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BLACK HILLS CORP（BKH）与OGE ENERGY CORP.（OGE）财务数据对比。点击上方公司名可切换其他公司
OGE ENERGY CORP.的季度营收约是BLACK HILLS CORP的1.1倍（$701.7M vs $622.7M），BLACK HILLS CORP净利率更高（16.8% vs 9.9%，领先7.0%），BLACK HILLS CORP同比增速更快（6.4% vs -5.8%），OGE ENERGY CORP.自由现金流更多（$83.1M vs $-101.5M），过去两年OGE ENERGY CORP.的营收复合增速更高（9.7% 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。
OGE能源集团是一家受监管的公用电力企业，核心子公司俄克拉荷马燃气电力公司为俄克拉荷马州及阿肯色州超84.3万用户提供服务，覆盖俄克拉荷马城大都会区150万居民，总部设于俄克拉荷马城市中心。集团原旗下天然气管道业务Enogex于2013年与CenterPoint Energy的中游业务合并组建为Enable Midstream。
BKH vs OGE — 直观对比
营收规模更大
OGE
是对方的1.1倍
$622.7M
营收增速更快
BKH
高出12.2%
-5.8%
净利率更高
BKH
高出7.0%
9.9%
自由现金流更多
OGE
多$184.6M
$-101.5M
两年增速更快
OGE
近两年复合增速
-6.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $622.7M | $701.7M |
| 净利润 | $104.9M | $69.2M |
| 毛利率 | — | 59.2% |
| 营业利润率 | 27.5% | 19.7% |
| 净利率 | 16.8% | 9.9% |
| 营收同比 | 6.4% | -5.8% |
| 净利润同比 | 7.0% | -32.1% |
| 每股收益（稀释后） | $1.39 | $0.34 |
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BKHOGE
| Q4 25 | $622.7M | $701.7M | ||
| Q3 25 | $427.4M | $1.0B | ||
| Q2 25 | $435.7M | $719.7M | ||
| Q1 25 | $800.4M | $741.1M | ||
| Q4 24 | $585.1M | $744.7M | ||
| Q3 24 | $398.6M | $945.2M | ||
| Q2 24 | $397.1M | $644.1M | ||
| Q1 24 | $717.2M | $582.6M |
净利润BKHOGE
| Q4 25 | $104.9M | $69.2M | ||
| Q3 25 | $24.9M | $231.3M | ||
| Q2 25 | $27.5M | $107.5M | ||
| Q1 25 | $134.3M | $62.7M | ||
| Q4 24 | $98.0M | $101.9M | ||
| Q3 24 | $24.4M | $218.7M | ||
| Q2 24 | $22.8M | $102.3M | ||
| Q1 24 | $127.9M | $18.6M |
毛利率BKHOGE
| Q4 25 | — | 59.2% | ||
| Q3 25 | — | 62.2% | ||
| Q2 25 | — | 63.7% | ||
| Q1 25 | — | 56.3% | ||
| Q4 24 | — | 59.7% | ||
| Q3 24 | — | 63.0% | ||
| Q2 24 | — | 69.9% | ||
| Q1 24 | — | 60.1% |
营业利润率BKHOGE
| Q4 25 | 27.5% | 19.7% | ||
| Q3 25 | 18.4% | 33.2% | ||
| Q2 25 | 18.9% | 25.9% | ||
| Q1 25 | 25.6% | 18.0% | ||
| Q4 24 | 27.9% | 24.5% | ||
| Q3 24 | 19.0% | 33.1% | ||
| Q2 24 | 17.8% | 27.3% | ||
| Q1 24 | 27.0% | 12.7% |
净利率BKHOGE
| Q4 25 | 16.8% | 9.9% | ||
| Q3 25 | 5.8% | 22.5% | ||
| Q2 25 | 6.3% | 14.9% | ||
| Q1 25 | 16.8% | 8.5% | ||
| Q4 24 | 16.7% | 13.7% | ||
| Q3 24 | 6.1% | 23.1% | ||
| Q2 24 | 5.7% | 15.9% | ||
| Q1 24 | 17.8% | 3.2% |
每股收益（稀释后）BKHOGE
| Q4 25 | $1.39 | $0.34 | ||
| Q3 25 | $0.34 | $1.14 | ||
| Q2 25 | $0.38 | $0.53 | ||
| Q1 25 | $1.87 | $0.31 | ||
| Q4 24 | $1.36 | $0.50 | ||
| Q3 24 | $0.35 | $1.09 | ||
| Q2 24 | $0.33 | $0.51 | ||
| Q1 24 | $1.87 | $0.09 |
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 | $200.0K |
| 总债务越低越好 | — | $5.4B |
| 股东权益账面价值 | $3.8B | $5.0B |
| 总资产 | $10.9B | $14.4B |
| 负债/权益比越低杠杆越低 | — | 1.08× |
8季度趋势，按日历期对齐
现金及短期投资BKHOGE
| Q4 25 | $182.8M | $200.0K | ||
| Q3 25 | $21.1M | $300.0K | ||
| Q2 25 | $8.1M | $500.0K | ||
| Q1 25 | $6.6M | $26.9M | ||
