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DNOW Inc.（DNOW）与Pure Storage, Inc.（PSTG）财务数据对比。点击上方公司名可切换其他公司
Pure Storage, Inc.的季度营收约是DNOW Inc.的1.0倍（$964.5M vs $959.0M），Pure Storage, Inc.净利率更高（5.7% vs -16.8%，领先22.5%），DNOW Inc.同比增速更快（68.0% vs 16.0%），DNOW Inc.自由现金流更多（$76.0M vs $52.6M），过去两年DNOW Inc.的营收复合增速更高（30.5% vs 10.5%）
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。
Pure Storage是美国上市科技企业，总部位于加利福尼亚州圣克拉拉，成立于2009年，2011年正式推出自研全闪存数据存储软硬件产品，2015年上市前累计获得超4.7亿美元风险投资，营收长期保持高速增长态势。
DNOW vs PSTG — 直观对比
营收规模更大
PSTG
是对方的1.0倍
$959.0M
营收增速更快
DNOW
高出51.9%
16.0%
净利率更高
PSTG
高出22.5%
-16.8%
自由现金流更多
DNOW
多$23.4M
$52.6M
两年增速更快
DNOW
近两年复合增速
10.5%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $959.0M | $964.5M |
| 净利润 | $-161.0M | $54.8M |
| 毛利率 | 5.2% | 72.3% |
| 营业利润率 | -19.6% | 5.6% |
| 净利率 | -16.8% | 5.7% |
| 营收同比 | 68.0% | 16.0% |
| 净利润同比 | -905.0% | -13.9% |
| 每股收益（稀释后） | $-1.42 | $0.16 |
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DNOWPSTG
| Q4 25 | $959.0M | $964.5M | ||
| Q3 25 | $634.0M | $861.0M | ||
| Q2 25 | $628.0M | $778.5M | ||
| Q1 25 | $599.0M | $879.8M | ||
| Q4 24 | $571.0M | $831.1M | ||
| Q3 24 | $606.0M | $763.8M | ||
| Q2 24 | $633.0M | $693.5M | ||
| Q1 24 | $563.0M | $789.8M |
净利润DNOWPSTG
| Q4 25 | $-161.0M | $54.8M | ||
| Q3 25 | $25.0M | $47.1M | ||
| Q2 25 | $25.0M | $-14.0M | ||
| Q1 25 | $22.0M | $42.4M | ||
| Q4 24 | $20.0M | $63.6M | ||
| Q3 24 | $13.0M | $35.7M | ||
| Q2 24 | $24.0M | $-35.0M | ||
| Q1 24 | $21.0M | $65.4M |
毛利率DNOWPSTG
| Q4 25 | 5.2% | 72.3% | ||
| Q3 25 | 22.9% | 70.2% | ||
| Q2 25 | 22.9% | 68.9% | ||
| Q1 25 | 23.2% | 67.5% | ||
| Q4 24 | 22.6% | 70.1% | ||
| Q3 24 | 22.3% | 70.7% | ||
| Q2 24 | 21.8% | 71.5% | ||
| Q1 24 | 22.9% | 72.0% |
营业利润率DNOWPSTG
| Q4 25 | -19.6% | 5.6% | ||
| Q3 25 | 5.2% | 0.6% | ||
| Q2 25 | 5.1% | -4.0% | ||
| Q1 25 | 5.0% | 4.8% | ||
| Q4 24 | 4.4% | 7.2% | ||
| Q3 24 | 3.8% | 3.3% | ||
| Q2 24 | 5.2% | -6.0% | ||
| Q1 24 | 5.0% | 7.3% |
净利率DNOWPSTG
| Q4 25 | -16.8% | 5.7% | ||
| Q3 25 | 3.9% | 5.5% | ||
| Q2 25 | 4.0% | -1.8% | ||
| Q1 25 | 3.7% | 4.8% | ||
| Q4 24 | 3.5% | 7.7% | ||
| Q3 24 | 2.1% | 4.7% | ||
| Q2 24 | 3.8% | -5.0% | ||
| Q1 24 | 3.7% | 8.3% |
每股收益（稀释后）DNOWPSTG
| Q4 25 | $-1.42 | $0.16 | ||
| Q3 25 | $0.23 | $0.14 | ||
| Q2 25 | $0.23 | $-0.04 | ||
| Q1 25 | $0.20 | $0.13 | ||
| Q4 24 | $0.19 | $0.19 | ||
| Q3 24 | $0.12 | $0.10 | ||
| Q2 24 | $0.21 | $-0.11 | ||
| Q1 24 | $0.19 | $0.22 |
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 | $852.8M |
| 总债务越低越好 | $411.0M | — |
| 股东权益账面价值 | $2.2B | $1.4B |
| 总资产 | $3.9B | $4.2B |
| 负债/权益比越低杠杆越低 | 0.18× | — |
