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DNOW Inc.（DNOW）与VEEVA SYSTEMS INC（VEEV）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VEEVA SYSTEMS INC的1.2倍（$959.0M vs $811.2M），VEEVA SYSTEMS INC净利率更高（29.1% vs -16.8%，领先45.9%），DNOW Inc.同比增速更快（68.0% vs 16.0%），过去两年DNOW Inc.的营收复合增速更高（30.5% vs 13.4%）
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。
Veeva Systems Inc总部位于美国加利福尼亚州普莱森顿，是一家公益类上市企业，专注为生命科学行业提供云软件、数据服务及商业咨询，旗下产品可实现数据管理、监管注册跟踪、供应链全流程监督等多项功能。
DNOW vs VEEV — 直观对比
营收规模更大
DNOW
是对方的1.2倍
$811.2M
营收增速更快
DNOW
高出51.9%
16.0%
净利率更高
VEEV
高出45.9%
-16.8%
两年增速更快
DNOW
近两年复合增速
13.4%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $959.0M | $811.2M |
| 净利润 | $-161.0M | $236.2M |
| 毛利率 | 5.2% | 75.4% |
| 营业利润率 | -19.6% | 29.7% |
| 净利率 | -16.8% | 29.1% |
| 营收同比 | 68.0% | 16.0% |
| 净利润同比 | -905.0% | 27.1% |
| 每股收益（稀释后） | $-1.42 | $1.40 |
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DNOWVEEV
| Q4 25 | $959.0M | $811.2M | ||
| Q3 25 | $634.0M | $789.1M | ||
| Q2 25 | $628.0M | $759.0M | ||
| Q1 25 | $599.0M | $720.9M | ||
| Q4 24 | $571.0M | $699.2M | ||
| Q3 24 | $606.0M | $676.2M | ||
| Q2 24 | $633.0M | $650.3M | ||
| Q1 24 | $563.0M | $630.6M |
净利润DNOWVEEV
| Q4 25 | $-161.0M | $236.2M | ||
| Q3 25 | $25.0M | $200.3M | ||
| Q2 25 | $25.0M | $228.2M | ||
| Q1 25 | $22.0M | $195.6M | ||
| Q4 24 | $20.0M | $185.8M | ||
| Q3 24 | $13.0M | $171.0M | ||
| Q2 24 | $24.0M | $161.7M | ||
| Q1 24 | $21.0M | $147.4M |
毛利率DNOWVEEV
| Q4 25 | 5.2% | 75.4% | ||
| Q3 25 | 22.9% | 75.3% | ||
| Q2 25 | 22.9% | 77.1% | ||
| Q1 25 | 23.2% | 74.9% | ||
| Q4 24 | 22.6% | 75.1% | ||
| Q3 24 | 22.3% | 74.8% | ||
| Q2 24 | 21.8% | 73.3% | ||
| Q1 24 | 22.9% | 72.4% |
营业利润率DNOWVEEV
| Q4 25 | -19.6% | 29.7% | ||
| Q3 25 | 5.2% | 24.8% | ||
| Q2 25 | 5.1% | 30.8% | ||
| Q1 25 | 5.0% | 26.1% | ||
| Q4 24 | 4.4% | 25.9% | ||
| Q3 24 | 3.8% | 24.6% | ||
| Q2 24 | 5.2% | 23.9% | ||
| Q1 24 | 5.0% | 21.4% |
净利率DNOWVEEV
| Q4 25 | -16.8% | 29.1% | ||
| Q3 25 | 3.9% | 25.4% | ||
| Q2 25 | 4.0% | 30.1% | ||
| Q1 25 | 3.7% | 27.1% | ||
| Q4 24 | 3.5% | 26.6% | ||
| Q3 24 | 2.1% | 25.3% | ||
| Q2 24 | 3.8% | 24.9% | ||
| Q1 24 | 3.7% | 23.4% |
每股收益（稀释后）DNOWVEEV
| Q4 25 | $-1.42 | $1.40 | ||
| Q3 25 | $0.23 | $1.19 | ||
| Q2 25 | $0.23 | $1.37 | ||
| Q1 25 | $0.20 | $1.17 | ||
| Q4 24 | $0.19 | $1.13 | ||
| Q3 24 | $0.12 | $1.04 | ||
| Q2 24 | $0.21 | $0.98 | ||
| Q1 24 | $0.19 | $0.90 |
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 | $1.7B |
| 总债务越低越好 | $411.0M | — |
| 股东权益账面价值 | $2.2B | $7.0B |
| 总资产 | $3.9B | $8.1B |
| 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DNOWVEEV
