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Concentrix Corp（CNXC）与Vistra Corp.（VST）财务数据对比。点击上方公司名可切换其他公司
Vistra Corp.的季度营收约是Concentrix Corp的1.9倍（$4.8B vs $2.6B），Vistra Corp.净利率更高（4.8% vs -57.9%，领先62.8%），Vistra Corp.同比增速更快（31.2% vs 4.3%），Vistra Corp.自由现金流更多（$596.0M vs $281.2M），过去两年Vistra Corp.的营收复合增速更高（23.3% vs 3.1%）
Concentrix是总部位于美国加利福尼亚州纽瓦克的业务流程外包服务商，2006年起成为SYNNEX集团旗下子公司，2020年12月1日独立上市，2025年位列《财富》美国500强第426位，为全球客户提供专业的外包解决方案支持。
股票代码为VST的Vistra Corp是总部位于美国得克萨斯州的能源企业，主营电力生产、可再生能源开发及能源零售等业务。此外“Vistra”也可指一家总部位于中国香港的企业服务提供商，为全球客户提供公司注册、合规管理等专业服务。
CNXC vs VST — 直观对比
营收规模更大
VST
是对方的1.9倍
$2.6B
营收增速更快
VST
高出26.9%
4.3%
净利率更高
VST
高出62.8%
-57.9%
自由现金流更多
VST
多$314.8M
$281.2M
两年增速更快
VST
近两年复合增速
3.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.6B | $4.8B |
| 净利润 | $-1.5B | $233.0M |
| 毛利率 | 34.3% | — |
| 营业利润率 | -54.1% | 9.9% |
| 净利率 | -57.9% | 4.8% |
| 营收同比 | 4.3% | 31.2% |
| 净利润同比 | -1379.2% | -47.2% |
| 每股收益（稀释后） | $-23.37 | $0.55 |
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CNXCVST
| Q4 25 | $2.6B | $4.8B | ||
| Q3 25 | $2.5B | $4.8B | ||
| Q2 25 | $2.4B | $3.8B | ||
| Q1 25 | $2.4B | $4.3B | ||
| Q4 24 | $2.4B | $3.7B | ||
| Q3 24 | $2.4B | $4.3B | ||
| Q2 24 | $2.4B | $3.6B | ||
| Q1 24 | $2.4B | $3.2B |
净利润CNXCVST
| Q4 25 | $-1.5B | $233.0M | ||
| Q3 25 | $88.1M | $652.0M | ||
| Q2 25 | $42.1M | $327.0M | ||
| Q1 25 | $70.3M | $-268.0M | ||
| Q4 24 | $115.7M | $441.0M | ||
| Q3 24 | $16.6M | $1.9B | ||
| Q2 24 | $66.8M | $365.0M | ||
| Q1 24 | $52.1M | $-35.0M |
毛利率CNXCVST
| Q4 25 | 34.3% | — | ||
| Q3 25 | 34.4% | — | ||
| Q2 25 | 35.1% | — | ||
| Q1 25 | 36.1% | — | ||
| Q4 24 | 35.6% | — | ||
| Q3 24 | 36.2% | — | ||
| Q2 24 | 36.0% | — | ||
| Q1 24 | 35.6% | — |
营业利润率CNXCVST
| Q4 25 | -54.1% | 9.9% | ||
| Q3 25 | 5.9% | 21.7% | ||
| Q2 25 | 6.1% | 13.7% | ||
| Q1 25 | 7.1% | -2.8% | ||
| Q4 24 | 5.9% | 16.4% | ||
| Q3 24 | 6.4% | 59.6% | ||
| Q2 24 | 6.3% | 22.5% | ||
| Q1 24 | 6.2% | 2.7% |
净利率CNXCVST
| Q4 25 | -57.9% | 4.8% | ||
| Q3 25 | 3.5% | 13.6% | ||
| Q2 25 | 1.7% | 8.7% | ||
| Q1 25 | 3.0% | -6.3% | ||
| Q4 24 | 4.7% | 12.0% | ||
| Q3 24 | 0.7% | 43.5% | ||
| Q2 24 | 2.8% | 10.1% | ||
| Q1 24 | 2.2% | -1.1% |
每股收益（稀释后）CNXCVST
| Q4 25 | $-23.37 | $0.55 | ||
| Q3 25 | $1.34 | $1.75 | ||
| Q2 25 | $0.63 | $0.81 | ||
| Q1 25 | $1.04 | $-0.93 | ||
| Q4 24 | $1.72 | $1.09 | ||
| Q3 24 | $0.25 | $5.25 | ||
| Q2 24 | $0.98 | $0.90 | ||
| Q1 24 | $0.76 | $-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 | $327.3M | $785.0M |
| 总债务越低越好 | $4.6B | $15.8B |
| 股东权益账面价值 | $2.7B | $5.1B |
| 总资产 | $10.8B | $41.5B |
| 负债/权益比越低杠杆越低 | 1.67× | 3.11× |
8季度趋势，按日历期对齐
现金及短期投资CNXCVST
| Q4 25 | $327.3M | $785.0M | ||
| Q3 25 | $350.3M | $602.0M | ||
| Q2 25 | $342.8M | $458.0M | ||
| Q1 25 | $308.0M | $561.0M | ||
| Q4 24 | $240.6M | $1.2B | ||
| Q3 24 | $246.2M | $905.0M | ||
| Q2 24 | $207.3M | $1.6B | ||
| Q1 24 | $234.8M | $1.1B |
总债务CNXCVST
| Q4 25 | $4.6B | $15.8B | ||
| Q3 25 | $4.8B | $15.8B | ||
| Q2 25 | $4.9B | $15.5B | ||
| Q1 25 | $4.9B | $15.4B | ||
| Q4 24 | $4.7B | $15.4B | ||
