vs
BLACK HILLS CORP（BKH）与Magnera Corp（MAGN）财务数据对比。点击上方公司名可切换其他公司
Magnera Corp的季度营收约是BLACK HILLS CORP的1.3倍（$792.0M vs $622.7M），BLACK HILLS CORP净利率更高（16.8% vs -4.3%，领先21.1%），Magnera Corp同比增速更快（12.8% vs 6.4%），Magnera Corp自由现金流更多（$-13.0M vs $-101.5M），过去两年Magnera Corp的营收复合增速更高（54.9% 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。
BKH vs MAGN — 直观对比
营收规模更大
MAGN
是对方的1.3倍
$622.7M
营收增速更快
MAGN
高出6.4%
6.4%
净利率更高
BKH
高出21.1%
-4.3%
自由现金流更多
MAGN
多$88.5M
$-101.5M
两年增速更快
MAGN
近两年复合增速
-6.8%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $622.7M | $792.0M |
| 净利润 | $104.9M | $-34.0M |
| 毛利率 | — | 12.2% |
| 营业利润率 | 27.5% | 1.8% |
| 净利率 | 16.8% | -4.3% |
| 营收同比 | 6.4% | 12.8% |
| 净利润同比 | 7.0% | 43.3% |
| 每股收益（稀释后） | $1.39 | $-0.95 |
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BKHMAGN
| Q4 25 | $622.7M | $792.0M | ||
| Q3 25 | $427.4M | — | ||
| Q2 25 | $435.7M | $839.0M | ||
| Q1 25 | $800.4M | $824.0M | ||
| Q4 24 | $585.1M | $702.0M | ||
| Q3 24 | $398.6M | $332.1M | ||
| Q2 24 | $397.1M | $556.0M | ||
| Q1 24 | $717.2M | $558.0M |
净利润BKHMAGN
| Q4 25 | $104.9M | $-34.0M | ||
| Q3 25 | $24.9M | — | ||
| Q2 25 | $27.5M | $-18.0M | ||
| Q1 25 | $134.3M | $-41.0M | ||
| Q4 24 | $98.0M | $-60.0M | ||
| Q3 24 | $24.4M | $-15.2M | ||
| Q2 24 | $22.8M | $19.0M | ||
| Q1 24 | $127.9M | $14.0M |
毛利率BKHMAGN
| Q4 25 | — | 12.2% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 10.7% | ||
| Q1 25 | — | 10.7% | ||
| Q4 24 | — | 10.1% | ||
| Q3 24 | — | 10.7% | ||
| Q2 24 | — | 6.6% | ||
| Q1 24 | — | 6.2% |
营业利润率BKHMAGN
| Q4 25 | 27.5% | 1.8% | ||
| Q3 25 | 18.4% | — | ||
| Q2 25 | 18.9% | 1.5% | ||
| Q1 25 | 25.6% | 0.5% | ||
| Q4 24 | 27.9% | -3.1% | ||
| Q3 24 | 19.0% | 0.9% | ||
| Q2 24 | 17.8% | 3.1% | ||
| Q1 24 | 27.0% | 3.8% |
净利率BKHMAGN
| Q4 25 | 16.8% | -4.3% | ||
| Q3 25 | 5.8% | — | ||
| Q2 25 | 6.3% | -2.1% | ||
| Q1 25 | 16.8% | -5.0% | ||
| Q4 24 | 16.7% | -8.5% | ||
| Q3 24 | 6.1% | -4.6% | ||
| Q2 24 | 5.7% | 3.4% | ||
| Q1 24 | 17.8% | 2.5% |
每股收益（稀释后）BKHMAGN
| Q4 25 | $1.39 | $-0.95 | ||
| Q3 25 | $0.34 | — | ||
| Q2 25 | $0.38 | $-0.51 | ||
| Q1 25 | $1.87 | $-1.15 | ||
| Q4 24 | $1.36 | $-1.69 | ||
| Q3 24 | $0.35 | $-0.33 | ||
| Q2 24 | $0.33 | $0.60 | ||
| Q1 24 | $1.87 | $0.44 |
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 | $264.0M |
| 总债务越低越好 | — | $1.9B |
| 股东权益账面价值 | $3.8B | $1.0B |
| 总资产 | $10.9B | $3.9B |
| 负债/权益比越低杠杆越低 | — | 1.86× |
8季度趋势，按日历期对齐
现金及短期投资BKHMAGN
| Q4 25 | $182.8M | $264.0M | ||
| Q3 25 | $21.1M | — | ||
| Q2 25 | $8.1M | $276.0M | ||
| Q1 25 | $6.6M | $282.0M | ||
| Q4 24 | $16.1M | $215.0M | ||
