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DNOW Inc.（DNOW）与Flowco Holdings Inc.（FLOC）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Flowco Holdings Inc.的11.2倍（$959.0M vs $85.6M）。Flowco Holdings Inc.净利率更高（20.1% vs -16.8%，领先36.9%）。DNOW Inc.自由现金流更多（$76.0M vs $63.2M）
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。
Flowco Holdings Inc.是一家专业流量控制解决方案供应商，设计、生产及销售工业阀门、驱动系统、定制流量管理组件，核心服务油气开采、工业制造、水处理、公共基建等领域，主要市场覆盖北美及部分欧洲地区。
DNOW vs FLOC — 直观对比
营收规模更大
DNOW
是对方的11.2倍
$85.6M
净利率更高
FLOC
高出36.9%
-16.8%
自由现金流更多
DNOW
多$12.8M
$63.2M
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $959.0M | $85.6M |
| 净利润 | $-161.0M | $17.2M |
| 毛利率 | 5.2% | -4.8% |
| 营业利润率 | -19.6% | 49.0% |
| 净利率 | -16.8% | 20.1% |
| 营收同比 | 68.0% | — |
| 净利润同比 | -905.0% | — |
| 每股收益（稀释后） | $-1.42 | $0.47 |
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DNOWFLOC
| Q4 25 | $959.0M | $85.6M | ||
| Q3 25 | $634.0M | $70.0M | ||
| Q2 25 | $628.0M | $91.1M | ||
| Q1 25 | $599.0M | $95.1M | ||
| Q4 24 | $571.0M | — | ||
| Q3 24 | $606.0M | — | ||
| Q2 24 | $633.0M | — | ||
| Q1 24 | $563.0M | — |
净利润DNOWFLOC
| Q4 25 | $-161.0M | $17.2M | ||
| Q3 25 | $25.0M | $12.5M | ||
| Q2 25 | $25.0M | $5.5M | ||
| Q1 25 | $22.0M | $6.2M | ||
| Q4 24 | $20.0M | — | ||
| Q3 24 | $13.0M | — | ||
| Q2 24 | $24.0M | — | ||
| Q1 24 | $21.0M | — |
毛利率DNOWFLOC
| Q4 25 | 5.2% | -4.8% | ||
| Q3 25 | 22.9% | -6.0% | ||
| Q2 25 | 22.9% | 1.0% | ||
| Q1 25 | 23.2% | 2.8% | ||
| Q4 24 | 22.6% | — | ||
| Q3 24 | 22.3% | — | ||
| Q2 24 | 21.8% | — | ||
| Q1 24 | 22.9% | — |
营业利润率DNOWFLOC
| Q4 25 | -19.6% | 49.0% | ||
| Q3 25 | 5.2% | 49.4% | ||
| Q2 25 | 5.1% | 40.7% | ||
| Q1 25 | 5.0% | 37.2% | ||
| Q4 24 | 4.4% | — | ||
| Q3 24 | 3.8% | — | ||
| Q2 24 | 5.2% | — | ||
| Q1 24 | 5.0% | — |
净利率DNOWFLOC
| Q4 25 | -16.8% | 20.1% | ||
| Q3 25 | 3.9% | 17.9% | ||
| Q2 25 | 4.0% | 6.0% | ||
| Q1 25 | 3.7% | 6.5% | ||
| Q4 24 | 3.5% | — | ||
| Q3 24 | 2.1% | — | ||
| Q2 24 | 3.8% | — | ||
| Q1 24 | 3.7% | — |
每股收益（稀释后）DNOWFLOC
| Q4 25 | $-1.42 | $0.47 | ||
| Q3 25 | $0.23 | $0.32 | ||
| Q2 25 | $0.23 | $0.21 | ||
| Q1 25 | $0.20 | $0.24 | ||
| Q4 24 | $0.19 | — | ||
| Q3 24 | $0.12 | — | ||
| Q2 24 | $0.21 | — | ||
| Q1 24 | $0.19 | — |
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 | $4.5M |
| 总债务越低越好 | $411.0M | $167.8M |
| 股东权益账面价值 | $2.2B | $228.6M |
| 总资产 | $3.9B | $1.6B |
| 负债/权益比越低杠杆越低 | 0.18× | 0.73× |
8季度趋势，按日历期对齐
现金及短期投资DNOWFLOC
| Q4 25 | $164.0M | $4.5M | ||
| Q3 25 | $266.0M | $7.2M | ||
