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BLACK HILLS CORP（BKH）与Pure Storage, Inc.（PSTG）财务数据对比。点击上方公司名可切换其他公司
Pure Storage, Inc.的季度营收约是BLACK HILLS CORP的1.5倍（$964.5M vs $622.7M），BLACK HILLS CORP净利率更高（16.8% vs 5.7%，领先11.2%），Pure Storage, Inc.同比增速更快（16.0% vs 6.4%），Pure Storage, Inc.自由现金流更多（$52.6M vs $-101.5M），过去两年Pure Storage, Inc.的营收复合增速更高（10.5% 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。
Pure Storage是美国上市科技企业，总部位于加利福尼亚州圣克拉拉，成立于2009年，2011年正式推出自研全闪存数据存储软硬件产品，2015年上市前累计获得超4.7亿美元风险投资，营收长期保持高速增长态势。
BKH vs PSTG — 直观对比
营收规模更大
PSTG
是对方的1.5倍
$622.7M
营收增速更快
PSTG
高出9.6%
6.4%
净利率更高
BKH
高出11.2%
5.7%
自由现金流更多
PSTG
多$154.1M
$-101.5M
两年增速更快
PSTG
近两年复合增速
-6.8%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $622.7M | $964.5M |
| 净利润 | $104.9M | $54.8M |
| 毛利率 | — | 72.3% |
| 营业利润率 | 27.5% | 5.6% |
| 净利率 | 16.8% | 5.7% |
| 营收同比 | 6.4% | 16.0% |
| 净利润同比 | 7.0% | -13.9% |
| 每股收益（稀释后） | $1.39 | $0.16 |
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BKHPSTG
| Q4 25 | $622.7M | $964.5M | ||
| Q3 25 | $427.4M | $861.0M | ||
| Q2 25 | $435.7M | $778.5M | ||
| Q1 25 | $800.4M | $879.8M | ||
| Q4 24 | $585.1M | $831.1M | ||
| Q3 24 | $398.6M | $763.8M | ||
| Q2 24 | $397.1M | $693.5M | ||
| Q1 24 | $717.2M | $789.8M |
净利润BKHPSTG
| Q4 25 | $104.9M | $54.8M | ||
| Q3 25 | $24.9M | $47.1M | ||
| Q2 25 | $27.5M | $-14.0M | ||
| Q1 25 | $134.3M | $42.4M | ||
| Q4 24 | $98.0M | $63.6M | ||
| Q3 24 | $24.4M | $35.7M | ||
| Q2 24 | $22.8M | $-35.0M | ||
| Q1 24 | $127.9M | $65.4M |
毛利率BKHPSTG
| Q4 25 | — | 72.3% | ||
| Q3 25 | — | 70.2% | ||
| Q2 25 | — | 68.9% | ||
| Q1 25 | — | 67.5% | ||
| Q4 24 | — | 70.1% | ||
| Q3 24 | — | 70.7% | ||
| Q2 24 | — | 71.5% | ||
| Q1 24 | — | 72.0% |
营业利润率BKHPSTG
| Q4 25 | 27.5% | 5.6% | ||
| Q3 25 | 18.4% | 0.6% | ||
| Q2 25 | 18.9% | -4.0% | ||
| Q1 25 | 25.6% | 4.8% | ||
| Q4 24 | 27.9% | 7.2% | ||
| Q3 24 | 19.0% | 3.3% | ||
| Q2 24 | 17.8% | -6.0% | ||
| Q1 24 | 27.0% | 7.3% |
净利率BKHPSTG
| Q4 25 | 16.8% | 5.7% | ||
| Q3 25 | 5.8% | 5.5% | ||
| Q2 25 | 6.3% | -1.8% | ||
| Q1 25 | 16.8% | 4.8% | ||
| Q4 24 | 16.7% | 7.7% | ||
| Q3 24 | 6.1% | 4.7% | ||
| Q2 24 | 5.7% | -5.0% | ||
| Q1 24 | 17.8% | 8.3% |
每股收益（稀释后）BKHPSTG
| Q4 25 | $1.39 | $0.16 | ||
| Q3 25 | $0.34 | $0.14 | ||
| Q2 25 | $0.38 | $-0.04 | ||
| Q1 25 | $1.87 | $0.13 | ||
| Q4 24 | $1.36 | $0.19 | ||
| Q3 24 | $0.35 | $0.10 | ||
| Q2 24 | $0.33 | $-0.11 | ||
| Q1 24 | $1.87 | $0.22 |
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 | $852.8M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $3.8B | $1.4B |
