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DNOW Inc.（DNOW）与UNITED THERAPEUTICS Corp（UTHR）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UNITED THERAPEUTICS Corp的1.2倍（$959.0M vs $790.2M），UNITED THERAPEUTICS Corp净利率更高（46.1% vs -16.8%，领先62.9%），DNOW Inc.同比增速更快（68.0% vs 7.4%），UNITED THERAPEUTICS Corp自由现金流更多（$173.3M vs $76.0M），过去两年DNOW Inc.的营收复合增速更高（30.5% vs 8.0%）
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。
United Therapeutics是美国生物技术企业，专注开发包含异种移植在内的器官移植相关药物与技术，多款产品布局肺部疾病及器官制造赛道，双总部位于马里兰州银泉与北卡罗来纳州三角研究园，在美加多地设有研发及运营分支机构。
DNOW vs UTHR — 直观对比
营收规模更大
DNOW
是对方的1.2倍
$790.2M
营收增速更快
DNOW
高出60.6%
7.4%
净利率更高
UTHR
高出62.9%
-16.8%
自由现金流更多
UTHR
多$97.3M
$76.0M
两年增速更快
DNOW
近两年复合增速
8.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $959.0M | $790.2M |
| 净利润 | $-161.0M | $364.3M |
| 毛利率 | 5.2% | 86.9% |
| 营业利润率 | -19.6% | 45.1% |
| 净利率 | -16.8% | 46.1% |
| 营收同比 | 68.0% | 7.4% |
| 净利润同比 | -905.0% | 20.9% |
| 每股收益（稀释后） | $-1.42 | $7.66 |
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DNOWUTHR
| Q4 25 | $959.0M | $790.2M | ||
| Q3 25 | $634.0M | $799.5M | ||
| Q2 25 | $628.0M | $798.6M | ||
| Q1 25 | $599.0M | $794.4M | ||
| Q4 24 | $571.0M | $735.9M | ||
| Q3 24 | $606.0M | $748.9M | ||
| Q2 24 | $633.0M | $714.9M | ||
| Q1 24 | $563.0M | $677.7M |
净利润DNOWUTHR
| Q4 25 | $-161.0M | $364.3M | ||
| Q3 25 | $25.0M | $338.7M | ||
| Q2 25 | $25.0M | $309.5M | ||
| Q1 25 | $22.0M | $322.2M | ||
| Q4 24 | $20.0M | $301.3M | ||
| Q3 24 | $13.0M | $309.1M | ||
| Q2 24 | $24.0M | $278.1M | ||
| Q1 24 | $21.0M | $306.6M |
毛利率DNOWUTHR
| Q4 25 | 5.2% | 86.9% | ||
| Q3 25 | 22.9% | 87.4% | ||
| Q2 25 | 22.9% | 89.0% | ||
| Q1 25 | 23.2% | 88.4% | ||
| Q4 24 | 22.6% | 89.7% | ||
| Q3 24 | 22.3% | 88.9% | ||
| Q2 24 | 21.8% | 89.1% | ||
| Q1 24 | 22.9% | 89.2% |
营业利润率DNOWUTHR
| Q4 25 | -19.6% | 45.1% | ||
| Q3 25 | 5.2% | 48.6% | ||
| Q2 25 | 5.1% | 45.6% | ||
| Q1 25 | 5.0% | 48.2% | ||
| Q4 24 | 4.4% | 48.6% | ||
| Q3 24 | 3.8% | 45.8% | ||
| Q2 24 | 5.2% | 44.7% | ||
| Q1 24 | 5.0% | 52.6% |
净利率DNOWUTHR
| Q4 25 | -16.8% | 46.1% | ||
| Q3 25 | 3.9% | 42.4% | ||
| Q2 25 | 4.0% | 38.8% | ||
| Q1 25 | 3.7% | 40.6% | ||
| Q4 24 | 3.5% | 40.9% | ||
| Q3 24 | 2.1% | 41.3% | ||
| Q2 24 | 3.8% | 38.9% | ||
| Q1 24 | 3.7% | 45.2% |
每股收益（稀释后）DNOWUTHR
| Q4 25 | $-1.42 | $7.66 | ||
| Q3 25 | $0.23 | $7.16 | ||
| Q2 25 | $0.23 | $6.41 | ||
| Q1 25 | $0.20 | $6.63 | ||
| Q4 24 | $0.19 | $6.23 | ||
| Q3 24 | $0.12 | $6.39 | ||
| Q2 24 | $0.21 | $5.85 | ||
| Q1 24 | $0.19 | $6.17 |
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 | $2.9B |
| 总债务越低越好 | $411.0M | — |
| 股东权益账面价值 | $2.2B | $7.1B |
| 总资产 | $3.9B | $7.9B |
| 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DNOWUTHR
