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DNOW Inc.（DNOW）与FORUM ENERGY TECHNOLOGIES, INC.（FET）财务数据对比。点击上方公司名可切换其他公司
DNOW Inc.的季度营收约是FORUM ENERGY TECHNOLOGIES, INC.的4.7倍（$959.0M vs $202.2M）。FORUM ENERGY TECHNOLOGIES, INC.净利率更高（1.0% vs -16.8%，领先17.8%）。DNOW Inc.同比增速更快（68.0% vs 0.6%）。DNOW Inc.自由现金流更多（$76.0M vs $20.9M）。过去两年DNOW Inc.的营收复合增速更高（30.5% vs -0.0%）
DNOW Inc.（商业名称DistributionNOW）是一家全球工业及能源产品分销商，提供供应链管理、库存优化、技术支持服务，主营油气、可再生能源、制造、建筑等领域所需的零部件、设备及耗材，业务覆盖北美、欧洲及亚太地区。
Forum Energy Technologies是一家美国能源领域产品企业，面向全球油气及可再生能源行业，提供相关产品与配套服务，在能源产业链中为上下游客户供应专业配套解决方案。
DNOW vs FET — 直观对比
营收规模更大
DNOW
是对方的4.7倍
$202.2M
营收增速更快
DNOW
高出67.4%
0.6%
净利率更高
FET
高出17.8%
-16.8%
自由现金流更多
DNOW
多$55.1M
$20.9M
两年增速更快
DNOW
近两年复合增速
-0.0%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $959.0M | $202.2M |
| 净利润 | $-161.0M | $2.1M |
| 毛利率 | 5.2% | 30.2% |
| 营业利润率 | -19.6% | 6.3% |
| 净利率 | -16.8% | 1.0% |
| 营收同比 | 68.0% | 0.6% |
| 净利润同比 | -905.0% | 102.0% |
| 每股收益（稀释后） | $-1.42 | $0.25 |
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DNOWFET
| Q4 25 | $959.0M | $202.2M | ||
| Q3 25 | $634.0M | $196.2M | ||
| Q2 25 | $628.0M | $199.8M | ||
| Q1 25 | $599.0M | $193.3M | ||
| Q4 24 | $571.0M | $201.0M | ||
| Q3 24 | $606.0M | $207.8M | ||
| Q2 24 | $633.0M | $205.2M | ||
| Q1 24 | $563.0M | $202.4M |
净利润DNOWFET
| Q4 25 | $-161.0M | $2.1M | ||
| Q3 25 | $25.0M | $-20.6M | ||
| Q2 25 | $25.0M | $7.7M | ||
| Q1 25 | $22.0M | $1.1M | ||
| Q4 24 | $20.0M | $-103.5M | ||
| Q3 24 | $13.0M | $-14.8M | ||
| Q2 24 | $24.0M | $-6.7M | ||
| Q1 24 | $21.0M | $-10.3M |
毛利率DNOWFET
| Q4 25 | 5.2% | 30.2% | ||
| Q3 25 | 22.9% | 20.5% | ||
| Q2 25 | 22.9% | 29.7% | ||
| Q1 25 | 23.2% | 30.2% | ||
| Q4 24 | 22.6% | 31.1% | ||
| Q3 24 | 22.3% | 31.6% | ||
| Q2 24 | 21.8% | 30.7% | ||
| Q1 24 | 22.9% | 31.5% |
营业利润率DNOWFET
| Q4 25 | -19.6% | 6.3% | ||
| Q3 25 | 5.2% | -3.1% | ||
| Q2 25 | 5.1% | 7.4% | ||
| Q1 25 | 5.0% | 4.6% | ||
| Q4 24 | 4.4% | -53.1% | ||
| Q3 24 | 3.8% | 4.3% | ||
| Q2 24 | 5.2% | 3.9% | ||
| Q1 24 | 5.0% | 1.6% |
净利率DNOWFET
| Q4 25 | -16.8% | 1.0% | ||
| Q3 25 | 3.9% | -10.5% | ||
| Q2 25 | 4.0% | 3.9% | ||
| Q1 25 | 3.7% | 0.6% | ||
| Q4 24 | 3.5% | -51.5% | ||
| Q3 24 | 2.1% | -7.1% | ||
| Q2 24 | 3.8% | -3.3% | ||
| Q1 24 | 3.7% | -5.1% |
每股收益（稀释后）DNOWFET
| Q4 25 | $-1.42 | $0.25 | ||
| Q3 25 | $0.23 | $-1.76 | ||
| Q2 25 | $0.23 | $0.61 | ||
| Q1 25 | $0.20 | $0.09 | ||
| Q4 24 | $0.19 | $-8.41 | ||
| Q3 24 | $0.12 | $-1.20 | ||
| Q2 24 | $0.21 | $-0.54 | ||
| Q1 24 | $0.19 | $-0.85 |
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 | $164.0M | $34.7M |
| 总债务越低越好 | $411.0M | $135.9M |
| 股东权益账面价值 | $2.2B | $291.1M |
| 总资产 | $3.9B | $752.5M |
| 负债/权益比越低杠杆越低 | 0.18× | 0.47× |
8季度趋势，按日历期对齐
现金及短期投资DNOWFET
| Q4 25 | $164.0M | $34.7M | ||
| Q3 25 | $266.0M | $31.7M | ||
| Q2 25 | $232.0M | $39.0M | ||
| Q1 25 | $219.0M | $31.1M | ||
