解决方案。
布莱克山集团是美国多元化能源企业，总部位于南达科他州拉皮德城，名称来源于当地的布莱克山区域。公司主营电力与天然气公用事业，服务覆盖南达科他、蒙大拿、怀俄明、科罗拉多等多个州，电力产品行销整个美国西部地区。
AVNT vs BKH — 直观对比
营收规模更大
AVNT
是对方的1.2倍
$622.7M
营收增速更快
BKH
高出4.5%
1.9%
净利率更高
BKH
高出14.6%
2.2%
自由现金流更多
AVNT
多$226.9M
$-101.5M
两年增速更快
AVNT
近两年复合增速
-6.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $760.6M | $622.7M |
| 净利润 | $16.9M | $104.9M |
| 毛利率 | 30.2% | — |
| 营业利润率 | 5.2% | 27.5% |
| 净利率 | 2.2% | 16.8% |
| 营收同比 | 1.9% | 6.4% |
| 净利润同比 | -65.0% | 7.0% |
| 每股收益（稀释后） | $0.18 | $1.39 |
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AVNTBKH
| Q4 25 | $760.6M | $622.7M | ||
| Q3 25 | $806.5M | $427.4M | ||
| Q2 25 | $866.5M | $435.7M | ||
| Q1 25 | $826.6M | $800.4M | ||
| Q4 24 | $746.5M | $585.1M | ||
| Q3 24 | $815.2M | $398.6M | ||
| Q2 24 | $849.7M | $397.1M | ||
| Q1 24 | $829.0M | $717.2M |
净利润AVNTBKH
| Q4 25 | $16.9M | $104.9M | ||
| Q3 25 | $32.6M | $24.9M | ||
| Q2 25 | $52.6M | $27.5M | ||
| Q1 25 | $-20.2M | $134.3M | ||
| Q4 24 | $48.3M | $98.0M | ||
| Q3 24 | $38.2M | $24.4M | ||
| Q2 24 | $33.6M | $22.8M | ||
| Q1 24 | $49.4M | $127.9M |
毛利率AVNTBKH
| Q4 25 | 30.2% | — | ||
| Q3 25 | 30.4% | — | ||
| Q2 25 | 32.1% | — | ||
| Q1 25 | 31.8% | — | ||
| Q4 24 | 34.8% | — | ||
| Q3 24 | 32.1% | — | ||
| Q2 24 | 30.3% | — | ||
| Q1 24 | 33.6% | — |
营业利润率AVNTBKH
| Q4 25 | 5.2% | 27.5% | ||
| Q3 25 | 8.3% | 18.4% | ||
| Q2 25 | 11.1% | 18.9% | ||
| Q1 25 | 0.1% | 25.6% | ||
| Q4 24 | 11.5% | 27.9% | ||
| Q3 24 | 9.5% | 19.0% | ||
| Q2 24 | 8.5% | 17.8% | ||
| Q1 24 | 11.3% | 27.0% |
净利率AVNTBKH
| Q4 25 | 2.2% | 16.8% | ||
| Q3 25 | 4.0% | 5.8% | ||
| Q2 25 | 6.1% | 6.3% | ||
| Q1 25 | -2.4% | 16.8% | ||
| Q4 24 | 6.5% | 16.7% | ||
| Q3 24 | 4.7% | 6.1% | ||
| Q2 24 | 4.0% | 5.7% | ||
| Q1 24 | 6.0% | 17.8% |
每股收益（稀释后）AVNTBKH
| Q4 25 | $0.18 | $1.39 | ||
| Q3 25 | $0.36 | $0.34 | ||
| Q2 25 | $0.57 | $0.38 | ||
| Q1 25 | $-0.22 | $1.87 | ||
| Q4 24 | $0.53 | $1.36 | ||
| Q3 24 | $0.41 | $0.35 | ||
| Q2 24 | $0.36 | $0.33 | ||
| Q1 24 | $0.54 | $1.87 |
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 | — | $182.8M |
| 总债务越低越好 | $1.9B | — |
| 股东权益账面价值 | $2.4B | $3.8B |
| 总资产 | $6.0B | $10.9B |
| 负债/权益比越低杠杆越低 | 0.81× | — |
8季度趋势，按日历期对齐
现金及短期投资AVNTBKH
| Q4 25 | — | $182.8M | ||
| Q3 25 | — | $21.1M | ||
| Q2 25 | — | $8.1M | ||
| Q1 25 | — | $6.6M | ||
| Q4 24 | — | $16.1M | ||
| Q3 24 | — | $12.5M | ||
| Q2 24 | — | $624.8M | ||
| Q1 24 | — | $123.0M |
总债务AVNTBKH
| Q4 25 | $1.9B | — | ||
| Q3 25 | $2.0B | — | ||
| Q2 25 | $2.0B | — | ||
| Q1 25 | $2.1B | — | ||
| Q4 24 | $2.1B | — | ||
| Q3 24 | $2.1B | — | ||
| Q2 24 | $2.1B | — | ||
| Q1 24 | $2.1B | — |
股东权益AVNTBKH
