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BLACK HILLS CORP（BKH）与Talen Energy Corp（TLN）财务数据对比。点击上方公司名可切换其他公司
Talen Energy Corp的季度营收约是BLACK HILLS CORP的1.2倍（$758.0M vs $622.7M）。BLACK HILLS CORP净利率更高（16.8% vs -47.9%，领先64.7%）。Talen Energy Corp同比增速更快（114.7% vs 6.4%）。Talen Energy Corp自由现金流更多（$254.0M vs $-101.5M）。过去两年Talen Energy Corp的营收复合增速更高（35.0% 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。
PPL公司是总部位于美国宾夕法尼亚州东部利哈伊谷阿伦敦的能源企业，于纽约证券交易所上市（股票代码：PPL），属标普500指数成分股。截至2022年，公司营收79亿美元，总资产超370亿美元，拥有6500名员工，服务360万客户。
BKH vs TLN — 直观对比
营收规模更大
TLN
是对方的1.2倍
$622.7M
营收增速更快
TLN
高出108.3%
6.4%
净利率更高
BKH
高出64.7%
-47.9%
自由现金流更多
TLN
多$355.5M
$-101.5M
两年增速更快
TLN
近两年复合增速
-6.8%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $622.7M | $758.0M |
| 净利润 | $104.9M | $-363.0M |
| 毛利率 | — | — |
| 营业利润率 | 27.5% | -41.3% |
| 净利率 | 16.8% | -47.9% |
| 营收同比 | 6.4% | 114.7% |
| 净利润同比 | 7.0% | -542.7% |
| 每股收益（稀释后） | $1.39 | $-7.60 |
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BKHTLN
| Q4 25 | $622.7M | $758.0M | ||
| Q3 25 | $427.4M | $697.0M | ||
| Q2 25 | $435.7M | $409.0M | ||
| Q1 25 | $800.4M | $654.0M | ||
| Q4 24 | $585.1M | $353.0M | ||
| Q3 24 | $398.6M | $459.0M | ||
| Q2 24 | $397.1M | $346.0M | ||
| Q1 24 | $717.2M | $416.0M |
净利润BKHTLN
| Q4 25 | $104.9M | $-363.0M | ||
| Q3 25 | $24.9M | $207.0M | ||
| Q2 25 | $27.5M | $72.0M | ||
| Q1 25 | $134.3M | $-135.0M | ||
| Q4 24 | $98.0M | $82.0M | ||
| Q3 24 | $24.4M | $168.0M | ||
| Q2 24 | $22.8M | $454.0M | ||
| Q1 24 | $127.9M | $294.0M |
营业利润率BKHTLN
| Q4 25 | 27.5% | -41.3% | ||
| Q3 25 | 18.4% | 37.7% | ||
| Q2 25 | 18.9% | 16.1% | ||
| Q1 25 | 25.6% | -16.2% | ||
| Q4 24 | 27.9% | 4.5% | ||
| Q3 24 | 19.0% | 34.4% | ||
| Q2 24 | 17.8% | 7.8% | ||
| Q1 24 | 27.0% | 6.0% |
净利率BKHTLN
| Q4 25 | 16.8% | -47.9% | ||
| Q3 25 | 5.8% | 29.7% | ||
| Q2 25 | 6.3% | 17.6% | ||
| Q1 25 | 16.8% | -20.6% | ||
| Q4 24 | 16.7% | 23.2% | ||
| Q3 24 | 6.1% | 36.6% | ||
| Q2 24 | 5.7% | 131.2% | ||
| Q1 24 | 17.8% | 70.7% |
每股收益（稀释后）BKHTLN
| Q4 25 | $1.39 | $-7.60 | ||
| Q3 25 | $0.34 | $4.25 | ||
| Q2 25 | $0.38 | $1.50 | ||
| Q1 25 | $1.87 | $-2.94 | ||
| Q4 24 | $1.36 | $2.07 | ||
| Q3 24 | $0.35 | $3.16 | ||
| Q2 24 | $0.33 | $7.60 | ||
| Q1 24 | $1.87 | $4.84 |
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 | $689.0M |
| 总债务越低越好 | — | $6.8B |
| 股东权益账面价值 | $3.8B | $1.1B |
| 总资产 | $10.9B | $10.9B |
| 负债/权益比越低杠杆越低 | — | 6.23× |
8季度趋势，按日历期对齐
现金及短期投资BKHTLN
| Q4 25 | $182.8M | $689.0M | ||
| Q3 25 | $21.1M | $497.0M | ||
| Q2 25 | $8.1M | $122.0M | ||
| Q1 25 | $6.6M | $295.0M | ||
| Q4 24 | $16.1M | $328.0M | ||
| Q3 24 | $12.5M | $648.0M | ||
| Q2 24 | $624.8M | $632.0M | ||
