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富兰克林邓普顿（BEN）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
Tennessee Valley Authority的季度营收约是富兰克林邓普顿的1.3倍（$3.0B vs $2.3B），富兰克林邓普顿净利率更高（11.0% vs 8.7%，领先2.3%），Tennessee Valley Authority同比增速更快（4.4% vs 3.4%），过去两年富兰克林邓普顿的营收复合增速更高（4.0% vs -1.7%）
富兰克林资源（运营品牌为富兰克林邓普顿）是美国跨国投资管理控股集团，1947年创立于纽约，纽交所上市代码为BEN，命名源自创始人敬仰的本杰明·富兰克林，是全球知名的综合投资服务机构。
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。
BEN vs TVE — 直观对比
营收规模更大
TVE
是对方的1.3倍
$2.3B
营收增速更快
TVE
高出1.1%
3.4%
净利率更高
BEN
高出2.3%
8.7%
两年增速更快
BEN
近两年复合增速
-1.7%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.3B | $3.0B |
| 净利润 | $255.5M | $266.0M |
| 毛利率 | — | — |
| 营业利润率 | 12.1% | 18.1% |
| 净利率 | 11.0% | 8.7% |
| 营收同比 | 3.4% | 4.4% |
| 净利润同比 | 56.2% | 112.8% |
| 每股收益（稀释后） | $0.46 | — |
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BENTVE
| Q4 25 | $2.3B | $3.0B | ||
| Q3 25 | $2.3B | $3.9B | ||
| Q2 25 | $2.1B | $3.3B | ||
| Q1 25 | $2.1B | $3.5B | ||
| Q4 24 | $2.3B | $2.9B | ||
| Q3 24 | $2.2B | $3.5B | ||
| Q2 24 | $2.1B | $2.9B | ||
| Q1 24 | $2.2B | $3.2B |
净利润BENTVE
| Q4 25 | $255.5M | $266.0M | ||
| Q3 25 | $117.6M | $615.0M | ||
| Q2 25 | $92.3M | $212.0M | ||
| Q1 25 | $151.4M | $408.0M | ||
| Q4 24 | $163.6M | $125.0M | ||
| Q3 24 | $-84.7M | $520.0M | ||
| Q2 24 | $174.0M | $181.0M | ||
| Q1 24 | $124.2M | $307.0M |
营业利润率BENTVE
| Q4 25 | 12.1% | 18.1% | ||
| Q3 25 | 3.6% | 23.6% | ||
| Q2 25 | 7.5% | 15.6% | ||
| Q1 25 | 6.9% | 20.3% | ||
| Q4 24 | 9.7% | 14.1% | ||
| Q3 24 | -6.8% | 22.7% | ||
| Q2 24 | 10.5% | 15.9% | ||
| Q1 24 | 6.0% | 18.4% |
净利率BENTVE
| Q4 25 | 11.0% | 8.7% | ||
| Q3 25 | 5.0% | 15.7% | ||
| Q2 25 | 4.5% | 6.4% | ||
| Q1 25 | 7.2% | 11.6% | ||
| Q4 24 | 7.3% | 4.3% | ||
| Q3 24 | -3.8% | 14.8% | ||
| Q2 24 | 8.2% | 6.3% | ||
| Q1 24 | 5.8% | 9.7% |
每股收益（稀释后）BENTVE
| Q4 25 | $0.46 | — | ||
| Q3 25 | $0.21 | — | ||
| Q2 25 | $0.15 | — | ||
| Q1 25 | $0.26 | — | ||
| Q4 24 | $0.29 | — | ||
| Q3 24 | $-0.20 | — | ||
| Q2 24 | $0.32 | — | ||
| Q1 24 | $0.23 | — |
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 | — | $501.0M |
| 总债务越低越好 | $2.4B | — |
| 股东权益账面价值 | $12.1B | — |
| 总资产 | $32.5B | $59.5B |
| 负债/权益比越低杠杆越低 | 0.19× | — |
8季度趋势，按日历期对齐
现金及短期投资BENTVE
| Q4 25 | — | $501.0M | ||
| Q3 25 | — | $1.6B | ||
| Q2 25 | — | $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BENTVE
| Q4 25 | $2.4B | — | ||
| Q3 25 | $2.4B | $22.1B | ||
| Q2 25 | $2.7B | — | ||
| Q1 25 | $2.7B | — | ||
| Q4 24 | $2.8B | — | ||
| Q3 24 | $2.8B | $19.1B | ||