| Q3 24 | $12.5M | $230.0M | ||
| Q2 24 | $624.8M | $33.9M | ||
| Q1 24 | $123.0M | $30.2M |
总债务BKHMAGN
| Q4 25 | — | $1.9B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $2.0B | ||
| Q1 25 | — | $2.0B | ||
| Q4 24 | — | $2.0B | ||
| Q3 24 | — | $2.0B | ||
| Q2 24 | — | $877.4M | ||
| Q1 24 | — | $884.7M |
股东权益BKHMAGN
| Q4 25 | $3.8B | $1.0B | ||
| Q3 25 | $3.8B | — | ||
| Q2 25 | $3.6B | $1.1B | ||
| Q1 25 | $3.6B | $1.1B | ||
| Q4 24 | $3.5B | $1.1B | ||
| Q3 24 | $3.4B | $2.1B | ||
| Q2 24 | $3.4B | $2.4B | ||
| Q1 24 | $3.3B | $2.4B |
总资产BKHMAGN
| Q4 25 | $10.9B | $3.9B | ||
| Q3 25 | $10.3B | — | ||
| Q2 25 | $10.1B | $4.1B | ||
| Q1 25 | $10.1B | $4.1B | ||
| Q4 24 | $10.0B | $4.0B | ||
| Q3 24 | $9.7B | $2.8B | ||
| Q2 24 | $10.2B | $1.5B | ||
| Q1 24 | $9.7B | $1.5B |
负债/权益比BKHMAGN
| Q4 25 | — | 1.86× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 1.77× | ||
| Q1 25 | — | 1.83× | ||
| Q4 24 | — | 1.80× | ||
| Q3 24 | — | 0.91× | ||
| Q2 24 | — | 0.37× | ||
| Q1 24 | — | 0.36× |
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 | $2.0M |
| 自由现金流经营现金流 - 资本支出 | $-101.5M | $-13.0M |
| 自由现金流率自由现金流/营收 | -16.3% | -1.6% |
| 资本支出强度资本支出/营收 | 43.3% | 1.9% |
| 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 | — |
8季度趋势，按日历期对齐
经营现金流BKHMAGN
| Q4 25 | $168.1M | $2.0M | ||
| Q3 25 | $88.9M | — | ||
| Q2 25 | $188.6M | $0 | ||
| Q1 25 | $227.8M | $65.0M | ||
| Q4 24 | $153.2M | $-58.0M | ||
| Q3 24 | $102.1M | $12.2M | ||
| Q2 24 | $230.6M | $38.0M | ||
| Q1 24 | $233.4M | $20.0M |
自由现金流BKHMAGN
| Q4 25 | $-101.5M | $-13.0M | ||
| Q3 25 | $-89.5M | — | ||
| Q2 25 | $-30.3M | — | ||
| Q1 25 | $74.9M | $42.0M | ||
| Q4 24 | $-60.5M | $-74.0M | ||
| Q3 24 | $-86.0M | $3.6M | ||
| Q2 24 | $64.4M | $23.0M | ||
| Q1 24 | $57.2M | $12.5M |
自由现金流率BKHMAGN
| Q4 25 | -16.3% | -1.6% | ||
| Q3 25 | -20.9% | — | ||
| Q2 25 | -7.0% | — | ||
| Q1 25 | 9.4% | 5.1% | ||
| Q4 24 | -10.3% | -10.5% | ||
| Q3 24 | -21.6% | 1.1% | ||
| Q2 24 | 16.2% | 4.1% | ||
| Q1 24 | 8.0% | 2.2% |
资本支出强度BKHMAGN
| Q4 25 | 43.3% | 1.9% | ||
| Q3 25 | 41.7% | — | ||
| Q2 25 | 50.2% | 1.5% | ||
| Q1 25 | 19.1% | 2.8% | ||
| Q4 24 | 36.5% | 2.3% | ||
| Q3 24 | 47.2% | 2.6% | ||
| Q2 24 | 41.9% | 2.7% | ||
| Q1 24 | 24.6% | 1.3% |
现金转化率BKHMAGN
| Q4 25 | 1.60× | — | ||
| Q3 25 | 3.57× | — | ||
| Q2 25 | 6.86× | — | ||
| Q1 25 | 1.70× | — | ||
| Q4 24 | 1.56× | — | ||
| Q3 24 | 4.18× | — | ||
| Q2 24 | 10.11× | 2.00× | ||
| Q1 24 | 1.82× | 1.43× |
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% |
MAGN
| Other | $451.0M | 57% |
| United States And Canada | $341.0M | 43% |
