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DNOW Inc.（DNOW）与瑞思迈（RMD）财务数据对比。点击上方公司名可切换其他公司
瑞思迈的季度营收约是DNOW Inc.的1.5倍（$1.4B vs $959.0M），瑞思迈净利率更高（27.6% vs -16.8%，领先44.4%），DNOW Inc.同比增速更快（68.0% vs 11.0%），瑞思迈自由现金流更多（$311.2M vs $76.0M），过去两年DNOW Inc.的营收复合增速更高（30.5% vs 9.0%）
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。
瑞思迈是一家起源于澳大利亚、总部位于美国加利福尼亚州圣迭戈的医疗设备企业，主打可接入云端的呼吸类医疗设备，用于治疗睡眠呼吸暂停、慢性阻塞性肺病等呼吸道疾病，新冠疫情期间曾大量生产呼吸机等设备助力患者救治。
DNOW vs RMD — 直观对比
营收规模更大
RMD
是对方的1.5倍
$959.0M
营收增速更快
DNOW
高出57.0%
11.0%
净利率更高
RMD
高出44.4%
-16.8%
自由现金流更多
RMD
多$235.2M
$76.0M
两年增速更快
DNOW
近两年复合增速
9.0%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $959.0M | $1.4B |
| 净利润 | $-161.0M | $392.6M |
| 毛利率 | 5.2% | 61.8% |
| 营业利润率 | -19.6% | 34.6% |
| 净利率 | -16.8% | 27.6% |
| 营收同比 | 68.0% | 11.0% |
| 净利润同比 | -905.0% | 13.9% |
| 每股收益（稀释后） | $-1.42 | $2.68 |
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DNOWRMD
| Q4 25 | $959.0M | $1.4B | ||
| Q3 25 | $634.0M | $1.3B | ||
| Q2 25 | $628.0M | $1.3B | ||
| Q1 25 | $599.0M | $1.3B | ||
| Q4 24 | $571.0M | $1.3B | ||
| Q3 24 | $606.0M | $1.2B | ||
| Q2 24 | $633.0M | $1.2B | ||
| Q1 24 | $563.0M | $1.2B |
净利润DNOWRMD
| Q4 25 | $-161.0M | $392.6M | ||
| Q3 25 | $25.0M | $348.5M | ||
| Q2 25 | $25.0M | $379.7M | ||
| Q1 25 | $22.0M | $365.0M | ||
| Q4 24 | $20.0M | $344.6M | ||
| Q3 24 | $13.0M | $311.4M | ||
| Q2 24 | $24.0M | $292.2M | ||
| Q1 24 | $21.0M | $300.5M |
毛利率DNOWRMD
| Q4 25 | 5.2% | 61.8% | ||
| Q3 25 | 22.9% | 61.5% | ||
| Q2 25 | 22.9% | 60.8% | ||
| Q1 25 | 23.2% | 59.3% | ||
| Q4 24 | 22.6% | 58.6% | ||
| Q3 24 | 22.3% | 58.6% | ||
| Q2 24 | 21.8% | 58.5% | ||
| Q1 24 | 22.9% | 57.9% |
营业利润率DNOWRMD
| Q4 25 | -19.6% | 34.6% | ||
| Q3 25 | 5.2% | 33.4% | ||
| Q2 25 | 5.1% | 33.7% | ||
| Q1 25 | 5.0% | 33.0% | ||
| Q4 24 | 4.4% | 32.5% | ||
| Q3 24 | 3.8% | 31.6% | ||
| Q2 24 | 5.2% | 31.2% | ||
| Q1 24 | 5.0% | 31.3% |
净利率DNOWRMD
| Q4 25 | -16.8% | 27.6% | ||
| Q3 25 | 3.9% | 26.1% | ||
| Q2 25 | 4.0% | 28.2% | ||
| Q1 25 | 3.7% | 28.3% | ||
| Q4 24 | 3.5% | 26.9% | ||
| Q3 24 | 2.1% | 25.4% | ||
| Q2 24 | 3.8% | 23.9% | ||
| Q1 24 | 3.7% | 25.1% |
每股收益（稀释后）DNOWRMD
| Q4 25 | $-1.42 | $2.68 | ||
| Q3 25 | $0.23 | $2.37 | ||
| Q2 25 | $0.23 | $2.58 | ||
| Q1 25 | $0.20 | $2.48 | ||
| Q4 24 | $0.19 | $2.34 | ||
| Q3 24 | $0.12 | $2.11 | ||
| Q2 24 | $0.21 | $1.97 | ||
| Q1 24 | $0.19 | $2.04 |
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 | $1.4B |
| 总债务越低越好 | $411.0M | $403.9M |
| 股东权益账面价值 | $2.2B | $6.3B |
| 总资产 | $3.9B | $8.5B |
| 负债/权益比越低杠杆越低 | 0.18× | 0.06× |
8季度趋势，按日历期对齐
现金及短期投资DNOWRMD
| Q4 25 | $164.0M | $1.4B | ||
| Q3 25 | $266.0M | $1.4B | ||
| Q2 25 | $232.0M | $1.2B | ||
| Q1 25 | $219.0M | $932.7M | ||
