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TechnipFMC plc（FTI）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TechnipFMC plc的1.9倍（$4.8B vs $2.5B），TechnipFMC plc净利率更高（9.6% vs 4.8%，领先4.8%），Vistra Corp.同比增速更快（31.2% vs 6.3%），Vistra Corp.自由现金流更多（$596.0M vs $359.1M），过去两年Vistra Corp.的营收复合增速更高（23.3% vs 11.0%）
TechnipFMC是一家注册地位于英国的全球能源服务商，兼具法国与美国企业背景，核心业务为油气领域提供专业技术与服务支持。公司由美国FMC科技与法国Technip于2016年宣布合并，2017年正式完成组建，业务覆盖全球主要能源市场。
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。
FTI vs VST — 直观对比
营收规模更大
VST
是对方的1.9倍
$2.5B
营收增速更快
VST
高出24.9%
6.3%
净利率更高
FTI
高出4.8%
4.8%
自由现金流更多
VST
多$236.9M
$359.1M
两年增速更快
VST
近两年复合增速
11.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.5B | $4.8B |
| 净利润 | $242.7M | $233.0M |
| 毛利率 | — | — |
| 营业利润率 | 12.6% | 9.9% |
| 净利率 | 9.6% | 4.8% |
| 营收同比 | 6.3% | 31.2% |
| 净利润同比 | 8.0% | -47.2% |
| 每股收益（稀释后） | $0.58 | $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FTIVST
| Q4 25 | $2.5B | $4.8B | ||
| Q3 25 | $2.6B | $4.8B | ||
| Q2 25 | $2.5B | $3.8B | ||
| Q1 25 | $2.2B | $4.3B | ||
| Q4 24 | $2.4B | $3.7B | ||
| Q3 24 | $2.3B | $4.3B | ||
| Q2 24 | $2.3B | $3.6B | ||
| Q1 24 | $2.0B | $3.2B |
净利润FTIVST
| Q4 25 | $242.7M | $233.0M | ||
| Q3 25 | $309.7M | $652.0M | ||
| Q2 25 | $269.5M | $327.0M | ||
| Q1 25 | $142.0M | $-268.0M | ||
| Q4 24 | $224.7M | $441.0M | ||
| Q3 24 | $274.6M | $1.9B | ||
| Q2 24 | $186.5M | $365.0M | ||
| Q1 24 | $157.1M | $-35.0M |
毛利率FTIVST
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 23.1% | — | ||
| Q1 25 | 20.5% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 21.2% | — | ||
| Q1 24 | 16.4% | — |
营业利润率FTIVST
| Q4 25 | 12.6% | 9.9% | ||
| Q3 25 | 16.5% | 21.7% | ||
| Q2 25 | 15.9% | 13.7% | ||
| Q1 25 | 12.5% | -2.8% | ||
| Q4 24 | 11.3% | 16.4% | ||
| Q3 24 | 13.7% | 59.6% | ||
| Q2 24 | 13.3% | 22.5% | ||
| Q1 24 | 12.7% | 2.7% |
净利率FTIVST
| Q4 25 | 9.6% | 4.8% | ||
| Q3 25 | 11.7% | 13.6% | ||
| Q2 25 | 10.6% | 8.7% | ||
| Q1 25 | 6.4% | -6.3% | ||
| Q4 24 | 9.5% | 12.0% | ||
| Q3 24 | 11.7% | 43.5% | ||
| Q2 24 | 8.0% | 10.1% | ||
| Q1 24 | 7.7% | -1.1% |
每股收益（稀释后）FTIVST
| Q4 25 | $0.58 | $0.55 | ||
| Q3 25 | $0.75 | $1.75 | ||
| Q2 25 | $0.64 | $0.81 | ||
| Q1 25 | $0.33 | $-0.93 | ||
| Q4 24 | $0.51 | $1.09 | ||
| Q3 24 | $0.63 | $5.25 | ||
| Q2 24 | $0.42 | $0.90 | ||
| Q1 24 | $0.35 | $-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 | $1.0B | $785.0M |
| 总债务越低越好 | $430.0M | $15.8B |
| 股东权益账面价值 | $3.4B | $5.1B |
| 总资产 | $10.1B | $41.5B |
| 负债/权益比越低杠杆越低 | 0.13× | 3.11× |
8季度趋势，按日历期对齐
现金及短期投资FTIVST
| Q4 25 | $1.0B | $785.0M | ||
| Q3 25 | $876.6M | $602.0M | ||
| Q2 25 | $950.0M | $458.0M | ||
| Q1 25 | $1.2B | $561.0M | ||
| Q4 24 | $1.2B | $1.2B | ||
| Q3 24 | — | $905.0M | ||
| Q2 24 | — | $1.6B | ||