| Q1 24 | $123.0M | — |
总债务BKHTLN
| Q4 25 | — | $6.8B | ||
| Q3 25 | — | $3.0B | ||
| Q2 25 | — | $3.0B | ||
| Q1 25 | — | $3.0B | ||
| Q4 24 | — | $3.0B | ||
| Q3 24 | — | $2.6B | ||
| Q2 24 | — | $2.6B | ||
| Q1 24 | — | — |
股东权益BKHTLN
| Q4 25 | $3.8B | $1.1B | ||
| Q3 25 | $3.8B | $1.5B | ||
| Q2 25 | $3.6B | $1.2B | ||
| Q1 25 | $3.6B | $1.2B | ||
| Q4 24 | $3.5B | $1.4B | ||
| Q3 24 | $3.4B | $2.4B | ||
| Q2 24 | $3.4B | $2.5B | ||
| Q1 24 | $3.3B | $2.8B |
总资产BKHTLN
| Q4 25 | $10.9B | $10.9B | ||
| Q3 25 | $10.3B | $6.1B | ||
| Q2 25 | $10.1B | $5.8B | ||
| Q1 25 | $10.1B | $5.9B | ||
| Q4 24 | $10.0B | $6.1B | ||
| Q3 24 | $9.7B | $6.8B | ||
| Q2 24 | $10.2B | $7.1B | ||
| Q1 24 | $9.7B | — |
负债/权益比BKHTLN
| Q4 25 | — | 6.23× | ||
| Q3 25 | — | 2.03× | ||
| Q2 25 | — | 2.40× | ||
| Q1 25 | — | 2.54× | ||
| Q4 24 | — | 2.17× | ||
| Q3 24 | — | 1.10× | ||
| Q2 24 | — | 1.05× | ||
| 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 | $280.0M |
| 自由现金流经营现金流 - 资本支出 | $-101.5M | $254.0M |
| 自由现金流率自由现金流/营收 | -16.3% | 33.5% |
| 资本支出强度资本支出/营收 | 43.3% | 3.4% |
| 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 | $606.0M |
8季度趋势，按日历期对齐
经营现金流BKHTLN
| Q4 25 | $168.1M | $280.0M | ||
| Q3 25 | $88.9M | $489.0M | ||
| Q2 25 | $188.6M | $-184.0M | ||
| Q1 25 | $227.8M | $119.0M | ||
| Q4 24 | $153.2M | — | ||
| Q3 24 | $102.1M | $96.0M | ||
| Q2 24 | $230.6M | $-23.0M | ||
| Q1 24 | $233.4M | $173.0M |
自由现金流BKHTLN
| Q4 25 | $-101.5M | $254.0M | ||
| Q3 25 | $-89.5M | $468.0M | ||
| Q2 25 | $-30.3M | $-217.0M | ||
| Q1 25 | $74.9M | $101.0M | ||
| Q4 24 | $-60.5M | — | ||
| Q3 24 | $-86.0M | $83.0M | ||
| Q2 24 | $64.4M | $-43.0M | ||
| Q1 24 | $57.2M | $148.0M |
自由现金流率BKHTLN
| Q4 25 | -16.3% | 33.5% | ||
| Q3 25 | -20.9% | 67.1% | ||
| Q2 25 | -7.0% | -53.1% | ||
| Q1 25 | 9.4% | 15.4% | ||
| Q4 24 | -10.3% | — | ||
| Q3 24 | -21.6% | 18.1% | ||
| Q2 24 | 16.2% | -12.4% | ||
| Q1 24 | 8.0% | 35.6% |
资本支出强度BKHTLN
| Q4 25 | 43.3% | 3.4% | ||
| Q3 25 | 41.7% | 3.0% | ||
| Q2 25 | 50.2% | 8.1% | ||
| Q1 25 | 19.1% | 2.8% | ||
| Q4 24 | 36.5% | — | ||
| Q3 24 | 47.2% | 2.8% | ||
| Q2 24 | 41.9% | 5.8% | ||
| Q1 24 | 24.6% | 6.0% |
现金转化率BKHTLN
| Q4 25 | 1.60× | — | ||
| Q3 25 | 3.57× | 2.36× | ||
| Q2 25 | 6.86× | -2.56× | ||
| Q1 25 | 1.70× | — | ||
| Q4 24 | 1.56× | — | ||
| Q3 24 | 4.18× | 0.57× | ||
| Q2 24 | 10.11× | -0.05× | ||
| Q1 24 | 1.82× | 0.59× |
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% |
TLN
| Electricity Sales And Ancillary Services | $555.0M | 73% |
| Operating Revenue Capacity | $182.0M | 24% |
| Physical Electricity Sales Bilateral Contracts Other | $21.0M | 3% |