| Q4 24 | $256.0M | $44.7M | ||
| Q3 24 | $261.0M | $33.3M | ||
| Q2 24 | $197.0M | $31.8M | ||
| Q1 24 | $188.0M | $48.5M |
总债务DNOWFET
| Q4 25 | $411.0M | $135.9M | ||
| Q3 25 | — | $140.0M | ||
| Q2 25 | — | $159.3M | ||
| Q1 25 | — | $171.4M | ||
| Q4 24 | $0 | $188.4M | ||
| Q3 24 | — | $231.5M | ||
| Q2 24 | — | $252.9M | ||
| Q1 24 | — | $287.5M |
股东权益DNOWFET
| Q4 25 | $2.2B | $291.1M | ||
| Q3 25 | $1.2B | $297.3M | ||
| Q2 25 | $1.2B | $334.2M | ||
| Q1 25 | $1.1B | $320.0M | ||
| Q4 24 | $1.1B | $319.9M | ||
| Q3 24 | $1.1B | $443.5M | ||
| Q2 24 | $1.1B | $442.0M | ||
| Q1 24 | $1.1B | $446.2M |
总资产DNOWFET
| Q4 25 | $3.9B | $752.5M | ||
| Q3 25 | $1.7B | $770.1M | ||
| Q2 25 | $1.7B | $810.1M | ||
| Q1 25 | $1.7B | $790.1M | ||
| Q4 24 | $1.6B | $816.0M | ||
| Q3 24 | $1.6B | $973.7M | ||
| Q2 24 | $1.6B | $976.8M | ||
| Q1 24 | $1.6B | $1.0B |
负债/权益比DNOWFET
| Q4 25 | 0.18× | 0.47× | ||
| Q3 25 | — | 0.47× | ||
| Q2 25 | — | 0.48× | ||
| Q1 25 | — | 0.54× | ||
| Q4 24 | 0.00× | 0.59× | ||
| Q3 24 | — | 0.52× | ||
| Q2 24 | — | 0.57× | ||
| Q1 24 | — | 0.64× |
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 | $83.0M | $22.4M |
| 自由现金流经营现金流 - 资本支出 | $76.0M | $20.9M |
| 自由现金流率自由现金流/营收 | 7.9% | 10.3% |
| 资本支出强度资本支出/营收 | 0.7% | 0.8% |
| 现金转化率经营现金流/净利润 | — | 10.83× |
| 过去12个月自由现金流最近4个季度 | $134.0M | $64.4M |
8季度趋势，按日历期对齐
经营现金流DNOWFET
| Q4 25 | $83.0M | $22.4M | ||
| Q3 25 | $43.0M | $22.9M | ||
| Q2 25 | $45.0M | $15.8M | ||
| Q1 25 | $-16.0M | $9.3M | ||
| Q4 24 | $122.0M | $38.5M | ||
| Q3 24 | $74.0M | $25.6M | ||
| Q2 24 | $21.0M | $23.1M | ||
| Q1 24 | $81.0M | $5.0M |
自由现金流DNOWFET
| Q4 25 | $76.0M | $20.9M | ||
| Q3 25 | $39.0M | $21.5M | ||
| Q2 25 | $41.0M | $14.8M | ||
| Q1 25 | $-22.0M | $7.2M | ||
| Q4 24 | $119.0M | $36.1M | ||
| Q3 24 | $72.0M | $24.3M | ||
| Q2 24 | $18.0M | $21.6M | ||
| Q1 24 | $80.0M | $2.1M |
自由现金流率DNOWFET
| Q4 25 | 7.9% | 10.3% | ||
| Q3 25 | 6.2% | 10.9% | ||
| Q2 25 | 6.5% | 7.4% | ||
| Q1 25 | -3.7% | 3.7% | ||
| Q4 24 | 20.8% | 18.0% | ||
| Q3 24 | 11.9% | 11.7% | ||
| Q2 24 | 2.8% | 10.5% | ||
| Q1 24 | 14.2% | 1.0% |
资本支出强度DNOWFET
| Q4 25 | 0.7% | 0.8% | ||
| Q3 25 | 0.6% | 0.7% | ||
| Q2 25 | 0.6% | 0.5% | ||
| Q1 25 | 1.0% | 1.1% | ||
| Q4 24 | 0.5% | 1.2% | ||
| Q3 24 | 0.3% | 0.6% | ||
| Q2 24 | 0.5% | 0.7% | ||
| Q1 24 | 0.2% | 1.4% |
现金转化率DNOWFET
| Q4 25 | — | 10.83× | ||
| Q3 25 | 1.72× | — | ||
| Q2 25 | 1.80× | 2.05× | ||
| Q1 25 | -0.73× | 8.31× | ||
| Q4 24 | 6.10× | — | ||
| Q3 24 | 5.69× | — | ||
| Q2 24 | 0.88× | — | ||
| Q1 24 | 3.86× | — |
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
DNOW
| Pipelines | $455.0M | 47% |
| Downstream And Industrial | $196.0M | 20% |
| Gas Utilities | $183.0M | 19% |
| Oil And Gas Properties | $105.0M | 11% |
| Other | $20.0M | 2% |
FET
| Drilling And Completions Segment | $127.2M | 63% |
| Artificial Lift And Downhole Segment | $75.5M | 37% |
