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DNOW Inc.（DNOW）与Cactus, Inc.（WHD）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Cactus, Inc.的3.7倍（$959.0M vs $261.2M）。Cactus, Inc.净利率更高（15.3% vs -16.8%，领先32.0%）。DNOW Inc.同比增速更快（68.0% vs -4.0%）。过去两年DNOW Inc.的营收复合增速更高（30.5% vs -2.4%）
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。
Cactus, Inc.旗下拥有Cactus Club Cafe，是源自加拿大不列颠哥伦比亚省北温哥华的高端休闲连锁餐饮品牌。目前品牌已在加拿大全境布局34家门店，覆盖不列颠哥伦比亚、阿尔伯塔、萨斯喀彻温、安大略等省份，同时在美国也设有门店，主打高品质休闲餐饮体验。
DNOW vs WHD — 直观对比
营收规模更大
DNOW
是对方的3.7倍
$261.2M
营收增速更快
DNOW
高出72.0%
-4.0%
净利率更高
WHD
高出32.0%
-16.8%
两年增速更快
DNOW
近两年复合增速
-2.4%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $959.0M | $261.2M |
| 净利润 | $-161.0M | $39.8M |
| 毛利率 | 5.2% | 36.2% |
| 营业利润率 | -19.6% | 22.9% |
| 净利率 | -16.8% | 15.3% |
| 营收同比 | 68.0% | -4.0% |
| 净利润同比 | -905.0% | -14.7% |
| 每股收益（稀释后） | $-1.42 | — |
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DNOWWHD
| Q4 25 | $959.0M | $261.2M | ||
| Q3 25 | $634.0M | $264.0M | ||
| Q2 25 | $628.0M | $273.6M | ||
| Q1 25 | $599.0M | $280.3M | ||
| Q4 24 | $571.0M | $272.1M | ||
| Q3 24 | $606.0M | $293.2M | ||
| Q2 24 | $633.0M | $290.4M | ||
| Q1 24 | $563.0M | $274.1M |
净利润DNOWWHD
| Q4 25 | $-161.0M | $39.8M | ||
| Q3 25 | $25.0M | $41.6M | ||
| Q2 25 | $25.0M | $40.3M | ||
| Q1 25 | $22.0M | $44.2M | ||
| Q4 24 | $20.0M | $46.7M | ||
| Q3 24 | $13.0M | $49.9M | ||
| Q2 24 | $24.0M | $49.8M | ||
| Q1 24 | $21.0M | $39.0M |
毛利率DNOWWHD
| Q4 25 | 5.2% | 36.2% | ||
| Q3 25 | 22.9% | 36.8% | ||
| Q2 25 | 22.9% | 36.6% | ||
| Q1 25 | 23.2% | 38.4% | ||
| Q4 24 | 22.6% | 37.8% | ||
| Q3 24 | 22.3% | 39.0% | ||
| Q2 24 | 21.8% | 39.2% | ||
| Q1 24 | 22.9% | 38.4% |
营业利润率DNOWWHD
| Q4 25 | -19.6% | 22.9% | ||
| Q3 25 | 5.2% | 23.2% | ||
| Q2 25 | 5.1% | 22.2% | ||
| Q1 25 | 5.0% | 24.5% | ||
| Q4 24 | 4.4% | 25.9% | ||
| Q3 24 | 3.8% | 26.2% | ||
| Q2 24 | 5.2% | 27.5% | ||
| Q1 24 | 5.0% | 22.8% |
净利率DNOWWHD
| Q4 25 | -16.8% | 15.3% | ||
| Q3 25 | 3.9% | 15.8% | ||
| Q2 25 | 4.0% | 14.7% | ||
| Q1 25 | 3.7% | 15.8% | ||
| Q4 24 | 3.5% | 17.2% | ||
| Q3 24 | 2.1% | 17.0% | ||
| Q2 24 | 3.8% | 17.2% | ||
| Q1 24 | 3.7% | 14.2% |
每股收益（稀释后）DNOWWHD
| Q4 25 | $-1.42 | — | ||
| Q3 25 | $0.23 | — | ||
| Q2 25 | $0.23 | — | ||
| Q1 25 | $0.20 | — | ||
| Q4 24 | $0.19 | — | ||
| Q3 24 | $0.12 | — | ||
| Q2 24 | $0.21 | — | ||
| Q1 24 | $0.19 | — |
