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嘉德诺（BTSG）与NiSource（NI）财务数据对比。点击上方公司名可切换其他公司
嘉德诺的季度营收约是NiSource的1.9倍（$3.6B vs $1.9B），NiSource净利率更高（13.7% vs 2.2%，领先11.5%），NiSource同比增速更快（22.5% vs 16.3%），嘉德诺自由现金流更多（$193.9M vs $-133.7M），过去两年嘉德诺的营收复合增速更高（17.4% vs 7.2%）
嘉德诺是美国跨国医疗服务企业，位列美国企业营收榜第15位，总部位于俄亥俄州都柏林。公司主营药品与医疗产品分销，服务覆盖超10万个网点，同时生产手套、手术服、流体管理产品等医用外科用品，还运营着规模位居前列的放射性药物网络。
NiSource是美国规模最大的受全面监管公用事业企业之一，总部位于印第安纳州梅里尔维尔，员工规模超8000人。公司旗下拥有Columbia Gas、NIPSCO两大本土品牌，业务覆盖美国六个州，为约350万天然气用户、50万电力用户提供服务，2018年时是印第安纳州唯一的本土公用事业企业。
BTSG vs NI — 直观对比
营收规模更大
BTSG
是对方的1.9倍
$1.9B
营收增速更快
NI
高出6.2%
16.3%
净利率更高
NI
高出11.5%
2.2%
自由现金流更多
BTSG
多$327.6M
$-133.7M
两年增速更快
BTSG
近两年复合增速
7.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.6B | $1.9B |
| 净利润 | $77.1M | $257.8M |
| 毛利率 | 11.6% | — |
| 营业利润率 | 3.0% | 27.3% |
| 净利率 | 2.2% | 13.7% |
| 营收同比 | 16.3% | 22.5% |
| 净利润同比 | 381.8% | 15.1% |
| 每股收益（稀释后） | $0.34 | $0.53 |
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BTSGNI
| Q4 25 | $3.6B | $1.9B | ||
| Q3 25 | $3.3B | $1.2B | ||
| Q2 25 | $3.1B | $1.2B | ||
| Q1 25 | $2.9B | $2.1B | ||
| Q4 24 | $3.1B | $1.5B | ||
| Q3 24 | $2.9B | $1.0B | ||
| Q2 24 | $2.7B | $1.1B | ||
| Q1 24 | $2.6B | $1.6B |
净利润BTSGNI
| Q4 25 | $77.1M | $257.8M | ||
| Q3 25 | $55.8M | $94.7M | ||
| Q2 25 | $28.2M | $102.2M | ||
| Q1 25 | $29.5M | $474.8M | ||
| Q4 24 | $16.0M | $223.9M | ||
| Q3 24 | $-8.2M | $85.7M | ||
| Q2 24 | $19.9M | $85.8M | ||
| Q1 24 | $-45.8M | $365.0M |
毛利率BTSGNI
| Q4 25 | 11.6% | — | ||
| Q3 25 | 11.8% | — | ||
| Q2 25 | 11.9% | — | ||
| Q1 25 | 11.8% | — | ||
| Q4 24 | 13.8% | — | ||
| Q3 24 | 14.0% | — | ||
| Q2 24 | 14.2% | — | ||
| Q1 24 | 14.3% | — |
营业利润率BTSGNI
| Q4 25 | 3.0% | 27.3% | ||
| Q3 25 | 2.6% | 24.0% | ||
| Q2 25 | 1.5% | 21.1% | ||
| Q1 25 | 1.8% | 35.3% | ||
| Q4 24 | 2.6% | 27.1% | ||
| Q3 24 | 2.0% | 20.9% | ||
| Q2 24 | 2.3% | 22.5% | ||
| Q1 24 | 0.3% | 35.5% |
净利率BTSGNI
| Q4 25 | 2.2% | 13.7% | ||
| Q3 25 | 1.7% | 7.6% | ||
| Q2 25 | 0.9% | 8.2% | ||
| Q1 25 | 1.0% | 22.1% | ||
| Q4 24 | 0.5% | 14.5% | ||
| Q3 24 | -0.3% | 8.2% | ||
| Q2 24 | 0.7% | 8.1% | ||
| Q1 24 | -1.8% | 22.2% |
每股收益（稀释后）BTSGNI
| Q4 25 | $0.34 | $0.53 | ||
| Q3 25 | $0.26 | $0.20 | ||
| Q2 25 | $0.13 | $0.22 | ||
| Q1 25 | $0.14 | $1.00 | ||
| Q4 24 | $0.11 | $0.47 | ||
| Q3 24 | $-0.04 | $0.19 | ||
| Q2 24 | $0.10 | $0.19 | ||
| Q1 24 | $-0.26 | $0.77 |
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 | $88.4M | $110.1M |
| 总债务越低越好 | $2.5B | $15.5B |
| 股东权益账面价值 | $1.9B | $9.5B |
| 总资产 | $6.4B | $35.9B |
| 负债/权益比越低杠杆越低 | 1.34× | 1.64× |
8季度趋势，按日历期对齐
现金及短期投资BTSGNI
| Q4 25 | $88.4M | $110.1M | ||
| Q3 25 | $140.3M | $95.0M | ||
| Q2 25 | $70.1M | $335.4M | ||
| Q1 25 | $52.3M | $259.4M | ||
| Q4 24 | $61.3M | $156.6M | ||
| Q3 24 | $36.0M | $126.2M | ||
| Q2 24 | $25.0M | $101.2M | ||
| Q1 24 | $58.0M | $102.2M |
总债务BTSGNI
| Q4 25 | $2.5B | $15.5B | ||
| Q3 25 | $2.5B | $14.5B | ||
| Q2 25 | $2.5B | $14.5B | ||
| Q1 25 | $2.5B | $12.8B | ||
| Q4 24 | $2.6B | $12.1B | ||