8季度趋势，按日历期对齐
现金及短期投资DNOWPSTG
| Q4 25 | $164.0M | $852.8M | ||
| Q3 25 | $266.0M | $887.8M | ||
| Q2 25 | $232.0M | $739.3M | ||
| Q1 25 | $219.0M | $723.6M | ||
| Q4 24 | $256.0M | $894.6M | ||
| Q3 24 | $261.0M | $965.0M | ||
| Q2 24 | $197.0M | $900.6M | ||
| Q1 24 | $188.0M | $702.5M |
总债务DNOWPSTG
| Q4 25 | $411.0M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $0 | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益DNOWPSTG
| Q4 25 | $2.2B | $1.4B | ||
| Q3 25 | $1.2B | $1.3B | ||
| Q2 25 | $1.2B | $1.2B | ||
| Q1 25 | $1.1B | $1.3B | ||
| Q4 24 | $1.1B | $1.4B | ||
| Q3 24 | $1.1B | $1.5B | ||
| Q2 24 | $1.1B | $1.4B | ||
| Q1 24 | $1.1B | $1.3B |
总资产DNOWPSTG
| Q4 25 | $3.9B | $4.2B | ||
| Q3 25 | $1.7B | $4.0B | ||
| Q2 25 | $1.7B | $3.8B | ||
| Q1 25 | $1.7B | $4.0B | ||
| Q4 24 | $1.6B | $3.9B | ||
| Q3 24 | $1.6B | $3.8B | ||
| Q2 24 | $1.6B | $3.6B | ||
| Q1 24 | $1.6B | $3.7B |
负债/权益比DNOWPSTG
| Q4 25 | 0.18× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| 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 | $116.0M |
| 自由现金流经营现金流 - 资本支出 | $76.0M | $52.6M |
| 自由现金流率自由现金流/营收 | 7.9% | 5.5% |
| 资本支出强度资本支出/营收 | 0.7% | 6.6% |
| 现金转化率经营现金流/净利润 | — | 2.12× |
| 过去12个月自由现金流最近4个季度 | $134.0M | $566.7M |
8季度趋势，按日历期对齐
经营现金流DNOWPSTG
| Q4 25 | $83.0M | $116.0M | ||
| Q3 25 | $43.0M | $212.2M | ||
| Q2 25 | $45.0M | $283.9M | ||
| Q1 25 | $-16.0M | $208.5M | ||
| Q4 24 | $122.0M | $97.0M | ||
| Q3 24 | $74.0M | $226.6M | ||
| Q2 24 | $21.0M | $221.5M | ||
| Q1 24 | $81.0M | $244.4M |
自由现金流DNOWPSTG
| Q4 25 | $76.0M | $52.6M | ||
| Q3 25 | $39.0M | $150.1M | ||
| Q2 25 | $41.0M | $211.6M | ||
| Q1 25 | $-22.0M | $152.4M | ||
| Q4 24 | $119.0M | $35.2M | ||
| Q3 24 | $72.0M | $166.6M | ||
| Q2 24 | $18.0M | $172.7M | ||
| Q1 24 | $80.0M | $200.9M |
自由现金流率DNOWPSTG
| Q4 25 | 7.9% | 5.5% | ||
| Q3 25 | 6.2% | 17.4% | ||
| Q2 25 | 6.5% | 27.2% | ||
| Q1 25 | -3.7% | 17.3% | ||
| Q4 24 | 20.8% | 4.2% | ||
| Q3 24 | 11.9% | 21.8% | ||
| Q2 24 | 2.8% | 24.9% | ||
| Q1 24 | 14.2% | 25.4% |
资本支出强度DNOWPSTG
| Q4 25 | 0.7% | 6.6% | ||
| Q3 25 | 0.6% | 7.2% | ||
| Q2 25 | 0.6% | 9.3% | ||
| Q1 25 | 1.0% | 6.4% | ||
| Q4 24 | 0.5% | 7.4% | ||
| Q3 24 | 0.3% | 7.9% | ||
| Q2 24 | 0.5% | 7.0% | ||
| Q1 24 | 0.2% | 5.5% |
现金转化率DNOWPSTG
| Q4 25 | — | 2.12× | ||
| Q3 25 | 1.72× | 4.50× | ||
| Q2 25 | 1.80× | — | ||
| Q1 25 | -0.73× | 4.91× | ||
| Q4 24 | 6.10× | 1.52× | ||
| Q3 24 | 5.69× | 6.35× | ||
| Q2 24 | 0.88× | — | ||
| Q1 24 | 3.86× | 3.74× |
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% |
PSTG
| US | $683.2M | 71% |
| Non Us | $281.3M | 29% |
