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艺康（ECL）与Vistra Corp.（VST）财务数据对比。点击上方公司名可切换其他公司
Vistra Corp.的季度营收约是艺康的1.2倍（$4.8B vs $4.1B），艺康净利率更高（10.6% vs 4.8%，领先5.8%），Vistra Corp.同比增速更快（31.2% vs 10.0%），过去两年Vistra Corp.的营收复合增速更高（23.3% vs 1.0%）
艺康（Ecolab）总部位于美国明尼苏达州圣保罗市，是全球领先的水处理、清洁消毒与卫生防护产品提供商，核心客户群体覆盖各领域商业机构与工业企业，可助力客户提升运营效率、保障公共卫生安全、实现可持续发展。
股票代码为VST的Vistra Corp是总部位于美国得克萨斯州的能源企业，主营电力生产、可再生能源开发及能源零售等业务。此外“Vistra”也可指一家总部位于中国香港的企业服务提供商，为全球客户提供公司注册、合规管理等专业服务。
ECL vs VST — 直观对比
营收规模更大
VST
是对方的1.2倍
$4.1B
营收增速更快
VST
高出21.2%
10.0%
净利率更高
ECL
高出5.8%
4.8%
两年增速更快
VST
近两年复合增速
1.0%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.1B | $4.8B |
| 净利润 | $432.6M | $233.0M |
| 毛利率 | — | — |
| 营业利润率 | 15.3% | 9.9% |
| 净利率 | 10.6% | 4.8% |
| 营收同比 | 10.0% | 31.2% |
| 净利润同比 | 1.3% | -47.2% |
| 每股收益（稀释后） | $1.52 | $0.55 |
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ECLVST
| Q2 26 | $4.1B | — | ||
| Q4 25 | $4.2B | $4.8B | ||
| Q3 25 | $4.2B | $4.8B | ||
| Q2 25 | $4.0B | $3.8B | ||
| Q1 25 | $3.7B | $4.3B | ||
| Q4 24 | $4.0B | $3.7B | ||
| Q3 24 | $4.0B | $4.3B | ||
| Q2 24 | $4.0B | $3.6B |
净利润ECLVST
| Q2 26 | $432.6M | — | ||
| Q4 25 | $563.9M | $233.0M | ||
| Q3 25 | $585.0M | $652.0M | ||
| Q2 25 | $524.2M | $327.0M | ||
| Q1 25 | $402.5M | $-268.0M | ||
| Q4 24 | $472.9M | $441.0M | ||
| Q3 24 | $736.5M | $1.9B | ||
| Q2 24 | $490.9M | $365.0M |
毛利率ECLVST
| Q2 26 | — | — | ||
| Q4 25 | 44.0% | — | ||
| Q3 25 | 44.8% | — | ||
| Q2 25 | 44.8% | — | ||
| Q1 25 | 44.2% | — | ||
| Q4 24 | 43.3% | — | ||
| Q3 24 | 43.4% | — | ||
| Q2 24 | 43.8% | — |
营业利润率ECLVST
| Q2 26 | 15.3% | — | ||
| Q4 25 | 17.0% | 9.9% | ||
| Q3 25 | 18.3% | 21.7% | ||
| Q2 25 | 17.6% | 13.7% | ||
| Q1 25 | 15.0% | -2.8% | ||
| Q4 24 | 14.6% | 16.4% | ||
| Q3 24 | 26.1% | 59.6% | ||
| Q2 24 | 16.5% | 22.5% |
净利率ECLVST
| Q2 26 | 10.6% | — | ||
| Q4 25 | 13.4% | 4.8% | ||
| Q3 25 | 14.0% | 13.6% | ||
| Q2 25 | 13.0% | 8.7% | ||
| Q1 25 | 10.9% | -6.3% | ||
| Q4 24 | 11.8% | 12.0% | ||
| Q3 24 | 18.4% | 43.5% | ||
| Q2 24 | 12.3% | 10.1% |
每股收益（稀释后）ECLVST
| Q2 26 | $1.52 | — | ||
| Q4 25 | $1.98 | $0.55 | ||
| Q3 25 | $2.05 | $1.75 | ||
| Q2 25 | $1.84 | $0.81 | ||
| Q1 25 | $1.41 | $-0.93 | ||
| Q4 24 | $1.65 | $1.09 | ||
| Q3 24 | $2.58 | $5.25 | ||
| Q2 24 | $1.71 | $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 | $519.8K | $785.0M |
| 总债务越低越好 | $8.5M | $15.8B |
| 股东权益账面价值 | $10.0M | $5.1B |
| 总资产 | $25.0M | $41.5B |
| 负债/权益比越低杠杆越低 | 0.85× | 3.11× |
8季度趋势，按日历期对齐
现金及短期投资ECLVST
| Q2 26 | $519.8K | — | ||
| Q4 25 | $646.2M | $785.0M | ||
| Q3 25 | $2.0B | $602.0M | ||
| Q2 25 | $1.9B | $458.0M | ||
| Q1 25 | $1.2B | $561.0M | ||
| Q4 24 | $1.3B | $1.2B | ||
| Q3 24 | $1.3B | $905.0M | ||
| Q2 24 | $384.0M | $1.6B |
总债务ECLVST
| Q2 26 | $8.5M | — | ||
| Q4 25 | $7.4B | $15.8B | ||
| Q3 25 | $8.1B | $15.8B | ||
