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BLACK HILLS CORP（BKH）与越洋钻探（RIG）财务数据对比。点击上方公司名可切换其他公司
越洋钻探的季度营收约是BLACK HILLS CORP的1.7倍（$1.0B vs $622.7M），BLACK HILLS CORP净利率更高（16.8% vs 2.4%，领先14.4%），越洋钻探同比增速更快（9.6% vs 6.4%），越洋钻探自由现金流更多（$321.0M vs $-101.5M），过去两年越洋钻探的营收复合增速更高（16.9% 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。
越洋钻探（Transocean Ltd.）是按营收计全球规模最大的海上钻探承包商，总部位于瑞士施泰因豪森，起源于美国，目前在加拿大、美国、挪威、英国、印度、巴西、新加坡等20个国家设有办事机构，业务覆盖全球主要海上油气开采区域。
BKH vs RIG — 直观对比
营收规模更大
RIG
是对方的1.7倍
$622.7M
营收增速更快
RIG
高出3.1%
6.4%
净利率更高
BKH
高出14.4%
2.4%
自由现金流更多
RIG
多$422.5M
$-101.5M
两年增速更快
RIG
近两年复合增速
-6.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $622.7M | $1.0B |
| 净利润 | $104.9M | $25.0M |
| 毛利率 | — | 42.0% |
| 营业利润率 | 27.5% | 23.0% |
| 净利率 | 16.8% | 2.4% |
| 营收同比 | 6.4% | 9.6% |
| 净利润同比 | 7.0% | 257.1% |
| 每股收益（稀释后） | $1.39 | $0.13 |
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BKHRIG
| Q4 25 | $622.7M | $1.0B | ||
| Q3 25 | $427.4M | $1.0B | ||
| Q2 25 | $435.7M | $988.0M | ||
| Q1 25 | $800.4M | $906.0M | ||
| Q4 24 | $585.1M | $952.0M | ||
| Q3 24 | $398.6M | $948.0M | ||
| Q2 24 | $397.1M | $861.0M | ||
| Q1 24 | $717.2M | $763.0M |
净利润BKHRIG
| Q4 25 | $104.9M | $25.0M | ||
| Q3 25 | $24.9M | $-1.9B | ||
| Q2 25 | $27.5M | $-938.0M | ||
| Q1 25 | $134.3M | $-79.0M | ||
| Q4 24 | $98.0M | $7.0M | ||
| Q3 24 | $24.4M | $-494.0M | ||
| Q2 24 | $22.8M | $-123.0M | ||
| Q1 24 | $127.9M | $98.0M |
毛利率BKHRIG
| Q4 25 | — | 42.0% | ||
| Q3 25 | — | 43.2% | ||
| Q2 25 | — | 39.4% | ||
| Q1 25 | — | 31.8% | ||
| Q4 24 | — | 39.2% | ||
| Q3 24 | — | 40.6% | ||
| Q2 24 | — | 38.0% | ||
| Q1 24 | — | 31.5% |
营业利润率BKHRIG
| Q4 25 | 27.5% | 23.0% | ||
| Q3 25 | 18.4% | -163.1% | ||
| Q2 25 | 18.9% | -97.6% | ||
| Q1 25 | 25.6% | 7.1% | ||
| Q4 24 | 27.9% | 13.7% | ||
| Q3 24 | 19.0% | -51.2% | ||
| Q2 24 | 17.8% | -6.9% | ||
| Q1 24 | 27.0% | -0.4% |
净利率BKHRIG
| Q4 25 | 16.8% | 2.4% | ||
| Q3 25 | 5.8% | -187.1% | ||
| Q2 25 | 6.3% | -94.9% | ||
| Q1 25 | 16.8% | -8.7% | ||
| Q4 24 | 16.7% | 0.7% | ||
| Q3 24 | 6.1% | -52.1% | ||
| Q2 24 | 5.7% | -14.3% | ||
| Q1 24 | 17.8% | 12.8% |
每股收益（稀释后）BKHRIG
| Q4 25 | $1.39 | $0.13 | ||
| Q3 25 | $0.34 | $-2.00 | ||
| Q2 25 | $0.38 | $-1.06 | ||
| Q1 25 | $1.87 | $-0.11 | ||
| Q4 24 | $1.36 | $-0.14 | ||
| Q3 24 | $0.35 | $-0.58 | ||
| Q2 24 | $0.33 | $-0.15 | ||
| Q1 24 | $1.87 | $0.11 |
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 | $620.0M |
| 总债务越低越好 | — | $5.2B |
| 股东权益账面价值 | $3.8B | $8.1B |
| 总资产 | $10.9B | $15.6B |
| 负债/权益比越低杠杆越低 | — | 0.64× |
8季度趋势，按日历期对齐
现金及短期投资BKHRIG
| Q4 25 | $182.8M | $620.0M | ||
| Q3 25 | $21.1M | $833.0M | ||
| Q2 25 | $8.1M | $377.0M | ||
| Q1 25 | $6.6M | $263.0M | ||
| Q4 24 | $16.1M | $560.0M | ||