| Q4 24 | $16.1M | $600.0K | ||
| Q3 24 | $12.5M | $9.9M | ||
| Q2 24 | $624.8M | $100.0K | ||
| Q1 24 | $123.0M | $4.3M |
总债务BKHOGE
| Q4 25 | — | $5.4B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $5.1B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益BKHOGE
| Q4 25 | $3.8B | $5.0B | ||
| Q3 25 | $3.8B | $4.8B | ||
| Q2 25 | $3.6B | $4.6B | ||
| Q1 25 | $3.6B | $4.6B | ||
| Q4 24 | $3.5B | $4.6B | ||
| Q3 24 | $3.4B | $4.6B | ||
| Q2 24 | $3.4B | $4.5B | ||
| Q1 24 | $3.3B | $4.4B |
总资产BKHOGE
| Q4 25 | $10.9B | $14.4B | ||
| Q3 25 | $10.3B | $14.3B | ||
| Q2 25 | $10.1B | $14.1B | ||
| Q1 25 | $10.1B | $14.0B | ||
| Q4 24 | $10.0B | $13.7B | ||
| Q3 24 | $9.7B | $13.5B | ||
| Q2 24 | $10.2B | $13.2B | ||
| Q1 24 | $9.7B | $12.9B |
负债/权益比BKHOGE
| Q4 25 | — | 1.08× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.09× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 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 | $168.1M | $384.8M |
| 自由现金流经营现金流 - 资本支出 | $-101.5M | $83.1M |
| 自由现金流率自由现金流/营收 | -16.3% | 11.8% |
| 资本支出强度资本支出/营收 | 43.3% | 43.0% |
| 现金转化率经营现金流/净利润 | 1.60× | 5.56× |
| 过去12个月自由现金流最近4个季度 | $-146.4M | $82.7M |
8季度趋势，按日历期对齐
经营现金流BKHOGE
| Q4 25 | $168.1M | $384.8M | ||
| Q3 25 | $88.9M | $397.8M | ||
| Q2 25 | $188.6M | $338.6M | ||
| Q1 25 | $227.8M | $15.9M | ||
| Q4 24 | $153.2M | $129.6M | ||
| Q3 24 | $102.1M | $347.1M | ||
| Q2 24 | $230.6M | $253.1M | ||
| Q1 24 | $233.4M | $83.0M |
自由现金流BKHOGE
| Q4 25 | $-101.5M | $83.1M | ||
| Q3 25 | $-89.5M | $168.3M | ||
| Q2 25 | $-30.3M | $64.9M | ||
| Q1 25 | $74.9M | $-233.6M | ||
| Q4 24 | $-60.5M | $-167.0M | ||
| Q3 24 | $-86.0M | $103.0M | ||
| Q2 24 | $64.4M | $-70.2M | ||
| Q1 24 | $57.2M | $-143.9M |
自由现金流率BKHOGE
| Q4 25 | -16.3% | 11.8% | ||
| Q3 25 | -20.9% | 16.4% | ||
| Q2 25 | -7.0% | 9.0% | ||
| Q1 25 | 9.4% | -31.5% | ||
| Q4 24 | -10.3% | -22.4% | ||
| Q3 24 | -21.6% | 10.9% | ||
| Q2 24 | 16.2% | -10.9% | ||
| Q1 24 | 8.0% | -24.7% |
资本支出强度BKHOGE
| Q4 25 | 43.3% | 43.0% | ||
| Q3 25 | 41.7% | 22.3% | ||
| Q2 25 | 50.2% | 38.0% | ||
| Q1 25 | 19.1% | 33.7% | ||
| Q4 24 | 36.5% | 39.8% | ||
| Q3 24 | 47.2% | 25.8% | ||
| Q2 24 | 41.9% | 50.2% | ||
| Q1 24 | 24.6% | 38.9% |
现金转化率BKHOGE
| Q4 25 | 1.60× | 5.56× | ||
| Q3 25 | 3.57× | 1.72× | ||
| Q2 25 | 6.86× | 3.15× | ||
| Q1 25 | 1.70× | 0.25× | ||
| Q4 24 | 1.56× | 1.27× | ||
| Q3 24 | 4.18× | 1.59× | ||
| Q2 24 | 10.11× | 2.47× | ||
| Q1 24 | 1.82× | 4.46× |
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% |
OGE
| Residential | $238.0M | 34% |
| Commercial | $216.6M | 31% |
| Public Authority | $60.7M | 9% |
| Industrial | $59.6M | 8% |
| Oilfield | $56.6M | 8% |
| Transmission | $38.7M | 6% |
| Integrated Market | $20.4M | 3% |
| Other Contractswith Customers | $11.1M | 2% |