| Q4 25 | $164.0M | $1.7B | ||
| Q3 25 | $266.0M | $1.9B | ||
| Q2 25 | $232.0M | $2.0B | ||
| Q1 25 | $219.0M | $1.1B | ||
| Q4 24 | $256.0M | $1.0B | ||
| Q3 24 | $261.0M | $1.2B | ||
| Q2 24 | $197.0M | $1.2B | ||
| Q1 24 | $188.0M | $703.5M |
总债务DNOWVEEV
| Q4 25 | $411.0M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $0 | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益DNOWVEEV
| Q4 25 | $2.2B | $7.0B | ||
| Q3 25 | $1.2B | $6.6B | ||
| Q2 25 | $1.2B | $6.2B | ||
| Q1 25 | $1.1B | $5.8B | ||
| Q4 24 | $1.1B | $5.5B | ||
| Q3 24 | $1.1B | $5.2B | ||
| Q2 24 | $1.1B | $4.9B | ||
| Q1 24 | $1.1B | $4.6B |
总资产DNOWVEEV
| Q4 25 | $3.9B | $8.1B | ||
| Q3 25 | $1.7B | $8.0B | ||
| Q2 25 | $1.7B | $7.8B | ||
| Q1 25 | $1.7B | $7.3B | ||
| Q4 24 | $1.6B | $6.5B | ||
| Q3 24 | $1.6B | $6.3B | ||
| Q2 24 | $1.6B | $6.2B | ||
| Q1 24 | $1.6B | $5.9B |
负债/权益比DNOWVEEV
| 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 | $192.8M |
| 自由现金流经营现金流 - 资本支出 | $76.0M | — |
| 自由现金流率自由现金流/营收 | 7.9% | — |
| 资本支出强度资本支出/营收 | 0.7% | — |
| 现金转化率经营现金流/净利润 | — | 0.82× |
| 过去12个月自由现金流最近4个季度 | $134.0M | — |
8季度趋势，按日历期对齐
经营现金流DNOWVEEV
| Q4 25 | $83.0M | $192.8M | ||
| Q3 25 | $43.0M | $238.4M | ||
| Q2 25 | $45.0M | $877.2M | ||
| Q1 25 | $-16.0M | $69.5M | ||
| Q4 24 | $122.0M | $164.1M | ||
| Q3 24 | $74.0M | $92.9M | ||
| Q2 24 | $21.0M | $763.5M | ||
| Q1 24 | $81.0M | $57.8M |
自由现金流DNOWVEEV
| Q4 25 | $76.0M | — | ||
| Q3 25 | $39.0M | — | ||
| Q2 25 | $41.0M | — | ||
| Q1 25 | $-22.0M | — | ||
| Q4 24 | $119.0M | — | ||
| Q3 24 | $72.0M | — | ||
| Q2 24 | $18.0M | — | ||
| Q1 24 | $80.0M | — |
自由现金流率DNOWVEEV
| Q4 25 | 7.9% | — | ||
| Q3 25 | 6.2% | — | ||
| Q2 25 | 6.5% | — | ||
| Q1 25 | -3.7% | — | ||
| Q4 24 | 20.8% | — | ||
| Q3 24 | 11.9% | — | ||
| Q2 24 | 2.8% | — | ||
| Q1 24 | 14.2% | — |
资本支出强度DNOWVEEV
| Q4 25 | 0.7% | — | ||
| Q3 25 | 0.6% | — | ||
| Q2 25 | 0.6% | — | ||
| Q1 25 | 1.0% | — | ||
| Q4 24 | 0.5% | — | ||
| Q3 24 | 0.3% | — | ||
| Q2 24 | 0.5% | — | ||
| Q1 24 | 0.2% | — |
现金转化率DNOWVEEV
| Q4 25 | — | 0.82× | ||
| Q3 25 | 1.72× | 1.19× | ||
| Q2 25 | 1.80× | 3.84× | ||
| Q1 25 | -0.73× | 0.36× | ||
| Q4 24 | 6.10× | 0.88× | ||
| Q3 24 | 5.69× | 0.54× | ||
| Q2 24 | 0.88× | 4.72× | ||
| Q1 24 | 3.86× | 0.39× |
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% |
VEEV
| Subscription Services Veeva Research And Development | $364.8M | 45% |
| Subscription Services Veeva Commercial Cloud | $317.6M | 39% |
| Professional Services Veeva Research And Development | $81.3M | 10% |
| Professional Services Veeva Commercial Cloud | $47.5M | 6% |
