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ENBRIDGE INC（ENB）与美国合众银行（USB）财务数据对比。点击上方公司名可切换其他公司
美国合众银行的季度营收约是ENBRIDGE INC的1.3倍（$7.4B vs $5.7B），美国合众银行净利率更高（27.8% vs 26.2%，领先1.5%），ENBRIDGE INC同比增速更快（5.3% vs 5.1%），过去两年ENBRIDGE INC的营收复合增速更高（7.6% vs 4.7%）
加拿大恩布里奇公司（Enbridge Inc.）是总部位于阿尔伯塔省卡尔加里的跨国能源管道企业，在加拿大、美国运营管网输送原油、天然气及天然气液，同时布局可再生能源业务。其管网是北美最长、全球规模最大的原油出口管网，拥有近2.9万公里原油管道及超3.83万公里天然气管道。
美国合众银行是美国跨国银行机构，总部位于明尼苏达州明尼阿波利斯，在特拉华州注册成立。截至2025年为美国第五大银行，也是美国中西部规模最大的银行，被金融稳定委员会认定为系统重要性机构，旗下核心运营主体提供银行、投资、按揭等多元金融服务。
ENB vs USB — 直观对比
营收规模更大
USB
是对方的1.3倍
$5.7B
营收增速更快
ENB
高出0.3%
5.1%
净利率更高
USB
高出1.5%
26.2%
两年增速更快
ENB
近两年复合增速
4.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $5.7B | $7.4B |
| 净利润 | $1.5B | $2.0B |
| 毛利率 | — | — |
| 营业利润率 | 34.7% | 34.4% |
| 净利率 | 26.2% | 27.8% |
| 营收同比 | 5.3% | 5.1% |
| 净利润同比 | 246.2% | 23.0% |
| 每股收益（稀释后） | — | $1.26 |
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ENBUSB
| Q4 25 | $5.7B | $7.4B | ||
| Q3 25 | $4.5B | $7.3B | ||
| Q2 25 | $4.8B | $7.0B | ||
| Q1 25 | $6.4B | $7.0B | ||
| Q4 24 | $5.4B | $7.0B | ||
| Q3 24 | $4.2B | $6.9B | ||
| Q2 24 | $4.3B | $6.9B | ||
| Q1 24 | $4.9B | $6.7B |
净利润ENBUSB
| Q4 25 | $1.5B | $2.0B | ||
| Q3 25 | $575.2M | $2.0B | ||
| Q2 25 | $1.7B | $1.8B | ||
| Q1 25 | $1.7B | $1.7B | ||
| Q4 24 | $434.4M | $1.7B | ||
| Q3 24 | $1.0B | $1.7B | ||
| Q2 24 | $1.4B | $1.6B | ||
| Q1 24 | $1.1B | $1.3B |
毛利率ENBUSB
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 7.5% | — | ||
| Q1 24 | 26.2% | — |
营业利润率ENBUSB
| Q4 25 | 34.7% | 34.4% | ||
| Q3 25 | 36.9% | 34.5% | ||
| Q2 25 | 35.1% | 32.7% | ||
| Q1 25 | 41.7% | 31.0% | ||
| Q4 24 | 32.8% | 30.1% | ||
| Q3 24 | 38.7% | 30.2% | ||
| Q2 24 | 38.3% | 29.9% | ||
| Q1 24 | 40.0% | 24.9% |
净利率ENBUSB
| Q4 25 | 26.2% | 27.8% | ||
| Q3 25 | 12.8% | 27.3% | ||
| Q2 25 | 34.9% | 25.9% | ||
| Q1 25 | 26.8% | 24.6% | ||
| Q4 24 | 8.0% | 23.7% | ||
| Q3 24 | 24.3% | 25.0% | ||
| Q2 24 | 32.8% | 23.3% | ||
| Q1 24 | 22.3% | 19.6% |
每股收益（稀释后）ENBUSB
| Q4 25 | — | $1.26 | ||
| Q3 25 | — | $1.22 | ||
| Q2 25 | — | $1.11 | ||
| Q1 25 | — | $1.03 | ||
| Q4 24 | — | $1.01 | ||
| Q3 24 | — | $1.03 | ||
| Q2 24 | — | $0.97 | ||
| Q1 24 | — | $0.78 |
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 | $798.6M | — |
| 总债务越低越好 | $72.2B | — |
| 股东权益账面价值 | $45.5B | $65.2B |
| 总资产 | $159.5B | $692.3B |
| 负债/权益比越低杠杆越低 | 1.59× | — |
8季度趋势，按日历期对齐
现金及短期投资ENBUSB
| Q4 25 | $798.6M | — | ||