| Q1 24 | — | $1.1B |
总债务FTIVST
| Q4 25 | $430.0M | $15.8B | ||
| Q3 25 | $438.0M | $15.8B | ||
| Q2 25 | $696.3M | $15.5B | ||
| Q1 25 | $904.9M | $15.4B | ||
| Q4 24 | $885.2M | $15.4B | ||
| Q3 24 | $966.7M | $13.9B | ||
| Q2 24 | $968.4M | $13.9B | ||
| Q1 24 | $1.0B | $14.7B |
股东权益FTIVST
| Q4 25 | $3.4B | $5.1B | ||
| Q3 25 | $3.3B | $5.2B | ||
| Q2 25 | $3.3B | $4.8B | ||
| Q1 25 | $3.1B | $4.8B | ||
| Q4 24 | $3.1B | $5.6B | ||
| Q3 24 | $3.3B | $5.4B | ||
| Q2 24 | $3.0B | $5.6B | ||
| Q1 24 | $3.0B | $5.7B |
总资产FTIVST
| Q4 25 | $10.1B | $41.5B | ||
| Q3 25 | $10.3B | $38.0B | ||
| Q2 25 | $10.1B | $38.1B | ||
| Q1 25 | $10.0B | $38.2B | ||
| Q4 24 | $9.9B | $37.8B | ||
| Q3 24 | $9.7B | $37.9B | ||
| Q2 24 | $9.2B | $39.1B | ||
| Q1 24 | $9.1B | $38.2B |
负债/权益比FTIVST
| Q4 25 | 0.13× | 3.11× | ||
| Q3 25 | 0.13× | 3.02× | ||
| Q2 25 | 0.21× | 3.22× | ||
| Q1 25 | 0.29× | 3.20× | ||
| Q4 24 | 0.29× | 2.77× | ||
| Q3 24 | 0.30× | 2.56× | ||
| Q2 24 | 0.33× | 2.49× | ||
| Q1 24 | 0.34× | 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 | $453.6M | $1.4B |
| 自由现金流经营现金流 - 资本支出 | $359.1M | $596.0M |
| 自由现金流率自由现金流/营收 | 14.3% | 12.4% |
| 资本支出强度资本支出/营收 | 3.8% | 17.4% |
| 现金转化率经营现金流/净利润 | 1.87× | 6.15× |
| 过去12个月自由现金流最近4个季度 | $1.4B | $1.3B |
8季度趋势，按日历期对齐
经营现金流FTIVST
| Q4 25 | $453.6M | $1.4B | ||
| Q3 25 | $525.1M | $1.5B | ||
| Q2 25 | $344.2M | $572.0M | ||
| Q1 25 | $441.7M | $599.0M | ||
| Q4 24 | $578.9M | $1.4B | ||
| Q3 24 | $277.9M | $1.7B | ||
| Q2 24 | $230.9M | $1.2B | ||
| Q1 24 | $-126.7M | $312.0M |
自由现金流FTIVST
| Q4 25 | $359.1M | $596.0M | ||
| Q3 25 | $447.8M | $1.0B | ||
| Q2 25 | $260.6M | $-118.0M | ||
| Q1 25 | $379.9M | $-169.0M | ||
| Q4 24 | $452.7M | $923.0M | ||
| Q3 24 | $225.3M | $1.0B | ||
| Q2 24 | $180.1M | $698.0M | ||
| Q1 24 | $-178.7M | $-153.0M |
自由现金流率FTIVST
| Q4 25 | 14.3% | 12.4% | ||
| Q3 25 | 16.9% | 21.1% | ||
| Q2 25 | 10.3% | -3.1% | ||
| Q1 25 | 17.0% | -4.0% | ||
| Q4 24 | 19.1% | 25.2% | ||
| Q3 24 | 9.6% | 23.4% | ||
| Q2 24 | 7.7% | 19.4% | ||
| Q1 24 | -8.8% | -4.8% |
资本支出强度FTIVST
| Q4 25 | 3.8% | 17.4% | ||
| Q3 25 | 2.9% | 9.6% | ||
| Q2 25 | 3.3% | 18.4% | ||
| Q1 25 | 2.8% | 18.1% | ||
| Q4 24 | 5.3% | 11.7% | ||
| Q3 24 | 2.2% | 15.8% | ||
| Q2 24 | 2.2% | 13.8% | ||
| Q1 24 | 2.5% | 14.7% |
现金转化率FTIVST
| Q4 25 | 1.87× | 6.15× | ||
| Q3 25 | 1.70× | 2.25× | ||
| Q2 25 | 1.28× | 1.75× | ||
| Q1 25 | 3.11× | — | ||
| Q4 24 | 2.58× | 3.07× | ||
| Q3 24 | 1.01× | 0.90× | ||
| Q2 24 | 1.24× | 3.28× | ||
| Q1 24 | -0.81× | — |
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
FTI
| Services | $1.3B | 52% |
| Products | $1.1B | 44% |
| Other | $55.1M | 2% |
| Surface Technologies | $22.4M | 1% |
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% |
