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BLACK HILLS CORP（BKH）与Clearway Energy, Inc.（CWEN）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Clearway Energy, Inc.的2.0倍（$622.7M vs $310.0M）。BLACK HILLS CORP净利率更高（16.8% vs -33.5%，领先50.4%）。Clearway Energy, Inc.同比增速更快（21.1% vs 6.4%）。Clearway Energy, Inc.自由现金流更多（$71.0M vs $-101.5M）。过去两年Clearway Energy, Inc.的营收复合增速更高（8.6% 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。
NRG能源是总部位于美国得克萨斯州休斯敦的能源企业，前身为后续更名为埃克西尔能源的北方州电力公司的批发业务板块，2000年独立运营。业务覆盖发电与电力零售，拥有天然气、煤炭、石油、核能、风电、公用事业级及分布式太阳能等发电资产，服务超700万零售用户。
BKH vs CWEN — 直观对比
营收规模更大
BKH
是对方的2.0倍
$310.0M
营收增速更快
CWEN
高出14.7%
6.4%
净利率更高
BKH
高出50.4%
-33.5%
自由现金流更多
CWEN
多$172.5M
$-101.5M
两年增速更快
CWEN
近两年复合增速
-6.8%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $622.7M | $310.0M |
| 净利润 | $104.9M | $-104.0M |
| 毛利率 | — | 51.9% |
| 营业利润率 | 27.5% | -11.9% |
| 净利率 | 16.8% | -33.5% |
| 营收同比 | 6.4% | 21.1% |
| 净利润同比 | 7.0% | -3566.7% |
| 每股收益（稀释后） | $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BKHCWEN
| Q4 25 | $622.7M | $310.0M | ||
| Q3 25 | $427.4M | $429.0M | ||
| Q2 25 | $435.7M | $392.0M | ||
| Q1 25 | $800.4M | $298.0M | ||
| Q4 24 | $585.1M | $256.0M | ||
| Q3 24 | $398.6M | $486.0M | ||
| Q2 24 | $397.1M | $366.0M | ||
| Q1 24 | $717.2M | $263.0M |
净利润BKHCWEN
| Q4 25 | $104.9M | $-104.0M | ||
| Q3 25 | $24.9M | $236.0M | ||
| Q2 25 | $27.5M | $33.0M | ||
| Q1 25 | $134.3M | $4.0M | ||
| Q4 24 | $98.0M | $3.0M | ||
| Q3 24 | $24.4M | $36.0M | ||
| Q2 24 | $22.8M | $51.0M | ||
| Q1 24 | $127.9M | $-2.0M |
毛利率BKHCWEN
| Q4 25 | — | 51.9% | ||
| Q3 25 | — | 70.2% | ||
| Q2 25 | — | 66.6% | ||
| Q1 25 | — | 59.1% | ||
| Q4 24 | — | 52.0% | ||
| Q3 24 | — | 72.2% | ||
| Q2 24 | — | 68.0% | ||
| Q1 24 | — | 52.1% |
营业利润率BKHCWEN
| Q4 25 | 27.5% | -11.9% | ||
| Q3 25 | 18.4% | 26.1% | ||
| Q2 25 | 18.9% | 21.7% | ||
| Q1 25 | 25.6% | — | ||
| Q4 24 | 27.9% | -14.5% | ||
| Q3 24 | 19.0% | 36.6% | ||
| Q2 24 | 17.8% | 23.0% | ||
| Q1 24 | 27.0% | -11.0% |
净利率BKHCWEN
| Q4 25 | 16.8% | -33.5% | ||
| Q3 25 | 5.8% | 55.0% | ||
| Q2 25 | 6.3% | 8.4% | ||
| Q1 25 | 16.8% | 1.3% | ||
| Q4 24 | 16.7% | 1.2% | ||
| Q3 24 | 6.1% | 7.4% | ||
| Q2 24 | 5.7% | 13.9% | ||
| Q1 24 | 17.8% | -0.8% |
每股收益（稀释后）BKHCWEN
| Q4 25 | $1.39 | — | ||
| Q3 25 | $0.34 | — | ||
| Q2 25 | $0.38 | — | ||
| Q1 25 | $1.87 | — | ||
| Q4 24 | $1.36 | — | ||
| Q3 24 | $0.35 | — | ||
| Q2 24 | $0.33 | — | ||
| Q1 24 | $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 | $231.0M |
| 总债务越低越好 | — | $7.9B |
| 股东权益账面价值 | $3.8B | $5.8B |
| 总资产 | $10.9B | $16.7B |
| 负债/权益比越低杠杆越低 | — | 1.36× |
8季度趋势，按日历期对齐
现金及短期投资BKHCWEN
| Q4 25 | $182.8M | $231.0M | ||
| Q3 25 | $21.1M | $251.0M | ||
