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伟创力（FLEX）与Vistra Corp.（VST）财务数据对比。点击上方公司名可切换其他公司
伟创力的季度营收约是Vistra Corp.的1.5倍（$7.1B vs $4.8B），Vistra Corp.净利率更高（4.8% vs 3.4%，领先1.5%），Vistra Corp.同比增速更快（31.2% vs 7.7%），Vistra Corp.自由现金流更多（$596.0M vs $272.0M），过去两年伟创力的营收复合增速更高（25.2% vs 23.3%）
伟创力（Flex Ltd.）是一家拥有新加坡与美国背景的跨国制造企业，按营收计算为全球第三大电子制造服务（EMS）及原始设计制造商（ODM），仅次于和硕。其美国总部位于得克萨斯州奥斯汀，在30多个国家设有生产基地，员工总数约17.2万人。
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。
FLEX vs VST — 直观对比
营收规模更大
FLEX
是对方的1.5倍
$4.8B
营收增速更快
VST
高出23.6%
7.7%
净利率更高
VST
高出1.5%
3.4%
自由现金流更多
VST
多$324.0M
$272.0M
两年增速更快
FLEX
近两年复合增速
23.3%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $7.1B | $4.8B |
| 净利润 | $239.0M | $233.0M |
| 毛利率 | 9.6% | — |
| 营业利润率 | 5.5% | 9.9% |
| 净利率 | 3.4% | 4.8% |
| 营收同比 | 7.7% | 31.2% |
| 净利润同比 | -9.1% | -47.2% |
| 每股收益（稀释后） | $0.64 | $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FLEXVST
| Q4 25 | $7.1B | $4.8B | ||
| Q3 25 | $6.8B | $4.8B | ||
| Q2 25 | $6.6B | $3.8B | ||
| Q1 25 | $6.4B | $4.3B | ||
| Q4 24 | $6.6B | $3.7B | ||
| Q3 24 | $6.5B | $4.3B | ||
| Q2 24 | $6.3B | $3.6B | ||
| Q1 24 | $4.5B | $3.2B |
净利润FLEXVST
| Q4 25 | $239.0M | $233.0M | ||
| Q3 25 | $199.0M | $652.0M | ||
| Q2 25 | $192.0M | $327.0M | ||
| Q1 25 | $222.0M | $-268.0M | ||
| Q4 24 | $263.0M | $441.0M | ||
| Q3 24 | $214.0M | $1.9B | ||
| Q2 24 | $139.0M | $365.0M | ||
| Q1 24 | $395.0M | $-35.0M |
毛利率FLEXVST
| Q4 25 | 9.6% | — | ||
| Q3 25 | 9.0% | — | ||
| Q2 25 | 8.7% | — | ||
| Q1 25 | 8.8% | — | ||
| Q4 24 | 9.1% | — | ||
| Q3 24 | 8.1% | — | ||
| Q2 24 | 7.5% | — | ||
| Q1 24 | -0.6% | — |
营业利润率FLEXVST
| Q4 25 | 5.5% | 9.9% | ||
| Q3 25 | 4.4% | 21.7% | ||
| Q2 25 | 4.7% | 13.7% | ||
| Q1 25 | 4.8% | -2.8% | ||
| Q4 24 | 5.1% | 16.4% | ||
| Q3 24 | 4.5% | 59.6% | ||
| Q2 24 | 3.7% | 22.5% | ||
| Q1 24 | -3.6% | 2.7% |
净利率FLEXVST
| Q4 25 | 3.4% | 4.8% | ||
| Q3 25 | 2.9% | 13.6% | ||
| Q2 25 | 2.9% | 8.7% | ||
| Q1 25 | 3.5% | -6.3% | ||
| Q4 24 | 4.0% | 12.0% | ||
| Q3 24 | 3.3% | 43.5% | ||
| Q2 24 | 2.2% | 10.1% | ||
| Q1 24 | 8.8% | -1.1% |
每股收益（稀释后）FLEXVST
| Q4 25 | $0.64 | $0.55 | ||
| Q3 25 | $0.52 | $1.75 | ||
| Q2 25 | $0.50 | $0.81 | ||
| Q1 25 | $0.56 | $-0.93 | ||
| Q4 24 | $0.67 | $1.09 | ||
| Q3 24 | $0.54 | $5.25 | ||
| Q2 24 | $0.34 | $0.90 | ||
| Q1 24 | $0.91 | $-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 | $3.1B | $785.0M |
| 总债务越低越好 | $4.4B | $15.8B |
| 股东权益账面价值 | $5.1B | $5.1B |
| 总资产 | $20.8B | $41.5B |
| 负债/权益比越低杠杆越低 | 0.87× | 3.11× |
8季度趋势，按日历期对齐
现金及短期投资FLEXVST
| Q4 25 | $3.1B | $785.0M | ||
| Q3 25 | $2.2B | $602.0M | ||
| Q2 25 | $2.2B | $458.0M | ||
| Q1 25 | $2.3B | $561.0M | ||
| Q4 24 | $2.3B | $1.2B | ||
| Q3 24 | $2.6B | $905.0M | ||
| Q2 24 | $2.2B | $1.6B | ||