| Q2 25 | $232.0M | $9.3M | ||
| Q1 25 | $219.0M | $687.0K | ||
| Q4 24 | $256.0M | — | ||
| Q3 24 | $261.0M | — | ||
| Q2 24 | $197.0M | — | ||
| Q1 24 | $188.0M | — |
总债务DNOWFLOC
| Q4 25 | $411.0M | $167.8M | ||
| Q3 25 | — | $222.6M | ||
| Q2 25 | — | $167.1M | ||
| Q1 25 | — | $181.0M | ||
| Q4 24 | $0 | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益DNOWFLOC
| Q4 25 | $2.2B | $228.6M | ||
| Q3 25 | $1.2B | $371.0M | ||
| Q2 25 | $1.2B | $150.3M | ||
| Q1 25 | $1.1B | $-370.1M | ||
| Q4 24 | $1.1B | — | ||
| Q3 24 | $1.1B | — | ||
| Q2 24 | $1.1B | — | ||
| Q1 24 | $1.1B | — |
总资产DNOWFLOC
| Q4 25 | $3.9B | $1.6B | ||
| Q3 25 | $1.7B | $1.7B | ||
| Q2 25 | $1.7B | $1.6B | ||
| Q1 25 | $1.7B | $1.6B | ||
| Q4 24 | $1.6B | — | ||
| Q3 24 | $1.6B | — | ||
| Q2 24 | $1.6B | — | ||
| Q1 24 | $1.6B | — |
负债/权益比DNOWFLOC
| Q4 25 | 0.18× | 0.73× | ||
| Q3 25 | — | 0.60× | ||
| Q2 25 | — | 1.11× | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.00× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 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 | $83.0M | $87.2M |
| 自由现金流经营现金流 - 资本支出 | $76.0M | $63.2M |
| 自由现金流率自由现金流/营收 | 7.9% | 73.8% |
| 资本支出强度资本支出/营收 | 0.7% | 28.0% |
| 现金转化率经营现金流/净利润 | — | 5.06× |
| 过去12个月自由现金流最近4个季度 | $134.0M | $167.1M |
8季度趋势，按日历期对齐
经营现金流DNOWFLOC
| Q4 25 | $83.0M | $87.2M | ||
| Q3 25 | $43.0M | $82.5M | ||
| Q2 25 | $45.0M | $82.2M | ||
| Q1 25 | $-16.0M | $42.5M | ||
| Q4 24 | $122.0M | — | ||
| Q3 24 | $74.0M | — | ||
| Q2 24 | $21.0M | — | ||
| Q1 24 | $81.0M | — |
自由现金流DNOWFLOC
| Q4 25 | $76.0M | $63.2M | ||
| Q3 25 | $39.0M | $42.8M | ||
| Q2 25 | $41.0M | $46.4M | ||
| Q1 25 | $-22.0M | $14.7M | ||
| Q4 24 | $119.0M | — | ||
| Q3 24 | $72.0M | — | ||
| Q2 24 | $18.0M | — | ||
| Q1 24 | $80.0M | — |
自由现金流率DNOWFLOC
| Q4 25 | 7.9% | 73.8% | ||
| Q3 25 | 6.2% | 61.2% | ||
| Q2 25 | 6.5% | 50.9% | ||
| Q1 25 | -3.7% | 15.5% | ||
| Q4 24 | 20.8% | — | ||
| Q3 24 | 11.9% | — | ||
| Q2 24 | 2.8% | — | ||
| Q1 24 | 14.2% | — |
资本支出强度DNOWFLOC
| Q4 25 | 0.7% | 28.0% | ||
| Q3 25 | 0.6% | 56.7% | ||
| Q2 25 | 0.6% | 39.3% | ||
| Q1 25 | 1.0% | 29.3% | ||
| Q4 24 | 0.5% | — | ||
| Q3 24 | 0.3% | — | ||
| Q2 24 | 0.5% | — | ||
| Q1 24 | 0.2% | — |
现金转化率DNOWFLOC
| Q4 25 | — | 5.06× | ||
| Q3 25 | 1.72× | 6.59× | ||
| Q2 25 | 1.80× | 15.02× | ||
| Q1 25 | -0.73× | 6.89× | ||
| 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% |
FLOC
| Transferred Over Time | $65.1M | 76% |
| Natural Gas Production | $21.0M | 25% |
