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FirstEnergy（FE）与Williams Companies（WMB）财务数据对比。点击上方公司名可切换其他公司
Williams Companies的季度营收约是FirstEnergy的1.0倍（$3.8B vs $3.8B），Williams Companies净利率更高（19.1% vs -1.3%，领先20.4%），FirstEnergy同比增速更快（19.6% vs 12.7%），FirstEnergy自由现金流更多（$-30.0M vs $-379.0M），过去两年FirstEnergy的营收复合增速更高（7.5% vs 7.3%）
FirstEnergy Corp是总部位于美国俄亥俄州阿克伦市的电力公用事业企业，主营电力供应、电网运营相关业务，于1997年由俄亥俄爱迪生公司与森特里奥尔能源公司合并组建，是美国中西部地区颇具影响力的公共事业服务商。
总部位于美国俄克拉荷马州塔尔萨的能源企业，位列《财富》美国500强，普通股为标普500指数成分股，核心业务为天然气加工与运输，同时持有石油、发电相关资产。
FE vs WMB — 直观对比
营收规模更大
WMB
是对方的1.0倍
$3.8B
营收增速更快
FE
高出6.9%
12.7%
净利率更高
WMB
高出20.4%
-1.3%
自由现金流更多
FE
多$349.0M
$-379.0M
两年增速更快
FE
近两年复合增速
7.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.8B | $3.8B |
| 净利润 | $-49.0M | $734.0M |
| 毛利率 | — | — |
| 营业利润率 | -0.6% | 27.3% |
| 净利率 | -1.3% | 19.1% |
| 营收同比 | 19.6% | 12.7% |
| 净利润同比 | -118.8% | 51.0% |
| 每股收益（稀释后） | $-0.08 | $0.60 |
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FEWMB
| Q4 25 | $3.8B | $3.8B | ||
| Q3 25 | $4.1B | $3.5B | ||
| Q2 25 | $3.4B | $3.4B | ||
| Q1 25 | $3.8B | $4.2B | ||
| Q4 24 | $3.2B | $3.4B | ||
| Q3 24 | $3.7B | $3.0B | ||
| Q2 24 | $3.3B | $2.8B | ||
| Q1 24 | $3.3B | $3.3B |
净利润FEWMB
| Q4 25 | $-49.0M | $734.0M | ||
| Q3 25 | $441.0M | $647.0M | ||
| Q2 25 | $268.0M | $546.0M | ||
| Q1 25 | $360.0M | $691.0M | ||
| Q4 24 | $261.0M | $486.0M | ||
| Q3 24 | $419.0M | $706.0M | ||
| Q2 24 | $45.0M | $401.0M | ||
| Q1 24 | $253.0M | $632.0M |
营业利润率FEWMB
| Q4 25 | -0.6% | 27.3% | ||
| Q3 25 | 20.0% | 31.8% | ||
| Q2 25 | 19.1% | 28.0% | ||
| Q1 25 | 20.0% | 26.1% | ||
| Q4 24 | 19.3% | 23.2% | ||
| Q3 24 | 19.5% | 27.6% | ||
| Q2 24 | 12.9% | 24.4% | ||
| Q1 24 | 18.6% | 30.3% |
净利率FEWMB
| Q4 25 | -1.3% | 19.1% | ||
| Q3 25 | 10.6% | 18.5% | ||
| Q2 25 | 7.9% | 16.2% | ||
| Q1 25 | 9.6% | 16.5% | ||
| Q4 24 | 8.2% | 14.2% | ||
| Q3 24 | 11.2% | 23.3% | ||
| Q2 24 | 1.4% | 14.1% | ||
| Q1 24 | 7.7% | 18.9% |
每股收益（稀释后）FEWMB
| Q4 25 | $-0.08 | $0.60 | ||
| Q3 25 | $0.76 | $0.53 | ||
| Q2 25 | $0.46 | $0.45 | ||
| Q1 25 | $0.62 | $0.56 | ||
| Q4 24 | $0.45 | $0.39 | ||
| Q3 24 | $0.73 | $0.58 | ||
| Q2 24 | $0.08 | $0.33 | ||
| Q1 24 | $0.44 | $0.52 |
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 | $57.0M | — |
| 总债务越低越好 | $25.5B | $27.3B |
| 股东权益账面价值 | $12.5B | $12.8B |
| 总资产 | $55.9B | $58.6B |
| 负债/权益比越低杠杆越低 | 2.04× | 2.13× |
8季度趋势，按日历期对齐
现金及短期投资FEWMB
| Q4 25 | $57.0M | — | ||
| Q3 25 | $1.4B | — | ||
| Q2 25 | $569.0M | — | ||
| Q1 25 | $132.0M | — | ||
| Q4 24 | $111.0M | — | ||
| Q3 24 | $439.0M | — | ||
| Q2 24 | $60.0M | — | ||
| Q1 24 | $888.0M | — |
总债务FEWMB
| Q4 25 | $25.5B | $27.3B | ||
| Q3 25 | $25.5B | $25.6B | ||
| Q2 25 | $23.7B | $25.6B | ||
| Q1 25 | $21.2B | $24.1B | ||
| Q4 24 | $22.5B | $24.7B | ||
| Q3 24 | $21.6B | $24.8B | ||
| Q2 24 | $20.8B | $24.1B | ||
| Q1 24 | $21.7B | $24.1B |
股东权益FEWMB
| Q4 25 | $12.5B | $12.8B | ||
| Q3 25 | $12.8B | $12.5B | ||
| Q2 25 | $12.9B | $12.4B | ||