| Q1 24 | $2.5B | $1.1B |
总债务FLEXVST
| Q4 25 | $4.4B | $15.8B | ||
| Q3 25 | $3.7B | $15.8B | ||
| Q2 25 | $3.7B | $15.5B | ||
| Q1 25 | $3.7B | $15.4B | ||
| Q4 24 | $3.7B | $15.4B | ||
| Q3 24 | $3.7B | $13.9B | ||
| Q2 24 | $3.2B | $13.9B | ||
| Q1 24 | $3.3B | $14.7B |
股东权益FLEXVST
| Q4 25 | $5.1B | $5.1B | ||
| Q3 25 | $5.0B | $5.2B | ||
| Q2 25 | $5.1B | $4.8B | ||
| Q1 25 | $5.0B | $4.8B | ||
| Q4 24 | $5.0B | $5.6B | ||
| Q3 24 | $5.0B | $5.4B | ||
| Q2 24 | $5.0B | $5.6B | ||
| Q1 24 | $5.3B | $5.7B |
总资产FLEXVST
| Q4 25 | $20.8B | $41.5B | ||
| Q3 25 | $19.5B | $38.0B | ||
| Q2 25 | $19.1B | $38.1B | ||
| Q1 25 | $18.4B | $38.2B | ||
| Q4 24 | $18.3B | $37.8B | ||
| Q3 24 | $18.6B | $37.9B | ||
| Q2 24 | $17.7B | $39.1B | ||
| Q1 24 | $18.3B | $38.2B |
负债/权益比FLEXVST
| Q4 25 | 0.87× | 3.11× | ||
| Q3 25 | 0.73× | 3.02× | ||
| Q2 25 | 0.72× | 3.22× | ||
| Q1 25 | 0.74× | 3.20× | ||
| Q4 24 | 0.74× | 2.77× | ||
| Q3 24 | 0.74× | 2.56× | ||
| Q2 24 | 0.64× | 2.49× | ||
| Q1 24 | 0.61× | 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 | $420.0M | $1.4B |
| 自由现金流经营现金流 - 资本支出 | $272.0M | $596.0M |
| 自由现金流率自由现金流/营收 | 3.9% | 12.4% |
| 资本支出强度资本支出/营收 | 2.1% | 17.4% |
| 现金转化率经营现金流/净利润 | 1.76× | 6.15× |
| 过去12个月自由现金流最近4个季度 | $1.2B | $1.3B |
8季度趋势，按日历期对齐
经营现金流FLEXVST
| Q4 25 | $420.0M | $1.4B | ||
| Q3 25 | $453.0M | $1.5B | ||
| Q2 25 | $399.0M | $572.0M | ||
| Q1 25 | $433.0M | $599.0M | ||
| Q4 24 | $413.0M | $1.4B | ||
| Q3 24 | $319.0M | $1.7B | ||
| Q2 24 | $340.0M | $1.2B | ||
| Q1 24 | $679.0M | $312.0M |
自由现金流FLEXVST
| Q4 25 | $272.0M | $596.0M | ||
| Q3 25 | $303.0M | $1.0B | ||
| Q2 25 | $266.0M | $-118.0M | ||
| Q1 25 | $321.0M | $-169.0M | ||
| Q4 24 | $301.0M | $923.0M | ||
| Q3 24 | $216.0M | $1.0B | ||
| Q2 24 | $229.0M | $698.0M | ||
| Q1 24 | $598.0M | $-153.0M |
自由现金流率FLEXVST
| Q4 25 | 3.9% | 12.4% | ||
| Q3 25 | 4.5% | 21.1% | ||
| Q2 25 | 4.0% | -3.1% | ||
| Q1 25 | 5.0% | -4.0% | ||
| Q4 24 | 4.6% | 25.2% | ||
| Q3 24 | 3.3% | 23.4% | ||
| Q2 24 | 3.6% | 19.4% | ||
| Q1 24 | 13.3% | -4.8% |
资本支出强度FLEXVST
| Q4 25 | 2.1% | 17.4% | ||
| Q3 25 | 2.2% | 9.6% | ||
| Q2 25 | 2.0% | 18.4% | ||
| Q1 25 | 1.8% | 18.1% | ||
| Q4 24 | 1.7% | 11.7% | ||
| Q3 24 | 1.6% | 15.8% | ||
| Q2 24 | 1.8% | 13.8% | ||
| Q1 24 | 1.8% | 14.7% |
现金转化率FLEXVST
| Q4 25 | 1.76× | 6.15× | ||
| Q3 25 | 2.28× | 2.25× | ||
| Q2 25 | 2.08× | 1.75× | ||
| Q1 25 | 1.95× | — | ||
| Q4 24 | 1.57× | 3.07× | ||
| Q3 24 | 1.49× | 0.90× | ||
| Q2 24 | 2.45× | 3.28× | ||
| Q1 24 | 1.72× | — |
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
FLEX
| Flex Reliability Solutions FRS | $3.2B | 46% |
| Transferred At Point In Time | $2.7B | 38% |
| Transferred Over Time | $1.1B | 16% |
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% |