| Q2 25 | $8.1M | $260.0M | ||
| Q1 25 | $6.6M | $297.0M | ||
| Q4 24 | $16.1M | $332.0M | ||
| Q3 24 | $12.5M | $292.0M | ||
| Q2 24 | $624.8M | $226.0M | ||
| Q1 24 | $123.0M | $478.0M |
总债务BKHCWEN
| Q4 25 | — | $7.9B | ||
| Q3 25 | — | $8.1B | ||
| Q2 25 | — | $8.3B | ||
| Q1 25 | — | $7.2B | ||
| Q4 24 | — | $6.8B | ||
| Q3 24 | — | $6.7B | ||
| Q2 24 | — | $6.8B | ||
| Q1 24 | — | $7.6B |
股东权益BKHCWEN
| Q4 25 | $3.8B | $5.8B | ||
| Q3 25 | $3.8B | $5.7B | ||
| Q2 25 | $3.6B | $5.5B | ||
| Q1 25 | $3.6B | $5.4B | ||
| Q4 24 | $3.5B | $5.6B | ||
| Q3 24 | $3.4B | $5.6B | ||
| Q2 24 | $3.4B | $5.7B | ||
| Q1 24 | $3.3B | $5.0B |
总资产BKHCWEN
| Q4 25 | $10.9B | $16.7B | ||
| Q3 25 | $10.3B | $16.1B | ||
| Q2 25 | $10.1B | $16.0B | ||
| Q1 25 | $10.1B | $14.6B | ||
| Q4 24 | $10.0B | $14.3B | ||
| Q3 24 | $9.7B | $14.2B | ||
| Q2 24 | $10.2B | $14.5B | ||
| Q1 24 | $9.7B | $14.9B |
负债/权益比BKHCWEN
| Q4 25 | — | 1.36× | ||
| Q3 25 | — | 1.41× | ||
| Q2 25 | — | 1.49× | ||
| Q1 25 | — | 1.33× | ||
| Q4 24 | — | 1.21× | ||
| Q3 24 | — | 1.20× | ||
| Q2 24 | — | 1.19× | ||
| Q1 24 | — | 1.50× |
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 | $177.0M |
| 自由现金流经营现金流 - 资本支出 | $-101.5M | $71.0M |
| 自由现金流率自由现金流/营收 | -16.3% | 22.9% |
| 资本支出强度资本支出/营收 | 43.3% | 34.2% |
| 现金转化率经营现金流/净利润 | 1.60× | — |
| 过去12个月自由现金流最近4个季度 | $-146.4M | $369.0M |
8季度趋势，按日历期对齐
经营现金流BKHCWEN
| Q4 25 | $168.1M | $177.0M | ||
| Q3 25 | $88.9M | $225.0M | ||
| Q2 25 | $188.6M | $191.0M | ||
| Q1 25 | $227.8M | $95.0M | ||
| Q4 24 | $153.2M | $192.0M | ||
| Q3 24 | $102.1M | $301.0M | ||
| Q2 24 | $230.6M | $196.0M | ||
| Q1 24 | $233.4M | $81.0M |
自由现金流BKHCWEN
| Q4 25 | $-101.5M | $71.0M | ||
| Q3 25 | $-89.5M | $144.0M | ||
| Q2 25 | $-30.3M | $115.0M | ||
| Q1 25 | $74.9M | $39.0M | ||
| Q4 24 | $-60.5M | $142.0M | ||
| Q3 24 | $-86.0M | $266.0M | ||
| Q2 24 | $64.4M | $92.0M | ||
| Q1 24 | $57.2M | $-17.0M |
自由现金流率BKHCWEN
| Q4 25 | -16.3% | 22.9% | ||
| Q3 25 | -20.9% | 33.6% | ||
| Q2 25 | -7.0% | 29.3% | ||
| Q1 25 | 9.4% | 13.1% | ||
| Q4 24 | -10.3% | 55.5% | ||
| Q3 24 | -21.6% | 54.7% | ||
| Q2 24 | 16.2% | 25.1% | ||
| Q1 24 | 8.0% | -6.5% |
资本支出强度BKHCWEN
| Q4 25 | 43.3% | 34.2% | ||
| Q3 25 | 41.7% | 18.9% | ||
| Q2 25 | 50.2% | 19.4% | ||
| Q1 25 | 19.1% | 18.8% | ||
| Q4 24 | 36.5% | 19.5% | ||
| Q3 24 | 47.2% | 7.2% | ||
| Q2 24 | 41.9% | 28.4% | ||
| Q1 24 | 24.6% | 37.3% |
现金转化率BKHCWEN
| Q4 25 | 1.60× | — | ||
| Q3 25 | 3.57× | 0.95× | ||
| Q2 25 | 6.86× | 5.79× | ||
| Q1 25 | 1.70× | 23.75× | ||
| Q4 24 | 1.56× | 64.00× | ||
| Q3 24 | 4.18× | 8.36× | ||
| Q2 24 | 10.11× | 3.84× | ||
| 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% |
CWEN
暂无分部数据