| Q1 25 | $12.6B | $12.5B | ||
| Q4 24 | $12.5B | $12.4B | ||
| Q3 24 | $12.4B | $12.4B | ||
| Q2 24 | $12.5B | $12.3B | ||
| Q1 24 | $12.4B | $12.4B |
总资产FEWMB
| Q4 25 | $55.9B | $58.6B | ||
| Q3 25 | $55.9B | $55.7B | ||
| Q2 25 | $54.2B | $56.1B | ||
| Q1 25 | $52.8B | $54.9B | ||
| Q4 24 | $52.0B | $54.5B | ||
| Q3 24 | $50.8B | $53.8B | ||
| Q2 24 | $51.0B | $52.4B | ||
| Q1 24 | $51.3B | $52.7B |
负债/权益比FEWMB
| Q4 25 | 2.04× | 2.13× | ||
| Q3 25 | 1.99× | 2.04× | ||
| Q2 25 | 1.85× | 2.06× | ||
| Q1 25 | 1.69× | 1.93× | ||
| Q4 24 | 1.81× | 1.99× | ||
| Q3 24 | 1.74× | 2.00× | ||
| Q2 24 | 1.67× | 1.96× | ||
| Q1 24 | 1.75× | 1.94× |
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 | $1.1B | $1.6B |
| 自由现金流经营现金流 - 资本支出 | $-30.0M | $-379.0M |
| 自由现金流率自由现金流/营收 | -0.8% | -9.9% |
| 资本支出强度资本支出/营收 | 30.7% | 50.9% |
| 现金转化率经营现金流/净利润 | — | 2.15× |
| 过去12个月自由现金流最近4个季度 | $-1.0B | $1.0B |
8季度趋势，按日历期对齐
经营现金流FEWMB
| Q4 25 | $1.1B | $1.6B | ||
| Q3 25 | $845.0M | $1.4B | ||
| Q2 25 | $1.1B | $1.4B | ||
| Q1 25 | $637.0M | $1.4B | ||
| Q4 24 | $1.0B | $1.2B | ||
| Q3 24 | $775.0M | $1.2B | ||
| Q2 24 | $1.1B | $1.3B | ||
| Q1 24 | $-40.0M | $1.2B |
自由现金流FEWMB
| Q4 25 | $-30.0M | $-379.0M | ||
| Q3 25 | $-471.0M | $485.0M | ||
| Q2 25 | $-136.0M | $478.0M | ||
| Q1 25 | $-368.0M | $421.0M | ||
| Q4 24 | $-250.0M | $450.0M | ||
| Q3 24 | $-229.0M | $561.0M | ||
| Q2 24 | $170.0M | $700.0M | ||
| Q1 24 | $-830.0M | $690.0M |
自由现金流率FEWMB
| Q4 25 | -0.8% | -9.9% | ||
| Q3 25 | -11.4% | 13.9% | ||
| Q2 25 | -4.0% | 14.2% | ||
| Q1 25 | -9.8% | 10.1% | ||
| Q4 24 | -7.9% | 13.2% | ||
| Q3 24 | -6.1% | 18.5% | ||
| Q2 24 | 5.2% | 24.6% | ||
| Q1 24 | -25.3% | 20.7% |
资本支出强度FEWMB
| Q4 25 | 30.7% | 50.9% | ||
| Q3 25 | 31.7% | 27.3% | ||
| Q2 25 | 36.0% | 28.8% | ||
| Q1 25 | 26.7% | 24.2% | ||
| Q4 24 | 40.7% | 22.5% | ||
| Q3 24 | 26.9% | 22.5% | ||
| Q2 24 | 28.7% | 20.3% | ||
| Q1 24 | 24.0% | 16.3% |
现金转化率FEWMB
| Q4 25 | — | 2.15× | ||
| Q3 25 | 1.92× | 2.22× | ||
| Q2 25 | 4.04× | 2.66× | ||
| Q1 25 | 1.77× | 2.07× | ||
| Q4 24 | 4.00× | 2.51× | ||
| Q3 24 | 1.85× | 1.76× | ||
| Q2 24 | 24.71× | 3.19× | ||
| Q1 24 | -0.16× | 1.95× |
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
FE
| Integrated Segment | $1.4B | 37% |
| Other | $1.4B | 36% |
| Stand Alone Transmission Segment | $466.0M | 12% |
| Industrial Customers | $167.0M | 4% |
| Mid Atlantic Interstate Transmission LLC | $118.0M | 3% |
| Transmission | $105.0M | 3% |
| Transmission Segment | $68.0M | 2% |
| Tr AIL | $63.0M | 2% |
| Internal Customers | $10.0M | 0% |
| Wholesale Sales | $6.0M | 0% |
WMB
| Services | $2.2B | 57% |
| Natural Gas Us Regulated | $740.0M | 19% |
| West | $730.0M | 19% |
| Non Regulated Service Commodity Consideration | $51.0M | 1% |
| Natural Gas Gathering Transportation Marketing And Processing | $45.0M | 1% |
| Affiliated Entity | $23.0M | 1% |
| Other | $14.0M | 0% |
| Other Service | $11.0M | 0% |