| Q3 24 | $2.7B | $12.1B | ||
| Q2 24 | $2.6B | $12.8B | ||
| Q1 24 | $2.6B | $11.7B |
股东权益BTSGNI
| Q4 25 | $1.9B | $9.5B | ||
| Q3 25 | $1.8B | $9.1B | ||
| Q2 25 | $1.7B | $8.9B | ||
| Q1 25 | $1.7B | $8.9B | ||
| Q4 24 | $1.6B | $8.7B | ||
| Q3 24 | $1.6B | $8.3B | ||
| Q2 24 | $1.6B | $7.9B | ||
| Q1 24 | $1.6B | $7.9B |
总资产BTSGNI
| Q4 25 | $6.4B | $35.9B | ||
| Q3 25 | $6.0B | $34.4B | ||
| Q2 25 | $5.9B | $34.0B | ||
| Q1 25 | $5.8B | $33.1B | ||
| Q4 24 | $5.9B | $31.8B | ||
| Q3 24 | $5.8B | $30.8B | ||
| Q2 24 | $5.6B | $29.9B | ||
| Q1 24 | $5.7B | $29.3B |
负债/权益比BTSGNI
| Q4 25 | 1.34× | 1.64× | ||
| Q3 25 | 1.38× | 1.59× | ||
| Q2 25 | 1.45× | 1.63× | ||
| Q1 25 | 1.50× | 1.44× | ||
| Q4 24 | 1.58× | 1.39× | ||
| Q3 24 | 1.65× | 1.45× | ||
| Q2 24 | 1.63× | 1.63× | ||
| Q1 24 | 1.64× | 1.48× |
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 | $231.6M | $712.6M |
| 自由现金流经营现金流 - 资本支出 | $193.9M | $-133.7M |
| 自由现金流率自由现金流/营收 | 5.5% | -7.1% |
| 资本支出强度资本支出/营收 | 1.1% | 44.9% |
| 现金转化率经营现金流/净利润 | 3.00× | 2.76× |
| 过去12个月自由现金流最近4个季度 | $394.7M | $-420.0M |
8季度趋势，按日历期对齐
经营现金流BTSGNI
| Q4 25 | $231.6M | $712.6M | ||
| Q3 25 | $107.9M | $467.9M | ||
| Q2 25 | $49.1M | $495.4M | ||
| Q1 25 | $101.6M | $686.4M | ||
| Q4 24 | $90.6M | $539.8M | ||
| Q3 24 | $27.2M | $340.0M | ||
| Q2 24 | $-15.2M | $445.5M | ||
| Q1 24 | $-78.9M | $456.2M |
自由现金流BTSGNI
| Q4 25 | $193.9M | $-133.7M | ||
| Q3 25 | $92.2M | $-172.6M | ||
| Q2 25 | $24.7M | $-162.8M | ||
| Q1 25 | $84.0M | $49.1M | ||
| Q4 24 | $75.3M | $-220.2M | ||
| Q3 24 | $7.2M | $-294.7M | ||
| Q2 24 | $-39.0M | $-184.3M | ||
| Q1 24 | $-100.7M | $-133.3M |
自由现金流率BTSGNI
| Q4 25 | 5.5% | -7.1% | ||
| Q3 25 | 2.8% | -13.9% | ||
| Q2 25 | 0.8% | -13.1% | ||
| Q1 25 | 2.9% | 2.3% | ||
| Q4 24 | 2.5% | -14.3% | ||
| Q3 24 | 0.2% | -28.2% | ||
| Q2 24 | -1.4% | -17.5% | ||
| Q1 24 | -3.9% | -8.1% |
资本支出强度BTSGNI
| Q4 25 | 1.1% | 44.9% | ||
| Q3 25 | 0.5% | 51.6% | ||
| Q2 25 | 0.8% | 52.8% | ||
| Q1 25 | 0.6% | 29.6% | ||
| Q4 24 | 0.5% | 49.4% | ||
| Q3 24 | 0.7% | 60.7% | ||
| Q2 24 | 0.9% | 59.7% | ||
| Q1 24 | 0.8% | 35.9% |
现金转化率BTSGNI
| Q4 25 | 3.00× | 2.76× | ||
| Q3 25 | 1.93× | 4.94× | ||
| Q2 25 | 1.74× | 4.85× | ||
| Q1 25 | 3.44× | 1.45× | ||
| Q4 24 | 5.66× | 2.41× | ||
| Q3 24 | — | 3.97× | ||
| Q2 24 | -0.76× | 5.19× | ||
| Q1 24 | — | 1.25× |
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
BTSG
| Medicare D | $1.1B | 32% |
| Commercial Insurance | $879.8M | 25% |
| Medicare C | $641.2M | 18% |
| Provider Services | $394.2M | 11% |
| Medicaid | $301.4M | 8% |
| Medicare A | $150.5M | 4% |
| Private And Other | $44.0M | 1% |
| Medicare B | $19.5M | 1% |
| Pharmacy Solutions And Provider Services Segments | $19.0M | 1% |
NI
| Residential | $703.6M | 37% |
| Ni Source Electric Generation And Power Delivery | $525.6M | 28% |
| NIPSCO Gas Distribution | $348.1M | 18% |
| Commercial | $235.9M | 13% |
| Industrial | $45.9M | 2% |
| Offsystem | $16.9M | 1% |
| Misc. | $9.6M | 1% |
| Related Party | $3.3M | 0% |
