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Ferguson Enterprises Inc.（FERG）与Vistra Corp.（VST）财务数据对比。点击上方公司名可切换其他公司
Ferguson Enterprises Inc.的季度营收约是Vistra Corp.的1.7倍（$8.2B vs $4.8B），Ferguson Enterprises Inc.净利率更高（7.0% vs 4.8%，领先2.1%），Vistra Corp.同比增速更快（31.2% vs 5.1%），Vistra Corp.自由现金流更多（$596.0M vs $312.0M），过去两年Vistra Corp.的营收复合增速更高（23.3% vs 10.6%）
Ferguson Enterprises Inc.总部位于美国弗吉尼亚州纽波特纽斯，注册地为特拉华州，是美国规模最大的水暖、暖通空调、家电、照明、管材管件、给排水产品分销商。公司95%营收来自美国本土，5%来自加拿大，拥有3.6万家供应商，运营11个区域配送中心、4个主配送中心及近5900个营业网点。
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。
FERG vs VST — 直观对比
营收规模更大
FERG
是对方的1.7倍
$4.8B
营收增速更快
VST
高出26.1%
5.1%
净利率更高
FERG
高出2.1%
4.8%
自由现金流更多
VST
多$284.0M
$312.0M
两年增速更快
VST
近两年复合增速
10.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $8.2B | $4.8B |
| 净利润 | $570.0M | $233.0M |
| 毛利率 | 30.7% | — |
| 营业利润率 | 9.4% | 9.9% |
| 净利率 | 7.0% | 4.8% |
| 营收同比 | 5.1% | 31.2% |
| 净利润同比 | 21.3% | -47.2% |
| 每股收益（稀释后） | $2.90 | $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FERGVST
| Q4 25 | $8.2B | $4.8B | ||
| Q3 25 | $8.5B | $4.8B | ||
| Q2 25 | $7.6B | $3.8B | ||
| Q1 25 | $6.9B | $4.3B | ||
| Q4 24 | $7.8B | $3.7B | ||
| Q3 24 | $7.9B | $4.3B | ||
| Q2 24 | $7.3B | $3.6B | ||
| Q1 24 | $6.7B | $3.2B |
净利润FERGVST
| Q4 25 | $570.0M | $233.0M | ||
| Q3 25 | $700.0M | $652.0M | ||
| Q2 25 | $410.0M | $327.0M | ||
| Q1 25 | $276.0M | $-268.0M | ||
| Q4 24 | $470.0M | $441.0M | ||
| Q3 24 | $451.0M | $1.9B | ||
| Q2 24 | $443.0M | $365.0M | ||
| Q1 24 | $322.0M | $-35.0M |
毛利率FERGVST
| Q4 25 | 30.7% | — | ||
| Q3 25 | 31.7% | — | ||
| Q2 25 | 31.0% | — | ||
| Q1 25 | 29.7% | — | ||
| Q4 24 | 30.1% | — | ||
| Q3 24 | 31.0% | — | ||
| Q2 24 | 30.5% | — | ||
| Q1 24 | 30.4% | — |
营业利润率FERGVST
| Q4 25 | 9.4% | 9.9% | ||
| Q3 25 | 10.9% | 21.7% | ||
| Q2 25 | 8.0% | 13.7% | ||
| Q1 25 | 6.0% | -2.8% | ||
| Q4 24 | 8.6% | 16.4% | ||
| Q3 24 | 10.2% | 59.6% | ||
| Q2 24 | 8.6% | 22.5% | ||
| Q1 24 | 7.1% | 2.7% |
净利率FERGVST
| Q4 25 | 7.0% | 4.8% | ||
| Q3 25 | 8.2% | 13.6% | ||
| Q2 25 | 5.4% | 8.7% | ||
| Q1 25 | 4.0% | -6.3% | ||
| Q4 24 | 6.0% | 12.0% | ||
| Q3 24 | 5.7% | 43.5% | ||
| Q2 24 | 6.1% | 10.1% | ||
| Q1 24 | 4.8% | -1.1% |
每股收益（稀释后）FERGVST
| Q4 25 | $2.90 | $0.55 | ||
| Q3 25 | $3.53 | $1.75 | ||
| Q2 25 | $2.07 | $0.81 | ||
| Q1 25 | $1.38 | $-0.93 | ||
| Q4 24 | $2.34 | $1.09 | ||
| Q3 24 | $2.23 | $5.25 | ||
| Q2 24 | $2.18 | $0.90 | ||
| Q1 24 | $1.58 | $-0.24 |
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 | $526.0M | $785.0M |
| 总债务越低越好 | — | $15.8B |
| 股东权益账面价值 | $6.1B | $5.1B |
| 总资产 | $17.7B | $41.5B |
| 负债/权益比越低杠杆越低 | — | 3.11× |
8季度趋势，按日历期对齐
现金及短期投资FERGVST
| Q4 25 | $526.0M | $785.0M | ||
| Q3 25 | $674.0M | $602.0M | ||
