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DNOW Inc.（DNOW）与Hyperscale Data, Inc.（GPUS）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Hyperscale Data, Inc.的35.6倍（$959.0M vs $26.9M）。DNOW Inc.净利率更高（-16.8% vs -112.0%，领先95.2%）。DNOW Inc.同比增速更快（68.0% vs 38.4%）。DNOW Inc.自由现金流更多（$76.0M vs $-56.2M）。过去两年DNOW Inc.的营收复合增速更高（30.5% vs -16.3%）
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。
Hyperscale Data, Inc.主要提供GPU加速计算基础设施及云解决方案，服务于AI开发、大数据处理、高性能计算领域，客户覆盖北美及亚太地区的AI初创企业、大型科技公司与云服务提供商，为复杂数据处理需求交付可扩展的高效计算资源。
DNOW vs GPUS — 直观对比
营收规模更大
DNOW
是对方的35.6倍
$26.9M
营收增速更快
DNOW
高出29.6%
38.4%
净利率更高
DNOW
高出95.2%
-112.0%
自由现金流更多
DNOW
多$132.2M
$-56.2M
两年增速更快
DNOW
近两年复合增速
-16.3%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $959.0M | $26.9M |
| 净利润 | $-161.0M | $-30.1M |
| 毛利率 | 5.2% | 14.5% |
| 营业利润率 | -19.6% | -117.8% |
| 净利率 | -16.8% | -112.0% |
| 营收同比 | 68.0% | 38.4% |
| 净利润同比 | -905.0% | -6670.3% |
| 每股收益（稀释后） | $-1.42 | — |
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DNOWGPUS
| Q4 25 | $959.0M | $26.9M | ||
| Q3 25 | $634.0M | $24.3M | ||
| Q2 25 | $628.0M | $25.9M | ||
| Q1 25 | $599.0M | $25.0M | ||
| Q4 24 | $571.0M | $19.4M | ||
| Q3 24 | $606.0M | $31.1M | ||
| Q2 24 | $633.0M | $17.8M | ||
| Q1 24 | $563.0M | $38.4M |
净利润DNOWGPUS
| Q4 25 | $-161.0M | $-30.1M | ||
| Q3 25 | $25.0M | $-13.0M | ||
| Q2 25 | $25.0M | $-19.1M | ||
| Q1 25 | $22.0M | $-4.2M | ||
| Q4 24 | $20.0M | $-445.0K | ||
| Q3 24 | $13.0M | $-25.5M | ||
| Q2 24 | $24.0M | $-33.9M | ||
| Q1 24 | $21.0M | $3.7M |
毛利率DNOWGPUS
| Q4 25 | 5.2% | 14.5% | ||
| Q3 25 | 22.9% | 25.8% | ||
| Q2 25 | 22.9% | 23.7% | ||
| Q1 25 | 23.2% | 21.1% | ||
| Q4 24 | 22.6% | 6.5% | ||
| Q3 24 | 22.3% | 27.5% | ||
| Q2 24 | 21.8% | -21.3% | ||
| Q1 24 | 22.9% | 47.4% |
营业利润率DNOWGPUS
| Q4 25 | -19.6% | -117.8% | ||
| Q3 25 | 5.2% | -57.8% | ||
| Q2 25 | 5.1% | -39.2% | ||
| Q1 25 | 5.0% | -25.5% | ||
| Q4 24 | 4.4% | -46.8% | ||
| Q3 24 | 3.8% | -79.2% | ||
| Q2 24 | 5.2% | -151.4% | ||
| Q1 24 | 5.0% | 9.5% |
净利率DNOWGPUS
| Q4 25 | -16.8% | -112.0% | ||
| Q3 25 | 3.9% | -53.5% | ||
| Q2 25 | 4.0% | -73.7% | ||
| Q1 25 | 3.7% | -16.8% | ||
| Q4 24 | 3.5% | -2.3% | ||
| Q3 24 | 2.1% | -82.3% | ||
| Q2 24 | 3.8% | -190.7% | ||
| Q1 24 | 3.7% | 9.7% |
每股收益（稀释后）DNOWGPUS
| Q4 25 | $-1.42 | — | ||
| Q3 25 | $0.23 | $-0.39 | ||
| Q2 25 | $0.23 | $-2.66 | ||
| Q1 25 | $0.20 | — | ||
| Q4 24 | $0.19 | $-8.78 | ||
| Q3 24 | $0.12 | $-24.82 | ||
| Q2 24 | $0.21 | $-37.81 | ||
| Q1 24 | $0.19 | $3.32 |
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 | $13.1M |
| 总债务越低越好 | $411.0M | $83.1M |
| 股东权益账面价值 | $2.2B | $119.8M |
| 总资产 | $3.9B | $313.7M |
| 负债/权益比越低杠杆越低 | 0.18× | 0.69× |
8季度趋势，按日历期对齐
现金及短期投资DNOWGPUS
| Q4 25 | $164.0M | $13.1M | ||
| Q3 25 | $266.0M | $24.8M | ||
| Q2 25 | $232.0M | $5.9M | ||
| Q1 25 | $219.0M | $4.2M | ||