| Q4 24 | $256.0M | $521.9M | ||
| Q3 24 | $261.0M | $426.4M | ||
| Q2 24 | $197.0M | $238.4M | ||
| Q1 24 | $188.0M | $237.9M |
总债务DNOWRMD
| Q4 25 | $411.0M | $403.9M | ||
| Q3 25 | — | $408.7M | ||
| Q2 25 | — | $658.4M | ||
| Q1 25 | — | $663.1M | ||
| Q4 24 | $0 | $662.9M | ||
| Q3 24 | — | $667.6M | ||
| Q2 24 | — | $697.3M | ||
| Q1 24 | — | $997.0M |
股东权益DNOWRMD
| Q4 25 | $2.2B | $6.3B | ||
| Q3 25 | $1.2B | $6.1B | ||
| Q2 25 | $1.2B | $6.0B | ||
| Q1 25 | $1.1B | $5.5B | ||
| Q4 24 | $1.1B | $5.3B | ||
| Q3 24 | $1.1B | $5.2B | ||
| Q2 24 | $1.1B | $4.9B | ||
| Q1 24 | $1.1B | $4.6B |
总资产DNOWRMD
| Q4 25 | $3.9B | $8.5B | ||
| Q3 25 | $1.7B | $8.3B | ||
| Q2 25 | $1.7B | $8.2B | ||
| Q1 25 | $1.7B | $7.6B | ||
| Q4 24 | $1.6B | $7.1B | ||
| Q3 24 | $1.6B | $7.2B | ||
| Q2 24 | $1.6B | $6.9B | ||
| Q1 24 | $1.6B | $6.8B |
负债/权益比DNOWRMD
| Q4 25 | 0.18× | 0.06× | ||
| Q3 25 | — | 0.07× | ||
| Q2 25 | — | 0.11× | ||
| Q1 25 | — | 0.12× | ||
| Q4 24 | 0.00× | 0.13× | ||
| Q3 24 | — | 0.13× | ||
| Q2 24 | — | 0.14× | ||
| Q1 24 | — | 0.22× |
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 | $339.7M |
| 自由现金流经营现金流 - 资本支出 | $76.0M | $311.2M |
| 自由现金流率自由现金流/营收 | 7.9% | 21.9% |
| 资本支出强度资本支出/营收 | 0.7% | 2.0% |
| 现金转化率经营现金流/净利润 | — | 0.87× |
| 过去12个月自由现金流最近4个季度 | $134.0M | $1.8B |
8季度趋势，按日历期对齐
经营现金流DNOWRMD
| Q4 25 | $83.0M | $339.7M | ||
| Q3 25 | $43.0M | $457.3M | ||
| Q2 25 | $45.0M | $538.8M | ||
| Q1 25 | $-16.0M | $578.7M | ||
| Q4 24 | $122.0M | $308.6M | ||
| Q3 24 | $74.0M | $325.5M | ||
| Q2 24 | $21.0M | $440.1M | ||
| Q1 24 | $81.0M | $402.0M |
自由现金流DNOWRMD
| Q4 25 | $76.0M | $311.2M | ||
| Q3 25 | $39.0M | $414.4M | ||
| Q2 25 | $41.0M | $508.2M | ||
| Q1 25 | $-22.0M | $557.9M | ||
| Q4 24 | $119.0M | $288.0M | ||
| Q3 24 | $72.0M | $307.7M | ||
| Q2 24 | $18.0M | $415.2M | ||
| Q1 24 | $80.0M | $380.8M |
自由现金流率DNOWRMD
| Q4 25 | 7.9% | 21.9% | ||
| Q3 25 | 6.2% | 31.0% | ||
| Q2 25 | 6.5% | 37.7% | ||
| Q1 25 | -3.7% | 43.2% | ||
| Q4 24 | 20.8% | 22.5% | ||
| Q3 24 | 11.9% | 25.1% | ||
| Q2 24 | 2.8% | 33.9% | ||
| Q1 24 | 14.2% | 31.8% |
资本支出强度DNOWRMD
| Q4 25 | 0.7% | 2.0% | ||
| Q3 25 | 0.6% | 3.2% | ||
| Q2 25 | 0.6% | 2.3% | ||
| Q1 25 | 1.0% | 1.6% | ||
| Q4 24 | 0.5% | 1.6% | ||
| Q3 24 | 0.3% | 1.5% | ||
| Q2 24 | 0.5% | 2.0% | ||
| Q1 24 | 0.2% | 1.8% |
现金转化率DNOWRMD
| Q4 25 | — | 0.87× | ||
| Q3 25 | 1.72× | 1.31× | ||
| Q2 25 | 1.80× | 1.42× | ||
| Q1 25 | -0.73× | 1.59× | ||
| Q4 24 | 6.10× | 0.90× | ||
| Q3 24 | 5.69× | 1.05× | ||
| Q2 24 | 0.88× | 1.51× | ||
| Q1 24 | 3.86× | 1.34× |
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% |
RMD
| Sleep And Breathing Health | $1.3B | 88% |
| Residential Care Software | $166.9M | 12% |
