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Cboe Global Markets（CBOE）与Pinnacle West Capital（PNW）财务数据对比。点击上方公司名可切换其他公司
Cboe Global Markets的季度营收约是Pinnacle West Capital的1.1倍（$1.2B vs $1.1B），Cboe Global Markets净利率更高（26.0% vs 1.6%，领先24.5%），Cboe Global Markets同比增速更快（8.7% vs 3.0%），Cboe Global Markets自由现金流更多（$332.1M vs $-192.7M），过去两年Cboe Global Markets的营收复合增速更高（12.2% vs 8.9%）
Cboe Global Markets是总部位于美国芝加哥的金融交易所运营集团，旗下拥有并运营多类交易所及交易场所，业务覆盖股票、期权、期货、数字资产等多个交易领域，为全球市场参与者提供专业交易服务支持。
Pinnacle West Capital是美国公用事业控股企业，旗下拥有亚利桑那州规模最大的公用事业公司亚利桑那公共服务（APS）。公司于纽约证券交易所上市，是标普500指数成分股，运营受亚利桑那州公司委员会监管。
CBOE vs PNW — 直观对比
营收规模更大
CBOE
是对方的1.1倍
$1.1B
营收增速更快
CBOE
高出5.7%
3.0%
净利率更高
CBOE
高出24.5%
1.6%
自由现金流更多
CBOE
多$524.8M
$-192.7M
两年增速更快
CBOE
近两年复合增速
8.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.1B |
| 净利润 | $313.5M | $17.6M |
| 毛利率 | 55.7% | — |
| 营业利润率 | 33.5% | 10.7% |
| 净利率 | 26.0% | 1.6% |
| 营收同比 | 8.7% | 3.0% |
| 净利润同比 | 59.5% | 798.0% |
| 每股收益（稀释后） | $2.97 | $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CBOEPNW
| Q4 25 | $1.2B | $1.1B | ||
| Q3 25 | $1.1B | $1.8B | ||
| Q2 25 | $1.2B | $1.4B | ||
| Q1 25 | $1.2B | $1.0B | ||
| Q4 24 | $1.1B | $1.1B | ||
| Q3 24 | $1.1B | $1.8B | ||
| Q2 24 | $974.0M | $1.3B | ||
| Q1 24 | $957.2M | $951.7M |
净利润CBOEPNW
| Q4 25 | $313.5M | $17.6M | ||
| Q3 25 | $300.8M | $417.5M | ||
| Q2 25 | $235.1M | $196.9M | ||
| Q1 25 | $250.6M | $-338.0K | ||
| Q4 24 | $196.5M | $-2.5M | ||
| Q3 24 | $218.5M | $399.3M | ||
| Q2 24 | $140.4M | $208.1M | ||
| Q1 24 | $209.5M | $21.2M |
毛利率CBOEPNW
| Q4 25 | 55.7% | — | ||
| Q3 25 | 53.0% | — | ||
| Q2 25 | 50.0% | — | ||
| Q1 25 | 47.3% | — | ||
| Q4 24 | 47.4% | — | ||
| Q3 24 | 50.4% | — | ||
| Q2 24 | 52.8% | — | ||
| Q1 24 | 52.5% | — |
营业利润率CBOEPNW
| Q4 25 | 33.5% | 10.7% | ||
| Q3 25 | 32.4% | 32.0% | ||
| Q2 25 | 28.9% | 22.6% | ||
| Q1 25 | 29.6% | 5.5% | ||
| Q4 24 | 27.0% | 7.7% | ||
| Q3 24 | 29.1% | 30.9% | ||
| Q2 24 | 21.6% | 24.0% | ||
| Q1 24 | 29.5% | 7.0% |
净利率CBOEPNW
| Q4 25 | 26.0% | 1.6% | ||
| Q3 25 | 26.3% | 22.9% | ||
| Q2 25 | 20.0% | 14.5% | ||
| Q1 25 | 21.0% | -0.0% | ||
| Q4 24 | 17.7% | -0.2% | ||
| Q3 24 | 20.7% | 22.6% | ||
| Q2 24 | 14.4% | 15.9% | ||
| Q1 24 | 21.9% | 2.2% |
每股收益（稀释后）CBOEPNW
| Q4 25 | $2.97 | $0.12 | ||
| Q3 25 | $2.85 | $3.39 | ||
| Q2 25 | $2.23 | $1.58 | ||
| Q1 25 | $2.37 | $-0.04 | ||
| Q4 24 | $1.85 | $-0.04 | ||
| Q3 24 | $2.07 | $3.37 | ||
| Q2 24 | $1.33 | $1.76 | ||
| Q1 24 | $1.96 | $0.15 |
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 | $2.3B | $6.6M |
| 总债务越低越好 | $1.4B | — |
| 股东权益账面价值 | $5.1B | $7.0B |
| 总资产 | $9.3B | $30.0B |
| 负债/权益比越低杠杆越低 | 0.28× | — |
8季度趋势，按日历期对齐
现金及短期投资CBOEPNW
| Q4 25 | $2.3B | $6.6M | ||
| Q3 25 | $1.5B | $30.9M | ||
| Q2 25 | $1.5B | $18.8M | ||
| Q1 25 | $1.2B | $10.0M | ||
| Q4 24 | $1.0B | $3.8M | ||
| Q3 24 | $763.2M | $49.2M | ||
| Q2 24 | $698.3M | $4.0M | ||
| Q1 24 | $595.1M | $9.6M |
总债务CBOEPNW
