vs
DNOW Inc.（DNOW）与国民油井华高（NOV）财务数据对比。点击上方公司名可切换其他公司
国民油井华高的季度营收约是DNOW Inc.的2.4倍（$2.3B vs $959.0M）。国民油井华高净利率更高（-3.4% vs -16.8%，领先13.4%）。DNOW Inc.同比增速更快（68.0% vs -1.3%）。国民油井华高自由现金流更多（$472.0M vs $76.0M）。过去两年DNOW Inc.的营收复合增速更高（30.5% vs 2.8%）
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。
NOV Inc.（前称国民油井华高）是总部位于美国得克萨斯州休斯顿的跨国企业，为上游油气行业提供钻探及生产作业所需的设备零部件、油田服务及供应链整合服务，在六大洲布局超500个运营点，下设能源设备、能源产品与服务两大业务板块。
DNOW vs NOV — 直观对比
营收规模更大
NOV
是对方的2.4倍
$959.0M
营收增速更快
DNOW
高出69.3%
-1.3%
净利率更高
NOV
高出13.4%
-16.8%
自由现金流更多
NOV
多$396.0M
$76.0M
两年增速更快
DNOW
近两年复合增速
2.8%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $959.0M | $2.3B |
| 净利润 | $-161.0M | $-78.0M |
| 毛利率 | 5.2% | 20.3% |
| 营业利润率 | -19.6% | 4.0% |
| 净利率 | -16.8% | -3.4% |
| 营收同比 | 68.0% | -1.3% |
| 净利润同比 | -905.0% | -148.8% |
| 每股收益（稀释后） | $-1.42 | $-0.20 |
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DNOWNOV
| Q4 25 | $959.0M | $2.3B | ||
| Q3 25 | $634.0M | $2.2B | ||
| Q2 25 | $628.0M | $2.2B | ||
| Q1 25 | $599.0M | $2.1B | ||
| Q4 24 | $571.0M | $2.3B | ||
| Q3 24 | $606.0M | $2.2B | ||
| Q2 24 | $633.0M | $2.2B | ||
| Q1 24 | $563.0M | $2.2B |
净利润DNOWNOV
| Q4 25 | $-161.0M | $-78.0M | ||
| Q3 25 | $25.0M | $42.0M | ||
| Q2 25 | $25.0M | $108.0M | ||
| Q1 25 | $22.0M | $73.0M | ||
| Q4 24 | $20.0M | $160.0M | ||
| Q3 24 | $13.0M | $130.0M | ||
| Q2 24 | $24.0M | $226.0M | ||
| Q1 24 | $21.0M | $119.0M |
毛利率DNOWNOV
| Q4 25 | 5.2% | 20.3% | ||
| Q3 25 | 22.9% | 18.9% | ||
| Q2 25 | 22.9% | 20.4% | ||
| Q1 25 | 23.2% | 21.3% | ||
| Q4 24 | 22.6% | 21.4% | ||
| Q3 24 | 22.3% | 21.4% | ||
| Q2 24 | 21.8% | 26.6% | ||
| Q1 24 | 22.9% | 21.3% |
营业利润率DNOWNOV
| Q4 25 | -19.6% | 4.0% | ||
| Q3 25 | 5.2% | 4.9% | ||
| Q2 25 | 5.1% | 6.5% | ||
| Q1 25 | 5.0% | 7.2% | ||
| Q4 24 | 4.4% | 9.0% | ||
| Q3 24 | 3.8% | 8.9% | ||
| Q2 24 | 5.2% | 14.1% | ||
| Q1 24 | 5.0% | 7.5% |
净利率DNOWNOV
| Q4 25 | -16.8% | -3.4% | ||
| Q3 25 | 3.9% | 1.9% | ||
| Q2 25 | 4.0% | 4.9% | ||
| Q1 25 | 3.7% | 3.5% | ||
| Q4 24 | 3.5% | 6.9% | ||
| Q3 24 | 2.1% | 5.9% | ||
| Q2 24 | 3.8% | 10.2% | ||
| Q1 24 | 3.7% | 5.5% |
每股收益（稀释后）DNOWNOV
| Q4 25 | $-1.42 | $-0.20 | ||
| Q3 25 | $0.23 | $0.11 | ||
| Q2 25 | $0.23 | $0.29 | ||
| Q1 25 | $0.20 | $0.19 | ||
| Q4 24 | $0.19 | $0.40 | ||
| Q3 24 | $0.12 | $0.33 | ||
| Q2 24 | $0.21 | $0.57 | ||
| Q1 24 | $0.19 | $0.30 |
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 | $1.6B |
| 总债务越低越好 | $411.0M | $1.7B |
| 股东权益账面价值 | $2.2B | $6.3B |
| 总资产 | $3.9B | $11.3B |
| 负债/权益比越低杠杆越低 | 0.18× | 0.27× |
8季度趋势，按日历期对齐
现金及短期投资DNOWNOV
| Q4 25 | $164.0M | $1.6B | ||
| Q3 25 | $266.0M | $1.2B | ||
| Q2 25 | $232.0M | $1.1B | ||
| Q1 25 | $219.0M | $1.2B | ||
| Q4 24 | $256.0M | $1.2B | ||
| Q3 24 | $261.0M | $985.0M | ||
