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德纳（DAN）与NiSource（NI）财务数据对比。点击上方公司名可切换其他公司
NiSource的季度营收约是德纳的1.5倍（$1.9B vs $1.3B），NiSource净利率更高（13.7% vs -3.9%，领先17.5%），NiSource同比增速更快（22.5% vs -44.5%），德纳自由现金流更多（$345.0M vs $-133.7M），过去两年NiSource的营收复合增速更高（7.2% vs -31.2%）
德纳（Dana Inc.）是美国知名汽车零部件供应商，创立于1904年，总部位于俄亥俄州莫米。公司为传统燃油车、混合动力车及电动车提供车桥、传动轴，以及电驱动、热管理、密封、数字设备等产品，服务于轻型车、商用车市场，业务遍及33个国家，员工近2.8万人，2022年销售额达102亿美元，位列财富世界500强。
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。
DAN vs NI — 直观对比
营收规模更大
NI
是对方的1.5倍
$1.3B
营收增速更快
NI
高出67.0%
-44.5%
净利率更高
NI
高出17.5%
-3.9%
自由现金流更多
DAN
多$478.7M
$-133.7M
两年增速更快
NI
近两年复合增速
-31.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $1.9B |
| 净利润 | $-50.0M | $257.8M |
| 毛利率 | 6.0% | — |
| 营业利润率 | -0.2% | 27.3% |
| 净利率 | -3.9% | 13.7% |
| 营收同比 | -44.5% | 22.5% |
| 净利润同比 | 37.5% | 15.1% |
| 每股收益（稀释后） | $-0.36 | $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DANNI
| Q4 25 | $1.3B | $1.9B | ||
| Q3 25 | $1.9B | $1.2B | ||
| Q2 25 | $1.9B | $1.2B | ||
| Q1 25 | $2.4B | $2.1B | ||
| Q4 24 | $2.3B | $1.5B | ||
| Q3 24 | $2.5B | $1.0B | ||
| Q2 24 | $2.7B | $1.1B | ||
| Q1 24 | $2.7B | $1.6B |
净利润DANNI
| Q4 25 | $-50.0M | $257.8M | ||
| Q3 25 | $83.0M | $94.7M | ||
| Q2 25 | $27.0M | $102.2M | ||
| Q1 25 | $25.0M | $474.8M | ||
| Q4 24 | $-80.0M | $223.9M | ||
| Q3 24 | $4.0M | $85.7M | ||
| Q2 24 | $16.0M | $85.8M | ||
| Q1 24 | $3.0M | $365.0M |
毛利率DANNI
| Q4 25 | 6.0% | — | ||
| Q3 25 | 8.7% | — | ||
| Q2 25 | 7.1% | — | ||
| Q1 25 | 9.4% | — | ||
| Q4 24 | 5.7% | — | ||
| Q3 24 | 9.9% | — | ||
| Q2 24 | 9.3% | — | ||
| Q1 24 | 8.9% | — |
营业利润率DANNI
| Q4 25 | -0.2% | 27.3% | ||
| Q3 25 | 2.8% | 24.0% | ||
| Q2 25 | 0.8% | 21.1% | ||
| Q1 25 | 3.1% | 35.3% | ||
| Q4 24 | -1.5% | 27.1% | ||
| Q3 24 | 3.6% | 20.9% | ||
| Q2 24 | 3.8% | 22.5% | ||
| Q1 24 | 2.6% | 35.5% |
净利率DANNI
| Q4 25 | -3.9% | 13.7% | ||
| Q3 25 | 4.3% | 7.6% | ||
| Q2 25 | 1.4% | 8.2% | ||
| Q1 25 | 1.1% | 22.1% | ||
| Q4 24 | -3.4% | 14.5% | ||
| Q3 24 | 0.2% | 8.2% | ||
| Q2 24 | 0.6% | 8.1% | ||
| Q1 24 | 0.1% | 22.2% |
每股收益（稀释后）DANNI
| Q4 25 | $-0.36 | $0.53 | ||
| Q3 25 | $0.64 | $0.20 | ||
| Q2 25 | $0.19 | $0.22 | ||
| Q1 25 | $0.17 | $1.00 | ||
| Q4 24 | $-0.55 | $0.47 | ||
| Q3 24 | $0.03 | $0.19 | ||
| Q2 24 | $0.11 | $0.19 | ||
| Q1 24 | $0.02 | $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 | $469.0M | $110.1M |
| 总债务越低越好 | $2.6B | $15.5B |
| 股东权益账面价值 | $840.0M | $9.5B |
| 总资产 | $7.8B | $35.9B |
| 负债/权益比越低杠杆越低 | 3.05× | 1.64× |
8季度趋势，按日历期对齐
现金及短期投资DANNI
| Q4 25 | $469.0M | $110.1M | ||
| Q3 25 | $414.0M | $95.0M | ||
| Q2 25 | $486.0M | $335.4M | ||
| Q1 25 | $507.0M | $259.4M | ||
| Q4 24 | $494.0M | $156.6M | ||
| Q3 24 | $419.0M | $126.2M | ||
| Q2 24 | $419.0M | $101.2M | ||
