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BLACK HILLS CORP（BKH）与COMPASS MINERALS INTERNATIONAL INC（CMP）财务数据对比。点击上方公司名可切换其他公司
BLACK HILLS CORP的季度营收约是COMPASS MINERALS INTERNATIONAL INC的1.6倍（$622.7M vs $396.1M），BLACK HILLS CORP净利率更高（16.8% vs 4.7%，领先12.2%），COMPASS MINERALS INTERNATIONAL INC同比增速更快（28.9% vs 6.4%），COMPASS MINERALS INTERNATIONAL INC自由现金流更多（$-59.8M vs $-101.5M），过去两年COMPASS MINERALS INTERNATIONAL INC的营收复合增速更高（4.3% vs -6.8%）
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。
指南针矿产国际是一家美国上市矿产企业，总部位于堪萨斯州欧弗兰帕克，是盐、氯化镁和硫酸钾等产品的领先生产商。公司面向北美和英国客户供应经处理与未经处理的散装道路除冰盐，同时向全球种植者提供植物营养产品，此外也生产民用除冰、水质调节产品及相关商用产品。
BKH vs CMP — 直观对比
营收规模更大
BKH
是对方的1.6倍
$396.1M
营收增速更快
CMP
高出22.5%
6.4%
净利率更高
BKH
高出12.2%
4.7%
自由现金流更多
CMP
多$41.7M
$-101.5M
两年增速更快
CMP
近两年复合增速
-6.8%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $622.7M | $396.1M |
| 净利润 | $104.9M | $18.6M |
| 毛利率 | — | 16.0% |
| 营业利润率 | 27.5% | 9.2% |
| 净利率 | 16.8% | 4.7% |
| 营收同比 | 6.4% | 28.9% |
| 净利润同比 | 7.0% | 178.8% |
| 每股收益（稀释后） | $1.39 | $0.43 |
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BKHCMP
| Q4 25 | $622.7M | $396.1M | ||
| Q3 25 | $427.4M | $227.5M | ||
| Q2 25 | $435.7M | $214.6M | ||
| Q1 25 | $800.4M | $494.6M | ||
| Q4 24 | $585.1M | $307.2M | ||
| Q3 24 | $398.6M | $208.8M | ||
| Q2 24 | $397.1M | $202.9M | ||
| Q1 24 | $717.2M | $364.0M |
净利润BKHCMP
| Q4 25 | $104.9M | $18.6M | ||
| Q3 25 | $24.9M | $-7.2M | ||
| Q2 25 | $27.5M | $-17.0M | ||
| Q1 25 | $134.3M | $-32.0M | ||
| Q4 24 | $98.0M | $-23.6M | ||
| Q3 24 | $24.4M | $-48.3M | ||
| Q2 24 | $22.8M | $-43.6M | ||
| Q1 24 | $127.9M | $-38.9M |
毛利率BKHCMP
| Q4 25 | — | 16.0% | ||
| Q3 25 | — | 16.9% | ||
| Q2 25 | — | 19.2% | ||
| Q1 25 | — | 15.5% | ||
| Q4 24 | — | 11.2% | ||
| Q3 24 | — | 9.3% | ||
| Q2 24 | — | 16.1% | ||
| Q1 24 | — | 19.7% |
营业利润率BKHCMP
| Q4 25 | 27.5% | 9.2% | ||
| Q3 25 | 18.4% | 5.3% | ||
| Q2 25 | 18.9% | 7.4% | ||
| Q1 25 | 25.6% | -0.6% | ||
| Q4 24 | 27.9% | 0.2% | ||
| Q3 24 | 19.0% | -14.3% | ||
| Q2 24 | 17.8% | 2.9% | ||
| Q1 24 | 27.0% | -10.8% |
净利率BKHCMP
| Q4 25 | 16.8% | 4.7% | ||
| Q3 25 | 5.8% | -3.2% | ||
| Q2 25 | 6.3% | -7.9% | ||
| Q1 25 | 16.8% | -6.5% | ||
| Q4 24 | 16.7% | -7.7% | ||
| Q3 24 | 6.1% | -23.1% | ||
| Q2 24 | 5.7% | -21.5% | ||
| Q1 24 | 17.8% | -10.7% |
每股收益（稀释后）BKHCMP
| Q4 25 | $1.39 | $0.43 | ||
| Q3 25 | $0.34 | — | ||
| Q2 25 | $0.38 | $-0.41 | ||
| Q1 25 | $1.87 | $-0.77 | ||
| Q4 24 | $1.36 | $-0.57 | ||
| Q3 24 | $0.35 | $-1.17 | ||
| Q2 24 | $0.33 | $-1.05 | ||
| Q1 24 | $1.87 | $-0.94 |
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 | $46.7M |
| 总债务越低越好 | — | $890.0M |
| 股东权益账面价值 | $3.8B | $260.5M |
| 总资产 | $10.9B | $1.5B |
| 负债/权益比越低杠杆越低 | — | 3.42× |
8季度趋势，按日历期对齐
现金及短期投资BKHCMP
| Q4 25 | $182.8M | $46.7M | ||
| Q3 25 | $21.1M | $59.7M | ||
| Q2 25 | $8.1M | $79.4M | ||
| Q1 25 | $6.6M | $49.5M | ||