| Q4 25 | $164.0M | $2.9B | ||
| Q3 25 | $266.0M | $2.8B | ||
| Q2 25 | $232.0M | $3.0B | ||
| Q1 25 | $219.0M | $3.3B | ||
| Q4 24 | $256.0M | $3.3B | ||
| Q3 24 | $261.0M | $3.3B | ||
| Q2 24 | $197.0M | $3.0B | ||
| Q1 24 | $188.0M | $2.7B |
总债务DNOWUTHR
| Q4 25 | $411.0M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $0 | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益DNOWUTHR
| Q4 25 | $2.2B | $7.1B | ||
| Q3 25 | $1.2B | $6.6B | ||
| Q2 25 | $1.2B | $7.2B | ||
| Q1 25 | $1.1B | $6.8B | ||
| Q4 24 | $1.1B | $6.4B | ||
| Q3 24 | $1.1B | $6.1B | ||
| Q2 24 | $1.1B | $5.7B | ||
| Q1 24 | $1.1B | $5.3B |
总资产DNOWUTHR
| Q4 25 | $3.9B | $7.9B | ||
| Q3 25 | $1.7B | $7.4B | ||
| Q2 25 | $1.7B | $7.9B | ||
| Q1 25 | $1.7B | $7.7B | ||
| Q4 24 | $1.6B | $7.4B | ||
| Q3 24 | $1.6B | $7.1B | ||
| Q2 24 | $1.6B | $6.7B | ||
| Q1 24 | $1.6B | $6.5B |
负债/权益比DNOWUTHR
| 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 | $346.2M |
| 自由现金流经营现金流 - 资本支出 | $76.0M | $173.3M |
| 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% | 21.9% |
| 现金转化率经营现金流/净利润 | — | 0.95× |
| 过去12个月自由现金流最近4个季度 | $134.0M | $1.0B |
8季度趋势，按日历期对齐
经营现金流DNOWUTHR
| Q4 25 | $83.0M | $346.2M | ||
| Q3 25 | $43.0M | $562.1M | ||
| Q2 25 | $45.0M | $191.7M | ||
| Q1 25 | $-16.0M | $461.2M | ||
| Q4 24 | $122.0M | $341.2M | ||
| Q3 24 | $74.0M | $377.2M | ||
| Q2 24 | $21.0M | $232.2M | ||
| Q1 24 | $81.0M | $376.5M |
自由现金流DNOWUTHR
| Q4 25 | $76.0M | $173.3M | ||
| Q3 25 | $39.0M | $351.6M | ||
| Q2 25 | $41.0M | $129.5M | ||
| Q1 25 | $-22.0M | $386.3M | ||
| Q4 24 | $119.0M | $254.5M | ||
| Q3 24 | $72.0M | $300.7M | ||
| Q2 24 | $18.0M | $187.1M | ||
| Q1 24 | $80.0M | $338.3M |
自由现金流率DNOWUTHR
| Q4 25 | 7.9% | 21.9% | ||
| Q3 25 | 6.2% | 44.0% | ||
| Q2 25 | 6.5% | 16.2% | ||
| Q1 25 | -3.7% | 48.6% | ||
| Q4 24 | 20.8% | 34.6% | ||
| Q3 24 | 11.9% | 40.2% | ||
| Q2 24 | 2.8% | 26.2% | ||
| Q1 24 | 14.2% | 49.9% |
资本支出强度DNOWUTHR
| Q4 25 | 0.7% | 21.9% | ||
| Q3 25 | 0.6% | 26.3% | ||
| Q2 25 | 0.6% | 7.8% | ||
| Q1 25 | 1.0% | 9.4% | ||
| Q4 24 | 0.5% | 11.8% | ||
| Q3 24 | 0.3% | 10.2% | ||
| Q2 24 | 0.5% | 6.3% | ||
| Q1 24 | 0.2% | 5.6% |
现金转化率DNOWUTHR
| Q4 25 | — | 0.95× | ||
| Q3 25 | 1.72× | 1.66× | ||
| Q2 25 | 1.80× | 0.62× | ||
| Q1 25 | -0.73× | 1.43× | ||
| Q4 24 | 6.10× | 1.13× | ||
| Q3 24 | 5.69× | 1.22× | ||
| Q2 24 | 0.88× | 0.83× | ||
| Q1 24 | 3.86× | 1.23× |
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% |
UTHR
| Tyvaso DPI | $338.6M | 43% |
| Remodulin | $128.0M | 16% |
| Nebulized Tyvaso | $125.7M | 16% |
| Orenitram | $121.2M | 15% |
| Unituxin | $62.3M | 8% |
| Adcirca | $7.8M | 1% |
| Other | $6.6M | 1% |
