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BLACK HILLS CORP（BKH）与ROYAL GOLD INC（RGLD）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ROYAL GOLD INC的1.7倍（$622.7M vs $375.3M），ROYAL GOLD INC净利率更高（24.9% vs 16.8%，领先8.1%），ROYAL GOLD INC同比增速更快（85.3% vs 6.4%），过去两年ROYAL GOLD INC的营收复合增速更高（58.8% 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。
Royal Gold Inc.是全球领先的贵金属流权与特许权经营企业，收购并管理多元化的矿业项目流权、净熔炼收益特许权及相关权益，资产覆盖黄金、白银、铜等品类，业务遍及多地区，无需直接承担采矿运营风险。
BKH vs RGLD — 直观对比
营收规模更大
BKH
是对方的1.7倍
$375.3M
营收增速更快
RGLD
高出78.9%
6.4%
净利率更高
RGLD
高出8.1%
16.8%
两年增速更快
RGLD
近两年复合增速
-6.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $622.7M | $375.3M |
| 净利润 | $104.9M | $93.6M |
| 毛利率 | — | 64.6% |
| 营业利润率 | 27.5% | 56.2% |
| 净利率 | 16.8% | 24.9% |
| 营收同比 | 6.4% | 85.3% |
| 净利润同比 | 7.0% | -12.8% |
| 每股收益（稀释后） | $1.39 | $1.04 |
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BKHRGLD
| Q4 25 | $622.7M | $375.3M | ||
| Q3 25 | $427.4M | $252.1M | ||
| Q2 25 | $435.7M | $209.6M | ||
| Q1 25 | $800.4M | $193.4M | ||
| Q4 24 | $585.1M | $202.6M | ||
| Q3 24 | $398.6M | $193.8M | ||
| Q2 24 | $397.1M | $174.1M | ||
| Q1 24 | $717.2M | $148.9M |
净利润BKHRGLD
| Q4 25 | $104.9M | $93.6M | ||
| Q3 25 | $24.9M | $126.8M | ||
| Q2 25 | $27.5M | $132.3M | ||
| Q1 25 | $134.3M | $113.5M | ||
| Q4 24 | $98.0M | $107.4M | ||
| Q3 24 | $24.4M | $96.2M | ||
| Q2 24 | $22.8M | $81.2M | ||
| Q1 24 | $127.9M | $47.2M |
毛利率BKHRGLD
| Q4 25 | — | 64.6% | ||
| Q3 25 | — | 73.6% | ||
| Q2 25 | — | 72.6% | ||
| Q1 25 | — | 69.4% | ||
| Q4 24 | — | 70.3% | ||
| Q3 24 | — | 66.6% | ||
| Q2 24 | — | 64.7% | ||
| Q1 24 | — | 58.4% |
营业利润率BKHRGLD
| Q4 25 | 27.5% | 56.2% | ||
| Q3 25 | 18.4% | 64.4% | ||
| Q2 25 | 18.9% | 67.7% | ||
| Q1 25 | 25.6% | 63.6% | ||
| Q4 24 | 27.9% | 65.9% | ||
| Q3 24 | 19.0% | 61.3% | ||
| Q2 24 | 17.8% | 58.6% | ||
| Q1 24 | 27.0% | 50.7% |
净利率BKHRGLD
| Q4 25 | 16.8% | 24.9% | ||
| Q3 25 | 5.8% | 50.3% | ||
| Q2 25 | 6.3% | 63.1% | ||
| Q1 25 | 16.8% | 58.7% | ||
| Q4 24 | 16.7% | 53.0% | ||
| Q3 24 | 6.1% | 49.7% | ||
| Q2 24 | 5.7% | 46.6% | ||
| Q1 24 | 17.8% | 31.7% |
每股收益（稀释后）BKHRGLD
| Q4 25 | $1.39 | $1.04 | ||
| Q3 25 | $0.34 | $1.92 | ||
| Q2 25 | $0.38 | $2.01 | ||
| Q1 25 | $1.87 | $1.72 | ||
| Q4 24 | $1.36 | $1.63 | ||
| Q3 24 | $0.35 | $1.46 | ||
| Q2 24 | $0.33 | $1.23 | ||
| Q1 24 | $1.87 | $0.72 |
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 | $233.7M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $3.8B | $7.2B |
| 总资产 | $10.9B | $9.5B |
| 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BKHRGLD
| Q4 25 | $182.8M | $233.7M | ||