| Q2 25 | $519.0M | $458.0M | ||
| Q1 25 | $764.0M | $561.0M | ||
| Q4 24 | $601.0M | $1.2B | ||
| Q3 24 | $571.0M | $905.0M | ||
| Q2 24 | — | $1.6B | ||
| Q1 24 | — | $1.1B |
总债务FERGVST
| Q4 25 | — | $15.8B | ||
| Q3 25 | $4.2B | $15.8B | ||
| Q2 25 | — | $15.5B | ||
| Q1 25 | — | $15.4B | ||
| Q4 24 | — | $15.4B | ||
| Q3 24 | $4.0B | $13.9B | ||
| Q2 24 | — | $13.9B | ||
| Q1 24 | — | $14.7B |
股东权益FERGVST
| Q4 25 | $6.1B | $5.1B | ||
| Q3 25 | $5.8B | $5.2B | ||
| Q2 25 | $5.5B | $4.8B | ||
| Q1 25 | $5.5B | $4.8B | ||
| Q4 24 | $5.7B | $5.6B | ||
| Q3 24 | $5.6B | $5.4B | ||
| Q2 24 | $5.5B | $5.6B | ||
| Q1 24 | $5.4B | $5.7B |
总资产FERGVST
| Q4 25 | $17.7B | $41.5B | ||
| Q3 25 | $17.7B | $38.0B | ||
| Q2 25 | $17.3B | $38.1B | ||
| Q1 25 | $16.5B | $38.2B | ||
| Q4 24 | $16.9B | $37.8B | ||
| Q3 24 | $16.6B | $37.9B | ||
| Q2 24 | — | $39.1B | ||
| Q1 24 | — | $38.2B |
负债/权益比FERGVST
| Q4 25 | — | 3.11× | ||
| Q3 25 | 0.72× | 3.02× | ||
| Q2 25 | — | 3.22× | ||
| Q1 25 | — | 3.20× | ||
| Q4 24 | — | 2.77× | ||
| Q3 24 | 0.70× | 2.56× | ||
| Q2 24 | — | 2.49× | ||
| Q1 24 | — | 2.60× |
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 | $430.0M | $1.4B |
| 自由现金流经营现金流 - 资本支出 | $312.0M | $596.0M |
| 自由现金流率自由现金流/营收 | 3.8% | 12.4% |
| 资本支出强度资本支出/营收 | 1.4% | 17.4% |
| 现金转化率经营现金流/净利润 | 0.75× | 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FERGVST
| Q4 25 | $430.0M | $1.4B | ||
| Q3 25 | $541.0M | $1.5B | ||
| Q2 25 | $682.0M | $572.0M | ||
| Q1 25 | $340.0M | $599.0M | ||
| Q4 24 | $345.0M | $1.4B | ||
| Q3 24 | — | $1.7B | ||
| Q2 24 | — | $1.2B | ||
| Q1 24 | — | $312.0M |
自由现金流FERGVST
| Q4 25 | $312.0M | $596.0M | ||
| Q3 25 | — | $1.0B | ||
| Q2 25 | $605.0M | $-118.0M | ||
| Q1 25 | $259.0M | $-169.0M | ||
| Q4 24 | $268.0M | $923.0M | ||
| Q3 24 | — | $1.0B | ||
| Q2 24 | — | $698.0M | ||
| Q1 24 | — | $-153.0M |
自由现金流率FERGVST
| Q4 25 | 3.8% | 12.4% | ||
| Q3 25 | — | 21.1% | ||
| Q2 25 | 7.9% | -3.1% | ||
| Q1 25 | 3.8% | -4.0% | ||
| Q4 24 | 3.4% | 25.2% | ||
| Q3 24 | — | 23.4% | ||
| Q2 24 | — | 19.4% | ||
| Q1 24 | — | -4.8% |
资本支出强度FERGVST
| Q4 25 | 1.4% | 17.4% | ||
| Q3 25 | — | 9.6% | ||
| Q2 25 | 1.0% | 18.4% | ||
| Q1 25 | 1.2% | 18.1% | ||
| Q4 24 | 1.0% | 11.7% | ||
| Q3 24 | — | 15.8% | ||
| Q2 24 | — | 13.8% | ||
| Q1 24 | — | 14.7% |
现金转化率FERGVST
| Q4 25 | 0.75× | 6.15× | ||
| Q3 25 | 0.77× | 2.25× | ||
| Q2 25 | 1.66× | 1.75× | ||
| Q1 25 | 1.23× | — | ||
| Q4 24 | 0.73× | 3.07× | ||
| Q3 24 | — | 0.90× | ||
| Q2 24 | — | 3.28× | ||
| Q1 24 | — | — |
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
FERG
| United States Segment | $7.8B | 95% |
| Other | $412.0M | 5% |
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% |