| Q3 24 | $12.5M | $435.0M | ||
| Q2 24 | $624.8M | $475.0M | ||
| Q1 24 | $123.0M | $446.0M |
总债务BKHRIG
| Q4 25 | — | $5.2B | ||
| Q3 25 | — | $4.8B | ||
| Q2 25 | — | $5.9B | ||
| Q1 25 | — | $5.9B | ||
| Q4 24 | — | $6.2B | ||
| Q3 24 | — | $6.5B | ||
| Q2 24 | — | $6.8B | ||
| Q1 24 | — | $6.8B |
股东权益BKHRIG
| Q4 25 | $3.8B | $8.1B | ||
| Q3 25 | $3.8B | $8.1B | ||
| Q2 25 | $3.6B | $9.4B | ||
| Q1 25 | $3.6B | $10.2B | ||
| Q4 24 | $3.5B | $10.3B | ||
| Q3 24 | $3.4B | $10.2B | ||
| Q2 24 | $3.4B | $10.7B | ||
| Q1 24 | $3.3B | $10.5B |
总资产BKHRIG
| Q4 25 | $10.9B | $15.6B | ||
| Q3 25 | $10.3B | $16.2B | ||
| Q2 25 | $10.1B | $17.8B | ||
| Q1 25 | $10.1B | $19.0B | ||
| Q4 24 | $10.0B | $19.4B | ||
| Q3 24 | $9.7B | $19.5B | ||
| Q2 24 | $10.2B | $20.3B | ||
| Q1 24 | $9.7B | $19.9B |
负债/权益比BKHRIG
| Q4 25 | — | 0.64× | ||
| Q3 25 | — | 0.60× | ||
| Q2 25 | — | 0.63× | ||
| Q1 25 | — | 0.58× | ||
| Q4 24 | — | 0.60× | ||
| Q3 24 | — | 0.64× | ||
| Q2 24 | — | 0.63× | ||
| Q1 24 | — | 0.65× |
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 | $349.0M |
| 自由现金流经营现金流 - 资本支出 | $-101.5M | $321.0M |
| 自由现金流率自由现金流/营收 | -16.3% | 30.8% |
| 资本支出强度资本支出/营收 | 43.3% | 2.7% |
| 现金转化率经营现金流/净利润 | 1.60× | 13.96× |
| 过去12个月自由现金流最近4个季度 | $-146.4M | $626.0M |
8季度趋势，按日历期对齐
经营现金流BKHRIG
| Q4 25 | $168.1M | $349.0M | ||
| Q3 25 | $88.9M | $246.0M | ||
| Q2 25 | $188.6M | $128.0M | ||
| Q1 25 | $227.8M | $26.0M | ||
| Q4 24 | $153.2M | $206.0M | ||
| Q3 24 | $102.1M | $194.0M | ||
| Q2 24 | $230.6M | $133.0M | ||
| Q1 24 | $233.4M | $-86.0M |
自由现金流BKHRIG
| Q4 25 | $-101.5M | $321.0M | ||
| Q3 25 | $-89.5M | $235.0M | ||
| Q2 25 | $-30.3M | $104.0M | ||
| Q1 25 | $74.9M | $-34.0M | ||
| Q4 24 | $-60.5M | $177.0M | ||
| Q3 24 | $-86.0M | $136.0M | ||
| Q2 24 | $64.4M | $49.0M | ||
| Q1 24 | $57.2M | $-169.0M |
自由现金流率BKHRIG
| Q4 25 | -16.3% | 30.8% | ||
| Q3 25 | -20.9% | 22.9% | ||
| Q2 25 | -7.0% | 10.5% | ||
| Q1 25 | 9.4% | -3.8% | ||
| Q4 24 | -10.3% | 18.6% | ||
| Q3 24 | -21.6% | 14.3% | ||
| Q2 24 | 16.2% | 5.7% | ||
| Q1 24 | 8.0% | -22.1% |
资本支出强度BKHRIG
| Q4 25 | 43.3% | 2.7% | ||
| Q3 25 | 41.7% | 1.1% | ||
| Q2 25 | 50.2% | 2.4% | ||
| Q1 25 | 19.1% | 6.6% | ||
| Q4 24 | 36.5% | 3.0% | ||
| Q3 24 | 47.2% | 6.1% | ||
| Q2 24 | 41.9% | 9.8% | ||
| Q1 24 | 24.6% | 10.9% |
现金转化率BKHRIG
| Q4 25 | 1.60× | 13.96× | ||
| Q3 25 | 3.57× | — | ||
| Q2 25 | 6.86× | — | ||
| Q1 25 | 1.70× | — | ||
| Q4 24 | 1.56× | 29.43× | ||
| Q3 24 | 4.18× | — | ||
| Q2 24 | 10.11× | — | ||
| Q1 24 | 1.82× | -0.88× |
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% |
RIG
| Ultra Deepwater Floaters | $433.0M | 42% |
| BR | $236.0M | 23% |
| Other Geographical | $211.0M | 20% |
| Harsh Environment Floaters | $163.0M | 16% |