| Q3 25 | $21.1M | $172.8M | ||
| Q2 25 | $8.1M | $248.2M | ||
| Q1 25 | $6.6M | $240.8M | ||
| Q4 24 | $16.1M | $195.5M | ||
| Q3 24 | $12.5M | $127.9M | ||
| Q2 24 | $624.8M | $74.2M | ||
| Q1 24 | $123.0M | $137.9M |
总债务BKHRGLD
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $0 | ||
| Q2 24 | — | $50.0M | ||
| Q1 24 | — | — |
股东权益BKHRGLD
| Q4 25 | $3.8B | $7.2B | ||
| Q3 25 | $3.8B | $3.4B | ||
| Q2 25 | $3.6B | $3.3B | ||
| Q1 25 | $3.6B | $3.2B | ||
| Q4 24 | $3.5B | $3.1B | ||
| Q3 24 | $3.4B | $3.0B | ||
| Q2 24 | $3.4B | $3.0B | ||
| Q1 24 | $3.3B | $2.9B |
总资产BKHRGLD
| Q4 25 | $10.9B | $9.5B | ||
| Q3 25 | $10.3B | $4.5B | ||
| Q2 25 | $10.1B | $3.6B | ||
| Q1 25 | $10.1B | $3.5B | ||
| Q4 24 | $10.0B | $3.4B | ||
| Q3 24 | $9.7B | $3.3B | ||
| Q2 24 | $10.2B | $3.3B | ||
| Q1 24 | $9.7B | $3.3B |
负债/权益比BKHRGLD
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | 0.02× | ||
| 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 | $241.7M |
| 自由现金流经营现金流 - 资本支出 | $-101.5M | — |
| 自由现金流率自由现金流/营收 | -16.3% | — |
| 资本支出强度资本支出/营收 | 43.3% | — |
| 现金转化率经营现金流/净利润 | 1.60× | 2.58× |
| 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BKHRGLD
| Q4 25 | $168.1M | $241.7M | ||
| Q3 25 | $88.9M | $174.0M | ||
| Q2 25 | $188.6M | $152.8M | ||
| Q1 25 | $227.8M | $136.4M | ||
| Q4 24 | $153.2M | $141.1M | ||
| Q3 24 | $102.1M | $136.7M | ||
| Q2 24 | $230.6M | $113.5M | ||
| Q1 24 | $233.4M | $138.3M |
自由现金流BKHRGLD
| Q4 25 | $-101.5M | — | ||
| Q3 25 | $-89.5M | — | ||
| Q2 25 | $-30.3M | — | ||
| Q1 25 | $74.9M | — | ||
| Q4 24 | $-60.5M | — | ||
| Q3 24 | $-86.0M | — | ||
| Q2 24 | $64.4M | — | ||
| Q1 24 | $57.2M | — |
自由现金流率BKHRGLD
| Q4 25 | -16.3% | — | ||
| Q3 25 | -20.9% | — | ||
| Q2 25 | -7.0% | — | ||
| Q1 25 | 9.4% | — | ||
| Q4 24 | -10.3% | — | ||
| Q3 24 | -21.6% | — | ||
| Q2 24 | 16.2% | — | ||
| Q1 24 | 8.0% | — |
资本支出强度BKHRGLD
| Q4 25 | 43.3% | — | ||
| Q3 25 | 41.7% | — | ||
| Q2 25 | 50.2% | — | ||
| Q1 25 | 19.1% | — | ||
| Q4 24 | 36.5% | — | ||
| Q3 24 | 47.2% | — | ||
| Q2 24 | 41.9% | — | ||
| Q1 24 | 24.6% | — |
现金转化率BKHRGLD
| Q4 25 | 1.60× | 2.58× | ||
| Q3 25 | 3.57× | 1.37× | ||
| Q2 25 | 6.86× | 1.15× | ||
| Q1 25 | 1.70× | 1.20× | ||
| Q4 24 | 1.56× | 1.31× | ||
| Q3 24 | 4.18× | 1.42× | ||
| Q2 24 | 10.11× | 1.40× | ||
| Q1 24 | 1.82× | 2.93× |
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% |
RGLD
| Gold | $216.9M | 58% |
| Pueblo Viejo | $47.3M | 13% |
| Andacollo | $32.6M | 9% |
| Silver | $32.1M | 9% |
| Other | $27.2M | 7% |
| Copper | $13.7M | 4% |
| Cortez Legacy Zone | $5.4M | 1% |
