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CNH Industrial N.V.（CNH）与PG&E Corporation（PCG）财务数据对比。点击上方公司名可切换其他公司
PG&E Corporation的季度营收约是CNH Industrial N.V.的1.5倍（$6.9B vs $4.5B），PG&E Corporation净利率更高（12.9% vs 1.9%，领先10.9%），PG&E Corporation同比增速更快（15.0% vs 7.8%），过去两年PG&E Corporation的营收复合增速更高（7.2% vs 3.8%）
CNH Industrial是意美跨国企业，全球总部位于英国巴西尔登，由跨国投资公司Exor控股，实际控制方为阿涅利家族。公司核心业务涵盖农业机械、工程设备的设计、生产及销售，覆盖全球所有主要市场，目前正重点拓展高增长市场的业务布局。
PG&E Corporation是美国由投资者持有运营的公用事业企业，总部坐落于加利福尼亚州奥克兰市凯撒中心，为加州北部三分之二区域的520万户家庭提供天然气与电力供应服务，服务范围涵盖贝克斯菲尔德、圣巴巴拉县北部，几乎延伸至俄勒冈州与内华达州的州界。
CNH vs PCG — 直观对比
营收规模更大
PCG
是对方的1.5倍
$4.5B
营收增速更快
PCG
高出7.2%
7.8%
净利率更高
PCG
高出10.9%
1.9%
两年增速更快
PCG
近两年复合增速
3.8%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $4.5B | $6.9B |
| 净利润 | $86.0M | $885.0M |
| 毛利率 | 18.4% | — |
| 营业利润率 | 3.0% | 21.4% |
| 净利率 | 1.9% | 12.9% |
| 营收同比 | 7.8% | 15.0% |
| 净利润同比 | -18.9% | 39.6% |
| 每股收益（稀释后） | $0.08 | $0.39 |
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CNHPCG
| Q1 26 | — | $6.9B | ||
| Q4 25 | $4.5B | $6.8B | ||
| Q3 25 | $3.7B | $6.3B | ||
| Q2 25 | $4.0B | $5.9B | ||
| Q1 25 | $3.2B | $6.0B | ||
| Q4 24 | $4.1B | $6.6B | ||
| Q3 24 | $4.0B | $5.9B | ||
| Q2 24 | $4.8B | $6.0B |
净利润CNHPCG
| Q1 26 | — | $885.0M | ||
| Q4 25 | $86.0M | $670.0M | ||
| Q3 25 | $80.0M | $850.0M | ||
| Q2 25 | $213.0M | $549.0M | ||
| Q1 25 | $131.0M | $634.0M | ||
| Q4 24 | $106.0M | $674.0M | ||
| Q3 24 | $306.0M | $579.0M | ||
| Q2 24 | $433.0M | $524.0M |
毛利率CNHPCG
| Q1 26 | — | — | ||
| Q4 25 | 18.4% | — | ||
| Q3 25 | 19.1% | — | ||
| Q2 25 | 20.6% | — | ||
| Q1 25 | 19.0% | — | ||
| Q4 24 | 19.5% | — | ||
| Q3 24 | 21.7% | — | ||
| Q2 24 | 22.9% | — |
营业利润率CNHPCG
| Q1 26 | — | 21.4% | ||
| Q4 25 | 3.0% | 18.0% | ||
| Q3 25 | 1.4% | 19.3% | ||
| Q2 25 | 6.8% | 18.6% | ||
| Q1 25 | 5.1% | 20.4% | ||
| Q4 24 | 5.8% | 15.4% | ||
| Q3 24 | 9.6% | 17.3% | ||
| Q2 24 | 11.1% | 18.9% |
净利率CNHPCG
| Q1 26 | — | 12.9% | ||
| Q4 25 | 1.9% | 9.8% | ||
| Q3 25 | 2.2% | 13.6% | ||
| Q2 25 | 5.3% | 9.3% | ||
| Q1 25 | 4.1% | 10.6% | ||
| Q4 24 | 2.6% | 10.2% | ||
| Q3 24 | 7.7% | 9.7% | ||
| Q2 24 | 9.0% | 8.8% |
每股收益（稀释后）CNHPCG
| Q1 26 | — | $0.39 | ||
| Q4 25 | $0.08 | $0.29 | ||
| Q3 25 | $0.06 | $0.37 | ||
| Q2 25 | $0.17 | $0.24 | ||
| Q1 25 | $0.10 | $0.28 | ||
| Q4 24 | $0.10 | $0.30 | ||
| Q3 24 | $0.24 | $0.27 | ||
| Q2 24 | $0.34 | $0.24 |
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 | $2.6B | — |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $7.8B | — |
| 总资产 | $42.7B | — |
| 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CNHPCG