| Q4 25 | $1.4B | — | ||
| Q3 25 | $1.4B | — | ||
| Q2 25 | $1.4B | — | ||
| Q1 25 | $1.4B | — | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $1.4B | — | ||
| Q2 24 | $1.4B | — | ||
| Q1 24 | $1.4B | — |
股东权益CBOEPNW
| Q4 25 | $5.1B | $7.0B | ||
| Q3 25 | $4.9B | $7.2B | ||
| Q2 25 | $4.7B | $6.7B | ||
| Q1 25 | $4.5B | $6.7B | ||
| Q4 24 | $4.3B | $6.8B | ||
| Q3 24 | $4.2B | $6.6B | ||
| Q2 24 | $4.0B | $6.2B | ||
| Q1 24 | $4.0B | $6.2B |
总资产CBOEPNW
| Q4 25 | $9.3B | $30.0B | ||
| Q3 25 | $9.1B | $29.9B | ||
| Q2 25 | $9.0B | $29.2B | ||
| Q1 25 | $8.7B | $27.2B | ||
| Q4 24 | $7.8B | $26.1B | ||
| Q3 24 | $8.7B | $26.3B | ||
| Q2 24 | $9.3B | $25.7B | ||
| Q1 24 | $8.2B | $24.8B |
负债/权益比CBOEPNW
| Q4 25 | 0.28× | — | ||
| Q3 25 | 0.30× | — | ||
| Q2 25 | 0.31× | — | ||
| Q1 25 | 0.32× | — | ||
| Q4 24 | 0.34× | — | ||
| Q3 24 | 0.34× | — | ||
| Q2 24 | 0.36× | — | ||
| Q1 24 | 0.36× | — |
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 | $352.1M | $476.8M |
| 自由现金流经营现金流 - 资本支出 | $332.1M | $-192.7M |
| 自由现金流率自由现金流/营收 | 27.6% | -17.1% |
| 资本支出强度资本支出/营收 | 1.7% | 59.3% |
| 现金转化率经营现金流/净利润 | 1.12× | 27.09× |
| 过去12个月自由现金流最近4个季度 | $1.7B | $-819.5M |
8季度趋势，按日历期对齐
经营现金流CBOEPNW
| Q4 25 | $352.1M | $476.8M | ||
| Q3 25 | $153.9M | $665.0M | ||
| Q2 25 | $333.7M | $261.4M | ||
| Q1 25 | $912.9M | $401.9M | ||
| Q4 24 | $-710.4M | $439.5M | ||
| Q3 24 | $-578.5M | $633.2M | ||
| Q2 24 | $1.5B | $189.8M | ||
| Q1 24 | $895.6M | $347.4M |
自由现金流CBOEPNW
| Q4 25 | $332.1M | $-192.7M | ||
| Q3 25 | $137.9M | $42.0M | ||
| Q2 25 | $313.4M | $-448.1M | ||
| Q1 25 | $898.2M | $-220.7M | ||
| Q4 24 | $-734.2M | $-92.1M | ||
| Q3 24 | $-590.5M | $-32.7M | ||
| Q2 24 | $1.5B | $-344.2M | ||
| Q1 24 | $888.3M | $-170.4M |
自由现金流率CBOEPNW
| Q4 25 | 27.6% | -17.1% | ||
| Q3 25 | 12.1% | 2.3% | ||
| Q2 25 | 26.7% | -33.0% | ||
| Q1 25 | 75.2% | -21.4% | ||
| Q4 24 | -66.3% | -8.4% | ||
| Q3 24 | -55.9% | -1.8% | ||
| Q2 24 | 151.6% | -26.3% | ||
| Q1 24 | 92.8% | -17.9% |
资本支出强度CBOEPNW
| Q4 25 | 1.7% | 59.3% | ||
| Q3 25 | 1.4% | 34.2% | ||
| Q2 25 | 1.7% | 52.2% | ||
| Q1 25 | 1.2% | 60.3% | ||
| Q4 24 | 2.1% | 48.5% | ||
| Q3 24 | 1.1% | 37.6% | ||
| Q2 24 | 1.8% | 40.8% | ||
| Q1 24 | 0.8% | 54.4% |
现金转化率CBOEPNW
| Q4 25 | 1.12× | 27.09× | ||
| Q3 25 | 0.51× | 1.59× | ||
| Q2 25 | 1.42× | 1.33× | ||
| Q1 25 | 3.64× | — | ||
| Q4 24 | -3.62× | — | ||
| Q3 24 | -2.65× | 1.59× | ||
| Q2 24 | 10.64× | 0.91× | ||
| Q1 24 | 4.27× | 16.41× |
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
CBOE
| Liquidity Payments | $443.6M | 37% |
| Cash And Spot Markets | $431.3M | 36% |
| Transferred Over Time | $84.3M | 7% |
| Market Data Fees | $82.7M | 7% |
| Royalty Fees | $68.9M | 6% |
| Futures | $36.1M | 3% |
| Global FX | $24.4M | 2% |
| Other Revenue | $23.1M | 2% |
| Routing And Clearing | $20.1M | 2% |
PNW
| Electricand Transmission Service | $1.1B | 100% |
| Other Services | $4.4M | 0% |
