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Constellation Energy（CEG）与维萨（V）财务数据对比。点击上方公司名可切换其他公司
维萨的季度营收约是Constellation Energy的2.0倍（$11.2B vs $5.7B），维萨净利率更高（53.4% vs 7.6%，领先45.8%），Constellation Energy同比增速更快（25.8% vs 17.0%），过去两年维萨的营收复合增速更高（12.3% vs 4.0%）
Constellation Energy是总部位于美国马里兰州巴尔的摩的大型能源企业，核心业务涵盖电力供应、天然气供应以及专业能源管理服务，业务范围覆盖美国本土全境，累计服务的个人及企业客户总量约200万。
维萨（Visa Inc.）是总部位于美国加利福尼亚州旧金山的跨国支付卡服务企业，业务覆盖全球电子资金转账领域，旗下拥有Visa品牌的信用卡、借记卡、预付卡等多条产品线，为全球消费者及商户提供安全便捷的电子支付解决方案。
CEG vs V — 直观对比
营收规模更大
V
是对方的2.0倍
$5.7B
营收增速更快
CEG
高出8.8%
17.0%
净利率更高
V
高出45.8%
7.6%
两年增速更快
V
近两年复合增速
4.0%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $5.7B | $11.2B |
| 净利润 | $432.0M | $6.0B |
| 毛利率 | — | — |
| 营业利润率 | 10.5% | 64.4% |
| 净利率 | 7.6% | 53.4% |
| 营收同比 | 25.8% | 17.0% |
| 净利润同比 | -49.3% | 32.0% |
| 每股收益（稀释后） | $1.38 | — |
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CEGV
| Q2 26 | — | $11.2B | ||
| Q4 25 | $5.7B | $10.9B | ||
| Q3 25 | $5.7B | $10.7B | ||
| Q2 25 | $5.2B | $10.2B | ||
| Q1 25 | $6.1B | $9.6B | ||
| Q4 24 | $4.5B | $9.5B | ||
| Q3 24 | $4.8B | $9.6B | ||
| Q2 24 | $4.4B | $8.9B |
净利润CEGV
| Q2 26 | — | $6.0B | ||
| Q4 25 | $432.0M | $5.9B | ||
| Q3 25 | $930.0M | $5.1B | ||
| Q2 25 | $839.0M | $5.3B | ||
| Q1 25 | $118.0M | $4.6B | ||
| Q4 24 | $852.0M | $5.1B | ||
| Q3 24 | $1.2B | $5.3B | ||
| Q2 24 | $814.0M | $4.9B |
营业利润率CEGV
| Q2 26 | — | 64.4% | ||
| Q4 25 | 10.5% | 61.8% | ||
| Q3 25 | 19.0% | 57.3% | ||
| Q2 25 | 18.4% | 60.7% | ||
| Q1 25 | 7.4% | 56.6% | ||
| Q4 24 | 21.5% | 65.6% | ||
| Q3 24 | 30.7% | 66.0% | ||
| Q2 24 | 25.0% | 66.7% |
净利率CEGV
| Q2 26 | — | 53.4% | ||
| Q4 25 | 7.6% | 53.7% | ||
| Q3 25 | 16.3% | 47.5% | ||
| Q2 25 | 16.3% | 51.8% | ||
| Q1 25 | 1.9% | 47.7% | ||
| Q4 24 | 18.8% | 53.8% | ||
| Q3 24 | 25.1% | 55.3% | ||
| Q2 24 | 18.5% | 54.7% |
每股收益（稀释后）CEGV
| Q2 26 | — | — | ||
| Q4 25 | $1.38 | — | ||
| Q3 25 | $2.97 | — | ||
| Q2 25 | $2.67 | — | ||
| Q1 25 | $0.38 | — | ||
| Q4 24 | $2.71 | — | ||
| Q3 24 | $3.82 | — | ||
| Q2 24 | $2.58 | — |
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 | $3.6B | $12.4B |
| 总债务越低越好 | $7.4B | $22.4B |
| 股东权益账面价值 | $14.5B | $35.7B |
| 总资产 | $57.2B | $95.0B |
| 负债/权益比越低杠杆越低 | 0.51× | 0.63× |
8季度趋势，按日历期对齐
现金及短期投资CEGV
| Q2 26 | — | $12.4B | ||
| Q4 25 | $3.6B | $14.8B | ||
| Q3 25 | $4.0B | $17.2B | ||
| Q2 25 | $2.0B | $17.1B | ||
| Q1 25 | $1.8B | $11.7B | ||
| Q4 24 | $3.0B | $12.4B | ||
| Q3 24 | $1.8B | $12.0B | ||
| Q2 24 | $311.0M | $12.9B |
总债务CEGV
| Q2 26 | — | $22.4B | ||