| Q2 24 | $197.0M | $827.0M | ||
| Q1 24 | $188.0M | $468.0M |
总债务DNOWNOV
| Q4 25 | $411.0M | $1.7B | ||
| Q3 25 | — | $1.7B | ||
| Q2 25 | — | $1.7B | ||
| Q1 25 | — | $1.7B | ||
| Q4 24 | $0 | $1.7B | ||
| Q3 24 | — | $1.7B | ||
| Q2 24 | — | $1.7B | ||
| Q1 24 | — | $1.8B |
股东权益DNOWNOV
| Q4 25 | $2.2B | $6.3B | ||
| Q3 25 | $1.2B | $6.5B | ||
| Q2 25 | $1.2B | $6.5B | ||
| Q1 25 | $1.1B | $6.4B | ||
| Q4 24 | $1.1B | $6.4B | ||
| Q3 24 | $1.1B | $6.5B | ||
| Q2 24 | $1.1B | $6.4B | ||
| Q1 24 | $1.1B | $6.2B |
总资产DNOWNOV
| Q4 25 | $3.9B | $11.3B | ||
| Q3 25 | $1.7B | $11.3B | ||
| Q2 25 | $1.7B | $11.4B | ||
| Q1 25 | $1.7B | $11.3B | ||
| Q4 24 | $1.6B | $11.4B | ||
| Q3 24 | $1.6B | $11.4B | ||
| Q2 24 | $1.6B | $11.3B | ||
| Q1 24 | $1.6B | $11.3B |
负债/权益比DNOWNOV
| Q4 25 | 0.18× | 0.27× | ||
| Q3 25 | — | 0.27× | ||
| Q2 25 | — | 0.27× | ||
| Q1 25 | — | 0.27× | ||
| Q4 24 | 0.00× | 0.27× | ||
| Q3 24 | — | 0.27× | ||
| Q2 24 | — | 0.27× | ||
| Q1 24 | — | 0.29× |
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 | $573.0M |
| 自由现金流经营现金流 - 资本支出 | $76.0M | $472.0M |
| 自由现金流率自由现金流/营收 | 7.9% | 20.7% |
| 资本支出强度资本支出/营收 | 0.7% | 4.4% |
| 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 | $876.0M |
8季度趋势，按日历期对齐
经营现金流DNOWNOV
| Q4 25 | $83.0M | $573.0M | ||
| Q3 25 | $43.0M | $352.0M | ||
| Q2 25 | $45.0M | $191.0M | ||
| Q1 25 | $-16.0M | $135.0M | ||
| Q4 24 | $122.0M | $591.0M | ||
| Q3 24 | $74.0M | $359.0M | ||
| Q2 24 | $21.0M | $432.0M | ||
| Q1 24 | $81.0M | $-78.0M |
自由现金流DNOWNOV
| Q4 25 | $76.0M | $472.0M | ||
| Q3 25 | $39.0M | $245.0M | ||
| Q2 25 | $41.0M | $108.0M | ||
| Q1 25 | $-22.0M | $51.0M | ||
| Q4 24 | $119.0M | $473.0M | ||
| Q3 24 | $72.0M | $277.0M | ||
| Q2 24 | $18.0M | $350.0M | ||
| Q1 24 | $80.0M | $-147.0M |
自由现金流率DNOWNOV
| Q4 25 | 7.9% | 20.7% | ||
| Q3 25 | 6.2% | 11.3% | ||
| Q2 25 | 6.5% | 4.9% | ||
| Q1 25 | -3.7% | 2.4% | ||
| Q4 24 | 20.8% | 20.5% | ||
| Q3 24 | 11.9% | 12.6% | ||
| Q2 24 | 2.8% | 15.8% | ||
| Q1 24 | 14.2% | -6.8% |
资本支出强度DNOWNOV
| Q4 25 | 0.7% | 4.4% | ||
| Q3 25 | 0.6% | 4.9% | ||
| Q2 25 | 0.6% | 3.8% | ||
| Q1 25 | 1.0% | 4.0% | ||
| Q4 24 | 0.5% | 5.1% | ||
| Q3 24 | 0.3% | 3.7% | ||
| Q2 24 | 0.5% | 3.7% | ||
| Q1 24 | 0.2% | 3.2% |
现金转化率DNOWNOV
| Q4 25 | — | — | ||
| Q3 25 | 1.72× | 8.38× | ||
| Q2 25 | 1.80× | 1.77× | ||
| Q1 25 | -0.73× | 1.85× | ||
| Q4 24 | 6.10× | 3.69× | ||
| Q3 24 | 5.69× | 2.76× | ||
| Q2 24 | 0.88× | 1.91× | ||
| Q1 24 | 3.86× | -0.66× |
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% |
NOV
| Land And Offshore | $718.0M | 32% |
| Continental | $536.0M | 24% |
| Aftermarket | $483.0M | 21% |
| Capital Equipment | $319.0M | 14% |
| Product Sales | $168.0M | 7% |
| Intersegment Revenue | $33.0M | 1% |