| Q4 25 | $2.4B | $3.8B | ||
| Q3 25 | $2.4B | $3.8B | ||
| Q2 25 | $2.4B | $3.6B | ||
| Q1 25 | $2.3B | $3.6B | ||
| Q4 24 | $2.3B | $3.5B | ||
| Q3 24 | $2.4B | $3.4B | ||
| Q2 24 | $2.3B | $3.4B | ||
| Q1 24 | $2.3B | $3.3B |
总资产AVNTBKH
| Q4 25 | $6.0B | $10.9B | ||
| Q3 25 | $6.1B | $10.3B | ||
| Q2 25 | $6.1B | $10.1B | ||
| Q1 25 | $5.8B | $10.1B | ||
| Q4 24 | $5.8B | $10.0B | ||
| Q3 24 | $6.0B | $9.7B | ||
| Q2 24 | $5.9B | $10.2B | ||
| Q1 24 | $5.9B | $9.7B |
负债/权益比AVNTBKH
| Q4 25 | 0.81× | — | ||
| Q3 25 | 0.83× | — | ||
| Q2 25 | 0.86× | — | ||
| Q1 25 | 0.90× | — | ||
| Q4 24 | 0.89× | — | ||
| Q3 24 | 0.88× | — | ||
| Q2 24 | 0.90× | — | ||
| Q1 24 | 0.90× | — |
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 | $167.8M | $168.1M |
| 自由现金流经营现金流 - 资本支出 | $125.4M | $-101.5M |
| 自由现金流率自由现金流/营收 | 16.5% | -16.3% |
| 资本支出强度资本支出/营收 | 5.6% | 43.3% |
| 现金转化率经营现金流/净利润 | 9.93× | 1.60× |
| 过去12个月自由现金流最近4个季度 | $195.0M | $-146.4M |
8季度趋势，按日历期对齐
经营现金流AVNTBKH
| Q4 25 | $167.8M | $168.1M | ||
| Q3 25 | $72.1M | $88.9M | ||
| Q2 25 | $112.8M | $188.6M | ||
| Q1 25 | $-51.1M | $227.8M | ||
| Q4 24 | $122.6M | $153.2M | ||
| Q3 24 | $71.1M | $102.1M | ||
| Q2 24 | $105.9M | $230.6M | ||
| Q1 24 | $-42.8M | $233.4M |
自由现金流AVNTBKH
| Q4 25 | $125.4M | $-101.5M | ||
| Q3 25 | $47.4M | $-89.5M | ||
| Q2 25 | $85.8M | $-30.3M | ||
| Q1 25 | $-63.6M | $74.9M | ||
| Q4 24 | $81.5M | $-60.5M | ||
| Q3 24 | $46.1M | $-86.0M | ||
| Q2 24 | $74.5M | $64.4M | ||
| Q1 24 | $-67.2M | $57.2M |
自由现金流率AVNTBKH
| Q4 25 | 16.5% | -16.3% | ||
| Q3 25 | 5.9% | -20.9% | ||
| Q2 25 | 9.9% | -7.0% | ||
| Q1 25 | -7.7% | 9.4% | ||
| Q4 24 | 10.9% | -10.3% | ||
| Q3 24 | 5.7% | -21.6% | ||
| Q2 24 | 8.8% | 16.2% | ||
| Q1 24 | -8.1% | 8.0% |
资本支出强度AVNTBKH
| Q4 25 | 5.6% | 43.3% | ||
| Q3 25 | 3.1% | 41.7% | ||
| Q2 25 | 3.1% | 50.2% | ||
| Q1 25 | 1.5% | 19.1% | ||
| Q4 24 | 5.5% | 36.5% | ||
| Q3 24 | 3.1% | 47.2% | ||
| Q2 24 | 3.7% | 41.9% | ||
| Q1 24 | 2.9% | 24.6% |
现金转化率AVNTBKH
| Q4 25 | 9.93× | 1.60× | ||
| Q3 25 | 2.21× | 3.57× | ||
| Q2 25 | 2.14× | 6.86× | ||
| Q1 25 | — | 1.70× | ||
| Q4 24 | 2.54× | 1.56× | ||
| Q3 24 | 1.86× | 4.18× | ||
| Q2 24 | 3.15× | 10.11× | ||
| Q1 24 | -0.87× | 1.82× |
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
AVNT
| Color Additives And Inks | $466.0M | 61% |
| Specialty Engineered Materials | $295.5M | 39% |
BKH
| Gas Utilities | $391.1M | 63% |
| Retail Electric Natural Gasand Coal | $189.7M | 30% |
| Other | $15.3M | 2% |
| Market Off System Sales | $13.6M | 2% |
| Transferred At Point In Time | $8.9M | 1% |
| Wholesale | $4.9M | 1% |
| Inter Segment Revenues | $2.4M | 0% |