| Q3 24 | $4.9B | $13.9B | ||
| Q2 24 | $4.9B | $13.9B | ||
| Q1 24 | $5.0B | $14.7B |
股东权益CNXCVST
| Q4 25 | $2.7B | $5.1B | ||
| Q3 25 | $4.3B | $5.2B | ||
| Q2 25 | $4.3B | $4.8B | ||
| Q1 25 | $4.0B | $4.8B | ||
| Q4 24 | $4.0B | $5.6B | ||
| Q3 24 | $4.2B | $5.4B | ||
| Q2 24 | $4.1B | $5.6B | ||
| Q1 24 | $4.1B | $5.7B |
总资产CNXCVST
| Q4 25 | $10.8B | $41.5B | ||
| Q3 25 | $12.4B | $38.0B | ||
| Q2 25 | $12.4B | $38.1B | ||
| Q1 25 | $11.9B | $38.2B | ||
| Q4 24 | $12.0B | $37.8B | ||
| Q3 24 | $12.2B | $37.9B | ||
| Q2 24 | $12.1B | $39.1B | ||
| Q1 24 | $12.2B | $38.2B |
负债/权益比CNXCVST
| Q4 25 | 1.67× | 3.11× | ||
| Q3 25 | 1.10× | 3.02× | ||
| Q2 25 | 1.14× | 3.22× | ||
| Q1 25 | 1.22× | 3.20× | ||
| Q4 24 | 1.17× | 2.77× | ||
| Q3 24 | 1.18× | 2.56× | ||
| Q2 24 | 1.21× | 2.49× | ||
| Q1 24 | 1.23× | 2.60× |
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 | $344.2M | $1.4B |
| 自由现金流经营现金流 - 资本支出 | $281.2M | $596.0M |
| 自由现金流率自由现金流/营收 | 11.0% | 12.4% |
| 资本支出强度资本支出/营收 | 2.5% | 17.4% |
| 现金转化率经营现金流/净利润 | — | 6.15× |
| 过去12个月自由现金流最近4个季度 | $572.5M | $1.3B |
8季度趋势，按日历期对齐
经营现金流CNXCVST
| Q4 25 | $344.2M | $1.4B | ||
| Q3 25 | $224.8M | $1.5B | ||
| Q2 25 | $236.5M | $572.0M | ||
| Q1 25 | $1.4M | $599.0M | ||
| Q4 24 | $284.4M | $1.4B | ||
| Q3 24 | $191.6M | $1.7B | ||
| Q2 24 | $238.3M | $1.2B | ||
| Q1 24 | $-46.9M | $312.0M |
自由现金流CNXCVST
| Q4 25 | $281.2M | $596.0M | ||
| Q3 25 | $159.7M | $1.0B | ||
| Q2 25 | $180.7M | $-118.0M | ||
| Q1 25 | $-49.2M | $-169.0M | ||
| Q4 24 | $224.5M | $923.0M | ||
| Q3 24 | $128.9M | $1.0B | ||
| Q2 24 | $178.3M | $698.0M | ||
| Q1 24 | $-102.9M | $-153.0M |
自由现金流率CNXCVST
| Q4 25 | 11.0% | 12.4% | ||
| Q3 25 | 6.4% | 21.1% | ||
| Q2 25 | 7.5% | -3.1% | ||
| Q1 25 | -2.1% | -4.0% | ||
| Q4 24 | 9.2% | 25.2% | ||
| Q3 24 | 5.4% | 23.4% | ||
| Q2 24 | 7.5% | 19.4% | ||
| Q1 24 | -4.3% | -4.8% |
资本支出强度CNXCVST
| Q4 25 | 2.5% | 17.4% | ||
| Q3 25 | 2.6% | 9.6% | ||
| Q2 25 | 2.3% | 18.4% | ||
| Q1 25 | 2.1% | 18.1% | ||
| Q4 24 | 2.4% | 11.7% | ||
| Q3 24 | 2.6% | 15.8% | ||
| Q2 24 | 2.5% | 13.8% | ||
| Q1 24 | 2.3% | 14.7% |
现金转化率CNXCVST
| Q4 25 | — | 6.15× | ||
| Q3 25 | 2.55× | 2.25× | ||
| Q2 25 | 5.62× | 1.75× | ||
| Q1 25 | 0.02× | — | ||
| Q4 24 | 2.46× | 3.07× | ||
| Q3 24 | 11.52× | 0.90× | ||
| Q2 24 | 3.57× | 3.28× | ||
| Q1 24 | -0.90× | — |
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
CNXC
| Technology And Consumer Electronics | $675.1M | 26% |
| Retail Travel And Ecommerce | $643.4M | 25% |
| Communications And Media | $417.2M | 16% |
| Banking Financial Services And Insurance | $402.6M | 16% |
| Other Industries | $229.7M | 9% |
| Other | $185.0M | 7% |
VST
| Retail Energy Charge In ERCOT | $2.1B | 43% |
| Retail Energy Charge In Northeast Midwest | $1.2B | 24% |
| East Segment | $1.1B | 24% |
| Hedging Revenue Realized | $170.0M | 4% |
| Revenue From Other Wholesale Contracts | $116.0M | 2% |
| Transferable Production Tax Credit Revenues | $78.0M | 2% |
| West Segment | $77.0M | 2% |
| Intersegment Sales | $25.0M | 1% |