| Q4 24 | $256.0M | $4.5M | ||
| Q3 24 | $261.0M | $7.9M | ||
| Q2 24 | $197.0M | $9.6M | ||
| Q1 24 | $188.0M | $18.9M |
总债务DNOWGPUS
| Q4 25 | $411.0M | $83.1M | ||
| Q3 25 | — | $80.0M | ||
| Q2 25 | — | $88.5M | ||
| Q1 25 | — | $92.8M | ||
| Q4 24 | $0 | $96.7M | ||
| Q3 24 | — | $104.8M | ||
| Q2 24 | — | $106.8M | ||
| Q1 24 | — | $30.0M |
股东权益DNOWGPUS
| Q4 25 | $2.2B | $119.8M | ||
| Q3 25 | $1.2B | $55.9M | ||
| Q2 25 | $1.2B | $5.5M | ||
| Q1 25 | $1.1B | $6.3M | ||
| Q4 24 | $1.1B | $8.6M | ||
| Q3 24 | $1.1B | $2.7M | ||
| Q2 24 | $1.1B | $26.7M | ||
| Q1 24 | $1.1B | $59.0M |
总资产DNOWGPUS
| Q4 25 | $3.9B | $313.7M | ||
| Q3 25 | $1.7B | $242.4M | ||
| Q2 25 | $1.7B | $213.5M | ||
| Q1 25 | $1.7B | $218.5M | ||
| Q4 24 | $1.6B | $220.8M | ||
| Q3 24 | $1.6B | $231.5M | ||
| Q2 24 | $1.6B | $270.8M | ||
| Q1 24 | $1.6B | $299.8M |
负债/权益比DNOWGPUS
| Q4 25 | 0.18× | 0.69× | ||
| Q3 25 | — | 1.43× | ||
| Q2 25 | — | 16.06× | ||
| Q1 25 | — | 14.71× | ||
| Q4 24 | 0.00× | 11.19× | ||
| Q3 24 | — | 38.41× | ||
| Q2 24 | — | 4.00× | ||
| Q1 24 | — | 0.51× |
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 | $-37.7M |
| 自由现金流经营现金流 - 资本支出 | $76.0M | $-56.2M |
| 自由现金流率自由现金流/营收 | 7.9% | -208.7% |
| 资本支出强度资本支出/营收 | 0.7% | 68.6% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $134.0M | $-87.1M |
8季度趋势，按日历期对齐
经营现金流DNOWGPUS
| Q4 25 | $83.0M | $-37.7M | ||
| Q3 25 | $43.0M | $-17.8M | ||
| Q2 25 | $45.0M | $-3.1M | ||
| Q1 25 | $-16.0M | $-4.0M | ||
| Q4 24 | $122.0M | $-9.2M | ||
| Q3 24 | $74.0M | $3.7M | ||
| Q2 24 | $21.0M | $-3.7M | ||
| Q1 24 | $81.0M | $-10.2M |
自由现金流DNOWGPUS
| Q4 25 | $76.0M | $-56.2M | ||
| Q3 25 | $39.0M | $-20.6M | ||
| Q2 25 | $41.0M | $-3.5M | ||
| Q1 25 | $-22.0M | $-6.8M | ||
| Q4 24 | $119.0M | $-9.3M | ||
| Q3 24 | $72.0M | $2.6M | ||
| Q2 24 | $18.0M | $-5.9M | ||
| Q1 24 | $80.0M | $-11.6M |
自由现金流率DNOWGPUS
| Q4 25 | 7.9% | -208.7% | ||
| Q3 25 | 6.2% | -84.5% | ||
| Q2 25 | 6.5% | -13.5% | ||
| Q1 25 | -3.7% | -27.3% | ||
| Q4 24 | 20.8% | -47.6% | ||
| Q3 24 | 11.9% | 8.4% | ||
| Q2 24 | 2.8% | -33.4% | ||
| Q1 24 | 14.2% | -30.3% |
资本支出强度DNOWGPUS
| Q4 25 | 0.7% | 68.6% | ||
| Q3 25 | 0.6% | 11.5% | ||
| Q2 25 | 0.6% | 1.5% | ||
| Q1 25 | 1.0% | 11.5% | ||
| Q4 24 | 0.5% | 0.3% | ||
| Q3 24 | 0.3% | 3.6% | ||
| Q2 24 | 0.5% | 12.6% | ||
| Q1 24 | 0.2% | 3.7% |
现金转化率DNOWGPUS
| Q4 25 | — | — | ||
| Q3 25 | 1.72× | — | ||
| Q2 25 | 1.80× | — | ||
| Q1 25 | -0.73× | — | ||
| Q4 24 | 6.10× | — | ||
| Q3 24 | 5.69× | — | ||
| Q2 24 | 0.88× | — | ||
| Q1 24 | 3.86× | -2.75× |
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% |
GPUS
| Transferred Over Time | $10.4M | 39% |
| Revenue From Mined Crypto Assets At Sentinum Owned And Operated Facilities | $5.8M | 21% |
| Hotel And Real Estate Operations | $4.8M | 18% |
| Other | $4.0M | 15% |
| Turn On Green | $2.0M | 7% |
