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BLACK HILLS CORP（BKH）与Rithm Capital Corp.（RITM）财务数据对比。点击上方公司名可切换其他公司
Rithm Capital Corp.的季度营收约是BLACK HILLS CORP的1.3倍（$828.2M vs $622.7M），BLACK HILLS CORP净利率更高（16.8% vs 13.2%，领先3.6%），Rithm Capital Corp.同比增速更快（508.5% vs 6.4%），过去两年BLACK HILLS CORP的营收复合增速更高（-6.8% vs -17.9%）
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。
Rithm Capital Corp.是总部位于美国纽约的投资管理机构，核心业务聚焦房地产投资与另类资产投资，依托专业的投研团队和成熟的市场运营经验，为合作伙伴及投资者提供优质的资产配置解决方案与长期收益回报。
BKH vs RITM — 直观对比
营收规模更大
RITM
是对方的1.3倍
$622.7M
营收增速更快
RITM
高出502.1%
6.4%
净利率更高
BKH
高出3.6%
13.2%
两年增速更快
BKH
近两年复合增速
-17.9%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $622.7M | $828.2M |
| 净利润 | $104.9M | $109.5M |
| 毛利率 | — | — |
| 营业利润率 | 27.5% | 29.9% |
| 净利率 | 16.8% | 13.2% |
| 营收同比 | 6.4% | 508.5% |
| 净利润同比 | 7.0% | 27.7% |
| 每股收益（稀释后） | $1.39 | $0.12 |
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BKHRITM
| Q1 26 | — | $828.2M | ||
| Q4 25 | $622.7M | $1.5B | ||
| Q3 25 | $427.4M | $1.1B | ||
| Q2 25 | $435.7M | $1.2B | ||
| Q1 25 | $800.4M | $768.4M | ||
| Q4 24 | $585.1M | $2.1B | ||
| Q3 24 | $398.6M | $619.5M | ||
| Q2 24 | $397.1M | $1.2B |
净利润BKHRITM
| Q1 26 | — | $109.5M | ||
| Q4 25 | $104.9M | $85.0M | ||
| Q3 25 | $24.9M | $221.5M | ||
| Q2 25 | $27.5M | $311.7M | ||
| Q1 25 | $134.3M | $78.8M | ||
| Q4 24 | $98.0M | $290.2M | ||
| Q3 24 | $24.4M | $121.7M | ||
| Q2 24 | $22.8M | $235.6M |
营业利润率BKHRITM
| Q1 26 | — | 29.9% | ||
| Q4 25 | 27.5% | 13.8% | ||
| Q3 25 | 18.4% | 21.4% | ||
| Q2 25 | 18.9% | 25.2% | ||
| Q1 25 | 25.6% | 7.4% | ||
| Q4 24 | 27.9% | 23.8% | ||
| Q3 24 | 19.0% | 7.3% | ||
| Q2 24 | 17.8% | 23.6% |
净利率BKHRITM
| Q1 26 | — | 13.2% | ||
| Q4 25 | 16.8% | 5.7% | ||
| Q3 25 | 5.8% | 20.0% | ||
| Q2 25 | 6.3% | 25.6% | ||
| Q1 25 | 16.8% | 10.3% | ||
| Q4 24 | 16.7% | 14.0% | ||
| Q3 24 | 6.1% | 19.7% | ||
| Q2 24 | 5.7% | 19.2% |
每股收益（稀释后）BKHRITM
| Q1 26 | — | $0.12 | ||
| Q4 25 | $1.39 | $0.09 | ||
| Q3 25 | $0.34 | $0.35 | ||
| Q2 25 | $0.38 | $0.53 | ||
| Q1 25 | $1.87 | $0.07 | ||
| Q4 24 | $1.36 | $0.50 | ||
| Q3 24 | $0.35 | $0.20 | ||
| Q2 24 | $0.33 | $0.43 |
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 | — |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $3.8B | $9.1B |
| 总资产 | $10.9B | $53.4B |
| 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BKHRITM
| Q1 26 | — | — | ||
| Q4 25 | $182.8M | $1.8B | ||
| Q3 25 | $21.1M | $1.6B | ||
| Q2 25 | $8.1M | $1.6B | ||
| Q1 25 | $6.6M | $1.5B | ||
| Q4 24 | $16.1M | $1.5B | ||
| Q3 24 | $12.5M | $1.6B | ||
| Q2 24 | $624.8M | $1.2B |
总债务BKHRITM
| Q1 26 | — | — | ||
| Q4 25 | — | $35.4B | ||
| Q3 25 | — | $32.2B | ||
| Q2 25 | — | $31.2B | ||
| Q1 25 | — | $32.2B | ||
| Q4 24 | — | $32.6B | ||
| Q3 24 | — | $29.6B | ||
| Q2 24 | — | $30.1B |
股东权益BKHRITM
| Q1 26 | — | $9.1B | ||
| Q4 25 | $3.8B | $8.4B | ||
| Q3 25 | $3.8B | $8.5B | ||
| Q2 25 | $3.6B | $7.9B | ||
| Q1 25 | $3.6B | $7.8B | ||
| Q4 24 | $3.5B | $7.8B | ||
| Q3 24 | $3.4B | $7.7B | ||
| Q2 24 | $3.4B | $7.3B |
总资产BKHRITM
| Q1 26 | — | $53.4B | ||
| Q4 25 | $10.9B | $53.1B | ||
| Q3 25 | $10.3B | $47.2B | ||
| Q2 25 | $10.1B | $44.3B | ||
| Q1 25 | $10.1B | $45.3B | ||
| Q4 24 | $10.0B | $46.0B | ||
| Q3 24 | $9.7B | $42.3B | ||
| Q2 24 | $10.2B | $42.0B |
负债/权益比BKHRITM
| Q1 26 | — | — | ||
| Q4 25 | — | 4.20× | ||
| Q3 25 | — | 3.79× | ||
| Q2 25 | — | 3.92× | ||
| Q1 25 | — | 4.14× | ||
| Q4 24 | — | 4.18× | ||
| Q3 24 | — | 3.87× | ||
| Q2 24 | — | 4.10× |
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 | — |
| 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× | — |
| 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BKHRITM
| Q1 26 | — | — | ||
| Q4 25 | $168.1M | $-114.6M | ||
| Q3 25 | $88.9M | $-2.0B | ||
| Q2 25 | $188.6M | $-557.1M | ||
| Q1 25 | $227.8M | $1.4B | ||
| Q4 24 | $153.2M | $-1.8B | ||
| Q3 24 | $102.1M | $768.1M | ||
| Q2 24 | $230.6M | $-55.7M |
自由现金流BKHRITM
| Q1 26 | — | — | ||
| 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 | — |
自由现金流率BKHRITM
| Q1 26 | — | — | ||
| 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% | — |
资本支出强度BKHRITM
| Q1 26 | — | — | ||
| 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% | — |
现金转化率BKHRITM
| Q1 26 | — | — | ||
| Q4 25 | 1.60× | -1.35× | ||
| Q3 25 | 3.57× | -9.22× | ||
| Q2 25 | 6.86× | -1.79× | ||
| Q1 25 | 1.70× | 18.03× | ||
| Q4 24 | 1.56× | -6.04× | ||
| Q3 24 | 4.18× | 6.31× | ||
| Q2 24 | 10.11× | -0.24× |
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% |
RITM
| Servicing revenue, net | $375.1M | 45% |
| Other | $234.9M | 28% |
| Gain on originated residential mortgage loans, held-for-sale, net | $195.0M | 24% |
| Other revenue | $23.3M | 3% |