| Q2 24 | $3.0B | — | ||
| Q1 24 | $3.0B | — |
股东权益BENTVE
| Q4 25 | $12.1B | — | ||
| Q3 25 | $12.1B | — | ||
| Q2 25 | $12.2B | — | ||
| Q1 25 | $12.3B | — | ||
| Q4 24 | $12.5B | — | ||
| Q3 24 | $12.5B | — | ||
| Q2 24 | $12.9B | — | ||
| Q1 24 | $12.9B | — |
总资产BENTVE
| Q4 25 | $32.5B | $59.5B | ||
| Q3 25 | $32.4B | $60.9B | ||
| Q2 25 | $32.6B | $59.9B | ||
| Q1 25 | $32.0B | $59.3B | ||
| Q4 24 | $32.4B | $58.4B | ||
| Q3 24 | $32.5B | $57.7B | ||
| Q2 24 | $33.3B | $56.2B | ||
| Q1 24 | $32.9B | $52.3B |
负债/权益比BENTVE
| Q4 25 | 0.19× | — | ||
| Q3 25 | 0.20× | — | ||
| Q2 25 | 0.22× | — | ||
| Q1 25 | 0.22× | — | ||
| Q4 24 | 0.22× | — | ||
| Q3 24 | 0.22× | — | ||
| Q2 24 | 0.24× | — | ||
| Q1 24 | 0.24× | — |
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 | $-255.1M | $330.0M |
| 自由现金流经营现金流 - 资本支出 | — | $-814.0M |
| 自由现金流率自由现金流/营收 | — | -26.7% |
| 资本支出强度资本支出/营收 | — | 37.5% |
| 现金转化率经营现金流/净利润 | -1.00× | 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BENTVE
| Q4 25 | $-255.1M | $330.0M | ||
| Q3 25 | $-20.7M | $1.2B | ||
| Q2 25 | $1.3B | $615.0M | ||
| Q1 25 | $-50.1M | $1.0B | ||
| Q4 24 | $-145.2M | $450.0M | ||
| Q3 24 | $558.2M | $1.1B | ||
| Q2 24 | $528.4M | $508.0M | ||
| Q1 24 | $136.6M | $1.0B |
自由现金流BENTVE
| Q4 25 | — | $-814.0M | ||
| Q3 25 | $-51.9M | $233.0M | ||
| Q2 25 | $1.3B | $-431.0M | ||
| Q1 25 | $-87.6M | $-176.0M | ||
| Q4 24 | $-217.0M | $-759.0M | ||
| Q3 24 | $488.4M | $164.0M | ||
| Q2 24 | $482.3M | $-248.0M | ||
| Q1 24 | $94.9M | $276.0M |
自由现金流率BENTVE
| Q4 25 | — | -26.7% | ||
| Q3 25 | -2.2% | 6.0% | ||
| Q2 25 | 61.4% | -13.0% | ||
| Q1 25 | -4.1% | -5.0% | ||
| Q4 24 | -9.6% | -26.0% | ||
| Q3 24 | 22.1% | 4.7% | ||
| Q2 24 | 22.7% | -8.6% | ||
| Q1 24 | 4.4% | 8.8% |
资本支出强度BENTVE
| Q4 25 | — | 37.5% | ||
| Q3 25 | 1.3% | 25.9% | ||
| Q2 25 | 0.7% | 31.6% | ||
| Q1 25 | 1.8% | 33.6% | ||
| Q4 24 | 3.2% | 41.4% | ||
| Q3 24 | 3.2% | 25.6% | ||
| Q2 24 | 2.2% | 26.3% | ||
| Q1 24 | 1.9% | 24.2% |
现金转化率BENTVE
| Q4 25 | -1.00× | 1.24× | ||
| Q3 25 | -0.18× | 2.03× | ||
| Q2 25 | 13.89× | 2.90× | ||
| Q1 25 | -0.33× | 2.48× | ||
| Q4 24 | -0.89× | 3.60× | ||
| Q3 24 | — | 2.05× | ||
| Q2 24 | 3.04× | 2.81× | ||
| Q1 24 | 1.10× | 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
BEN
| Investment Advisory Management And Administrative Service | $1.8B | 79% |
| Sales And Distribution Fees | $388.7M | 17% |
| Shareholder Service | $70.9M | 3% |
| Service Other | $19.6M | 1% |
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% |
