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AMERICAN AXLE & MANUFACTURING HOLDINGS INC（AXL）与NiSource（NI）财务数据对比。点击上方公司名可切换其他公司
NiSource的季度营收约是AMERICAN AXLE & MANUFACTURING HOLDINGS INC的1.4倍（$1.9B vs $1.4B），NiSource净利率更高（13.7% vs -5.4%，领先19.1%），NiSource同比增速更快（22.5% vs 0.2%），AMERICAN AXLE & MANUFACTURING HOLDINGS INC自由现金流更多（$54.7M vs $-133.7M），过去两年NiSource的营收复合增速更高（7.2% vs -7.2%）
美国车桥制造控股有限公司总部位于密歇根州底特律，是一家美国汽车传动轴与动力传动系统零部件及系统制造商，在汽车传动领域拥有成熟的技术与产能，为全球多家车企供应相关核心配件。
NiSource是美国规模最大的受全面监管公用事业企业之一，总部位于印第安纳州梅里尔维尔，员工规模超8000人。公司旗下拥有Columbia Gas、NIPSCO两大本土品牌，业务覆盖美国六个州，为约350万天然气用户、50万电力用户提供服务，2018年时是印第安纳州唯一的本土公用事业企业。
AXL vs NI — 直观对比
营收规模更大
NI
是对方的1.4倍
$1.4B
营收增速更快
NI
高出22.3%
0.2%
净利率更高
NI
高出19.1%
-5.4%
自由现金流更多
AXL
多$188.4M
$-133.7M
两年增速更快
NI
近两年复合增速
-7.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.4B | $1.9B |
| 净利润 | $-75.3M | $257.8M |
| 毛利率 | 10.2% | — |
| 营业利润率 | -2.4% | 27.3% |
| 净利率 | -5.4% | 13.7% |
| 营收同比 | 0.2% | 22.5% |
| 净利润同比 | -449.6% | 15.1% |
| 每股收益（稀释后） | $-0.62 | $0.53 |
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AXLNI
| Q4 25 | $1.4B | $1.9B | ||
| Q3 25 | $1.5B | $1.2B | ||
| Q2 25 | $1.5B | $1.2B | ||
| Q1 25 | $1.4B | $2.1B | ||
| Q4 24 | $1.4B | $1.5B | ||
| Q3 24 | $1.5B | $1.0B | ||
| Q2 24 | $1.6B | $1.1B | ||
| Q1 24 | $1.6B | $1.6B |
净利润AXLNI
| Q4 25 | $-75.3M | $257.8M | ||
| Q3 25 | $9.2M | $94.7M | ||
| Q2 25 | $39.3M | $102.2M | ||
| Q1 25 | $7.1M | $474.8M | ||
| Q4 24 | $-13.7M | $223.9M | ||
| Q3 24 | $10.0M | $85.7M | ||
| Q2 24 | $18.2M | $85.8M | ||
| Q1 24 | $20.5M | $365.0M |
毛利率AXLNI
| Q4 25 | 10.2% | — | ||
| Q3 25 | 12.6% | — | ||
| Q2 25 | 13.1% | — | ||
| Q1 25 | 12.3% | — | ||
| Q4 24 | 11.2% | — | ||
| Q3 24 | 11.4% | — | ||
| Q2 24 | 13.3% | — | ||
| Q1 24 | 12.4% | — |
营业利润率AXLNI
| Q4 25 | -2.4% | 27.3% | ||
| Q3 25 | 3.2% | 24.0% | ||
| Q2 25 | 3.6% | 21.1% | ||
| Q1 25 | 3.0% | 35.3% | ||
| Q4 24 | 2.6% | 27.1% | ||
| Q3 24 | 2.8% | 20.9% | ||
| Q2 24 | 5.3% | 22.5% | ||
| Q1 24 | 4.8% | 35.5% |
净利率AXLNI
| Q4 25 | -5.4% | 13.7% | ||
| Q3 25 | 0.6% | 7.6% | ||
| Q2 25 | 2.6% | 8.2% | ||
| Q1 25 | 0.5% | 22.1% | ||
| Q4 24 | -1.0% | 14.5% | ||
| Q3 24 | 0.7% | 8.2% | ||
| Q2 24 | 1.1% | 8.1% | ||
| Q1 24 | 1.3% | 22.2% |
每股收益（稀释后）AXLNI
| Q4 25 | $-0.62 | $0.53 | ||
| Q3 25 | $0.07 | $0.20 | ||
| Q2 25 | $0.32 | $0.22 | ||
| Q1 25 | $0.06 | $1.00 | ||
| Q4 24 | $-0.11 | $0.47 | ||
| Q3 24 | $0.08 | $0.19 | ||
| Q2 24 | $0.15 | $0.19 | ||
| Q1 24 | $0.17 | $0.77 |
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 | $708.9M | $110.1M |
| 总债务越低越好 | $4.0B | $15.5B |
| 股东权益账面价值 | $640.0M | $9.5B |
| 总资产 | $6.7B | $35.9B |
| 负债/权益比越低杠杆越低 | 6.31× | 1.64× |
8季度趋势，按日历期对齐
现金及短期投资AXLNI
| Q4 25 | $708.9M | $110.1M | ||
| Q3 25 | $714.1M | $95.0M | ||
| Q2 25 | $586.5M | $335.4M | ||
| Q1 25 | $549.2M | $259.4M | ||
| Q4 24 | $552.9M | $156.6M | ||
| Q3 24 | $542.5M | $126.2M | ||
| Q2 24 | $519.9M | $101.2M | ||
| Q1 24 | $469.8M | $102.2M |