| Q1 24 | $351.0M | $102.2M |
总债务DANNI
| Q4 25 | $2.6B | $15.5B | ||
| Q3 25 | $2.6B | $14.5B | ||
| Q2 25 | $2.6B | $14.5B | ||
| Q1 25 | $2.4B | $12.8B | ||
| Q4 24 | $2.4B | $12.1B | ||
| Q3 24 | $2.4B | $12.1B | ||
| Q2 24 | $2.4B | $12.8B | ||
| Q1 24 | $2.6B | $11.7B |
股东权益DANNI
| Q4 25 | $840.0M | $9.5B | ||
| Q3 25 | $1.1B | $9.1B | ||
| Q2 25 | $1.2B | $8.9B | ||
| Q1 25 | $1.4B | $8.9B | ||
| Q4 24 | $1.3B | $8.7B | ||
| Q3 24 | $1.5B | $8.3B | ||
| Q2 24 | $1.5B | $7.9B | ||
| Q1 24 | $1.5B | $7.9B |
总资产DANNI
| Q4 25 | $7.8B | $35.9B | ||
| Q3 25 | $8.1B | $34.4B | ||
| Q2 25 | $8.1B | $34.0B | ||
| Q1 25 | $7.8B | $33.1B | ||
| Q4 24 | $7.5B | $31.8B | ||
| Q3 24 | $7.9B | $30.8B | ||
| Q2 24 | $7.8B | $29.9B | ||
| Q1 24 | $7.9B | $29.3B |
负债/权益比DANNI
| Q4 25 | 3.05× | 1.64× | ||
| Q3 25 | 2.35× | 1.59× | ||
| Q2 25 | 2.13× | 1.63× | ||
| Q1 25 | 1.76× | 1.44× | ||
| Q4 24 | 1.79× | 1.39× | ||
| Q3 24 | 1.65× | 1.45× | ||
| Q2 24 | 1.62× | 1.63× | ||
| Q1 24 | 1.68× | 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 | $406.0M | $712.6M |
| 自由现金流经营现金流 - 资本支出 | $345.0M | $-133.7M |
| 自由现金流率自由现金流/营收 | 26.6% | -7.1% |
| 资本支出强度资本支出/营收 | 4.7% | 44.9% |
| 现金转化率经营现金流/净利润 | — | 2.76× |
| 过去12个月自由现金流最近4个季度 | $298.0M | $-420.0M |
8季度趋势，按日历期对齐
经营现金流DANNI
| Q4 25 | $406.0M | $712.6M | ||
| Q3 25 | $111.0M | $467.9M | ||
| Q2 25 | $32.0M | $495.4M | ||
| Q1 25 | $-37.0M | $686.4M | ||
| Q4 24 | $302.0M | $539.8M | ||
| Q3 24 | $35.0M | $340.0M | ||
| Q2 24 | $215.0M | $445.5M | ||
| Q1 24 | $-102.0M | $456.2M |
自由现金流DANNI
| Q4 25 | $345.0M | $-133.7M | ||
| Q3 25 | $62.0M | $-172.6M | ||
| Q2 25 | $3.0M | $-162.8M | ||
| Q1 25 | $-112.0M | $49.1M | ||
| Q4 24 | $149.0M | $-220.2M | ||
| Q3 24 | $-11.0M | $-294.7M | ||
| Q2 24 | $104.0M | $-184.3M | ||
| Q1 24 | $-172.0M | $-133.3M |
自由现金流率DANNI
| Q4 25 | 26.6% | -7.1% | ||
| Q3 25 | 3.2% | -13.9% | ||
| Q2 25 | 0.2% | -13.1% | ||
| Q1 25 | -4.8% | 2.3% | ||
| Q4 24 | 6.4% | -14.3% | ||
| Q3 24 | -0.4% | -28.2% | ||
| Q2 24 | 3.8% | -17.5% | ||
| Q1 24 | -6.3% | -8.1% |
资本支出强度DANNI
| Q4 25 | 4.7% | 44.9% | ||
| Q3 25 | 2.6% | 51.6% | ||
| Q2 25 | 1.5% | 52.8% | ||
| Q1 25 | 3.2% | 29.6% | ||
| Q4 24 | 6.6% | 49.4% | ||
| Q3 24 | 1.9% | 60.7% | ||
| Q2 24 | 4.1% | 59.7% | ||
| Q1 24 | 2.6% | 35.9% |
现金转化率DANNI
| Q4 25 | — | 2.76× | ||
| Q3 25 | 1.34× | 4.94× | ||
| Q2 25 | 1.19× | 4.85× | ||
| Q1 25 | -1.48× | 1.45× | ||
| Q4 24 | — | 2.41× | ||
| Q3 24 | 8.75× | 3.97× | ||
| Q2 24 | 13.44× | 5.19× | ||
| Q1 24 | -34.00× | 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
DAN
| Light Vehicle Segment | $912.0M | 70% |
| Commercial Vehicle Segment | $218.0M | 17% |
| Other | $166.0M | 13% |
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% |
