vs
BLACK HILLS CORP（BKH）与RBC Bearings INC（RBC）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RBC Bearings INC的1.3倍（$622.7M vs $461.6M），BLACK HILLS CORP净利率更高（16.8% vs 14.6%，领先2.2%），RBC Bearings INC同比增速更快（17.0% vs 6.4%），RBC Bearings INC自由现金流更多（$99.1M vs $-101.5M），过去两年RBC Bearings INC的营收复合增速更高（5.6% 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。
该文本实际介绍的并非RBC Bearings，而是美国多佛公司。多佛是一家工业产品综合制造商，1955年成立，总部位于伊利诺伊州当纳斯格罗夫。2021年其业务分为五大板块：工程产品、清洁能源与加注、成像与识别、泵与工艺解决方案、气候与可持续技术，是标普500成分股，在纽约证券交易所上市。
BKH vs RBC — 直观对比
营收规模更大
BKH
是对方的1.3倍
$461.6M
营收增速更快
RBC
高出10.6%
6.4%
净利率更高
BKH
高出2.2%
14.6%
自由现金流更多
RBC
多$200.6M
$-101.5M
两年增速更快
RBC
近两年复合增速
-6.8%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $622.7M | $461.6M |
| 净利润 | $104.9M | $67.4M |
| 毛利率 | — | 44.3% |
| 营业利润率 | 27.5% | 22.3% |
| 净利率 | 16.8% | 14.6% |
| 营收同比 | 6.4% | 17.0% |
| 净利润同比 | 7.0% | 16.4% |
| 每股收益（稀释后） | $1.39 | $2.13 |
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BKHRBC
| Q4 25 | $622.7M | $461.6M | ||
| Q3 25 | $427.4M | $455.3M | ||
| Q2 25 | $435.7M | $436.0M | ||
| Q1 25 | $800.4M | $437.7M | ||
| Q4 24 | $585.1M | $394.4M | ||
| Q3 24 | $398.6M | $397.9M | ||
| Q2 24 | $397.1M | $406.3M | ||
| Q1 24 | $717.2M | $413.7M |
净利润BKHRBC
| Q4 25 | $104.9M | $67.4M | ||
| Q3 25 | $24.9M | $60.0M | ||
| Q2 25 | $27.5M | $68.5M | ||
| Q1 25 | $134.3M | $72.7M | ||
| Q4 24 | $98.0M | $57.9M | ||
| Q3 24 | $24.4M | $54.2M | ||
| Q2 24 | $22.8M | $61.4M | ||
| Q1 24 | $127.9M | — |
毛利率BKHRBC
| Q4 25 | — | 44.3% | ||
| Q3 25 | — | 44.1% | ||
| Q2 25 | — | 44.8% | ||
| Q1 25 | — | 44.2% | ||
| Q4 24 | — | 44.3% | ||
| Q3 24 | — | 43.7% | ||
| Q2 24 | — | 45.3% | ||
| Q1 24 | — | 43.1% |
营业利润率BKHRBC
| Q4 25 | 27.5% | 22.3% | ||
| Q3 25 | 18.4% | 21.5% | ||
| Q2 25 | 18.9% | 23.2% | ||
| Q1 25 | 25.6% | 23.0% | ||
| Q4 24 | 27.9% | 21.7% | ||
| Q3 24 | 19.0% | 21.6% | ||
| Q2 24 | 17.8% | 24.0% | ||
| Q1 24 | 27.0% | 22.8% |
净利率BKHRBC
| Q4 25 | 16.8% | 14.6% | ||
| Q3 25 | 5.8% | 13.2% | ||
| Q2 25 | 6.3% | 15.7% | ||
| Q1 25 | 16.8% | 16.6% | ||
| Q4 24 | 16.7% | 14.7% | ||
| Q3 24 | 6.1% | 13.6% | ||
| Q2 24 | 5.7% | 15.1% | ||
| Q1 24 | 17.8% | — |
每股收益（稀释后）BKHRBC
| Q4 25 | $1.39 | $2.13 | ||
| Q3 25 | $0.34 | $1.90 | ||
| Q2 25 | $0.38 | $2.17 | ||
| Q1 25 | $1.87 | $2.33 | ||
| Q4 24 | $1.36 | $1.82 | ||
| Q3 24 | $0.35 | $1.65 | ||
| Q2 24 | $0.33 | $1.90 | ||
| Q1 24 | $1.87 | $1.92 |
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 | $107.6M |
| 总债务越低越好 | — | $990.2M |
| 股东权益账面价值 | $3.8B | $3.3B |
| 总资产 | $10.9B | $5.1B |
| 负债/权益比越低杠杆越低 | — | 0.30× |
8季度趋势，按日历期对齐
现金及短期投资BKHRBC