| Q4 24 | $16.1M | $45.8M | ||
| Q3 24 | $12.5M | $20.2M | ||
| Q2 24 | $624.8M | $12.8M | ||
| Q1 24 | $123.0M | $38.3M |
总债务BKHCMP
| Q4 25 | — | $890.0M | ||
| Q3 25 | — | $839.8M | ||
| Q2 25 | — | $833.4M | ||
| Q1 25 | — | $807.6M | ||
| Q4 24 | — | $974.4M | ||
| Q3 24 | — | $921.2M | ||
| Q2 24 | — | $875.1M | ||
| Q1 24 | — | $877.2M |
股东权益BKHCMP
| Q4 25 | $3.8B | $260.5M | ||
| Q3 25 | $3.8B | $234.1M | ||
| Q2 25 | $3.6B | $249.8M | ||
| Q1 25 | $3.6B | $236.5M | ||
| Q4 24 | $3.5B | $263.0M | ||
| Q3 24 | $3.4B | $316.6M | ||
| Q2 24 | $3.4B | $352.1M | ||
| Q1 24 | $3.3B | $400.4M |
总资产BKHCMP
| Q4 25 | $10.9B | $1.5B | ||
| Q3 25 | $10.3B | $1.5B | ||
| Q2 25 | $10.1B | $1.5B | ||
| Q1 25 | $10.1B | $1.5B | ||
| Q4 24 | $10.0B | $1.7B | ||
| Q3 24 | $9.7B | $1.6B | ||
| Q2 24 | $10.2B | $1.6B | ||
| Q1 24 | $9.7B | $1.7B |
负债/权益比BKHCMP
| Q4 25 | — | 3.42× | ||
| Q3 25 | — | 3.59× | ||
| Q2 25 | — | 3.34× | ||
| Q1 25 | — | 3.41× | ||
| Q4 24 | — | 3.70× | ||
| Q3 24 | — | 2.91× | ||
| Q2 24 | — | 2.49× | ||
| Q1 24 | — | 2.19× |
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 | $168.1M | $-37.0M |
| 自由现金流经营现金流 - 资本支出 | $-101.5M | $-59.8M |
| 自由现金流率自由现金流/营收 | -16.3% | -15.1% |
| 资本支出强度资本支出/营收 | 43.3% | 5.8% |
| 现金转化率经营现金流/净利润 | 1.60× | -1.99× |
| 过去12个月自由现金流最近4个季度 | $-146.4M | $94.1M |
8季度趋势，按日历期对齐
经营现金流BKHCMP
| Q4 25 | $168.1M | $-37.0M | ||
| Q3 25 | $88.9M | $-6.9M | ||
| Q2 25 | $188.6M | $21.8M | ||
| Q1 25 | $227.8M | $186.9M | ||
| Q4 24 | $153.2M | $-4.1M | ||
| Q3 24 | $102.1M | $-12.7M | ||
| Q2 24 | $230.6M | $-6.8M | ||
| Q1 24 | $233.4M | $86.2M |
自由现金流BKHCMP
| Q4 25 | $-101.5M | $-59.8M | ||
| Q3 25 | $-89.5M | $-22.8M | ||
| Q2 25 | $-30.3M | $3.8M | ||
| Q1 25 | $74.9M | $172.9M | ||
| Q4 24 | $-60.5M | $-25.9M | ||
| Q3 24 | $-86.0M | $-33.6M | ||
| Q2 24 | $64.4M | $-21.5M | ||
| Q1 24 | $57.2M | $56.2M |
自由现金流率BKHCMP
| Q4 25 | -16.3% | -15.1% | ||
| Q3 25 | -20.9% | -10.0% | ||
| Q2 25 | -7.0% | 1.8% | ||
| Q1 25 | 9.4% | 35.0% | ||
| Q4 24 | -10.3% | -8.4% | ||
| Q3 24 | -21.6% | -16.1% | ||
| Q2 24 | 16.2% | -10.6% | ||
| Q1 24 | 8.0% | 15.4% |
资本支出强度BKHCMP
| Q4 25 | 43.3% | 5.8% | ||
| Q3 25 | 41.7% | 7.0% | ||
| Q2 25 | 50.2% | 8.4% | ||
| Q1 25 | 19.1% | 2.8% | ||
| Q4 24 | 36.5% | 7.1% | ||
| Q3 24 | 47.2% | 10.0% | ||
| Q2 24 | 41.9% | 7.2% | ||
| Q1 24 | 24.6% | 8.2% |
现金转化率BKHCMP
| Q4 25 | 1.60× | -1.99× | ||
| Q3 25 | 3.57× | — | ||
| Q2 25 | 6.86× | — | ||
| Q1 25 | 1.70× | — | ||
| Q4 24 | 1.56× | — | ||
| Q3 24 | 4.18× | — | ||
| Q2 24 | 10.11× | — | ||
| Q1 24 | 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
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% |
CMP
| Highway Deicing Salt | $210.8M | 53% |
| Consumer Industrial Salt | $120.7M | 30% |
| Plant Nutrition | $60.8M | 15% |
| Transferred Over Time | $2.8M | 1% |
| Other | $1.0M | 0% |