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 | $123.6M |
| 总债务越低越好 | $411.0M | $0 |
| 股东权益账面价值 | $2.2B | $1.2B |
| 总资产 | $3.9B | $1.9B |
| 负债/权益比越低杠杆越低 | 0.18× | 0.00× |
8季度趋势，按日历期对齐
现金及短期投资DNOWWHD
| Q4 25 | $164.0M | $123.6M | ||
| Q3 25 | $266.0M | $445.6M | ||
| Q2 25 | $232.0M | $405.2M | ||
| Q1 25 | $219.0M | $347.7M | ||
| Q4 24 | $256.0M | $342.8M | ||
| Q3 24 | $261.0M | $303.4M | ||
| Q2 24 | $197.0M | $246.5M | ||
| Q1 24 | $188.0M | $194.3M |
总债务DNOWWHD
| Q4 25 | $411.0M | $0 | ||
| Q3 25 | — | $0 | ||
| Q2 25 | — | $0 | ||
| Q1 25 | — | $0 | ||
| Q4 24 | $0 | $0 | ||
| Q3 24 | — | $0 | ||
| Q2 24 | — | $0 | ||
| Q1 24 | — | $0 |
股东权益DNOWWHD
| Q4 25 | $2.2B | $1.2B | ||
| Q3 25 | $1.2B | $1.2B | ||
| Q2 25 | $1.2B | $1.1B | ||
| Q1 25 | $1.1B | $1.1B | ||
| Q4 24 | $1.1B | $1.1B | ||
| Q3 24 | $1.1B | $1.0B | ||
| Q2 24 | $1.1B | $954.7M | ||
| Q1 24 | $1.1B | $893.4M |
总资产DNOWWHD
| Q4 25 | $3.9B | $1.9B | ||
| Q3 25 | $1.7B | $1.9B | ||
| Q2 25 | $1.7B | $1.8B | ||
| Q1 25 | $1.7B | $1.8B | ||
| Q4 24 | $1.6B | $1.7B | ||
| Q3 24 | $1.6B | $1.7B | ||
| Q2 24 | $1.6B | $1.6B | ||
| Q1 24 | $1.6B | $1.6B |
负债/权益比DNOWWHD
| Q4 25 | 0.18× | 0.00× | ||
| Q3 25 | — | 0.00× | ||
| Q2 25 | — | 0.00× | ||
| Q1 25 | — | 0.00× | ||
| Q4 24 | 0.00× | 0.00× | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | 0.00× | ||
| Q1 24 | — | 0.00× |
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 | $72.3M |
| 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 | — | 1.81× |
| 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DNOWWHD
| Q4 25 | $83.0M | $72.3M | ||
| Q3 25 | $43.0M | $61.8M | ||
| Q2 25 | $45.0M | $82.8M | ||
| Q1 25 | $-16.0M | $41.5M | ||
| Q4 24 | $122.0M | $66.6M | ||
| Q3 24 | $74.0M | $85.3M | ||
| Q2 24 | $21.0M | $78.0M | ||
| Q1 24 | $81.0M | $86.3M |
自由现金流DNOWWHD
| 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DNOWWHD
| 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DNOWWHD
| 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DNOWWHD
| Q4 25 | — | 1.81× | ||
| Q3 25 | 1.72× | 1.48× | ||
| Q2 25 | 1.80× | 2.05× | ||
| Q1 25 | -0.73× | 0.94× | ||
| Q4 24 | 6.10× | 1.43× | ||
| Q3 24 | 5.69× | 1.71× | ||
| Q2 24 | 0.88× | 1.56× | ||
| Q1 24 | 3.86× | 2.21× |
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% |
WHD
| Products | $201.4M | 77% |
| Other | $40.8M | 16% |
| Rental Revenue | $19.0M | 7% |