| Q4 25 | $7.4B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $8.5B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益CEGV
| Q2 26 | — | $35.7B | ||
| Q4 25 | $14.5B | $38.8B | ||
| Q3 25 | $14.3B | $37.9B | ||
| Q2 25 | $13.4B | $38.7B | ||
| Q1 25 | $13.0B | $38.0B | ||
| Q4 24 | $13.2B | $38.3B | ||
| Q3 24 | $12.6B | $39.1B | ||
| Q2 24 | $11.4B | $39.7B |
总资产CEGV
| Q2 26 | — | $95.0B | ||
| Q4 25 | $57.2B | $96.8B | ||
| Q3 25 | $56.2B | $99.6B | ||
| Q2 25 | $53.0B | $100.0B | ||
| Q1 25 | $52.3B | $92.9B | ||
| Q4 24 | $52.9B | $91.9B | ||
| Q3 24 | $51.8B | $94.5B | ||
| Q2 24 | $51.3B | $91.0B |
负债/权益比CEGV
| Q2 26 | — | 0.63× | ||
| Q4 25 | 0.51× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.64× | — | ||
| Q3 24 | — | — | ||
| Q2 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 | $805.0M | — |
| 自由现金流经营现金流 - 资本支出 | $-181.0M | — |
| 自由现金流率自由现金流/营收 | -3.2% | — |
| 资本支出强度资本支出/营收 | 17.3% | — |
| 现金转化率经营现金流/净利润 | 1.86× | — |
| 过去12个月自由现金流最近4个季度 | $1.3B | — |
8季度趋势，按日历期对齐
经营现金流CEGV
| Q2 26 | — | — | ||
| Q4 25 | $805.0M | $6.8B | ||
| Q3 25 | $1.8B | $6.2B | ||
| Q2 25 | $1.5B | $6.7B | ||
| Q1 25 | $107.0M | $4.7B | ||
| Q4 24 | $-1.0B | $5.4B | ||
| Q3 24 | $-112.0M | $6.7B | ||
| Q2 24 | $-613.0M | $5.1B |
自由现金流CEGV
| Q2 26 | — | — | ||
| Q4 25 | $-181.0M | $6.4B | ||
| Q3 25 | $1.5B | $5.8B | ||
| Q2 25 | $710.0M | $6.3B | ||
| Q1 25 | $-699.0M | $4.4B | ||
| Q4 24 | $-1.7B | $5.1B | ||
| Q3 24 | $-664.0M | $6.4B | ||
| Q2 24 | $-1.2B | $4.7B |
自由现金流率CEGV
| Q2 26 | — | — | ||
| Q4 25 | -3.2% | 58.7% | ||
| Q3 25 | 25.6% | 54.5% | ||
| Q2 25 | 13.8% | 62.0% | ||
| Q1 25 | -11.4% | 45.5% | ||
| Q4 24 | -38.6% | 53.1% | ||
| Q3 24 | -13.9% | 66.1% | ||
| Q2 24 | -26.3% | 53.2% |
资本支出强度CEGV
| Q2 26 | — | — | ||
| Q4 25 | 17.3% | 3.5% | ||
| Q3 25 | 6.8% | 3.6% | ||
| Q2 25 | 14.9% | 4.1% | ||
| Q1 25 | 13.2% | 3.4% | ||
| Q4 24 | 16.1% | 3.6% | ||
| Q3 24 | 11.6% | 3.2% | ||
| Q2 24 | 12.4% | 4.5% |
现金转化率CEGV
| Q2 26 | — | — | ||
| Q4 25 | 1.86× | 1.16× | ||
| Q3 25 | 1.99× | 1.23× | ||
| Q2 25 | 1.76× | 1.28× | ||
| Q1 25 | 0.91× | 1.03× | ||
| Q4 24 | -1.19× | 1.05× | ||
| Q3 24 | -0.09× | 1.25× | ||
| Q2 24 | -0.75× | 1.05× |
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
CEG
| Constellation Mid Atlantic | $1.6B | 29% |
| Constellation Midwest | $1.3B | 23% |
| Constellation Other Regions | $1.1B | 20% |
| Other | $660.0M | 12% |
| Constellation New York | $618.0M | 11% |
| Constellation ERCOT | $292.0M | 5% |
V
| Data processing revenue | $5.5B | 49% |
| International transaction revenue | $3.6B | 32% |
| Other revenue | $1.3B | 12% |
| Other | $736.0M | 7% |