| Q3 25 | $1.0B | — | ||
| Q2 25 | $878.2M | — | ||
| Q1 25 | $1.5B | — | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.4B | — | ||
| Q2 24 | $2.6B | — | ||
| Q1 24 | $886.2M | — |
总债务ENBUSB
| Q4 25 | $72.2B | — | ||
| Q3 25 | $73.4B | — | ||
| Q2 25 | $70.8B | — | ||
| Q1 25 | $70.9B | — | ||
| Q4 24 | $68.2B | — | ||
| Q3 24 | $63.7B | — | ||
| Q2 24 | $62.2B | — | ||
| Q1 24 | $59.4B | — |
股东权益ENBUSB
| Q4 25 | $45.5B | $65.2B | ||
| Q3 25 | $47.6B | $63.3B | ||
| Q2 25 | $47.8B | $61.4B | ||
| Q1 25 | $49.8B | $60.1B | ||
| Q4 24 | $48.1B | $58.6B | ||
| Q3 24 | $48.0B | $58.9B | ||
| Q2 24 | $49.1B | $56.4B | ||
| Q1 24 | $46.9B | $55.6B |
总资产ENBUSB
| Q4 25 | $159.5B | $692.3B | ||
| Q3 25 | $158.4B | $695.4B | ||
| Q2 25 | $154.5B | $686.4B | ||
| Q1 25 | $160.6B | $676.5B | ||
| Q4 24 | $159.9B | $678.3B | ||
| Q3 24 | $150.2B | $686.5B | ||
| Q2 24 | $146.9B | $680.1B | ||
| Q1 24 | $139.2B | $683.6B |
负债/权益比ENBUSB
| Q4 25 | 1.59× | — | ||
| Q3 25 | 1.54× | — | ||
| Q2 25 | 1.48× | — | ||
| Q1 25 | 1.42× | — | ||
| Q4 24 | 1.42× | — | ||
| Q3 24 | 1.33× | — | ||
| Q2 24 | 1.27× | — | ||
| Q1 24 | 1.27× | — |
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 | $9.0B | $2.8B |
| 自由现金流经营现金流 - 资本支出 | $2.4B | — |
| 自由现金流率自由现金流/营收 | 42.0% | — |
| 资本支出强度资本支出/营收 | 114.3% | — |
| 现金转化率经营现金流/净利润 | 5.96× | 1.39× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流ENBUSB
| Q4 25 | $9.0B | $2.8B | ||
| Q3 25 | — | $3.4B | ||
| Q2 25 | — | $2.0B | ||
| Q1 25 | $2.2B | $-285.0M | ||
| Q4 24 | $9.2B | $4.8B | ||
| Q3 24 | — | $972.0M | ||
| Q2 24 | — | $2.9B | ||
| Q1 24 | $2.3B | $2.7B |
自由现金流ENBUSB
| Q4 25 | $2.4B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $970.9M | — | ||
| Q4 24 | $4.3B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $1.4B | — |
自由现金流率ENBUSB
| Q4 25 | 42.0% | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 15.1% | — | ||
| Q4 24 | 79.0% | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 29.0% | — |
资本支出强度ENBUSB
| Q4 25 | 114.3% | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 19.6% | — | ||
| Q4 24 | 90.1% | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 17.5% | — |
现金转化率ENBUSB
| Q4 25 | 5.96× | 1.39× | ||
| Q3 25 | — | 1.69× | ||
| Q2 25 | — | 1.12× | ||
| Q1 25 | 1.29× | -0.17× | ||
| Q4 24 | 21.18× | 2.87× | ||
| Q3 24 | — | 0.57× | ||
| Q2 24 | — | 1.79× | ||
| Q1 24 | 2.08× | 2.02× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