| Q4 25 | $182.8M | $107.6M | ||
| Q3 25 | $21.1M | $91.2M | ||
| Q2 25 | $8.1M | $132.9M | ||
| Q1 25 | $6.6M | $36.8M | ||
| Q4 24 | $16.1M | — | ||
| Q3 24 | $12.5M | — | ||
| Q2 24 | $624.8M | $76.8M | ||
| Q1 24 | $123.0M | $63.5M |
总债务BKHRBC
| Q4 25 | — | $990.2M | ||
| Q3 25 | — | $1.1B | ||
| Q2 25 | — | $915.6M | ||
| Q1 25 | — | $920.1M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $1.2B |
股东权益BKHRBC
| Q4 25 | $3.8B | $3.3B | ||
| Q3 25 | $3.8B | $3.2B | ||
| Q2 25 | $3.6B | $3.1B | ||
| Q1 25 | $3.6B | $3.0B | ||
| Q4 24 | $3.5B | $2.9B | ||
| Q3 24 | $3.4B | $2.9B | ||
| Q2 24 | $3.4B | $2.8B | ||
| Q1 24 | $3.3B | $2.8B |
总资产BKHRBC
| Q4 25 | $10.9B | $5.1B | ||
| Q3 25 | $10.3B | $5.1B | ||
| Q2 25 | $10.1B | $4.8B | ||
| Q1 25 | $10.1B | $4.7B | ||
| Q4 24 | $10.0B | $4.7B | ||
| Q3 24 | $9.7B | $4.7B | ||
| Q2 24 | $10.2B | $4.7B | ||
| Q1 24 | $9.7B | $4.7B |
负债/权益比BKHRBC
| Q4 25 | — | 0.30× | ||
| Q3 25 | — | 0.34× | ||
| Q2 25 | — | 0.29× | ||
| Q1 25 | — | 0.30× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.43× |
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 | $122.1M |
| 自由现金流经营现金流 - 资本支出 | $-101.5M | $99.1M |
| 自由现金流率自由现金流/营收 | -16.3% | 21.5% |
| 资本支出强度资本支出/营收 | 43.3% | 5.0% |
| 现金转化率经营现金流/净利润 | 1.60× | 1.81× |
| 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BKHRBC
| Q4 25 | $168.1M | $122.1M | ||
| Q3 25 | $88.9M | $88.4M | ||
| Q2 25 | $188.6M | $120.0M | ||
| Q1 25 | $227.8M | — | ||
| Q4 24 | $153.2M | $84.0M | ||
| Q3 24 | $102.1M | — | ||
| Q2 24 | $230.6M | $97.4M | ||
| Q1 24 | $233.4M | — |
自由现金流BKHRBC
| Q4 25 | $-101.5M | $99.1M | ||
| Q3 25 | $-89.5M | $71.7M | ||
| Q2 25 | $-30.3M | $104.3M | ||
| Q1 25 | $74.9M | — | ||
| Q4 24 | $-60.5M | $73.6M | ||
| Q3 24 | $-86.0M | — | ||
| Q2 24 | $64.4M | $88.4M | ||
| Q1 24 | $57.2M | — |
自由现金流率BKHRBC
| Q4 25 | -16.3% | 21.5% | ||
| Q3 25 | -20.9% | 15.7% | ||
| Q2 25 | -7.0% | 23.9% | ||
| Q1 25 | 9.4% | — | ||
| Q4 24 | -10.3% | 18.7% | ||
| Q3 24 | -21.6% | — | ||
| Q2 24 | 16.2% | 21.8% | ||
| Q1 24 | 8.0% | — |
资本支出强度BKHRBC
| Q4 25 | 43.3% | 5.0% | ||
| Q3 25 | 41.7% | 3.7% | ||
| Q2 25 | 50.2% | 3.6% | ||
| Q1 25 | 19.1% | 3.2% | ||
| Q4 24 | 36.5% | 2.6% | ||
| Q3 24 | 47.2% | 4.1% | ||
| Q2 24 | 41.9% | 2.2% | ||
| Q1 24 | 24.6% | — |
现金转化率BKHRBC
| Q4 25 | 1.60× | 1.81× | ||
| Q3 25 | 3.57× | 1.47× | ||
| Q2 25 | 6.86× | 1.75× | ||
| Q1 25 | 1.70× | — | ||
| Q4 24 | 1.56× | 1.45× | ||
| Q3 24 | 4.18× | — | ||
| Q2 24 | 10.11× | 1.59× | ||
| 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% |
RBC
| Domestic | $413.3M | 90% |
| Foreign | $48.3M | 10% |