| Q2 25 | $7.5B | $15.5B | ||
| Q1 25 | $7.0B | $15.4B | ||
| Q4 24 | $6.9B | $15.4B | ||
| Q3 24 | $7.0B | $13.9B | ||
| Q2 24 | $7.5B | $13.9B |
股东权益ECLVST
| Q2 26 | $10.0M | — | ||
| Q4 25 | $9.8B | $5.1B | ||
| Q3 25 | $9.7B | $5.2B | ||
| Q2 25 | $9.3B | $4.8B | ||
| Q1 25 | $8.9B | $4.8B | ||
| Q4 24 | $8.8B | $5.6B | ||
| Q3 24 | $8.5B | $5.4B | ||
| Q2 24 | $8.3B | $5.6B |
总资产ECLVST
| Q2 26 | $25.0M | — | ||
| Q4 25 | $24.7B | $41.5B | ||
| Q3 25 | $23.9B | $38.0B | ||
| Q2 25 | $23.7B | $38.1B | ||
| Q1 25 | $22.4B | $38.2B | ||
| Q4 24 | $22.4B | $37.8B | ||
| Q3 24 | $22.1B | $37.9B | ||
| Q2 24 | $21.5B | $39.1B |
负债/权益比ECLVST
| Q2 26 | 0.85× | — | ||
| Q4 25 | 0.75× | 3.11× | ||
| Q3 25 | 0.83× | 3.02× | ||
| Q2 25 | 0.81× | 3.22× | ||
| Q1 25 | 0.79× | 3.20× | ||
| Q4 24 | 0.79× | 2.77× | ||
| Q3 24 | 0.82× | 2.56× | ||
| Q2 24 | 0.91× | 2.49× |
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 | — | $1.4B |
| 自由现金流经营现金流 - 资本支出 | — | $596.0M |
| 自由现金流率自由现金流/营收 | — | 12.4% |
| 资本支出强度资本支出/营收 | — | 17.4% |
| 现金转化率经营现金流/净利润 | — | 6.15× |
| 过去12个月自由现金流最近4个季度 | — | $1.3B |
8季度趋势，按日历期对齐
经营现金流ECLVST
| Q2 26 | — | — | ||
| Q4 25 | $1.1B | $1.4B | ||
| Q3 25 | $791.3M | $1.5B | ||
| Q2 25 | $701.8M | $572.0M | ||
| Q1 25 | $369.4M | $599.0M | ||
| Q4 24 | $766.7M | $1.4B | ||
| Q3 24 | $786.7M | $1.7B | ||
| Q2 24 | $611.1M | $1.2B |
自由现金流ECLVST
| Q2 26 | — | — | ||
| Q4 25 | $758.0M | $596.0M | ||
| Q3 25 | $529.7M | $1.0B | ||
| Q2 25 | $485.1M | $-118.0M | ||
| Q1 25 | $131.5M | $-169.0M | ||
| Q4 24 | $407.0M | $923.0M | ||
| Q3 24 | $550.3M | $1.0B | ||
| Q2 24 | $414.2M | $698.0M |
自由现金流率ECLVST
| Q2 26 | — | — | ||
| Q4 25 | 18.1% | 12.4% | ||
| Q3 25 | 12.7% | 21.1% | ||
| Q2 25 | 12.1% | -3.1% | ||
| Q1 25 | 3.6% | -4.0% | ||
| Q4 24 | 10.2% | 25.2% | ||
| Q3 24 | 13.8% | 23.4% | ||
| Q2 24 | 10.4% | 19.4% |
资本支出强度ECLVST
| Q2 26 | — | — | ||
| Q4 25 | 7.9% | 17.4% | ||
| Q3 25 | 6.3% | 9.6% | ||
| Q2 25 | 5.4% | 18.4% | ||
| Q1 25 | 6.4% | 18.1% | ||
| Q4 24 | 9.0% | 11.7% | ||
| Q3 24 | 5.9% | 15.8% | ||
| Q2 24 | 4.9% | 13.8% |
现金转化率ECLVST
| Q2 26 | — | — | ||
| Q4 25 | 1.93× | 6.15× | ||
| Q3 25 | 1.35× | 2.25× | ||
| Q2 25 | 1.34× | 1.75× | ||
| Q1 25 | 0.92× | — | ||
| Q4 24 | 1.62× | 3.07× | ||
| Q3 24 | 1.07× | 0.90× | ||
| Q2 24 | 1.24× | 3.28× |
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
ECL
| Product and equipment sales | $3.2B | 78% |
| Service and lease sales | $891.5M | 22% |
VST
| Retail Energy Charge In ERCOT | $2.1B | 43% |
| Retail Energy Charge In Northeast Midwest | $1.2B | 24% |
| East Segment | $1.1B | 24% |
| Hedging Revenue Realized | $170.0M | 4% |
| Revenue From Other Wholesale Contracts | $116.0M | 2% |
| Transferable Production Tax Credit Revenues | $78.0M | 2% |
| West Segment | $77.0M | 2% |
| Intersegment Sales | $25.0M | 1% |