总债务AXLNI
| Q4 25 | $4.0B | $15.5B | ||
| Q3 25 | $2.6B | $14.5B | ||
| Q2 25 | $2.6B | $14.5B | ||
| Q1 25 | $2.6B | $12.8B | ||
| Q4 24 | $2.6B | $12.1B | ||
| Q3 24 | $2.6B | $12.1B | ||
| Q2 24 | $2.7B | $12.8B | ||
| Q1 24 | $2.7B | $11.7B |
股东权益AXLNI
| Q4 25 | $640.0M | $9.5B | ||
| Q3 25 | $718.4M | $9.1B | ||
| Q2 25 | $673.0M | $8.9B | ||
| Q1 25 | $596.3M | $8.9B | ||
| Q4 24 | $562.8M | $8.7B | ||
| Q3 24 | $616.3M | $8.3B | ||
| Q2 24 | $609.6M | $7.9B | ||
| Q1 24 | $621.4M | $7.9B |
总资产AXLNI
| Q4 25 | $6.7B | $35.9B | ||
| Q3 25 | $5.3B | $34.4B | ||
| Q2 25 | $5.3B | $34.0B | ||
| Q1 25 | $5.1B | $33.1B | ||
| Q4 24 | $5.1B | $31.8B | ||
| Q3 24 | $5.3B | $30.8B | ||
| Q2 24 | $5.3B | $29.9B | ||
| Q1 24 | $5.4B | $29.3B |
负债/权益比AXLNI
| Q4 25 | 6.31× | 1.64× | ||
| Q3 25 | 3.61× | 1.59× | ||
| Q2 25 | 3.86× | 1.63× | ||
| Q1 25 | 4.38× | 1.44× | ||
| Q4 24 | 4.58× | 1.39× | ||
| Q3 24 | 4.28× | 1.45× | ||
| Q2 24 | 4.42× | 1.63× | ||
| Q1 24 | 4.40× | 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 | $120.5M | $712.6M |
| 自由现金流经营现金流 - 资本支出 | $54.7M | $-133.7M |
| 自由现金流率自由现金流/营收 | 4.0% | -7.1% |
| 资本支出强度资本支出/营收 | 4.8% | 44.9% |
| 现金转化率经营现金流/净利润 | — | 2.76× |
| 过去12个月自由现金流最近4个季度 | $155.1M | $-420.0M |
8季度趋势，按日历期对齐
经营现金流AXLNI
| Q4 25 | $120.5M | $712.6M | ||
| Q3 25 | $143.3M | $467.9M | ||
| Q2 25 | $91.9M | $495.4M | ||
| Q1 25 | $55.9M | $686.4M | ||
| Q4 24 | $151.2M | $539.8M | ||
| Q3 24 | $143.6M | $340.0M | ||
| Q2 24 | $142.8M | $445.5M | ||
| Q1 24 | $17.8M | $456.2M |
自由现金流AXLNI
| Q4 25 | $54.7M | $-133.7M | ||
| Q3 25 | $79.2M | $-172.6M | ||
| Q2 25 | $34.6M | $-162.8M | ||
| Q1 25 | $-13.4M | $49.1M | ||
| Q4 24 | $73.2M | $-220.2M | ||
| Q3 24 | $70.4M | $-294.7M | ||
| Q2 24 | $94.0M | $-184.3M | ||
| Q1 24 | $-30.2M | $-133.3M |
自由现金流率AXLNI
| Q4 25 | 4.0% | -7.1% | ||
| Q3 25 | 5.3% | -13.9% | ||
| Q2 25 | 2.3% | -13.1% | ||
| Q1 25 | -0.9% | 2.3% | ||
| Q4 24 | 5.3% | -14.3% | ||
| Q3 24 | 4.7% | -28.2% | ||
| Q2 24 | 5.8% | -17.5% | ||
| Q1 24 | -1.9% | -8.1% |
资本支出强度AXLNI
| Q4 25 | 4.8% | 44.9% | ||
| Q3 25 | 4.3% | 51.6% | ||
| Q2 25 | 3.7% | 52.8% | ||
| Q1 25 | 4.9% | 29.6% | ||
| Q4 24 | 5.6% | 49.4% | ||
| Q3 24 | 4.9% | 60.7% | ||
| Q2 24 | 3.0% | 59.7% | ||
| Q1 24 | 3.0% | 35.9% |
现金转化率AXLNI
| Q4 25 | — | 2.76× | ||
| Q3 25 | 15.58× | 4.94× | ||
| Q2 25 | 2.34× | 4.85× | ||
| Q1 25 | 7.87× | 1.45× | ||
| Q4 24 | — | 2.41× | ||
| Q3 24 | 14.36× | 3.97× | ||
| Q2 24 | 7.85× | 5.19× | ||
| Q1 24 | 0.87× | 1.25× |
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
AXL
| Driveline | $748.4M | 54% |
| Other | $345.7M | 25% |
| Metal Forming | $289.8M | 21% |
NI
| Residential | $703.6M | 37% |
| Ni Source Electric Generation And Power Delivery | $525.6M | 28% |
| NIPSCO Gas Distribution | $348.1M | 18% |
| Commercial | $235.9M | 13% |
| Industrial | $45.9M | 2% |
| Offsystem | $16.9M | 1% |
| Misc. | $9.6M | 1% |
| Related Party | $3.3M | 0% |