| Q1 26 | — | — | ||
| Q4 25 | $2.6B | $713.0M | ||
| Q3 25 | $2.3B | $404.0M | ||
| Q2 25 | $2.5B | $494.0M | ||
| Q1 25 | $1.7B | $2.0B | ||
| Q4 24 | $3.2B | $940.0M | ||
| Q3 24 | $1.8B | $895.0M | ||
| Q2 24 | $2.0B | $1.3B |
总债务CNHPCG
| Q1 26 | — | — | ||
| Q4 25 | — | $57.4B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $53.6B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益CNHPCG
| Q1 26 | — | — | ||
| Q4 25 | $7.8B | $32.5B | ||
| Q3 25 | $7.8B | $32.0B | ||
| Q2 25 | $7.8B | $31.2B | ||
| Q1 25 | $7.9B | $30.7B | ||
| Q4 24 | $7.7B | $30.1B | ||
| Q3 24 | $7.7B | $26.8B | ||
| Q2 24 | $7.6B | $26.3B |
总资产CNHPCG
| Q1 26 | — | — | ||
| Q4 25 | $42.7B | $141.6B | ||
| Q3 25 | $43.3B | $138.2B | ||
| Q2 25 | $43.7B | $136.4B | ||
| Q1 25 | $42.1B | $135.4B | ||
| Q4 24 | $42.9B | $133.7B | ||
| Q3 24 | $44.0B | $132.3B | ||
| Q2 24 | $44.0B | $130.8B |
负债/权益比CNHPCG
| Q1 26 | — | — | ||
| Q4 25 | — | 1.76× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.78× | ||
| 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 | $945.0M | — |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | 10.99× | — |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流CNHPCG
| Q1 26 | — | — | ||
| Q4 25 | $945.0M | $2.0B | ||
| Q3 25 | $659.0M | $2.9B | ||
| Q2 25 | $772.0M | $1.1B | ||
| Q1 25 | $162.0M | $2.8B | ||
| Q4 24 | $1.7B | $1.9B | ||
| Q3 24 | $791.0M | $3.1B | ||
| Q2 24 | $379.0M | $711.0M |
自由现金流CNHPCG
| Q1 26 | — | — | ||
| Q4 25 | — | $-1.2B | ||
| Q3 25 | — | $-80.0M | ||
| Q2 25 | — | $-2.0B | ||
| Q1 25 | — | $213.0M | ||
| Q4 24 | — | $-896.0M | ||
| Q3 24 | — | $526.0M | ||
| Q2 24 | — | $-1.6B |
自由现金流率CNHPCG
| Q1 26 | — | — | ||
| Q4 25 | — | -17.6% | ||
| Q3 25 | — | -1.3% | ||
| Q2 25 | — | -34.0% | ||
| Q1 25 | — | 3.6% | ||
| Q4 24 | — | -13.5% | ||
| Q3 24 | — | 8.9% | ||
| Q2 24 | — | -26.5% |
资本支出强度CNHPCG
| Q1 26 | — | — | ||
| Q4 25 | — | 46.4% | ||
| Q3 25 | — | 46.9% | ||
| Q2 25 | — | 52.0% | ||
| Q1 25 | — | 44.0% | ||
| Q4 24 | — | 42.6% | ||
| Q3 24 | — | 43.8% | ||
| Q2 24 | — | 38.4% |
现金转化率CNHPCG
| Q1 26 | — | — | ||
| Q4 25 | 10.99× | 2.93× | ||
| Q3 25 | 8.24× | 3.35× | ||
| Q2 25 | 3.62× | 1.93× | ||
| Q1 25 | 1.24× | 4.49× | ||
| Q4 24 | 15.96× | 2.87× | ||
| Q3 24 | 2.58× | 5.41× | ||
| Q2 24 | 0.88× | 1.36× |
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
CNH
| Agricultural Equipment Segment | $3.6B | 81% |
| Construction Equipment Segment | $853.0M | 19% |
| Services | $18.0M | 0% |
PCG
| Electric | $5.0B | 72% |
| Other | $1.9B | 28% |