| 总资产 | $10.9B | $4.2B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资BKHPSTG
| Q4 25 | $182.8M | $852.8M | ||
| Q3 25 | $21.1M | $887.8M | ||
| Q2 25 | $8.1M | $739.3M | ||
| Q1 25 | $6.6M | $723.6M | ||
| Q4 24 | $16.1M | $894.6M | ||
| Q3 24 | $12.5M | $965.0M | ||
| Q2 24 | $624.8M | $900.6M | ||
| Q1 24 | $123.0M | $702.5M |
股东权益BKHPSTG
| Q4 25 | $3.8B | $1.4B | ||
| Q3 25 | $3.8B | $1.3B | ||
| Q2 25 | $3.6B | $1.2B | ||
| Q1 25 | $3.6B | $1.3B | ||
| Q4 24 | $3.5B | $1.4B | ||
| Q3 24 | $3.4B | $1.5B | ||
| Q2 24 | $3.4B | $1.4B | ||
| Q1 24 | $3.3B | $1.3B |
总资产BKHPSTG
| Q4 25 | $10.9B | $4.2B | ||
| Q3 25 | $10.3B | $4.0B | ||
| Q2 25 | $10.1B | $3.8B | ||
| Q1 25 | $10.1B | $4.0B | ||
| Q4 24 | $10.0B | $3.9B | ||
| Q3 24 | $9.7B | $3.8B | ||
| Q2 24 | $10.2B | $3.6B | ||
| Q1 24 | $9.7B | $3.7B |
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 | $116.0M |
| 自由现金流经营现金流 - 资本支出 | $-101.5M | $52.6M |
| 自由现金流率自由现金流/营收 | -16.3% | 5.5% |
| 资本支出强度资本支出/营收 | 43.3% | 6.6% |
| 现金转化率经营现金流/净利润 | 1.60× | 2.12× |
| 过去12个月自由现金流最近4个季度 | $-146.4M | $566.7M |
8季度趋势，按日历期对齐
经营现金流BKHPSTG
| Q4 25 | $168.1M | $116.0M | ||
| Q3 25 | $88.9M | $212.2M | ||
| Q2 25 | $188.6M | $283.9M | ||
| Q1 25 | $227.8M | $208.5M | ||
| Q4 24 | $153.2M | $97.0M | ||
| Q3 24 | $102.1M | $226.6M | ||
| Q2 24 | $230.6M | $221.5M | ||
| Q1 24 | $233.4M | $244.4M |
自由现金流BKHPSTG
| Q4 25 | $-101.5M | $52.6M | ||
| Q3 25 | $-89.5M | $150.1M | ||
| Q2 25 | $-30.3M | $211.6M | ||
| Q1 25 | $74.9M | $152.4M | ||
| Q4 24 | $-60.5M | $35.2M | ||
| Q3 24 | $-86.0M | $166.6M | ||
| Q2 24 | $64.4M | $172.7M | ||
| Q1 24 | $57.2M | $200.9M |
自由现金流率BKHPSTG
| Q4 25 | -16.3% | 5.5% | ||
| Q3 25 | -20.9% | 17.4% | ||
| Q2 25 | -7.0% | 27.2% | ||
| Q1 25 | 9.4% | 17.3% | ||
| Q4 24 | -10.3% | 4.2% | ||
| Q3 24 | -21.6% | 21.8% | ||
| Q2 24 | 16.2% | 24.9% | ||
| Q1 24 | 8.0% | 25.4% |
资本支出强度BKHPSTG
| Q4 25 | 43.3% | 6.6% | ||
| Q3 25 | 41.7% | 7.2% | ||
| Q2 25 | 50.2% | 9.3% | ||
| Q1 25 | 19.1% | 6.4% | ||
| Q4 24 | 36.5% | 7.4% | ||
| Q3 24 | 47.2% | 7.9% | ||
| Q2 24 | 41.9% | 7.0% | ||
| Q1 24 | 24.6% | 5.5% |
现金转化率BKHPSTG
| Q4 25 | 1.60× | 2.12× | ||
| Q3 25 | 3.57× | 4.50× | ||
| Q2 25 | 6.86× | — | ||
| Q1 25 | 1.70× | 4.91× | ||
| Q4 24 | 1.56× | 1.52× | ||
| Q3 24 | 4.18× | 6.35× | ||
| Q2 24 | 10.11× | — | ||
| Q1 24 | 1.82× | 3.74× |
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% |
PSTG
| US | $683.2M | 71% |
| Non Us | $281.3M | 29% |
